Document:

exhibit1015-industryoffi

  15987863_v17      LEASE AGREEMENT  By and Between:  INDUSTRY OFFICE SLC, LLC  a Delaware limited liability company   LANDLORD  and  RECURSION PHARMACEUTICALS, INC.,    a Delaware corporation  TENANT            650 South 500 West  Salt Lake City, UT 84101    

 

   i   15987863_v17  INDUSTRY COMMERCIAL BUILDING OFFICE LEASE  SALT LAKE CITY  SUMMARY OF BASIC LEASE TERMS  Capitalized terms, first appearing in quotations in this Summary of Basic Lease Terms, elsewhere  in the Lease or any Exhibits, are definitions of such terms as used in the Lease and Exhibits and shall have  the defined meaning whenever used.  1) “Effective Date”:   The date of the last signature affixed to this Lease.  2) “Commencement Date”: The first day after each of the following has occurred: (a) Landlord  has delivered the Premises to Tenant with Landlord’s Work  Substantially Completed (both in Warm Shell Condition and  completion of the Office Improvements (as each is defined in the  Work Letter attached as Exhibit C hereto (the “Work Letter”)),  and (b) Tenant has completed its improvements to the Laboratory  Premises (as defined herein); provided, however, that in no event  shall the actual Commencement Date and the commencement of  Tenant’s Base Rent obligations occur later than May 31, 2022 (the  “Outside Commencement Date”). The anticipated  Commencement Date shall be set forth in the Schedule (as defined  in the Work Letter).    3) “Expiration Date”: The last day of the twenty-fourth (24th) full calendar month  following the Commencement Date.  4) “Lease Term” or “Term”:    Twenty-Four (24) whole calendar months following the  Commencement Date.  5) “Building Address”: 650 South 500 West, Salt Lake City, Utah 84101  6) “Landlord”: INDUSTRY OFFICE SLC, LLC, and/or its assigns  7) “Landlord’s Address”: c/o INDUSTRY Denver   3001 Brighton Boulevard, Suite 449   Denver, CO 80216  ATTN: SLC Management  Email: slcmgmt@industryoffice.com     8) “Tenant”:    Recursion Pharmaceuticals, Inc., a Delaware corporation  9) “Tenant’s Address”:  Recursion Pharmaceuticals, Inc.  41 South Rio Grande Street  Salt Lake City, Utah 84101  Contact: Tina Larson  Email: tina.larson@recursion.com  

 

   ii   15987863_v17  10) “Building”:   INDUSTRY Salt Lake City Commercial Building.  11) “Building Complex”: The Building Complex is comprised of the Land, the Building  (along with all improvements and common areas), and the garage.  12) “Land”:   The land legally described on Exhibit A-1 attached hereto, upon  which the Building is situated.  13) “Security Deposit”:   One Hundred Eighty Thousand and 00/100 Dollars ($180,000.00)  due within ten (10) days of the Effective Date.  14) “Premises”:   The area of the Building containing at least 25,000 rentable square  feet (“RSF”) (but not to exceed 55,000 RSF) generally depicted  on a floor plan to be attached as Exhibit B hereto on or before  March 31, 2021, with an address of 650 South 500 West, Suite  TBD, Salt Lake City, Utah, 84101. The final location and RSF of  the Premises shall be determined by the parties during the co- design process outlined in the Work Letter and shall be certified  per as-built architectural drawings and memorialized in the  Commencement Date, Premises Area Measurement and Base  Rent Confirmation Certificate as depicted in Exhibit E attached  hereto. The portion of the Premises containing office uses is  referred to herein as the “Office Premises” and the portion  containing laboratory / research and development uses is referred  to herein as the “Laboratory Premises.”     15) “Base Rent”:   From and after the Commencement Date, Tenant shall pay  monthly Base Rent in accordance with the following schedule.  The monthly and annual Base Rent shall be certified per as-built  architectural drawings and memorialized in the Commencement  Date, Premises Area Measurement and Base Rent Confirmation  Certificate as depicted in Exhibit E of the Lease by multiplying  the Base Rent PSF by the final, certified area (Base Rent PSF shall  not change). Tenant shall be responsible for Building and Amenity  Expenses during any Base Rent abatement periods.  BASE RENT (OFFICE PREMISES)    Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Commencement Date – Month 12 $25.00 $9.01   Month 13 – Expiration Date $25.75 $9.01   

 

   iii   15987863_v17  BASE RENT (LABORATORY PREMISES)    * Estimate only. Additional Rent, including Building Expenses and Amenity Expenses, shall be  calculated and reconciled as set forth in Paragraph 4 below.    16) “Guaranty”: Intentionally omitted.    17) “Permitted Use”:   General office, scientific and laboratory uses, including, without  limitation, wet and dry laboratory uses (including, without  limitation, a chemistry laboratory) and research and development  uses, together with all ancillary uses relating thereto, subject to  the limitations set forth in this Lease.        Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Commencement Date – Month 12 $18.00 $9.01   Month 13 – Expiration Date $18.54 $9.01   

 

   1   15987863_v17  INDUSTRY COMMERCIAL BUILDING  OFFICE LEASE  THIS INDUSTRY COMMERCIAL BUILDING OFFICE LEASE (this “Lease”) is dated  as of the Effective Date, by and between Landlord and Tenant. Landlord and Tenant for themselves  and their successors and assigns, hereby agree as follows:  1. Premises.  Landlord, in consideration of the rents to be paid and the covenants and  agreements to be performed by Tenant as hereinafter set forth, hereby leases to Tenant, and Tenant  hereby leases from Landlord, the Premises for the exclusive use of the Tenant in the Building for  the Lease Term and upon the conditions and agreements hereinafter set forth below. Landlord and  Tenant stipulate that the estimated rentable square footages of the Premises and the Building,  respectively, are as set forth in the Summary of Basic Lease Terms.  This Lease shall constitute a binding agreement between the parties effective as of  the Effective Date. In addition to the use of Premises, Tenant shall have use of all of the hallways,  entryways, stairs, elevators, driveways, parking areas, walkways, common kitchens, conference  rooms, restrooms and all other areas in the Building or on the Land that are provided from time to  time by Landlord for the general nonexclusive use by Tenant and other tenants of the Building (the  “Common Area”). Tenant will have the ability to use additional amenities, on a non-exclusive  basis, including certain common kitchens, bathrooms, conference rooms, and other amenities  provided by the Landlord to Tenant from time to time pursuant to the terms of this Lease (the  “Amenities”), which Amenities are a part of the Common Area and situated in certain areas  designated by Landlord (the “Amenities Area”). Provisions regarding the remodeling or  construction of Landlord’s Work within the Premises are set forth in the Work Letter. Except as  set forth in the Work Letter or otherwise in this Lease, Landlord has no obligation for the  completion of any finish work or remodeling of the Premises, other than being delivered freshly  painted and in broom clean condition. Other than as set forth herein, Tenant shall accept the  Premises on the Commencement Date in their “as is” condition, and, except as expressly set forth  in this Lease, Landlord shall not be deemed to have made any representations or warranties with  respect to the suitability of the Premises for Tenant's use, or otherwise, and shall have no other  obligation for the completion of the Premises.  By taking possession of the Premises, Tenant shall  be deemed to have agreed that the same is in good order, repair, and condition.  Notwithstanding  the foregoing, Tenant may access the Premises prior to the Commencement Date for purposes of  constructing and installing its improvements within the Laboratory Premises. Any such period of  early occupancy shall be governed by all of the terms and conditions of this Lease, except that  Tenant shall have no obligation to pay rent except as set forth in Paragraph 3.     2. Term.  The term of this Lease shall be for the Lease Term, beginning at 12:00  midnight on the Commencement Date and expiring at 11:59 p.m. on the Expiration Date.  Within  ten (10) days of the Commencement Date, Landlord and Tenant shall execute a Commencement  Date Certificate in the form attached as Exhibit E hereto setting forth the exact date of the  Commencement Date and the Expiration Date of the Lease Term; provided, however, that failure  to enter into the Commencement Date Certificate shall not affect the Commencement Date or the  occurrence thereof. Notwithstanding anything herein to the contrary, if prior to the  Commencement Date either Tenant or Landlord determines that (a) the Building cannot feasibly  accommodate Tenant’s technical or design specifications within Landlord’s or Tenant’s  construction budget (and Tenant is otherwise unwilling to pay for such increased costs and  expenses), or (b) Tenant will not be permitted by any applicable governmental authority with  jurisdiction to use and occupy the Premises for any of the uses comprising the Permitted Use or as  

 

   2   15987863_v17  otherwise contemplated under this Lease, then either Landlord or Tenant may terminate this Lease  upon written notice to the other so long as (i) such notice is provided in writing not later than forty- five (45) days after the date of the last signature affixed to this Lease, and (ii) Tenant reimburses  Landlord for the actual, reasonable costs and expenses incurred by Landlord as of the date of  termination, including, without limitation, design and engineering costs and other hard and soft  costs, to complete Landlord’s Work, with such reimbursement due within thirty (30) days after  written request of Landlord, together with reasonable supporting documentation of such costs.  Upon such termination and reimbursement required hereunder by Tenant, neither party shall have  any further obligation or liability to the other under this Lease.       3. Base Rent. The Base Rent shall be payable in monthly installments as set forth in  Item 15 of the Summary of Basic Lease Terms, in advance without notice, demand, setoff or  deduction, due and payable from and after the Commencement Date; provided, however, the initial  payment of Base Rent for the first month of the Term shall be paid by Tenant to Landlord no later  than thirty (30) days after the date of the last signature affixed to this Lease, and will be applied to  the entire first full month's Base Rent due hereunder. Thereafter the monthly installments shall be  due on the 1st day of each month following the Commencement Date. The Base Rent and  Additional Rent are collectively referred to herein as “Rent,” and shall be paid to Landlord without  notice or demand, unless expressly provided for herein, and without deduction or offset, to  Landlord’s Address or to such other person or place as Landlord may from time to time designate  in writing. All other sums or charges as are required to be paid by Tenant under this Lease in  addition to Base Rent, including without limitation Building Expenses and Amenity Expenses  (both as defined and determined below), shall be referred to as “Additional Rent” and shall be  payable in the manner provided for herein and recoverable by Landlord as Rent.  4. Additional Rent.  In addition to Base Rent, Tenant shall pay Tenant’s Building  Expense Pro-Rata Share (as hereinafter defined) of the expenses described below (“Building  Expenses”). Tenant will also pay Tenant’s Amenity Expense Pro-Rata Share (as hereinafter  defined) of charges for Tenant's use of the Amenities (“Amenity Expenses”) to be determined by  the Landlord, as set forth below.  (a) Building Expenses.  All tenants that have access to the Amenities in the  Building are referred to herein as the “Collaborative Tenants.” The combined leased premises of  all the Collaborative Tenants and the amenity area is collectively referred to herein as the  “Collaborative Office.” Tenant will pay a pro-rata share of the total Building Expenses allocated  to the Collaborative Office where the numerator is the square footage of the Premises and the  denominator is the sum total of the square footage of the leased premises of all Collaborative  Tenants including space held by Landlord to be rented by future tenants (“Tenant’s Building  Expense Pro-Rata Share”).  (b) Building Expenses include all reasonable, customary and actual costs,  expenses, fees and other charges actually incurred by Landlord in the connection with this Lease  and the ownership, operation, management, maintenance and repair of the Building determined in  accordance with generally accepted accounting principles consistently applied, including, without  limitation, the following:  (i) reasonable wages and salaries of all employees directly and actually  engaged in the operation, repair, replacement, maintenance or security of the Building, including  taxes, insurance, other benefits and overhead related thereto;  

 

   3   15987863_v17  (ii) all supplies and materials used in the operation and maintenance of  the Building, including holiday decorations;  (iii) costs of all utilities and maintenance of utility systems for the  Building, including but not limited to the cost of water, power, heating, lighting, air conditioning,  ventilating, sewer and trash disposal, except for those costs billed to Tenant or other tenants;  (iv) costs of all third party maintenance and service agreements for the  Building, including, but not limited to, alarm service, janitorial service, window cleaning, security  service, elevator maintenance, grounds maintenance and heating, ventilating and air conditioning  systems to the extent such agreements are not separately billed to Tenant or other  tenants;  (v) costs of all insurance premiums relating to the Building, including,  without limitation, the cost of casualty, liability and property damage insurance applicable to the  Building and Landlord's personal property used in connection therewith (except to the extent that  any tenant pays Landlord directly or is otherwise responsible for increases in insurance premiums  caused by the acts or omissions of such other tenant in the Building, which shall be the obligation  of such other tenant);  (vi) costs of any repairs and general maintenance to the Building, or any  part thereof and the equipment therein (excluding repairs and general maintenance paid by  proceeds of insurance, by Tenant or by other third parties, and alterations attributable solely to  tenants of the Building);   (vii) capital investment items, excluding costs of the original  construction of the Building, (amortized over the useful life of such item) which reduce Building  Expenses, or which are required by any governmental order, including the cost of compliance with  any laws affecting the Building;   (viii) professional management fees to manage the Building, including,  without limitation, rental for the manager's office space and costs of supplying the manager with  commercially reasonable and customary office equipment and storage space in the Building, and  the pro rata share attributable to the Building for commercially reasonable and customary amounts  directly charged to the Building Complex for the manager's salary plus benefits;  (ix) accounting, inspection, legal and other consultation fees or expenses  of enforcing the rules and regulations of the Building which are incurred in the ordinary course of  operating the Building including, without limitation, commercially reasonable fees charged by  consultants retained by Landlord for services that are intended to produce a reduction in Building  Expenses, reduce the rate of increase in Building Expenses, or reasonably improve the operation,  maintenance, or state of repair of the Building Expenses, and any dues or other assessments  charged or imposed as a result of the inclusion of the Building in any metropolitan district or  property owners association or sub-association;   (x) costs incurred by Landlord, or its agents, in engaging experts or  other consultants to assist them in making the computations required hereunder;   (xi) all real estate taxes and assessments, including without limitation  special assessments, imposed upon the Land and Building by any governmental bodies or  authorities, and all charges specifically imposed in lieu of such taxes and any costs incurred in  connection with appealing or contesting such assessments. The term “taxes” as used in this  

 

   4   15987863_v17  paragraph shall not include state, local or federal personal and corporate income taxes measured  by the income of Landlord; estate and inheritance taxes, franchise, succession and transfer taxes;  interest on taxes and penalties resulting from failure to pay real estate taxes; and ad valorem taxes  on Landlord's personal furniture and furnishings, and on Landlord’s leasehold improvements to  the extent that the same exceed standard Building allowances;  (xii) costs for lighting, heating and cooling, painting and cleaning the  Building;  (xiii) costs of maintenance, lighting, sanding, paving repairs, restriping  and general maintenance of parking areas, snow and ice removal, rubbish removal and  landscaping; and  (xiv) costs of licensing, permits, service and usage charges, costs of  compliance with all rules and regulations and orders of governmental authorities pertaining to the  Building, including those related to engineering and environmental issues, air pollution control  and monitoring air quality, and any costs of any environmental clean-up undertaken by Landlord  as a result of environmental contamination caused solely by or under Tenant.  TENANT UNDERSTANDS THAT THE BUILDING IS AN EVOLVING OFFICE  ENVIRONMENT. THE DENOMINATOR FOR THE CALCULATION OF TENANT’S  BUILDING EXPENSE PRO-RATA SHARE OF THE COLLABORATIVE TENANTS WILL  FLUCTUATE BASED ON THE NUMBER AND SIZE OF THE TENANTS AND HOW THE  BUILDING IS UTILIZED.  (c) Building Expenses expressly exclude the following:  (i) costs incurred in connection with the initial development and  improvement of the Building Complex or Building, including, without limitation, impact fees;    (ii) costs of capital improvements (as opposed to capital repairs that  are capital in nature), except to the extent the same are either expected to reduce the normal  Building Expenses (including, without limitation, utility costs) of the Building, or for the  purpose of complying with any law, rule or order (or amendment thereto) not in effect as of the  date of this Lease. All capital costs that are allowable as Building Expenses shall be amortized  using a commercially reasonable interest rate over the time period reasonably estimated by  Landlord to be the item’s useful life;    (iii) non-cash items, such as but not limited to depreciation and  amortization (except as set forth in subsection (ii) above);    (iv) debt service on indebtedness secured by any mortgage, deed of  trust or similar instrument encumbering the Building, and points, prepayment penalties and  financing and refinancing costs for such indebtedness, including, without limitation, the cost of  appraisals, title insurance and environmental, geotechnical, zoning and other reports;    (v) expenses of procuring tenants and marketing, negotiating and  enforcing Building leases, including, without limitation, brokerage commissions, attorneys’  fees, advertising and promotional expenses, rent concessions and costs incurred in resolving  

 

   5   15987863_v17  disputes and/or in removing and storing the property of former tenants and other occupants of  the Building;    (vi) expenses of any tenant improvement work that Landlord performs  for any tenant or prospective tenant of the Building, including, without limitation, tenant  improvement work to the Premises that Landlord performs for Tenant, and of relocating and  moving any tenant in the Building;    (vii) items for which Landlord is otherwise reimbursed or would have  been reimbursed but for Landlord’s failure to comply with the requirements therefor, including,  without limitation, by insurance or condemnation proceeds or under any warranties;     (viii) expenses (including, without limitation, late fees, penalties and  interest) resulting from the violation of laws or any contract by Landlord, Landlord’s employees,  agents or contractors, including, without limitation, any expenses arising out of Landlord’s  failure to make timely payment and performance of its obligations;    (ix) Landlord’s general corporate overhead;     (xi) expenses for repairs and other work caused by (a) construction  or design defects to the initial shell and core of the Building, or (b) the failure of the Building  to comply as of the Commencement Date with any then-existing laws;    (xiii)  expenses to remove hazardous materials (as defined below) in or  under the Building, Land or the Building Complex not caused by or under Tenant;    (xiv) expenses in connection with services or other benefits provided  on an ongoing basis to other Building tenants that are not available to Tenant;    (xv) costs as a result of (a) the negligence or willful misconduct of  Landlord or Landlord’s employees, agents or contractors, (b) the breach by Landlord of any  lease in the Building beyond any applicable notice and cure period, and (c) the negligence or  willful misconduct of other identified tenants of the Building;    (xvi) costs for which Landlord receives payment from other tenants  directly (other than as a part of Building Expenses) under the provisions of such tenants’ leases,  and the cost of any item or service for which Tenant separately reimburses Landlord or pays  third parties;    (xvii) rental under any ground or underlying lease and under any lease  or sublease assumed, directly or indirectly, by Landlord (e.g., a take-back sublease);    (xviii) Landlord’s charitable, civic and political contributions and  professional dues (excepting any LEED or similar certification applicable to the Building or  Project, the commercially reasonable amounts associated therewith shall be recoverable  Building Expenses);    

 

   6   15987863_v17  (xix) costs arising from actual and potential claims, litigation and  arbitration pertaining to Landlord and the Building Complex (including in connection therewith  all attorneys’ fees and costs of settlement and judgments and payments in lieu thereof);    (xx) excluding the Amenities, expenses for special events and other  uses of the Building by third parties, including, without limitation, shows, promotions, filming,  photography, private events and parties and ceremonies;    (xxii) costs of selling, syndicating and otherwise transferring the  Building and Landlord’s interest in the Building, including, without limitation, brokerage  commissions, attorneys’ and accountants’ fees, closing costs, title insurance premiums and  transfer and other similar taxes and charges;    (xxiii) costs of “tap fees” and sewer and water connection fees for the  benefit of any particular tenant in the Building; and     (xxix) bad debt and rent loss reserves.    (d) The Building Expenses that vary with occupancy and that are attributable  to any part of the Lease Term in which less than 95% of the rentable square footage of the Building  is occupied by tenants, will be adjusted by Landlord to the amount which Landlord reasonably  believes that they would have been if 95% of such area had been so occupied. Notwithstanding  the foregoing, Amenity Expenses shall be grossed up to (which, excepting any management or  administrative fees expressly permitted herein), shall not exceed 100%.  (e) Amenity Expense.  Tenant will pay a monthly Amenity Expense for use of  the Building’s Amenities.  Determination of the monthly Amenity Expense amount will be based  on the Tenant’s share of the rentable square footage of the Collaborative Office and the number of  employees working in the Building with adjustments made by Landlord, in Landlord’s sole  discretion (“Tenant’s Amenity Expense Pro-Rata Share”; Tenant’s Building Expense Pro-Rata  Share and Tenant’s Amenity Expense Pro-Rata Share are sometimes collectively referred to herein  as “Tenant’s Pro-Rata Share”). Reasons for adjustments to Tenant’s Amenity Expense Pro-Rata  Share include (but are not limited to) unusually heavy use of Amenities by Tenant (but not other  tenants of the Building), extra cleaning or damage after events held by Tenant (but not other tenants  of the Building), use of rented equipment, or any disproportionate use by Tenant (but not other  tenants of the Building) of the Amenity Area that results in actual additional expenses incurred by  Landlord. Amenity Expense items include (but are not limited to) building internet, building  receptionist, coffee, tea, milk, kitchen water machines, building programing, Common Area  technology (i.e. projectors, video conferencing, etc.), concierge services and general kitchen  supplies.  TENANT UNDERSTANDS THAT THE COMMON AREA, THE AMENITY AREA(S) AND  AMENITIES ARE PROVIDED FOR THE USE OF ALL TENANTS.  IN ORDER TO ENSURE  AMENITIES ARE NOT ABUSED BY ONE TENANT AT THE EXPENSE OF THE OTHERS,  LANDLORD WILL ASSESS MONTHLY AMENITY EXPENSES IN ITS SOLE BUT  REASONABLE DISCRETION.  (f) Payment of Building Expenses and Amenity Expenses.  For each calendar  year during the Lease Term, Landlord shall provide Tenant with Landlord's reasonable estimate  of Tenant's Pro-Rata share of Building Expenses and Amenity Expenses for the following calendar  

 

   7   15987863_v17  year (the “Estimate Statement”), which shall show, in reasonable detail, the breakdown of  estimated Building Expenses and Amenity Expenses for such year by category. Tenant shall  thereafter pay in advance in monthly installments, with the Base Rent, Tenant’s Pro-Rata Share of  the Building Expenses and Amenity Expenses. Such Estimate Statement shall be based on the  actual Building Expenses and Amenity Expenses for the immediately preceding calendar year and  Landlord’s reasonable estimate of such expenses for the following calendar year. If, based on  actual expenses incurred during such calendar, Landlord determines that the Estimate Statement  materially over or underestimates Tenant’s Pro-Rata share, Landlord may (but if the variation is a  material reduction in Tenant’s Pro-Rata share, Landlord shall) deliver to Tenant (but no more than  once every calendar year under the Lease) a revised the Estimate Statement, together with  reasonable documentation justifying such change. Tenant shall have no less than 30 days after the  delivery of any Estimate Statement to may any payment required to be made pursuant thereto.  Landlord shall within the period of 120 calendar days (or as soon thereafter as possible) after the  close of each calendar year give Tenant a statement showing in reasonable detail such year's actual  Building Expenses and Amenity Expenses, together with a reconciliation statement comparing the  actual costs with the costs set forth in the Estimate Statement. In the event such reconciliation  statement reveals an underpayment by Tenant, Tenant shall, within 30 days, pay to Landlord the  amount of such underpayment. If, on the other hand, the reconciliation statement reveals an  overpayment, then Landlord shall promptly refund to Tenant the amount of such overpayment  within 30 days or, at Tenant’s election, credit such amount to the succeeding monthly installments  of Base Rent; provided, however, no refunds of Additional Rent, or amounts escrowed hereunder,  shall be paid to Tenant if Tenant is in default of any of its obligations under the Lease beyond any  applicable notice and cure period. The failure of Landlord to submit statements provided for herein  shall not relieve Tenant of its obligation to pay Tenant’s Pro-Rata Share of Building Expenses and  Amenity Expense; provided, however, Landlord shall not be entitled to collect from Tenant any  Building Expenses or Amenity Expenses that are billed to Tenant for the first time more than  twenty-four (24) months after such expenses arise; however, the limitation set forth in this clause  shall not apply with respect to taxes or Tenant’s obligation to pay any deficiency with respect to  Tenant’s share of taxes for any calendar year. Excepting any management or administrative fees  expressly permitted herein. for any particular calendar year of the Term, Landlord may not collect  Building Expenses or Amenity Expenses from tenants in the Building in an amount that is in excess  of one hundred percent (100%) of the Building Expenses or Amenity Expenses, as applicable,  actually paid or incurred by Landlord for such calendar year. Landlord shall use commercially  reasonable efforts to control Building Expenses and Amenity Expenses to the extent reasonably  practicable, and shall pay all Building Expenses and Amenity Expenses in a timely manner prior  to delinquency.  Notwithstanding anything contained in this Paragraph 4 to the contrary, at Landlord’s option: (i)  Landlord shall have the right, acting reasonably and in good faith, to allocate certain Building  Expenses to less than all of the occupants in the Building, in which event Tenant’s share of such  costs (the “Cost Pool”) shall be as follows: (A) in the event Tenant is one of the occupants  participating in such Cost Pool, its share of such Building Expenses shall be calculated in the  manner set forth in Paragraph 4(a), but the denominator used to determine such share shall exclude  those occupants not participating in such Cost Pool; or (B) in the event Tenant is not one of  occupants participating in such Cost Pool, its share of such Building Expenses shall be set forth in  the manner set forth in Paragraph 4(a) but the denominator used to determine such share shall  exclude those occupants participating in such Cost Pool; or (ii) Landlord shall have the right to  cause Tenant to directly pay for any extraordinary expenses resulting from Tenant’s operations  from the Premises.   

 

   8   15987863_v17  (g) Audit. So long as Tenant is not then in monetary default of any term or  condition of this Lease beyond any applicable notice and cure period, Tenant shall have the right  to conduct a Tenant’s Review, as hereinafter defined, at Tenant’s sole cost and expense (except as  provided herein) (including, without limitation, photocopy and delivery charges), upon thirty (30)  days’ prior written notice to Landlord. “Tenant’s Review” shall mean a review and audit of  Landlord’s books and records relating to (and only relating to) Building Expenses and Amenity  Expenses payable by Tenant hereunder for the most recently completed calendar year as reflected  on Landlord’s final year-end reconciliation of Building Expenses and Amenity Expenses (“Final  Statement”). Tenant’s Review must be performed by either an employee of Tenant or by a  Certified Public Accountant (“CPA”) reasonably satisfactory to Landlord. Tenant must elect to  perform a Tenant’s Review by written notice of such election received by Landlord within ninety  (90) days following delivery to Tenant of the Final Statement for the most recently completed  calendar year. In the event that Tenant fails to make such election in the time and manner required  or fails to diligently perform such Tenant’s Review to completion, then Landlord’s calculation of  Building Expenses and Amenity Expenses shall be final and binding on Tenant. Tenant hereby  acknowledges and agrees that even if it has elected to conduct a Tenant’s Review, Tenant shall  nonetheless pay all Building Expenses and Amenity Expenses payments to Landlord, subject to  readjustment. Tenant further acknowledges that Landlord’s books and records relating to the  Building may not be copied in any manner, are confidential, and may only be reviewed at any time  during normal business hours at a location reasonably designated by Landlord, but Landlord will  make such records available within the metropolitan area in which the Premises is located. Tenant  shall provide to Landlord a copy of Tenant’s Review as soon as reasonably possible after the date  of such Tenant’s Review. If Tenant’s Review reflects a reimbursement owing to Tenant by  Landlord, and if Landlord disagrees with Tenant’s Review, then Tenant and Landlord shall jointly  appoint an auditor to conduct a review (“Independent Review”), which Independent Review shall  be deemed binding and conclusive on both Landlord and Tenant. If the Independent Review results  in a reimbursement owing to Tenant equal to four percent (4%) or more of the amounts reflected  in the Final Statement, the costs of the Independent Review shall be paid by Landlord, but  otherwise Tenant shall pay the costs of Tenant's Review and the Independent Review. For any  overcharge, Tenant shall be entitled to receive, at Tenant’s option, a credit against Tenant’s  upcoming Rent payments or a refund due and payable to Tenant within thirty (30) days after  completion of such Tenant Review or Independent Review, as applicable. Under no circumstances  shall Tenant conduct a review of Landlord’s books and records whereby the auditor operates on a  contingency fee or similar payment arrangement. Any such reviewer must sign a commercially  reasonable non-disclosure, non-solicitation, and confidentiality agreement. Tenant agrees to use  reasonable efforts to keep the results of its audit confidential, except for such disclosures to  Tenant’s agents, employees, attorneys, accountants, financial advisors, officers, directors,  members and contractors, and except for such disclosures as may be required by law, compelled  by judicial process or which may be necessary to enforce the terms and provisions of this Lease.  5. Security Deposit.  Within ten (10) days of the Effective Date, Tenant shall deposit  with Landlord the Security Deposit as set forth in Item 13 of the Summary of Basic Lease Terms  as security for the full and faithful performance by Tenant of all Tenant’s obligations hereunder.  No interest shall be paid upon the Security Deposit nor shall Landlord be required to maintain the  deposit in a segregated account. The Security Deposit shall not be construed as prepaid Rent. In  the event that Tenant shall default in the full and faithful performance of any of the terms hereof,  then Landlord may either retain the Security Deposit as liquidated damages, or a portion thereof,  for damages caused by Tenant beyond ordinary wear and tear, or Landlord may retain the same  and apply it toward any damages sustained by Landlord, including but not limited to actual  

 

   9   15987863_v17  damages sustained by the Landlord by reason of the default of Tenant, including any past due Rent.  Upon each such application, Tenant shall, on demand, pay to Landlord the sum so applied, which  shall be added to the Security Deposit so that the same shall be restored to the amount first set  forth above. In the event of bankruptcy or other debtor-creditor proceedings, either voluntarily or  involuntarily instituted by or against Tenant, the Security Deposit shall be deemed to be applied  in the following order: to actual damages caused by Tenant beyond ordinary wear and tear,  obligations and other charges, including any damages sustained by Landlord, other than unpaid  Rent, due to Landlord for all periods prior to the filing of such proceedings; to accrued and unpaid  Rent prior to the filing of such proceeding, and thereafter to actual damages, obligations, other  charges and damages sustained by Landlord and Rent due the Landlord for all periods subsequent  to such filing. In the event of a sale of the Land and the Building, Landlord shall transfer the  Security Deposit to the buyer, and shall confirm the same to Tenant in writing, after which transfer  and written confirmation Landlord shall have no further obligation regarding the Security Deposit.  Notwithstanding the foregoing, and so long as Tenant is not in default of this Lease beyond any  applicable cure period, Landlord shall return to Tenant (or, at Tenant’s option, or apply to  subsequent payments of Rent due hereunder) a portion of the Security Deposit in the amount of  Sixty Thousand and 00/100 Dollars ($60,000.00) upon the first anniversary of the Commencement  Date and also upon the date that is eighteen (18) months after the Commencement Date. The  remaining balance of the Security Deposit shall be held until the expiration of the Lease Term. If  Tenant fully and faithfully complies with all of the terms hereof, the Security Deposit or any  balance thereof shall be returned to Tenant within thirty (30) days after expiration of the Lease  Term or thirty (30) days after the final day Tenant occupies the Premises.  6. Character and Design of Building.  TENANT ACKNOWLEDGES THE ADAPTIVE REUSE OF THE BUILDING MAY  RESULT IN THE APPEARANCE OF UNFINISHED OR INTENTIONALLY ROUGH  FINISHES.  AS SUCH, ITEMS INCLUDING BUT NOT LIMITED TO UNPAINTED BEAMS  AND OTHER STEEL WORK, CONCRETE CRACKING (UNLESS STRUCTURAL IN  NATURE OR A TRIP OR OTHER HAZARD IN LANDLORD'S REASONABLE OPINION),  GRAFFITI AND OTHER SUCH FEATURES MAY BE FOUND THROUGHOUT THE  BUILDING AND THE PREMISES. THESE FEATURES ARE BY DESIGN (INTENTIONAL)  AND SHALL NEITHER DELAY THE COMMENCEMENT DATE NOR BECOME  FEATURES LANDLORD IS REQUIRED TO ALTER.   TENANT ACKNOWLEDGES THE BUILDING HAS BEEN DESIGNED (FROM AN  HVAC PERSPECTIVE) FOR AN OCCUPANCY LOAD OF ONE PERSON PER 100 SQUARE  FEET OF RENTABLE SPACE.  MANY TENANTS EXCEED THIS CAPACITY WITHOUT  ISSUE, HOWEVER LANDLORD SHALL NOT BE LIABLE FOR HEATING AND COOLING  PROBLEMS, SHOULD THEY OCCUR, IN THE PREMISES IF TENANT EXCEEDS THE  RECOMMENDED CAPACITY AND/OR IF TENANT USES EQUIPMENT WHICH, IN  LANDLORD'S REASONABLE OPINION, GENERATES SIGNIFICANT QUANTITIES OF  HEAT.  TENANT FURTHER ACKNOWLEDGES THERE MAY BE NOISE AND  INTERRUPTIONS ON ACCOUNT OF LANDLORD BUILDING OUT IMPROVEMENTS  FOR OTHER TENANTS IN THE BUILDING.  LANDLORD SHALL USE COMMERCIALLY  REASONABLE EFFORTS TO MITIGATE INCONVENIENCES TO ALL TENANTS DURING  THE PERIOD FOLLOWING OPENING OF THE BUILDING AND STABILIZATION/LEASE- 

 

   10   15987863_v17  UP OF OTHER TENANT SUITES – BUT SHALL NOT BE LIABLE TO TENANT FOR  OCCASIONAL NOISE.    7. Use of Premises.  (a) The Premises and Common Area shall be used for the Permitted Use and  for no other purpose without the prior written consent of Landlord, in its sole discretion.  Tenant  shall have keys and necessary security clearance to access the Building and Premises, including  Common Area, 24 hours per day, 7 days per week. Landlord shall supply Tenant with up to five  keys FOBs per 1,000 rentable square feet of the Premises at Landlord’s sole cost. Additional FOBs  shall be provided to Tenant at the cost of $75.00 per FOB. Landlord shall maintain reception staff  for the Building from 8 am to 5 pm Mondays through Fridays (excluding holidays); provided,  however, that Landlord’s failure to do so shall not be a default under this Lease.   (b) Tenant shall act in accordance with and not violate any restrictions or  covenants of record affecting the Premises and Common Area or the Building. Tenant shall not  use or occupy the Premises and Common Area in violation of any applicable law, code, regulation  or ordinance, and shall immediately discontinue any use of the Premises and Common Area which  is declared by either any governmental authority having jurisdiction or the Landlord to be a  violation of any such law, code, regulation or ordinance. Tenant shall comply with any direction  of any governmental authority having jurisdiction which shall, by reason of the nature of Tenant's  use or occupancy of the Premises and Common Area, impose any duty upon Tenant or Landlord  with respect to the Premises and Common Area or with respect to the use or occupancy thereof.  (c) Tenant shall not do nor permit to be done anything which will invalidate or  increase the cost of any casualty and extended coverage insurance policy covering the Building  and/or property located therein (and Tenant shall not do nor permit to be done anything which will  invalidate or increase the cost of such policy) and shall comply with all rules, orders, regulations  and requirements of the appropriate Fire Rating Bureau or any other organization performing a  similar function.  Tenant shall promptly upon written demand and a reasonable opportunity to cure  any problem which results in an invalidation or increase in the cost of any casualty and extended  coverage insurance policy, reimburse Landlord, as Additional Rent, for any additional premium  charged for such policy by reason of Tenant's failure to comply with the provisions of this  paragraph. Tenant shall not do or permit anything to be done in, on or about the Premises and  Common Area which would in any way obstruct or interfere with the rights of other tenants or  occupants of the Building, or use or allow the Premises and Common Area to be used for any  unlawful purpose, nor shall Tenant maintain or permit any nuisance or commit or suffer to be  committed any waste in, on or about the Building.  (d) Use of the Premises shall also include Common Area. Tenant shall have the  non-exclusive right (except with respect to exclusive, pre-approved events in the Amenity Area(s)  (or portion thereof) approved by Landlord) to use the Common Area on a reasonable basis that  does not interfere with the ability of other tenants to also use said space or with events which have  been scheduled and reserved in advance. It is understood that areas of the Building may be used  for events and other uses that may cause significant increase in traffic at certain times and any such  use shall not be a basis for any constructive eviction of Tenant, or entitle Tenant to any offset or  abatement of Rent so long as Landlord provides at least forty-eighty (48) hours’ advance notice of  an event that may cause a material disruption to Tenant’s use of the Common Areas or Amenity  Areas, but in no event shall any such event interfere with Tenant’s Permitted Use or its use and  

 

   11   15987863_v17  occupancy of the Premises; Tenant hereby acknowledging and agreeing to such use by execution  of this Lease.    8. Building Services, Maintenance.  (a) Landlord shall maintain in good condition and repair and in compliance  with all laws (and shall make all repairs and perform all maintenance necessary to keep in good  condition) the Building, Common Area of the Building and any structural (including the  foundation, roof, and walls) mechanical, plumbing and electrical systems serving the Building and  Premises (the cost of which shall be included in the Building Expenses, subject to the provisions  of Paragraph 4 of this Lease), the Temporary Parking Area and, if and when constructed, the  Structured Parking (as each is defined in Paragraph 14). Landlord shall cause the following utilities  to be provided to the Premises: electricity, gas service, hot and cold water, and basic HVAC service  per “Exhibit C”. Landlord shall provide general janitorial services in and about the Common Area  of the Building as necessary or desirable in Landlord's reasonable judgment and consistent with  the level of janitorial service typically provided in comparable buildings in the downtown area of  Salt Lake City, which janitorial services shall include, but not be limited to, wiping down high  traffic glass walls, cleaning floors, and emptying waste baskets and full-sized trash and recycling  containers, cleaning and stocking restrooms and kitchens within the Common Area and Amenities  Area. Landlord shall be responsible for snow and ice removal, landscaping, and groundskeeping  for the Building, Common Area, Amenities Area, Temporary Parking Area and Structured  Parking. Tenant is responsible for its own janitorial services in the Premises beyond the normal  cleaning services provided by Landlord. In addition, in the event the Premises contains a kitchen  or restroom that is not part of the Common Area or Amenities Area, Landlord shall maintain such  kitchen and/or restroom in the same manner it maintains the kitchens and restrooms in the  Common Area and Amenities Area (i.e., all kitchens and restrooms shall be similarly monitored  and stocked by Landlord). With respect to any work performed by Landlord pursuant to this  Paragraph 8 and except as otherwise set forth in this Lease, (a) Landlord shall be liable to Tenant  only for physical damage caused to Tenant's personal property located within the Premises to the  extent such damage is caused by or under Landlord; (b) in no event shall Landlord have any  liability to Tenant for any other damages not caused by Landlord, or for any inconvenience or  interference with the use of the Premises by Tenant, or for any consequential damages, including  lost profits, as a result of performing any such work; and (c) Landlord reserves the right to interrupt  any or all utility services to the Common Area or Amenities Area in case of accident or breakdown,  or for the purpose of making alterations, repairs or improvements thereto. With respect to any  utility services provided by Landlord to the Premises, Landlord shall not be liable for the failure  to furnish or delay in furnishing any or all of such services when same is caused by or is the result  of strikes, labor disputes, labor, fuel or material scarcity, or governmental or other lawful  regulations or requirements, or the failure of any corporation, firm or person with whom the  Landlord may contract for any such service, or for any service incident thereto, to furnish same,  or is due to any cause; and the failure to furnish any of such services in such event shall not be  deemed or construed as an eviction or relieve Tenant from the performance of any of the  obligations imposed upon Tenant by this Lease; provided that if Tenant is unable to use the  Premises for the Permitted Use for more than three (3) consecutive business days as a result of an  interruption within Landlord's reasonable control, Tenant's Base Rent shall be abated from forth  (4th) business day following the interruption to the date on which the services are restored; provide  if Tenant is unable to use the Premises for one hundred eighty (180) days or more for any reason  within Landlord’s control, Tenant may terminate this Lease upon written notice to Landlord.  Except in exigent circumstances, Landlord shall provide at least five (5) business days’ advance  notice to Tenant in the event of Landlord’s temporary interruption any utility services, and in all  

 

   12   15987863_v17  instances Landlord shall coordinate repairs to such utility services with Tenant and shall undertake  all commercially reasonable efforts to minimize impacts on Tenant’s business operations.  Notwithstanding any other provision of this Lease, in no event shall Landlord have any liability  for loss of business (including, without limitation, lost profits) by Tenant in connection with a  failure to furnish utilities as set forth in this Paragraph 8. Tenant shall be solely responsible for and  shall promptly pay all charges for IT, telephone, internet and other communication services  separately metered to the Premises and billed to Tenant directly.    (b) Tenant shall maintain the Premises in good repair and condition and shall  make all repairs and perform all maintenance necessary to keep the Premises in good condition  (except for any damage caused by or under Landlord); provided that Landlord shall be responsible  for repairing, replacing and maintaining all structural components of the Building (including,  without limitation, the foundation, roof, and walls). In addition, Tenant shall promptly repair, in a  good and workmanlike manner, any damage to the Premises or other part of the Building caused  by any breach by Tenant of this Lease, including Tenant's maintenance obligations set forth herein,  or by any act or omission of Tenant, or of any employee, agent or invitee of Tenant. If Tenant fails  to do so, after written notice thereof by Landlord, and an opportunity to cure or make repairs within  thirty (30) days, Landlord shall have the right to repair any such damage and Tenant shall pay  Landlord for the cost of all such repairs, plus interest at the Interest Rate (as defined below).  (c) Tenant shall not permit undue accumulations of garbage, trash, rubbish or  other refuse within the Premises and Common Area and shall keep all refuse in appropriate  containers until disposal of such refuse. Tenant shall be solely responsible for disposing of all  hazardous substances, wastes and materials brought into the Premises or Common Area by Tenant  in accordance with applicable law and Landlord shall have no duty or obligation to remove any  hazardous substances, wastes or materials brought into the Premises or Common Area by Tenant.  Tenant covenants that Tenant shall not use, generate, place, store, release, discharge, transport or  otherwise dispose of hazardous materials in, on, about or under the Premises or other portions of  the Building in violation of any applicable law and Tenant’s use of and operations within the  Premises shall strictly comply with all environmental regulations and other applicable laws. If  Tenant breaches the foregoing, Tenant shall give Landlord written notice of such breach and shall  immediately, at Tenant’s sole cost and expense, undertake remedial action in accordance with all  environmental regulations; provided, however, Landlord may properly require its consent to the  selection of the contractors and other professionals involved in the inspection, testing and removal  or remediation activities, the manner and method for performance of such activities and such other  matters as may be reasonably required or requested by Landlord for the safety of and continued  use of the Building and the tenants and visitors thereof. For purposes of this Lease, “hazardous  materials” means and includes substances defined as “hazardous materials,” “hazardous wastes”,  “hazardous substances” or “toxic substances” under applicable law as well as any “bio-medical  hazardous materials” (as defined in the attached Rider).  (d) Tenant shall have no liability of any kind to Landlord for any pre-existing  hazardous materials located in or under the Building or on the Land as of the Effective Date and  for any hazardous materials that migrate onto or under the Building or Land or otherwise become  present at the Building or Land as the result of the activities of anyone other than Tenant, all of  which Landlord shall promptly remove and remediate in compliance with all applicable laws at  Landlord’s sole cost.    9. Alterations.  Following the Commencement Date, Tenant shall not make any  changes, additions, alterations, improvements or additions to the Premises and Common Area or  

 

   13   15987863_v17  attach or affix any articles thereto without Landlord’s prior written consent, which shall not be  unreasonably withheld, conditioned or delayed. All alterations, improvements, and additions to the  Premises (other than the Laboratory Premises) and Common Area (as permitted by Landlord in  accordance with this Paragraph) shall be done only by Landlord or contractors or mechanics  approved by Landlord, and shall be at Tenant's sole expense and at such times and in such manner  as Landlord may reasonably approve. Any work approved by Landlord hereunder affecting the  Laboratory Premises may be performed, at Tenant’s option, by Tenant or its contractors or  mechanics (which shall be reasonably approved by Landlord), at Tenant’s sole cost and expense.  Any mechanics or materialman's lien for which Landlord has received a notice of intent to file or  which has been filed against the Premises and Common Area or the Building arising out of work  done for, or materials furnished to or on behalf of Tenant, its contractors or subcontractors shall  be discharged, bonded over, or otherwise satisfied by Tenant within ten days following the earlier  of the date Landlord receives (1) notice of intent to file a lien or (2) notice that the lien has been  filed. If Tenant fails to discharge, bond over, or otherwise satisfy any such lien, Landlord may do  so at Tenant’s expense, and the amount expended by Landlord, including reasonable attorneys’  fees, shall be paid by Tenant within 10 days following Tenant's receipt of a bill from Landlord.  All alterations, improvements, or additions, whether temporary or permanent in character, made  by Landlord or Tenant in or upon the Premises shall become Landlord’s property and shall remain  upon the Premises at the termination of this Lease by lapse of time or otherwise, without  compensation to Tenant (excepting only Non-Standard Alterations [as defined below] and the  following defined “Tenant’s Property”: Tenant’s movable office furniture, trade fixtures, office  and professional equipment, laboratory equipment and benches, prefabricated laboratory pods and  related trade fixtures and equipment, process tanks and piping, materials handling and storage  shelving and related fixtures, generators, and any network-powered broadband, communication  and/or coaxial cables installed by or for the benefit of Tenant, hereunder “cabling”).  Further, Landlord may require that Tenant remove any Non-Standard Alterations (hereinafter  defined) at the expiration or earlier termination of the Lease Term, and restore the Premises to its  prior condition, reasonable wear and tear excepted, but only if Landlord has notified Tenant at the  time that Landlord and Tenant agree upon and attach the Plans (as defined in the Work Letter) as  Exhibit C-1 to the Work Letter that Tenant will be required to remove any particular Non-Standard  Alteration upon Lease expiration. As used herein, “Non-Standard Alterations” shall mean any  improvements or alterations constructed within or as part of the Laboratory Premises that cannot  be cost-effectively redesigned and/or repurposed for general office use in accordance with  Landlord’s standard office specifications. Non-Standard Alterations expressly excludes each of  the following, which may be surrendered by Tenant and left in place at the end of the Lease Term  (collectively, the “Remaining Improvements”): upgrades or enhancements to utilities or related  services; HVAC equipment and related fixtures; ventilation equipment, including, without  limitation, rooftop vents (notwithstanding the provisions of Section 5 of the Rider regarding  Rooftop Equipment); loading dock improvements; and flooring. Unless Landlord requires their  removal (to the extent permitted, and subject to the terms, provisions and conditions, under this  Lease), all Tenant Improvements and Alterations which may be made on the Premises (other than  Tenant’s Property) shall become the property of Landlord and remain upon and be surrendered  with the Premises at the expiration of the Lease Term. Except as otherwise set forth below, all of  Tenant’s Property shall remain Tenant’s sole property during and after the Lease Term regardless  of whether such property is affixed or attached to the Premises. Unless Landlord notifies Tenant  otherwise or if Landlord requests that any alteration, improvement, or addition remain, any other  alteration, improvement, or addition made by Tenant to any portion of the Premises other than the  Laboratory Premises after the Commencement Date which was designated for Tenant’s removal  

 

   14   15987863_v17  at the time when such alteration, improvement or addition was approved by Landlord pursuant to  this Paragraph shall, at Tenant's sole cost, be removed upon the termination of this Lease. Tenant  shall also, at Tenant's sole cost, repair any damage caused to the Premises or the Building as a  result of any such removal and restore the Premises to substantially the same condition existing as  of the Commencement Date. In the event Tenant fails to perform the repairs required hereunder,  Landlord shall be entitled to perform the same and recover from Tenant the reasonable costs and  expenses thereof, including reasonable attorneys' fees. In the event that Landlord incurs any  expenses in the removal of trash, or the cleaning of elevators, public corridors, loading areas, and  other Common Areas as a result of Tenant’s contractors’ work, then Tenant agrees it shall  reimburse Landlord within seven calendar days of the date of billing.  10. Liability Insurance; Indemnity.  (a) Tenant shall and hereby does indemnify and hold Landlord harmless from  and against any and all claims brought against Landlord by a third party arising from: (i) Tenant’s  use of the Premises or the conduct of Tenant’s business or profession therein; (ii) any activity,  work, or thing done, permitted or suffered by Tenant in or about the Premises, Common Area, or  the Building; (iii) any breach or default in the performance of any obligation on Tenant's part to  be performed under the terms of this Lease; or (iv) any negligent or willful acts or omissions of  Tenant, or of Tenant's agents, employees or contractors, on or about the Premises, Common Area,  or the Building. Tenant shall and hereby does further indemnify, defend and hold Landlord  harmless from and against all costs, reasonable attorneys' fees, expenses and liabilities incurred in  connection with any such claim or any action or proceeding brought thereon. In case any action or  proceeding is brought against Landlord by reason of any such claim, Tenant, upon notice from  Landlord, shall defend same at Tenant’s expense by counsel reasonably satisfactory to Landlord.  Except as set forth in this Lease and subject to Landlord’s obligations hereunder, Tenant, as a  material part of the consideration to Landlord, hereby assumes all risk of damage to property or  injury to persons in, upon or about the Premises from any cause other than the negligence or  intentional act or omission of a Landlord or its representatives, employees or agents.    (b) Landlord shall and hereby does indemnify and hold Tenant harmless from  and against any and all claims brought against Tenant by a third party arising from: (i) any breach  or default in the performance of any obligation on Landlord’s part to be performed under the terms  of this Lease; (ii) the presence of any hazardous materials in or under the Building or Land existing  on or before the Commencement Date or introduced by Landlord and/or its employees, contractors,  and agents; and (ii) the negligent or willful acts of Landlord, or of Landlord’s agents, employees  or contractors, on or about the Premises, Common Area, or the Building. Landlord shall and hereby  does further indemnify, defend and hold Tenant harmless from and against all costs, reasonable  attorneys' fees, expenses and liabilities incurred in connection with any such claim or any action  or proceeding brought thereon. In case any action or proceeding is brought against Tenant by  reason of any such claim, Landlord, upon notice from Tenant, shall defend same at Landlord’s  expense by counsel reasonably satisfactory to Tenant or selected by Landlord’s insurer. The  indemnities herein shall survive the termination of this Lease and shall continue in effect until any  and all claims, actions or causes of action with respect to any of the matters indemnified against  are fully and finally barred by the applicable statute of limitations. In no event shall any of the  insurance provisions set forth in this Lease be construed as a limitation on the scope of  indemnification set forth herein.  (c) Tenant, at Tenant’s expense, agrees to keep in force during the Lease Term:  

 

   15   15987863_v17  (i) Commercial general liability insurance which insures against claims  for bodily injury, personal injury, and property damage based upon, involving, or arising out of  the use, occupancy, or maintenance of the Premises and the Building. Such insurance shall afford,  at a minimum, the following limits:   Each Occurrence $1,000,000  General Aggregate  $4,000,000  Products/Completed Operations Aggregate $1,000,000  Personal and Advertising Injury Liability $1,000,000  Fire Damage Legal Liability $100,000  Medical Payments $5,000    Tenant’s commercial general liability insurance shall include Landlord and Landlord’s  mortgagees, as additional insureds. This coverage shall be written on the most current ISO CGL  form (or its equivalent), shall include contractual liability, premises-operations and products- completed operations and shall contain an exception to any pollution exclusion which insures  damage or injury arising out of heat, smoke, or fumes from a hostile fire. Such insurance shall be  written on an occurrence basis and contain a standard separation of insureds provision.  (ii) Business automobile liability insurance covering owned, hired and  non-owned vehicles with minimum limits of $1,000,000 combined single limit per occurrence.  (iii) Employer’s liability insurance in an amount not less than  $1,000,000.  (iv) Workers’ compensation insurance in accordance with Utah law.  (v) Umbrella/excess liability insurance, on an occurrence basis, that  applies excess of the required commercial general liability, business automobile liability, and  employer's liability policies with the following minimum limits:   Each Occurrence:  $5,000,000  Annual Aggregate:  $5,000,000  Umbrella/Excess liability policies shall contain an endorsement stating that any entity qualifying  as an additional insured on the insurance stated in the Schedule of Underlying Insurance shall be  an additional insured on the umbrella/excess liability policies, and that they apply immediately  upon exhaustion of the insurance stated in the Schedule of Underlying Insurance as respects the  coverage afforded to any additional insured. The umbrella/excess liability policies shall also  provide that they apply before any other insurance, whether primary, excess, contingent or on any  other basis, available to an additional insured on which the additional insured is a named insured  (which shall include any self-insurance), and that the insurer will not seek contribution from such  insurance.  (vi) Property insurance “the equivalent of causes of loss – special form”  including earthquake, windstorm, theft, sprinkler leakage and boiler and machinery coverage on  all of Tenant’s trade fixtures, furniture, inventory and other personal property in the Premises, and  on any alterations, additions, or improvements made by Tenant upon the Premises all for the full  replacement cost thereof. Tenant shall use the proceeds from such insurance for the replacement  of trade fixtures, furniture, inventory and other personal property and for the restoration of Tenant's  

 

   16   15987863_v17  improvements, alterations, and additions to the Premises. Landlord shall be named as loss payee  with respect to alterations, additions, or improvements of the Premises where Tenant cannot  remove at the end of the Lease Term wherein ownership then reverts to Landlord.  (vii) Business income and extra expense insurance with limits not less  than 100% of all income and charges payable by Tenant under this Lease for a period of 12 months.  (d) All policies required to be carried by Tenant hereunder shall be issued by  an insurance company licensed or authorized to do business in Utah with a rating of at least “A-:  X” or better as set forth in the most current issue of Best’s Insurance Reports, unless otherwise  approved by Landlord.  Tenant shall not do or permit anything to be done that would invalidate  the insurance policies required herein.  Liability insurance maintained by Tenant shall be primary  coverage on behalf of Landlord, its trustees, officers, directors, members, agents, and employees,  Landlord's mortgagees, and Landlord's representatives and any policies of Landlord, its trustees,  officers, directors, members, agents, and employees, Landlord's mortgagees, and Landlord’s  representatives shall be non-contributory. Certificates of insurance, acceptable to Landlord,  evidencing the existence and amount of each insurance policy required hereunder shall be  delivered to Landlord prior to delivery or possession of the Premises and 10 days following each  renewal date. Certificates of insurance shall evidence that Landlord and Landlord’s mortgagees  are included as additional insureds on liability policies so long as the names of such parties are  provided to Tenant and that Landlord is included as loss payee on the property insurance as stated  in subparagraph (c)(vi) above. In the event that Tenant fails to provide evidence of insurance  required to be provided by Tenant in this Lease, prior to the Tenant’s entry upon the Premises for  purposes of completing Tenant’s improvements prior to the Commencement Date and thereafter  during the Term, within 10 days following Landlord’s request thereof, and 30 days prior to the  expiration of any such coverage, Landlord shall be authorized (but not required) to procure such  coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon  written invoice thereof. The limits of insurance required by this Lease, or as carried by Tenant,  shall not limit the liability of Tenant or relieve Tenant of any obligation thereunder, except to the  extent otherwise provided for herein. Any deductibles selected by Tenant shall be the sole  responsibility of Tenant. Tenant insurance requirements stipulated in Paragraph 10 are based upon  current industry standards. Landlord reserves the right to require additional coverage or to increase  limits as industry standards change.  (e) Should Tenant engage the services of any contractor or subcontractor to  perform work in the Premises, Tenant shall ensure that such party complies with the requirements  of this Paragraph 10 and carries commercial general liability, business automobile liability,  umbrella/excess liability, worker’s compensation and employer’s liability coverages in  substantially the same forms as required of the Tenant under this Lease and in amounts approved  by landlord and/or landlord’s property manager.  (f) Landlord shall procure and maintain the following, the cost of which shall  be included in the Building Expenses:  (i) Property insurance “the equivalent of causes of loss – special form”  on the Building. Landlord shall not be obligated to insure any of Tenant’s Property or other  furniture, equipment, trade fixtures, machinery, goods, or supplies which Tenant may keep or  maintain in the Premises or any alteration, addition, or improvement which Tenant may make upon  the Premises. In addition, Landlord may elect to secure and maintain rental income insurance.  If  the annual cost to Landlord for such property or rental income insurance exceeds the standard rates  

 

   17   15987863_v17  because of the nature of Tenant’s operations, Tenant shall, upon receipt of appropriate invoices,  reimburse Landlord for such increased cost.  (ii) Commercial general liability insurance, which shall be in addition  to, and not in lieu of, insurance required to be maintained by Tenant. Tenant shall not be included  as an additional insured on any policy of liability insurance maintained by Landlord.  (g) Landlord waives any and all rights of recovery against Tenant for or arising  out of damage to, or destruction of the Premises to the extent that Landlord’s property insurance  policies then in force insure against such damage or destruction and permit such waiver and only  to the extent of insurance proceeds actually received by Landlord for such damage or destruction.  Tenant waives any and all rights of recovery against Landlord for or arising out of damage to or  destruction of any property of Tenant to the extent that Tenant’s property insurance policies then  in force or the policies required by this Lease, whichever is broader, insure against such damage  or destruction.  (h) Neither Landlord nor its agents shall be responsible for or liable to Tenant  for any loss or damage that may be occasioned by or through the acts or omissions of persons  occupying adjoining premises or any part of the premises adjacent to or connected with the  Premises or any part of the Building, nor shall Landlord or its agents be liable for any damage to  property entrusted to employees of the Building, nor for loss of or damage to any property by theft  or otherwise, nor for any injury or damage to persons or property resulting from fire, explosion,  falling plaster, steam, gas, electricity, water or rain which may leak from any part of the Building  or from the pipes, appliances or plumbing works therein or from the roof, street or subsurface, or  from any other place or resulting from dampness or any other cause whatsoever, except to the  extent due to the negligence or willful act or omission of Landlord, its agents, servants or  employees. Neither Landlord nor Tenant will be liable under any circumstances to the other for  any incidental or consequential damages; provided, however, that Landlord may recover  consequential damages arising out of an unauthorized holdover by Tenant. Tenant shall give  prompt notice to Landlord in case of fire or accident in the Premises or in the Building or of defects  therein or in the fixtures or equipment.   (i) Any and all “the equivalent of causes of loss – special form” insurance  which is required to be carried by Tenant shall be endorsed with a subrogation clause, substantially  as follows: “This insurance shall not be invalidated should the insured waive, in writing, prior to  a loss, any and all right of recovery against any party for loss occurring to the property described  herein”; and Tenant hereto waives all claims for recovery from Landlord, its officers, agents or  employees for any loss or damage (whether or not such loss or damage is caused by negligence of  Landlord, its officers, agents or employees, and notwithstanding any provisions contained in this  Lease to the contrary) to any of its real or personal property insured under valid and collectible  insurance policies to the extent of the collectible recovery under such insurance.  11. Damage or Destruction.  In the event the Premises or the Building are damaged  by fire or other insured casualty, and the insurance proceeds have been made available therefor by  the holder or holders of any mortgages or deeds of trust covering the Building, the damage shall  be repaired by and at the expense of Landlord to the extent of such insurance proceeds available  therefor, provided such repairs can, in Landlord's sole opinion, be completed within 180 calendar  days after the occurrence of such damage, without the payment of overtime or other premiums.  Until such repairs are completed, the Rent shall be abated in proportion to the part of the Premises  which is unusable by Tenant in the conduct of its business; provided, however, if the damage is  

 

   18   15987863_v17  due to the negligence or willful act or omission of Tenant or its employees, agents, or invitees,  there shall be no abatement of Rent. If repairs cannot, in Landlord's sole but reasonable opinion,  be made within said 180 calendar day period, Landlord shall notify Tenant within 45 calendar days  of the date of occurrence of such damage as to whether or not Landlord shall have elected to make  such repairs. If Landlord elects not to make such repairs or if such repairs will require more than  180 days to complete, then either party may, by written notice to the other, terminate this Lease as  of the date of the occurrence of such damage; provided, however, Tenant shall not have the right  to terminate this Lease if the damage is due to the negligence or willful act or omission of Tenant  or its employees, agents or invitees. If neither party elects to terminate this Lease and Landlord  undertakes such repairs but such repairs are not completed within such 180-day period, Tenant  may, by written notice to Landlord, terminate this Lease upon written notice to Landlord delivered  not later than ten (10) days after such 180-day period, which termination notice shall be effective  unless Landlord completes such repairs within 15 calendar days of its receipt of Tenant’s notice.  If insurance proceeds are insufficient or unavailable to repair the damage, Landlord may, at its sole  option, terminate this Lease by written notice to Tenant given not more than 45 days after the  occurrence of the damage. Except as provided in this Paragraph 11, there shall be no abatement of  Rent and no liability of Landlord by reason of any injury, inconvenience, temporary limitation of  access or interference to or with Tenant’s business or property arising from the making of any  necessary repairs, or any alterations or improvements in or to any portion of the Building or the  Premises, or in or to fixtures, appurtenances, and equipment therein necessitated by such damage.  12. Eminent Domain.  If the Building, the Premises and Common Area or a material  part thereof be taken by any authorized entity by eminent domain or by negotiated purchase under  threat thereof, so that the Premises shall become totally untenantable, this Lease shall terminate as  of the earlier of the date when title or possession thereof is acquired or taken by the condemning  authority, Landlord shall retain any award by the condemning authority for such taking (excluding,  however, any separate award made to Tenant for loss of or damage to Tenant’s Property, loss of  business, and moving expenses) and all rights of Tenant in this Lease shall immediately cease and  terminate. If a part of the Building or a portion of the Premises shall be taken such that the Premises  becomes only partially untenantable, this Lease shall continue in full force and effect as to the  portion of the Premises which is not taken and Base Rent shall be proportionately abated so long  as Tenant’s business operations within the Premises are not materially and adversely affected by  such partial taking. If, however, such partial taking materially and adversely interferes with  Tenant’s business operations, Tenant may terminate this Lease upon written notice to Landlord.  Landlord may without any obligation or liability to Tenant stipulate with any condemning  authority for a judgment of condemnation without the necessity of a formal suit or judgment of  condemnation, and the date of taking under this clause shall then be deemed the date agreed to  under the terms of such agreement or stipulation.  13. Assignment and Subletting.  (a) Tenant shall not, either voluntarily or by operation of law, directly or  indirectly, sell, assign or transfer this Lease, in whole or in part, or sublet the Premises or any part  thereof, or permit the Premises and Common Area or any part thereof to be occupied by any  person, corporation, partnership, or other entity except Tenant or Tenant’s employees, without the  prior written consent of Landlord in each instance. A merger, acquisition, or transfer of stock  control in Tenant, if Tenant is a corporation, or a transfer of a greater than 49% beneficial  ownership interest in Tenant, if Tenant is a partnership or other entity, shall be deemed an act of  assignment hereunder. Any sale, assignment, mortgage, transfer or subletting of this Lease or the  Premises or Common Area which is not in compliance with the provision of this Paragraph 13  

 

   19   15987863_v17  shall be void. The consent by Landlord to any assignment or subletting shall not relieve Tenant  from the obligation to obtain the express prior written consent of Landlord to any further  assignment or subletting, or relieve Tenant from any liability or obligation hereunder, whether or  not then accrued.  Notwithstanding the forgoing, Landlord’s consent to a sublease of all or a portion  of the Premises to a third party shall not be unreasonably withheld, conditioned or delayed.    (b) If Landlord consents to any assignment or sublease by Tenant, Tenant shall  not be relieved of its obligations under this Lease and Tenant shall remain liable, jointly and  severally and as a principal, and not as a guarantor or surety, under this Lease, to the same extent  as though no assignment or sublease by Tenant had been made.  .  (c) If an assignment or sublease is consented to by Landlord and the rental due  and payable by an assignee or subtenant (or a combination of rent payable thereunder plus any  other consideration directly or indirectly incident to the assignment or sublease) exceeds the rent  payable under this Lease, then Tenant shall pay to Landlord, as Additional Rent, 100% of such  excess rental within 10 days following receipt thereof by Tenant from the assignee or subtenant,  as the case may be. In such event, any rent received by Tenant from an assignee or subtenant shall  be held by Tenant in trust for Landlord, to be forwarded immediately to Landlord without offset  or reduction at any time, and, upon election by Landlord, such rental shall be paid directly to  Landlord and credited to any amounts owed by Tenant hereunder.  (d) If Landlord consents to an assignment or sublease by Tenant, any option to  renew this Lease or right to extend the Lease Term shall automatically terminate unless otherwise  agreed to in writing by Landlord.  Any request for an assignment or sublease shall be accompanied  by a minimum fee of $1,500.00 for Landlord’s administrative costs in connection with the  processing of the request.  In addition, Tenant shall pay to Landlord, within 10 days after demand  by Landlord, the reasonable out-of-pocket costs and expenses incurred by Landlord in connection  with any request by Tenant for consent to an assignment or sublease by Tenant, including  reasonable attorneys’ fees, regardless of whether consent of Landlord is given to the assignment  or sublease by Tenant.  (e) Notwithstanding any provision of this Lease to the contrary, provided that  Tenant remains liable on this Lease, provides Landlord with prior written notice and names of the  applicable transferee and a copy of the applicable assignment or sublease agreement, and Tenant  is not then in default beyond any applicable notice and cure period, then the following transfers  will not require Landlord’s prior consent (each a “Permitted Transfer”):  (i) a transfer or sublease to any entity which is controlled by Tenant;    (ii) a transfer or sublease to any entity which controls Tenant  (“Parent”);    (iii) a transfer or sublease to any entity which is controlled by Tenant’s  Parent; and/or     (iv) a transfer to any entity which merges with Tenant or purchases  substantially all of Tenant’s assets, provided that Tenant provides to Landlord financial statements  evidencing that such transferee or surviving corporation has a credit rating and net worth (exclusive  of intangible assets) at least as favorable as Tenant.  

 

   20   15987863_v17  (f) Additionally, any of the following transfers shall not be deemed a transfer  or assignment under this Paragraph 13 and shall not require Landlord’s consent or the delivery of  notice to Landlord:   (i) a transfer involving any sale of stock for capital raising purposes in  which Tenant is the surviving corporation, or the sale of stock or other equity interests in Tenant  on a public stock exchange (e.g., NYSE or NASDAQ), whether in connection with an initial public  offering or thereafter;   (ii) a transfer effected exclusively to change the domicile of Tenant; and   (iii) so long as Tenant remains the “Tenant” under the Lease and  Tenant’s tangible net worth is not negatively impacted, any financing, refinancing or funding of  Tenant or its business, whether such financing, refinancing or funding takes the form of debt or  equity investments through publicly or privately traded equity or any other form, including,  without limitation, any transaction whereby a venture capital or equity investor directly or  indirectly provides financing or refinancing for Tenant and/or purchases ownership interests in  Tenant, its parent or any affiliate of Tenant.  14. Parking.  Tenant shall have the right to two (2) parking spaces per 1,000 RSF  within the Premises in the parking area designated in attached Exhibit A-2 (the “Temporary  Parking Area”) at no cost to Tenant, and, once completed, within improved parking areas adjacent  to the Building (the “Structured Parking”) at a rate that will not exceed the fair market rental rate  charged by substantially similar buildings in the applicable submarket. Tenant acknowledges that  the Temporary Parking Area may not be located on the Land, but will be located within one (1)  city block of the Building. If the Structured Parking is not completed prior to the expiration of the  Lease Term, the Temporary Parking Area shall remain be available at no cost to Tenant for  Tenant’s use as off-street parking for the duration of the Lease Term. Landlord represents and  warrants that the use of the Temporary Parking Area is permitted under applicable law and Salt  Lake City ordinances. When the Structured Parking has been completed, Landlord shall offer the  allotted number of parking stalls to the Tenant. Tenant then has fourteen (14) business days to  respond with the number of stalls that it requests within its allotment. Landlord will then grant the  right to Tenant to use the requested number of stalls for the Lease Term. If the Tenant requests  additional stalls and Landlord has such additional stalls available for Tenant’s use, then Landlord  may, at its sole discretion, lease those stalls to Tenant at such time. Tenant agrees to comply with  such reasonable rules and regulations as may be made by Landlord from time to time in order to  insure the proper operation of the Structured Parking if or when created or designated so long as  such rules and regulations do not adversely affect Tenant’s rights under this Lease. Landlord shall  have the right at any time to assign spaces in the Structured Parking to individual tenants, in its  sole discretion, provided that Landlord shall make available for Tenant the number of spaces  provided for herein. Subject to the terms of this Lease, all vehicles parked in the Temporary  Parking Area and the Structured Parking and the personal property therein shall be at the sole risk  of Tenant, Tenant’s employees, agents, contractors, invitees and the users of such spaces and  Landlord shall not be responsible for any injuries to any person nor any damage to any automobile,  vehicle or other property that occurs in or about the parking areas. Landlord reserves the right in  its sole discretion to enforce its reasonable rules and regulations, including but not limited to  policing and towing. Landlord may, in its sole discretion, change the location and nature of the  parking spaces available to Tenant, provided that after such change, there shall be available to  Tenant the same number of spaces within the same proximity to the Premises as before such  change. Notwithstanding the foregoing, the rights granted to Tenant to use any parking spaces is a  

 

   21   15987863_v17  license only and Landlord's inability to make spaces available at any time for reasons beyond  Landlord’s reasonable control (other than due to Landlord’s breach of its contractual obligations  or this Lease or its negligence or willful misconduct) is not a breach by Landlord of its obligations  hereunder so long as Landlord provides substantially similar alternative parking spaces for  Tenant’s use and undertakes all commercially reasonable efforts to allow Tenant to use the  Temporary Parking Facilities or Structured Parking, as applicable.   15. Default.  (a) The occurrence of any of the following shall constitute a material default  and breach of the Lease by Tenant:  (i) the abandonment of the Premises by Tenant;  (ii) any failure by Tenant to pay Rent or to make any other payment  required to be made by Tenant hereunder on or before the date due and such failure continues for  five (5) days after written notice thereof from Landlord (provided, however, that Tenant shall only  be entitled to such written notice on two (2) occasions during any twelve (12) month period);  (iii) any failure of Tenant to maintain the insurance as required in this  Lease;  (iv) any failure to provide any document or instrument described in  Paragraph 22 of this Lease within the time period set forth in such paragraph;  (v) the filing or recording of any lien or other encumbrance of title  against the Building by or under Tenant;  (vi) any other failure by Tenant to observe and perform any other  obligation under this Lease to be observed or performed by Tenant, other than payment of any  Rent, within thirty (30) days after written notice by Landlord to Tenant specifying wherein Tenant  has failed to perform such obligation; provided, however, that if the nature of Tenant’s obligation  is such that more than 30 days are required for its performance, then Tenant shall not be deemed  to be in default if it shall commence such performance within such 30-day period and thereafter  diligently prosecute the same to completion (but in no event to exceed ninety (90) days); or  (vii) the making by Tenant or any guarantor of this Lease of any general  assignment for the benefit of creditors; the filing by or against Tenant or such guarantor of a  petition to have Tenant or such guarantor adjudged a bankrupt or the filing of a petition for  reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a  petition filed against Tenant or such guarantor, the same is dismissed within 60 days); the  appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located  at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant  within 30 days; or the attachment, execution or other judicial seizure of substantially all of Tenant’s  assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not  discharged within 30 days.  (b) Landlord shall not be deemed to be in default in the performance of any  obligation required to be performed by it hereunder unless and until it has failed to perform such  obligation within thirty (30) days after written notice by Tenant to Landlord specifying wherein  Landlord has failed to perform such obligation (provided, however, that if the nature of Landlord’s  

 

   22   15987863_v17  obligation is such that more than 30 days are required for its performance, then Landlord shall not  be deemed to be in default if it shall commence such performance within such 30-day period and  thereafter diligently prosecute the same to completion within ninety (90) days).    16. Remedies. In the event Tenant commits an act of default as set forth in  subparagraph 15(a) beyond any applicable cure period, Landlord may exercise one or more of the  following described remedies, in addition to all other rights and remedies available at law or in  equity, whether or not stated in this Lease.  (a) Landlord may continue this Lease in full force and effect and shall have the  right to collect Rent when due. During the period Tenant is in default, Landlord may re-enter the  Premises in accordance with applicable law and relet them, or any part of them, to third parties for  Tenant’s account. Tenant shall be liable immediately to Landlord for any brokers’ commissions,  expenses of repairing and/or the cost of tenant improvements to the Premises required by the  reletting (except to the extent such costs are amortized over the term of a new lease for the  Premises), attorneys’ fees and costs and like costs. Reletting can be for a period shorter or longer  than the remaining Lease Term. In the event of a default by Tenant, Landlord shall use  commercially reasonable efforts to mitigate its damages in accordance with applicable law. On the  dates such Rent is due, Tenant shall pay to Landlord a sum equal to the Rent due under this Lease,  less the rent Landlord receives from any reletting. No act by Landlord allowed by this Paragraph  shall terminate the Lease unless Landlord notifies Tenant in writing that Landlord elects to  terminate this Lease.    (b) Landlord may terminate this Lease at any time. Upon termination, Landlord  shall have the right to collect an amount equal to: reasonable attorneys’ fees and costs in connection  with recovering the Premises; all reasonable costs and charges for the care of the Premises while  vacant; all repair costs incurred in connection with the preparation of the Premises for a new tenant;  all past due Rent which is unpaid, plus interest thereon at the Interest Rate; and an amount by  which the entire Rent for the remainder of the Term exceeds the loss of Rent that Tenant proves  could have been reasonably avoided.  Landlord may avail itself of these as well as any other remedies or damages allowed by  law.  All rights, options and remedies of Landlord provided herein or elsewhere by law or in equity  shall be deemed cumulative and not exclusive of one another. Should any of these remedies, or  any portion thereof, not be permitted by applicable law, then such remedy or portion thereof shall  be considered deleted and unenforceable, and the remaining remedies or portions thereof shall be  and remain in full force and effect.  17. Rules and Regulations.  Tenant shall observe faithfully and comply strictly with  the rules and regulations set forth on Addendum A attached to this Lease and made a part hereof,  and such other rules and regulations as Landlord may from time to time reasonably adopt (so long  as such rules and regulations do not materially and adversely affect Tenant’s rights under this  Lease). Landlord shall not be liable to Tenant for violation of any such rules and regulations, or  for the breach of any covenant or condition in any lease by any other tenant in the Building. By  the signing of this Lease, Tenant acknowledges that Tenant has read and has agreed to comply  with such rules and regulations.  18. Right of Access.  Except in exigent circumstances, Landlord and its agents shall  provide notice to Tenant at least one (1) business day in advance of entering the  Premises during  normal business hours for the purpose of inspection, to make reasonable repairs as required  

 

   23   15987863_v17  hereunder (provided, however, Landlord shall have no obligation as a result of such examination  to make any repairs other than expressly set forth herein), and to exhibit the same to prospective  purchasers, lenders, investors or tenants.  19. End of Term.  (a) At the termination or expiration of the Lease Term, subject to the provisions  of Paragraph 9, Tenant shall surrender the Premises to Landlord in as good condition and repair as  at the Commencement Date, reasonable wear and tear and casualty excepted, and will leave the  Premises broom-clean.  (b) In the event Tenant holds over after the expiration of this Lease with the  written permission of Landlord, such holding over shall thereafter constitute a tenancy at will  terminable at any time by Landlord or Tenant giving 30 days’ written notice to the other. Such  holding over shall be on all of the same terms and conditions as this Lease (other than the duration  of the term) and Tenant shall pay Landlord Base Rent and Additional Rent for the period of its  hold over at the times for payment specified herein, which Base Rent shall be in the same amounts  in effect immediately prior to the expiration of this Lease, including existing annual increases and  terms. If Tenant remains in possession of the Premises after the expiration of this Lease without  the written permission of Landlord, Tenant shall be subject to eviction and shall pay Landlord  Base Rent for the period of its hold over in an amount equal to 150% of Base Rent in effect  immediately prior to the expiration of this Lease together with Additional Rent.  20. Transfer of Landlord’s Interest.  In the event of any transfer or transfers of  Landlord’s interest in the Premises or in the real property of which the Premises are a part, the  transferor shall be automatically relieved of any and all obligations and liabilities on the part of  Landlord accruing from and after the date of such transfer so long as such transferee assumes in  writing the obligations of Landlord hereunder.  21. Estoppel Certificates; Attornment and Non-Disturbance.  (a) Within 10 business days following receipt of written request from the other  party (the “Requesting Party”), the non-Requesting Party shall deliver, executed in recordable  form, a declaration to any person designated by the Requesting Party stating the Commencement  Date and Expiration Date of this Lease and certifying that (i) this Lease is in full force and effect  and has not been assigned, modified, supplemented or amended (except by such writings as shall  be stated); (ii) all conditions under this Lease to be performed by the Requesting Party have been  satisfied (stating exceptions, if any); (iii) no defenses, credits or offsets against the enforcement of  this Lease by the Requesting Party exist (or stating those claimed); (iv) the sum of advance Rent,  if any, paid by Tenant; (v) the date to which Rent has been paid; (vi) the amount of the Security  Deposit held by Landlord, if any; and (vii) such other information as the Requesting Party  reasonably requires. Persons receiving such statements of the non-Requesting Party shall be  entitled to rely upon them. The failure of either party to timely execute, acknowledge and deliver  such estoppel certificate shall constitute an acknowledgment by such party that statements  included in the estoppel certificate are true and correct, without exception.    (b) In the event of the sale or assignment of Landlord’s interest in the Land or  the Building or if the holder of any existing or future mortgage, deed to secure debt, deed of trust,  or the lessor under any existing or future underlying lease pursuant to which Landlord is the lessee,  shall hereafter succeed to the rights of Landlord under this Lease, then at the option of such  

 

   24   15987863_v17  successor, Tenant shall attorn to and recognize such successor as Tenant’s landlord under this  Lease so long as such successor agrees in writing to accept this Lease and agrees not disturb  Tenant's occupancy of the Premises (so long as Tenant is not in default hereunder), and shall  promptly execute and deliver a commercially reasonable instrument that may be necessary to  evidence such attornment. If any such successor requests such attornment, this Lease shall continue  in full force and effect as a direct lease between such successor, as Landlord, and Tenant, subject  to all of the terms, covenants and conditions of this Lease, regardless of whether Tenant executes  and delivers the instrument requested by such successor landlord so long as such successor agrees  in writing to accept this Lease and agrees not disturb Tenant's occupancy of the Premises so long  as Tenant is not in default hereunder.  (c) This Lease shall be subject to and subordinate and inferior at all times to the  lien of any mortgage, to the lien of any deed of trust or other method of financing or refinancing  now or hereafter existing against all or a part of the real property upon which the Building is  located, and to all renewals, modifications, replacements, consolidations and extensions of any of  the foregoing. Tenant shall execute and deliver all commercially reasonable documents requested  by any mortgagee, security holder or lessor to effect such subordination so long as Tenant’s rights  under this Lease are not adversely affected thereby. In the event of any act or omission by Landlord  under this Lease which would give Tenant the right to terminate this Lease or to claim a partial or  total eviction, if any, Tenant will not exercise any such right until: (A) it has given written notice  (by United States certified or registered mail, postage prepaid) of such act or omission to the holder  of any mortgage or deed of trust on the Land (so long as such holder’s  name and address have  been furnished to Tenant); and (B) any such holder of any mortgage or deed of trust on the Property  shall, following the giving of such notice, have failed with reasonable diligence to commence and  to pursue reasonable action to remedy such act or omission in accordance with the terms of, and  timeframes set forth in, this Lease.  (d) With respect to any first lien mortgages, deeds of trust or other liens entered  into by and between Landlord and any such mortgage and/or any beneficiary of any deed of trust  or other such lien granted by Landlord, or lessor under any ground lease (collectively as  “Landlord’s Mortgagee”), Landlord shall use commercially reasonable efforts to secure and  deliver to Tenant a non-disturbance agreement on Landlord’s Mortgagee’s standard form (subject  to reasonable negotiation by Tenant at Tenant’s sole cost and expense), from and executed by  Landlord’s Mortgagee for the benefit of Tenant whereby, as a condition to any attornment or  subordination by Tenant to Landlord’s Mortgagee, Tenant shall not be disturbed in its possession  of the Premises throughout the Term or its rights under the Lease terminated by Landlord’s  Mortgagee so long as Tenant is not in default.  22. Notices.  Any notice required or permitted to be given hereunder shall be in writing  and may be given by: (1) confirmed electronic mail (except for notices and other communications  that have a potential legal effect such as any communication that triggers a payment or  performance obligation, any notice of failure to perform any obligation, notices of default, notices  or communications that begin or affect time periods to exercise rights, and the like) or hand  delivery, which shall be deemed given on the date of delivery; (2) registered or certified mail and  shall be deemed given the third day following the date of mailing; or (3) overnight delivery by a  nationally recognized courier service and shall be deemed given the following day. All notices to  Tenant shall be addressed to Tenant at the Premises. All notices to Landlord shall be addressed to  Landlord’s Address. Either party may change its address by notice given in accordance with this  paragraph.  

 

   25   15987863_v17  23. Miscellaneous Provisions.  (a) As the operation and creation of the Building and Landlord’s business  model contains significant intellectual property and because the ongoing methods of Landlord’s  operation are not typical, it is crucial that all parties adhere to a strict policy of non-disclosure and  confidentiality. Furthermore, it is understood that terms of leases differ based on need, use, etc.   Consequently, each party agrees to keep confidential the terms of this Lease, including, but is not  limited to the Lease Term, Base Rent rates, special provisions, practices, allowances, etc.  (b) In the event of any legal proceeding between Tenant and Landlord to  enforce any provision of this Lease or any right of either party hereto, the unsuccessful party to  such legal proceeding shall pay to the successful party all costs and expenses, including reasonable  attorneys' fees, incurred therein. To the extent permitted by law, Landlord and Tenant hereby waive  the right to a jury trial in any legal action or proceeding relating to this Lease.  (c) Time is of the essence with respect to the performance of every provision  of this Lease.  (d) The captions contained in this Lease are for convenience only and shall not  be considered in the construction or interpretation of any provision hereof. The word “Landlord”  means the owner of the Building from time to time, and in the event of any sale, conveyance or  lease of the Building, the transferring Landlord shall be released from all covenants and conditions  as Landlord hereunder in accordance with the terms hereof and without further agreement between  the parties. No consent of Tenant shall be required in the event of any such sale, conveyance, or  lease of the Building which is made subject to this Lease, or to any sale or conveyance of the  Building pursuant to which Landlord leases the Building back from such purchaser or other  transferee, in which case this Lease shall remain in full force and effect as a sublease between  Landlord, as sublessor and Tenant, as sublessee, so long as Tenant’s rights hereunder are not  materially and adversely affected thereby.  (e) This Lease, any Addenda and the Exhibits attached hereto and incorporated  herein contain all of the agreements of the parties hereto with respect to any matter covered or  mentioned in this Lease, and no prior agreement or understanding pertaining to any such matter  shall be effective for any purpose. No provision of this Lease may be amended or added to except  by an agreement in writing signed by the parties hereto or their respective successors in interest.  (f) Upon Tenant paying the Rent reserved hereunder and observing and  performing all of the covenants, conditions and provisions on Tenant's part to be observed and  performed hereunder, Tenant shall have quiet possession of the Premises for the entire Lease Term  hereof, subject to all the provisions of this Lease, as against persons claiming by, through, or under  Landlord.  (g) No waiver by a party of any provision of this Lease shall be deemed to be a  waiver of any other provision hereof or of any subsequent breach by a party of the same or any  other provision. Landlord's consent to or approval of any act by Tenant requiring Landlord’s  consent or approval shall not be deemed to render unnecessary the obtaining of Landlord's consent  to or approval of any subsequent act of Tenant, whether or not similar to the act so consented to  or approved. No act or thing done by Landlord or Landlord’s agents during the Lease Term shall  be deemed an acceptance of a surrender of the Premises, and no agreement to accept such a  surrender shall be valid unless in writing and signed by Landlord. The subsequent acceptance of  

 

   26   15987863_v17  Rent shall not be deemed a waiver of any preceding breach by Tenant of any term, covenant or  condition of the Lease, other than the failure of Tenant to pay the particular Rent so accepted.  (h) If any monthly installment of Base Rent or any payment of Additional Rent  is not paid by the 5th day of the month in which it is due, Tenant shall, upon demand, pay Landlord  a late charge of 5% of the amount of such installment or payment. Such late charge is to defray the  administrative costs and inconvenience and other expenses which Landlord will incur on account  of such delinquency. In addition, any amounts payable to Landlord under this Lease, if not paid in  full on or before the due date thereof, shall bear interest on the unpaid balance at the interest rate  of 15% per annum (the “Interest Rate”). Landlord shall execute a ‘zero tolerance’ policy and  recommends early payment or payment by regularly scheduled electronic method to avoid such  situations.  (i) [Relocation option intentionally omitted].   (j) This Lease shall be binding upon, and inure to the benefit of the parties  hereto, their heirs, successors, assigns, executors and administrators.  (k) This Lease shall be governed by the laws of the state of Utah.  (l) Tenant shall not operate on the Premises, and shall not permit any other  person to operate on the Premises, any trade or business consisting (1) the operation of any private  or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, racetrack  or other facility used for gambling, or any store the principal business of which is the sale of  alcoholic beverages for consumption off premises, or (2) farming, as that term is defined in Section  2032A(e)(5)(A) or (B) and Section 45D of the Code, nor shall it enter into any sublease with a  tenant which intends to operate any such trade or business on the Premises. Tenant shall comply  with the terms of any financing documents related to the Premises and applicable to a lessee of the  Premises, including without limitation, all requirements relating to the operation of a “qualified  business” under Section 45D of the Code and the Treasury Regulations thereunder upon  Landlord’s delivery to Tenant of a copy of each such requirement. Further, no recreational or  medical marijuana may be grown or consumed on the Premises or in the Building by Tenant or its  employees, guests or invitees.   (m) Should any mortgagee or beneficiary under a deed of trust require a  modification of this Lease, which modification will not bring about any increased cost or expense  to Tenant or will not in any other way adversely change the rights and obligations of Tenant  hereunder, then and in such event, Tenant agrees to negotiate such amendment in good faith.  (n) If Tenant is a corporation or other legal entity, each individual executing  this Lease on behalf of said entity represents and warrants that (1) he/she is duly authorized to  execute and deliver this Lease on behalf of said entity in accordance with its bylaws or operating  agreements; (2) this Lease is binding upon said corporation or entity; and (3) a resolution to that  effect in a form reasonably acceptable to Landlord shall be provided immediately upon request.  (o) Landlord and all of its partners, shareholders, or members, on the one hand,  and Tenant and its partners, shareholders, and members, on the other hand, as the case may be,  shall have absolutely no personal liability with respect to any provision of this Lease, or any  obligation or liability arising in connection therewith. Tenant shall look solely to the equity in the  Building in which the Premises is located, for the satisfaction of any remedies of Tenant in the  

 

   27   15987863_v17  event of a breach by the Landlord of any of its obligations. Such exculpation of liability shall be  absolute without any exception whatsoever.  (p) Tenant shall be solely responsible for the cost of installation and  maintenance of any high-speed cable or fiber optic that Tenant requires in the Premises.  Landlord  shall provide reasonable access to the Building's electrical lines, feeders, risers, wiring and other  machinery to enable Tenant to install high speed cable or fiber optic to serve its intended purpose,  if any. All such cabling installed by Tenant shall be subject to Landlord's prior written approval  and shall be tagged by Tenant at their point of entry into the Building, at the terminal end of the  cable and in the riser closet indicating the type of cable, the Tenant's name and the service  provided. Installation of cabling and/or low voltage wiring shall be performed by vendors  reasonably approved by Landlord in advance of working in the Building. Tenant shall be  responsible for the removal of such cabling and fiber optic at the termination or expiration of the  Lease Term or the early termination of the Tenant's right to occupy the Premises. Failure to remove  any abandoned or unused cabling at the expiration or termination of this Lease or the early  termination of Tenant's right to occupy the Premises will be deemed to be a holdover under this  Lease. In the event Tenant fails to remove such cabling as set forth herein, Landlord may, but shall  not be obligated to, remove such cabling, all at Tenant's sole cost and expense.  (q) Any agreement by Landlord for free or abated rent or other charges  applicable to the Premises, or for the giving or paying by Landlord to or for Tenant of any cash or  other bonus, inducement or consideration for Tenant's entering into this Lease, including, but not  limited to, any rent abatement, free rent, tenant finish allowance, free parking or commissions, all  of which concessions are hereinafter referred to as “Inducement Provision” shall be deemed  conditioned upon Tenant's full and faithful performance of all of the terms, covenants and  conditions of the Lease to be performed or observed by Tenant during the term hereof as the same  may be extended. Upon the occurrence of an uncured act of default by Tenant, any such  Inducement Provision shall automatically be deemed deleted from the Lease and of no further  force or effect, and any Rent, other charge, bonus, inducement or consideration theretofore abated,  given or paid by Landlord under such an Inducement Provision shall be immediately due and  payable by Tenant to Landlord, and recoverable by Landlord, as Additional Rent due under the  Lease. The acceptance by Landlord of Rent or the cure of the act of default by Tenant which  initiated the operation of this subparagraph shall not be deemed a waiver by Landlord of the  provisions of this subparagraph unless specifically so stated in writing by Landlord at the time of  such acceptance.  (r) Upon periodic request from Landlord (but not more often than once per  calendar quarter), Tenant shall report the number of people employed by Tenant at the Premises.  This is needed so Landlord can deliver accurate data to local, state and/or federal authorities as it  relates to Landlord’s certification of the number of small and large businesses in occupying of the  Building. Further, within ten (10) business days after Landlord’s request, but not more than once  per year, Tenant shall deliver to Landlord the then current financial statements of Tenant, which  statements shall be certified by an officer of Tenant to be true and accurate. The terms and  conditions of this Paragraph shall not be applicable if Tenant reports its financial condition to the  United States Securities and Exchange Commission or if the financial statements of Tenant are  readily available to the public. Landlord shall only request such financial statements for a  legitimate business purpose, such as if requested by a prospective lender or purchaser, if Tenant is  in default, if Tenant requests a consent to assignment or subletting, or if Tenant requests Landlord  to subordinate its lien. Any such financial statements obtained by Landlord shall be kept strictly  confidential and Landlord shall not disclose the same to any person or entity other than its  

 

   28   15987863_v17  attorneys, accountants, lenders, equity partner(s), brokers, management agents, or, subject to the  execution of a confidentiality and non-disclosure agreement reasonably acceptable to Tenant,  others with a legitimate business interest in Landlord or the Building.   (s) SHOULD LANDLORD AND TENANT MUTUALLY AGREE IN  WRITING TO RELOCATE TENANT WITHIN THE BUILDING PURSUANT TO TENANT  REQUEST, TENANT SHALL PAY LANDLORD A FEE OF $500.00. ADDITIONALLY,  TENANT SHALL REIMBURSE LANDLORD FOR ACTUAL REASONABLE COSTS  INCURRED BY LANDLORD, INCLUDING BUT NOT LIMITED TO REPAINTING,  REPAIRING THE ORIGINAL PREMIESS, RELOCATING SIGNAGE AND ANY OTHER  FEES INCURRED.  24. Landlord Reservations. Landlord reserves the following rights, exercisable  without notice (except as provided herein) and without liability to Tenant for damage or injury to  property, person, or business, and without effecting an eviction, constructive or actual, or  disturbance of Tenant’s use or possession, or giving rise to any claim for set off or abatement of  Rent:  (a) to change the Building's name or street address (and Landlord shall provide  written notice to Tenant at least five (5) business days prior to any such address change);  (b) to install, affix, and maintain any and all signs on the exterior and interior  of the Building or the Land;  (c) to designate and approve, prior to installation, all types of window shades,  blinds, drapes, awnings, window ventilators, and other similar equipment in the Common Areas  or visible outside of the Premises, and to control all internal lighting within the Common Areas or  visible outside of the Premises;  (d) to retain at all times, and to use in appropriate instances, keys to all doors  within and into the Premises. No locks or bolts shall be altered, changed, or added without the  prior written consent of Landlord;  (e) to decorate or to make repairs, alterations, additions, or improvements,  whether structural or otherwise, in and about the Building, or any part thereof, and for such  purposes to enter upon the Premises, and during the continuance of said work to temporarily close  doors, entryways, public spaces, and corridors in the Building, and to interrupt or temporarily  suspend Building services and facilities, Landlord to use reasonable efforts to minimize any  interruption or interference with Tenant's use or occupancy of the Premises when performing such  work;  (f) to have and retain a paramount title to the Premises, free and clear of any  act of Tenant;  (g) to grant to anyone the exclusive right to conduct any business or to render  any services in the Building (excluding the Premises); and  (h) to approve the weight, size, and location of safes and other heavy equipment  and articles in and about the Premises and the Building, and to require all such items and furniture  to be moved into and out of the Building and the Premises only at such times and in such manner  as Landlord shall direct in writing. Movement of Tenant's property into or out of the Building, and  

 

   29   15987863_v17  within the Building solely at the risk and responsibility of Tenant, and Landlord reserves the right  to require permits before allowing any such property to be moved into or out of the Building.  25. Brokerage.  Landlord and Tenant each warrant to the other that they have had no  dealings with any real estate broker or agent in connection with the negotiation of this Lease,  excepting Jones Lang LaSalle (“Tenant’s Broker”), on behalf of Tenant. Landlord is not  represented by a broker. Tenant’s Broker shall be paid per separate agreement. Landlord and  Tenant shall indemnify the other party for any claims made by any brokers other than Tenant’s  Broker. Tenant shall indemnify and hold Landlord harmless for any claim to a commission by a  broker not listed herein.    26. Patriot Act Certification.  Tenant and Landlord each certifies to the other that  neither such party, nor any of its constituent partners, managers, members or shareholders, nor any  beneficial owner of such party or any such partner, manager, member or shareholder, nor any other  representative or affiliate of such party is a “Prohibited Person,” defined as (a) a person, entity  or nation named as a terrorist, “Specially Designated National or Blocked Person,” or other banned  or blocked person pursuant to any law, order, rule or regulation that is enforced or administered  by the U.S. Treasury Department's Office of Foreign Assets Control (“OFAC”), including, but not  limited to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the  “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools  Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “Patriot Act”);  (b) a person, entity or nation owned or controlled by, or acting on behalf of, any person, entity or  nation named as a terrorist, “Specially Designated National or Blocked Person,” or other banned  or blocked person pursuant to any law, order, rule or regulation that is enforced or administered  by OFAC, including, but not limited to, the Executive Order and the Patriot Act; (c) a person,  entity or nation engaged directly or indirectly in any activity prohibited by any law, order, rule or  regulation that is enforced or administered by OFAC, including, but not limited to, the Executive  Order and the Patriot Act; (d) a person, entity or nation with whom the Landlord is prohibited from  dealing or otherwise engaging in any transaction pursuant to any terrorism or money laundering  law, including, but not limited to, the Executive Order and the Patriot Act; (e) a person, entity or  nation that has been convicted, pleaded nolo contendere, indicted, arraigned or custodially detained  on charges involving money laundering or predicate crimes to money laundering; or (f) a person,  entity or nation who is affiliated with any person, entity or nation who is described above in   subparagraphs (a) through (e) above. each party agrees to indemnify and save the other party and  its representatives and -managing agent and mortgagee harmless against and from any and all  claims, damages, losses, risks, liabilities and expenses, including attorneys’ fees and costs, arising  from or related to any breach of the foregoing certification.  27. Landlord’s Representations. Landlord represents and warrants to Tenant that  (unless otherwise indicated) as of the Effective Date:  (a) Landlord has good and marketable fee simple title to the Premises and the  Land, with full right and authority to lease the Premises to Tenant;   (b) to Landlord’s knowledge (but without independent investigation), there are  no covenants, restrictions or other agreements that would interfere with the Permitted Use;   (c) to Landlord’s knowledge: (i) neither the Building nor Land is in violation  of any applicable laws relating to the treatment, storage, processing or disposal of hazardous  materials; and (ii) there are not and have not been any releases of hazardous materials at, on or  

 

   30   15987863_v17  under the Building or Land that would give rise to a cleanup or remediation obligation under any  applicable law; and  (d) to Landlord’s knowledge, as of the Commencement Date: (i) the Building  will comply with all laws and will be free from any material defect in materials or workmanship  (excluding, however, any work performed in the Premises by Tenant); (ii) the Premises will be in  good, structurally sound condition and watertight; (iii) the Building utilities and mechanical,  electrical and HVAC systems will be in good, working condition and repair; (iv) there are no  pending Condemnation Proceeding relating to or affecting the Building or Land, and Landlord has  no current, actual knowledge that any such action is presently threatened or contemplated; and (v)  as of the Commencement Date, Tenant shall have exclusive possession of the Premises.  IN WITNESS WHEREOF, the parties have duly executed this Lease the day and year  first above written.  [signatures on following page] 

 

   31   15987863_v17      LANDLORD:    INDUSTRY OFFICE SLC, LLC,   a Delaware limited liability company        By: ___________________________________  Name: H. Jason Winkler  Title:  Manager    Dated:         TENANT:    RECURSION PHARMACEUTICALS, INC.,   a Delaware corporation    By: ______________________________   Tina Larson, President and COO    Dated:         February 10, 2021 February 10, 2021 

 

    1  15987863_v17    RIDER TO LEASE    ADDITIONAL PROVISIONS  1. This Rider Controls. The provisions set forth in this Rider control to the extent they  conflict with any provision or provisions set forth in the body of this Lease.    2. Extension Options. Tenant shall have the right and option to extend the Lease for two (2)  consecutive periods of one (1) year each under the same terms and conditions as stated in the Lease  (each an “Extension Option”), with the exceptions that (a) no further extension options shall exist,  and (b) monthly rental for such extension term shall be as follows:    FIRST EXTENSION OPTION    BASE RENT (OFFICE PREMISES)      BASE RENT (LABORATORY PREMISES)    SECOND EXTENSION OPTION    BASE RENT (OFFICE PREMISES)      BASE RENT (LABORATORY PREMISES)        * Estimate only. Additional Rent, including Building Expenses and Amenity Expenses, shall be  calculated and reconciled as set forth in Paragraph 4 of the Lease.    Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Month 25 – Month 36 $26.52 $TBD   Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Month 25 – Month 36 $19.10 $TBD   Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Month 36 – Month 48 $27.32 $TBD   Period Annual Base  Rent PSF  Estimated  Expenses PSF*  Estimated Monthly  Rent  Month 36 – Month 48 $19.67 $TBD   

 

    2  15987863_v17  Each Extension Option shall be exercisable by Tenant, if at all, only by timely delivery to Landlord  of written notice of election at least six (6) months prior to the expiration of the then current  Expiration Date, but no earlier than twelve (12) months prior to the expiration of the then current  Expiration Date. The option herein granted shall be deemed to be personal to Tenant, and if Tenant  subleases any portion of the Premises or otherwise assigns or transfers any interest thereof to  another party (other than a Permitted Transfer), such option shall lapse. In the event that Tenant is  in default of any term or condition at the time of its exercise notice beyond any applicable notice  and grace period, then there shall be no extension or renewal of the Lease as provided herein. As  they apply to Tenant’s right to extend the term of the Lease, the parties acknowledge and agree  that the terms “extend,” “extension,” “renew,” and/or “renewal” shall be deemed the same.    3. Potential Expansion. Landlord shall use commercially reasonable efforts to accommodate  Tenant’s requirements for additional space. Any such expansion shall be subject to the parties  agreeing on mutually acceptable terms, including then market rental. In the event that a mutually  satisfactory agreement for larger space or additional space is reached, Landlord and Tenant shall  enter into a new lease or amendment to the Lease for such space. Any expansion or relocation to  larger space is contingent upon availability, the parties agreeing upon all applicable terms and  conditions, and the full execution of a new lease or amendment.    4. Americans With Disabilities Act.  Landlord and Tenant acknowledge that in accordance  with the provisions of the Americans with Disabilities Act (the “ADA”), responsibility for  compliance with the terms and conditions of Title III of the ADA may be allocated as between  Landlord and Tenant. Notwithstanding anything to the contrary contained in the Lease, Landlord  and Tenant agree that the responsibility for compliance with the ADA shall be allocated as follows:  (i) Tenant shall be responsible for compliance with the provisions of Title III of the ADA with  respect to existing conditions within the Premises (including, without limitation, the entry and  doors thereto) during the Term (not including compliance with the ADA of initial improvements  constructed as Landlord’s Work in the Premises) and the construction by Tenant of alterations  within the Premises; and (ii) Landlord shall be responsible for compliance with the provisions of  Title III of the ADA with respect to the exterior of the Building, parking areas, sidewalks and  walkways, and the areas appurtenant thereto, together with all other common areas of the Building  not included within the Premises, and for the initial improvements constructed as Landlord’s Work  in the Premises. Landlord and Tenant each agree to indemnify and hold each other harmless from  and against any claims, damages, costs, and liabilities arising out of Landlord’s or Tenant's failure,  as the case may be, to comply with Title III of the ADA as set forth above, which indemnification  obligation shall survive the expiration or termination of this Lease. Landlord and Tenant each  agree that the allocation of responsibility for ADA compliance shall not require Landlord or Tenant  to supervise, monitor, or otherwise review the compliance activities of the other with respect to its  assumed responsibilities for ADA compliance as set forth herein.    5. Generator and Outdoor Equipment.     (a) Subject to the terms and conditions hereinafter set forth, Tenant shall have the right  to install and maintain, at Tenant’s option, tanks for liquid nitrogen and non-flammable gases,  chillers, and, for the purpose of providing auxiliary and/or emergency electric power to the  Premises, one or more portable or permanent diesel powered or natural gas electric generators and  related equipment (each, a “Generator”), each in the locations that are acceptable to Tenant and  reasonably acceptable to Landlord.    

 

    3  15987863_v17   (b) Tenant shall submit to Landlord for approval plans for the Generator (including  connections and related equipment) which plans shall specify noise levels. Landlord shall not  unreasonably withhold or delay its approval for said plans. Tenant shall also provide to Landlord  completed and true and accurate Material Safety Data Sheets for all chemicals or other materials  used in connection with the Generator or upon the Premises.     (c) Tenant shall comply with Section 8(c) above and all ordinances, codes and  regulations regarding the Generator (including the storage and handling of diesel fuel or other  petroleum products) and shall obtain all permits therefor. Prior to commencing installation, Tenant  shall provide Landlord with (i) copies of all required governmental and quasi-governmental  permits, licenses and authorizations which Tenant will obtain at its own expense and which Tenant  will maintain at all time during the operation of the Generator; and (ii) a certificate of insurance  evidencing insurance coverage as required by this Lease and any other insurance reasonably  required by Landlord for the installation and operation of the Generator. Landlord may reasonably  withhold approval if the installation or operation of the Generator may damage the structural  integrity of the Building, interfere with any Building systems, or violate any applicable laws.       (d) All cost of installation, operation, maintenance and removal of the Generator shall  be the obligation of Tenant, including the cost of repair for damage to any portion of the Land or  Building caused by such installation, operation, maintenance or removal. Tenant warrants and  represents that (i) Tenant shall repair in a good and workmanlike manner any damage to the Land  and/or Building caused by the installation of the Generator, (ii) the operation and maintenance of  the Generator shall not cause interference with any mechanical or other systems either located at  or servicing the Property, and (iii) the installation, existence, maintenance and operation of the  Generator shall not constitute a violation of any applicable laws, ordinances, rules, orders,  regulations, etc. of any federal, state, county and municipal authorities having jurisdiction  thereover. The installation of the Generator shall be made subject to and in accordance with all of  the provisions of the Lease. The contractors performing the installation of the Generator and/or  performing any work on the Land and Building shall be approved or designated by Landlord prior  to the commencement of any work, which approval shall not be unreasonably withheld or delayed.     (e) Tenant shall indemnify and hold Landlord harmless from any and all damages,  injury, loss, liability, costs or claims (including, without limitation, court costs and reasonable  attorneys’ fees) directly or indirectly resulting from the installation, operation, maintenance or  removal of the Generator, except to the extent due to Landlord’s negligence or willful misconduct.    6.   Rooftop Equipment. In connection with Tenant’s Permitted Use, Tenant may, at its sole  cost and expense, install and operate (for Tenant’s own use and not for use by third parties or “for  profit” services provided for the benefit of third parties) during the Term, venting stacks and  mechanical equipment (hereinafter the “Rooftop Equipment”) on the roof of the Building at a  location mutually acceptable to Landlord and Tenant (hereinafter the “Installation Area”). The  installation of such Rooftop Equipment shall be subject to the following:     (a) Tenant shall not install or operate the Rooftop Equipment until the final location of  the Rooftop Equipment receives prior written approval from Landlord, which approval shall not  be unreasonably withheld, conditioned or delayed. Without limitation to the generality of the  preceding sentence, it shall not be unreasonable for Landlord to withhold approval if the location  of any Rooftop Equipment if such location may (i) damage the Building or roof membrane, or (ii)  limit or void the roof warranty. Prior to commencing installation, Tenant shall provide Landlord  

 

    4  15987863_v17  with (1) detailed plans and specifications for the installation of the Rooftop Equipment, (2) copies  of all required permits, licenses and authorizations, which Tenant will obtain at its own expense  and which Tenant will maintain at all times during the operation of the Rooftop Equipment, and  (3) a Certificate of Insurance evidencing insurance coverage as required by this Lease and any  other insurance reasonably required by Landlord for the installation and operation of the Rooftop  Equipment.         (b) Tenant warrants and represents that (i) Tenant shall repair in a good and  workmanlike manner any damage to the roof of the Building caused by the installation of the  Rooftop Equipment, (ii) the maintenance of the Rooftop Equipment on the roof or the operation  thereof shall not cause interference with any telecommunications, mechanical or other systems  either located at or servicing the Building (whether belonging to or utilized by Landlord or any  other tenant or occupant of the Building) or located at or servicing any building, premises or  location in the vicinity of the Building limited however to that permissible under applicable F.C.C.  regulations to the extent that such regulations apply, (iii) the installation, existence, maintenance  and operation of the Rooftop Equipment shall not constitute a violation of any applicable laws,  ordinances, rules, orders, regulations, etc. of any federal, state, county and municipal authorities  having jurisdiction thereover.     (c) The installation of the Rooftop Equipment shall be made subject to and in  accordance with all of the provisions of this Lease. The contractors performing the installation of  the Rooftop Equipment and/or performing any work on or to the roof or risers of the Building shall  be reasonably approved by Landlord prior to the commencement of any work, which approval  shall not be unreasonably withheld, conditioned, or delayed.     (d) Tenant covenants and agrees that the installation, operation and removal of the  Rooftop Equipment (if required to be removed by Tenant under Paragraph 9 of the Lease) will be  at its sole risk. Without limiting the generality of any indemnities set forth in the Lease, Tenant  agrees to indemnify and defend Landlord against all claims, actions, damages, liabilities and  expenses including reasonable attorney’s fees and disbursements in connection with the loss of  life, personal injury, damage to property or business or any other loss or injury or as a result of any  litigation arising out of the installation, operation or removal of the Rooftop Equipment (if required  to be removed by Tenant under Paragraph 9 of the Lease), except to the extent due to Landlord’s  negligence or willful misconduct.     (e) Landlord, in its commercially reasonable discretion, may require Tenant, at any  time prior to the Expiration Date, to terminate the operation of the Rooftop Equipment if it is  causing physical damage to the structural exterior of the Building, interfering with any other  service provided to other tenants in the Building, or violates FCC regulations or applicable law.  Notwithstanding the foregoing, if Tenant can correct the damage or disturbance caused by the  Rooftop Equipment to Landlord’s reasonable satisfaction, Tenant may restore its operation. If the  Rooftop Equipment is not corrected and restored to operation within thirty (30) days, Landlord, at  its sole option, may require that Tenant remove the Rooftop Equipment at its own expense.     (f) At the expiration or sooner termination of this Lease (except as otherwise set forth  in Paragraph 9 of this Lease), or upon termination of the operation of the Rooftop Equipment, or  revocation of any license issued, Tenant shall remove the Rooftop Equipment (and all associated  wiring and other appurtenances) from the Building and repair any damage caused thereby, at  Tenant’s sole cost and expense. Tenant shall leave the Installation Area in good order and repair.  

 

    5  15987863_v17  If Tenant does not remove the Rooftop Equipment when so required, Tenant hereby authorizes  Landlord to remove and dispose of the Rooftop Equipment and to charge Tenant for all reasonable  costs and expenses incurred.    7. Medical Use Provisions. The purpose of this Section is to address some, but not all, of  Landlord’s specific concerns about Tenant’s Permitted Use. The terms and conditions of this  Section shall be in addition to and not limit the generality of any other term or condition of the  Lease.    (a) Bio-Medical Hazardous Materials - Compliance with Laws. During the Term of the  Lease, Tenant shall comply with all statutes, ordinances, rules, orders, regulations and  requirements of the federal, state, county and city governments and all departments thereof  applicable to the presence, generation, storage, use, disposal, and removal of medicines, drugs,  needles, medical waste, biological waste and any and all substances related thereto (collectively,  “bio-medical hazardous materials”) in, on or about the Premises. Tenant shall at all times  maintain all licenses necessary to conduct the Permitted Use.      (b) Bio-Medical Hazardous Materials - Indemnification. Without limiting the  generality of any indemnities set forth in the Lease, Tenant agrees to indemnify and forever hold  harmless Landlord, its agents, successors, and assigns, and Landlord’s mortgagee(s), as their  interest may appear, from all claims, losses, damages, expenses and costs, including, but not  limited to, attorneys’ fees and clean up costs, incurred by reason of Tenant’s presence, generation,  storage, use, disposal and removal of bio-medical hazardous materials in, on, or about the  Premises, or any part of the Land or Building. Tenant’s obligation to observe or perform this  covenant shall survive the Expiration Date or earlier termination of this Lease.    8. Signage.  Tenant shall have the right to install, at Tenant’s expense, identification signage  on the Building on the north-facing Building façade fronting 600 South and in such other locations  and designs that are mutually acceptable to Landlord and Tenant acting reasonably and in good  faith. All such signage shall comply with applicable municipal code requirements and ordinances  and shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld,  conditioned, or delayed. All costs associated with the fabrication, installation, maintenance,  removal and replacement of Tenant’s signage shall be the sole responsibility of Tenant, and Tenant  shall maintain such signage in good condition and repair. Tenant shall remove such signage and  repair any damage caused thereby, at its sole cost and expense, upon the expiration or sooner  termination of the Lease. Tenant shall also have the right, at Landlord’s expense, to be listed in  any building directory or interior signage that Landlord provides for other tenants of the Building.    9. Conflict.  In the event of any express conflict or inconsistency between the terms of this  Rider and the terms of the Lease, the terms of this Rider shall control and govern.    

 

     15987863_v17  EXHIBIT A-1  LEGAL DESCRIPTION        

 

     15987863_v17  EXHIBIT A-2  DEPICTION OF PARKING AREA      

 

     15987863_v17  EXHIBIT B  DEPICTION OF THE PREMISES  [to be attached on or before March 31, 2021]                               

 

     15987863_v17  EXHIBIT C  WORK LETTER    The terms used herein shall have the meanings ascribed to them in the Lease, unless otherwise  specifically stated herein.    1. Plans and Schedule. The “Plans” shall be those certain space plans to be prepared as soon  as reasonably practicable by a licensed architect and mutually agreed upon by Landlord and  Tenant, a copy of which shall be attached hereto as Exhibit C-1, for the work to be completed  Landlord within the Office Premises (the “Office Improvements”), which shall be consistent with  the specifications set forth on Exhibit C-2 (the “Office Specifications”), and Laboratory Premises  in accordance with this Work Letter. The parties acknowledge and agree that Landlord requires  certain specification and other information from Tenant in order to prepare the Plans and complete  Landlord’s Work (“Tenant’s Specifications”). The “Schedule” shall be the design and  construction schedule prepared by Landlord, with input by Tenant, with each party working  cooperatively and in good faith, for the completion of Landlord’s Work, the timing of Tenant’s  entry within the Premises prior to the Commencement Date, and the completion of Tenant’s work  within the Laboratory Premises. The parties shall endeavor to complete the Schedule and attach it  as an exhibit to this Work Letter as Exhibit C-3 by no later than March 31, 2021, subject to each  party’s review and approval of the same. The Schedule shall include the following key dates and  milestones and any other dates/milestones that are mutually agreed to by the parties:      (a) the estimated Commencement Date;     (b) the estimated Landlord Substantial Completion Date (as defined below);    (c) the date by which Tenant is required to deliver Tenant’s Specifications to Landlord;  and    (d) the conditions precedent and target dates for Tenant’s entry within the Premises for  purposes of completing its improvements within the Laboratory Premises.      2. Objectives; Landlord’s Work.     The parties acknowledge and agree that the successful and timely completion of Landlord’s Work  (as defined below) and Tenant’s improvements within the Laboratory Premises will require the  parties to work together cooperatively and in good faith and to closely coordinate concerning all  aspects of the design and construction of Landlord’s Work and Tenant’s improvements within the  Laboratory Premises. The intent of the parties is to establish and maintain a collaborative design  and construction process to meet the deadlines and other requirements set forth in this Work Letter.     Subject to the limitations and terms set forth herein, Landlord shall furnish and install substantially  and in all material respects in accordance with the Plans the materials and items described therein  (“Landlord’s Work”). Landlord’s Work within the Office Premises shall be delivered “turnkey”  in accordance with the Office Specifications. Landlord’s Work within the Laboratory Premises  shall be delivered in Warm Shell Condition, as defined below; provided, however, that (i) Landlord  shall only be obligated to pay the cost of constructing and delivering the Laboratory Premises in  Warm Shell Condition (as defined below) and the Office Premises in accordance with the Office  

 

     15987863_v17  Specifications, and (ii) all costs of Landlord’s Work or the Plans in excess of constructing the  Warm Shell Condition for the Laboratory Premises or the Office Premises in excess of the Office  Specifications shall be borne by Tenant pursuant to Section 3 below.     As used herein, “Warm Shell Condition” is as follows:    • A minimum 4” thick continuous flat concrete slab without plane changes, and a  vapor barrier per Landlord’s design. Any additional specialty costs will be borne  by Tenant. Flat floor shall specifically be ACI Standards for FFL.  • Footings and mezzanine adequate for office use per co-design (the mezzanine shall  be built to INDUSTRY standards with stairs (and no additional conveyance) and  metal perimeter railing). The mezzanine shall have a polished concrete floor, and  shall be without a drop ceiling or exterior drywall partitions.    • All demolition (demo plan attached as part of the Plans) complete, including non- bearing walls between columns per Landlord plans.  • Landlord, as part of Landlord’s Work, shall provide adequate power (and associated  INDUSTRY-standard distribution) in the office area of the Premises. In the event  there is not sufficient power available to power the Laboratory Premises, the cost  of sourcing additional power shall be at Tenant’s cost. Landlord shall provide a  single 200 amp electrical panel in the Laboratory Premises as part of Landlord’s  Work.  Power distribution in the Laboratory Premises shall be at Tenant’s sole cost.  • Water and gas lines stubbed into the Premises consistent with the Building’s office  standard (and any additional water service, new taps and upgrades to existing  recently installed 12” city main line located in the 500 W ROW shall be at Tenant’s  cost). If Tenant requires additional gas than is currently available, then Tenant shall  pay for additional cost.  • 4” Sewer line lateral stubbed to the Premises. Any sewer upgrades beyond the  specifications set forth herein shall be borne by Tenant.  • INDUSTRY-standard HVAC units and capacity for the entirety of the space  including main trunk and distribution lines per Landlord and Tenant codesign;  Additional structural cost for added mass and weight distribution cost shall be borne  by Tenant including additional infrastructure and RTU’s above INDUSTRY  standard.   • Building envelope shall be complete, watertight, and meet all code requirements as  designed by Landlord.   • Space on the roof for Tenant equipment including ventilation stacks and other  HVAC equipment. Any additional structural reinforcement and engineering  analysis will be at Tenant’s sole cost and expense. Any damage to the roof or other  equipment shall be repaired at Tenant’s sole cost.   • Exterior walls framed and insulated per building standard (B Occupancy Code  Requirements).  • INDUSTRY-standard fire suppression wet system designed and installed  throughout the office portion of the Premises plus sprinklers installed for shell  condition in the Laboratory Premises. All costs to redesign the sprinkler system and  costs for additional distribution throughout the Laboratory Premises will be borne  by Tenant including but not limited to increased piping size, additional pumps to  meet flow rates (if necessary), any specialty suppression and/or air evacuation  system.  

 

     15987863_v17  • Existing INDUSTRY SLC building fire alarm system panel for Tenant to tie into  and all fire alarm devices required per building standard (B Occupancy Code  Requirements).  • INDUSTRY-standard restroom group, complete with an ADA compliant restroom  stall, and code compliant electrical closets, and janitor closets.  • Adequate egress doors for typical office use including ADA and exterior lighting  requirements.  • Exterior patio(s) adjacent to the Premises – per co-design.   • No window coverings shall be provided by Landlord.   • Exterior walls drywalled and primed where appropriate per Tenant and Landlord  co-design.  • One (1) 14’ x 14’ loading dock and door accessible by tractor trailer trucks (either  at Building grade or above grade with internal ramps) in a location mutually  approved by Landlord and Tenant.    3. Cost of Landlord Work. The cost of delivering to Tenant the Office Premises in  accordance with the Office Specifications and the Laboratory Premises in Warm Shell Condition  as set forth in Section 2 above shall, subject to any Change Orders (defined below), be borne by  Landlord, and all other hard and soft construction costs associated with Landlord’s Work shall be  borne by Tenant.     Notwithstanding the foregoing, Landlord shall provide to Tenant a credit against Tenant’s future  Base Rent obligations, in an amount not to exceed Ten and No/100 Dollars ($10.00) per RSF of  space in the Laboratory Premises, of Tenant’s cost of constructing the Laboratory Premises. By  way of example and not limitation, if the Laboratory Premises are determined to be 30,000 RSF,  and Tenant spends at least $300,000.00 toward constructing the Laboratory Premises as is  evidenced by paid invoices, lien waivers, and any other documentation reasonably requested by  Landlord, then Landlord shall provide to Tenant a credit in the amount of $300,000.00 against  Tenant’s future Base Rent obligations.     No later than sixty (60) days after receipt of Tenant’s Specifications, Landlord shall cause to be  prepared a budget and cost estimate for the construction of Landlord’s Work and all work reflected  on the Plans, which budget and estimate shall be provided to Tenant and shall be based on actual  bids received by contractors for such work. Tenant shall have thirty (30) days after receipt of the  budget and cost estimate to pay to Landlord all costs of Landlord’s Work and the Plans in excess  of the cost of (a) the Office Specifications for the Office Premises, and/or (b) the Warm Shell  Condition for the Laboratory Premises (“Excess Costs”). If Tenant fails to pay the Excess Costs  within thirty (30) days, then Landlord may, in its sole discretion, (i) keep this Lease in full force  and effect, in which case Landlord shall retain all of its rights and remedies set forth in the Lease  or at law or equity; or (ii) terminate this Lease, in which case this Lease shall terminate on the date  set forth in Landlord’s notice, and Tenant shall reimburse to Landlord all actual and reasonable  third-party costs incurred by Landlord in constructing Landlord’s Work. If the actual cost to  construct Landlord’s Work is less than the amount that Tenant has paid Landlord for such Excess  Costs, Landlord shall reimburse Tenant within thirty (30) days of completion of Landlord’s Work.      4. Extra Work; Omissions; Change Orders.     (a) Tenant may request substitutions, additional or extra work and/or materials over  and above Landlord’s Work (“Change Order”) to be performed by Landlord, provided that the  

 

     15987863_v17  Change Order, in Landlord’s reasonable judgment: (1) shall not delay completion of the Warm  Shell Condition or Landlord’s Work or otherwise delay the Commencement Date of the Lease; (2)  shall be practicable and consistent with existing physical conditions in the Building and any other  plans for the Building which have been filed with the appropriate municipality or other  governmental authorities having jurisdiction thereover; (3) shall not impair Landlord’s ability to  perform any of Landlord’s obligations hereunder or under the Lease or any other lease of space in  the Building; and (4) shall not affect any portion of the Building other than the Premises. All  Change Orders shall require the installation of new materials at least comparable to Building  standards and any substitution shall be of equal or greater quality than that for which it is  substituted.     (b) In the event Tenant requests Landlord to perform the work specified in the Change  Order and if Landlord accedes to such request, then and in that event, prior to commencing such  work, Landlord shall submit to Tenant a written estimate (“Estimate”) for said Change Order.  Within five (5) business days after Landlord’s submission of the Estimate, Tenant shall, in writing,  either accept or reject the Estimate. Tenant’s failure either to accept or reject the Estimate within  said five (5) day period shall be deemed rejection thereof. In the event that Tenant rejects the  Estimate or the Estimate is deemed rejected, Tenant shall within five (5) business days after such  rejection propose to Landlord such necessary revisions of the Plans so as to enable Landlord to  proceed as though no such Change Order had been requested. Should Tenant fail to submit such  proposals regarding necessary revisions of the Plans within said five (5) business day period,  Landlord, in its sole discretion, may proceed to complete Landlord’s Work in accordance with the  Plans already submitted, with such variations as in Landlord’s sole discretion may be necessary so  as to eliminate the Change Order.     (c) Tenant may request the omission of an item of Landlord’s Work, provided that such  omission shall not delay the completion of Landlord’s Work and Landlord thereafter shall not be  obligated to install the same. Credits for items deleted or not installed shall be granted in amounts  equal to credits obtainable from subcontractors or materialmen. In no event shall there be any cash  credits.      (d) In the event Landlord performs any work specified in the Change Order, Tenant  shall pay to Landlord, upon acceptance of the Estimate a sum equal to the Estimate. If the cost of  such Change Order is less than the estimate, Tenant shall be entitled to a refund or credit for the  difference between the Estimate and the actual cost of such Change Order.      5. Punch Walk. When Landlord and its general contractor are of the reasonable opinion that  completion of (a) Landlord’s Work within the Office Premises in accordance with the Office  Specifications or (b) Warm Shell Condition within the Laboratory Premises has been achieved,  then Landlord shall so notify Tenant. Tenant agrees that upon such notification, Landlord and  Tenant shall jointly (with Landlord’s general contractor) promptly (on one (1) occasion and not  later than five (5) business days after the date of Landlord’s said notice) inspect the Office Premises  or Laboratory Premises, as applicable, and furnish to Landlord a written statement that, as  applicable, the Office Premises have been completed in accordance with the Office Specifications  or the Laboratory Premises are in Warm Shell Condition (or Tenant shall set forth in such notice  such items that remain uncompleted and that require completion in order for Landlord’s Work  within such portion of the Premises to be deemed complete, which Landlord shall promptly  complete within thirty (30) days of receipt of Tenant’s written statement) with the exception of  certain specified and enumerated items (hereinafter referred to as the “Punch List”).   

 

     15987863_v17    6. Substantial Completion Date. Landlord’s Work shall be deemed substantially complete  when Landlord’s Work as set forth on the Plans have been completed, excepting only minor or  cosmetic items that will not materially and adversely affect Tenant’s use or occupancy of the  Office Premises or its completion of its improvements within the Laboratory Premises. It is  mutually agreed that if the Punch List consists only of items which would not materially impair  Tenant’s use or occupancy of the Office Premises or its completion of improvement within the  Laboratory Premises, then, in such event, Tenant will acknowledge in writing that Landlord’s  Work is complete (“Landlord Substantial Completion Date” or “Date of Landlord’s  Substantial Completion”); provided, however, that such acknowledgment of acceptance shall not  relieve Landlord of its obligations to promptly complete all such Punch List items.  Notwithstanding the foregoing, in no event shall Landlord be obligated to repair latent defects, not  originally listed on the Punch List, beyond a period of one (1) year after the Substantial Completion  Date, as defined above. Promptly after the Commencement Date, the parties will execute an  instrument in the form attached hereto as Exhibit E, confirming the Substantial Completion Date,  the Commencement Date and the Expiration Date.    7. Landlord Obligations; Tenant Delay.      (a) Landlord’s Obligation. Landlord shall use diligent and good faith efforts to  complete Landlord’s Work by the estimated Landlord Substantial Completion Date set forth in the  Schedule. If Landlord fails to complete Landlord’s Work by the estimated Landlord Substantial  Completion Date (subject to extension due to any Change Orders, or due to force majeure or  Tenant Delay, as each is defined below), this Lease shall continue in full force and effect and  Tenant may extend the Commencement Date and the Outside Commencement Date by one day  for each day of such delay. Notwithstanding anything contained in this Work Letter to the contrary,  there shall be no abatement of Rent and no deferral of the Commencement Date if Landlord’s  Work is not substantially complete by the Landlord Substantial Completion Date due to any Tenant  Delay.      (b) Tenant Delay. As used herein, “Tenant Delay” shall mean any event or occurrence  which delays the completion of any Landlord Work in the Premises which is caused by or is  described as follows: (i) special work, changes, alterations or additions requested or made by  Tenant in the design or finish in any part or the Premises after approval of the plans and  specifications; (ii) Tenant’s delay in submitting plans, supplying information, approving plans,  specifications or estimates (including, without limitation, Tenant’s Specifications, as defined in  Section 1 above), giving authorizations or otherwise; (iii) Tenant’s failure to approve or delay  payment for such work (including Change Orders) as Landlord undertakes to complete at Tenant’s  expense; (iv) the performance or completion, non-completion or delay in completion by Tenant or  any person engaged by Tenant of any work in or about the Premises; or (v) any special work,  materials or installations requested by Tenant that are not included in the Plans. In the event the  Landlord Substantial Completion Date is delayed due to one or more Tenant Delays, then the  Landlord Substantial Completion date shall be modified to be the date Landlord’s Work would  have been complete but for any Tenant Delays and monthly Rent will commence accordingly.     (c) Force Majeure.  As used herein, “force majeure” means any prevention, delay or  stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, acts of terrorism, inability  to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil  commotions, fire or other casualty, and other causes beyond the reasonable control of the party  

 

     15987863_v17  obligated to perform; provided, however that force majeure shall not apply to any monetary  obligation owed by one party to the other, or to either party’s obligations to carry the insurance  requirements under the Lease.      8. Tenant’s Entry Prior to Commencement Date. Tenant and its agents or laborers may  enter the Premises subject to satisfaction of the milestones set forth in the Schedule at Tenant’s  sole risk in order to perform through Tenant’s own contractors such work as Tenant may desire  within the Laboratory Premises, at the same time that Landlord's contractors are working in the  Premises. The foregoing license to enter prior to the Commencement Date, however, is  conditioned upon Tenant’s labor not materially interfering with Landlord’s contractors. If at any  time such entry shall cause material interference with Landlord’s Work, this license may be  withdrawn by Landlord upon five (5) days’ written notice to Tenant; provided, however, the  Commencement Date shall extend day for day (but no later than the Outside Commencement Date)  until Tenant completes such improvements and has obtained a certificate of occupancy for the  Premises. Such entry shall be deemed to be under and subject to all of the terms, covenants and  conditions of the Lease, and Tenant shall comply with all of the provisions of the Lease which are  the obligations or covenants of Tenant, except that the obligation to pay Rent shall not commence  until the Commencement Date (but not later than the Outside Commencement Date). In the event  that Tenant’s agents or laborers incur any charges from Landlord, including, but not limited to,  charges for use of construction or hoisting equipment on the Building site, such charges shall be  deemed an obligation of Tenant and shall be collectible as Rent pursuant to the Lease, and upon  default in payment thereof, Landlord shall have the same remedies as for a default in payment of  Rent pursuant to the Lease.    9. Landlord’s Entry After Substantial Completion, Commencement Date. At any time  after the Landlord Substantial Completion Date and prior to the Commencement Date, Landlord  may enter the Premises in accordance with the provisions of the Lease to complete Punch List  items and Landlord shall coordinate such entry and work within the Laboratory Premises with  Tenant and Tenant’s contractors so as not to materially interfere with Tenant’s work. If such entry  by Landlord is required after the Commencement Date, Landlord may enter the Premises in  accordance with the provisions of the Lease to complete such remaining Punch List items and such  entry by Landlord and its agents, servants, employees or contractors for such purpose shall not  constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement  or diminution of Rent, or relieve Tenant from any obligation under this Lease, or impose any  liability upon Landlord or its agents (except as set forth in the Lease). Tenant hereby accepts any  and all reasonable disturbances associated with such entry and agrees to reasonably cooperate with  Landlord (and such cooperation shall include, without limitation, moving furniture as necessary).      10. Delays.  Landlord and Tenant mutually acknowledge that Landlord’s construction process  in order to complete Landlord’s Work and Tenant’s construction process to complete its  improvements to the Laboratory Premises each requires a coordination of activities of Landlord  and Tenant and a compliance by Tenant and Landlord without delay of all obligations imposed  upon Tenant and Landlord pursuant to this Exhibit C and that time is of the essence in the  performance of Tenant’s obligations and Landlord’s obligations hereunder and Tenant’s and  Landlord’s compliance with the terms and provisions of this Exhibit C.    11. Provisions Subject to Lease. The provisions of this Exhibit C are specifically subject to  the provisions of the Lease.     

 

     15987863_v17  EXHIBIT C-1  PLANS  [The Plans depicted below are conceptual only and are subject to change as the design process  proceeds.]     

 

     15987863_v17        

 

     15987863_v17      

 

     15987863_v17        

 

     15987863_v17     

 

     15987863_v17  EXHIBIT C-2  INDUSTRY-STANDARD OFFICE SPECIFICATIONS     

 

     15987863_v17    

 

     15987863_v17       

 

     15987863_v17  EXHIBIT C-3  SCHEDULE   [to be attached on or before March 31, 2021] 

 

      15987863_v17  EXHIBIT D  Intentionally omitted 

 

      15987863_v17  EXHIBIT E  COMMENCEMENT DATE, PREMISES AREA MEASUREMENT AND BASE RENT  CONFIRMATION CERTIFICATE  LANDLORD: INDUSTRY OFFICE SLC, LLC, a Delaware limited liability company  TENANT: Recursive Pharmaceuticals, Inc, a Delaware corporation   This Lease Commencement Certificate is made by Landlord and Tenant pursuant to that certain  Lease (the “Lease”) entered into as of ____________ ___, 2021, for the premises known as Suite  [_____] in the Building known as 650 South 500 West, Salt Lake City, Utah (the “Premises”).   The Premises are confirmed to be [___________] rentable square feet, which is comprised of  [___________] rentable square feet of Office Premises and [___________] rentable square feet of  Laboratory Premises.    1. Lease Commencement Date.  Landlord and Tenant acknowledge and agree that the  Substantial Completion Date, as contemplated in the Lease, is __________, 20___, the  Commencement Date, as contemplated by the Summary of Basic Terms of the Lease, is________,  20__, and the Expiration Date is_______, 20__. Rent as contemplated by the Lease begins  accruing to Landlord’s benefit as of ______, 20__. All covenants in the Lease contemplated to  begin on the Commencement Date shall commence as of the Commencement Date.    INSERT SPECIFIC DATE INSERT MONTHLY RENT  INSERT SPECIFIC DATE INSERT MONTHLY RENT  INSERT SPECIFIC DATE INSERT MONTHLY RENT    2. Acceptance of Premises.  Tenant has inspected and examined the Premises, and, subject to  the terms of the Lease and based on such inspection, Tenant finds the Premises acceptable and  satisfactory in their current, “as is” condition, except for the “Punchlist Items” attached hereto (if  any).  [All of Landlord’s Work has been fully completed and fulfilled.]  The attached list of  Punchlist Items constitutes all matters which Tenant does not find fully and completely acceptable,  and as to which Tenant desires Landlord to perform corrective work.      LANDLORD:    INDUSTRY OFFICE SLC, LLC,   a Delaware limited liability company      By: _______________________________  Name: H. Jason Winkler  Title:  Manager  TENANT:    RECURSION PHARMACEUTICALS,  INC., a Delaware corporation      By: ______________________________  Name: ______________________________  Title: ______________________________        

 

      15987863_v17  EXHIBIT F  WIRELESS CONNECTIVITY    INTERNET    INDUSTRY Salt Lake City provides a secure wireless & wired network via the SICTM platform.  This technology platform includes campus-wide Wi-Fi connectivity, security, redundant Internet  feeds from multiple providers, and it operates even during power outages. Internet usage may be  charged to Tenant via Building Expenses or billed separately at Landlord’s discretion. Charges  for Internet usage are subject to change, provided costs remain similar to comparable  market competitors. Internet usage is not included in Base Rent.     The SICTM technology platform includes:  • campus-wide high-speed Wi-Fi connectivity  • security (firewall, independent VLAN, user access controls)  • tenant specific user access controls (per company)  • operation during power outages    Tenants may:  • Connect and manage employees’ campus-wide access to the SICTM Platform.  - Connect seamlessly with:   - SD-WAN  - VPN  - IoT & IIoT  - Voice  - Telemetry  - Audio/Video  - Multiple other devices & systems    Tenants may, at additional expense(s) which will be added to regular invoicing:  • Leverage the SICTM Technology Platform's integrated redundant Internet feeds.   • Connect their own independently-contracted, and SICTM integrated, wired Internet  feed(s).  • Connect and/or host their own firewall inside of the provided SICTM firewall.  • Add Ethernet wired drops to tenant space(s).  • Utilize static public IP addresses.  • Leverage additional technical services if/as needed.    Tenants may NOT, so long as Landlord provides a SICTM Platform in the Building:   • Broadcast or operate their own Wi-Fi network(s), as this would degrade the performance  of the existing, professionally designed & operated campus-wide RF network.     While Tenant may install its own dedicated network to integrate with the SICTM Platform, Tenant  will remain responsible for its share of all costs associated with Tenant having access to the  

 

      15987863_v17  SICTM Platform amenity – which shall be billed and payable monthly and shall not be included in  the building expenses.      Additional hosting and services are available.  Please contact Landlord for a schedule of fees  and applicable service.      

 

      15987863_v17  ADDENDUM A TO OFFICE BUILDING LEASE  Rules and Regulations  1. CONDUCT  Tenant shall not conduct its practice or business, or advertise such business, profession or activities  of Tenant conducted in the Premises in any manner which violates local, state or federal laws or  regulations.  2. HALLWAYS AND STAIRWAYS  Tenant shall not obstruct or use for storage, or for any purpose other than ingress and egress, the  sidewalks, entrance, passages, courts, corridors, vestibules, halls, elevators and stairways of the  Building.  3. NUISANCES  Except for such commercially reasonable and customary noises, odors and other impacts that are  inherent to the Permitted Use, Tenant shall not make or permit any noise, odor or act that is  objectionable to other occupants of the Building or to emanate from the Premises, and shall not  create or maintain a nuisance thereon. Tenants understand that on occasion there will be a lot of  activity and special events being held by each of the Tenants of the Building. These activities and  special events must be planned ahead of time and approved by the Landlord with a minimum of  seven (7) days’ notice given to the other Tenants of the building.  4. AUDIO EQUIPMENT, ETC.  Tenant shall not operate any audio equipment or similar instrument in such a manner as to  unreasonably disturb other tenants of the Building or the neighborhood.  Except as provided in the  Lease, Tenant shall not install any antennae, aerial wires or other equipment outside the Building  without the prior written approval of Landlord.  5. LOCKS  No additional locks or bolts of any kind shall be placed upon any of the doors or windows by  Tenant, nor shall any changes be made in existing locks or the mechanism thereof.  Tenant must  upon the expiration of its tenancy restore to Landlord all keys to the Premises and toilet rooms  either furnished to or otherwise procured by Tenant, and in the event of loss of any keys so  furnished, Tenant shall pay to Landlord the cost thereof. Landlord shall charge a market fee for  cutting keys (which may change from time to time) and Landlord does require all keys are cut and  provided by Landlord’s locksmith.    6. OBSTRUCTING LIGHT, DAMAGE  The sash doors, sashes window glass doors, lights and skylights that reflect or admit light into the  halls or other places of the Building shall not be covered or obstructed unduly. The toilets and  urinals shall not be used for any purpose other than those for which they were intended and  

 

      15987863_v17  constructed, and no rubbish, newspapers or other substance of any kind shall be thrown into them.   Waste and excessive or unusual use of water shall not be allowed.  Tenant shall not mark, drive  nails, screw or drill into, paint, nor in any way deface the walls, ceilings, partitions, floors, wood,  stone or iron work. The expense of any breakage, stoppage or damage resulting from a violation  of this rule by Tenant shall be borne by Tenant. Tenant shall be permitted to hang pictures on  office walls, but it must be done in a workmanlike manner and in such a way as not to damage or  deface such walls. Notwithstanding the forgoing, Tenant shall utilize Landlord’s preferred vendor  for mounting, attaching or painting anything in or one stone, brick or concrete walls.    7. WIRING  Electrical wiring of every kind shall be introduced and connected only as directed by Landlord,  and neither boring nor cutting of wires will be allowed except with the consent of the Landlord.   The location of the telephone, call boxes, etc., shall be subject to the approval of Landlord.  8. EQUIPMENT, MOVING, FURNITURE, ETC.  Landlord shall approve the weight, size and position of all fixtures, equipment and other property  brought into the Building, and the times of moving which must be done under the supervision of  Landlord. Landlord will not be responsible for any loss of or damage to any such equipment or  property from any cause, and all damage done in the Building by moving or maintaining any such  property shall be repaired at the expense of Tenant. All equipment shall be installed as required by  law, and in accordance with and subject to written approval received on written application of  Tenant. Move-in and move-out of Tenant’s furniture, fixtures and equipment shall be limited to  before or after normal business hours as reasonably defined by Landlord.     9. REQUIREMENTS OF TENANT  The requirements of Tenant will be attended to only upon application at the office of Landlord or  its Property Manager. Employees or Landlord or its Property Manager shall not perform any work  nor do anything outside their regular duties unless under special instructions from Landlord or its  Property Manager. No such employees shall admit any person, Tenant or otherwise, to any other  office without instruction from the office of Landlord or its Property Manager. All janitorial  services personnel, guards or any outside contractors employed by Tenant shall be subject to the  regulations and control of Landlord, but shall not act as an agent or servant of Landlord.  10. ACCESS TO BUILDING  Any person entering or leaving the Building may be questioned by Building security regarding  his/her business in the Building and may be required to sign in and out. Anyone who fails to  provide a satisfactory reason for being in the Building may be excluded.  11. PETS, REFUSE   Landlord reserves the right to bar the presence of pets at its sole discretion. Landlord may require  Tenant’s employees to sign a dog indemnity and behavior agreement if Tenant’s employees choose  to bring dogs into the Building.  

 

      15987863_v17  Tenant shall not allow anything to be placed on the outside window ledges of the Premises  or to be thrown out of the windows of the Building. Tenant shall not place or permit to be placed  any obstruction or refuse in any public part of the Building.  12. EQUIPMENT DEFECTS  Tenant shall give Landlord prompt notice of any accidents to or defects in the water pipes, gas  pipes, electric lights and fixtures, heating apparatus, or any other service equipment.  13. PARKING  Unless otherwise specified by Landlord, Tenant and its employees may park automobiles only in  the designated parking areas provided by Landlord. Parking Permit issued by Landlord must be  visible on vehicles parked in designated areas. Except as set forth in the Lease, Tenant agrees that  Landlord assumes no responsibility of any kind whatsoever in reference to such automobile  parking area or the use thereof by Tenant or its agents or employees. There shall be no assigned  parking spaces in the designated parking areas.    14. CONSERVATION AND SECURITY  Tenant will see that all windows and doors are securely locked, and that all faucets and electric  light switches are turned off before leaving the Building.  15. SIGNAGE  No sign, advertisement or notice shall be inscribed, painted or affixed on any part of the inside or  outside of the Building unless of such color, size and style and in such place upon or in the Building  as shall be first designated by Landlord. Landlord shall have the right to remove all non-permitted  signs without notice to Tenant and at the expense of Tenant.        

 

Certificate Of Completion Envelope Id: 9FF1E21F98554679BF47738FFC92F9DF Status: Completed Subject: Please DocuSign: Recursion Pharmaceuticals Lease Source Envelope:  Document Pages: 65 Signatures: 2 Envelope Originator:  Certificate Pages: 5 Initials: 0 Christa Fries AutoNav: Enabled EnvelopeId Stamping: Disabled Time Zone: (UTC-07:00) Mountain Time (US & Canada) 555 17th Street Suite 3200 Denver, CO  80202 cfries@hollandhart.com IP Address: 63.236.112.69   Record Tracking Status: Original              2/10/2021 2:07:53 PM Holder: Christa Fries              cfries@hollandhart.com Location: DocuSign Signer Events Signature Timestamp H. Jason Winkler jason@qfactorsolutions.com Security Level: Email, Account Authentication  (None) Signature Adoption: Pre-selected Style Using IP Address: 128.177.29.246 Sent: 2/10/2021 2:27:11 PM Viewed: 2/10/2021 3:23:32 PM  Signed: 2/10/2021 3:23:42 PM Electronic Record and Signature Disclosure:        Accepted: 2/10/2021 3:23:32 PM       ID: d0a8dcc2-cd06-46d3-a677-7d7e6b203ff6 Tina Larson tina.larson@recursionpharma.com President & COO Security Level: Email, Account Authentication  (None) Signature Adoption: Pre-selected Style Using IP Address: 136.36.152.87 Sent: 2/10/2021 2:27:11 PM Viewed: 2/10/2021 4:02:59 PM  Signed: 2/10/2021 4:06:24 PM Electronic Record and Signature Disclosure:        Accepted: 2/10/2021 4:02:59 PM       ID: e6f0b328-2e71-49f4-8e88-679a26f485d5 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 2/10/2021 2:27:11 PM 

 

Envelope Summary Events Status Timestamps Certified Delivered Security Checked 2/10/2021 4:02:59 PM Signing Complete Security Checked 2/10/2021 4:06:24 PM Completed Security Checked 2/10/2021 4:06:24 PM Payment Events Status Timestamps Electronic Record and Signature Disclosure 

 

ELECTRONIC RECORD AND SIGNATURE DISCLOSURE  From time to time, Holland and Hart LLP (we, us or Company) may be required by law to provide to you certain written notices or disclosures. Described below are the terms and conditions for providing to you such notices and disclosures electronically through your DocuSign, Inc. (DocuSign) Express user account. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to these terms and conditions, please confirm your agreement by clicking the 'I agree' button at the bottom of this document.  Getting paper copies  At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. For such copies, as long as you are an authorized user of the DocuSign system you will have the ability to download and print any documents we send to you through your DocuSign user account for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.  Withdrawing your consent  If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.  Consequences of changing your mind  If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. To indicate to us that you are changing your mind, you must withdraw your consent using the DocuSign 'Withdraw Consent' form on the signing page of your DocuSign account. This will indicate to us that you have withdrawn your consent to receive required notices and disclosures electronically from us and you will no longer be able to use your DocuSign Express user account to receive required notices and consents electronically from us or to sign electronically documents from us.  All notices and disclosures will be sent to you electronically  Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through your DocuSign user account all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.  Electronic Record and Signature Disclosure created on: 12/9/2014 9:53:22 AM Parties agreed to: H. Jason Winkler, Tina Larson 

 

How to contact Holland and Hart LLP:  You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:  To contact us by email send messages to: ejohnson@hollandhart.com   To advise Holland and Hart LLP of your new e-mail address  To let us know of a change in your e-mail address where we should send notices and disclosures electronically to you, you must send an email message to us at ejohnson@hollandhart.com and in the body of such request you must state: your previous e-mail address, your new e-mail address.   We do not require any other information from you to change your email address..   In addition, you must notify DocuSign, Inc to arrange for your new email address to be reflected in your DocuSign account by following the process for changing e-mail in DocuSign.  To request paper copies from Holland and Hart LLP  To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an e-mail to ejohnson@hollandhart.com and in the body of such request you must state your e-mail address, full name, US Postal address, and telephone number. We will bill you for any fees at that time, if any.  To withdraw your consent with Holland and Hart LLP  To inform us that you no longer want to receive future notices and disclosures in electronic format you may: i. decline to sign a document from within your DocuSign account, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may; ii. send us an e-mail to ejohnson@hollandhart.com and in the body of such request you must state your e-mail, full name, IS Postal Address, telephone number, and account number. We do not need any other information from you to withdraw consent..  The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..  Required hardware and software  Operating Systems: Windows2000? or WindowsXP?  Browsers (for SENDERS): Internet Explorer 6.0? or above  Browsers (for SIGNERS): Internet Explorer 6.0?, Mozilla FireFox 1.0, NetScape 7.2 (or above)  Email: Access to a valid email account  Screen Resolution: 800 x 600 minimum  Enabled Security Settings:  •Allow per session cookies   •Users accessing the internet behind a Proxy Server must enable HTTP 1.1 settings via proxy connection  ** These minimum requirements are subject to change. If these requirements change, we will provide you with an email message at the email address we have on file for you at that time providing you with the revised hardware and software requirements, at which time you will have the right to withdraw your consent.  

 

Acknowledging your access and consent to receive materials electronically  To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please verify that you were able to read this electronic disclosure and that you also were able to print on paper or electronically save this page for your future reference and access or that you were able to e-mail this disclosure and consent to an address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format on the terms and conditions described above, please let us know by clicking the 'I agree' button below.  By checking the 'I Agree' box, I confirm that:  • I can access and read this Electronic CONSENT TO ELECTRONIC RECEIPT OF ELECTRONIC RECORD AND SIGNATURE DISCLOSURES document; and   • I can print on paper the disclosure or save or send the disclosure to a place where I can print it, for future reference and access; and   • Until or unless I notify Holland and Hart LLP as described above, I consent to receive from exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to me by  Holland and Hart LLP during the course of my relationship with you.   

 

    Recursion Pharmaceuticals, Inc./First Amendment to Lease  FIRST AMENDMENT TO LEASE  THIS FIRST AMENDMENT TO LEASE (this “Amendment”), dated to be effective  March 26, 2020 (the “Effective Date”), is entered into between INDUSTRY OFFICE SLC,  LLC, a Delaware limited liability company (“Landlord”), and RECURSION  PHARMACEUTICALS, INC. a Delaware corporation (“Tenant”), with reference to the  following:  A. Landlord and Tenant entered into that certain Lease Agreement dated February  10, 2021 (the “Lease”), covering at least 25,000 rentable square feet, located at 650 South 500  West, Salt Lake City, Utah 84101 (the “Premises”).  B. Landlord and Tenant now desire to amend the Lease as set forth below.  Unless  otherwise expressly provided in this Amendment, capitalized terms used in this Amendment  shall have the same meanings as in the Lease.  FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of  which are acknowledged, the parties agree as follows:  1. Section 2 of the Lease.  The third sentence of Section 2 of the Lease is hereby deleted  and replaced with the following language:  “Notwithstanding anything herein to the contrary, if prior to the Commencement Date  either Tenant or Landlord determines that (a) the Building cannot feasibly accommodate  Tenant’s technical or design specifications within Landlord’s or Tenant’s construction  budget (and Tenant is otherwise unwilling to pay for such increased costs and expenses),  or (b) Tenant will not be permitted by any applicable governmental authority with  jurisdiction to use and occupy the Premises for any of the uses comprising the Permitted  Use or as otherwise contemplated under this Lease, then either Landlord or Tenant may  terminate this Lease upon written notice to the other so long as (i) such notice is provided  by April 26, 2021, and (ii) Tenant reimburses Landlord for the actual, reasonable costs  and expenses incurred by Landlord as of the date of termination, including, without  limitation, design and engineering costs and other hard and soft costs, to complete  Landlord’s Work, with such reimbursement due within thirty (30) days after written  request of Landlord, together with reasonable supporting documentation of such costs.”  2. Section 1; Exhibit C of the Lease.  The date “March 31, 2021” as set forth in Section 1  of Exhibit C in the Lease is hereby deleted and replaced with “May 31, 2021”.  3. Exhibit C-3 of the Lease. The date “March 31, 2021” as set forth in Exhibit C-3 of the  Lease is hereby deleted and replaced with “May 31, 2021”.  4. Miscellaneous.  This Amendment shall become effective only upon full execution and  delivery of this Amendment by Landlord and Tenant. This Amendment contains the parties’  entire agreement regarding the subject matter covered by this Amendment, and supersedes all  prior correspondence, negotiations, and agreements, if any, whether oral or written, between the  parties concerning such subject matter.  There are no contemporaneous oral agreements, and  there are no representations or warranties between the parties not contained in this Amendment  on which the parties have relied.  Except as modified by this Amendment, the terms and  

 

    Recursion Pharmaceuticals, Inc./First Amendment to Lease   -2-  provisions of the Lease shall remain in full force and effect, and the Lease, as modified by this  Amendment, shall be binding upon and shall inure to the benefit of the parties hereto, their  successors and permitted assigns.  [Signatures to follow]  

 

    Recursion Pharmaceuticals, Inc./First Amendment to Lease   -3-  LANDLORD AND TENANT enter into this Amendment to be effective as of the  Effective Date.  LANDLORD:    INDUSTRY OFFICE SLC, LLC,   a Delaware limited liability company      By: ___________________________________  Name: H. Jason Winkler  Title:  Manager        TENANT:    RECURSION PHARMACEUTICALS, INC.,   a Delaware corporation      By: ___________________________________   Name: Tina Larson  Title:   President and COO      

 

  Recursion Pharmaceuticals, Inc./First Amendment to Lease  Exhibit A  EXHIBIT A    DEPICTION OF THE PREMISES  16439112_v2  

 

  Recursion Pharmaceuticals, Inc./Second Amendment to Lease    SECOND AMENDMENT TO LEASE  THIS SECOND AMENDMENT TO LEASE (this “Amendment”), dated to be effective July 1,  2021 (the “Effective Date”), is entered into between INDUSTRY OFFICE SLC, LLC, a Delaware  limited liability company (“Landlord”), and RECURSION PHARMACEUTICALS, INC. a  Delaware corporation (“Tenant”), with reference to the following:  A. Landlord and Tenant entered into that certain Lease Agreement dated February 10,  2021, as amended by that certain First Amendment to Lease dated March 26, 2021 (the “First  Amendment”) (collectively, the “Lease”), covering at least 25,000 rentable square feet, located at 650  South 500 West, Salt Lake City, Utah 84101 (the “Premises”).  B. Landlord and Tenant now desire to amend the Lease as set forth below.  Unless  otherwise expressly provided in this Amendment, capitalized terms used in this Amendment shall have  the same meanings as in the Lease.  FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are  acknowledged, the parties agree as follows:  1. Effective Date of First Amendment. The Effective Date of the First Amendment is hereby  deleted and replaced with March 26, 2021.  2. Section 2 of the Lease.  The third sentence of Section 2 of the Lease is hereby deleted and  replaced with the following language:  “Notwithstanding anything herein to the contrary, if prior to the Commencement Date either  Tenant or Landlord determines that (a) the Building cannot feasibly accommodate Tenant’s  technical or design specifications within Landlord’s or Tenant’s construction budget (and  Tenant is otherwise unwilling to pay for such increased costs and expenses), or (b) Tenant will  not be permitted by any applicable governmental authority with jurisdiction to use and occupy  the Premises for any of the uses comprising the Permitted Use or as otherwise contemplated  under this Lease, then either Landlord or Tenant may terminate this Lease upon written notice  to the other so long as (i) such notice is provided by August 15, 2021, and (ii) Tenant  reimburses Landlord for the actual, reasonable costs and expenses incurred by Landlord as of  the date of termination, including, without limitation, design and engineering costs and other  hard and soft costs, to complete Landlord’s Work, with such reimbursement due within thirty  (30) days after written request of Landlord, together with reasonable supporting documentation  of such costs.”  3. Extension Options. Section 2 of the Rider to Lease is hereby deleted and replaced with the  following language:  “Extension Options. Tenant shall have the right and option to extend the Lease for three (3)  consecutive periods of one (1) year each under the same terms and conditions as stated in the Lease  (each an “Extension Option”), with the exceptions that (a) no further extension options shall exist,  and (b) monthly rental for such extension term shall be as follows:    

 

  Recursion Pharmaceuticals, Inc./Second Amendment to Lease    FIRST EXTENSION OPTION    BASE RENT (OFFICE PREMISES)            BASE RENT (LABORATORY PREMISES)    SECOND EXTENSION OPTION    BASE RENT (OFFICE PREMISES)            BASE RENT (LABORATORY PREMISES)            * The above shows Tenant’s Base Rent obligation only. Tenant shall pay also pay all Additional Rent,  including Building Expenses and Amenity Expenses, as calculated and reconciled in Paragraph 4 of  the Lease.    THIRD EXTENSION OPTION    The Base Rent for the Office Premises and the Laboratory Premises for the third Extension Option  shall be based on the then prevailing market rental rate as determined by Landlord acting reasonably  and in good faith based on then recent lease extensions for similar space within the Building (to the  extent applicable) and surrounding buildings, and taking into consideration Tenant’s use and financial  strength and other relevant factors, but in no event shall be less than the monthly rental in effect for the  last month of the Term immediately prior to the extension (“Market Rental Rate”). Tenant may reject  Period Annual Base  Rent PSF  Monthly  Base Rent  Month 25 – Month 36 $26.52 $TBD  Period Annual Base  Rent PSF  Monthly   Base Rent  Month 25 – Month 36 $21.00 $TBD  Period Annual Base  Rent PSF  Monthly   Base Rent  Month 37 – Month 48 $27.32 $TBD  Period Annual Base  Rent PSF  Monthly   Base Rent  Month 37 – Month 48 $21.63 $  

 

  Recursion Pharmaceuticals, Inc./Second Amendment to Lease    the Extension Option granted herein within thirty (30) days following delivery to Tenant of Landlord’s  determination of the prevailing market rental (“Rate Notice”), which shall be delivered no later than  thirty (30) days following Tenant’s exercise of the third Extension Option in accordance with the terms  hereof. If Tenant desires to continue with the extension, but objects to the Market Rental Rate  determined by Landlord, then Tenant must object to the same within said thirty (30) day period by  delivery of written notice to Landlord. No later than five (5) business days thereafter, Landlord and  Tenant shall meet in an effort to negotiate, in good faith, the Market Rental Rate applicable to the  Premises for the third Extension Option. If Landlord and Tenant have not agreed upon the Market  Rental Rate applicable to the Premises within five (5) business days after meeting, then Landlord and  Tenant shall each appoint a broker not later than forty-five (45) days following Landlord’s delivery of  the Rate Notice. If Landlord’s broker and Tenant’s broker have failed to agree upon the Market Rental  Rate within sixty (60) days following delivery of the Rate Notice, the two appointed brokers shall  appoint a third broker (within five (5) business days following the expiration of said sixty (60) day  period), and the Market Rental Rate shall be the arithmetic average of two (2) of the three (3)  determinations which are the closest in amount, and the third determination shall be disregarded. If  either Landlord or Tenant fails to appoint a broker within the prescribed time period, the failing party  shall pay to the other party as liquidated damages $100.00 per day for each day following the deadline  that such party fails to appoint a broker, not to exceed $500.00. If the two (2) appointed brokers fail to  agree upon a third (3rd) broker, then the parties shall have the local office of the American Arbitration  Association appoint the third (3rd) broker and the parties shall share equally in the cost of such  arbitration. Each party shall bear the costs of its own broker, and the parties shall share equally the cost  of the third broker, if applicable. Each broker shall have at least ten (10) years’ experience in the  leasing of similar commercial buildings and laboratory space in the submarket in which the Building is  located and shall be a licensed real estate broker.      Each Extension Option shall be exercisable by Tenant, if at all, only by timely delivery to Landlord of  written notice of election at least six (6) months prior to the expiration of the then current Expiration  Date, but no earlier than twelve (12) months prior to the expiration of the then current Expiration Date.  The option herein granted shall be deemed to be personal to Tenant, and if Tenant subleases any  portion of the Premises or otherwise assigns or transfers any interest thereof to another party (other  than a Permitted Transfer), such option shall lapse. In the event that Tenant is in default of any term or  condition at the time of its exercise notice beyond any applicable notice and grace period, then there  shall be no extension or renewal of the Lease as provided herein. As they apply to Tenant’s right to  extend the term of the Lease, the parties acknowledge and agree that the terms “extend,” “extension,”  “renew,” and/or “renewal” shall be deemed the same.”    4. Miscellaneous.  This Amendment shall become effective only upon full execution and delivery  of this Amendment by Landlord and Tenant. This Amendment contains the parties’ entire agreement  regarding the subject matter covered by this Amendment, and supersedes all prior correspondence,  negotiations, and agreements, if any, whether oral or written, between the parties concerning such  subject matter.  There are no contemporaneous oral agreements, and there are no representations or  warranties between the parties not contained in this Amendment on which the parties have relied.   Except as modified by this Amendment, the terms and provisions of the Lease shall remain in full  force and effect, and the Lease, as modified by this Amendment, shall be binding upon and shall inure  to the benefit of the parties hereto, their successors and permitted assigns.  [Signatures to follow]  

 

  Recursion Pharmaceuticals, Inc./Second Amendment to Lease    LANDLORD AND TENANT enter into this Amendment to be effective as of the Effective  Date.    LANDLORD:    INDUSTRY OFFICE SLC, LLC,   a Delaware limited liability company        By: ___________________________________  Name: H. Jason Winkler  Title:  Manager        TENANT:    RECURSION PHARMACEUTICALS, INC.,   a Delaware corporation    By: ___________________________________   Name: Tina Larson  Title:   President and COO                  16613444_v7  

 

  17879388_v11  1  THIRD AMENDMENT TO LEASE    (Recursion Pharmaceuticals, Inc. – Industry SLC)     THIS THIRD AMENDMENT TO LEASE (“Amendment”) is dated effective and for  identification purposes as of ___________,2022, and is made by and between INDUSTRY OFFICE SLC,  LLC, a Delaware limited liability company (“Landlord”), and RECURSION PHARMACEUTICALS,  INC., a Delaware corporation (“Tenant”).    RECITALS:     WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated February 10,  2021, as amended by that certain First Amendment to Lease dated March 26, 2021, and that certain  Second Amendment to Lease dated July 1, 2021 (collectively, the “Lease”), pertaining to the premises  presently identified as approximately 25,000 rentable square feet (“Premises”), of 650 South 500 West,  Salt Lake City, Utah 84101 (“Building”); and     WHEREAS, Landlord and Tenant desire to enter into this Amendment to define the size of the  Premises, extend the Lease Term, adjust the Allowance, and provide for certain other matters as more  fully set forth herein;     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained  herein, the parties agree that the Lease shall be amended in accordance with the terms and conditions set  forth below.     1. Definitions. The capitalized terms used herein shall have the same definitions as set forth  in the Lease, unless otherwise defined herein.     2. Premises. Notwithstanding anything in Sectin 14 of the Basic Lease Terms to the  contrary, the Premises contains 51,869  rentable square feet (of which 6,644 RSF is Office Premises and  45,225 RSF is Laboratory Premises).  Exhibit B to the Lease is hereby deleted in its entirety and replaced  with the depiction of the Premises attached to this Amendment as Exhibit B.      3. Lease Term. The parties hereby acknowledge and agree that the term of the Lease Term  was initially defined as twenty-four (24) whole calendar months following the Commencement Date.  Notwithstanding anything in the Lease to the contrary, the initial Term shall be sixty (60) full calendar  months following the Commencement Date (as defined in the Lease), and the Expiration Date shall be the  last day of the sixtieth (60th) full calendar month following the Commencement Date.      4. Base Rent. During the Extension Term, Tenant shall pay to Landlord Base Rent in full  and without offset or demand for the Office Premises and Laboratory Premises as follows:              DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D March 14 

 

  17879388_v11  2    BASE RENT (OFFICE PREMISES)    BASE RENT (LABORATORY PREMISES)    Except as otherwise set forth herein, Base Rent shall be payable pursuant to Article 3 of the Lease. The  schedules above set forth only Tenant’s Base Rent obligation, and during the Term, Tenant shall also pay  any and all Additional Rent, including, without limitation, Building Expenses, Amenity Expenses, any  separately-metered utilities, and other amounts due and payable under the Lease.     5. Extension Options. Section 2 of the Rider to Lease is deleted in its entirety and replaced  with the following: Tenant shall have the right and option to extend the Lease for one (1) consecutive  period of five (5) years under the same terms and conditions as stated in the Lease (an “Extension  Option”), with the exceptions that (a) no further extension options shall exist, and (b) monthly rental for  such extension term shall be as follows:    EXTENSION OPTION    BASE RENT (OFFICE PREMISES)    Period Annual Base  Rent/$/RSF  Monthly Installment of  Base Rent  Commencement Date – Month 12 $26.00 $14,394.79  Month 13 – Month 24 $26.78 $14,826.64  Month 25 – Month 36 $27.58 $15,269.55  Month 37 – Month 48 $28.41 $15,729.08  Month 49 – Expiration Date $29.26 $16,199.68  Period Annual Base  Rent/$/RSF  Monthly Installment of  Base Rent  Commencement Date – Month 12 $28.00 $105,525.00  Month 13 – Month 24 $28.84 $108,690.75  Month 25 – Month 36 $29.71 $111,969.56  Month 37 – Month 48 $30.60 $115,323.75  Month 49 – Expiration Date $31.52 $118,791.00  DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11  3    BASE RENT (LABORATORY PREMISES)    The Extension Option shall be exercisable by Tenant, if at all, only by timely delivery to Landlord of  written notice of election at least six (6) months prior to the expiration of the then current Expiration  Date, but no earlier than twelve (12) months prior to the expiration of the then current Expiration Date.  The option herein granted shall be deemed to be personal to Tenant, and if Tenant subleases all of the  Premises or otherwise assigns or transfers its interests under the Lease to another party (other than a  Permitted Transfer), such option shall lapse. In the event that Tenant is in default of any term or condition  at the time of its exercise notice beyond any applicable notice and grace period, then there shall be no  extension or renewal of the Lease as provided herein. As they apply to Tenant’s right to extend the term  of the Lease, the parties acknowledge and agree that the terms “extend,” “extension,” “renew,” and/or  “renewal” shall be deemed the same.     6. Tenant Improvements. The parties hereby modify certain provisions related to the  initial construction of the Premises as follows:    (a) The Schedule contemplated in Section 1 of the Work Letter is attached hereto as  Exhibit C-3 and, notwithstanding anything in the Lease or Work Letter to the contrary, the Landlord  Completion Date and Outside Commencement Date are as follows:      i. The Landlord Completion Date shall occur on or before August 31, 2022.    ii. The Outside Commencement Date for the Office Premises shall be August 31,  2022. The Outside Commencement Date for Laboratory Premises shall be the  date that is six (6) months following the date on which Tenant’s general  Period Annual Base  Rent/$/RSF  Monthly Installment of  Base Rent  Month   61 – Month   72 $30.14 $16.686.69  Month   73 – Month   84 $31.04 $17,185.17  Month   85 – Month   96 $31.97 $17.700.06  Month   97 – Month 108 $32.93 $18,231.56  Month 109 – Month 120 $33.92 $18,799.67  Period Annual Base  Rent/$/RSF  Monthly Installment of  Base Rent  Month   61 – Month   72 $32.47 $122,371.31  Month   73 – Month   84 $33.44 $126,027.00  Month   85 – Month   96 $34.44 $129,795.75  Month   97 – Month 108 $35.47 $133,677.56  Month 109 – Month 120 $36.53 $137,672.44  DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11  4  contractor is allowed to access to the Premises for purposes of completing  Tenant’s work within the Premises, which date Landlord and Tenant shall  confirm in writing within ten (10) days  of its occurrence.      In furtherance of the mutual cooperation provisions set forth in Section 2 of the Work Letter, the parties  shall undertake and complete their respective obligations in accordance with, and by the deadlines set  forth in, the Schedule, subject to the terms of the Work Letter and the Lease.  In accordance with Section  8 of the Work Letter, Tenant shall have access to the Premises for the purpose of commencing its  construction of its initial improvements to the Premises no later than June 1, 2022, subject to satisfaction  of the milestones also set forth in the Schedule.    (b) The definition of Warm Shell Condition is hereby deleted in its entirety and  replaced with the conditions and requirements set forth in Exhibit C-4 to this Amendment.      (c) Notwithstanding anything in Section 3 of the Work Letter to the contrary,  Landlord and Tenant acknowledge that certain costs and expenses for improvements to the Building’s  core and shell will be incurred by Landlord as part of Landlord’s Work to accommodate Tenant’s  improvements within the Premises (the “Additional Base Building Costs”), which shall be a Tenant  responsibility and paid (or credited) as follows:  Landlord shall provide to Tenant a credit against the the  Additional Base Building Costs in an amount not to exceed Forty and No/100 Dollars ($40.00) per RSF  of space in the Laboratory Premises (the “Base Building Tenant Credit”). Landlord shall prepare and  provide to Tenant an estimated budget of the Additional Base Building Costs within thirty (30) days of  the date this Amendement is fully executed.  Tenant shall review and, acting reasonably and in good faith,  provide comments to Landlord, if any, to such estimated budget within ten (10) days of its receipt thereof.   Landlord shall incorporate Tenant’s reasonable comments into a revised estimated budget and shall  provide such revised estimated budget to Tenant within five (5) days of receipt of Tenant’s comments.   The parties shall follow this process until reaching agreement on the final estimated budget for the  Additional Base Building Costs.  Each month, Landlord shall provide Tenant with reasonable  documentation of the expenses incurred and paid by Landlord for the Additonal Base Building Costs for  the proceeding month, with such expenses applied to the Base Building Tenant Credit, and a calculation  of the remaining amount of the Base Building Tenant Credit available.  If following the completion of  Landlord’s Work the Additional Base Building Costs exceed the amount of the Base Building Tenant  Credit, Tenant shall be responsible for reimbursing Landlord for such excess within thirty (30) days of  receipt of written request therefor, together with reasonable documentation of such costs.  If the  Additional Base Building Costs are less than the amount of the Base Building Tenant Credit, then  Landlord shall provide Tenant with a credit against Tenant’s future Base Rent obligations in the amount  of such difference.       7. Signage.  Section 8 to the Rider to the Lease is hereby amended as follows:  In addition  to the location described in the Lease, Tenant may also install, at its expense, identification signage on the  screens located above the roof along the east, and west, and north-facing facades of the Building (the  “Additonal Signage Locations”).  All other requirements set forth in Section 8 to the Rider shall apply to  any signage proposed for the Additonal Signage Locations.  Tenant may also, at its expense, extend the  existing mural located on the north-facing Building façade, subject to Landlord’s review and approval  (not to be unreasonably withheld, conditioned, or delayed) of the design therefor.     DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11  5  8. Brokers. Landlord and Tenant each warrant to the other that they have had no dealings  with any real estate broker or agent in connection with the negotiation of this Amendment, excepting  Jones Lang LaSalle (“Tenant’s Broker”), on behalf of Tenant. Landlord is not represented by a broker.  To the extent that any commission is due as a result of this Amendment, Tenant’s Broker shall be paid per  separate agreement. Landlord and Tenant shall indemnify the other party for any claims made by any  brokers other than Tenant’s Broker. Tenant shall indemnify and hold Landlord harmless for any claim to  a commission by a broker not listed herein.     9. Governing Law. This Amendment is governed by federal law, including without  limitation the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §§ 7001 et seq.)  and, to the extent that state law applies, the laws of the State of Utah without regard to its conflicts of law  rules.    10. Counterparts; Electronic Signatures. This Amendment may be executed in  counterparts, including both counterparts that are executed on paper and counterparts that are in the form  of electronic records and are executed electronically. An electronic signature means any electronic sound,  symbol or process attached to or logically associated with a record and executed and adopted by a party  with the intent to sign such record, including facsimile or e-mail electronic signatures. All executed  counterparts shall constitute one agreement, and each counterpart shall be deemed an original. The parties  hereby acknowledge and agree that electronic records and electronic signatures, as well as facsimile  signatures, may be used in connection with the execution of this Amendment and electronic signatures,  facsimile signatures or signatures transmitted by electronic mail in so-called pdf format shall be legal and  binding and shall have the same full force and effect as if a paper original of this Amendment had been  delivered and had been signed using a handwritten signature. Landlord and Tenant (i) agree that an  electronic signature, whether digital or encrypted, of a party to this Amendment is intended to  authenticate this writing and to have the same force and effect as a manual signature, (ii) intend to be  bound by the signatures (whether original, faxed or electronic) on any document sent or delivered by  facsimile or, electronic mail, or other electronic means, (iii) are aware that the other party will rely on  such signatures, and (iv) hereby waive any defenses to the enforcement of the terms of this Amendment  based on the foregoing forms of signature. If this Amendment has been executed by electronic signature,  all parties executing this document are expressly consenting under the Electronic Signatures in Global and  National Commerce Act (“E-SIGN”), and Uniform Electronic Transactions Act (“UETA”), that a  signature by fax, email or other electronic means shall constitute an Electronic Signature to an Electronic  Record under both E-SIGN and UETA with respect to this specific transaction.       11.   Amendments. The Lease may only be amended by a writing signed by the parties hereto,  or by an electronic record that has been electronically signed by the parties hereto and has been rendered  tamper-evident as part of the signing process. The exchange of email or other electronic communications  discussing an amendment to the Lease, even if such communications are signed, does not constitute a  signed electronic record agreeing to such an amendment.      12. Miscellaneous. With the exception of those matters set forth in this Amendment,  Tenant's leasing of the Premises shall be subject to all terms, covenants and conditions of the Lease. In  the event of any express conflict or inconsistency between the terms of this Amendment and the terms of  the Lease, the terms of this Amendment shall control and govern. Except as expressly modified by this  Amendment, all other terms and conditions of the Lease are hereby ratified and affirmed. The exhibits  attached hereto are incorporated herein by this reference.  The parties acknowledge that the Lease is a  DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11  6  valid and enforceable agreement and that Tenant holds no claims against Landlord or its agents which  might serve as the basis of any other set-off against accruing rent and other charges or any other remedy  at law or in equity.    [Remainder of Page Intentionally Left Blank]  DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11  7   IN WITNESS WHEREOF, the foregoing Third Amendment to Lease is dated effective as of the  date and year first written above.    LANDLORD:   INDUSTRY OFFICE SLC, LLC,  a Delaware limited liability company      By: ___________________________________   Name: H. Jason Winkler  Title: Manager  Date: ___________________________________      TENANT:  RECURSION PHARMACEUTICALS, INC.,  a Delaware corporation      By: ___________________________________   Name: ___________________________________  Title: ___________________________________  Date: ___________________________________   DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 3/14/2022 Tina Larson Chief Operating Officer 3/18/2022 

 

  17879388_v11    EXHIBIT B    Depiction of the Premises        (Areas in blue are not part of the Premises)    DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11                DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11    EXHIBIT C-3    Schedule    DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 1 Industry Stage 5A 447 days? Mon 1/18/21 Fri 10/14/22 2 Pre-con 296 days? Tue 1/19/21 Tue 3/15/22 3 Submitted Hard Demo Price Only  ( No  Drawings ) 1 day Thu 1/21/21 Thu 1/21/21 4FS+12  days,6FS+32 4 Received Demo Drawings for Coordination 1 day Tue 2/9/21 Tue 2/9/21 3FS+12 days 5FS-16 days 5 Received Notice to Proceed ( Hard Demo  Only ) 1 day Tue 1/19/21 Tue 1/19/21 4FS-16 days 89 6 Drawings Received 1 day Tue 3/9/21 Tue 3/9/21 3FS+32 days 7 7 Bidding 13 days Wed 3/10/21 Fri 3/26/21 6 8 8 Bid Submission 3 days Mon 3/29/21 Wed 3/31/21 7 9 9 Receive Contract or NTP 10 days Wed 4/28/21 Tue 5/11/21 8 10,36,37,38,39,40,41,42,43,44,46,57,58,59,60,61,62,63,64,86,45 10 Execute Subcontractor Work Orders 10 days Wed 5/12/21 Tue 5/25/21 9 11 ASI #39 Release Date (10/1/21) 0 days? Fri 10/1/21 Fri 10/1/21 12 RFI #43 4 days Wed 10/6/21 Mon 10/11/21 17 13 RFI #44 7 days Wed 10/6/21 Thu 10/14/21 17 14 RFI #46 2 days Thu 10/7/21 Fri 10/8/21 17 15 ASI #39.1 Release Date (10/19/21) 0 days? Tue 10/19/21 Tue 10/19/21 16 RFI #59 7 days Fri 11/12/21 Mon 11/22/21 17 Pricing ASI #39 Rev. 1 12 days Tue 10/19/21 Wed 11/3/21 14,13,12 18 18 Pricing ASI #39 Rev. 2 14 days Thu 11/4/21 Tue 11/23/21 17 19 19 Pricing ASI #39 Rev. 3 16 days Wed 11/24/21Wed 12/15/21 18 20 20 Pricing ASI #39 Rev. 4 4 days Thu 12/16/21 Tue 12/21/21 19 21 21 ASI #39 Approval 10 days Wed 12/22/21Fri 1/7/22 20 364FS+15 days 22 ASI #40 Footings Release Date (11/17/21) 0 days Wed 11/17/21Wed 11/17/21 23 RFI #63 2 days Mon 11/29/21Tue 11/30/21 25 24 Construction Directive #04 - proceed with  ASI #40 Footings 0 days Tue 12/7/21 Tue 12/7/21 217FS+2  days,117FS+5 25 Pricing ASI #40 Footings Rev. 1 17 days Wed 12/1/21 Mon 12/27/21 23 26 ASI #40 Complete Release Date (12/9/21) 0 days Thu 12/9/21 Thu 12/9/21 49FS+10 days 27 RFI #68 2 days Wed 12/15/21Thu 12/16/21 28 RFI #69 5 days Mon 12/27/21Mon 1/3/22 29 RFI #70 5 days Mon 12/27/21Mon 1/3/22 31 30 Construction Directive #05 - ASI #40 Steel  Procurement 3 days Tue 2/1/22 Thu 2/3/22 68 31 ASI #40 Pricing 20 days Tue 1/4/22 Tue 2/1/22 29 32 32 ASI #40 Approval 10 days Wed 2/2/22 Tue 2/15/22 31 33 ASI #xx INDUSTRY Office release date 1 day Tue 2/15/22 Tue 2/15/22 34 ASI #xx INDUSTRY Office approval 1 day Tue 3/15/22 Tue 3/15/22 144FS+5 days,166FS+5 days,188FS+5 days 35 Submittals (Submit & Approve) 214 days Tue 5/11/21 Mon 3/14/22 36 Plumbing 117 days Wed 5/12/21 Thu 10/21/21 9 76 37 Electrical 117 days Wed 5/12/21 Thu 10/21/21 9 74,73 38 Mechanical 117 days Wed 5/12/21 Thu 10/21/21 9 75 39 Fire Sprinkler 142 days Wed 5/12/21 Thu 11/25/21 9 77 40 Fire Alarm 103 days Tue 7/6/21 Thu 11/25/21 9 78 41 Baserock/Rock 63 days Wed 5/12/21 Fri 8/6/21 9 112FS-20 days 42 Rebar 117 days Wed 5/12/21 Thu 10/21/21 9 66,113,213,233 43 Concrete 78 days Wed 5/12/21 Fri 8/27/21 9 109,214,234,114 44 Shotcrete - Deleted per RFI #7 0 days Tue 5/11/21 Tue 5/11/21 9 45 Structural Steel 73 days Wed 5/12/21 Fri 8/20/21 9 46 ASI#39 Structural Steel : Delay in Detailing  Due to Floor Elevation Move  124 days Wed 5/12/21 Mon 11/1/21 9 67,47 47 Structural Steel and ASI #39  : Architectural  and Structural Review  10 days Tue 11/2/21 Mon 11/15/21 46 67,48FS+22 days 48 ASI # 39.1 Resubmittal 22 days Thu 12/16/21 Thu 1/20/22 47FS+22 days 49 ASI #40 Structural Steel Gridline J-L 18 days Mon 12/27/21Fri 1/21/22 26FS+10 days 50,51 50 ASI #40 Structural Steel Gridline J-L AOR Approval 5 days Mon 1/24/22 Fri 1/28/22 49 68 51 ASI #40 Structural Steel Gridline L-N 10 days Mon 1/24/22 Fri 2/4/22 49 52,53 52 ASI #40 Structural Steel Gridline L-N AOR  Approval  5 days Mon 2/7/22 Fri 2/11/22 51 69 53 ASI #40 Structural Steel Gridline N-R 10 days Mon 2/7/22 Fri 2/18/22 51 54,55 54 ASI #40 Structural Steel Gridline N-R AOR  Approval  5 days Tue 2/22/22 Mon 2/28/22 53 70 55 ASI #40 Structural Steel Gridline R-W 10 days Tue 2/22/22 Mon 3/7/22 53 56 10/1 10/19 11/17 12/7 12/9 Construction Directive #05 - ASI #40 Steel Procurement NA 5/11 J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 1 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 56 ASI #40 Structural Steel Gridline R-W AOR  Approval  5 days Tue 3/8/22 Mon 3/14/22 55 71 57 Wheel Chair Lift 103 days Tue 6/8/21 Thu 10/28/21 9 72 58 Glass and Glazing 117 days Wed 5/19/21 Thu 10/28/21 9 80 59 Doors, Frames and Hardware 122 days Wed 5/12/21 Thu 10/28/21 9 81 60 Overhead Door 117 days Wed 5/12/21 Thu 10/21/21 9 79 61 Metal Stud Drywall 70 days Wed 5/12/21 Tue 8/17/21 9 82 62 Insulation 70 days Wed 5/12/21 Tue 8/17/21 9 83 63 Paint 103 days Tue 6/8/21 Thu 10/28/21 9 136,265,284,247 64 CMU 117 days Wed 5/12/21 Thu 10/21/21 9 364 65 Longlead and Procurement 164 days Wed 8/18/21 Mon 4/11/22 66 Rebar 20 days Fri 10/22/21 Thu 11/18/21 42 67 Structural Steel : Delay in Detailing Due to  Floor Elevation Move  30 days Thu 11/11/21 Wed 12/22/21 46,47 68 Additional Steel Due to ASI #40 J-L 20 days Fri 2/4/22 Fri 3/4/22 50,30 226,227 69 Additional Steel Due to ASI #40 L-N 20 days Mon 2/14/22 Mon 3/14/22 52 228 70 Additional Steel Due to ASI #40 N-R 20 days Tue 3/1/22 Mon 3/28/22 54 229 71 Additional Steel Due to ASI #40 R-W 20 days Tue 3/15/22 Mon 4/11/22 56 230 72 Wheel Chair Lift 90 days Fri 10/29/21 Thu 3/10/22 57 359FS+20 days,360FS+20 days 73 Electrical and Floor Boxes 20 days Fri 10/22/21 Thu 11/18/21 37 74 Electrical Lighting 60 days Fri 10/22/21 Wed 1/19/22 37 137,285,248 75 Mechanical 60 days Fri 10/22/21 Wed 1/19/22 38 379,382 76 Plumbing 10 days Fri 10/22/21 Thu 11/4/21 36 77 Fire Sprinkler 40 days Fri 11/26/21 Wed 1/26/22 39 124,274,237 78 Fire Alarm 10 days Fri 11/26/21 Thu 12/9/21 40 139,287,250 79 Overhead Door 10 days Fri 10/22/21 Thu 11/4/21 60 80 Glass and Glazing 45 days Fri 10/29/21 Tue 1/4/22 58 374 81 Doors, Frames and Hardware 40 days Fri 10/29/21 Mon 12/27/21 59 130,262,279,333,242 82 Metal Stud and Drywall 1 day Wed 8/18/21 Wed 8/18/21 61 128,256,260 83 Rigid Insulation 5 days Wed 8/18/21 Tue 8/24/21 62 84 Construction 177 days Wed 1/20/21 Thu 9/23/21 85 Mobilize to Site 76 days Wed 1/27/21 Wed 5/12/21 91FS+10 days 86 Makers Line Mobilize (5 days from NTP) 1 day Wed 5/12/21 Wed 5/12/21 9 87 Temp Power / Temp Lighting 6 days Wed 1/27/21 Wed 2/3/21 89 88 Demolition 177 days Wed 1/20/21 Thu 9/23/21 89 Safe Off MEP Trades 5 days Wed 1/20/21 Tue 1/26/21 5 87,90 90 SawCut and Hard Demo 53 days Wed 1/27/21 Fri 4/9/21 89 99 91 Selective Demo 40 days Thu 5/27/21 Wed 7/21/21 85FS+10 days 94FS-50 days,93 92 Roof Demo 12.8 days Tue 9/7/21 Thu 9/23/21 111FS-3 days 106FS-1 day 93 Remove And Salvage Clerestory Windows 50 days Mon 6/28/21 Fri 9/3/21 91 94 RFI #7 Exsiting CMU North Wall  52 days Mon 5/24/21 Tue 8/3/21 91FS-50 days 95 95 RFI #7 Pricing, Approval and Demo 20 days Wed 8/4/21 Tue 8/31/21 94 96 Construction 5A Gridline .5 to 1 447 days Mon 1/18/21 Fri 10/14/22 97 1st Floor 447 days Mon 1/18/21 Fri 10/14/22 98 East - Gridline .5 to 1 (Core and Shell) 290 days Mon 2/22/21 Fri 4/8/22 99 Rough Grade 5 days Mon 4/12/21 Fri 4/16/21 90 210,107FS-5 days,100FS-113 days 100 RFI #4 / RFI #16  Existing Footings East  Bay  110 days Mon 2/22/21 Fri 7/23/21 99FS-113 days 101FS-18  days 101 PCO #1 - Concrete Footing Removal 32 days Wed 6/30/21 Thu 8/12/21 100FS-18 days 106,102FS-5 days 102 Demo Per RFI #4, #16, PCO#1 12 days Mon 7/5/21 Mon 8/9/21 101FS-5 days 106,103FS-12 days,110,111 103 Submittal # 82 - Structural Fill /  GeoFabric 16 days Thu 7/22/21 Fri 8/13/21 102FS-12 days 106,104,105 104 Backfill & Compact Demolished Footings12 days Tue 8/17/21 Thu 9/2/21 103,105 111 105 Rain Delay - Import Material Saturated 2 days Fri 8/13/21 Tue 8/17/21 103 104 106 Rough Grade Continued 3 days Thu 9/23/21 Mon 9/27/21 101,102,103,92FS-1 day107FS-3 days,210 107 Footing Excavation 7 days Thu 9/23/21 Fri 10/1/21 99FS-5 days,106FS-3 days108 108 Reinforcing Steel Footings 9 days Mon 10/4/21 Thu 10/14/21 107 109 109 Footing Pour 2 days Fri 10/15/21 Mon 10/18/21 108,43 112FS-20 days,110 110 Rough Underground Plumbing 4 days Tue 10/19/21 Mon 10/25/21 102,109 112 111 Electrical UG 13 days Tue 8/24/21 Fri 9/10/21 102,104 92FS-3 days 112 GeoFabric and Baserock 3 days Mon 10/25/21Thu 10/28/21 109FS-20 days,41FS-20 days,110113 113 Reinforcing Steel SOG 4 days Thu 10/28/21 Wed 11/3/21 112,42 114 Additional Steel Due to ASI #40 J-L NA J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 2 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 114 Pour Slab 1 day Wed 11/3/21 Thu 11/4/21 43,113 115 115 Slab Cure 5 days Thu 11/4/21 Thu 11/11/21 114 116 116 Polish SOG 5 days Thu 11/11/21 Thu 11/18/21 115 123 117 Demo Slab 2 days Tue 12/14/21 Wed 12/15/21 24FS+5 days 118 118 Additional Excavation ASI #40 4 days Thu 12/16/21 Tue 12/21/21 117 119 119 Additional Footings ASI #40 4 days Wed 12/22/21Wed 12/29/21 118 120 120 Re-connect electrical conduit 3 days Thu 12/30/21 Tue 1/4/22 119 121 121 SOG prep (Baserock/ Reinf. Steel /  Epoxy) 4 days Wed 1/5/22 Mon 1/10/22 120 122 122 Re-Pour SOG & Footings ASI #40 2 days Tue 1/11/22 Wed 1/12/22 121 123 123 Layout and MEP Coordination 1 day Thu 1/13/22 Thu 1/13/22 116,122 125,126,127,128FS+7 days 124 Rough Over Sprinklers Below Deck 10 days Thu 1/27/22 Wed 2/9/22 77 140 125 Rough Electrical ( OH ) 15 days Fri 1/14/22 Fri 2/4/22 123 137,139 126 Rough Mechanical (OH ) 15 days Fri 1/14/22 Fri 2/4/22 123 138 127 Rough Plumbing (OH ) 15 days Fri 1/14/22 Fri 2/4/22 123 133 128 Metal Stud Framing 10 days Wed 1/26/22 Tue 2/8/22 123FS+7 days,82 129FS-4 days,130FS-2 days,132 129 Rough Electrical In Wall 7 days Thu 2/3/22 Fri 2/11/22 128FS-4 days 132 130 Door Frames 5 days Mon 2/7/22 Fri 2/11/22 128FS-2 days,81 131SS 131 Window Frames 5 days Mon 2/7/22 Fri 2/11/22 130SS 138 132 Insulation 2 days Mon 2/14/22 Tue 2/15/22 128,129 133 133 Drywall 5 days Wed 2/16/22 Wed 2/23/22 132,127 134 134 Tape and Finish 10 days Thu 2/24/22 Wed 3/9/22 133 136FS-3 days,135 135 Doors and Hardware 5 days Thu 3/10/22 Wed 3/16/22 134 136 136 Prime and Paint 7 days Thu 3/17/22 Fri 3/25/22 134FS-3 days,135,63141,137,138,139,140 137 Finish Electrical 7 days Mon 3/28/22 Tue 4/5/22 136,125,74 142 138 Finish Mechanical 7 days Mon 3/28/22 Tue 4/5/22 136,126,131 142 139 Finish Fire Alarm 7 days Mon 3/28/22 Tue 4/5/22 136,125,78 142 140 Finish Fire Sprinkler 7 days Mon 3/28/22 Tue 4/5/22 136,124 142 141 Baseboards 3 days Mon 3/28/22 Wed 3/30/22 136 142 142 Final Clean 3 days Wed 4/6/22 Fri 4/8/22 137,138,139,140,141 143 INDUSTRY OFFICE  (CONCEPTUAL) 71 days Thu 7/7/22 Fri 10/14/22 165 Recursion OFFICE  (CONCEPTUAL) 71 days Thu 7/7/22 Fri 10/14/22 187 Denali OFFICE  (CONCEPTUAL) 71 days Thu 7/7/22 Fri 10/14/22 209 West - Gridline 1.1 to 4 417 days Mon 1/18/21 Thu 9/1/22 210 Rough Grade 5 days Tue 9/28/21 Mon 10/4/21 99,106 212,211 211 ASI #39 - Modify Footings & Additional  Scope 11 days Tue 10/5/21 Tue 10/19/21 210 212 212 Footing Excavation 7 days Wed 10/20/21Thu 10/28/21 210,211 213 213 Reinforicng Steel Footing 15 days Fri 10/29/21 Thu 11/18/21 212,42 214 214 Footing Pour 2 days Fri 11/19/21 Mon 11/22/21 213,43 215 215 Footing Pour Cure 5 days Tue 11/23/21 Mon 11/29/21 214 216 216 Rough Underground Plumbing 5 days Tue 11/30/21 Mon 12/6/21 215 217,224 217 Additional Excavation ASI #40 12 days Thu 12/9/21 Tue 12/28/21 216,24FS+2 days 221SS+6 days,218SS+4 days,219SS+10 days,220SS+14 days 218 Weather Delay (12/15/21) 1 day Wed 12/15/21Wed 12/15/21 217SS+4 days 221 219 Weather Delay (12/27/21)-(12/28/21) 2 days Mon 12/27/21Tue 12/28/21 217SS+10 days 220 Weather Delay (12/31/21) 2 days Mon 1/3/22 Tue 1/4/22 217SS+14 days 221 Additional Footings ASI #40 13 days Fri 12/17/21 Fri 1/7/22 217SS+6 days,218222 222 Pour Footings ASI #40 2 days Mon 1/10/22 Tue 1/11/22 221 224,223 223 Soil Improvement  (Winter Conditions  ASI #40) 15 days Wed 1/12/22 Wed 2/2/22 222 224 224 GeoFabric and Baserock 3 days Thu 2/3/22 Mon 2/7/22 216,222,223 390,233,399FS+30 days 225 Steel Columns Erection 5 days Mon 2/28/22 Fri 3/4/22 365FS-12 days 226 226 Additional Steel Columns Erection due  to ASI #40 9 days Mon 3/7/22 Thu 3/17/22 225,68 227 Additional Steel Due to ASI #40 J-L 19 days Mon 3/7/22 Thu 3/31/22 68 228,229,230,292 228 Additional Steel Due to ASI #40 L-N 19 days Fri 4/1/22 Wed 4/27/22 227,69 229,230,293 229 Additional Steel Due to ASI #40 N-R 19 days Thu 4/28/22 Tue 5/24/22 227,228,70 230,294 230 Additional Steel Due to ASI #40 R-W 14 days Wed 5/25/22 Mon 6/13/22 227,228,229,71 296 231 Metal Stud Framing (Fire wall) 20 days Mon 1/18/21 Fri 2/12/21 232 Level 1 South - Gridline J-R 65 days Wed 6/1/22 Thu 9/1/22 233 Reinforcing Steel SOG (South) 4 days Wed 6/1/22 Mon 6/6/22 42,224,294,295 234 234 Pour Slab SOG (South) 1 day Tue 6/7/22 Tue 6/7/22 43,233 235 Additional Steel Due to ASI #40 J-L NA Additional Steel Due to ASI #40 L-N NA Additional Steel Due to ASI #40 N-R NA Additional Steel Due to ASI #40 R-W NA J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 3 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 235 SOG Cure and Polish 7 days Wed 6/8/22 Thu 6/16/22 234 358,236 236 Metal Stud Framing 16 days Fri 6/17/22 Tue 7/12/22 235 241,242,244,243,255SS,237SS+3 days 237 Rough Fire Sprinkler 7 days Wed 6/22/22 Thu 6/30/22 77,236SS+3 days 244,238FS+3 days,239FS+3 days,240FS+3 days 238 Rough Electrical ( OH ) 10 days Fri 7/8/22 Thu 7/21/22 237FS+3 days 239 Rough Mechanical (OH ) 10 days Fri 7/8/22 Thu 7/21/22 237FS+3 days 240 Rough Plumbing ( OH ) 10 days Fri 7/8/22 Thu 7/21/22 237FS+3 days 241 Rough Electrical In Wall 6 days Wed 7/13/22 Wed 7/20/22 236 244 242 Door Frames 2 days Wed 7/13/22 Thu 7/14/22 236,81 244,243 243 Insulation 2 days Fri 7/15/22 Mon 7/18/22 236,242 244 244 Drywall 7 days Thu 7/21/22 Fri 7/29/22 237,236,241,242,2435 245 Tape and Finish 7 days Mon 8/1/22 Tue 8/9/22 244 247,246 246 Doors and Hardware 5 days Wed 8/10/22 Tue 8/16/22 245 253 247 Prime and Paint 6 days Wed 8/10/22 Wed 8/17/22 245,63 252,248,249,250,251 248 Finish Electrical 8 days Thu 8/18/22 Mon 8/29/22 247,74 253,410 249 Finish Mechanical 8 days Thu 8/18/22 Mon 8/29/22 247 253 250 Finish Fire Alarm 8 days Thu 8/18/22 Mon 8/29/22 247,78 253 251 Finish Fire Sprinkler 8 days Thu 8/18/22 Mon 8/29/22 247 253 252 Baseboards 2 days Thu 8/18/22 Fri 8/19/22 247 253 253 Final Clean 3 days Tue 8/30/22 Thu 9/1/22 246,248,249,250,251,252412SS 254 Restrooms 30 days Fri 6/17/22 Mon 8/1/22 269 Level 1- North - Gridline R-W 51 days Tue 6/21/22 Thu 9/1/22 270 Reinforcing Steel SOG (North) 4 days Tue 6/21/22 Fri 6/24/22 296,297 271 271 Pour Slab SOG (North) 1 day Mon 6/27/22 Mon 6/27/22 270 272 272 SOG Cure and Polish 6 days Tue 6/28/22 Thu 7/7/22 271 273 273 Metal Stud Framing 7 days Fri 7/8/22 Mon 7/18/22 272 278,279,281,280,274SS+3 days 274 Rough Fire Sprinkler 7 days Wed 7/13/22 Thu 7/21/22 77,273SS+3 days 281,275FS+3 days,276FS+3 days,277FS+3 days 275 Rough Electrical ( OH ) 9 days Wed 7/27/22 Mon 8/8/22 274FS+3 days 276 Rough Mechanical (OH ) 9 days Wed 7/27/22 Mon 8/8/22 274FS+3 days 277 Rough Plumbing ( OH ) 9 days Wed 7/27/22 Mon 8/8/22 274FS+3 days 278 Rough Electrical In Wall 5 days Tue 7/19/22 Mon 7/25/22 273 281 279 Door Frames 2 days Tue 7/19/22 Wed 7/20/22 273,81 281,280 280 Insulation 2 days Thu 7/21/22 Fri 7/22/22 273,279 281 281 Drywall 7 days Tue 7/26/22 Wed 8/3/22 273,279,280,274,27882 282 Tape and Finish 7 days Thu 8/4/22 Fri 8/12/22 281 284,283 283 Doors and Hardware 4 days Mon 8/15/22 Thu 8/18/22 282 290 284 Prime and Paint 5 days Mon 8/15/22 Fri 8/19/22 282,63 289,285,286,287,288 285 Finish Electrical 6 days Mon 8/22/22 Mon 8/29/22 284,74 290,410 286 Finish Mechanical 6 days Mon 8/22/22 Mon 8/29/22 284 290 287 Finish Fire Alarm 6 days Mon 8/22/22 Mon 8/29/22 284,78 290 288 Finish Fire Sprinkler 6 days Mon 8/22/22 Mon 8/29/22 284 290 289 Baseboards 2 days Mon 8/22/22 Tue 8/23/22 284 290 290 Final Clean 3 days Tue 8/30/22 Thu 9/1/22 285,286,287,288,289,283412SS 291 2nd Floor West Gridline 1.1 to 4 104 days Fri 4/1/22 Fri 8/26/22 292 Metal Deck ASI #40 J-L 5 days Fri 4/1/22 Thu 4/7/22 227 301,298,299 293 Metal Deck ASI #40 L-N 5 days Thu 4/28/22 Wed 5/4/22 228 301,298,299 294 Metal Deck ASI #40 N-R 5 days Wed 5/25/22 Tue 5/31/22 229 302,299,369,295,233 295 CRB UG Start J-R 0 days Tue 5/31/22 Tue 5/31/22 294 233 296 Metal Deck ASI #40 R-W 5 days Tue 6/14/22 Mon 6/20/22 230 302,300,370,270,297 297 CRB UG start  R-W 0 days Mon 6/20/22 Mon 6/20/22 296 270 298 Layout and MEP Cooridnation (  Through Floor Penetrations ) 1 day Thu 5/5/22 Thu 5/5/22 292,293 301 299 Reinforcing Steel ASI #40 J-R 3 days Wed 6/1/22 Fri 6/3/22 292,293,294 301 300 Reinforcing Steel ASI #40 R-W 3 days Tue 6/21/22 Thu 6/23/22 296 302 301 Mezz Deck Pour ASI #40 J-R 2 days Mon 6/6/22 Tue 6/7/22 299,298,292,293 302,303 302 Mezz Deck Pour 2 ASI #40 R-W 2 days Fri 6/24/22 Mon 6/27/22 301,294,296,300 304 303 Mezz Deck Cure ASI #40 L-R 5 days Wed 6/8/22 Tue 6/14/22 301 306,307 304 Mezz Deck Cure 2 ASI #40 R-W 5 days Tue 6/28/22 Wed 7/6/22 302 341,342,343,344,345,346 305 Level 2 South (J-R) 44 days Wed 6/15/22 Wed 8/17/22 306 Layout and Coordination 1 day Wed 6/15/22 Wed 6/15/22 303 326SS+1 day,144SS,166SS,188SS 307 Metal Stud Framing 7 days Wed 6/15/22 Thu 6/23/22 303 314,313,308SS+3 days 308 Rough Fire Sprinkler ( OH ) 7 days Mon 6/20/22 Tue 6/28/22 307SS+3 days 309FS+3 days,310FS+3 days,311FS+3 days,312FS-3 days 5/31 Metal Deck ASI #40 R-W NA 6/20 Reinforcing Steel ASI #40 R-W NA Mezz Deck Pour 2 ASI #40 R-W NA Mezz Deck Cure 2 ASI #40 R-W NA J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 4 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 309 Rough Electrical ( OH ) 10 days Wed 7/6/22 Tue 7/19/22 308FS+3 days 310 Rough Mechanical (OH ) 10 days Wed 7/6/22 Tue 7/19/22 308FS+3 days 311 Rough Plumbing (OH ) 10 days Wed 7/6/22 Tue 7/19/22 308FS+3 days 312 Rough Electrical In Wall 5 days Fri 6/24/22 Thu 6/30/22 308FS-3 days 313,314 313 Door Frames 2 days Fri 7/1/22 Wed 7/6/22 312,307 317 314 Insulation 2 days Fri 7/1/22 Wed 7/6/22 312,307 315 315 Drywall 7 days Thu 7/7/22 Fri 7/15/22 314 316 316 Tape and Finish 7 days Mon 7/18/22 Tue 7/26/22 315 318 317 Doors and Hardware 5 days Thu 7/7/22 Wed 7/13/22 313 318 318 Prime and Paint 5 days Wed 7/27/22 Tue 8/2/22 317,316 319,320,321,322,323 319 Finish Electrical 8 days Wed 8/3/22 Fri 8/12/22 318 324,410 320 Finish Mechanical 8 days Wed 8/3/22 Fri 8/12/22 318 324 321 Finish Fire Alarm 8 days Wed 8/3/22 Fri 8/12/22 318 324 322 Finish Fire Sprinkler 8 days Wed 8/3/22 Fri 8/12/22 318 324 323 Baseboards 2 days Wed 8/3/22 Thu 8/4/22 318 324 324 Final Clean 3 days Mon 8/15/22 Wed 8/17/22 319,320,321,322,323412SS 325 Restrooms 30 days Thu 6/16/22 Fri 7/29/22 340 Level 2 North (R-W) 37 days Thu 7/7/22 Fri 8/26/22 341 Layout and Coordination 1 day Thu 7/7/22 Thu 7/7/22 304 144SS,166SS,188SS 342 Metal Stud Framing 7 days Thu 7/7/22 Fri 7/15/22 304 348,347FS-2 days 343 Rough Fire Sprinkler ( OH ) 7 days Thu 7/7/22 Fri 7/15/22 304 344 Rough Electrical ( OH ) 10 days Thu 7/7/22 Wed 7/20/22 304 345 Rough Mechanical (OH ) 10 days Thu 7/7/22 Wed 7/20/22 304 346 Rough Plumbing (OH ) 10 days Thu 7/7/22 Wed 7/20/22 304 347 Rough Electrical In Wall 5 days Thu 7/14/22 Wed 7/20/22 342FS-2 days 348 348 Insulation 2 days Thu 7/21/22 Fri 7/22/22 342,347 349 349 Drywall 6 days Mon 7/25/22 Mon 8/1/22 348 350 350 Tape and Finish 7 days Tue 8/2/22 Wed 8/10/22 349 351 351 Prime and Paint 5 days Thu 8/11/22 Wed 8/17/22 350 352,353,354,355 352 Finish Electrical 4 days Thu 8/18/22 Tue 8/23/22 351 356,410 353 Finish Mechanical 4 days Thu 8/18/22 Tue 8/23/22 351 356 354 Finish Fire Alarm 4 days Thu 8/18/22 Tue 8/23/22 351 356 355 Finish Fire Sprinkler 4 days Thu 8/18/22 Tue 8/23/22 351 356 356 Final Clean 3 days Wed 8/24/22 Fri 8/26/22 352,353,354,355 412SS 357 ADA Lift 61 days Fri 6/17/22 Tue 9/13/22 358 Elevator Enclosure per ASI #40 15 days Fri 6/17/22 Mon 7/11/22 235 359,360 359 Additional Elevator due to ASI #39 20 days Tue 7/12/22 Mon 8/8/22 72FS+20 days,358361 360 Additional Wheelchair Lift due to ASI  #39 15 days Tue 7/12/22 Mon 8/1/22 72FS+20  days,358 361 361 Set Up State Inspection 1 day Tue 8/9/22 Tue 8/9/22 359,360 362 362 State Inspection 25 days Wed 8/10/22 Tue 9/13/22 361 411 363 Exterior Shell and Closure 109 days Tue 2/1/22 Wed 7/6/22 364 CMU West Wall Stage 5a 20 days Tue 2/1/22 Tue 3/1/22 64,21FS+15 days 367,366SS+10 days,365 365 Winter Conditions for CMU 10 days Wed 3/2/22 Tue 3/15/22 364 366,367FS-5 days,225FS-12 days,399 366 CMU North Wall Per RFI #7 15 days Wed 3/16/22 Tue 4/5/22 364SS+10 days,365368 367 Metal Stud Framing 20 days Wed 3/9/22 Tue 4/5/22 364,365FS-5 days373 368 Metal Stud Faming RFI North Wall #07 5 days Wed 4/6/22 Tue 4/12/22 366 369 Roof Deck - ASI #40 J-R 10 days Wed 6/1/22 Tue 6/14/22 294 384,378,371FS-3 days 370 Roof Deck - ASI #40 R-W 10 days Tue 6/21/22 Wed 7/6/22 296 385,372FS-3 days,397 371 CRB ROOF CURB INSTALL (J-R) 0 days Fri 6/10/22 Fri 6/10/22 369FS-3 days 384 372 CRB ROOF CURB INSTALL (R-W) 0 days Thu 6/30/22 Thu 6/30/22 370FS-3 days 385 373 Metal Siding and Flashing 20 days Wed 4/6/22 Tue 5/3/22 367 374,375 374 Glass and Glazing 10 days Wed 5/4/22 Tue 5/17/22 373,80 409 375 Garage Doors 10 days Wed 5/4/22 Tue 5/17/22 373 412 376 Roof 39 days Wed 6/15/22 Wed 8/10/22 377 Demo Roof for Mechanical Curbs 5 days Wed 6/15/22 Tue 6/21/22 384SS 379 378 Roof Screens Steel 10 days Wed 6/15/22 Tue 6/28/22 369 379 Set Curbs 3 days Wed 6/22/22 Fri 6/24/22 377,75 381,380,382 380 Rough Electrical To Mechanical Units 5 days Mon 6/27/22 Fri 7/1/22 379 382 381 Roof Patch and Flash 5 days Mon 6/27/22 Fri 7/1/22 379 382,383 382 Set Mechanical Equipment 3 days Wed 7/6/22 Fri 7/8/22 381,379,380,75 409 Layout and Coordination NA 6/10 6/30 J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 5 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

ID Task Mode Task Name Duration Start Finish Predecessors Successors 383 Rough Gas to Mechanical Units ( Above Roof )5 days Wed 7/6/22 Tue 7/12/22 381 409 384 Roofing J-R 15 days Wed 6/15/22 Thu 7/7/22 369,371 386,377SS 385 Roofing R-W 15 days Thu 7/7/22 Wed 7/27/22 370,372 386,387 386 Flashing and Gutter 10 days Thu 7/28/22 Wed 8/10/22 384,385 387 Roof Screens Metal Siding 10 days Thu 7/28/22 Wed 8/10/22 385 388 Site 119 days Tue 2/8/22 Wed 7/27/22 389 East 119 days Tue 2/8/22 Wed 7/27/22 390 Site Demo 2 days Tue 2/8/22 Wed 2/9/22 224 391 391 Grading 2 days Thu 2/10/22 Fri 2/11/22 390 392 392 Underground Utilites 5 days Mon 2/14/22 Fri 2/18/22 391 393 393 Reinforcing Steel (Patios) 5 days Tue 2/22/22 Mon 2/28/22 392 394 394 Concrete 10 days Tue 3/1/22 Mon 3/14/22 393 395SS,397 395 Asphalt Patch 2 days Tue 3/1/22 Wed 3/2/22 394SS 412,396 396 Landscape 10 days Thu 3/3/22 Wed 3/16/22 395 412 397 Site Misc Metals 15 days Thu 7/7/22 Wed 7/27/22 394,370 412 398 West and North 47 days Wed 3/23/22 Thu 5/26/22 399 Site Demo 2 days Wed 3/23/22 Thu 3/24/22 224FS+30 days,365400 400 Grading 2 days Fri 3/25/22 Mon 3/28/22 399 401 401 Underground Utilites 10 days Tue 3/29/22 Mon 4/11/22 400 402 402 Structural Excavation 3 days Tue 4/12/22 Thu 4/14/22 401 403 403 Reinforcing Steel 5 days Fri 4/15/22 Thu 4/21/22 402 404 404 Concrete 10 days Fri 4/22/22 Thu 5/5/22 403 405SS,407 405 Asphalt Patch 2 days Fri 4/22/22 Mon 4/25/22 404SS 412,406 406 Landscape 10 days Tue 4/26/22 Mon 5/9/22 405 412 407 Site Misc Metals 15 days Fri 5/6/22 Thu 5/26/22 404 412 408 Closeout 5A 48 days Wed 7/13/22 Fri 9/16/22 409 Equipment Start-Up and TAB 12 days Wed 7/13/22 Thu 7/28/22 374,382,383 410 Fire Life Safety Pre-Testing 2 days Tue 8/30/22 Wed 8/31/22 285,248,352,319 411,412 411 City Final inspections / TCO - CRB 3 days Wed 9/14/22 Fri 9/16/22 410,339,268,362 412 Punchlist 5 days Thu 9/1/22 Wed 9/7/22 410,290SS,268,395,375,397,396,324SS,253SS,356SS,407,405,40641 413 Turnover to Tenant 1 day Thu 9/8/22 Thu 9/8/22 412 J M M J S N J M M J S N Half 1, 2021 Half 2, 2021 Half 1, 2022 Half 2, 2022 Critical Critical Split Critical Progress Task Split Task Progress Manual Task Start-only Finish-only Duration-only Baseline Baseline Split Baseline Milestone Milestone Summary Progress Summary Manual Summary Project Summary External Tasks External Milestone Inactive Task Inactive Milestone Inactive Summary Deadline INDUSTRY SLC Stage 5A - Accelerated Schedule NOT APPROVED Page 6 DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11    EXHIBIT C-4    Warm Shell Condition1    • A minimum 6” thick continuous flat concrete slab without plane changes, and a  10mm continuous vapor barrier per updated Landlord and Tenant’s co- design.  Any additional specialty costs will be borne by Tenant. Flat floor shall  specifically be held to ACI Standards for FFL.  • Footings and elevated deck adequate for office and laboratory use per co-design  (the elevated deck shall be built per updated co-designstandards with stairs (and  no additional conveyance) and metal perimeter railing). The mezzanine shall have  a polished concrete floor with a minimum bearing capacity of 150PSF, and shall  be without a drop ceiling or exterior drywall partitions.  Landord to confirm with  Engineer of Record that loads will be designed with a minimum bearing capacity.   • All demolition (demo plan attached as part of the Plans) complete, including non- bearing walls between columns per Landlord plans.  • Landlord, as part of Landlord’s Work, shall provide adequate power (and  associated INDUSTRY-standard distribution) in the office area of the Premises.  Given that there is not sufficient power available to power the Laboratory  Premises, the cost of sourcing additional power shall be at Tenant’s cost.  Landlord shall provide a single 200 amp electrical panel in the Laboratory  Premises as part of Landlord’s Work. At Tenant’s request, Landlord shall provide  an additional 4,000 amp electrical service for the Tenant’s use on the Premises,  which is planned to be exclusively used by Tenant and Tenant’s neighbor with  cost based on the pro-rata split of both users.  Power distribution in the  Laboratory Premises shall be at Tenant’s sole cost.  • Water and gas lines stubbed into the Premises consistent with updated Landlord  and Tenant co-design, subject to review and approval of the Salt Lake City Public  Utilities and local gas utility of the proposed 3” culinary water meter and high- pressure gas line. Subject to the foregoing, Tenant will need a 3” water tap to  existing recently installed 12” main line and new gas line. Tenant shall pay for  additional cost of water and gas lines required for Laboratory Premises.  • 8’Sewer line lateral stubbed to the Premises per updated Landlord and Tenant co- design, further referenced under Exhibit C-5 Utility Site Plan. Sewer upgrades  beyond the original 4” specifications set forth herein shall be borne by Tenant.  •  INDUSTRY-standard HVAC units and capacity for the entirety of the space  including main trunk and distribution lines per Landlord and Tenant codesign; Additional  structural supports for added mass and weight distribution shall accomodate all HVAC  units and process equipment placed on structure required by Tenant for Laboratory    1 NTD:  Landlord to provide a copy of the plans/drawings for completion of the Warm Shell  Condition/Landord’s Work.   DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11    Premises. Related costs shall be borne by Tenant including additional infrastructure and  RTU’s above INDUSTRY standard.    • Building envelope shall be complete, watertight, and meet all 2015 IBC and IECC  code requirements as designed by Landlord. In the event that the authority having  jurisdiction requires any component of the building envelope, not directly  changed, altered or impacted by Tenants’ Improvement plans and construction, to  meet 2018 IBC and IECC code requirements, additional costs for amendments to  the building envelope plans and construction shall be borne by the Landlord.     • Space on the roof for Tenant equipment including ventilation stacks and other  HVAC equipment consistent with Landlord and Tenant co-design. Any additional  structural reinforcement and engineering analysis will be at Tenant’s sole cost and  expense. Any damage to the roof or other equipment shall be repaired at Tenant’s  sole cost.   • Exterior walls framed and insulated per Landlord and Tenant co-design.   • Fire suppression wet system designed and installed throughout the Office  Premises plus new 8” fire service lateral is being pursued on behalf of Tenant at  Tenant’s expense. GPM / Flow Rate shall be dicated by Design and City  Engineering. All costs to redesign of the sprinkler system and costs for additional  distribution throughout the Laboratory Premises will be borne by Tenant  including but not limited to increased piping size, additional pumps to meet flow  rates (if necessary), any specialty suppression and/or air evacuation system.  • Existing INDUSTRY SLC building fire alarm system panel for Tenant to tie into  and all fire alarm devices required per building standard (B Occupancy Code  Requirements).  • INDUSTRY-standard restroom group, complete with an ADA compliant  restroom stall, and code compliant electrical closets, and janitor closets.  • Adequate egress doors for typical office use including ADA and exterior lighting  requirements.  • Exterior patio(s) adjacent to the Premises – per co-design.   • No window coverings shall be provided by Landlord.   • Exterior walls drywalled and primed where appropriate per Tenant and Landlord  co-design.  • •  One (1) 10’ x 12’ loading dock and door accessible by tractor trailer trucks  (either at Building grade or above grade with internal ramps) in a location mutually  approved by Landlord and Tenant. Existing Roadway accesss to loading dock and door  shall be suitable for tractor trailer trucks up to two (2) tons with two (2) axels.   •             DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843D 

 

  17879388_v11        EXHIBIT C-5    Utility Site Plan                DocuSign Envelope ID: 3203BE44-B246-4DB9-A606-0AB0F029843DDocument

Exhibit 10.25

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS NOT MATERIAL AND (I) WOULD BE COMPETITIVELY HARMFUL TO THE REGISTRANT IF PUBLICLY DISCLOSED OR (II) IS INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. SUCH INFORMATION HAS BEEN MARKED WITH “[***]” TO INDICATE WHERE OMISSIONS HAVE BEEN MADE.
COLLABORATION AND LICENSE AGREEMENT
BETWEEN
RECURSION PHARMACEUTICALS, INC.
AND
GENENTECH, INC. AND F. HOFFMANN-LA ROCHE LTD
AS OF DECEMBER 5, 2021

TABLE OF CONTENTS

ARTICLE 1 Definitions 1
ARTICLE 2 Governance 29
ARTICLE 3 Map Creation; Acceptance; Access 37
ARTICLE 4 Collaboration Programs 50
ARTICLE 5 Diligence 68
ARTICLE 6 Financial Terms 69
ARTICLE 7 Payment Terms; Reports; Audits 86
ARTICLE 8 Licenses 91
ARTICLE 9 Intellectual Property 102
ARTICLE 10 Confidentiality and Non-Disclosure 108
ARTICLE 11 Representations, Warranties and Covenants 114
ARTICLE 12 Indemnification 117
ARTICLE 13 Term; Termination 119
ARTICLE 14 Dispute Resolution 126
ARTICLE 15 Miscellaneous 128

EXHIBITS
Exhibit A    Authorized Subcontractors
Exhibit B    Initial Criteria
Exhibit C    Initial Research Plan for Initial Neuroscience Phenomaps and [***] Phenomaps
Exhibit D    Press Release
Exhibit E    Existing Third-Party In-License Agreements

COLLABORATION AND LICENSE AGREEMENT
This Collaboration and License Agreement (“Agreement”) is made and entered into as of December, 5 2021 (“Effective Date”), between Recursion Pharmaceuticals, Inc., having its principal place of business at 41 S. Rio Grande Street, Salt Lake City, Utah 84101 (“Recursion”) on the one hand and Genentech, Inc., a Delaware corporation, having its principal place of business at 1 DNA Way, South San Francisco, California 94080 (“GNE”) and F. Hoffmann-La Roche Ltd, having its principal place of business at Grenzacherstrasse 124, CH 4070 Basel, Switzerland (“FHLR”) (GNE and FHLR, collectively, “Roche”), on the other hand.  Roche and Recursion are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”  

Background
WHEREAS, Recursion is a biotechnology company that has expertise in technology-enabled drug discovery.
WHEREAS, Roche is a biopharmaceutical company that is engaged in the discovery, research, development, manufacture and sale of pharmaceutical products.
WHEREAS, the Parties desire to collaborate in the discovery and development of small molecules and novel targets and therapeutic products containing such small molecules or directed to such targets.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Roche and Recursion agree as follows:
ARTICLE 1
Definitions
Capitalized terms used in this Agreement, whether used in the singular or plural, shall have the meanings set forth below, unless otherwise specifically indicated herein.
1.1“Acceptance Fee” is defined in Section 6.2.
1.2“Acceptance Notice” is defined in Section 3.4.2(b).
1.3“Accepted” is defined in Section 3.4.2(b).
1.4“Accounting Standards” means the maintenance of records and books of accounts in accordance with either IFRS or US GAAP, in each case as currently used at the applicable time by, and as consistently applied by, the applicable Party or its Affiliate or Sublicensee.
1.5“Access Log” means the electronic record generated for each Phenomap created pursuant to ARTICLE 3 and each Joint Multi-Modal Map setting forth each login [***] to such map and all queries of such map run for such login by such individual during the applicable Exclusivity Period, which record will identify, among other agreed upon data, the following information: [***].
1.6“Acquired Entity” is defined in Section 8.14.5(b).
1.7“Acquisition Entity” is defined in Section 8.14.5(a).

1.8“Additional Neuroscience Phenomap” means a Roche-requested Neuroscience Phenomap that is not an Initial Neuroscience Phenomap.
1.9“Additional Screening Period” is defined in Section 4.1.7(b).
1.10“Additional Screening Work” is defined in Section 4.1.7(b).
1.11“Affiliate” means any entity that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under common control with a Party, at any point in time and for so long as such control exists.  For purposes of the preceding sentence, “controls”, “controlled”, and “control” means (a) the direct or indirect ownership of more than fifty percent (>50%) of the voting stock or other voting interests or interest in the profits of the Party or (b) the ability to otherwise control or direct the decisions of the board of directors or equivalent governing body thereof.  Notwithstanding the foregoing, for purposes of this Agreement, [***], shall not be considered Affiliates of Roche, unless and until Roche elects to include [***] as an Affiliate of Roche, by providing written notice to Recursion of such election.
1.12“Agreement” has the meaning set forth in the preamble hereto.
1.13“Alliance Manager” is defined in Section 2.5.
1.14“Annual Net Sales” means, with respect to a Collaboration Product, all Net Sales of such Collaboration Product during a Calendar Year.
1.15“Applicable Law” means any and all laws, statues, codes, ordinances, orders, rules, rulings, directives and regulations of any kind whatsoever of any governmental authority within the relevant jurisdiction applicable to the activities under this Agreement.
1.16“Authorized Subcontractor” means, with respect to any activity within a Research Plan allocated to Recursion (the “Subcontracted Activity”), a Recursion subcontractor (a) set forth on Exhibit A to perform such activity or (b) [***].  
1.17“Available” is defined in Section 9.1.
1.18“Available Stage 3 SM Program” means, subject to Section 4.3.3, a Stage 3 Small Molecule Program in the Neuro Field that (a) [***] or (b) [***].
1.19“Back Costs” is defined in Section 9.1. 
1.20“Backup Small Molecule” means, with respect to a Stage 3 Small Molecule Program for which Roche exercised its Roche Development Candidate Option, [***] and (a) [***]; or (b) that Roche has designated as a Backup Small Molecule in accordance with Section 4.2.5(b).
1.21“Baseline Exclusivity Period” means the Baseline [***] Exclusivity Period or Baseline Neuroscience Exclusivity Period, as applicable.
1.22“Board of Directors” is defined in Section 1.27.
1.23“Business Day” means any day, other than a Saturday, Sunday or day on which commercial banks located in the United States or Switzerland are authorized or required by law to be closed.
1.24“Calendar Quarter” means each successive period of three (3) calendar months commencing on January 1 (Q1), April 1 (Q2), July 1 (Q3) and October 1 (Q4), except that the 
2

first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first to occur of January 1, April 1, July 1 or October 1 after the Effective Date, and the last Calendar Quarter shall end on the last day of the Term.
1.25“Calendar Year” means each successive period of twelve (12) calendar months commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Term.
1.26“Cell Context” means, for a Phenomap, the cell model used to create such Phenomap, [***] (such [***], and such [***]).
1.27“Change in Control” with respect to Recursion, shall be deemed to have occurred if any of the following occurs after the Effective Date:
(a)any “person” or “group” (as such terms are defined below) (i) becomes the “beneficial owner” (as defined below), directly or indirectly, of shares of capital stock or other interests (including partnership interests) of Recursion then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of the directors, managers or similar supervisory positions (“Voting Stock”) of Recursion representing more than fifty percent (50%) of the total voting power of all outstanding classes of Voting Stock of Recursion or (ii) acquires the power, directly or indirectly, to elect a majority of the members of the board of directors, or similar governing body (“Board of Directors”) of Recursion; or
(b)Recursion enters into a merger, consolidation or similar transaction with a Third Party (whether or not Recursion is the surviving entity) and as a result of such merger, consolidation or similar transaction (i) the members of the Board of Directors of Recursion immediately prior to such transaction constitute less than a majority of the members of the Board of Directors of Recursion or of such surviving entity immediately following such transaction (a “Board Change”) or (ii) the individuals or entities that beneficially owned, directly or indirectly, the shares of Voting Stock of Recursion immediately prior to such transaction cease to beneficially own, directly or indirectly, shares of Voting Stock of Recursion representing at least a majority of the total voting power of all outstanding classes of Voting Stock of the surviving entity in substantially the same proportions as their ownership of Voting Stock of Recursion immediately prior to such transaction (a “Stockholder Change”); or
(c)Recursion sells or transfers to any Third Party, in one or more related transactions, properties or assets representing all or substantially all of Recursion’s assets to which this Agreement relates.  
For the purpose of this Section 1.27, (x) “person” and “group” have the meanings given such terms under Section 13(d) and 14(d) of the United States Securities Exchange Act of 1934 and the term “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the said Act; (y) a “beneficial owner” shall be determined in accordance with Rule 13d-3 under the aforesaid Act; and (z) the terms “beneficially owned” and “beneficially own” shall have meanings correlative to that of “beneficial owner.”  Notwithstanding the foregoing, (A) a transaction solely to change the domicile of Recursion; or (B) any merger or consolidation between Recursion and one or more of its Affiliates shall not constitute a Change in Control, unless such merger or consolidation would cause the occurrence of either or both of a Board Change or a Stockholder Change.
3

1.28“Co-Lead” is defined in Section 2.3.4.
1.29“Collaboration” means the Parties’ joint effort, during the applicable Exclusivity Period, to design and create Phenomaps (and for the Neuro Field, Joint Multi-Modal Maps), discover and validate Collaboration Insights with respect to Small Molecules and Targets, identify and validate Novel Targets for therapeutic products, and conduct hit-to-lead activities to identify Lead Series from such Small Molecules and lead optimization activities to develop Development Candidates from such Lead Series, in each case in accordance with this Agreement.
1.30“Collaboration Cloud” is defined in Section 3.6.2.
1.31“Collaboration Data” means Neuro Image Data, HUVEC Image Data and Embeddings, [***] Image Data and Embeddings, Sequencing Data, Neuro Image Embeddings, Neuro Image Multi-Modal Embeddings, Sequencing Multi-Model Embeddings, Joint Multi-Modal Embeddings, Phenomaps created pursuant to ARTICLE 3 (or, in the case of the HUVEC Phenomap, the augmentations to it created pursuant to Section 3.3.3), Joint Multi-Modal Maps, Collaboration Insights, Program Data and Other Collaboration Data, and the Copyrights in all the foregoing.
1.32“Collaboration Insight” means an observation made by a Party (solely or jointly) from the HUVEC Phenomap (as may be augmented), a Phenomap created pursuant to ARTICLE 3 or a Joint Multi-Modal Map, in each case during the applicable Exclusivity Period, related to a gene(s) or Other Map Perturbation(s) relevant to the applicable Exclusive Field (the “Insight Perturbation”) that is either (a) an inference of a novel (e.g. unknown to Roche) potential relationship between a Small Molecule(s) and such Insight Perturbation (an “Initial Small Molecule Hit”); or (b) an inference of a novel potential relationship between a potential Novel Target and such Insight Perturbation (an “Initial Identified Target Hit”), and in each case of (a) and (b), (1) [***] or (2) [***].
1.33“Collaboration Product” means a Product, Roche Enabled Product or Roche Validated Target Product.
1.34“Collaboration Wind-Down” is defined in Section 13.5.8(b).
1.35“Combination” is defined in Section 1.169.
1.36“Commercially Reasonable Efforts” means with respect to a Party, [***].
1.37“Competing Program” is defined in Section 8.14.5.
1.38“Competitive Product” means, [***].
1.39“Completion Date” is defined in Section 1.228.
1.40“Compulsory Sublicense” means a license or sublicense granted to a Third Party, through the order, decree or grant of a governmental authority having competent jurisdiction, authorizing such Third Party to make, use, sell, offer for sale, import or export a Product in any country.
1.41“Compulsory Sublicensee” means a Third Party that was granted a Compulsory Sublicense.
1.42“Confidential Information” is defined in Section 10.1.
4

1.43“Control” or “Controlled by” means the rightful possession by a Party, as of the Effective Date or during the Term, of the ability to grant a license, sublicense or other right to exploit (other than by operations of the licenses granted herein) any item or right under Patents, Copyrights, Trademarks, Know-How or other intellectual property rights, as provided herein, without violating the terms of any agreement with any Third Party or causing such Party to incur any payment obligations, other than Existing Third Party Agreement Payments, by reason of the grant of such license, sublicense or other right, unless the Party receiving such license, sublicense or other right agrees to reimburse the other Party for such payments, in accordance with Section 9.1 (as applicable).  Notwithstanding anything to the contrary in this Agreement, in the event of a Change in Control, the following shall not be deemed to be Controlled by Recursion: (a) any materials, Know-How or other intellectual property right (including Patents) owned or licensed by the Acquisition Entity immediately prior to the closing of such Change in Control; and (b) any materials, Know-How or other intellectual property right (including Patents) that any Acquisition Entity subsequently develops without accessing or practicing the Recursion Platform (including Recursion Platform Improvement IP) or any of the Recursion Licensed IP, Joint Collaboration IP, Program IP, Collaboration Data, Roche’s Materials, or other Confidential Information of Roche, except to the extent Recursion or the Acquisition Entity, in its discretion, used an item described in clause (a) or (b) to perform the Collaboration.
1.44“Copyright(s)” means any and all copyrights and copyright applications and any copyrights issuing therefrom. For clarity, Copyrights exclude Data and Materials.
1.45“Cover” (including variations such as “Covered”, “Covering” and the like), means, with respect to a Valid Claim and in reference to a particular Product or Recursion Product (in each case, whether alone or in combination with one or more other ingredients) that the use, sale, offer for sale or import of such Product in a country would, but for ownership thereof or a license granted in this Agreement thereunder, infringe such Valid Claim in the applicable country on the date of sale.
1.46“CPA Firm” is defined in Section 7.9.2.
1.47“[***] Exclusivity Period” means the period beginning on the Effective Date and ending [***] (the “Baseline [***] Exclusivity Period”), [***]. 
1.48“[***] Field” means [***].
1.49“[***] Image Data and Embeddings” means [***].
1.50“[***] JRC” is defined in Section 2.2.1.
1.51“[***] Phenomap” means a Full Phenomap generated by Recursion in the conduct of the activities set forth in Section 3.3.1 in a [***] cancer cell line determined by the applicable JTT.
1.52“CRISPR [***]” is defined in Section 11.2.3.
1.53“Data” means all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety, quality control, manufacturing, preclinical and clinical data. For clarity, Data excludes Materials.
1.54“DC Exercise Period” is defined in Section 4.2.4(a).
1.55“Declined” is defined in Section 3.4.2(b).
5

1.56“Deposit Agent” means a law firm selected by Roche to, at Roche’s expense, maintain the Roche Target List and respond to queries as set forth in Section 4.1.6(b). 
1.57“Derivative” means a small molecule (other than a Program Molecule) (a) [***] in the course of Roche’s independent development (including optimization) thereof and (b) which is active [***].
1.58“Development Activities Report” is defined in Section 4.2.2(a).
1.59“Development Candidate” means, for a Stage 3 Small Molecule Program for which Roche exercised its Roche Development Candidate Option, a small molecule (a) that is (i) synthesized by or on behalf of Recursion in the conduct of the Research Plan for such Stage 3 Small Molecule Program set forth in Section 4.2.2 prior to Roche’s option exercise and (ii) shown by or on behalf of Recursion in the conduct of such Research Plan to meet the Development Candidate Criteria for such Stage 3 Small Molecule Program; or (b) that is otherwise designated by Roche as a Development Candidate in accordance with Section 4.2.5(b). 
1.60“Development Candidate Criteria” means, for a Stage 3 Small Molecule Program, the criteria proposed by the applicable JPT and approved by the applicable JRC for a development candidate from such Stage 3 Small Molecule Program to achieve the applicable Target Candidate Profile, which criteria are consistent with the applicable Initial Criteria for a Development Candidate.
1.61“Disclosed Recursion Background ML Know-How” is defined in Section 8.7.2. 
1.62“Disclosed Roche Background ML Know-How” is defined in Section 8.7.2.
1.63“[***]” is defined in Section 1.26.
1.64“[***] Model” means, with respect to a Cell Context, that such Cell Context [***].  For clarity, a [***] Model is not a type of Model.
1.65“Disease Modification” is defined in Section 1.26.
1.66“Disposition Transaction” is defined in Section 6.13.
1.67“Dispute” is defined in Section 14.1.
1.68“Divestiture” is defined in Section 8.14.5(b).
1.69“DOJ” is defined in Section 4.4.1.
1.70“ED-Go Approval” means [***].
1.71“ED-Go Decision Milestone Payment” is defined in Section 6.6.2.
1.72“Effective Date” has the meaning set forth in the preamble hereto.
1.73“Election Notice” is defined in Section 3.7.1.
1.74“Embedding” means [***].
1.75“Evaluation Period” is defined in Section 3.4.2(a).
6

1.76“Exclusive Fields” means the [***] Field and the Neuro Field.
1.77“Exclusivity Period” means the [***] Exclusivity Period or the Neuroscience Exclusivity Period, as applicable. 
1.78“Existing Product Information” has the meaning set forth in the Letter Agreement and, for clarity, includes the Existing Recursion Products list attached as Exhibit A to such Letter Agreement.
1.79 “Exercise Notice” is defined in Section 3.7.1.
1.80“Existing Recursion Licensed IP” is defined in Section 11.2.3.
1.81“Existing Recursion Products” are defined in Section 8.14.4.
1.82“Existing Third Party Agreement Payments” means the payments owed by Recursion or its Affiliate under the Existing Third Party In-License Agreements.
1.83“Existing Third Party In-License Agreements” is defined in Section 11.2.4.
1.84“Extended Program” is defined in Section 4.2.9.
1.85“Extended Term” is defined in Section 4.2.9.
1.86“External Use Fee” is defined in Section 6.3.
1.87“External Use Option” is defined in Section 3.7.1.
1.88“FDA” means the United States Food and Drug Administration, or any successor entity thereto performing similar functions.
1.89“FHLR” has the meaning set forth in the preamble hereto.
1.90“First Commercial Sale” means, with respect to a particular Collaboration Product in a given country, [***] for such Collaboration Product.
1.91“FTC” is defined in Section 4.4.1.
1.92“FTC Letter” is defined in Section 1.180.
1.93“Full” means, with respect to a Phenomap, that such Phenomap is created by Recursion in the conduct of activities pursuant to Section 3.3 in the applicable Cell Context using perturbations consisting of (a) [***], (b) [***] and (c) [***].
1.94“Generic Product” means, with respect to a Product in a particular regulatory jurisdiction, any pharmaceutical product that contains the same molecule as the Program Molecule or Derivative (or equivalent as determined by the relevant Regulatory Authority) contained in such Product as an active ingredient (i) whose Marketing Authorization application is approved in such country by a Regulatory Authority in reliance, in whole or in part, on the prior approval (or on safety or efficacy data submitted in support of the prior approval) of such Product, including any Product authorized for sale (A) in the U.S. pursuant to Section 505(j) of the Act (21 U.S.C. 355(j)), (B) in the EU pursuant to a provision of Article 10(1), 10a or 10b of Parliament and Council Directive 2001/83/EC as amended (including an application under Article 6.1 of Parliament and Council Regulation (EC) No 726/2004 that relies for its content on 
7

any such provision) or (C) in any other country or jurisdiction pursuant to all equivalents of such provisions; and (ii) that is approved for commercial sale in such country and sold by a (X) Third Party that is not Roche or an Affiliate or Sublicensee of Roche and that has not otherwise been authorized, directly or indirectly, by Roche to market and sell such product or (Y) [***]. 
1.95“Generic NIMM Embeddings” means any Neuro Image Multi-Modal Embeddings generated jointly by the Parties under a Multi-Modal Research Plan without use of the Recursion Platform (other than the underlying Neuro Image Data) or Recursion Collaboration IP (other than any Disclosed Recursion Background ML Know-How therein).
1.96“Genetics-Only” means, with respect to a Phenomap, that such Phenomap is created by Recursion in the conduct of activities pursuant to Section 3.3 in the applicable Cell Context using perturbations consisting solely of (a) [***] and (b) [***].  
1.97“German WHT Requirement” is defined in Section 7.8.2.
1.98“GNE” has the meaning set forth in the preamble hereto.
1.99“HSR Act” is defined in Section 1.100.
1.100“HSR Filing” means (a) filings by the Parties with the FTC and the Antitrust Division of the DOJ of a Notification and Report Form for Certain Mergers and Acquisitions (as that term is defined in the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”) and the rules and regulations promulgated thereunder) with respect to the applicable Validated Target Option, Roche Lead Series Option or Roche Development Candidate Option, together with all required documentary attachments thereto; or (b) equivalent filings with relevant foreign authorities.
1.101“HUVEC Image Data and Embeddings” means any raw image generated in the course of performing Stage 0-1 Activities solely for, and used in, the creation of the augmentations to the HUVEC Phenomap pursuant to Section 3.3.3 and any Embeddings of such images.
1.102“HUVEC Phenomap” means Recursion’s then-existing Phenomap for human umbilical vein endothelial cells (“HUVEC”), [***].
1.103“IFRS” means International Financial Reporting Standards.
1.104“IND” means an investigational new drug application filed with the FDA pursuant to 21 C.F.R. §312 before the commencement of clinical trials of a product, or any comparable filing with any relevant regulatory authority in any other jurisdiction.
1.105“Indemnitee” is defined in Section 12.3.
1.106“Indemnitor” is defined in Section 12.3.
1.107“Independent IP” is defined in Section 9.4.1(c)
1.108“Independent Program” is defined in Section 4.3.4(a).
1.109[***].
1.110[***].
1.111[***].
8

1.112“Independent Stage 2 Program” is defined in Section 4.3.1(a)(iv).
1.113“Independent Stage 2 Proposal” is defined in Section 4.3.1(a).
1.114“Independent Stage 3 Program” is defined in Section 4.3.2(a)(iii).
1.115“Independent Stage 3 Proposal” is defined in Section 4.3.2(a).
1.116“Indication” means a specific disease, disorder or condition that is recognized by the applicable Regulatory Authority in a given country or jurisdiction as a disease, disorder or condition.  [***].
1.117“Indirect Taxes” is defined in Section 7.8.3.
1.118“Information Security Incident” means, with respect to Confidential Information, any unauthorized use, unauthorized disclosure, corruption (including ransomware attack) or loss of such Confidential Information.
1.119“Infringement” is defined in Section 9.8.1.
1.120“Initial Criteria” means the general criteria set forth on Exhibit B for a Validated Small Molecule Series, Validated Target, Lead Series or Development Candidate, as applicable.
1.121“Initial Identified Target Hit” is defined in Section 1.32.
1.122“Initial Neuroscience Phenomap” means each of the Phenomaps in the first [***] sets (each set in the same cell type) of Genetics-Only Neuroscience Phenomaps and Full Neuroscience Phenomaps created by Recursion in the conduct of the Stage 0-1 Activities.  For clarity, the Parties intend that the cell types for each such set of Genetics-Only and Full Neuroscience Phenomaps to be [***], unless the applicable JTT determines that such cell type(s) are infeasible or such Phenomaps do not meet the applicable Phenomap Standards. 
1.123[***].
1.124“Initial Small Molecule Hit” is defined in Section 1.32.
1.125“Initiation Fee” is defined in Section 6.2.
1.126“Insight Perturbation” is defined in Section 1.32.
1.127“Internal Technical Development” means [***].
1.128“Inventions” means any and all Know-How first created, authored, discovered, conceived, or reduced to practice (such activities may be referred to in this Agreement, as “generation,” and the words “generate” or “generated” shall have their correlative meanings) in the performance of this Agreement by or on behalf of one or both of the Parties, and all intellectual property rights therein (including Copyrights on implementations of such Know-How). 
1.129“JMMT” is defined in Section 2.3.2.
1.130“Joint Collaboration IP” means Joint Multi-Modal Model Architectures, Joint Multi-Modal Models, Other Collaboration IP and MMM Know-How, and all intellectual property rights in each of the foregoing.
9

1.131“Joint IP” is defined in Section 9.2.2.
1.132“Joint Multi-Modal Embedding” means any Embedding that relates to both Neuro Image Data and Sequencing Data and is generated jointly by the Parties in the conduct of Multi-Modal Research Plan activities within the shared VPC in the Collaboration Cloud. For clarity, Joint Multi-Modal Embeddings shall not include any Embedding generated by a Party within its private VPC in the Collaboration Cloud.
1.133“Joint Multi-Modal Map” means a pheno-transcriptomic map of inferred relationships amongst Neuro Image Multi-Modal Embeddings and Sequencing Multi-Modal Embeddings, or amongst Joint Multi-Modal Embeddings, that is generated in the conduct of a Multi-Modal Research Plan.
1.134“Joint Multi-Modal Map Standards” means, for a Joint Multi-Modal Map, the image criteria [***], machine-learning criteria [***], biological criteria [***] and assay and screening quality criteria, in each case, for such Joint Multi-Modal Map.
1.135“Joint Multi-Modal Model” means a Model generated jointly the Parties in the conduct of Multi-Modal Research Plan activities within the shared VPC in the Collaboration Cloud.  For clarity, Joint Multi-Modal Models shall not include the Recursion Phenomap Models or any Model generated by a Party within its private VPC in the Collaboration Cloud.
1.136“Joint Multi-Modal Model Architecture” means a Model Architecture jointly created or used by the Parties to generate a Joint Multi-Modal Model, in each case, in the conduct of Multi-Modal Research Plan activities within the shared VPC in the Collaboration Cloud.  
1.137“JPT” is defined in Section 2.3.3.
1.138“JRC” is defined in Section 2.2.1.
1.139“JRC Co-Chair” is defined in Section 2.2.1.
1.140“JSC” is defined in Section 2.1.1.
1.141“JSC Co-Chair” is defined in Section 2.1.1.
1.142“JTT” is defined in Section 2.3.1.
1.143“Know-How” means all non-public information, know-how, inventions, discoveries, creations, works, trade secrets, specifications, instructions, processes, formulae, methods, processes, protocols, techniques, designs, Models, Model Architectures, expertise and other technology applicable to formulations, compositions or products or to their manufacture, development, registration, use or marketing or to methods of assaying or testing them, and other information and subject matter regarding discovery, development, marketing, pricing, distribution, cost, sales and manufacturing.  For clarity, (a) Know-How excludes Patents, Copyrights, Data and Materials, and (b) Neuro Image Data, HUVEC Image Data and Embeddings, [***] Image Data and Embeddings, Sequencing Data, Neuro Image Embeddings, Neuro Image Multi-Modal Embeddings, Sequencing Multi-Model Embeddings, Joint Multi-Modal Embeddings, Phenomaps, Joint Multi-Modal Maps, Collaboration Insights, Program Data, Roche Proprietary Phenomap Information and Data within the Roche Proprietary Genetic Variant Data and Materials shall be considered Data and not Know-How.
1.144“Late Request” is defined in Section 9.1. 
10

1.145“Launch Quarter” is defined in Section 6.12.2.
1.146“Lead Activities Report” is defined in Section 4.2.1(a).
1.147“Lead Series” means, for a Stage 3 Small Molecule Program, a series of small molecules [***] (a) that are (i) synthesized by or on behalf of Recursion in the conduct of the Research Plan for such Stage 3 Small Molecule Program and (ii) either (A) for which at least [***] shown by or on behalf of Recursion in the conduct of such Research Plan to meet all Lead Series Criteria for such Stage 3 Small Molecule Program or (B) otherwise designated by Roche as a Lead Series in accordance with Section 4.2.2(a); or (b) that are otherwise designated by Roche as a Lead Series in accordance with Section 4.2.5.  
1.148“Lead Series Criteria” means, for a Stage 3 Small Molecule Program, the criteria proposed by the applicable JPT and approved by the applicable JRC for a lead small molecule series for such Stage 3 Small Molecule Program to achieve the applicable Target Candidate Profile, which criteria are consistent with the applicable Initial Criteria for a Lead Series.
1.149“Letter Agreement” is defined in Section 10.6.
1.150“Licensed Neuro Images” means Neuro Image Data, and the Stage 2/3 Image Data that Recursion adds during the applicable Exclusivity Period [***] to the same Neuroscience Phenomap, for which Roche has exercised an External Use Option in accordance with Section 3.7 (including the associated metadata and annotations therefor) [***].
1.151“Licensed Party” is defined in Section 13.5.9.
1.152“Licensed Product” is defined in Section 13.5.9.
1.153“LO-Go Approval” means [***].
1.154“LO-Go Decision Milestone Payment” is defined in Section 6.6.1.
1.155“Loss” or “Losses” is defined in Section 12.1.
1.156“LS Decision Period” is defined in Section 4.2.3.
1.157“Major European Country” means France, Germany, Italy, Spain or the United Kingdom.
1.158“Map Initiation Notice” is defined in Section 3.3.2(c).
1.159“Map Request Period” is defined in Section 3.2.3.
1.160“Marketing Authorization” means with respect to a therapeutic product (including a Collaboration Product), final Regulatory Approval (including pricing approval, where required) required to sell such product for an Indication in accordance with the Applicable Law of a given country or jurisdiction.  In the US, Marketing Authorization means approval of a New Drug Application, Biologics License Application or an equivalent by the FDA.  In Japan, Marketing Authorization means marketing approval (seizo hanbai shonin) by the Ministry of Health, Labour and Welfare.  
1.161“Materials” is defined in Section 3.11.1.
11

1.162“MMM Know-How” means insights and Know-How, generated by the Parties (solely or jointly) under a Multi-Modal Research Plan, that is generally applicable to designing, building and applying Model Architectures or other related software tools or user interfaces, training Models or generating Embeddings or maps therefrom. 
1.163“MoA” is defined in Section 4.1.2.
1.164“Model” means [***].
1.165“Model Architecture” means [***].
1.166“Multi-Modal Research Plan” is defined in Section 3.6.1.
1.167“NDA” is defined in Section 10.6.
1.168“Negotiation Period” is defined in Section 6.13.
1.169“Net Sales” means, with respect to a Collaboration Product during a particular period, the sum of the amounts determined under subsections (a), (b), and (c).
(a)In the case of sales of such Collaboration Product by Roche and its Affiliates, the amount calculated by subtracting from the amount of Sales of such Collaboration Product in such period: (i) [***]; (ii) [***]; and (iii) [***], including, for example, [***].  For clarity, no deductions taken in calculating Sales under Section 1.249 may be taken a second time in calculating Net Sales hereunder, and the deductions described [***] with respect to such Collaboration Product in such period; provided that, with respect to the deductions described in (iii), in the event that Roche’s or its Affiliate’s [***], Roche or its Affiliate [***].
(b)[***].
(c)[***]. 
In the event that a Collaboration Product is sold as a component of a combination or bundled product that consists of such Collaboration Product together with one or more other therapeutically active ingredients that are not the subject of this Agreement for a single price (for purposes of this Section 1.169, a “Combination”), the gross amount invoiced for such Collaboration Product shall be calculated by multiplying the gross amount invoiced for such Combination by the fraction A/(A+B), where “A” is the gross amount invoiced for such Collaboration Product sold separately and “B” is the gross amount invoiced for such other active ingredient(s) sold separately; provided that:
(a)    in the event that such other active ingredient(s) are not sold separately (but such Collaboration Product is), the gross amount invoiced for such Collaboration Product shall be calculated by multiplying the gross amount invoiced for such Combination by the fraction A/C, where “A” is the gross invoice amount for such Collaboration Product, and “C” is the gross invoice amount for the Combination;
(b)    [***]; and
(c)    any pricing, or determination of gross amounts or Net Sales, shall be undertaken in good faith.
1.170“Neuro Field” means [***].
12

1.171“Neuro Image Data” means, for a Neuroscience Phenomap, any raw image generated in the course of performing Stage 0-1 Activities (or the activities set forth in Section 3.2.4) for such Neuroscience Phenomap.
1.172“Neuro Image Embedding” means, for a Neuroscience Phenomap, any Embedding of Neuro Image Data generated in the course of performing Stage 0-1 Activities (or the activities set forth in Section 3.2.4) for such Neuroscience Phenomap.
1.173“Neuro Image Multi-Modal Embedding” means any Embedding that relates to Neuro Image Data and not Sequencing Data and is generated in the conduct of a Multi-Modal Research Plan during the Neuroscience Exclusivity Period.
1.174“Neuro JRC” is defined in Section 2.2.1.
1.175“Neuro SM Hit Group” is defined in Section 4.1.4.
1.176“Neuroscience Exclusivity Period” means the period beginning on the Effective Date and ending on the earlier of (a) the [***] anniversary of [***] and (b) the [***] anniversary of [***] ((a) or (b), as applicable, the “Baseline Neuroscience Exclusivity Period”); [***].
1.177“Neuroscience Phenomap” is defined in Section 3.1(c)
1.178“New IP Notice” is defined in Section 9.1. 
1.179“Novel” means, with respect to a Target in a particular Exclusive Field at a particular time, that such Target has not been (a) [***]; or (b) [***].  For purposes of subsections (a) and (b), [***].  Notwithstanding anything in the foregoing to the contrary, any Target that is selected by the JRC for inclusion in a Target Validation Program shall be deemed to be Novel; provided that, for purposes of determining whether a product is a Roche Enabled Product, whether the applicable Target is Novel will be assessed at the applicable time described in Section 1.232.
1.180“Option Effective Date” means the effective date for each Validated Target Option, Roche Lead Series Option or Roche Development Candidate Option exercised by Roche pursuant to this Agreement, which shall occur (a) on the date Roche exercises such option right, provided Roche has determined that a HSR Filing is not necessary with respect to such exercise; or (b) if Roche determines that a HSR filing or other competition filing is necessary with respect to such exercise, the first Business Day following the date upon which any applicable waiting periods under the HSR Act expire or terminate early and any agreements with the FTC, the DOJ, or any relevant foreign governmental authority, not to consummate the exercise of the option have expired and no objection on the part of the FTC or DOJ remains; provided, however, that if Roche receives a letter from the FTC before the Option Effective Date stating that the FTC has not finished its HSR Act investigation (an “FTC Letter”), [***].
1.181“Other Collaboration Data” means all Data generated by the Parties (solely or jointly) in the course of performing a Research Plan (and all intellectual property rights therein), other than Neuro Image Data, HUVEC Image Data and Embeddings, [***] Image Data and Embeddings, Sequencing Data, Neuro Image Embeddings, Neuro Image Multi-Modal Embeddings, Sequencing Multi-Model Embeddings, Joint Multi-Modal Embeddings, Phenomaps, Joint Multi-Modal Maps, Collaboration Insights, Program Data, Roche Proprietary Phenomap Information and Data within the Roche Proprietary Genetic Variant Data and Materials.
1.182“Other Collaboration IP” means all Know-How generated by the Parties (solely or jointly) in the course of performing a Research Plan (and all intellectual property rights therein), 
13

other than Joint Multi-Modal Model Architectures, Joint Multi-Modal Models, MMM Know-How, Recursion Platform Improvement IP, Roche Platform Improvement IP, the Roche Proprietary Genetic Variant Data and Materials, and Program IP.  
1.183“Other Map Perturbations” means, for a Phenomap, the [***], that the applicable JTT determines to include in such Phenomap. 
1.184“Outside Patent Counsel” is defined in Section 9.4.1.
1.185“Party” and “Parties” has the meaning set forth in the preamble hereto.
1.186“Patent(s)” means any and all patents and patent applications and any patents issuing therefrom or claiming priority thereto, worldwide, together with any extensions (including patent term extensions and supplementary protection certificates) and renewals thereof, reissues, re-examinations, substitutions, confirmation patents, registration patents, invention certificates, patents of addition, renewals, divisionals, continuations, and continuations-in-part of any of the foregoing. For clarity, Patents exclude Data and Materials.
1.187“Payment Rights” is defined in Section 6.13.
1.188“Phase 1 Trial” means a human clinical trial, the principal purpose of which is preliminary determination of safety and pharmacokinetics of a therapeutic product in healthy individuals or patients as further described in 21 C.F.R. §312.21, or similar clinical study in a country other than the US, and which is prospectively designed to generate sufficient clinical data, including data sufficient to determine dosing, to proceed directly to a Phase 2 Trial of such product.
1.189“Phase 2 Trial” means a human clinical trial, for which the primary endpoints include a determination of dose ranges or a preliminary determination of efficacy of a therapeutic product in patients being studied as further described in 21 C.F.R. §312.21, or similar clinical study in a country other than the US.  
1.190“Phase 3 Trial” means a human clinical trial, the principal purpose of which is to demonstrate clinically and statistically the efficacy and safety of a therapeutic product for one or more Indications in order to obtain Marketing Authorization of such therapeutic product for such Indication(s), as further defined in 21 C.F.R. §312.21 or a similar clinical study in a country other than the US.
1.191“Phenomap” means unique maps of the inferred relationships amongst perturbation phenotypes in a given Cell Context generated by Recursion using the Recursion Platform.
1.192“Phenomap Standards” means, for a Phenomap created under ARTICLE 3, the image criteria [***], machine-learning criteria [***], biological criteria [***] and assay and screening quality criteria, in each case, for such Phenomap.
1.193[***].
1.194[***].
1.195“Product” means, with respect to a Stage 3 Small Molecule Program for which Roche exercised either its Roche Lead Series Option or Roche Development Candidate Option, a pharmaceutical product [***] from such Stage 3 Small Molecule Program, (b) a [***] from such Stage 3 Small Molecule Program, (c) any [***] (small molecules described in clauses (a), (b) and (c), each a “Program Molecule”) [***].
14

1.196“Product License” is defined in Section 8.10.1.
1.197“Product Trademarks” means the Trademarks to be used for the commercialization of Collaboration Products in the Territory and any registrations thereof or any pending applications relating thereto in the Territory (excluding, in any event, any Trademarks, service marks, names or logos that include any corporate name or logo of a Party or its Affiliates or Sublicensees).
1.198“Program Data” means all Data, including Stage 2/3 Image Data, pertaining to Targets, biomarkers and small molecules (or, if applicable, other compounds) generated by the Parties (solely or jointly) in the course of performing a Research Plan for a Validation Program or a Stage 3 Small Molecule Program prior to completion of Program Transition (and all intellectual property rights therein), other than Neuro Image Data, HUVEC Image Data and Embeddings, [***] Image Data and Embeddings, Sequencing Data, Neuro Image Embeddings, Neuro Image Multi-Modal Embeddings, Sequencing Multi-Model Embeddings, Joint Multi-Modal Embeddings, Phenomaps, and Joint Multi-Modal Maps.
1.199“Program IP” means the Know-How pertaining to [***] generated by the Parties (solely or jointly) in the course of performing a Research Plan for a Validation Program or a Stage 3 Small Molecule Program prior to completion of Program Transition pursuant to Section 1.200, and the intellectual property rights therein.  [***]. 
1.200“Program Transition” means, with respect to a Stage 3 Small Molecule Program, transfer of such Stage 3 Small Molecule Program to Roche at Recursion’s expense, [***].
1.201“Prosecution and Maintenance” or “Prosecute and Maintain,” with respect to a given Patent or Copyright, means all activities associated with the preparation, filing, prosecution, and maintenance of such Patent or Copyright, as well as supplemental examinations, re-examinations, reissues, applications for patent term extensions, calculation and applications for patent term adjustments, supplementary protection certificates, and the like (as applicable) with respect to such Patent or Copyright.  For clarity, Prosecute and Maintain shall not include any such actions with respect to a Patent or Copyright brought by a Third Party, including any reexaminations, inter partes reviews, and post grant reviews, as well as interferences and derivation proceedings, oppositions and other similar proceedings brought by a Third Party with respect to such Patent or Copyright.
1.202“Purpose” is defined in Section 10.3.
1.203“Recursion” has the meaning set forth in the preamble hereto.
1.204“Recursion Background ML Know-How” means any of Recursion’s proprietary Know-How directed to Model Architectures, Model training, and associated software and tools for implementing the same.
1.205“Recursion Collaboration IP” means Recursion Phenomap Model Architectures, Recursion Phenomap Models, and Recursion Platform Improvement IP.
1.206“Recursion Exercise Period” is defined in Section 4.3.3.
1.207“Recursion Licensed IP” means the Recursion Licensed SM IP and the Recursion Licensed Target IP.
1.208“Recursion Licensed Patents” means any and all Patents within the Recursion Licensed IP.
15

1.209“Recursion Licensed SM IP” means, for a Stage 3 Small Molecule Program, all intellectual property (including Patents and Know-How) Controlled by Recursion or its Affiliates as of its receipt of Roche’s written notice exercising the applicable option for such program or during the Term, that is necessary (i.e., would otherwise be infringed in the absence of a license) or reasonably useful to make, use, offer for sale, sell or import any and all (i) Lead Series, Development Candidate, Backup Small Molecule or Program Molecule from such Stage 3 Small Molecule Program or (ii) Derivatives thereof [***], but excluding Program IP.
1.210“Recursion Licensed Target IP” means, for a Stage 3 Small Molecule Program, all intellectual property (including Patents and Know-How) Controlled by Recursion or its Affiliates as of its receipt of Roche’s written notice exercising the applicable option for such program or during the Term, that is necessary (i.e., would otherwise be infringed in the absence of a license) or reasonably useful to make, use, offer for sale, sell or import therapeutic products active against and intended to modify the Target of such Stage 3 Small Molecule Program, but excluding Program IP. 
1.211“Recursion Option” is defined in Section 4.3.3.
1.212“Recursion Optioned Technology” means Roche’s and its Affiliates’ interest in (a) the Collaboration Insight that initiated each Independent Stage 2 Program and (b) the Collaboration Insight that initiated, and the Program Data and Program IP generated in, each Small Molecule Validation Program and, if applicable, Stage 3 Small Molecule Program for (i) an Independent Stage 3 Program or (ii) a Recursion Program; provided that [***], or the activities under such program have not been discontinued by Recursion.
1.213“Recursion Phenomap Model” means a non-public Model trained by Recursion that is used to generate a Phenomap under ARTICLE 3.
1.214“Recursion Phenomap Model Architecture” means a proprietary Model Architecture of Recursion used to construct a Recursion Phenomap Model.
1.215“Recursion Platform” means Recursion’s proprietary platform, consisting of proprietary Know-How directed to [***].  For clarity, Recursion Platform does not include MMM Know-How or Disclosed Recursion Background ML Know-How.
1.216“Recursion Platform Improvement IP” means the Know-How solely pertaining to the Recursion Platform that is generated by the Parties (solely or jointly) in the course of performing activities pursuant to a Research Plan, and the intellectual property rights therein.
1.217“Recursion Product” is defined in Section 4.3.3.
1.218“Recursion Product License” is defined in Section 8.11.2.
1.219“Recursion Product Trademarks” is defined in Section 8.16.2.
1.220“Recursion Program” is defined in Section 4.3.3.
1.221[***].
1.222[***].
1.223[***].
16

1.224“Recursion Small Molecule” means any of the small molecules within the compound library (which, as of the Effective Date, contains approximately [***] distinct small molecules) provided by Recursion for use in the conduct of the Research Plans.
1.225“Regulatory Approval” means, with respect to a pharmaceutical product in a country or jurisdiction, any and all approvals (including INDs, New Drug Applications and Biologics License Applications and any supplements thereto), licenses, registrations, or authorizations of any Regulatory Authority necessary to manufacture, use, store, import, transport, commercially distribute, sell, or market such pharmaceutical product in such country, including, where applicable, (a) pricing or reimbursement approval in such country, (b) post-approval marketing authorizations (including any prerequisite manufacturing approval or authorization related thereto), and (c) labeling approval.
1.226“Regulatory Authority” means any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity with authority over the development, manufacturing, commercialization or other use or exploitation (including the granting of Regulatory Approvals) of the pharmaceutical or biological products in any jurisdiction, including the FDA.
1.227“Release” is defined in Section 10.10.
1.228“Research Plan” means a written research plan setting forth each of Roche’s and Recursion’s respective activities for a specific project or program under the Collaboration (including both technical and logistical activities, transfer of Materials where applicable and estimated timelines) agreed to be conducted under such plan, any other information specified to be included in such plan (including, where appropriate, quality specifications, criteria and standards) and, for the Research Plans for Stage 3 Small Molecule Programs, the date by which activities should reasonably be completed (or by which the applicable criteria should reasonably be achieved) (the “Completion Date”), as may be amended from time to time by the applicable JTT, JPT or JMMT with approval of the applicable JRC.
1.229[***]. 
1.230“Roche Background ML Know-How” means any of Roche’s proprietary Know-How directed to Model Architectures, Model training, and associated software and tools for implementing the same.
1.231“Roche Development Candidate Option” is defined in Section 4.2.4(a).
1.232“Roche Enabled Product” means, with respect to a Stage 3 Small Molecule Program for which Roche exercised either its Roche Lead Series Option or Roche Development Candidate Option, a pharmaceutical product incorporating [***].
1.233“Roche IP” means all intellectual property (including Patents, Copyrights and Know-How) Controlled by Roche that are necessary or reasonably useful for Recursion’s performance of its Research Plan activities, excluding Program IP and Joint Collaboration IP.
1.234“Roche Lead Series Option” is defined in Section 4.2.3(a).
1.235“Roche Optioned Technology” means Recursion’s and its Affiliates’ interest in the Collaboration Insight that initiated, and the Program Data and Program IP generated in, each Stage 3 Small Molecule Program (and its related Small Molecule Validation Program) (a) for which Roche has exercised a Roche Lead Series Option, Roche Development Candidate Option, [***]; or (b) [***].
17

1.236“Roche Platform” means Roche’s proprietary platform, consisting of (a) proprietary Know-How (and intellectual property rights therein) [***].  For clarity, Roche Platform does not include MMM Know-How or Disclosed Roche Background ML Know-How.
1.237“Roche Platform Improvement IP” means the Know-How solely pertaining to the Roche Platform that is generated by the Parties (solely or jointly) in the course of performing activities pursuant to a Research Plan [***], and the intellectual property rights therein.
1.238“Roche Proprietary Genetic Variant” means [***] with the Neuro JRC members [***].
1.239“Roche Proprietary Genetic Variant Data and Materials” means all (a) [***] for a Neuroscience Phenomap described in Section 3.3.2(a) that [***] the Roche Proprietary Genetic Variants and (b) [***] Roche Proprietary Genetic Variants, except for [***] related thereto, [***] of which are [***] a Roche-requested Neuroscience Phenomap pursuant to Section 3.3.2.  
1.240“Roche Proprietary Phenomap Information” is defined in Section 3.5.1.
1.241“Roche Small Molecule” means any of the small molecules within the compound libraries (which, as of the Effective Date, collectively contain approximately [***] distinct small molecules) provided by Roche for use in the conduct of the Research Plans.
1.242“Roche Target List” means the list of non-public Targets known to Roche as being relevant in an Exclusive Field, [***]. 
1.243“Roche Validated Target Product” means, for a Target Validation Program for which Roche has exercised its Validated Target Option and Recursion has granted the Validated Target license and exclusivity set forth in Sections 8.10.2 and 8.14.3, any pharmaceutical product, other than a Product or Roche Enabled Product, incorporating [***].  
1.244“ROFN Exercise Period” is defined in Section 6.13.
1.245“ROFN Notice” is defined in Section 6.13.
1.246“Royalty Floor” is defined in Section 6.12.1(b).
1.247“Royalty Term” is defined in Section 6.10.1.
1.248“Rules” is defined in Section 14.2.1.
1.249“Sales” means, for a Collaboration Product in a particular period, [***].
[***]:
(a)    [***];
(b)    [***];
(c)    [***];
(d)     [***]; and
(e)     [***].
18

For purposes of clarity, sales by Roche and its Affiliates to any Sublicensee shall be excluded from “Sales”.
1.250“Sequencing Data” means any sequencing data (a) generated or provided under this Agreement by or on behalf of Roche or (b) generated by or on behalf of either Party under this Agreement in profiling Other Map Perturbations [***].
1.251“Sequencing Multi-Modal Embedding” means any Embedding that relates to Sequencing Data and not Neuro Image Data and is generated in the conduct of Multi-Modal Research Plan during the Neuroscience Exclusivity Period.
1.252“Small Molecule” means a Recursion Small Molecule or a Roche Small Molecule.
1.253“Small Molecule Validation Program” is defined in Section 4.1.1.
1.254“SM Validation Confirmation” is defined in Section 4.1.5.
1.255“Stage 0-1 Activities” is defined in Section 3.1
1.256“Stage 0 Plan” is defined in Section 3.2.1(a).
1.257“Stage 2/3 Image Data” means any raw image of cultured cells generated by Recursion in the conduct of (a) a Research Plan for a Validation Program, a Stage 3 Small Molecule Program, Additional Screening Work or additional activities pursuant to Section 4.2.3(a), or (b) an Independent Program or Recursion Program.
1.258“Stage 3 Active Cap” is defined in Section 4.2.6.
1.259“Stage 3 Aggregate Cap” is defined in Section 4.2.6.
1.260“Stage 3 Small Molecule Program” is defined in Section 4.2.1(a).
1.261“Subcontracted Activity” is defined in Section 1.16.
1.262“Sublicensee” means any Third Party, other than a Compulsory Sublicensee, to which Roche or any of its Affiliates grants a sublicense under the Recursion Licensed IP or Roche Optioned Technology, or a license under Roche’s interest in the applicable Collaboration Insights, Program Data or Program IP, in each case to [***] a Collaboration Product. 
1.263“Surviving Opt-In Rights” is defined in Section 13.5.7.
1.264“Surviving Option Rights” is defined in Section 13.5.7.
1.265“Target” means a molecular entity or complex which a therapeutic molecule (a) binds and (b) functionally modulates (e.g., a protein encoded by a gene, protein complex, protein/lipid complex or protein/oligonucleotide complex).
1.266“Target Candidate Profile” means, for each Stage 3 Small Molecule Program, the set of attributes and criteria set forth in the applicable Research Plan used to select and prioritize new chemical entities for the Target of such Stage 3 Small Molecule Program.
1.267“Target License” is defined in Section 8.10.2.
1.268“Target Validation Confirmation” is defined in Section 4.1.6(a).
19

1.269“Target Validation Program” is defined in Section 4.1.1.
1.270“Team” is defined in Section 2.3.4.
1.271“Term” is defined in Section 13.1.
1.272“Terminated Collaboration License” is defined in Section 13.5.9.
1.273“Territory” means all the countries of the world.
1.274“Third Party” means any entity other than a Party or any of its Affiliates.
1.275“Third Party Claims” is defined in Section 12.1.
1.276“Third Party Enablement” is defined in Section 8.14.1.
1.277“Title 11” is defined in Section 13.3.
1.278“Trademark” means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo or business symbol, whether or not registered.
1.279“US” means the United States of America and its territories and possessions.
1.280“US GAAP” means US Generally Accepted Accounting Principles.
1.281“Validated Hit Criteria” means, for a Small Molecule Validation Program, the criteria that are proposed by the applicable JPT and approved by the applicable JRC for a lead small molecule series for such Small Molecule Validation Program, which criteria are consistent with the applicable Initial Criteria for those Validated Small Molecule Series. 
1.282[***].
1.283“Validated Small Molecule Series” means, for a Small Molecule Validation Program, a series of small molecules [***] (a) that are synthesized by or on behalf of Recursion in the conduct of the Research Plan for such Small Molecule Validation Program and (b) either (i) for which at least [***] is shown by or on behalf of Recursion in the conduct of the Research Plan to meet all Validated Hit Criteria for such Small Molecule Validation Program or (ii) designated by Roche as a Validated Small Molecule Series in accordance with Section 4.1.5 or 4.2.8.
1.284“Validated SM Option” is defined in Section 4.1.5.
1.285“Validated SM Option Exercise Notice” is defined in Section 4.1.5.
1.286“Validated SM Option Fee” is defined in Section 6.4.1.
1.287“Validated Target” means, for a Target Validation Program, a Target that successfully achieves the Validated Target Criteria for such Target Validation Program.
1.288“Validated Target Criteria” means, for a Target Validation Program, (a) the criteria that are proposed by the applicable JPT and approved by the applicable JRC for validating the applicable Target in the applicable Exclusive Field, which criteria are consistent with the applicable Initial Criteria for a Validated Target; and (b) the criteria that the Target is a Novel 
20

Target in the applicable Exclusive Field as of the date of such Target is selected for inclusion in such Target Validation Program.
1.289“Validated Target Exclusivity Period” means, for a Target Validation Program for which Roche has exercised its Validated Target Option, the later of (a) [***] and (b) [***].
1.290“Validated Target Option” is defined in Section 4.1.6(a).
1.291“Validated Target Option Exercise Notice” is defined in Section 4.1.6(a).
1.292“Validated Target Option Fee” is defined in Section 6.4.2.
1.293“Validation Program” is defined in Section 4.1.1.
1.294“Validation Program Active Cap” is defined in Section 4.1.3.
1.295“Valid Claim” means, [***].
1.296“Voting Stock” is defined in Section 1.27.
1.297“VPC” is defined in Section 3.6.2(a).
1.298“Wild-Type” means, with respect to a Cell Context, that such Cell Context does not include [***].
ARTICLE 2
Governance
1.1Joint Steering Committee.
1.1.1Formation and Composition.  Within [***] days after the Effective Date, the Parties shall establish a joint steering committee (the “JSC”).  The JSC shall be composed of up to [***] representatives designated by each of Recursion and Roche (though the Parties need not have the same number of representatives on the JSC), each with the requisite seniority to enable such person to make decisions on behalf of the Party such person represents with respect to the issues falling within the jurisdiction of the JSC.  Each Party shall designate one of its representatives as its primary contact for JSC matters (such Party’s “JSC Co-Chair”).  Subject to the foregoing, each Party may replace any or all of its JSC representatives (and designated JSC Co-Chair) at any time by informing the other Party in advance, in writing (which may be by email).  The JSC shall meet at least [***] per year, or as otherwise agreed to by the Parties. Either Party may invite a reasonable number of other employees, consultants, research contractors, or scientific advisors to attend a JSC meeting in a non-voting capacity with prior written notice to the other Party; provided that such invitees are bound by appropriate confidentiality and invention assignment obligations consistent with the terms of this Agreement.  The JSC shall continue to exist until the first to occur of (a) expiration of both Exclusivity Periods [***] and (b) the mutual agreement of the Parties to disband the JSC.  Thereafter, the JSC shall cease operations and perform no further functions under this Agreement.  
1.1.2Responsibilities of the JSC.  Prior to completion of Program Transition for all Stage 3 Small Molecule Programs for which Roche exercised either a Roche Lead Series Option or Roche Development Candidate Option, the JSC shall be responsible for performing the following functions:
21

(a)discussing whether to increase the Validation Program Active Cap or Stage 3 Active Cap;
(b)discussing and resolving any Disputes set forth in Section 2.2.3(i) that arise at a JRC and presented to the JSC for resolution;
(c)establishing, dissolving and overseeing other joint committees or teams, as appropriate, to carry out its functions and resolving any Disputes that arise in such teams or committees; and
(d)performing such other functions as agreed to by the Parties or as specified in this Agreement.
1.1.3Decisions.  With respect to the responsibilities of the JSC set forth in Section 2.1.2, each Party shall have one (1) collective vote in all decisions, and the Parties shall attempt to make decisions by reaching agreement.  In the event that the JSC is unable to reach agreement within [***] Business Days (or such longer period as the JSC members agree) after the JSC first meets to vote on such matter, [***].  For clarity, the JSC [***].
1.2Joint Research Committees.
1.1.1Formation and Composition.  Within [***] days after the Effective Date, the Parties shall establish a joint research committee (a “JRC”) for the Neuro Field (the “Neuro JRC”) and a JRC for the [***] Field (the “[***] JRC”).  The Neuro JRC shall be composed of up to [***] representatives designated by each of Recursion and Roche and the [***] JRC shall be composed of up to [***] representatives designated by each of Recursion and Roche (though the Parties need not have the same number of representatives on a JRC), each appropriate for the tasks then being undertaken and the stage of research, in terms of their seniority, function in their respective organizations (including decision-making authority), training and experience.  For each JRC, each Party shall designate one of its representatives as its primary contact for JRC matters (such Party’s “JRC Co-Chair”).  Subject to the foregoing, each Party may replace any or all of its JRC representatives (and designated JRC Co-Chair) at any time by informing the other Party in advance, in writing (which may be by email).  Each JRC shall meet at least [***] each Calendar Quarter, or as otherwise agreed to by the Parties, and shall meet at such other times as deemed appropriate by the JRC. Either Party may invite a reasonable number of other employees, consultants, research contractors, or scientific advisors to attend a JRC meeting in a non-voting capacity with prior written notice to the other Party; provided that such invitees are bound by appropriate confidentiality and invention assignment obligations consistent with the terms of this Agreement.  Unless otherwise agreed by the Parties, each JRC shall meet and operate during the period commencing upon its formation until the end of its applicable Exclusivity Period [***] in the applicable Exclusive Field.  Thereafter, such JRC shall cease operations and perform no further functions under this Agreement.  Notwithstanding the foregoing, following dissolution of a JRC, the Parties upon mutual agreement may re-establish such JRC as needed [***].
1.1.2Responsibilities of the JRCs.  Each JRC shall be responsible for performing the following functions in its Exclusive Field:
(a)reviewing and approving Research Plans, and any amendments thereto, proposed by the applicable JTT, JMMT or JPT;
22

(b)reviewing and approving the Phenomap Standards for each Phenomap, and, in the event Roche has concerns regarding whether a Phenomap has met the relevant Phenomap Standards, approving the applicable JTT’s plan to address them;
(c)reviewing and approving the Joint Multi-Modal Map Standards for each Joint Multi-Modal Map;
(d)reviewing and approving initiation of a Validation Program (including creation of a JPT therefor); 
(e)for a Validation Program, resolving a Dispute regarding whether Recursion has, as applicable, successfully identified (i) at least [***] Validated Small Molecule Series for such program or (ii) a Validated Target for such program;
(f)reviewing and approving the total number of Initial Small Molecule Hits that Recursion proposes to validate as part of a Neuro SM Hit Group under an Independent Stage 2 Program (Neuro JRC only); 
(g)reviewing and approving the total number of Validated Small Molecule Series from the applicable Small Molecule Validation Program that Recursion proposes to pursue under an Independent Stage 3 Program (Neuro JRC only);
(h)for each Small Molecule Validation Program in which Validated Small Molecule Series are acting through different Targets, reviewing and approving separate Stage 3 Small Molecule Programs for each such Validated Small Molecule Series acting through a different Target;
(i)for a Stage 3 Small Molecule Program, reviewing and approving the plan proposed by the applicable JPT to resolve a Dispute regarding achievement of the Lead Series Criteria or Development Candidate Criteria for such program;
(j)discussing whether to increase the Validation Program Active Cap or Stage 3 Active Cap;
(k)discussing the updates and reports on the progress of the Research Plans provided by JTTs, JMMT and JPTs;
(l)overseeing each JTT’s, JMMT’s and JPT’s activities and coordinating strategy with respect to the Research Plan activities;
(m)discussing and resolving any Disputes that arise at a JTT, JMMT or JPT presented to the JRC for resolution; and
(n)performing such other functions as agreed to by the Parties or as specified in this Agreement.
1.1.3Decisions.  With respect to the responsibilities of the JRC set forth in Section 2.2.2, each Party shall have one (1) collective vote in all decisions, and the Parties shall attempt to make decisions by reaching agreement.  The Parties will [***].  
23

Subject to Section 4.2.1(d) and [***], in the event that the JRC is unable to reach agreement [***].  For clarity, the JRC [***].
1.3Teams.
1.1.1Joint Technical Teams.  Within [***] days after the Effective Date, the Parties shall establish a separate joint technical team (“JTT”) for each of [***]; and promptly following Roche’s request, during the Neuroscience Exclusivity Period, to include Roche Small Molecules or Other Map Perturbations in the HUVEC Phenomap or for a Neuroscience Phenomap in a neuroscience cell type other than [***], the Parties shall establish a new JTT for such cell type; provided that formation of a JTT for the HUVEC Phenomap shall be subject to mutual agreement by the Parties.  With respect to each Phenomap in a cell type, the JTT for such cell type shall be responsible for: 
(a)drafting the Research Plans for creating such Phenomap, and any amendments thereto, for the activities set forth in Sections 3.2 and 3.3, overseeing Stage 0-1 Activities under such plans and addressing technical challenges encountered during the conduct of such plans;
(b)proposing to the applicable JRC the Phenomap Standards for such Phenomap;
(c)for each Roche-requested Phenomap, proposing the Cell Context of such Phenomap (and assessing initial and subsequent technical feasibility of such Cell Context) and amending the Research Plan to include it;
(d)in the event Roche has concerns regarding whether such Phenomap has met the relevant Phenomap Standards, discussing such concerns and proposing a plan to the applicable JRC to address them;
(e)determining the security measures (if any) needed for access to such Phenomap, in addition to the measures set forth in Section 3.5 in each case to maintain data safety and compliance with the restrictions set forth in this Agreement;
(f)proposing queries for Recursion to make in such Phenomap, if it is a Declined Neuroscience Phenomap, [***] Phenomap or the HUVEC Phenomap and discussing the results of such queries;
(g)designating as Collaboration Insights certain observations made from such Phenomap (or a Joint Multi-Modal Map in such cell type) by a Party (solely or jointly) that otherwise do not qualify as Collaboration Insights based on the applicable Access Log;
(h)with regard to the [***] JTT, selecting the [***] cancer cell line for each [***] Phenomap;
(i)proposing to the applicable JRC the initiation of Validation Programs based on Collaboration Insights made in such Phenomap (or a Joint Multi-Modal Map in such cell type); 
(j)determining the number of Initial Small Molecule Hits for a Small Molecule Validation Program, the number of Initial Identified Target Hits for a 
24

Target Validation Program and the number of Neuro Field Initial Small Molecule Hits in each Neuro SM Hit Group;
(k)reporting to the applicable JRC the progress under its applicable Research Plan; and
(l)for any other decision delegated to a JRC with respect to such Phenomap, providing a recommendation to such JRC for its consideration.  
With respect to the responsibilities of each JTT set forth above, each Party shall have one (1) collective vote in all decisions of such JTT. In the event that agreement on a particular matter within the scope of its responsibility cannot be reached by a JTT within [***] Business Days (or such longer period as the JTT members agree) after the JTT first meets to consider such matter, the matter shall be referred to the applicable JRC, which shall resolve such matter in accordance with Section 2.2.3.  Each JTT shall meet and operate during the period commencing upon its formation until the applicable JRC at its discretion dissolves such JTT.  Thereafter, such JTT shall cease operations and perform no further functions under this Agreement.  Notwithstanding the foregoing, following dissolution of a JTT, the applicable JRC may re-establish such JTT as needed.
1.1.2Joint Multi-Modal Team.  Within [***] days after the Effective Date, the Parties shall establish a joint multi-modal team (the “JMMT”).  The JMMT shall be responsible for: 
(a)drafting the Research Plans, and any amendments thereto, for joint, multi-model activities in the Neuro Field and overseeing the activities under such plans; 
(b)proposing the Joint Multi-Modal Map Standards for each Joint Multi-Modal Map;
(c)addressing technical challenges encountered during the conduct of such Research Plans;
(d)setting up the Collaboration Cloud in accordance with Section 3.6.2;
(e)determining the security measures (if any) needed for access to and use of Joint Multi-Modal Maps, Joint Multi-Modal Models, Joint Multi-Modal Embeddings and data generated under such Research Plan and used in such Collaboration Cloud, in addition to the measures set forth in Section 3.6.2, in each case to maintain data safety and compliance with the restrictions set forth in this Agreement; 
(f)establish and monitor the amount and allocation of the Collaboration Cloud’s GPUs and data storage among the VPCs;
(g)reporting to the Neuro JRC the progress under its applicable Research Plan; and
(h)for any other decision delegated to a JRC with respect to a Joint Multi-Modal Map, providing a recommendation to such JRC for its consideration.  
25

With respect to the responsibilities of the JMMT set forth above, each Party shall have one (1) collective vote in all decisions of such JMMT. In the event that agreement on a particular matter within the scope of its responsibility (other than subsection (f) above) cannot be reached by the JMMT, within [***] Business Days (or such longer period as the JMMT members agree) after the JMMT first meets to consider such matter, the matter shall be referred to the Neuro JRC, which shall resolve such matter in accordance with Section 2.2.3.  For decisions regarding [***].  The JMMT shall meet and operate during the period commencing upon its formation until the Neuro JRC at its discretion dissolves the JMMT.  Thereafter, such JMMT shall cease operations and perform no further functions under this Agreement.  Notwithstanding the foregoing, following dissolution of the JMMT, the Neuro JRC may re-establish the JMMT as needed.
1.1.3Joint Program Teams.  Within [***] days after a JRC decision to pursue a Validation Program or a Stage 3 Small Molecule Program, the Parties shall establish a joint project team (a “JPT”) for such program.  Such JPT shall be responsible for: 
(a)drafting the Research Plans, and any amendments thereto, for the applicable Validation Program, Stage 3 Small Molecule Program or Additional Screening Work and overseeing the activities under such plans;
(b)for each Small Molecule Validation Program in which Validated Small Molecule Series are acting through different Targets, identifying separate Stage 3 Small Molecule Programs for each such set of Validated Small Molecule Series acting through a different Target;
(c)for a Stage 3 Small Molecule Program, proposing a plan to the applicable JRC to resolve a Dispute regarding achievement of the Lead Series Criteria or Development Candidate Criteria for such program;
(d)reporting to the applicable JRC the progress under its applicable Research Plan; and
(e)for any other decision delegated to a JRC with respect to such program, providing a recommendation to such JRC for its consideration. 
With respect to the responsibilities of each JPT set forth above, each Party shall have one (1) collective vote in all decisions of such JPT. In the event that agreement on a particular matter within the scope of its responsibility cannot be reached by a JPT within [***] Business Days (or such longer period as the JPT members agree) after such JPT first meets to consider such matter, the matter shall be referred to the applicable JRC, which shall resolve such matter in accordance with Section 2.2.3.  Each JPT shall meet and operate during the period commencing upon its formation until the completion of the applicable Research Plan unless the applicable JRC at its discretion earlier dissolves such JPT.  Thereafter, the JPT shall cease operations and perform no further functions under this Agreement.  Notwithstanding the foregoing, following dissolution of a JPT, the applicable JRC may re-establish such JPT as needed.
1.1.4Team Membership; Participation.  Each of the JTTs, JMMT and JPTs, and any team established by the JSC pursuant to Section 2.1.2(c) is sometimes referred to individually herein as a “Team” and collectively as the “Teams.”  Each Team shall be composed of up to [***] representatives designated by each of Recursion and Roche (though the Parties need not have the same number of representatives on such Team), each appropriate for the tasks then being undertaken and the stage of technical development, in terms of their seniority, function in their respective organizations, 
26

training and experience.  Each Party shall designate one of its representatives to each Team as its primary contact for matters pertaining to such Team (such Party’s Team “Co-Lead”).  Subject to the foregoing, from time to time, each Party may replace any or all of its representatives to a Team (including its Co-Lead) at any time by informing the other Party in advance, in writing (which may be by email).  Each Team shall meet [***], or as otherwise agreed to by the Parties and shall meet at such other times as deemed appropriate by such Team.  Either Party may invite a reasonable number of other employees, consultants, research contractors, or scientific advisors to attend a Team meeting in a non-voting capacity with prior written notice to the other Party; provided that such invitees are bound by appropriate confidentiality and invention assignment obligations consistent with the terms of this Agreement.  
1.4Committee and Team Meetings; Minutes.  In order to hold a committee or Team meeting or to make a committee or Team decision, at least one (1) member of such committee or Team from each Party must participate in the meeting or vote; provided that either Party may defer a meeting or a vote if such Party desires to postpone until the applicable committee or Team members are able to attend or participate, so long as such postponement does not cause material or undue delays to any Research Plan.  Committees and Teams may meet in person or via teleconference, video conference or the like, provided that at least one (1) meeting per Calendar Year shall be held in person, unless otherwise agreed by the Parties.  Each Party shall bear the expense of its respective representatives’ participation in committee and Team meetings.  Each committee or Team shall keep minutes of its meetings that record in writing all decisions made, action items assigned or completed and other appropriate matters.  The Parties shall alternate the responsibility for keeping such meeting minutes for a particular committee or Team.  Meeting minutes shall be sent to both Parties promptly after a meeting for review, comment and approval.  Decisions that are made by the committee or Team outside of a meeting shall be documented in writing (which may be by email).
1.5Alliance Managers.  Promptly following the Effective Date, each Party shall designate an individual to act as the alliance manager for such Party (such Party’s “Alliance Manager”). The Alliance Managers will act as the primary point of contact between members of the JSC and the JRC and other relevant personnel of the Parties involved in oversight and compliance of the activities under this Agreement. Additionally, the Alliance Managers shall assist in the resolution of potential issues and Disputes in a timely manner to enable the Parties to reach consensus and avert escalation of such issues or potential Disputes. The Alliance Managers may attend all meetings of the committees and Teams contemplated herein as non-voting participants, provided that the Alliance Managers will make reasonable efforts to attend all JSC and JRC meetings and will support the JSC and JRCs in the discharge of their respective responsibilities. An Alliance Manager may bring any matter concerning a Party’s performance under this Agreement to a JRC or the JSC if the Alliance Manager reasonably believes that such attention is warranted. Either Party may replace its Alliance Manager at any time by notifying the other Party’s Alliance Manager in writing (which may be by email).
1.6Limitations on Authority.  Each Party shall retain the rights, powers, and discretion granted to it under this Agreement, and no such rights, powers, or discretion shall be delegated to or vested in a committee or Team unless such delegation or vesting of rights is expressly provided for in this Agreement or the Parties expressly so agree in writing.  No committee or Team shall have the power to amend, modify or waive compliance with this Agreement, which may only be amended or modified, or compliance with which may only be waived, as provided in Section 15.8.
1.7Day-to-Day Conduct.  The Parties recognize that each Party possesses an internal structure (including various committees, teams and review boards) that will be involved in administering such Party’s activities under this Agreement.  Nothing contained in this ARTICLE 
27

2 shall prevent a Party from making routine day-to-day decisions relating to the conduct of those activities for which it has a performance or other obligation hereunder, in each case in a manner consistent with the then-current applicable Research Plan and the terms and conditions of this Agreement.
ARTICLE 3
Map Creation; Acceptance; Access
1.1Phenomap Creation.  During the applicable Exclusivity Period, Recursion shall create the following Phenomaps (or, in the case of the HUVEC Phenomap, augment such then-existing map if requested by Roche, as described below) for use in the Collaboration as further described below (the activities set forth in this Section 3.1 and Sections 3.2 and 3.3, in accordance with the applicable Research Plans, the “Stage 0-1 Activities”):  
(a)a [***] Phenomap for each of up to four (4) [***] cancer Cell Contexts determined by the applicable JTT and approved by the [***] JRC as part of the applicable Research Plan, as may be updated from time to time with Stage 2/3 Image Data;
(b)a [***] Phenomap for each of up to six (6) neuroscience-related Cell Contexts determined by the applicable JTT and approved by the Neuro JRC as part of the applicable Research Plan, including the Genetics-Only Initial Phenomaps; 
(c)a [***] Phenomap for each of up to six (6) neuroscience-related Cell Contexts determined by the applicable JTT and approved by the Neuro JRC as part of the applicable Research Plan, including the [***] Phenomaps ([***] as may be updated from time to time with Stage 2/3 Image Data or as set forth in 6.2.4(a), each a “Neuroscience Phenomap”); and
(d)the HUVEC Phenomap.
1.2Stage 0 Phenomap Planning.  
1.1.1Stage 0 Plans. 
(a)Promptly following the Effective Date, for the [***] Initial Neuroscience Phenomaps and the [***] Phenomaps, each Party will conduct the activities designated as stage 0 activities for such Phenomap (the “Stage 0 Plan”) and assigned to such Party in the applicable Research Plan attached hereto in Exhibit C. 
(b)For any other Neuroscience Phenomap described in Section 3.1 for a cell type that has not previously been used in a Neuroscience Phenomap, promptly following Roche’s request (which will include the requested cell type), the Parties shall promptly form a JTT, and such JTT will promptly draft a Research Plan, which includes a Stage 0 Plan, setting forth the Stage 0-1 Activities for such cell type for such Phenomap.  Such Research Plan’s Stage 0 Plan will include activities to generate, evaluate, and select a Cell Context for the Neuroscience Phenomap to be generated in Stage 1. Per each Stage 0 Plan, multiple cell lines, some of which may be modified by selected [***], will be [***].  Following approval of such Research Plan by the applicable JRC, each Party will conduct the activities assigned to it in the Stage 0 Plan of such Research Plan.  If the applicable JTT determines [***], such activities shall be set forth in an amendment to the applicable Research Plan, and Recursion will create a reasonable number of certain engineered cell lines during Stage 0-1 Activities to properly display and analyze some Other Map Perturbations with the Recursion Platform.
28

(c)Initial aliquots of the parental cell lines to be evaluated for the Neuroscience Phenomaps will be [***] from vendors selected by the applicable JTT, and initial aliquots of the cell lines to be evaluated for the [***] Phenomaps will be [***]. Recursion thereafter will expand such initial aliquots as part of the scale-up process set forth in the applicable Stage 0 Plan. 
1.1.2Phenomap Standards and Feasibility.  
(a)Prior to Recursion generating any Phenomap set forth in Section 3.1, the applicable JTT will propose the Phenomap Standards for such Phenomap for approval by the applicable JRC.  In the event a Neuroscience Phenomap does not meet the applicable JRC-approved Phenomap Standards, [***], (i) [***] and (ii) [***], unless, in each case (i) and (ii), otherwise agreed by the Parties.  In the event a [***] Phenomap does not meet the applicable Phenomap Standards, then, the Parties’ respective access and use rights and obligations under this Agreement with regard to such [***] Phenomap (and its Recursion Phenomap Model and [***] Image Data and Embeddings) will be [***].
(b)All Neuroscience Phenomaps are subject to technical feasibility as determined by the applicable JTT.  In the event that the JTT determines that a Neuroscience Phenomap is not technically feasible, (i) such Phenomap, to the extent it was created, will not be counted as one of the Phenomaps set forth in Section 3.1(b) and 3.1(c) and (ii) with regard to Roche’s rights and obligations under this Agreement, [***], unless, in each case (i) and (ii), otherwise agreed by the Parties.  If a JTT does not agree upon whether a Phenomap in a certain Cell Context is or is not technically feasible, then such Dispute will be determined by the applicable JRC under Section 2.2.3.
1.1.3Timing of Requests for Additional Neuroscience Phenomaps.  Unless otherwise agreed by the Parties, (a) any Additional Neuroscience Phenomap may only be requested by Roche (and the applicable Initiation Fee, if any, must be paid) within [***] years of the Effective Date (the “Map Request Period”); and (b) Recursion will not commence Stage 0-1 Activities for any Roche-requested Additional Neuroscience Phenomap until the Stage 0-1 Activities for [***] is completed or earlier discontinued; provided that, prior to such completion or earlier termination, [***].
1.1.4Recursion Independently Created Neuroscience Phenomaps.  During the Neuroscience Exclusivity Period, Recursion may create, [***], Phenomaps in neuroscience-related Cell Contexts in addition to those requested by Roche in Sections 3.1(b) and 3.1(c), and all such Phenomaps will be deemed Additional Neuroscience Phenomaps, [***].
1.3Stage 1 Map Creation.  
1.1.1[***] Phenomaps.  For each [***] Phenomap, following completion of the applicable Stage 0 Plan, including selection of the Cell Context, the JTT will finalize the Other Map Perturbations to be included in such [***] Phenomap (and, if necessary, amend the applicable Research Plan to include such Other Map Perturbations), and Recursion will create a [***] Phenomap in such Cell Context, in accordance with such Research Plan.  
1.1.2Neuroscience.  
(a)For each Neuroscience Phenomap, following completion of the applicable Stage 0 Plan, including selection of the Cell Context, the applicable JTT will finalize the Other Map Perturbations to be included in such Neuroscience Phenomap (and, if necessary, amend the 
29

applicable Research Plan to include such Other Map Perturbations) and, following agreement on the Phenomap Standards, Recursion will create a [***] Neuroscience Phenomap in such Cell Context, in accordance with such Research Plan; provided that, at Roche’s request, Recursion will not create a [***] Phenomap for such Cell Context (and the Stage 0-1 Activities solely applicable to such [***] Phenomap will be deemed discontinued) and instead will create a [***] Phenomap in such Cell Context as set forth in Section 3.3.2(b).
(b)Following Roche’s acceptance of a [***] Neuroscience Phenomap in a cell type in accordance with Section 3.4.2 and Roche’s request for a [***] Phenomap in the same cell type (which will include, if applicable, a desired [***]) or following Roche’s request for only a [***] Phenomap in a cell type (which will include, if applicable, a desired [***]) as set forth in Section 3.3.2(a), the applicable JTT promptly will (A) if the requested Phenomap is for a [***], draft a plan to evaluate and select [***] for such Phenomap and (B) determine the Other Map Perturbations to be included in the Phenomap.  Promptly thereafter, Recursion will create a [***] Phenomap, including such Other Map Perturbations, in such Cell Context. 
(c)For each Roche-requested Neuroscience Phenomap, Recursion will promptly notify Roche in writing when it initiates map-building activities following selection of the Cell Context and any Other Map Perturbations as set forth herein (each, a “Map Initiation Notice”).
1.1.3HUVEC Phenomap.  Initially, the Parties anticipate that, if Roche wants the HUVEC Phenomap used for the Collaboration, the HUVEC Phenomap will be only Recursion’s then-existing version as expanded by Recursion, in its discretion, from time to time.  However, promptly following Roche’s written request, during the Map Request Period, to include Roche Small Molecules or Other Map Perturbations in the HUVEC Phenomap, the applicable JTT(s) will determine the Other Map Perturbations to be included in such Phenomap, draft a Research Plan (or amendment thereto) to include such Roche Small Molecules and Other Map Perturbations, and Recursion will generate HUVEC Image Data and Embeddings of such Roche Small Molecules and Other Map Perturbations in HUVEC and include them in the HUVEC Phenomap for the Collaboration in accordance with such Research Plan.
1.1.4Sequencing.  Roche may, in its discretion, perform sequencing on a potential or selected Cell Context of any [***] Phenomap or Neuroscience Phenomap that is the subject of Stage 0-1 Activities in order to (a) for [***] Phenomap or Neuroscience Phenomaps, aid the evaluation and selection of the Cell Context for such Phenomap (or a potential future Neuroscience Phenomap); or (b) to supplement the Parties’ identification of Collaboration Insights for further validation in the Neuro Field, including the Parties’ activities under the Multi-Modal Research Plans, or in the [***] Field.  Recursion will provide protocols it created or used in Stage 0-1 Activities for its arrayed perturbation assay for the [***] Phenomaps and Neuroscience Phenomaps, including [***], at Recursion’s expense, to enable Roche’s sequencing activities in accordance with the applicable Research Plan; [***]; and provided further that, [***].  Roche may provide, at its discretion and subject to agreed-upon information security measures, any or all of such Sequencing Data to Recursion, solely for use by Recursion as set forth in Section 8.5.  In addition, [***].
1.1.5Agreement to Cease Activities under a Research Plan.  The Parties may agree to terminate specific activities under any Research Plan during any Stage.
1.4Phenomap Acceptance.
30

1.1.1HUVEC and [***].  Promptly upon Recursion’s completion of an augmented HUVEC Phenomap described in Section 3.3.3 and of each Roche-requested [***] Phenomap, Recursion will provide Roche with written notice of such completion, which shall include data demonstrating achievement of the Phenomap Standards for such Phenomap, and access to the images within the augmented HUVEC Image Data and Embeddings or the [***] Image Data and Embeddings (as applicable) for such Phenomap solely to evaluate achievement of such Phenomap Standards.  If Roche notifies the applicable JTT that it has concerns about the accuracy, functioning or reliability of such Phenomap, the JTT shall promptly meet to discuss and determine how to address such concerns.  
1.1.2Neuroscience.  
(a)Promptly upon Recursion’s completion of each Neuroscience Phenomap, Recursion will provide Roche with written notice of such completion, which shall include data demonstrating achievement of the Phenomap Standards for such Phenomap.  During the [***] day period following Roche’s receipt of such notice and data (the “Evaluation Period”), Recursion will permit and facilitate the full access (but not the ability to download) for up to [***] named individuals from, and nominated by, Roche to such Neuroscience Phenomap and the Neuro Image Data used to create such Phenomap, including the ability to query such Phenomap, solely to evaluate Roche’s interest in accepting such Phenomap.  For clarity, any observations made pursuant to such queries shall be Collaboration Insights, to the extent they satisfy Section 1.32.  For clarity, [***] in such Phenomap for purposes of Roche’s access during the applicable Evaluation Period and, to the extent Roche Small Molecules are included in such Phenomap, at least a subset of reference compounds comprising such Roche Small Molecules will be identified.  Recursion will retain the right to maintain an Access Log of all queries to such Phenomap made during such Evaluation Period to monitor compliance with the Agreement.  If, during the Evaluation Period for a Phenomap, Roche notifies the applicable JTT that it has concerns about the accuracy, functioning or reliability of such Phenomap, the applicable JTT shall promptly meet to discuss and determine how to address such concerns.  
(b)If Roche provides Recursion written notice during the Evaluation Period for a Neuroscience Phenomap that it accepts such map (an “Acceptance Notice”) and pays the applicable Acceptance Fee in accordance with Section 6.2, such map thereafter will be deemed accepted by Roche (an “Accepted” Neuroscience Phenomap).  If Roche does not provide an Acceptance Notice within the Evaluation Period for a Neuroscience Phenomap or does not pay the applicable Acceptance Fee in accordance with Section 6.2, such map thereafter will be deemed declined by Roche (a “Declined” Neuroscience Phenomap).  
1.5Phenomap Access.  Unless otherwise agreed by the Parties, Phenomaps created pursuant to this ARTICLE 3 will be hosted on a Recursion-controlled server.
1.1.1Restricted Access Phenomaps.  During the [***] Exclusivity Period, for all [***] Phenomaps, [***] Images Data and Embeddings, and Models used to create such [***] Phenomaps, only named individuals from, and nominated from time to time by, Recursion working directly on generating Collaboration Insights or on Research Plan activities will have access to such Phenomaps, image data, Embeddings or Models through a unique email and password combination and additional security measures determined by the applicable JTT to ensure data safety and compliance with the Agreement (e.g., VPNs).  During the applicable Exclusivity Period, for each of the (i) HUVEC Phenomap (as may be augmented in accordance with Section 3.3.3) and (ii) all Declined Neuroscience Phenomaps, only named individuals from, and nominated from time to time by, Recursion will have access to such Phenomaps through a unique email and password combination and additional security measures determined by the applicable 
31

JTT to ensure data safety and compliance with the Agreement (e.g., VPNs), but only the subset of such named individuals working directly on generating Collaboration Insights or on Research Plan activities will have access to the Phenomap relationships and HUVEC Image Data and Embeddings, Neuro Image Data, and Neuro Image Embeddings (as applicable), in each case that involve or pertain to the Roche Small Molecules or to Other Map Perturbations that are proprietary to Roche and included in such Phenomap (collectively, the “Roche Proprietary Phenomap Information”) and solely to conduct queries in the applicable Exclusive Field to generate Collaboration Insights or inform Research Plan activities. Recursion will ensure that no other individual with access to the HUVEC Phenomap or Declined Neuroscience Phenomaps will have access to Roche Proprietary Phenomap Information during the applicable Exclusivity Period and that no other Recursion individuals will have access to the [***] Phenomaps.  Recursion will maintain an Access Log for each [***] Phenomap and Declined Neuroscience Phenomap [***].  Roche will not have independent access to the HUVEC Phenomap, [***] Phenomaps or Declined Neuroscience Phenomaps, but, during the applicable Exclusivity Period, will access and query such Phenomaps in the applicable Exclusive Field by:
(a)[***].
(b)[***].
(c)[***].  
1.1.2[***] Access Phenomaps.  During the Neuroscience Exclusivity Period, for each Accepted Neuroscience Phenomap, [***] access to such Phenomap and the Neuro Image Data used to create such Phenomap (but, for clarity, not the ability to download such images) through a unique email and password combination and additional security measures determined by the applicable JTT to ensure data safety and compliance with the Agreement (e.g., VPNs), solely to conduct queries in the Neuro Field to generate Collaboration Insights or inform Research Plan activities (including for Validation Programs and Stage 3 Small Molecule Programs). Recursion will maintain an Access Log for each Accepted Neuroscience Phenomap, which is accessible by both Parties [***].  
1.1.3Phenomap Use Training.  At least [***] days prior to the completion of each Neuroscience Phenomap, Recursion will provide training to the named Roche individuals who will access such Phenomap for evaluation pursuant to Section 3.4.2 on the software, interface, metrics and the like to allow Roche to access, query and evaluate such Phenomap (and the Neuro Image Data used to create such Phenomap).  Following Roche’s acceptance of each Neuroscience Phenomap, Recursion will, if requested by Roche, also provide such [***].  In addition, during the first [***] days of the Evaluation Period for a Neuroscience Phenomap, Recursion will actively assist the named Roche individuals pursuant to Section 3.4.2 to understand and use such Phenomap and the Neuro Image Data used to create such Phenomap and, during the Evaluation Period, promptly answer all reasonable questions from Roche regarding such Phenomap and Roche’s evaluation thereof.
1.6Joint Multi-Modal Maps.  
1.1.1Following acceptance of a Neuroscience Phenomap by Roche in accordance with Section 3.4.2 and Roche’s written request during the Neuroscience Exclusivity Period, the JMMT will promptly draft a Research Plan, for approval by the Neuro JRC, setting forth each Party’s activities to create a Joint Multi-Modal Map for such Accepted Neuroscience Phenomap (a “Multi-Modal Research Plan”), using the Neuro Image Data from such Accepted Neuroscience Phenomap, Sequencing Data, 
32

Recursion Background ML Know-How, Roche Background ML Know-How and any other Know-How or data that the Parties agree to include in such activities.  For clarity, a Joint Multi-Modal Model Architecture shall not use the Recursion Phenomap Model Architectures except to the extent that Recursion, at its sole discretion, uses or incorporates such Recursion Phenomap Model Architecture(s) in such Joint Multi-Modal Model Architecture. Notwithstanding the foregoing, the Parties anticipate that the JMMT will be meeting and making infrastructure plans and arrangements prior to Roche’s first acceptance of a Neuroscience Phenomap in order to move quickly after such acceptance.  
1.1.2Joint Multi-Modal Map Access.
(a)During the Neuroscience Exclusivity Period, the Joint Multi-Modal Models, Joint Multi-Modal Embeddings and Joint Multi-Modal Maps will be created, trained and stored on a [***] (a “Collaboration Cloud”).  The JMMT will work together to set up the Collaboration Cloud, including three (3) virtual private cloud environments (each, a “VPC”) consisting of (i) a shared VPC and (ii) a unique VPC environment for each Party, accessible only by named individuals from such Party, for storage of proprietary data, Recursion Background ML Know-How or Roche Background ML Know-How that a Party wants to use, but not disclose to the other Party, in the creation or operation of a Joint Multi-Modal Model or Joint Multi-Modal Map.  [***].  As of the Effective Date, Roche anticipates, that, following its acceptance of the first Initial Neuroscience Phenomap, it would purchase [***] reserved instance GPUs for the Collaboration Cloud, which would be shared across the three (3) VPCs.  The JMMT would, among other matters, decide how to allocate the Collaboration Cloud’s GPUs and data storage capacity among the VPCs at any given time.  If, at any time during the Neuroscience Exclusivity Period, Recursion wants to use additional GPUs or data storage in its VPC beyond what the JMMT has allocated to it at that particular time, [***].  Each Party will bear the data transfer costs it incurs from transferring its data into or out of the Collaboration Cloud.  [***]. 
(b)During the Neuroscience Exclusivity Period, [***] access to the Collaboration Cloud, including the Joint Multi-Modal Maps, through a unique email and password combination and additional security measures determined by the JMMT to ensure data safety and compliance with the Agreement as needed (e.g., VPNs); provided that such individuals may query the Joint Multi-Modal Maps solely in the Neuro Field to generate Collaboration Insights or inform Research Plan activities.  The Parties will maintain an Access Log for the Collaboration Cloud, accessible by both Parties, which will include [***].  
1.7External Use Option.  
1.1.1During the Neuroscience Exclusivity Period, at any time following Roche’s acceptance of a [***] Phenomap and a [***] Neuroscience Phenomap for the same cell type, Roche may exercise its option to obtain the rights to use outside the Collaboration for all purposes, as described in Sections 8.4.2(b) and 8.6, (i) the Neuro Image Data created for such Accepted [***] Neuroscience Phenomap and for any Accepted [***] Phenomap for the same cell type (as well as any Stage 2/3 Image Data that Recursion adds to such Phenomap(s) during the applicable Exclusivity Period [***]) and (ii) [***] (an “External Use Option”). To exercise an External Use Option, Roche shall first provide written notice to Recursion specifying the applicable Accepted [***] Neuroscience Phenomap (and the related Accepted [***] Phenomap) whose Neuro Image Data it desires (an “Election Notice”).  Promptly following receipt of an Election Notice, Recursion will provide [***].  If Roche does not believe such image criteria have been met, it will notify Recursion in writing within such [***] day period of its concerns, and the Parties will promptly discuss such concerns in good faith.  If Roche believes the applicable Neuro Image Data and Stage 2/3 Image Data satisfy such image criteria, then 
33

it will provide Recursion with a written notice of such within such [***] day period (an “Exercise Notice”).
1.1.2Promptly following its receipt of an Exercise Notice, Recursion will transfer to Roche a copy of all Neuro Image Data [***] that is the subject of such External Use Option.  Promptly following Roche’s receipt of the applicable Neuro Image Data and [***], Roche will provide Recursion with written confirmation of the successful transfer and pay Recursion the applicable External Use Fee in accordance with Section 6.3.  
1.1.3[***].
1.1.4For the avoidance of doubt, [***].  
1.1.5Notwithstanding anything to the contrary in Section 3.7.1, [***].  
1.8General Principles for All Research Plans.  Roche and Recursion each shall use Commercially Reasonable Efforts to perform the activities assigned to it under each Research Plan.  For the avoidance of doubt, [***].  Except as otherwise expressly set forth herein, each Party shall conduct its activities under all Research Plans under this Agreement [***] and in accordance with the terms and conditions of this Agreement and each Party shall obtain and maintain, at its expense (subject to Section 9.1), all rights and licenses necessary for it to conduct such activities [***].  In addition, the Parties expect that all future Research Plans (other than Multi-Modal Research Plans) will follow a similar allocation of performance and expense responsibility between the Parties as their initial ones [***].  The JTT, JMMT or JPT (as applicable) responsible for overseeing or conducting activities under a Research Plan will review such Research Plan from time to time as necessary for the purpose of considering appropriate amendments thereto and recommend any such amendments to the applicable JRC for consideration.  In addition, either Party, through its representatives on the applicable JRC, may propose amendments to a Research Plan at any time.  
1.9Subcontracting.
1.1.1Roche shall have the right to subcontract any of its activities under this Agreement to a Third Party.
1.1.2Recursion shall not subcontract any material Research Plan activities to a Third Party, other than Authorized Subcontractors solely to perform the relevant Subcontracted Activities.  Such activities performed by an Authorized Subcontractor on behalf of Recursion shall be pursuant to a written subcontract specifying the work to be subcontracted and containing provisions consistent with the terms and conditions of this Agreement, including with respect to confidentiality and intellectual property.
1.1.3Each Party shall be responsible (and liable) to the other Party for the performance of such Party’s activities pursuant to this Agreement by its subcontractors and for any failure by its subcontractors to comply with the restrictions, limitations and obligations set forth in this Agreement as if such performance or failure of such subcontractors were the performance or failure of such Party under this Agreement.
1.10Reports; Records.
1.1.1Progress Reports.  
34

(a)Subject to Section 3.3.4, each Party shall use reasonable efforts to keep the other Party informed of its activities under the Research Plans, including providing updates at each JRC and applicable JTT, JMMT or JPT meeting.  In the event that either Party requests further information regarding any such update, including any reasonable request for then-existing data or other research results from activities under the Research Plan, then, except as set forth in Section 3.3.4 with respect to Sequencing Data, the Parties shall cooperate to achieve such data exchange in a timely and efficient manner.  Neither Party shall be required to generate additional data to comply with the foregoing obligation.  Except as set forth in Section 3.3.4 with respect to Sequencing Data, upon completion or earlier cessation of each Research Plan, each Party will provide a written report to the applicable JTT, JMMT or JPT that summarizes the activities performed and discloses all Other Collaboration Data, Program Data other than Stage 2/3 Image Data, Program IP and Joint Collaboration IP, in each case generated by or on behalf of such Party (solely or jointly) in the conduct of such activities.  For any Stage 2/3 Image Data generated in the conduct of a Research Plan, Recursion will provide named individuals from, and nominated from time to time by, each Party working directly on the applicable Research Plan with unrestricted access to such Stage 2/3 Image Data, through a unique email and password combination and additional security measures determined by the JMMT to ensure data safety and compliance with the Agreement as needed (e.g., VPNs).  Each Party’s use of such Stage 2/3 Image Data is governed by ARTICLE 8, depending on the status of the applicable program and each Party’s exercise of its options, if any, therefor to which such images relate.  After the applicable Exclusivity Period, at Roche’s request, Recursion will continue to make the Stage 2/3 Image Data generated in the applicable Exclusive Field available to Roche using the same controlled access as set forth above (except that, with regard to Stage 2/3 Image Data that is not licensed under a Product License, Target License or Recursion Product License, there is no requirement that a Party’s named individuals accessing such data must be working on a Research Plan in order to do so), or transfer such Stage 2/3 Image Data to Roche; provided that, at any time after the applicable Exclusivity Period, Recursion may elect to transfer such Stage 2/3 Image Data to Roche at Recursion’s expense and thereafter cease making such Stage 2/3 Image Data available to Roche. In addition, the JRC may determine what reports shall be generated in respect of Research Plan activities, including the content and timing thereof.  The Parties shall promptly share all such reports with the JRC or applicable Team.
(b)Recursion shall provide Roche a written update on the progress of its each of its Independent Programs and Recursion Programs at least [***] each Calendar Year until the earlier of permanent discontinuation of such program by Recursion and [***].  Roche shall have the right to call an ad hoc meeting of the applicable JRC to discuss such written update and the applicable Independent Program or Recursion Program.
1.1.2Research Records.  Each Party shall, and shall ensure that any Third Party subcontractors pursuant to Section 3.9, maintain records (a) in sufficient detail and in good scientific manner appropriate for Prosecution and Maintenance and regulatory purposes, and (b) in compliance with Applicable Law, which shall be complete and accurate and shall properly reflect all work done and results achieved in the performance of its activities under the Research Plans, Independent Programs and Recursion Programs and which shall record only such activities and shall not include or be commingled with records of activities other than those conducted pursuant to the applicable Research Plan, Independent Program or Recursion Program.  All laboratory notebooks shall be maintained for no less than the term of any Patent issuing therefrom.  All other records shall be maintained by the applicable Party through the end of the applicable Exclusivity Period and for [***] years thereafter, or for such longer period as may be required by Applicable Law.
1.11Materials.
35

1.1.1Transfer.  Each Party shall, at its expense (unless otherwise set forth in the applicable Research Plan), provide the other Party with the tangible materials specified under the applicable Research Plan (or as otherwise agreed by the applicable JTT, JMMT or JPT by consensus of the Parties) to be provided by such Party to the other Party for use pursuant to the applicable Research Plan (collectively, the “Materials”).  Such Team may determine the specific format and timeline for the transfer of such Materials.  For clarity, the term Materials does not include any Know-How or Data created by a Party in its performance of a Research Plan.
1.1.2Rights of Use.  With respect to the Materials provided pursuant to this Section 3.11, the receiving Party shall have the right to use such Materials solely for the activities under the applicable Research Plan and to exercise the rights granted to such Party pursuant to ARTICLE 8, as applicable.  Subject to the foregoing, all such Materials (a) shall be used by the receiving Party only in accordance with the terms and conditions of this Agreement; (b) shall not be reverse engineered, deconstructed or analyzed in any way by such Party except as expressly set forth in the applicable Research Plan or this Agreement; (c) shall not be delivered by such Party to any Third Party or used by such Party for the benefit of any Third Party except as expressly provided for herein; and (d) shall be used by such Party in compliance with Applicable Law.
1.1.3Roche Proprietary Genetic Variant Data and Materials and Engineered Cell Lines.  Recursion shall have the right to use Roche Proprietary Genetic Variant Data and Materials solely for the activities under the applicable Research Plan and during the applicable Exclusivity Period.  The Roche Proprietary Genetic Variant Data and Materials shall not be reverse engineered, deconstructed or analyzed in any way by or on behalf of Recursion except as expressly set forth in the applicable Research Plan and shall not be delivered by Recursion to any Third Party except as expressly provided for herein.  Recursion shall provide Roche with (a) copies of all Data generated by or on behalf of Recursion within the Roche Proprietary Genetic Variant Data and Materials; and (b) [***]. Roche may use such Data [***] for any purpose, both during and after the Collaboration. Within [***] days after the end of the applicable Exclusivity Period, Recursion shall destroy all Roche Proprietary Genetic Variant Data and Materials (including copies thereof).
ARTICLE 4
Collaboration Programs
1.1Stage 2 Validation Programs.  
1.1.1During the applicable Exclusivity Period, the applicable JTTs will discuss Collaboration Insights found by each Party, potentially designate other Collaboration Insights and propose initiation of validation activities for prioritized Collaboration Insights of interest to the applicable JRC for discussion. At any time during the applicable Exclusivity Period, the applicable JRC may approve initiation of such validation activities in the [***] Field or Neuro Field by Recursion under this Section 4.1 and create a JPT therefor.  Subject to Section 4.1.3, promptly following such JRC approval, such JPT will draft a Research Plan for such activities for approval by the applicable JRC, and Recursion will undertake such activities pursuant to such approved Research Plan.  Depending on the Collaboration Insights being pursued, Recursion will attempt to validate, pursuant to such Research Plan, either JTT-selected and JRC-approved Initial Small Molecule Hits (a “Small Molecule Validation Program”) or JTT-selected and JRC-approved Initial Identified Target Hits (a “Target Validation Program,” and collectively, with Small Molecule Validation Programs, “Validation Programs”).  Each Research Plan for a Validation Program will include the validation activities consistent 
36

with the general activities set forth in Exhibit C to be conducted by Recursion, the total number of Initial Small Molecule Hits or Initial Identified Target Hits (as applicable) to be validated under such Validation Program, and the Validated Hit Criteria or Validated Target Criteria (as applicable).  
1.1.2In each Small Molecule Validation Program’s Research Plan, the applicable JPT will include validation activities to evaluate the Initial Small Molecule Hits associated with the applicable Insight Perturbation, understand the mechanism of action (“MoA”) of the applicable Small Molecules (including identifying the associated Target), validate the associated Target and characterize between [***] and [***] potential Validated Small Molecule Series.  In each Target Validation Program’s Research Plan, the applicable JPT will include validation activities to evaluate each Initial Identified Target Hit associated with the applicable Insight Perturbation in the applicable Phenomap or Joint Multi-Modal Map.  A Target Validation Program will be pursued for a Target only in the event that the applicable JTT determines that no Small Molecules are associated with such Target in the originating Phenomap or Joint Multi-Modal Map or all such associated Small Molecules have failed; provided that if the applicable JTT determines that Small Molecules are associated with such Target in a later Phenomap or Joint Multi-Modal Map, at Roche’s request such Target Validation Program will be converted to a Small Molecule Validation Program.  
1.1.3No more than [***] Validation Programs in the [***] Field and Neuro Field combined will be actively pursued in parallel by Recursion at any point during the Collaboration (the “Validation Program Active Cap”), unless otherwise agreed by the Parties in writing.  
1.1.4[***].
1.1.5Roche’s Option for Validated Small Molecule Series.  For each Small Molecule Validation Program, within [***] days following completion of the Research Plan activities for such Small Molecule Validation Program, Recursion will deliver to Roche, to the extent not previously provided by Recursion to Roche during conduct of the program, (a) a list, including structures, of each of the small molecules identified and synthesized by Recursion for such Small Molecule Validation Program, specifically identifying each of those within each Validated Small Molecule Series (if any); and (b) a copy of [***] and description of all Program IP and Joint Collaboration IP, in each case in this clause (b), generated by or on behalf of Recursion (solely or jointly) in the conduct of the Research Plan for such Small Molecule Validation Program, specifically noting all such Data that demonstrate achievement of the Validated Hit Criteria (an “SM Validation Confirmation”). For each Small Molecule Validation Program that successfully identifies at least [***] Validated Small Molecule Series, Roche may exercise its option (each, a “Validated SM Option”) for such Small Molecule Validation Program to have Recursion initiate lead optimization activities under a Stage 3 Small Molecule Program as set forth in Section 4.2.1 with up to [***] Validated Small Molecule Series from such program, which were either identified by Recursion or otherwise designated by Roche, by providing written notice (a “Validated SM Option Exercise Notice”) to Recursion within [***] days after Recursion delivers to Roche the SM Validation Confirmation for such Small Molecule Validation Program, subject to Section 4.2.7, and payment of the Validated SM Option Fee in accordance with Section 6.4.1.  For each Small Molecule Validation Program for which Roche has exercised its Validated SM Option, at Roche’s request, Recursion will promptly transfer all Stage 2/3 Image Data for such Small Molecule Validation Program to Roche.  
1.1.6Roche’s Validated Target Option; Roche Target List.  
37

(a)For the Target of a Target Validation Program, within [***] days following completion of the Research Plan activities for such Target Validation Program, Recursion will deliver to Roche, to the extent not previously provided by Recursion to Roche during conduct of the program, (i) a copy of [***] and (ii) a description of all Program IP and Joint Collaboration IP, in each case of (i) and (ii), generated by or on behalf of Recursion (solely or jointly) in the conduct of the Research Plan for such Target Validation Program, specifically noting all such Data that confirm such Target is a Novel Target in the applicable Exclusive Field and demonstrate achievement of the other Validated Target Criteria (a “Target Validation Confirmation”).  For each Target Validation Program that successfully identifies a Validated Target, Roche may exercise its option (each, a “Validated Target Option”) to obtain from Recursion the Validated Target license and exclusivity set forth in Sections 8.10.2 and 8.14.3 for such Target Validation Program by providing written notice (the “Validated Target Option Exercise Notice”) to Recursion within [***] days after Recursion delivers to Roche the Target Validation Confirmation for such Target Validation Program and paying the Validated Target Option Fee.  For each Target Validation Program for which Roche has exercised its Validated Target Option, at Roche’s request, Recursion will promptly transfer all Stage 2/3 Image Data for such Target Validation Program to Roche.  
(b)Following the Effective Date, Roche shall promptly deposit the Roche Target List with the Deposit Agent.  If a JTT proposes initiating a Target Validation Program in the applicable Exclusive Field based on a proposed Initial Identified Target Hit for a Target on the Roche Target List for such Exclusive Field to the applicable JRC, Roche shall promptly notify Recursion that such Target is not a Novel Target; and upon Recursion’s written request, Roche will cause the Deposit Agent to confirm such fact (but no additional information concerning the Target) to Recursion in writing.  For any pharmaceutical product that would be a Roche Enabled Product if the applicable Target was a Novel Target in the applicable Exclusive Field at the relevant time set forth in Section 1.179, upon Recursion’s written request, Roche will disclose to Recursion whether such Target is not a Novel Target because it is on the Roche Target List, and, if it is on such list, Roche will cause the Deposit Agent to confirm such fact (but no additional information concerning the Target) to Recursion in writing.  All notices, requests and confirmations provided for in this Section 4.1.6(b) may be by email.
(c)For clarity, solely for purposes of a Target Validation Program, a Target of such Target Validation Program that is a Novel Target as of the date it is approved by the JRC for inclusion in such Target Validation Program shall remain Novel for purposes of the Collaboration and Roche Validated Target Products.  For the avoidance of doubt, in the event that, during the conduct of a Target Validation Program, [***].  

1.1.7Additional Validated Target Activities.  Following Roche’s exercise of a Validated Target Option for a Target Validation Program, Roche, in its discretion, may elect to:
(a)research and develop therapeutic candidates against such Validated Target without further involvement of Recursion;
(b)research and develop therapeutic candidates against such Validated Target and supplement such activities by requesting in writing that Recursion, [***], use its phenomics platform, until the sooner of (i) [***] or (ii) [***] years from the Roche’s exercise of such Validated Target Option (the “Additional Screening Period”), to perform reasonable profiling or validation screens on therapeutic agents independently discovered or generated by Roche against such Validated Target pursuant to a Research Plan drafted by the applicable JPT and approved by the Neuro JRC (“Additional Screening Work”); or
38

(c)request in writing that Recursion, [***], identify, including by a cellular or biochemical screen, potential therapeutic candidates active against and intended to modify such Validated Target (other than the Small Molecules from the original Phenomap) pursuant to a Research Plan drafted by the applicable JPT and approved by the Neuro JRC.  In the event that Recursion, at its discretion, agrees to such request and conducts the activities set forth in such Research Plan during the time period set forth therein, the therapeutic candidates identified by or on behalf of Recursion in accordance with such Research Plan will be deemed Initial Small Molecule Hits, which Roche may select for a Small Molecule Validation Program.
For the avoidance of doubt, Recursion may agree to or decline any Roche request under this Section 4.1.7(c) at its discretion by notifying Roche in writing within [***] days of receipt of such request (or such longer period as the Parties agree); provided that once Recursion agrees to conduct such activities, it will use Commercially Reasonable Efforts to conduct and complete them. 

1.2Stage 3 Small Molecule Programs.  
1.1.1Lead Identification.  
(a)During the applicable Exclusivity Period, upon Roche’s exercise of a Validated SM Option for a Small Molecule Validation Program, subject to Section 4.2.7, the applicable JPT will promptly draft a Research Plan setting forth the hit-to-lead activities for the up to [***] Validated Small Molecule Series from such Small Molecule Validation Program with the goal of developing at least [***] and up to [***] Lead Series therefrom (each such program following exercise of the Validated SM Option, a “Stage 3 Small Molecule Program”).  Such Research Plan shall be approved by the applicable JRC and will include the Lead Series Criteria and Target Candidate Profile for such Stage 3 Small Molecule Program.  The applicable JPT will identify up to [***] prioritized Validated Small Molecule Series for which (unless otherwise agreed by the Parties) such hit-to-lead activities will initially be conducted in parallel to develop small molecule(s) that satisfy such Lead Series Criteria; provided that any of the other Validated Small Molecule Series from such Small Molecule Validation Program may be included in such hit-to-lead activities if one or more of the initial prioritized Validated Small Molecule Series fails.  Promptly following approval of such Research Plan by the applicable JRC, Recursion will conduct the activities as set forth therein.  Within [***] days following the earlier of completion of the Research Plan activities for such Stage 3 Small Molecule Program and the applicable Completion Date, Recursion will deliver to Roche, to the extent not previously provided by Recursion to Roche during conduct of the program, (a) a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Stage 3 Small Molecule Program, specifically identifying those within each Lead Series identified by Recursion (if any); and (b) a copy of [***] and a description of all Program IP and Joint Collaboration IP, in each case in this clause (b), generated by or on behalf of Recursion (solely or jointly) in the conduct of such Research Plan, specifically noting all such Data that demonstrate achievement of the Lead Series Criteria (a “Lead Activities Report”).  
(b)Roche shall notify Recursion in writing within [***] days of receipt of the Lead Activities Report if Roche does not in good faith agree that Recursion has identified and synthesized small molecules in at least [***] different series that meet the Lead Series Criteria, and promptly following such notice, the applicable JPT will discuss potential reasons for the disagreement and propose a plan to resolve the disagreement for approval by the applicable JRC.  If approved, the Parties shall promptly carry out such approved plan.  If such JPT is unable to agree on a plan to resolve the disagreement, then the applicable JRC shall attempt to resolve such disagreement.  If the JRC cannot agree on such plan or if, after conducting an approved plan, the Parties still cannot agree on whether or not Recursion has identified and synthesized small molecules in at least [***] different series that meet the Lead Series Criteria for the applicable 
39

Stage 3 Small Molecule Program, the Parties will mutually agree (such agreement not to be unreasonably withheld) within [***] days on a Third Party to review such small molecules to determine whether small molecules identified and synthesized by Recursion in at least [***] different series meet the Lead Series Criteria.  Such Third Party shall be required by the Parties to execute an appropriate confidentiality agreement approved in form and substance by the Parties and to make a final determination within [***] days, unless the Parties otherwise agree.  Such Third Party’s determination with respect to Recursion has identified and synthesized small molecules in at least [***] different series that meet the Lead Series Criteria will be binding on both Parties.  [***].
(c)If the results of performing a JSC approved, JPT plan or of a Third Party review under subsection (b) confirm Roche’s belief that Recursion has not identified and synthesized small molecules in at least [***] different series that meet the Lead Series Criteria, unless the Parties agree to terminate such Research Plan, Recursion shall continue to conduct the applicable Research Plan until the earlier of (i) identification by Recursion of small molecules in at least [***] different series that meet the Lead Series Criteria and (ii) the Completion Date for such Research Plan (as may be extended by mutual agreement). In either case (i) or (ii), Recursion will provide Roche, within [***] days of the conclusion of such time period, with a second Lead Activities Report as set forth above, and the Parties shall proceed with the process above with respect thereto.  If the results of performing a JSC approved, JPT plan or of a Third Party review under subsection (b) confirm that Recursion has identified and synthesized small molecules in at least [***] different series that meet the Lead Series Criteria, and, at the time of Roche’s receipt of all results of such plan or of the Third Party review, whichever is applicable, more than [***] days have elapsed since delivery of the applicable Lead Activities Report to Roche, then, notwithstanding the time period set forth in Section 4.2.3, Roche shall have [***] days from receipt of the results of such plan or of the Third Party review, whichever is applicable, to exercise the Roche Lead Series Option with respect to such Stage 3 Small Molecule Program or elect to have Recursion continue development of such Stage 3 Small Molecule Program, each as otherwise set forth in Section 4.2.3.  
(d)If, at any time, Recursion has elucidated the MoA for a Small Molecule Validation Program and determined that different Validated Small Molecule Series of such program are acting through different Targets to mediate the relationship between the applicable Insight Perturbation, the applicable JRC will designate a separate potential Stage 3 Small Molecule Program for each such set of Validated Small Molecule Series acting through a different Target to mediate such relationship, and the Program Data and Program IP for the related Small Molecule Validation Program will be allocated to each such separate Stage 3 Small Molecule Program based on which MoA it pertains to.  In the event the applicable JRC is unable to agree on whether such Validated Small Molecule Series are acting through different Targets, the Parties will mutually agree (such agreement not to be unreasonably withheld) within [***] days on a Third Party to review such small molecules to determine whether they are acting through different Targets.  Such Third Party shall be required by the Parties to execute an appropriate confidentiality agreement approved in form and substance by the Parties and to make a final determination within [***] days, unless the Parties otherwise agree.  Such Third Party’s determination with respect to whether such Validated Small Molecule Series are acting through different Targets will be binding on both Parties.  [***].
1.1.2Lead Optimization.  
(a)During the applicable Exclusivity Period, for each Stage 3 Small Molecule Program for which Roche pays Recursion [***] and elects to have Recursion continue such program to develop a Development Candidate as set forth in Section 4.2.3(b), the applicable JPT will promptly draft a second Research Plan setting forth the lead optimization activities for the up to [***] Lead Series, identified by or on behalf of Recursion or otherwise designated by 
40

Roche, from such Stage 3 Small Molecule Program to develop a Development Candidate and [***] to [***] Backup Small Molecules.  Such Research Plan shall be approved by the applicable JRC and will include the Development Candidate Criteria and corresponding Target Candidate Profile for such Stage 3 Small Molecule Program.  Promptly following approval of such Research Plan by the applicable JRC, Recursion will conduct the activities as set forth therein.  Within [***] days following the earlier of completion of the activities for such Stage 3 Small Molecule Program set forth in such second Research Plan and the applicable Completion Date, Recursion will deliver to Roche, to the extent not previously provided by Recursion to Roche during conduct of the program, (a) a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Stage 3 Small Molecule Program, specifically identifying each of the Development Candidate(s) and Backup Small Molecules identified by Recursion; and (b) a copy of [***] and a description of all Program IP and Joint Collaboration IP, in each case in this clause (b), generated by or on behalf of Recursion (solely or jointly) in the conduct of such Research Plan, specifically noting all such Data that demonstrate achievement of the Development Candidate Criteria (a “Development Activities Report”).  
(b)Roche shall notify Recursion in writing within [***] days of receipt of each such Development Activities Report if it does not in good faith agree that Recursion has identified and synthesized one or more Development Candidates for the applicable Stage 3 Small Molecule Program, and promptly following such notice, the applicable JPT will discuss potential reasons for the disagreement and propose a plan to resolve the disagreement for approval by the applicable JRC.  If approved, the Parties shall carry out such approved plan.  If such JPT is unable to agree on a plan to resolve the disagreement, then the applicable JRC shall resolve such disagreement. 
(c)If the JRC cannot agree on such plan or if, after conducting an approved plan, the Parties still cannot agree on whether or not Recursion has identified and synthesized one or more Development Candidates for the applicable Stage 3 Small Molecule Program, the Parties will mutually agree (such agreement not to be unreasonably withheld) within [***] days on a Third Party to review such purported Development Candidate(s) to determine whether they meet the Development Candidate Criteria.  Such Third Party shall be required by the Parties to execute an appropriate confidentiality agreement approved in form and substance by the Parties and to make a final determination within [***] days, unless the Parties otherwise agree.  Such Third Party’s determination with respect to whether Recursion has identified and synthesized one or more Development Candidates will be binding on both Parties.  [***].
(d)If the results of performing a JRC approved, JPT plan or of a Third Party review under subsection (b) confirm Roche’s belief that Recursion has not identified Development Candidates, unless the Parties agree to terminate such Research Plan, Recursion shall continue to conduct the applicable Research Plan until the earlier of (i) identification by Recursion of another small molecule that Recursion believes meets the Development Candidate Criteria and (ii) the Completion Date for such Research Plan (as may be extended by mutual agreement). In either case (i) or (ii), Recursion will provide Roche, within [***] days of the conclusion of such time period, with a second Development Activities Report as set forth above, and the Parties shall proceed with the process above with respect thereto.  If the results of performing a JRC approved, JPT plan or of a Third Party review under subsection (b) confirm that Recursion has identified at least [***] small molecule that meets the Development Candidate Criteria, and, at the time of Roche’s receipt of all results of such plan or of the Third Party review, whichever is applicable, more than [***] days have elapsed since delivery of the applicable Development Activities Report to Roche, then, notwithstanding the time period set forth in Section 4.2.4, Roche shall have [***] days from receipt of the results of such plan or of the Third Party review, whichever, is applicable, to exercise the Roche Development Candidate Option with respect to such Stage 3 Small Molecule Program.
41

1.1.3Roche Lead Series Option.  Upon Recursion’s achievement of the Lead Series Criteria for a Stage 3 Small Molecule Program, Roche may, by written notice to Recursion within [***] days after receipt of the Lead Activities Report demonstrating such achievement (as may be extended per Section 4.2.1(c)) (an “LS Decision Period”), either:  
(a)exercise its exclusive option to obtain from Recursion the Product License set forth in Section 8.10.1 with respect to such Stage 3 Small Molecule Program (and from its prior Small Molecule Validation Program) (a “Roche Lead Series Option”), in which case Recursion will, promptly after the Option Effective Date, complete Program Transition for such Stage 3 Small Molecule Program; [***]; or
(b)elect to have Recursion continue such Stage 3 Small Molecule Program by developing a Development Candidate in accordance with Section 4.2.2.
If Roche, within an LS Decision Period, provides written notice that it is exercising its Roche Lead Series Option under subsection (a) or its election in subsection (b) with regard to the applicable Stage 3 Small Molecule Program, Roche would then pay Recursion an LO-Go Decision Milestone Payment within the period set forth in Section 6.6.1 for such program.  In the event a Stage 3 Small Molecule Program achieved the Lead Series Criteria but Roche does not provide such notice within the LS Decision Period for such Stage 3 Small Molecule Program or pay the LO-Go Decision Milestone Payment within the period set forth in Section 6.6.1, such Stage 3 Small Molecule Program will be deemed an Available Stage 3 SM Program, subject to Section 4.3.3.
1.1.4Roche Development Candidate Option.  
(a)Upon Recursion’s achievement of the Development Candidate Criteria for a Stage 3 Small Molecule Program that Roche elected to have Recursion continue as set forth in Section 4.2.3(b), Roche may, by written notice to Recursion within [***] days after receipt of the Development Activities Report demonstrating such achievement (a “DC Exercise Period”), exercise its exclusive option to obtain from Recursion the Product License set forth in Section 8.10.1 with respect to such Stage 3 Small Molecule Program (and from its prior Small Molecule Validation Program),(a “Roche Development Candidate Option”), in which case Recursion will, promptly after the Option Effective Date, complete Program Transition for such Stage 3 Small Molecule Program.  In such notice, Roche may designate up to [***] Backup Small Molecules.  If Roche, within a DC Exercise Period, provides written notice that it is exercising its Roche Development Candidate Option with regard to the applicable Stage 3 Small Molecule Program, Roche would pay Recursion an ED-Go Decision Milestone Payment within the period following the applicable Option Effective Date set as forth in Section 6.6.2 for such program.
(b)In the event a Stage 3 Small Molecule Program achieved the Development Candidate Criteria but Roche does not provide such notice within the DC Exercise Period for such Stage 3 Small Molecule Program or pay the ED-Go Decision Milestone Payment within the period set forth in Section 6.6.2, such Stage 3 Small Molecule Program will be deemed an Available Stage 3 SM Program, subject to Section 4.3.3.
1.1.5[***].  
(a)[***].  
(b)[***].
42

1.1.6Caps on Stage 3 Small Molecule Programs.  In total, during the Exclusivity Periods, Roche may elect to advance up to forty (40) Stage 3 Small Molecule Programs in the [***] Field and Neuro Field combined (the “Stage 3 Aggregate Cap”), with no more than a total of [***] Stage 3 Small Molecule Programs in the [***] Field and Neuro Field combined being actively pursued by Recursion at any given time (the “Stage 3 Active Cap”), unless otherwise agreed by the Parties in writing.  For clarity, if Roche exercises an option to any Independent Stage 2 Program or Independent Stage 3 Program as set forth in Section 4.3.4(a), such program, even if a Stage 3 Small Molecule Program is commenced or continued for such program, will not count against the Stage 3 Aggregate Cap or Stage 3 Active Cap.  
1.1.7Roche’s Rights When Stage 3 Active Cap Reached.  At any time during the Exclusivity Periods the Stage 3 Active Cap is reached, then, for any Small Molecule Validation Program for which Roche has exercised a Validated SM Option but for which a Stage 3 Small Molecule Program has not yet commenced at such time, Roche may:
(a)[***];
(b)[***];
(c)[***]; or
(d)[***].
1.1.8[***].
1.1.9Unstarted or Unfinished Stage 3 Small Molecule Programs Following the End of an Exclusivity Period.  With respect to any (a) Small Molecule Validation Program for which Roche has exercised its Validated SM Option during the applicable Baseline Exclusivity Period but for which a Stage 3 Small Molecule Program has not yet commenced, (b) [***], or (c) Stage 3 Small Molecule Program for which Program Transition has not been initiated, in each case, [***].
1.3Recursion Independent Activities.  
1.1.1Independent Stage 2 Activities.  
(a)If, during the Neuroscience Exclusivity Period, Recursion desires to pursue validation activities for a Neuro SM Hit Group that the Neuro JRC has not included in an existing or previous Validation Program [***], Recursion will submit to Roche a written proposal setting forth the proposed research plan for such activities, including validated hit criteria (which shall be consistent with the applicable Initial Criteria) and any related research activities with respect to compounds beyond the scope of the applicable Neuro SM Hit Group (an “Independent Stage 2 Proposal”), [***], with such validation activities on such Neuro SM Hit Group.  The total number of Initial Small Molecule Hits that Recursion proposes to validate as part of a Neuro SM Hit Group under an Independent Stage 2 Program shall be [***].  Within [***] days upon receipt of Recursion’s Independent Stage 2 Proposal, Roche may, by written notice to Recursion:
(i)[***];
(ii)[***];
(iii)[***]; or
43

(iv)agree that Recursion may proceed with such Independent Stage 2 Proposal in the Neuro Field solely with regard to such Neuro SM Hit Group (unless otherwise agreed by the Neuro JRC to also permit Recursion’s proposed related research activities with respect to other compounds) (an “Independent Stage 2 Program”) and if Recursion achieves the applicable validated hit criteria in the conduct of such program, that, [***], Recursion may continue such program to develop a development candidate and thereafter to develop and commercialize small molecule therapeutic products for such program from such Neuro SM Hit Group, notwithstanding Recursion’s exclusivity obligations pursuant to Section 8.14; [***].  
(b)If Roche elects the option under subsection (a)(iv), then:
(i)Roche will grant the Recursion Product License set forth in Section 8.11.2 with respect to such Independent Stage 2 Program, which shall remain in effect unless and until [***].
(ii)Within [***] days following Recursion’s achievement of the applicable validated hit criteria for each Independent Stage 2 Program, Recursion will deliver to Roche sufficient data that demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Independent Stage 2 Program, specifically identifying each of the small molecules and series that meet such criteria.  Recursion will promptly respond to any reasonable requests for additional information.  If [***] and Recursion wants to continue such program, Recursion will [***].  Thereafter, [***], Recursion may proceed.
(iii)Provided that [***], Recursion will, within [***] days following Recursion’s achievement of the applicable lead series criteria for such Independent Stage 2 Program, deliver to Roche sufficient data that demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Independent Stage 2 Program, specifically identifying each of the small molecules that meet such criteria.  Recursion will promptly respond to any reasonable requests for additional information.  If [***] and Recursion wants to continue such program, Recursion will [***].  Thereafter, [***], Recursion may proceed.
(iv)Provided that [***], Recursion will, within [***] days following Recursion’s achievement of the applicable development candidate criteria for such Independent Stage 2 Program, deliver to Roche sufficient data that demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Independent Stage 2 Program, specifically identifying each of the small molecules that meet such criteria.  Recursion will promptly respond to any reasonable requests for additional information.
(v)Provided that [***], Recursion will, within [***] days following Recursion’s completion of preparing and compiling the final tables, listings and figures for the first Phase 1 Trial with a small molecule from such Independent Stage 2 Program, deliver such tables, listings and figures to Roche.  Recursion will promptly respond to any reasonable requests for additional information.
1.1.2Independent Stage 3 Activities.  
(a)If, during the Neuroscience Exclusivity Period, Recursion desires to pursue hit-to-lead and lead optimization activities for the Validated Small Molecule Series from 
44

a Small Molecule Validation Program in the Neuro Field for which a Validated SM Option was triggered but for which Roche has either failed to timely exercise such Validated SM Option or [***], Recursion will submit to Roche a written proposal setting forth the proposed research plan for such activities, including lead series criteria (which shall be consistent with the applicable Initial Criteria) and any related research activities with respect to compounds beyond the scope of the applicable Validated Small Molecule Series (an “Independent Stage 3 Proposal”), [***].  The total number of Validated Small Molecule Series from the applicable Small Molecule Validation Program that Recursion proposes to pursue under an Independent Stage 3 Program shall be [***].  Within [***] days upon receipt of Recursion’s Independent Stage 3 Proposal, Roche may, by written notice to Recursion:
(i)[***];
(ii)[***]; or
(iii)agree that Recursion may proceed with such Independent Stage 3 Proposal in the Neuro Field solely with regard to those Validated Small Molecule Series (unless otherwise agreed by the Neuro JRC to also permit Recursion’s proposed related research activities with respect to other compounds), (“Independent Stage 3 Program”) and if Recursion achieves the applicable lead series criteria in the conduct of such program, that, [***], Recursion may continue such program to develop a development candidate and thereafter to develop and commercialize small molecule therapeutic products for such program from those Validated Small Molecule Series, notwithstanding Recursion’s exclusivity obligations pursuant to Section 8.14; [***].  
(b)If Roche elects the option under subsection (a)(iii) above, then:
(i)Roche will grant to Recursion the Recursion Product License set forth in Section 8.11.2 with respect to such Independent Stage 3 Program, which shall remain in effect [***].
(ii)Within [***] days following achievement of the applicable lead series criteria for each Independent Stage 3 Program, Recursion will deliver to Roche sufficient data to demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Independent Stage 3 Program, specifically identifying each of the small molecules that meet such criteria.  If [***] and Recursion wants to continue such program, Recursion will [***].  Thereafter, [***], Recursion may proceed.
(iii)Provided that [***], Recursion will, within [***] days following achievement of the applicable development candidate criteria for such Independent Stage 3 Program, deliver to Roche sufficient data to demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Independent Stage 3 Program, specifically identifying each of the small molecules that meet such criteria.  
(iv)Provided that [***], Recursion will, within [***] days following completion of preparing and compiling the final tables, listings and figures for the first Phase 1 Trial with a small molecule from such Independent Stage 3 Program, deliver such tables, listings and figures to Roche.  In each case, Recursion will promptly respond to any reasonable requests for additional information.
45

1.1.3Recursion Option.  
(a)Recursion shall have the option during the Neuroscience Exclusivity Period, exercisable for up to [***]Available Stage 3 SM Programs, to obtain from Roche the Recursion Product License set forth in Section 8.11.2 (the “Recursion Option”), by providing written notice to Roche during the [***]-day period immediately following the expiration of the LS Decision Period or DC Exercise Period, as applicable, for such Available Stage 3 SM Program (the “Recursion Exercise Period”).  If Recursion includes with such option exercise notice a written request that Roche consider negotiating, within [***] days thereafter, a license and its financial terms with Recursion under intellectual property (including Patents, Copyrights and Know-How) owned or controlled by Roche or its Affiliates that Recursion believes is necessary for Recursion’s exploitation of such optioned Available Stage 3 SM Program (other than the rights licensed under Section 8.11.2), Roche will consider such request in good faith for up to [***] days, but is under no obligation to agree to negotiate any such license or, if in its discretion it agrees to negotiate such license, to continue such negotiations.  
(b)For each Available Stage 3 SM Program for which Recursion has exercised the Recursion Option (a “Recursion Program”), [***], Recursion will use Commercially Reasonable Efforts to develop small molecule therapeutic incorporating such program’s Lead Series or Development Candidate and Backup Small Molecules, as applicable, or a derivative of any of the foregoing (in each case consistent in scope with the corresponding compounds in a Stage 3 Small Molecule Program; provided that for purposes of the Recursion Programs, Backup Small Molecules are not designated as such by Roche) (each such therapeutic product, a “Recursion Product”).  If an Available Stage 3 SM Program that became a Recursion Program had not yet achieved a Development Candidate at the time of Recursion Option exercise, then, within [***] days following achievement of the applicable development candidate criteria for such Recursion Program (which shall be consistent with the Initial Criteria), Recursion will deliver to Roche sufficient data that demonstrate achievement of such criteria and, if requested by Roche following its receipt of such data, a list, including structures and synthesis protocols, of each of the small molecules identified and synthesized by Recursion in the conduct of such Recursion Program, specifically identifying each of the small molecules that meet such criteria.  Provided that [***], Recursion will, within [***] days following completion of preparing and compiling the final tables, listings and figures for the first Phase 1 Trial with a small molecule from such Recursion Program, provide written notice to Roche, including such tables, listings and figures, that it has completed such Phase 1 Trial.  In addition, Recursion will promptly respond to any reasonable requests for additional information.
1.1.4[***].  
(a)[***].
(b)[***].
1.4HSR and Other Governmental Filings.  
1.1.1Prior to the applicable Option Effective Date, Roche shall notify Recursion in writing if it determines an HSR Filing is required to report its exercise of a Validated Target Option, Roche Lead Series Option or Roche Development Candidate Option (as applicable). If Roche notifies Recursion that an HSR Filing is required, the Parties shall each, as promptly as practicable file or cause to be filed with the U.S. Federal Trade Commission (“FTC”) and the U.S. Department of Justice (“DOJ”) and any relevant foreign governmental authority any notifications required to be filed under the HSR Act or any similar applicable foreign law or regulation with respect to the exercise of such option.  The Parties shall use diligent efforts to respond promptly to any 
46

requests for additional information made by such agencies or otherwise to cause the waiting period (and any extension thereof) under the HSR Act to terminate or expire at the earliest possible date or obtain any required authorization or clearance under any similar applicable foreign law or regulation after the date of filing.  [***].
1.1.2Cooperation.  In connection with obtaining clearance under the HSR Act each of Roche and Recursion shall (a) cooperate with each other in connection with any investigation or other inquiry relating to an HSR Filing and the transactions contemplated hereby; (b) keep the other Party or its counsel informed of any communication received from or given to the FTC or DOJ relating to the HSR Filing and the transactions contemplated hereby (and provide a copy to the other Party if such communication is in writing); (c) reasonably consult with each other in advance of any meeting or conference with the FTC or DOJ, and, to the extent permitted by the FTC or DOJ, give the other Party or its counsel the opportunity to attend and participate in such meetings and conferences; and (d) permit the other Party or its counsel to review in advance, and in good faith consider the views of the other Party or its counsel and incorporating where appropriate, concerning, any submission, filing or communication (and documents submitted therewith) intended to be given to the FTC or DOJ.
1.1.3Option Effective Date.  Notwithstanding anything in this Agreement to the contrary, each Validated Target Option, Roche Lead Series Option or Roche Development Candidate Option granted to Roche under this Agreement shall not become effective until the applicable Option Effective Date.  If, by the [***] day after the date of filing under the HSR Act the waiting period required thereunder has not expired, Roche shall have the right thereafter, on written notice to Recursion, to terminate exercise of the applicable option.  Furthermore, for any Program Transition not associated with the exercise of a Roche Lead Series Option or Roche Development Candidate Option, at Roche’s written request, Recursion will delay initiating such Program Transition until Roche determines whether a HSR filing or other competition filing is necessary with respect to such Program Transition, and if Roche determines such a filing is necessary, until the first Business Day following the date upon which any applicable waiting periods under the HSR Act expire or terminate early and any agreements with the FTC, the DOJ, or any relevant foreign governmental authority, not to consummate Program Transition have expired and no objection on the part of the FTC or DOJ remains; [***]. In addition, if by the [***] day after the date of filing under the HSR Act the waiting period required thereunder has not expired, Roche shall have the right thereafter, on written notice to Recursion, to terminate exercise of such Program Transition.
ARTICLE 5
Diligence
1.1Development and Commercialization of Products and Roche Validated Target Products.  
(a)As between Roche and Recursion, for each Stage 3 Small Molecule Program for which Roche has exercised a Roche Lead Series Option, Roche Development Candidate Option, [***], following completion of Program Transition, (a) except as set forth in Section 4.1.7(b), Roche shall have sole responsibility for, and bear all costs for, researching, developing and commercializing Products; (b) Roche shall have the sole right and authority to control all decisions related to the research, development and commercialization of Products; and (c) Roche shall use Commercially Reasonable Efforts to develop and seek Marketing Authorization for [***] Product for each such Stage 3 Small Molecule Program [***] and, following Roche’s receipt of Marketing Authorization for a Product, to commercialize such Product.  
47

(b)For each Target Validation Program for which Roche has exercised its Validated Target Option, Roche shall use, only during the applicable Validated Target Exclusivity Period, Commercially Reasonable Efforts (i) to develop and seek Marketing Authorization for [***] Roche Validated Target Product that is active against, and intended to modulate, the Validated Target validated by such Target Validation Program, [***] and (ii), following Roche’s receipt of Marketing Authorization for a Roche Validated Target Product, to commercialize such Roche Validated Target Product.
1.2Progress Reports.  
(a)Following completion of Program Transition of the first Stage 3 Small Molecule Program and within [***] days after each anniversary of the Effective Date during the Term, Roche shall provide to Recursion an annual written report summarizing Roche’s progress in the development of the Products for each Stage 3 Small Molecule Program that has then transitioned to Roche pursuant to ARTICLE 4 (and for which the applicable Product License has not been terminated in accordance with ARTICLE 13).  On a Stage 3 Small Molecule Program-by-Stage 3 Small Molecule Program basis, [***].  Such reports, and the information contained therein, are the Confidential Information of Roche.
(b)Following Roche’s exercise of a Validated Target Option for a Target Validation Program and within [***] days after each anniversary of the Effective Date during the Term, Roche shall provide to Recursion an annual written report summarizing [***] Roche’s progress in the development of a Roche Validated Target Product for such Target Validation Program.  Roche’s obligations under this Section 5.2(b) with regard to a particular Target Validation Program shall end upon the sooner of the expiration of the applicable Validated Target Exclusivity Period or the First Commercial Sale of a Roche Validated Target Product for such Target Validation Program.  Such reports, and the information contained therein, are the Confidential Information of Roche.
ARTICLE 6
Financial Terms
1.1Upfront Payment.  In consideration for the rights and licenses set forth herein, no later than [***] days after the Effective Date and Roche’s receipt of an invoice therefor, Roche shall pay to Recursion a one-time upfront payment in the amount of one hundred fifty million dollars ($150,000,000).  
1.2Phenomap Initiation and Acceptance Fees.  Roche shall pay to Recursion the Phenomap initiation fees (each, an “Initiation Fee”) and acceptance fees (each, an “Acceptance Fee”) for the Neuroscience Phenomaps as set forth in this Section 6.2, no later than [***] days after Roche’s receipt of a Map Initiation Notice from Recursion (for Initiation Fees) or Roche’s provision of its Acceptance Notice to Recursion (for Acceptance Fees) and, in each case, Roche’s receipt of an invoice therefor:
1.1.1Initial Neuroscience Phenomaps.  Roche shall pay Recursion the fee set forth in the following table upon initiation or acceptance (as applicable) of the corresponding Initial Neuroscience Phenomap, which payments shall total up to a maximum of [***]:
48

									
	Initial Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]
	[***]	[***]	[***]

1.1.2Additional Neuroscience Phenomaps if all Initial Neuroscience Phenomaps are Accepted.  If Roche accepts all [***] of the Initial Neuroscience Phenomaps (and pays the corresponding Acceptance Fees in Section 6.2.1) and requests an Additional Neuroscience Phenomap(s) for a Cell Context in accordance with Sections 3.1 and 3.2, Roche shall pay Recursion the fee(s) set forth in the tables in this Section 6.2.2 below upon initiation or acceptance (as applicable) of the corresponding Additional Neuroscience Phenomap:
(a)If Roche requests [***]:
									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]
	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

(b)If Roche requests only a [***]:
									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]

1.1.3Additional Neuroscience Phenomaps if not all Initial Neuroscience Phenomaps are Accepted. 
(a)Notwithstanding Section 6.2.2, in the event that [***]:
49

									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]
	[***]	[***]	[***]

(b)In the event that Roche [***]:
									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]

(c)If, after Roche has paid Recursion a total of [***] for [***] Accepted Neuroscience Phenomaps under Sections 6.2.1 or 6.2.2, Roche requests [***]:
									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]
	[***]
	[***]
	[***]	[***]
	[***]
	[***]	[***]

(d)If, after Roche has paid Recursion a total of [***] for [***] Accepted Neuroscience Phenomaps under Sections 6.2.1 or 6.2.2, Roche requests [***]:
									
	Additional Neuroscience Phenomap	Initiation Fee	Acceptance Fee
	[***]	[***]	[***]

1.1.4Conditions Affecting Payments for Neuroscience Phenomaps.  
(a)The Initiation Fees and Acceptance Fees set forth in this Section 6.2 are payable only one time for each corresponding Neuroscience Phenomap and, with respect to a Full Phenomap, are based on the assumption that Recursion will profile up [***] Small Molecules for each Full Phenomap.  If the Parties agree to profile additional Small Molecules for a Full Phenomap, the Parties will discuss in good faith the appropriate compensation [***] for any additional costs to be incurred [***] in profiling such additional Small Molecules for such 
50

Full Phenomap.  [***].  For clarity, any small molecules that Recursion images (i.e., as Stage 2/3 Image Data) during a Validation Program or Stage 3 Small Molecule Program and subsequently adds to a Phenomap are not subject to, nor count against the [***] cap described in, this subsection (a).
(b)In the event that Recursion initiates, or Roche accepts, an Additional Neuroscience Phenomap prior to the expiration of the Evaluation Period(s) for one or more Initial Neuroscience Phenomaps, the Parties will assume that such Initial Neuroscience Phenomaps will be accepted by Roche, and the applicable Initiation Fee and Acceptance Fee for the Additional Neuroscience Phenomap will be determined accordingly; provided, however, that if any of such Initial Neuroscience Phenomaps is later not accepted by Roche in accordance with Section 3.4, the Parties will determine the difference between the Initiation Fee and Acceptance Fee (as applicable) actually paid by Roche for such Additional Neuroscience Phenomap and the Initiation Fee or Acceptance Fee that otherwise would have been due when such Additional Neuroscience Phenomap was initiated or accepted (as applicable), and within [***] days after the expiration of the Evaluation Period for such Initial Neuroscience Phenomap, the applicable Party will make a reconciling payment for such difference. 
1.1.5Milestones for Recursion Independently Created Neuroscience Phenomaps.  Notwithstanding anything to the contrary in this Section 6.2, for each Additional Neuroscience Phenomap created by Recursion pursuant to Section 3.2.4, [***].
1.3External Use Option Fee.  Roche shall pay to Recursion the fee set forth in the following table for the applicable Accepted Neuroscience Phenomap(s) specified in Roche’s Election Notice under Section 3.7.1 (an “External Use Fee”) no later than [***] days after providing its Exercise Notice for such Phenomap to Recursion and Roche’s receipt of an invoice therefor:
						
	Accepted Neuroscience Phenomap(s) for which an External Use Option is Exercised	External Use Fee
	[***]	[***]
	[***]	[***]

1.4Validation Program Option Fees.  
1.1.1Roche shall pay Recursion [***] (the “Validated SM Option Fee”) upon exercise of a Validated SM Option for a Small Molecule Validation Program no later than [***] days after the applicable Option Effective Date for such Small Molecule Validation Program to Recursion and Roche’s receipt of an invoice therefor.
1.1.2Roche shall pay Recursion [***] (the “Validated Target Option Fee”) upon exercise of a Validated Target Option for a Validated Target no later than [***] days after delivery of its Validated Target Option Exercise Notice for such Validated Target to Recursion and Roche’s receipt of an invoice therefor.
1.5[***].
1.1.1[***].
51

1.1.2[***].
1.6Stage 3 Small Molecule Programs.  
1.1.1LO-Go Decision Milestone.  Subject to Section 6.11.1 (as applicable), if Roche (a) exercises a Roche Lead Series Option for a Stage 3 Small Molecule Program or (b) elects to have Recursion continue such Stage 3 Small Molecule Program by developing a Development Candidate, Roche will pay Recursion [***] (the “LO-Go Decision Milestone Payment”) no later than [***] days after the Option Effective Date (in the case of (a)) or delivery of written notice of such election as set forth in Section 4.2.1 to Recursion (in the case of (b)) and, in each case, Roche’s receipt of an invoice therefor.  
1.1.2ED-Go Decision Milestone.  Subject to Section 6.11.1 (as applicable), if Roche exercises a Roche Development Candidate Option for a Stage 3 Small Molecule Program, Roche will pay Recursion [***] (the “ED-Go Decision Milestone Payment”) no later than [***] days after the applicable Option Effective Date and Roche’s receipt of an invoice therefor.  
1.1.3Development and First Commercial Sale Milestones.  For each Stage 3 Small Molecule Program for which Roche exercises either a Roche Lead Series Option or Roche Development Candidate Option, subject to Sections 6.11, Roche shall pay Recursion each milestone payment, corresponding to the applicable option exercised, set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Product from such Stage 3 Small Molecule Program by or on behalf of Roche, its Affiliate or its Sublicensee:
															
	Development and First Commercial Sale Milestone Event	Milestone Payment
	Roche Lead Series
Option Exercised	Roche Development Candidate Option Exercised
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]

*  [***].

Each milestone payment specified in this Section 6.6.3 is payable one time only for each optioned Stage 3 Small Molecule Program, and only the milestone payments set forth in the single column corresponding to the option that was exercised for such Stage 3 Small Molecule Program will be payable for such program.  [***].  

52

In the event that Roche has previously paid Recursion (i) a milestone payment for achievement of a milestone event by a Roche Enabled Product active against, and intended to modulate, the same Target as the Lead Series, or (if applicable) Development Candidate, from such Stage 3 Small Molecule Program pursuant to Section 6.7.1 or (ii) a milestone payment for achievement of a milestone event pursuant to this Section 6.6.3 by a Product containing a Derivative from such Stage 3 Small Molecule Program that was reduced pursuant to Section 6.11.2 (a), the milestone payment for the same milestone event set forth in this Section 6.6.3 [***].

1.1.4Worldwide Annual Net Sales Milestones.  For each Stage 3 Small Molecule Program for which Roche exercised either a Roche Lead Series Option or Roche Development Candidate Option, subject to Sections 6.11, Roche shall pay Recursion each milestone payment, corresponding to the applicable option exercised, set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Product from such Stage 3 Small Molecule Program by or on behalf of Roche, its Affiliate or its Sublicensee:
									
	Worldwide Annual Net Sales Milestone Event	Milestone Payment
	Roche Lead Series
Option Exercised
	Roche Development Candidate Option Exercised
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

Each milestone payment specified in this Section 6.6.4 is payable one time only for each optioned Stage 3 Small Molecule Program, and only the milestone payments set forth in the single column corresponding to the option that was exercised for such Stage 3 Small Molecule Program will be payable for such program.  If more than one milestone specified in this Section 6.6.4 is first achieved with respect to a Product in the same Calendar Year, Roche shall pay Recursion the milestone payment associated with each such milestone achieved during such Calendar Year.

In the event that Roche has previously paid Recursion (i) a milestone payment for achievement of a milestone event by a Roche Enabled Product active against, and intended to modulate, the same Target as the Lead Series from such Stage 3 Small Molecule Program pursuant to Section 6.7.2 or (ii) a milestone payment for achievement of a milestone event pursuant to this Section 6.6.4 by a Product containing a Derivative from such Stage 3 Small Molecule Program that was reduced pursuant to Section 6.11.2, the milestone payment for the same milestone event set forth in this Section 6.6.4 [***].

1.1.5Royalties.  For each Stage 3 Small Molecule Program for which Roche exercised either a Roche Lead Series Option or Roche Development Candidate Option, Roche shall pay Recursion, on a Product-by-Product and country-by-country basis, and subject to Sections 6.10, 6.11 and 6.12, a royalty on worldwide Annual Net Sales of such 
53

Product in accordance with Section 7.2, at the following rate corresponding to the applicable option exercised:
									
	Worldwide Annual Net Sales	Royalty Rate
	Roche Lead Series
Option Exercised
	Roche Development Candidate Option Exercised
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

1.7Roche Enabled Products.  
1.1.1Development and First Commercial Sales Milestones.  For each Stage 3 Small Molecule Program for which Roche exercised either a Roche Lead Series Option or Roche Development Candidate Option, Roche shall pay Recursion each milestone payment set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Roche Enabled Product active against, and intended to modulate, the same Target as the Lead Series or, if applicable, Development Candidate of such optioned Stage 3 Small Molecule Program by or on behalf of Roche, its Affiliate or its Sublicensee; provided that [***]:
						
	Development and First Commercial Sale Milestone Events	Milestone Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

Each milestone payment specified in this Section 6.7.1 is payable one time only for each optioned Stage 3 Small Molecule Program.  
1.1.2Worldwide Annual Net Sales Milestones.  For each Stage 3 Small Molecule Program for which Roche exercised either a Roche Lead Series Option or Roche Development Candidate Option, Roche shall pay Recursion each milestone payment set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Roche Enabled Product 
54

active against, and intended to modulate, the same Target as the Lead Series or, if applicable, Development Candidate of such optioned Stage 3 Small Molecule Program by or on behalf of Roche, its Affiliate or its Sublicensee; provided that [***]:
						
	Worldwide Annual Net Sales Milestone Event	Milestone Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

Each milestone payment specified in this Section 6.7.2 is payable one time only for each optioned Stage 3 Small Molecule Program.  If more than one milestone specified in this Section 6.7.2 is first achieved with respect to a Roche Enabled Product in the same Calendar Year, Roche shall pay Recursion the milestone payment associated with each such milestone achieved during such Calendar Year.
1.8Validated Targets.
1.1.1Development and First Commercial Sale Milestones.  For each Validated Target for which Roche exercised a Validated Target Option, Roche shall pay Recursion each milestone payment, corresponding to whether or not Recursion provided Additional Screening Work at Roche’s request for the applicable Validated Target after such option exercise, set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Roche Validated Target Product active against, and intended to modulate such Validated Target by or on behalf of Roche, its Affiliate or its Sublicensee:
55

									
	Development and First Commercial Sale Milestone Event	Milestone Payment
	Validated Target for which Roche exercised a Validated Target Option and Recursion provided Additional Screening Work for such Validated Target	Validated Target for which Roche exercised a Validated Target Option only
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

Each milestone payment specified in this Section 6.8.1 is payable one time only for each Validated Target for which Roche exercised a Validated Target Option, and only the milestone payments set forth in the single column corresponding to whether or not Recursion provided Additional Screening Work at Roche’s request for the applicable Validated Target after such option exercise will be payable for such program.  

1.1.2Worldwide Annual Net Sales Milestones.  For each Validated Target for which Roche exercised a Validated Target Option, Roche shall pay Recursion each milestone payment, corresponding to whether or not Recursion provided Additional Screening Work at Roche’s request for the applicable Validated Target after such option exercise, set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Roche Validated Target Product active against, and intended to modulate such Validated Target by or on behalf of Roche, its Affiliate or its Sublicensee:
56

									
	Worldwide Annual Net Sales Milestone Event	Milestone Payment
	Validated Target for which Roche exercised a Validated Target Option and Recursion provided Additional Screening Work for such Validated Target	Validated Target for which Roche exercised a Validated Target Option only
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

Each milestone payment specified in this Section 6.8.2 is payable one time only for each Validated Target for which Roche exercised a Validated Target Option, and only the milestone payments set forth in the single column corresponding to whether or not Recursion provided Additional Screening Work at Roche’s request for the applicable Validated Target after such option exercise will be payable for such program.  If more than one milestone specified in this Section 6.8.2 is first achieved with respect to a Roche Validated Target Product in the same Calendar Year, Roche shall pay Recursion the milestone payment associated with each such milestone achieved during such Calendar Year.

1.9Recursion Program Financials.  
1.1.1Development and Launch Milestones.  For each Recursion Program, Recursion shall pay Roche each milestone payment set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Recursion Product active against, and intended to modulate, the same Target as a lead series or development candidate of such Recursion Program by or on behalf of Recursion, its Affiliate or its commercial sublicensee:
57

						
	Development and First Commercial Sale Milestone Events	Milestone Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

Each milestone payment specified in this Section 6.9.1 is payable one time only for each Recursion Program.  
1.1.2Worldwide Annual Net Sales Milestones.  For each Recursion Program, Recursion shall pay Roche each milestone payment set forth in the following table, in accordance with Section 7.1, following the first achievement of the corresponding milestone event by a Recursion Product active against, and intended to modulate, the same Target as a lead series or development candidate of such Recursion Program by or on behalf of Recursion, its Affiliate or its commercial sublicensee:
						
	Worldwide Annual Net Sales Milestone Event	Milestone Payment
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

Each milestone payment specified in this Section 6.9.2 is payable one time only for each Recursion Program.  If more than one milestone specified in this Section 6.9.2 is first achieved with respect to a Recursion Product in the same Calendar Year, Recursion shall pay Roche the milestone payment associated with each such milestone achieved during such Calendar Year.  For purposes of this Section 6.9.2 and Section 6.9.3 below, net sales of Recursion Products shall be calculated in accordance with Accounting Standards and in a manner substantially equivalent to the calculation of Net Sales for Collaboration Products set forth in Section 1.169.
1.1.3Royalties.  For each Recursion Program, Recursion shall pay Roche, on a Recursion Product-by-Recursion Product and country-by-country basis a [***] royalty on worldwide annual net sales of such Recursion Product by Recursion, its Affiliates or commercial sublicensees in accordance with Section 7.2, beginning on the first commercial sale of such Recursion Product in such country, and continuing on a country-by-country basis until [***].  Upon expiration of the royalty obligation with respect to a 
58

Recursion Product in a country, the Recursion Product License in Section 8.11.2 shall be fully paid-up, perpetual, and irrevocable in respect of that Recursion Product in that country.  No more than one stream of royalty payments shall be due under this section with respect to sales of any one particular Recursion Product.  For the avoidance of doubt, multiple royalties shall not be payable because the sale of a particular Recursion Product is Covered by more than one (1) Valid Claim in the country in which such Recursion Product is sold.  [***].
1.10Royalty Payments.
1.1.1Royalty Term.  On a Product-by-Product and country-by-country basis, the royalty obligations set forth in Section 6.6.5 will [***] (the “Royalty Term”).
1.1.2Rights Following Expiration of Royalty Term.  Upon expiration of the Royalty Term with respect to a Product in a country, the Product License in Section 8.10.1 shall be fully paid-up, perpetual, and irrevocable in respect of that Product in that country.
1.1.3Single Royalty.  No more than one stream of royalty payments shall be due under this ARTICLE 6 with respect to sales of any one particular Product.  For the avoidance of doubt, multiple royalties shall not be payable because the sale of a particular Product is Covered by more than one (1) Valid Claim in the country in which such Product is sold.
1.11Additional Financial Provisions.
1.1.1[***].  
1.1.2Derivative Washout Period.  On a Stage 3 Small Molecule Program-by-Stage 3 Small Molecule Program basis, in the event a Product for such Stage 3 Small Molecule Program incorporates, as an active ingredient, a Derivative (but no other Program Molecule) that was first synthesized by or on behalf of Roche, its Affiliate or Sublicensee of such program (a) after the [***] anniversary but on or before the [***] anniversary of the date of receipt by Recursion of Roche’s notice of exercise of the applicable Roche Lead Series Option or election to have Recursion continue the Stage 3 Small Molecule Program to Development Candidate, then all payments pursuant to Section 6.6.3, 6.6.4 or 6.6.5 that would otherwise be payable hereunder for such Product, if any, shall be reduced by [***]; or (b) after the [***] anniversary of the date of receipt by Recursion of such option or election notice from Roche, then all payments pursuant to Section 6.6.3, 6.6.4 or 6.6.5 that would otherwise be payable hereunder for such Product, if any, shall be reduced [***].
1.12Payment Offsets and Reductions.
1.1.1Third Party Payments.
(a)Recursion.  Recursion shall continue to have the obligation to make all payments owed under written agreements entered into by Recursion with Third Parties as of the Effective Date that relate to any Product, including the Existing Third Party Agreement Payments.
(b)Roche.  In the event that Roche (or its Affiliate or Sublicensee hereunder) acquires rights under any intellectual property from a Third Party that are [***] for the manufacture, use, importation, offer for sale or sale of a Product, 
59

Roche may offset any royalties due and payable by Roche to Recursion pursuant to Section 6.6.5 in any Calendar Quarter for such Product in a country [***] of the amount of royalties paid by Roche (or its Affiliates or Sublicensees) to such Third Party for such intellectual property rights with respect to the sale of such Product in such country; provided that in no event will the royalties due and payable to Recursion pursuant to Section 6.6.5 (as such may be increased in accordance with Section 6.5 or reduced in accordance with Section 6.11) with respect to a Product in a country in a Calendar Quarter be reduced lower than the Royalty Floor pursuant to aggregate deductions under this Section 6.12.1(b).  [***].  
1.1.2Competitive Products.  Following the first marketing approval and first commercial sale of a Competitive Product in a country where a Product is being sold (the Calendar Quarter during which such sale of such Competitive Product in such country occurred, the “Launch Quarter”), the otherwise applicable royalty payable in such country under 6.6.5 (as may be increased in accordance with Section 6.5 or reduced pursuant to Section 6.11) in such country for such Product shall be reduced as follows:
if, in [***] Calendar Quarter after the Launch Quarter in such country, the quarterly Net Sales of the applicable Product in such country are [***] or less of the average quarterly Net Sales such Product achieved in such country in the [***] consecutive Calendar Quarters immediately prior to the Launch Quarter, then the royalty payments due under Section 6.6.5 (as may be increased in accordance with Section 6.5 or reduced pursuant to Section 6.11) for such Product in such country shall be reduced by [***] for the remainder of the Royalty Term, subject to the Royalty Floor, [***].
1.1.3Royalty Floor Calculation.  The reductions and offsets to royalties set forth in Sections 6.12.1(b) and 6.12.2, if applicable, shall be cumulative; provided that in no event will the royalties due and payable to Recursion pursuant to Section 6.6.5 (as such may be increased in accordance with Section 6.5 or reduced in accordance with Section 6.11) with respect to a Product in a country in a Calendar Quarter be reduced by more than [***] pursuant to the aggregate deductions under Sections 6.12.1(b) and 6.12.2 (the “Royalty Floor”).
1.13[***].  
[***].  

[***].

ARTICLE 7
Payment Terms; Reports; Audits
1.1Notice of Milestone Achievement; Timing of Payment.  With respect to each of the milestone events set forth in Sections 6.6.3, 6.7.1 and 6.8.1, Roche shall inform Recursion within [***] days following the achievement of such event.  With respect to each of the milestone events set forth in Sections 6.6.4, 6.7.2 and 6.8.2, Roche shall inform Recursion within [***] days following the end of the Calendar Quarter for which such achievement of such event occurred.  With respect to each of the milestone events set forth in Section 6.9.1, Recursion shall inform Roche within [***] days following the achievement of such event.  With respect to each of the milestone events set forth in Section 6.9.2, Recursion shall inform Roche within [***] days following the end of the Calendar Quarter for which such achievement of such event 
60

occurred.  Each Party shall pay the other Party the respective payable milestone payment within [***] days of receipt of an invoice from such other Party with respect thereto.
1.2Timing of Royalty Payment.  All royalty payments by either Party shall be made within [***] days of the end of each Calendar Quarter in which the sale was made.
1.3Royalty Report.  For each Calendar Quarter for which Roche has an obligation to make royalty payments pursuant to Section 6.6.5, such payments shall be accompanied by a report that specifies for such Calendar Quarter the following information on a Product-by-Product basis:
(a)[***]; 
(b)[***]; and
(c)[***].
For each Calendar Quarter for which Recursion has an obligation to make royalty payments pursuant to Section 6.9.3, such payment will be accompanied by a report specifying, on a Recursion Product-by-Recursion Product basis, the information corresponding to that set forth in subsections (a)-(c) for such Calendar Quarter.

1.4Invoicing.  Recursion shall send invoices under this Agreement to Roche via e-mail to Roche’s Alliance Manager and at:
    Alliance Manager, Pharma Partnering
Genentech, Inc.
One DNA Way, [***]
South San Francisco, CA 94080,
or to such other address as Roche may designate from time to time.  Roche shall send invoices under this Agreement to Recursion at its address set forth in Section 15.2, Attention: Finance, or to such other address as Recursion may designate from time to time.
1.5Mode of Payment.  All payments by either Party hereunder shall (unless otherwise specifically designated) be non-creditable and non-refundable.
All payments to Recursion hereunder shall be made in immediately available funds to the account listed below (or such other account as Recursion shall designate before such payment is due):
61

For Wire Transfers:

Bank: [***]
Bank Address: [***]

Account #: [***]
ABA Routing Number: [***]
SWIFT Code: [***]
All payments to Roche hereunder shall be made in immediately available funds to the account designated by Roche before such payment is due.
1.6Currency of Payments.  All amounts set forth herein (including all payments) are in United States dollars, unless otherwise expressly provided in this Agreement.  Net Sales outside of the United States shall be first determined in the currency in which they are earned and shall then be converted into an amount in United States dollars as follows: (a) with respect to Sales by or on behalf of Roche or an Affiliate, using Roche’s or such Affiliate’s customary and usual conversion procedures, consistently applied, (b) with respect to sales by or on behalf of a given Sublicensee, using the conversion procedures applicable to payments by such Sublicensee to Roche for such sales, and (c) with respect to sales of Recursion Products by or on behalf of Recursion or its Affiliate or sublicensee, using Recursion or such Affiliate’s or sublicensee’s customary and usual conversion procedures, consistently applied.
1.7Blocked Currency.  If, at any time, legal restrictions prevent Roche (or an Affiliate or Sublicensee) from remitting part or all of payments when due with respect to any country in the Territory where Collaboration Products are sold, Roche shall continue to provide the reports set forth in Section 7.3 for such payments, and such payments shall continue to accrue in such country, but Roche shall not be obligated to make such payments, and, for clarity, Section 7.9.5 shall not apply to such payments, until such time as payment may be made through reasonable, lawful means or methods that may be available, as Roche shall determine.  The foregoing shall apply, mutatis mutandis, with respect to Recursion in the event that legal restrictions prevent Recursion (or an Affiliate or sublicensee) from remitting part or all of any payments due to Roche hereunder.
1.8Taxes.  
1.1.1General. Recursion shall pay all taxes based on net income imposed on Recursion that are levied on account of any payments accruing or made to Recursion under this Agreement.  If provision is made in law or regulation of any country for withholding of taxes of any type, levies or other charges with respect to any royalty or other amounts payable under this Agreement to Recursion, then Roche shall deduct and withhold such tax, levy or charge for and on behalf of Recursion, pay such amounts to the proper governmental authority, and promptly furnish Recursion with receipt of payment.  Roche shall be entitled to deduct any such tax, levy or charge actually paid from royalty or other payment due to Recursion or be promptly reimbursed by Recursion if no further payments are due to Recursion; provided, if Roche changes its residency for tax purposes or assigns or transfers its rights and obligations pursuant to this Agreement and such change in tax residency or assignment or transfer increases the amount of tax, levy or charge required to be deducted or withheld pursuant to this Section 7.8.1, Roche or its assignee or transferee shall pay Recursion such amount as is required such that Recursion receives, on an after-tax basis, the same amount as Recursion would have received had no such change in tax residency or assignment or transfer been made.  Each Party agrees to reasonably assist the other Party in claiming exemption from such deductions or 
62

withholdings under double taxation or similar agreement or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted.  
1.1.2German Withholding Tax.  The Parties acknowledge that payments to Recursion with respect to the rights in Germany granted to Roche under this Agreement are subject to (i) German income tax pursuant to sec. 49 para. 1 German Income Tax Act and (ii) withholding tax pursuant to sec. 50a para. 1 German Income Tax Act (the “German WHT Requirement”).  Without limiting anything in this ARTICLE 7, the following shall apply:
(a)Recursion shall provide Roche with all information reasonably requested by Roche and reasonably available to Recursion to assess the applicability of and the tax assessment basis for the German WHT Requirement;
(b)Reasonably taking into account any comments and information received from Recursion, Roche shall use commercially reasonable efforts to determine (i) whether the German WHT Requirement is applicable on the licenses granted to Roche under this Agreement and (ii) the amount to be withheld and remitted to the competent German tax authority (including the allocation to and calculation of the assessment basis for the withholding);
(c)Based on the determination made pursuant to Section 7.8.2(b), Roche shall remit the withheld amount to the competent German tax authority in due course.  With regards to Roche’s payment obligations under this Agreement, any amount paid to the German tax authority pursuant to the preceding sentence shall be deemed as payment to Recursion;  
(d)As soon as Roche has received a valid exemption certificate (Freistellungsbescheinigung) issued by a competent German tax authority (upon the application of Recursion) confirming that Recursion is not required to make a withholding pursuant to the German WHT Requirement, Roche shall not be allowed to make any deductions from any payments pursuant to this Section 7.8.2 for the time period specified in the exemption certificate; and
(e)If Roche receives a request by a competent German tax authority to make a payment based on or in connection with the German WHT Requirement, Recursion shall indemnify Roche from such payment obligation without undue delay.  Roche shall be allowed to offset its indemnification claim pursuant to the preceding sentence against payments due under this Agreement to Recursion.
1.1.3Indirect Taxes. All payments pursuant to this Agreement are exclusive of Indirect Taxes. If any Indirect Taxes are properly chargeable in respect of any payments, Roche shall pay such Indirect Taxes at the applicable rate in respect of such payments following receipt, where applicable, of an Indirect Taxes invoice in the appropriate form issued by Recursion in respect of those payments. Recursion shall issue invoices for all amounts payable under this Agreement consistent with Indirect Tax requirements. Roche and Recursion shall reasonably cooperate to minimize any Indirect Taxes or request any available refund of Indirect Taxes paid pursuant to this Section 7.8.3 from any applicable governmental authority or other fiscal authority, which amount will be transferred to Roche within [***] days of receipt.  As used herein, “Indirect Taxes” means any value added, sales, purchase, turnover or consumption tax as may be applicable in any relevant jurisdiction.
63

1.1.4FDII.  Roche shall provide all information reasonably requested by Recursion and reasonably available to Roche in order to establish eligibility for the Foreign Derived Intangible Income deduction pursuant to Section 250 of the Internal Revenue Code of 1986 or any future deduction or credit that is substantially similar to such deduction or which provides for a similar information or proof requirement.
1.9Records; Inspection.
1.1.1Records.  Roche agrees to keep, and to require that its Affiliates and Sublicensees keep, for [***] years from the end of the year of creation, records of all sales of Products for each reporting period in which royalty payments are due, showing sales of Products by or on behalf of the applicable entity and applicable deductions in sufficient detail to enable the reports provided under Section 7.3 to be verified.  
1.1.2Audits.  Recursion shall have the right to request that reports provided under Section 7.3 be verified by an independent, certified and internationally recognized public accounting firm selected by Recursion and reasonably acceptable to Roche (the “CPA Firm”).  Such right to request a verified report shall (a) be limited to the [***]-year period during which Roche is required to maintain the same, (b) not be exercised more than [***] in any Calendar Year, and (c) not be exercised more than [***] with respect to records covering any specific period of time.  Subject to Section 7.9.3, Roche shall, upon reasonable advance notice and at a mutually agreeable time during its regular business hours, make its records available for inspection by such CPA Firm at such place or places where such records are customarily kept, solely to verify the accuracy of such applicable reports and related payments due under this Agreement.  The CPA Firm shall only state factual findings in the audit reports.  The CPA Firm shall share all draft audit reports with Roche before the draft audit report is shared with Recursion and before the final document is issued.  The final audit report shall be shared with Roche at the same time that it is shared with Recursion. Roche and its Affiliates shall include in each relevant sublicense granted by it under this Agreement a provision requiring any Sublicensee to maintain records of sales of Products made pursuant to such sublicense and to grant access to such records by Roche’s independent accountant to the same extent and under the same obligations as required of Roche under this Agreement.  Roche shall notify Recursion in advance of each audit of any such Sublicensee with respect to Product sales.  Roche will provide Recursion with a confidential summary of the results received from the audit.  [***].
1.1.3Confidentiality.  Prior to any audit under Section 7.9.2, the CPA Firm shall enter into a written confidentiality agreement with Roche that (a) limits the CPA Firm’s use of the Roche’s records to the verification purpose described in Section 7.9.2; (b) limits the information that the CPA Firm may disclose to the Recursion to the numerical summary of payments due and paid; and (c) prohibits the disclosure of any information contained in such records to any Third Party for any purpose.  All information subject to review under Section 7.9.2 or provided by the CPA Firm to Recursion is Roche’s Confidential Information, and Recursion shall not use any such information for any purpose that is not germane to Section 7.9.2.
1.1.4Underpayment; Overpayment.  After reviewing the CPA Firm’s audit report, Roche shall promptly pay any understated amounts due to Recursion.  Any overpayment made by Roche shall be promptly refunded or fully creditable against amounts payable in subsequent payment periods, at Roche’s election.  Any audit under Section 7.9.2 shall be at Recursion’s expense; provided, however, Roche shall reimburse reasonable audit fees for a given audit if the results of such audit reveal that Roche 
64

underpaid Recursion with respect to royalty payments by [***] or more for the audited period.
1.1.5Late Payments.  If any payment due to either Party under this Agreement is not paid when due (other than as described in Section 7.7), then such paying Party shall pay interest thereon (before and after any judgment) at an annual rate (but with interest accruing on a daily basis) of [***] basis points above EURIBOR (or such other interbank rate acceptable to both Parties), such interest to run from the date on which payment of such sum became due until payment thereof in full together with such interest.
1.1.6Recursion Records for Recursion Products. For each Recursion Product for which royalties are due under Section 6.9.3, the provisions of Section 7.9 shall apply, mutatis mutandis, to Recursion and its Affiliates and sublicensees with respect to net sales and royalty reports of Recursion Products and the records relating thereto.
ARTICLE 8
Licenses
1.1Use Rights for Phenomap Model Architectures and Neuroscience Phenomap Models.  Recursion may use Recursion Phenomap Model Architectures for any purpose both during and after the Exclusivity Periods.  For each Neuroscience Phenomap that is not a Declined Neuroscience Phenomap, Recursion has the right to use the associated Recursion Phenomap Model trained on Collaboration Data used to create such Phenomap (a) during the applicable Exclusivity Period, solely for the Collaboration; and (b) following expiration of the applicable Exclusivity Period, for any and all purposes.  For each Declined Neuroscience Phenomap, Recursion has the right to use the associated Recursion Phenomap Model trained on Collaboration Data used to create such Phenomap for any and all purposes; provided that, during the applicable Exclusivity Period, such Recursion Phenomap Model will be used with regard to the Exclusive Field solely for the Collaboration.  Roche will not have access to, or a rights to use, any Recursion Phenomap Model Architectures or Recursion Phenomap Models either during (unless Recursion, in its sole discretion, uses or incorporates such Recursion Phenomap Model Architecture(s) in such Joint Multi-Modal Model Architecture as set forth in Section 3.6.1) or after the Exclusivity Periods.  
1.2Use Rights for the HUVEC Phenomap and HUVEC Image Data and Embeddings.  Recursion has the right to access, as set forth in Section 3.5, and use the (a) HUVEC Phenomap and the HUVEC Image Data and Embeddings, excluding all Roche Proprietary Phenomap Information, for the Neuro Field during the Neuroscience Exclusivity Period solely for the Collaboration (including for training machine learning algorithms for use in the Collaboration); (b) HUVEC Phenomap and the HUVEC Image Data and Embeddings, excluding all Roche Proprietary Phenomap Information, for the [***] Field during the [***] Exclusivity Period solely for the Collaboration (including for training machine learning algorithms for use in the Collaboration); and (c) Roche Proprietary Phenomap Information during the Exclusivity Periods solely for the Collaboration; provided that Recursion may also use the HUVEC Image Data and Embeddings, excluding all Roche Proprietary Phenomap Information, for its Internal Technical Development.  At any time during or after the Exclusivity Periods, Recursion has the exclusive right to use the HUVEC Phenomap and the HUVEC Image Data and Embeddings, excluding all Roche Proprietary Phenomap Information, outside the Exclusive Fields for any and all purposes.  Following expiration of the applicable Exclusivity Period(s), as between the Parties, Recursion has the exclusive right to use the HUVEC Phenomap and the HUVEC Image Data and Embeddings in such expired field too for any and all purposes. Roche has the right to query the HUVEC Phenomap solely as provided in Section 3.5.1 but, except as provided in Section 3.4.1, will not have access to the HUVEC Phenomap or the HUVEC Image Data and Embeddings.
65

1.3Use Rights for [***] Phenomaps and [***] Image Data and Embeddings.  During the [***] Exclusivity Period, Recursion has the right to access, as set forth in Section 3.5, and use the [***] Phenomaps and the [***] Image Data and Embeddings solely for the Collaboration (including for training machine learning algorithms for use in the Collaboration); provided that Recursion may also use such [***] Image Data and Embeddings for its Internal Technical Development.  Following expiration of the [***] Exclusivity Period, as between the Parties, Recursion has the exclusive right to use such [***] Phenomaps and the [***] Image Data and Embeddings for any and all purposes; provided that Recursion will not use the [***] Phenomaps and the [***] Image Data and Embeddings in the Neuro Field during the Neuroscience Exclusivity Period, except for the Collaboration. Roche has the right to query the [***] Phenomaps solely as provided in Section 3.5.1 and solely for the Collaboration but, except as provided in Section 3.4.1, will not have access to the [***] Phenomaps or the [***] Image Data and Embeddings.
1.4Use Rights for Neuroscience Phenomaps, Neuro Image Data and Neuro Image Embeddings.  
1.1.1By Recursion.  During the Neuroscience Exclusivity Period, Recursion has the right to access, as set forth in Section 3.5, and use Neuroscience Phenomaps (whether Accepted or Declined) and the Neuro Image Data and Neuro Image Embeddings created for such Phenomaps solely for the Collaboration (including for training machine learning algorithms for use in the Collaboration); provided that Recursion may also use such Neuro Image Data and Embeddings for its Internal Technical Development and may use the Declined Neuroscience Phenomaps and their Neuro Image Data and Neuro Image Embeddings outside the Exclusive Fields for any and all purposes (except in the [***] Field during the [***] Exclusivity Period).  Following expiration of the Neuroscience Exclusivity Period, Recursion has (i) the exclusive right, as between the Parties, to access and use Accepted Neuroscience Phenomaps, the Neuro Image Data and Neuro Image Embeddings created for Accepted Neuroscience Phenomaps for which Roche has not exercised its External Use Option, Neuro Image Embeddings created for Accepted Neuroscience Phenomaps for which Roche exercised its External Use Option, Declined Neuroscience Phenomaps, and the Neuro Image Data and Neuro Image Embeddings created for Declined Neuroscience Phenomaps; and (ii) the co-exclusive right with Roche and its Affiliates (as set forth in Section 8.4.2) to possess, access and use the Licensed Neuro Images, in each case (i) and (ii) for any and all purposes.
1.1.2By Roche.  
(a)During the Neuroscience Exclusivity Period, Roche and its Affiliates have the right to (i) [***] Accepted Neuroscience Phenomaps solely for the Collaboration and (ii) access and use the (A) Neuro Image Data from such Phenomaps and (B), if provided by or on behalf of Recursion in its sole discretion, any Neuro Image Embeddings, in each case (A)-(B), solely for creating Joint Multi-Modal Models, Neuro Image Multi-Modal Embeddings [***], Joint Multi-Modal Embeddings, and Joint Multi-Modal Maps in the Neuro Field with Recursion in accordance with the Multi-Modal Research Plans.  In addition, [***].
(b)Roche and its Affiliates have the right to use (and sublicense, solely to the Third Parties set forth in this Section 8.4.2(b)) all Neuro Image Data and Stage 2/3 Image Data for which it exercised an External Use Option for any and all purposes both during and after the Neuroscience Exclusivity Period; provided that, during the Neuroscience Exclusivity Period, except in the conduct of the Collaboration, Roche will not initiate research or development programs for therapeutic products in the Neuro Field primarily using or based on such Neuro Image Data or Stage 2/3 Image Data.  Unless otherwise agreed by the Parties in writing, Roche 
66

and its Affiliates have the right to disclose (or provide access to) such Neuro Image Data or Stage 2/3 Image Data under appropriate conditions of confidentiality solely to [***].  
1.5Use Rights for Sequencing Data and Sequencing Multi-Model Embeddings.  Recursion has the right to access, solely at Roche’s discretion in accordance with Section 3.3.4, and use Sequencing Data and Sequencing Multi-Model Embeddings solely for the Collaboration and only during the Exclusivity Period(s).  Roche and its Affiliates have the right to access and use Sequencing Data and Sequencing Multi-Model Embeddings for any and all purposes during and after the Exclusivity Periods.
1.6Use Rights for Joint Multi-Modal Maps, Neuro Image Multi-Modal Embeddings, and Joint Multi-Modal Embeddings.  During the Neuroscience Exclusivity Period, each Party and its Affiliates have the right to use the Joint Multi-Modal Maps, Neuro Image Multi-Modal Embeddings [***] and Joint Multi-Modal Embeddings solely for the Collaboration.  Following the expiration of the Neuroscience Exclusivity Period, [***].
1.7Use Rights for Joint Multi-Modal Model Architectures, MMM Know-How, Joint Multi-Modal Models, Disclosed Recursion Background ML Know-How, and Disclosed Roche Background ML Know-How.
1.1.1Each Party and its Affiliates have the sublicenseable right to use Joint Multi-Modal Model Architectures and MMM Know-How for any and all purposes both during and after the Neuroscience Exclusivity Period.  Each Party and its Affiliates have the right (sublicenseable after the Neuroscience Exclusivity Period) to use the Joint Multi-Modal Models (a) during the Neuroscience Exclusivity Period, solely for the Collaboration; and (b) [***]. 
1.1.2Both during and after the Neuroscience Exclusivity Period, Recursion has the non-exclusive right to use for any and all purposes any Roche Background ML Know-How that is disclosed by or on behalf of Roche to Recursion in the conduct of a Multi-Modal Research Plan and that is generally applicable to building and applying machine learning algorithms, tools, or Models or user interfaces therefor or generating maps therefrom (“Disclosed Roche Background ML Know-How”).  Both during and after the Neuroscience Exclusivity Period, Roche has the non-exclusive right to use for any and all purposes any Recursion Background ML Know-How that is disclosed by or on behalf of Recursion to Roche in the conduct of a Multi-Modal Research Plan and that is generally applicable to building and applying machine learning algorithms, tools, or Models or user interfaces therefor or generating maps therefrom (“Disclosed Recursion Background ML Know-How”).
1.8Use Rights for Other Collaboration Data and IP.  Subject to Section 8.14, each Party and its Affiliates have the sublicenseable right to use Other Collaboration Data and Other Collaboration IP for any and all purposes both during and after the Exclusivity Periods.
1.9Licenses.  Each Party hereby grants the worldwide, fully-paid licenses under its intellectual property rights (including Copyright) in the (a) Collaboration Data, other than Collaboration Insights and Program Data, and (b) Roche Background ML Know-How, Recursion Background ML Know-How and Joint Collaboration IP, in each case ((a) and (b)) that are included in rights and licenses set forth in Sections 8.1-8.8 to the extent necessary to exercise such rights and licenses, and following the expiration or earlier termination of the applicable Exclusivity Period, such licenses in this Section 8.9 shall continue (and become perpetual and irrevocable) to the extent those rights and licenses set forth in Sections 8.1-8.8 continue, per their terms, after the expiration or earlier termination of such Exclusivity Period.  
67

1.10Additional Licenses to Roche.
1.1.1Product License.  Subject to the terms and conditions of this Agreement, for each (i) Stage 3 Small Molecule Program for which Roche exercised either its Roche Lead Series Option or Roche Development Candidate Option, (ii) [***] and (iii) [***], Recursion hereby grants Roche and its Affiliates a non-transferable (except in accordance with Section 15.3), worldwide license, including the right to sublicense through multiple tiers, that is (a) exclusive (even as to Recursion) under the Recursion Licensed SM IP and Roche Optioned Technology for such program; and (b) non-exclusive under the Recursion Licensed Target IP for such program, in each case to make, use, offer for sale, sell, import and otherwise fully exploit Products and Roche Enabled Products for any and all uses (each, a “Product License”). 
For each Stage 3 Small Molecule Program for which Roche exercised its [***], Roche Lead Series Option or Roche Development Candidate Option, the license grant set forth in this Section 8.10.1 shall be effective on the Option Effective Date for such option.
1.1.2Validated Target License.  For each Target Validation Program for which Roche has exercised its Validated Target Option, Recursion, effective on the Option Effective Date for such option, hereby grants Roche and its Affiliates an exclusive (even as to Recursion, except as needed to perform Additional Screening Work during the applicable Additional Screening Period), non-transferable (except in accordance with Section 15.3), worldwide license, including the right to sublicense through multiple tiers, during the applicable Validated Target Exclusivity Period, under Recursion’s interest in the Collaboration Insight that initiated, and the Program Data and Program IP generated in the course of, such Target Validation Program to make, use, offer for sale, sell, import and otherwise fully exploit pharmaceutical products active against, and intended to modulate, the Validated Target validated by such Target Validation Program, in the applicable Exclusive Field (each, a “Target License”).   
1.1.3Sublicenses.  Roche and its Affiliates shall have the right to sublicense the rights granted under Sections 8.10.1 and 8.10.2 to Third Parties; provided that such sublicense is [***], and provided further that Roche shall remain responsible for compliance by all such Third Parties’ and its Affiliates exercising the rights granted under Sections 8.10.1 and 8.10.2 with all applicable obligations under this Agreement.  Within [***] days after the execution of any sublicense agreement pursuant to which Roche or its Affiliate grants a Sublicensee rights in the Recursion Licensed IP or Roche Optioned Technology, Roche shall provide written notice to Recursion of such sublicense agreement, which notice shall include the identity of the Sublicensee and the Product(s) or Roche Enabled Product(s) that are the subject of the sublicense.  For clarity, Roche’s obligations to provide Recursion with the notice set forth in the immediately preceding sentence shall not apply to any sublicense agreement with a distributor that does not grant such distributor rights in the Recursion Licensed IP or Roche Optioned Technology other than the right to distribute, market and sell Products with respect to a given country or a given Product.
1.11Additional Licenses to Recursion.  
1.1.1Research License.  Subject to the terms and conditions of this Agreement, Roche hereby grants to Recursion a worldwide, royalty-free, non-transferable (except in accordance with Section 15.3), non-sublicensable, non-exclusive license under the Roche IP solely to perform the activities allocated to Recursion under the Research Plans during the applicable Exclusivity Period.
68

1.1.2Recursion Product License.  Subject to the terms and conditions of this Agreement, for (i) an Independent Stage 2 Program, (ii) an Independent Stage 3 Program or (iii) a Recursion Program, in each case (i)-(iii) for which [***], Roche hereby grants Recursion and its Affiliates an exclusive, non-transferable (except in accordance with Section 15.3), worldwide license, including the right to sublicense through multiple tiers, under the Recursion Optioned Technology, in each case to make, use, offer for sale, sell, import and otherwise fully exploit therapeutic products from such program that are consistent in scope with Products that are the subject of a Product License, and including (as applicable) Recursion Products (each, a “Recursion Product License”).
1.1.3Sublicenses.  Recursion and its Affiliates shall have the right to sublicense the rights granted under Section 8.11.2 to Third Parties; provided that such sublicense is [***], and provided further that Recursion shall remain responsible for compliance by all such Third Parties’ and its Affiliates exercising the rights granted under Section 8.11.2 with all applicable obligations under this Agreement.  Within [***] days after the execution of any sublicense agreement pursuant to which Recursion or its Affiliate grants a commercial sublicensee rights in the Recursion Optioned Technology, Recursion shall provide written notice to Roche of such sublicense agreement, which notice shall include the identity of the sublicensee and the product(s) that are the subject of the sublicense.  For clarity, Recursion’s obligations to provide Roche with the notice set forth in the immediately preceding sentence shall not apply to any sublicense agreement with a distributor that does not grant such distributor rights in the Recursion Optioned Technology other than the right to distribute, market and sell products with respect to a given country or a given product.
1.12Use Rights for Collaboration Insights, Program Data and Program IP.  Subject to the licenses set forth in Section 8.10-8.11:
1.1.1During the applicable Exclusivity Period, each Party and its Affiliates have the right to use Collaboration Insights, Program Data and Program IP solely for performance of the Collaboration (including pursuant to Section 4.2.7(d)).  
1.1.2Following expiration of the applicable Exclusivity Period:
(a)Each Party may [***].  
(b)Neither Party may use a Collaboration Insight that initiated, or the Program Data or Program IP generated in the course of, a (i) Small Molecule Validation Program that achieved its Validated Hit Criteria during the applicable Exclusivity Period but was not elected to progress to a Stage 3 Small Molecule Program or to an Independent Stage 3 Program or for which Roche did not provide the notice set forth in Section 4.2.7(d) or (ii) Target Validation Program that achieved its Validated Target Criteria during the applicable Exclusivity Period but for which Roche did not exercise a Validated Target Option, in each case until the latest of: [***].
(c)Neither Party may use a Collaboration Insight that initiated, or the Program Data or Program IP generated in the course of, a Stage 3 Small Molecule Program that (i) did not achieve its Lead Series Criteria during the applicable Exclusivity Period (or by the Completion Date set forth in the Research Plan for such program if it became an Extended Program); (ii) after achieving its Lead Series Criteria did not achieve its Development Candidate Criteria during the applicable Exclusivity Period (or by the Completion Date set forth in the Research Plan for such program if it became an Extended Program); (iii) that achieved its Lead Series Criteria but for which Roche did not exercise the Roche Lead Series Option and Recursion did not exercise the Recursion Option or (iv) achieved its Development Candidate Criteria during 
69

the applicable Exclusivity Period but for which Roche did not exercise the Roche Development Candidate Option and Recursion did not exercise the Recursion Option, in each case, until the later of the end [***].
(d)Following expiration of a Validated Target Exclusivity Period for a Target Validation Program for which Roche has exercised its Validated Target Option, [***].  
1.13No Additional Licenses.  Except as expressly provided in this Agreement, nothing in this Agreement shall grant either Party any right, title or interest in and to the Know-How, Copyrights, Patents or other intellectual property rights of the other Party (either expressly or by implication or estoppel). Without limiting the foregoing, Recursion does not grant Roche or its Affiliates any right to use (a) any Recursion Phenomap Model under Recursion’s rights in such Recursion Phenomap Model or (b) any rights to use any Recursion Phenomap Model Architecture under Recursion’s rights in such Recursion Phenomap Model Architecture, except to the extent that Recursion, at its sole discretion, uses or incorporates such Recursion Phenomap Model Architecture(s) in such Joint Multi-Modal Model Architecture as set forth in Section 3.6.1.
1.14Exclusivity.  
1.1.1Neuro Field.  During the Neuroscience Exclusivity Period, Recursion and its Affiliates will not: (a) create any Phenomap [***], (b) research or develop, either for itself or a Third Party, [***], or (c) conduct any research or development, either for itself or a Third Party, [***]; in each case (a)-(c), except for the Collaboration.  In addition, during the Neuroscience Exclusivity Period, Recursion and its Affiliates will not [***], any Third Party for purposes of conducting such activities in (a)-(c) (collectively, “Third Party Enablement”).  For clarity, pursuant to the foregoing, Recursion will (i) [***]; (ii) in the event Recursion provides any Third Party access to a Phenomap(s), [***]; and (iii) in the event Recursion provides any Third Party with a copy of a Phenomap, [***], in each case (i)-(iii) during the Neuroscience Exclusivity Period and for purposes of conducting such activities in (a)-(c).  Recursion also will [***].  Notwithstanding anything herein to the contrary, this Section 8.14.1 does not prohibit Recursion from granting a license or sublicense to develop or commercialize one or more compounds, which license does not include a field limitation; provided that such compounds were not identified pursuant to Recursion’s conduct of any of the activities that are prohibited under (a)-(c) above or pursuant to Third Party Enablement.
1.1.2[***] Field.  During the [***] Exclusivity Period, Recursion and its Affiliates will not, either for themselves or for a Third Party: 
(a)create Phenomaps [***];
(b)[***];
(c)[***];
(d)[***]; 
(e)[***];
(f)grant a license or sublicense to a Third Party that specifically includes any of such activities set forth in (a)-(e) above;
70

(g)provide physical materials or Know-How to a Third Party for use in any such activities set forth in (a)-(e) above; or
(h)grant a license or sublicense to a Third Party to develop or commercialize (including the right to conduct the activities set forth in (a)-(e)) a compound that (i), as of the time such license or sublicense is granted, is known by Recursion to [***].
1.1.3Validated Target.  For each Validated Target validated by a Target Validation Program for which Roche has exercised its Validated Target Option, during the applicable Validated Target Exclusivity Period for such program, except for the Collaboration, Recursion shall not (a) conduct any research or development, either for itself or a Third Party, [***], or enable a Third Party to do so; or (b) use the [***] to research, develop or commercialize, either for itself or a Third Party, [***].
1.1.4Existing Recursion Products.  Notwithstanding the foregoing provisions of this Section 8.14, Recursion may (a) continue its research, development and commercialization activities for those pharmaceutical products for which research and development was initiated by Recursion prior to the Effective Date and set forth on Exhibit A to the Letter Agreement (the “Existing Recursion Products”), but shall not, during the applicable Exclusivity Period, use [***] to support the research, development, or commercialization of such Existing Recursion Products; and (b) conduct, during the Neuroscience Exclusivity Period, each Independent Stage 2 Program, Independent Stage 3 Program and Recursion Program, in each case until [***], or the activities under such program are discontinued by Recursion.  Notwithstanding the foregoing, Recursion will not, during the [***] Exclusivity Period, conduct the activities described in 8.14.2(b) with respect to [***].
1.1.5Exceptions.  
(a)If a Third Party becomes an Affiliate of Recursion or its Affiliate or is assigned this Agreement in accordance with Section 15.3, in each case after the Effective Date through or in connection with a Change in Control (each, an “Acquisition Entity”), and as of the closing date of such transaction or thereafter during the Exclusivity Period, such Acquisition Entity is engaged or engages in activities that, if conducted by Recursion, would cause Recursion to be in breach of its exclusivity obligations set forth in this Section 8.14 (such Third Party program, a “Competing Program”), then such Acquisition Entity may continue or conduct such Competing Program after such Change in Control and such activities shall not constitute a breach of Recursion’s exclusivity obligations set forth in this Section 8.14; provided that such new Acquisition Entity conducts such Competing Program independently of the activities of this Agreement [***]; and
(b)If, during the applicable Exclusivity Period, Recursion or its Affiliate acquires a majority of the Voting Stock of, the power, directly or indirectly, to elect a majority of the members of the Board of Directors of, or all or substantially all of the assets of a Third Party (such Third Party, an “Acquired Entity”) that, as of the date of such transaction, has a Competing Program, then Recursion or its Affiliate or its new Acquired Entity will have [***] from the closing date of such transaction to wind down or complete the Divestiture of such Competing Program and shall cease all activities with respect to such Competing Program if it has not completed such Divestiture within such period (it being understood that Recursion or its Affiliate or its new Acquired Entity may thereafter continue its efforts to complete Divestiture), and their conduct of such 
71

Competing Program during such [***] period shall not be deemed a breach of the exclusivity obligations set forth in this Section 8.14; provided that Recursion, its Affiliate or such new Acquired Entity conducts such Competing Program during such [***] period independently of the activities of this Agreement [***].  “Divestiture”, as used in this Section 8.14.5(b), means the sale or transfer of all rights to the Competing Program, as applicable, to a Third Party; [***].
1.15Removal of Selected Small Molecules from Recursion Libraries.  Recursion will remove or block each Recursion Small Molecule that Roche moves forward into a [***], unless and until [***].
1.16Product Trademarks.  
1.1.1Roche shall have the sole right to determine the Product Trademarks to be used with respect to the exploitation of the Collaboration Products on a worldwide basis.  Recursion shall not, and shall not permit its Affiliates to, [***].
1.1.2Recursion shall have the sole right to determine the Trademarks to be used with respect to the exploitation of the Recursion Products on a worldwide basis (such Trademarks, excluding, in any event, any Trademarks, service marks, names or logos that include any corporate name or logo of a Party or its Affiliates or Sublicensees, “Recursion Product Trademarks”).  Roche shall not, and shall not permit its Affiliates to, [***].
ARTICLE 9
Intellectual Property
1.1Disclosure of Certain IP.  During the applicable Exclusivity Period [***], (a) Roche shall promptly disclose to Recursion any Recursion Platform Improvement IP of which it becomes aware, (b) Recursion shall promptly disclose to Roche any Roche Platform Improvement IP of which it becomes aware, and (c) each Party shall promptly disclose to the other Party any Joint Collaboration IP of which it becomes aware.  During the Term, Recursion shall promptly disclose to Roche all Recursion Licensed IP (including any that become Controlled by Recursion after the Effective Date).  In addition, during the Term, Recursion shall provide a reasonable description to Roche of any Patents or Know-How that would be Recursion Licensed IP if Roche agreed to reimburse Recursion for the payment obligations described in Section 1.43 with respect to the applicable sublicense (or other right) (“Available”), along with such payment obligations and any other obligations associated with receiving a sublicense under such Patent or Know-How rights, promptly after Recursion first obtains access to such Patents or Know-How (collectively, the “New IP Notice”).  Roche shall [***].
1.2Ownership.  
1.1.1Each Party will continue to own any Patents, Copyrights and Know-How that it owned prior to the Effective Date or that it creates or obtains independently of this Agreement, including Recursion Background ML Know-How for Recursion and Roche Background ML Know-How for Roche.  
1.1.2Subject to the licenses set forth in ARTICLE 8, (a) Recursion shall solely own all Phenomaps created under ARTICLE 3 and Recursion Collaboration IP, (b) Roche shall solely own all Roche Platform Improvement IP, (c) [***], and (d) ownership of all other Inventions shall, as between the Parties, be determined based on which Party or Party(ies) discovered, conceived, or first reduced to practice or created or authored such other Inventions with each Party having sole ownership of such Inventions solely 
72

discovered, conceived or first reduced to practice or created or authored by or on behalf of such Party, and the Parties jointly owning all such Inventions jointly discovered, conceived or first reduced to practice or created or authored by or on behalf of the Parties (with each Party having an equal, undivided interest therein) (such jointly owned Inventions, together with the Joint Collaboration IP, “Joint IP”).  The determination of whether the Inventions described in clause (d) are discovered, conceived, or first reduced to practice or created or authored by or on behalf of a Party for purposes of allocating proprietary rights therein shall, for purposes of this Agreement, be made in accordance with the United States patent and copyright laws and other Applicable Laws in the United States.  
1.1.3Subject to the obligations, licenses and restrictions of this Agreement, including ARTICLE 8, each Party has the right to practice, license, sublicense, assign, transfer and otherwise exploit such Party’s interest in the Program IP and Joint IP (including Patents and Copyrights therein) for any and all purposes on a worldwide basis without restriction, and without the consent of and without a duty of accounting to the other Party.  Each Party will grant and hereby does grant all permissions, consents and waivers with respect to, and all licenses under, such Party’s interest in the Program IP and Joint IP, throughout the world, necessary to provide the other Party with the foregoing rights.    
1.3Assignment and Cooperation.  The assignments necessary to accomplish the ownership provisions set forth in Section 9.2 are hereby made, and each Party shall execute such further documentation as may be necessary or appropriate and provide reasonable assistance and cooperation to implement the provisions of Section 9.2.  Without limiting the foregoing, each Party agrees to execute such documents, render such assistance, and take such other action as the other Party may reasonably request, to apply for, register, perfect, confirm, and protect the other Party’s rights in such Know-How and intellectual property rights (including Patents and Copyrights) therein to effect the intent of Section 9.2.  Each Party shall require, to the extent legally possible under relevant national or local laws, all of its employees, Affiliates and subcontractors to assign (or otherwise convey rights) to such Party its right, title and interests in any Patents, Copyrights and Know-How discovered, conceived or reduced to practice by such employee, Affiliate or subcontractor in the performance of activities pursuant to the Research Plans, and to cooperate with such Party in connection with obtaining Patent or Copyright protection therefor.
1.4Prosecution and Maintenance.
1.1.1Control.  
(a)As between the Parties, (i) Recursion shall, at its expense, control and make decisions with respect to Prosecution and Maintenance of Patents and Copyrights within the Recursion Licensed IP, Phenomaps created under ARTICLE 3, or Recursion Collaboration IP; and (ii) Roche shall, at its expense, control and make decisions with respect to Prosecution and Maintenance of Patents and Copyrights within the Roche Platform Improvement IP. 
(b)[***].  
(c)During a Stage 3 Small Molecule Program, Recursion shall, at its expense, have the first right to control Prosecution and Maintenance of Patents within Program IP generated under such Stage 3 Small Molecule Program and the Validation Program therefor with input from Roche, through a mutually agreed-upon outside Patent counsel firm (the “Outside Patent Counsel”); provided that (i) if the Parties disagree on a particular filing issue, they will consult with such Outside Patent Counsel, and if they still cannot reach agreement, [***] and (ii) 
73

following exercise of a Roche Lead Series Option or Roche Development Candidate Option for such Stage 3 Small Molecule Program, Roche will have the [***] right [***] to control, at its expense and using counsel selected in its discretion, Prosecution and Maintenance of such Patents with [***]. Recursion shall, at its expense, have the right for each Recursion Program and, following commencement of hit-to-lead activities, each Independent Program, to control Prosecution and Maintenance of Patents and Copyrights within the intellectual property generated under such Recursion Program or Independent Program (the “Independent IP”), through Outside Patent Counsel; provided that [***]. In the event that Roche does not exercise its [***], as applicable, Recursion shall, at its expense, have the first right to control Prosecution and Maintenance of the Patents and Copyrights within the Program IP generated under such Stage 3 Small Molecule Program and the Validation Program therefor, and the sole right to control the Prosecution and Maintenance of the Patents and Copyrights within the Independent IP from such Recursion Program or Independent Program, in each case using counsel selected in its discretion. 
(d)Each Party shall, at its expense, have the right to control Prosecution and Maintenance of Patents and Copyrights within the Joint IP that such Party invented, solely or jointly; provided that if both Parties desire to control Prosecution and Maintenance for Patents and Copyrights within the Joint IP that was jointly invented, Roche shall have the first right to Prosecute and Maintain such Patents and Copyrights, at its expense.  If Recursion decides not to Prosecute and Maintain any Recursion Licensed Patent or a Patent within the Program IP, Recursion will notify Roche in writing at least [***] days prior to any relevant deadline or filing or response date, and Roche shall thereupon have the right, but not the obligation, to assume the Prosecution and Maintenance of such Patent at its expense. If a Party decides not to Prosecute and Maintain any Patent or Copyright within the Joint IP that it has the right to Prosecute and Maintain pursuant to this Section 9.4.1, such Party will notify the other Party in writing at [***] days prior to any relevant deadline or filing or response date, and the other Party shall thereupon have the right, but not the obligation, to assume the Prosecution and Maintenance of such Patent or Copyright at its expense.  If Roche decides not to Prosecute and Maintain in a country any Patent within the Program IP [***] for which it has the first right to control Prosecution and Maintenance, and such Patent is the only Patent in such country that includes a claim directed to a composition of matter of a Program Molecule or Derivative, Roche will notify Recursion in writing at least [***] days prior to any relevant deadline or filing or response date and Recursion shall thereupon have the right, but not the obligation, to assume the Prosecution and Maintenance of such Patent at its expense.
1.1.2Cooperation.  The Prosecuting and Maintaining Party shall provide the other Party with copies of draft Patent and Copyright applications directed to Program IP or Joint IP and drafts of substantive official correspondence with patent or copyright offices for the Prosecution and Maintenance of such Patents and Copyrights sufficiently in advance (where reasonable) for the other Party to comment and will consider such comments in good faith.
1.1.3Further Acts.  At the requesting Party’s expense, each Party will reasonably cooperate with and assist each other in the Prosecution and Maintenance of Patents and Copyrights within the Recursion Licensed IP, Program IP and Joint IP, including making scientists and scientific records reasonably available and using its reasonable efforts to have documents signed as necessary in connection with such Prosecution and Maintenance.
1.5CREATE Act.  It is the intention of the Parties that this Agreement is a “joint research agreement” as that that term is defined in 35 USC § 100(h), and as it applies to inventions as set forth in 35 USC § 102(c) (AIA) or 35 USC § 103(c) (pre-AIA), and may be used for the purpose of overcoming a rejection of a claimed invention within the Program IP or Joint IP pursuant to 
74

the provisions of 35 USC § 102(c) or 35 USC § 103(c).  In the event that either Party intends to overcome a rejection of any other claimed invention outside the Program IP or Joint IP pursuant to the provisions of 35 USC § 102(c) or 35 USC § 103(c), such Party shall first obtain the prior written consent of the other Party.
1.6Patent Term Extension.  Notwithstanding anything to the contrary in Section 9.4, as between the Parties, with respect to each Product or Roche Enabled Product, [***].  In addition, on Recursion’s request, Roche and Recursion shall have a good faith discussion as to [***].  In the event that Recursion desires to file a patent term extension for any Recursion Licensed Patent for a product other than a Product or Roche Enabled Product in any jurisdiction, then [***].  For clarity, any patent term extensions for any Recursion Licensed Patent will be in the name of Recursion.
1.7Patent Listings.  [***] Regulatory Authorities in the Territory relating to any Collaboration Products, including as required or allowed under the national implementations of Article 10.1(a)(iii) of Directive 2001/EC/83 or other international equivalents.
1.8Enforcement and Defense of IP; Defense of Third Party Infringement Claims.
1.1.1Notice.  Each Party shall promptly notify the other Party upon learning of any (a) actual or suspected infringement or misappropriation by a Third Party of the Recursion Licensed IP with respect to a Product or of the Program IP or Joint IP; or (b) claim by a Third Party of invalidity, unpatentability (including any reexaminations, inter partes reviews, and post grant reviews, as well as interferences and derivation proceedings, oppositions and other similar proceedings brought by a Third Party), unenforceability or non-infringement (or non-misappropriation) of the Program IP or Joint IP or a Patent (or Know-How), in each case within the Recursion Licensed IP, claiming or describing a Product (or a component thereof) or its use or method of manufacture (each, an “Infringement”).
1.1.2Enforcement and Defense of IP.
(a)Control.  As between the Parties, Roche shall have the first right, but not the obligation, to determine the appropriate course of action to enforce or defend the Recursion Licensed IP, Program IP or Joint IP, as applicable, against the Infringement or otherwise to abate the Infringement of, to take (or refrain from taking) appropriate action to enforce, to defend, to control any litigation or other enforcement or defense action, and to enter into, or permit, the settlement of any such litigation or other enforcement or defense action with respect to any Infringement.  If Roche elects to not take any steps to abate (including, as applicable, to enforce or defend the applicable Patents against) such Infringement, Roche agrees to notify Recursion within [***] days after a Party provides notice of such Infringement pursuant to Section 9.8.1, and Recursion shall then have the right (but not the obligation) to take action to enforce or defend the Recursion Licensed IP, Program IP or Joint IP, as applicable, against such Infringement, or otherwise abate such Infringement; provided, however, [***].  The non-controlling Party shall cooperate with the Party controlling any such action (as may be reasonably requested by the controlling Party) at the controlling Party’s expense, including, if necessary, by being joined as a party, and the Party controlling any such action shall keep the other Party updated with respect to any such action, including providing copies of all documents received or filed in connection with any such action.  Notwithstanding the foregoing, if Roche fails to exercise any of its options, prior to its last-to-expire option, to obtain licenses hereunder with respect to a Validation Program or a Stage 3 Small Molecule 
75

Program that generated particular Program IP, then Recursion shall have the first right to enforce or defend such Program IP against an Infringement, and this Section 9.8.2(a) shall apply, mutatis mutandis, replacing reference to “Roche” with references to “Recursion” and references to “Recursion” with references to “Roche” with respect to such Infringements and Program IP.  
(b)Settlement.  The Party controlling any action described in Section 9.8.2(a) shall not settle or consent to an adverse judgment (including any judgment that affects the scope, validity or enforcement of any Recursion Licensed IP, Program IP or Joint IP, as applicable) without the express written consent of the non-controlling Party (such consent not to be unreasonably withheld), unless such settlement or judgment does not (A) impose any financial obligation upon the non-controlling Party or (B) limit the scope of or invalidate any Recursion Licensed IP, Program IP or Joint IP.
(c)Damages.  Any recovery realized as a result of any action described in Section 9.8.2(a) (whether by way of settlement or otherwise) shall be first, allocated to [***].  Any remainder after such reimbursement is made shall be allocated [***].
1.1.3Defense of Third Party Infringement Claims.  In the event that a claim is brought against either Party alleging the infringement, violation or misappropriation of any Third Party intellectual property right based on the manufacture, use, sale or importation of a Product(s), Roche Enabled Product(s) or Recursion Product(s), the Parties shall promptly meet to discuss the defense of such claim, and the Parties shall, as appropriate, enter into a joint defense agreement with respect to the common interest privilege protecting communications regarding such claim in a form reasonably acceptable to the Parties.
ARTICLE 10
Confidentiality and Non-Disclosure
1.1Definition.  “Confidential Information” of a Party means the confidential or proprietary information (of whatever kind and in whatever form or medium, including copies thereof) disclosed by or on behalf of such Party or its Affiliate to the other Party or its Affiliate in connection with this Agreement, whether prior to or during the Term, including Know-How regarding such Party’s research, development plans, clinical trial designs, preclinical and clinical data, technology, products, business information or objectives and other information of the type that is customarily considered to be confidential information by entities engaged in activities that are substantially similar to the activities being engaged in by the Parties pursuant to this Agreement.  Notwithstanding the foregoing, (a) [***]; (b) [***]; (c) [***]; and (d) all other Know-How generated under this Agreement is the Confidential Information of the Party that owns such Know-How pursuant to Section 9.2.  For the avoidance of doubt, [***].
1.2Exclusions Regarding Confidential Information.  Notwithstanding anything in this ARTICLE 10 to the contrary, Confidential Information of a Party shall not include information that the other Party can demonstrate:
1.1.1was already known to the other Party, other than under an obligation of confidentiality, at the time of receipt by such other Party;
1.1.2was generally available to the public or otherwise part of the public domain at the time of its receipt by the other Party;
76

1.1.3became generally available to the public or otherwise part of the public domain after its receipt by the other Party other than through any act or omission of such other Party in breach of this Agreement;
1.1.4was received by the other Party without an obligation of confidentiality from a Third Party having no obligation to not disclose such information;
1.1.5was independently developed by or for the other Party without use of or reference to the Confidential Information of the disclosing Party; or
1.1.6was released from the restrictions set forth in this Agreement by express prior written consent of the disclosing Party.
1.3Non-Use and Non-Disclosure of Confidential Information.  During the Term, and for a period of [***] years thereafter, a Party shall (i) except to the extent expressly permitted by this Agreement or otherwise agreed to in writing, keep confidential and not disclose to any Third Party or use for any purpose any Confidential Information of the other Party; and (ii) take reasonable precautions to protect the Confidential Information of the other Party from unauthorized use or disclosure (including all precautions a Party employs with respect to its own confidential information of a similar nature and taking reasonable precautions to assure that no unauthorized use or disclosure is made by others to whom access to the Confidential Information of the Party is granted).  Without limiting the foregoing, Roche acknowledges that the Existing Product Information is the Confidential Information of Recursion and is of a highly confidential nature.  Accordingly, Roche agrees that: Existing Product Information will be governed by this ARTICLE 10; Roche will not use the Existing Product Information for any purpose other than confirming compliance with Section 8.14 (the “Purpose”) and specifically will not use the Existing Product Information for purposes of informing its own development and commercialization efforts; Roche shall not disclose Existing Product Information to any Third Party or any employee or personnel of Roche or its Affiliates, except for those employees or personnel of Roche or its Affiliates who have a need to know such information for the Purpose and who are bound by obligations of confidentiality, non-use and non-disclosure at least as restrictive as those in ARTICLE 10. 
1.4Authorized Disclosures of Confidential Information.  A Party may use and disclose the Confidential Information of the other Party as follows:
1.1.1if required by law, rule or governmental regulation, provided that the Party seeking to disclose the Confidential Information of the other Party (a) uses all reasonable efforts to inform the other Party prior to making any such disclosures and cooperate with the other Party in seeking a protective order or other appropriate remedy (including redaction) and (b) whenever possible, request confidential treatment of such information;
1.1.2to the extent such use and disclosure is reasonably required in the Prosecution and Maintenance of a Patent or Copyright within the Program IP or Joint IP in accordance with this Agreement;
1.1.3as reasonably necessary to obtain or maintain any Regulatory Approval, including to conduct preclinical studies and clinical trials and for pricing approvals, for any Collaboration Products or Recursion Products, as applicable, provided, that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information outside such Regulatory Authority and to otherwise maintain the confidentiality of the Confidential Information;
77

1.1.4to the extent reasonably necessary for purposes of performing its obligations or exercising its rights under this Agreement, to employees, Affiliates, sublicensees, collaborators, vendors, consultants, advisers, agents, attorneys, contractors and clinicians under written obligations of confidentiality and non-use of the Confidential Information consistent with the confidentiality provisions of this Agreement as they apply to such Party.  Further, the receiving Party may disclose Confidential Information of the disclosing Party to existing or bona fide potential acquirers, merger partners, collaborators, sublicensees and sources of financing or to professional advisors (e.g., attorneys, accountants and prospective investment bankers) involved in such activities, for the limited purpose of evaluating such transaction, collaboration or sublicense and under appropriate conditions of confidentiality, provided that such disclosures are limited to only such information that is strictly necessary for such purpose and made under a written agreement by those permitted individuals to maintain such Confidential Information in strict confidence.
1.5Information Security Incident.
1.1.1Notification.  A Party shall provide to the other Party written notice within [***] Business Days of such Party’s confirmation of an Information Security Incident with respect to the other Party’s Confidential Information.  Such notice shall describe in reasonable detail the Information Security Incident, including the other Party’s Confidential Information impacted, the extent of such impact and any corrective action taken or to be taken by such Party.  In addition, if a Party reasonably suspects (even if it has not confirmed) that an actual or attempted Information Security Incident has occurred with respect to the other Party’s Confidential Information, then the Party shall promptly notify the other Party of such suspected actual or suspected Information Security Incident.
1.1.2Non-Disclosure.  Except to the extent required by Applicable Law, neither Party shall disclose any information related to an actual or suspected Information Security Incident of the other Party’s Confidential Information to any Third Party without the other Party’s prior written consent.
1.6Termination of Prior Agreements.  As of the Effective Date, as between the Parties, this Agreement supersedes the Non-Disclosure Agreement between Recursion and FHLR, dated November 9, 2020, as amended, (the “NDA”) and that certain Letter Agreement between the Parties, dated December 1, 2021 (the “Letter Agreement”), and the Parties agree that disclosures made prior to the Effective Date pursuant to the NDA and the Letter Agreement shall be subject to the provisions of this ARTICLE 10.
1.7[***].  
1.8No License.  Subject to the second sentence of Section 10.1, as between the Parties, Confidential Information disclosed hereunder shall remain the property of the disclosing Party.  Disclosure of Confidential Information to the other Party shall not constitute any grant, option or license to the other Party, beyond those licenses expressly granted under ARTICLE 8 and the rights granted under Section 10.7, under any intellectual property rights now or hereinafter held by the disclosing Party.
1.9Publicity.  Following the Effective Date, Recursion may issue a press release concerning the execution of this Agreement in the form attached hereto as Exhibit D.  Recursion may include [***].
78

1.10Subsequent Releases.  Subject to Sections 10.9 and 10.12, (a) Recursion may not issue any other press releases or other public statements or announcement concerning this Agreement, the subject matter hereof, or the research, development or commercial results of products hereunder (a “Release”) without Roche’s prior written consent unless it pertains solely to an Independent Program or Recursion Program [***] and does not reference Roche by name; and (b) Roche may [***], in each case, such consent to not be unreasonably withheld, conditioned, or delayed (provided that inclusion of the financial terms set forth herein in such Release shall be an appropriate reason to withhold such consent).  Each Party shall provide such consent (or explain why it is withholding consent) within [***] weeks of receipt of a proposed Release from the other Party.
1.11Approved Releases.  If a Release requires consent pursuant to Section 10.10, once consent has been given both Parties may make subsequent public disclosure of the contents of such Release (or the press release issued pursuant to Section 10.9) without the further approval of the Party whose consent was required; provided that such information remains accurate as of such time and is not presented with any new data or information or conclusions or in a form or manner that materially alters the subject matter therein.
1.12Releases Required by Law or Regulation.  Each Party may issue any Release it is required to issue by Applicable Law (including rules of any applicable securities exchange); provided that if the issuing Party seeks to disclose any of the other Party’s Confidential Information in such Release it (a) informs the other Party prior to making any such Release (in no event less than [***] weeks prior to the anticipated date of disclosure) so as to permit such other Party the opportunity to comment thereon or seek to obtain a protective order or other confidential treatment preventing or limiting the required disclosure, and (b) discloses only such Confidential Information of the other Party that it is advised by counsel is legally required to be disclosed in such Release.  To the extent such other Party seeks to obtain a protective order or other confidential treatment to prevent or limit the required disclosure, the issuing Party shall reasonably assist such other Party, but shall not be required to delay such Release beyond the requirements of the Applicable Law.
1.13Publications.  Notwithstanding Sections 10.9 through 10.12, the following shall apply with respect to papers and presentations proposed by the Parties:
1.1.1Publications Containing a Party’s Confidential Information.  Subject to Section 10.13.2, neither Party may make, publish, or disclose any paper or presentation that discloses Confidential Information of the other Party without the other Party’s prior written approval.
1.1.2Publications During the Exclusivity Periods.  With respect to any paper or presentation proposed by either Party during the applicable Exclusivity Period that contains Confidential Information of the other Party (whether sole or joint), such publishing Party cannot make, publish or disclose such paper or presentation within such Exclusivity Period without the non-publishing Party’s prior written approval, not to be unreasonably withheld, delayed or conditioned, in accordance with Section 10.13.4; provided that Roche shall not be required to obtain Recursion’s consent to publish Roche Optioned Technology and Recursion shall not be required to obtain Roche’s consent to publish Recursion Optioned Technology.  Each Party shall adhere to standard academic practice regarding authorship of scientific publications and recognition of the contribution of the other Party for any publication or presentation that includes such Data or Know-How.
1.1.3Publications Following the Exclusivity Periods.  With respect to any paper or presentation proposed by a Party that will be disclosed after the applicable 
79

Exclusivity Period and contains Collaboration Insights, Program Data, Other Collaboration Data or Know-How within the Program IP or Joint IP (in each case other than Recursion Optioned Technology, Roche Optioned Technology, Joint Multi-Modal Models or Stage 2/3 Image Data), so long as such paper or presentation does not contain any other Confidential Information (whether sole or joint) of the non-publishing Party, the publishing Party shall be free to make, publish and disclose such papers and presentations at its discretion. If such publication does include other Confidential Information of the non-publishing Party, such publishing Party cannot make, publish or disclose such paper or presentation without the non-publishing Party’s prior written approval, not to be unreasonably withheld, delayed or conditioned, in accordance with Section 10.13.4.  Notwithstanding anything to the contrary in this Section 10.13.3, [***].
1.1.4Review and Approval Procedure.  With respect to any paper or presentation proposed by a Party for publication during the applicable Exclusivity Period that includes Confidential Information of the other Party, or proposed by a Party for publication following the applicable Exclusivity Period that includes such other Confidential Information of the other Party described in Section 10.13.3, the non-publishing Party shall have the right to review and approve any such proposed paper or presentation.  The publishing Party shall submit to the other Party the proposed publication or presentation (including, without limitation, posters, slides, abstracts, manuscripts, marketing materials and written descriptions of oral presentations) at least [***] days ([***] days for abstracts) prior to the date of submission for publication or the date of presentation, whichever is earlier, of any such submitted materials.  The non-publishing Party shall review such submitted materials and respond to the publishing Party as soon as reasonably possible, but in any case within [***] days ([***] days for abstracts) of receipt thereof.  At the request of the non-publishing Party, the publishing Party shall (a) delete from such proposed publication or presentation any Confidential Information (or if after the Exclusivity Period, any such other Confidential Information described in Section 10.13.3) of the non-publishing Party; and (b) delay the date of such submission for publication or the date of such presentation for a period of time sufficiently long (but in no event longer than [***] days) to permit the non-publishing Party to seek appropriate intellectual property protection; provided that, notwithstanding subsection (a), [***].  Once a publication has been approved by the non-publishing Party, the publishing Party may make subsequent public disclosure of the contents of such publication without the further approval of the non-publishing Party; provided that such information remains accurate as of such time.  
1.14No Right to Use Names.  Except as expressly provided herein, no right, express or implied, is granted by the Agreement to use in any manner the name of “Recursion,” “Genentech” or “Roche”, as applicable, or any other trade name, symbol, logo or Trademark of the other Party or its Affiliates in connection with the performance of this Agreement, except to the extent required by Applicable Law.  Notwithstanding the foregoing, [***].
ARTICLE 11
Representations, Warranties and Covenants
1.1Mutual Representations and Warranties.  Each Party represents and warrants to the other Party that as of the Effective Date:
1.1.1it is validly organized under the laws of its jurisdiction of incorporation;
1.1.2it has obtained all necessary consents, approvals and authorizations of all governmental authorities and other persons or entities required to be obtained by it in connection with this Agreement;
80

1.1.3the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on its part;
1.1.4it has the legal right and power to enter into this Agreement and to fully perform its obligations hereunder;
1.1.5the performance of its obligations will not conflict with such Party’s charter documents or any agreement, contract or other arrangement to which such Party is a party; and
1.1.6it follows reasonable commercial practices common in the industry to protect its proprietary and confidential information, including requiring its employees, consultants and agents to be bound in writing by obligations of confidentiality and non-disclosure, and requiring its employees, consultants and agents to assign to it any and all inventions, discoveries, creations and works discovered or created by such employees, consultants or agents made within the scope of and during their employment or in the course of providing services for such Party, subject only to the intellectual property policies of universities or academic institutions to the contrary to which any academic consultants of Recursion are bound, and only disclosing proprietary and confidential information to Third Parties pursuant to written confidentiality and non-disclosure agreements.
1.2Recursion Additional Representations, Warranties and Covenants.  Recursion also represents, warrants and covenants to Roche that:
1.1.1as of the Effective Date, it has the legal right and power to grant the licenses, rights, and interests granted to Roche hereunder;
1.1.2it has not granted and will not grant during the Term, any right, license or interest in or to the Recursion Licensed IP or Program IP, or any portion thereof, that conflicts with the rights granted to Roche herein;
1.1.3as of the Effective Date, (a) it owns the entire right, title and interest in the Recursion Platform and [***];
1.1.4as of the Effective Date, the Existing Recursion Licensed IP [***] the licenses granted to Roche hereunder, except for the fees payable pursuant to those agreements set forth on Exhibit E, as may be amended from time to time (collectively, “Existing Third Party In-License Agreements”);
1.1.5as of the Effective Date, Recursion has not entered into any agreements with any Third Party, other than the Existing Third Party In-License Agreements, under which Know-How or Patent rights with respect to the Recursion Platform are licensed (or an option to such license is granted) to Recursion or any Third Party;
1.1.6as of the Effective Date, to the actual knowledge of Recursion, no activities of any Third Parties are infringing or threatening to infringe or misappropriating or threatening to misappropriate any Recursion Licensed IP (including any pending patent applications and registrations therein as if such applications or registrations were to issue or become registered);
1.1.7as of the Effective Date, Recursion has no actual knowledge of any threatened or pending actions, lawsuits, claims or arbitration proceedings that [***] as contemplated under this Agreement;
81

1.1.8Recursion shall maintain all agreements with Third Parties to which it is a party as of the Effective Date [***], as applicable, and not amend, waive or otherwise modify such agreements in a [***] hereunder without Roche’s prior written consent; 
1.1.9Recursion shall use the same degree of diligence to protect the confidentiality of the Know-How within the Recursion Licensed IP as it uses to protect its other proprietary information of similar importance, but in all cases at least a reasonable degree of care;
1.1.10as of the Effective Date, Recursion is actively conducting, and intends to continue actively conducting, research, development or commercialization programs for each of the Existing Recursion Products and Recursion will promptly provide Roche written notice in the event Recursion decides to permanently cease actively conducting any such program (or divests such program);
1.1.11as of the Effective Date, to the knowledge of Recursion, the Recursion Platform does not contain or incorporate [***]. The foregoing warranty is not applicable in relation to open source components licensed under the GNU General Public License v3.0 that are merely used as an independent program; and
1.1.12as of the Effective Date, neither Recursion nor any of its Affiliates has been debarred or is subject to debarment and neither Recursion nor any of its Affiliates will knowingly use in any capacity, in connection with the services to be performed under this Agreement, any individual or entity that has been debarred pursuant to Section 306 of the FFDCA, or who is the subject of a conviction described in such section.  Recursion agrees to inform Roche in writing immediately if it is, or becomes aware that any individual or entity that is performing activities by or on behalf of Recursion hereunder is, debarred or is the subject of a conviction described in Section 306, or if, to the knowledge of Recursion and its Affiliates, any action, suit, claim, investigation or legal or administrative proceeding is pending or is threatened, relating to the debarment or conviction of Recursion or any individual or entity that is performing activities by or on behalf of Recursion hereunder.
1.3Roche Additional Representations, Warranties and Covenants.  Roche also represents, warrants and covenants to Recursion that as of the Effective Date:
1.1.1Roche has the legal right and power to grant the licenses, rights, and interests granted to Recursion hereunder; 
1.1.2Roche has no actual knowledge of any threatened or pending actions, lawsuits, claims or arbitration proceedings that [***] as contemplated under this Agreement; provided, however, that nothing in this Section 11.3 shall be interpreted as requiring Roche to have obtained any freedom to operate opinion;
1.1.3Roche owns all entire right, title and interest in the Roche IP and Materials (including Roche Proprietary Genetic Variant Data and Materials and Roche Small Molecules) provided by Roche, or otherwise has the rights therein sufficient to permit Recursion to use such Roche IP and Materials as contemplated under this Agreement.
1.4Disclaimers.  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, (A) EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS OR WARRANTIES OF ANY KIND WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, EITHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A 
82

PARTICULAR PURPOSE; AND (B) MATERIALS PROVIDED UNDER SECTION 3.11 ARE PROVIDED “AS IS”.
ARTICLE 12
Indemnification
1.1Indemnification by Recursion.  Subject to Section 12.3, Recursion shall indemnify, defend and hold each of Roche, its Affiliates and their respective directors, officers, and employees, and the successors and assigns of any of the foregoing, harmless from and against any and all liabilities, damages, settlements, penalties, fines, costs or expenses (including, without limitation, reasonable attorneys’ fees and other expenses of litigation) (collectively, “Loss” or “Losses”) as a result of any Third Party claims, suits, actions, demands or judgments (“Third Party Claims”) arising out of (a) breach by Recursion of this Agreement, (b) the gross negligence or willful misconduct on the part of Recursion or its Affiliates or their respective directors, officers, employees, and agents in performing its or their obligations under this Agreement or (c) the research, development, manufacture or commercialization of therapeutic products from an Independent Program or Recursion Products, by or on behalf of Recursion hereunder, except, in each case, to the extent such Losses are caused by the acts set forth in Sections 12.2(a)-(c) below.
1.2Indemnification by Roche.  Subject to Section 12.3, Roche shall indemnify, defend and hold each of Recursion, its Affiliates and their respective directors, officers, and employees, and the successors and assigns of any of the foregoing, harmless from and against any and all Losses as a result of any Third Party Claims arising out of (a) breach by Roche of this Agreement, (b) the gross negligence or willful misconduct on the part of Roche or its Affiliates or their respective directors, officers, employees, and agents in performing its or their obligations under this Agreement or (c) the research, development, manufacture or commercialization of Collaboration Products by or on behalf of Roche hereunder, except, in each case, to the extent such Losses are caused by the acts set forth in Sections 12.1(a)-(c) above.
1.3Procedure.  If a Party intends to claim indemnification under this Agreement (the “Indemnitee”), it shall promptly notify the other Party (the “Indemnitor”) in writing of such alleged Loss.  The failure to deliver written notice to the Indemnitor within a reasonable time after the commencement of any such action, to the extent prejudicial to its ability to defend such action, shall relieve the Indemnitor of any obligation to the Indemnitee under this Section 12.3 with regard to such action, but the omission to deliver notice to the Indemnitor shall not otherwise relieve the Indemnitor of any liability that it may have to any Indemnitee otherwise under this ARTICLE 12.  Only Roche and Recursion may claim indemnity under this Agreement (on its own behalf or on behalf of its Indemnitees), and other Indemnitees may not directly claim indemnity hereunder.  The Indemnitor shall have the right to control the defense thereof with counsel of its choice and reasonably acceptable to Indemnitee.  Any Indemnitee shall have the right to retain its own counsel at its own expense for any reason, provided, however, that if the Indemnitee shall have reasonably concluded, based upon reasonable advice from outside legal counsel, that there is a conflict of interest between the Indemnitor and the Indemnitee in the defense of such action, the Indemnitor shall pay the fees and expenses of one law firm serving as counsel for the Indemnitee as part of Losses.  The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnitor and its legal representatives in the investigation of any Third Party Claims covered by this Agreement.  The obligations of this ARTICLE 12 shall not apply to amounts paid in settlement of any claim, demand, action or other proceeding if such settlement is effected without the consent of the Indemnitor, which consent shall not be unreasonably withheld, conditioned, or delayed.  The Indemnitor shall not, without the written consent of the Indemnitee, effect any settlement of any Third Party Claims, unless such settlement is solely for monetary damages and includes an unconditional release of the Indemnitee from all liability on claims that are the subject matter of such proceeding.
83

1.4Insurance.  During the Term and for [***] years thereafter, each Party shall maintain commercial general liability insurance (i) combined single limit for bodily injury and property damage liability, in the minimum amount per occurrence of [***] per occurrence and [***] in the aggregate, (ii) workers’ compensation insurance, according to Applicable Law and (iii) employers’ liability insurance, in the minimum amount of [***], all commencing as of the Effective Date; provided, however, Roche has the right, in its sole discretion, to self-insure, in part or in whole, for any such coverage.  The insurance policies for such coverage shall be an occurrence form, but if only a claims made form is available to a Party, such Party shall maintain such coverage for at least [***] years after the later of (a) termination or expiration of this Agreement or (b) such Party has no further obligations under this Agreement.  Insurance coverage shall be maintained with an insurance company or companies having an A.M.  Best’s rating (or its equivalent) of A-VII or better.  On written request, Recursion shall provide to Roche certificates of insurance evidencing the insurance coverage required under this Section 12.4.  Each Party agrees to waive its right of subrogation with respect to workers’ compensation claims.  The limits of a Party’s insurance or self-insurance coverage shall not limit the Party’s liability, including under the indemnification provisions of this Agreement.
1.5Limitation of Damages.  IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE TO THE OTHER PARTY FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE, TREBLE OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), WHETHER BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY, EXCEPT IN RESPECT OF [***].
ARTICLE 13
Term; Termination
1.1Agreement Term.  This Agreement shall commence on the Effective Date and, unless earlier terminated in accordance herewith, shall continue in force and effect through the Exclusivity Period and until the date of expiration of the last payment obligation hereunder for the last Collaboration Product or Recursion Product (such period, the “Term”), at which time this Agreement shall expire.
1.2Termination by Either Party for Material Breach.  Either Party may terminate this Agreement in its entirety, or with respect to a particular Exclusive Field, Product License, Target License or Recursion Product License that is the subject of such material breach, by written notice to the other Party for any material breach of this Agreement by the other Party if such material breach is not cured within [***] days after the breaching Party receives written notice of such breach from the non-breaching Party; [***].  Notwithstanding anything to the contrary herein, [***].  For the avoidance of doubt, where the uncured material breach is solely related to a particular Exclusive Field, Product License, Target License or Recursion Product License, as applicable, any termination right shall be limited to that Exclusive Field, Product License, Target License or Recursion Product License, as applicable and not to the Agreement in its entirety.  In the event of an uncured material breach by Recursion that is solely related to a Stage 3 Small Molecule Program for which Roche has not exercised its Roche Lead Series Option or Roche Development Candidate Option (but for which the last-to-expire option period has not expired), [***].  
1.3Termination by Either Party for Insolvency or Bankruptcy.  Either Party may terminate this Agreement effective on written notice to the other Party upon the liquidation, dissolution, winding-up, bankruptcy, or filing of any petition therefor, appointment of a receiver, custodian or trustee, or any other similar proceeding, by or of the other Party where such petition, appointment or similar proceeding is not dismissed or vacated within [***] days.  All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United States Code or any foreign equivalents thereof (as used in this Section 13.3, “Title 11”), 
84

licenses of rights to “intellectual property” as defined in Title 11.  Each Party in its capacity as a licensor hereunder agrees that, in the event of the commencement of bankruptcy proceedings by or against such bankrupt Party under Title 11, (a) the other Party, in its capacity as a licensee of rights under this Agreement, shall retain and may fully exercise all of such licensed rights under this Agreement (including as provided in this Section 13.3) and all of its rights and elections under Title 11 and (b) the other Party shall be entitled to a complete duplicate of all embodiments of such intellectual property, and such embodiments, if not already in its possession, shall be promptly delivered to the other Party (i) upon any such commencement of a bankruptcy proceeding, unless the bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (ii) if not delivered under (i), immediately upon the rejection of this Agreement by or on behalf of the bankrupt Party.
1.4Elective Termination.  
1.1.1Roche shall have the right to terminate this Agreement in its entirety or with respect to a particular Exclusive Field(s), Product License or Target License at any time, in each case at its sole discretion by providing written notice to Recursion; such termination to be effective [***] days after such notice.
1.1.2Recursion shall have the right to terminate this Agreement with respect to a particular Recursion Product License at any time, in each case at its sole discretion by providing written notice to Roche; such termination to be effective [***] days after such notice.
1.5Effects of Termination.
1.1.1Accrued Rights and Obligations.  Expiration or termination of this Agreement for any reason shall not release either Party from any liability which, as of the effective date of such expiration or termination, had already accrued to the other Party or which is attributable to a period prior to such expiration or termination, nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity which accrued or are based upon any event occurring prior to the effective date of such expiration or termination.
1.1.2Exclusivity Periods.  Upon any termination of this Agreement in its entirety, [***].
1.1.3Additional Consequences if Termination within [***] Years.  Following any termination of this Agreement, in its entirety or with respect to an Exclusive Field, that is effective prior to the [***] anniversary of the Effective Date, [***].  
1.1.4Effects of Termination for Roche’s Uncured Material Breach or Roche’s Elective Termination.  In the event of a termination by Recursion pursuant to Section 13.2 or by Roche pursuant to Section 13.4.1, the following shall apply upon the effective date of such termination:
(a)[***].
(b)[***].
(c)[***].
85

1.1.5Effects of Termination for Recursion’s Uncured Material Breach or Recursion’s Elective Termination.  In the event of a termination by Roche pursuant to Section 13.2 or by Recursion pursuant to Section 13.4.2, the following shall apply upon the effective date of such termination:
(a)[***].
(b)[***].
(c)[***].
1.1.6Effects of Termination for Insolvency or Bankruptcy.  In the event of termination by either Party pursuant to Section 13.3, [***].
1.1.7[***].  
(a)In certain cases of termination specifically set forth in this ARTICLE 13, within [***] days following the effective date of such termination, [***].
(b)In certain cases of termination specifically set forth in this ARTICLE 13, within [***] days following the effective date of such termination, [***].
1.1.8Collaboration Wind-Down.
(a)[***] Wind-Down.  In the event of a termination of this Agreement in its entirety or with respect to an Exclusive Field, [***].
(b)[***] Wind-Down.  Upon expiration of the Neuroscience Exclusivity Period or any termination of the Agreement in its entirety or with respect to the Neuro Field, [***].
1.1.9[***].  
1.1.10Survival.  [***]
ARTICLE 14
Dispute Resolution
1.1Disputes.  Recursion and Roche recognize that a dispute, controversy or claim of any nature whatsoever arising out of or relating to this Agreement, or the breach, termination or invalidity thereof (each, a “Dispute”), may from time to time arise during the Term between the Parties.  Unless otherwise specifically recited in this Agreement [***], such Disputes between Recursion and Roche will be resolved as recited in this ARTICLE 14.  A Dispute shall first be referred to the Alliance Managers for both Parties for attempted resolution.  If the Alliance Managers are unable to resolve the Dispute within [***] days following the date of such referral (as evidenced in a writing identifying the subject matter of the Dispute and referencing this Section 14.1), either Recursion or Roche may, by written notice to the other, have such Dispute referred to the Head of Global Pharma Partnering and the Chief Corporate Development Officer of Recursion (or their designees who have been duly authorized to resolve such Dispute) for attempted resolution through good faith discussions.  In the event the designated officers, or their respective designees, are not able to resolve such dispute within [***] days of such other Party’s receipt of such written notice, either Party may initiate the dispute resolution procedures set forth in Section 14.2.
86

1.2Arbitration.
1.1.1Rules.  Except as otherwise expressly provided in this Agreement (including under Section 14.3), the Parties agree that any Dispute subject to the resolution process set forth in Section 14.1 but not resolved internally by the Parties in accordance therewith shall be resolved through binding arbitration conducted by JAMS in accordance with the then prevailing Commercial Arbitration Rules & Procedures of JAMS (for purposes of this ARTICLE 14, the “Rules”), except as modified nin this Agreement, applying the substantive law specified in Sections 14.3 and 15.1.
1.1.2Arbitrators; Location.  Each Party shall select one (1) arbitrator, and the two (2) arbitrators so selected shall choose a third arbitrator within [***] days of their election.  All three (3) arbitrators shall serve as neutrals and have at least [***] years of (a) dispute resolution experience (including judicial experience) or (b) legal or business experience in the biotech or pharmaceutical industry.  In any event, at least one (1) arbitrator shall satisfy the foregoing experience requirement under clause (b).  If a Party fails to nominate its arbitrator, or if the Parties’ arbitrators cannot agree on the third, the necessary appointments shall be made in accordance with the Rules.  Once appointed by a Party, such Party shall have no ex parte communication with its appointed arbitrator.  The arbitration proceedings shall be conducted in San Francisco, CA.
1.1.3Procedures; Awards.  Unless agreed otherwise by the Parties, the Parties shall have [***] days from the appointment of the last to be appointed of the three (3) arbitrators to submit their positions to the arbitrators, and the Parties shall have a hearing before the arbitrators within [***] Business Days of such submission.  The arbitrators shall be instructed and required to render a written, binding, non-appealable resolution and award on each issue that clearly states the basis upon which such resolution and award is made.  The written resolution and award shall be delivered to the Parties as expeditiously as possible, but in no event more than [***] days after conclusion of the hearing, unless otherwise agreed by the Parties.  Judgment upon such award may be entered in any competent court or application may be made to any competent court for judicial acceptance of such an award and order for enforcement.  Each Party agrees that, notwithstanding any provision of Applicable Law or of this Agreement, it will not request, and the arbitrators shall have no authority to award, damages against any Party that are prohibited under Section 12.5.
1.1.4Costs.  [***].
1.1.5Interim Equitable Relief.  Notwithstanding anything to the contrary in Section 14.1 or this Section 14.2, in the event that a Party reasonably requires relief on a more expedited basis than would be possible pursuant to the procedure set forth in this ARTICLE 14, such Party may seek a temporary injunction or other interim equitable relief in a court of competent jurisdiction with respect to the Dispute pending the arbitrators’ final resolution of such Dispute under this Section 14.2.  Such court shall have no jurisdiction or ability to resolve Disputes beyond the specific issue of temporary injunction or other interim equitable relief.
1.1.6Protective Orders; Arbitrability.  The Parties shall maintain the confidentiality of the arbitration proceedings under this Section 14.2.6, including the hearing, except as may be required by law or judicial decision, and all such arbitration proceedings and decisions of the arbitrators shall be deemed Confidential Information of both Parties under ARTICLE 10.  At the request of either Party, the arbitrators shall enter an appropriate protective order to maintain the confidentiality of information produced or 
87

exchanged in the course of the arbitration proceedings.  The arbitrators shall have the power to decide all questions of arbitrability.
1.3Subject Matter Exclusions.  Notwithstanding the provisions of Section 14.2, any Dispute not resolved internally by the Parties pursuant to Section 14.1 that involves the validity or infringement of a Patent or Copyright (a) that is issued in the United States shall be subject to actions before the United States Patent and Trademark Office or Copyright Office or submitted exclusively to the federal court located in the jurisdiction of the district where any of the defendants resides; and (b) that is issued in any other country shall be brought before an appropriate regulatory or administrative body or court in that country, and the Parties hereby consent to the jurisdiction and venue of such courts and bodies.
1.4Continued Performance.  Provided that this Agreement has not terminated or expired and subject to Section 14.2.5, the Parties agree to continue performing under this Agreement in accordance with its provisions, pending the final resolution of any Dispute.
ARTICLE 15
Miscellaneous
1.1Choice of Law.  This Agreement (including the arbitration provisions of Section 14.2) shall be governed by and interpreted in accordance with the laws of the State of Delaware, without reference to the principles of conflicts of laws.  The United Nations Convention on Contracts for the International Sale of Goods shall not apply to the transactions contemplated by this Agreement.
1.2Notices.  Except as otherwise expressly provided in the Agreement, any notice required under this Agreement shall be in writing and shall specifically refer to this Agreement.  Notices shall be sent via one of the following means and shall be effective (a) on the date of delivery, if delivered in person; (b) [***] days after the date mailed if mailed by first class certified mail return receipt requested, postage prepaid to a destination within the same jurisdiction; (c) [***] days after the date mailed if mailed by registered or certified mail return receipt requested, postage prepaid to a destination outside the jurisdiction of the Party sending the notice; or (d) on the date of receipt, if sent by private express courier.  Notices shall be sent to the other Party at the addresses set forth below.  Either Party may change its addresses for purposes of this Section 15.2 by sending written notice to the other Party.  Notwithstanding the foregoing, notices required to be provided to a Party’s Alliance Manager may be provided solely by email to such Alliance Manager’s email address.
If to Roche:    Genentech, Inc.  
[***]
1 DNA Way
South San Francisco, CA 94080 
And
F. Hoffmann-La Roche Ltd
Grenzacherstrasse 124
4070 Basel
Switzerland
    [***]
with a required copy (which shall not constitute notice) to:
88

Genentech, Inc.
[***]
1 DNA Way
South San Francisco, CA 94080
Email address: to be provided by Alliance Manager

If to Recursion:    Recursion Pharmaceuticals, Inc.
    41 S Rio Grande Street
    Salt Lake City, UT 84101
    Attn: Legal Department
    Email: to be provided by Alliance Manager

with a required copy (which shall not constitute notice) to:
Wilson Sonsini Goodrich & Rosati
28 State Street, 37th Floor
Boston, MA 02019
[***]
 
1.3Assignment.  Neither Party may assign or otherwise transfer, in whole or in part, this Agreement without the prior written consent of the non-assigning Party, such approval not to be unreasonably withheld or delayed.  Notwithstanding the foregoing, either Party may assign this Agreement to (i) [***] or (ii) [***].  A copy of such written agreement by such assignee shall be provided to the non-assigning Party within [***] days of execution of such assignment.  Subject to the foregoing, this Agreement will benefit and bind the Parties’ successors and assigns.  Any attempted assignment not in accordance with this Section 15.3 shall be null and void.
1.4Independent Contractors.  The Parties are independent contractors and nothing contained in this Agreement shall be deemed or construed to create a partnership, joint venture, employment, franchise, agency or fiduciary relationship between the Parties.
1.5Actions of Affiliates.  Each Party may exercise its rights or perform its obligations under this Agreement personally or through one or more Affiliates, provided that such Party shall nonetheless be primarily liable for the performance of its Affiliates and for any failure by its Affiliates to comply with the restrictions, limitations and obligations set forth in this Agreement.
1.6Force Majeure.  Neither Party shall be deemed to have breached this Agreement for failure to perform its obligations under this Agreement to the extent such failure results from causes beyond the reasonable control of the affected Party, such causes including acts of God, earthquakes, fires, floods, embargoes, wars, acts of terrorism, insurrections, riots, civil commotions, epidemics, [***], omissions or delays in action by any governmental authority, acts of a government or agency thereof and judicial orders or decrees, and any deadline or time period affected by such a force majeure event or a Party’s failure to perform resulting therefrom shall be extended automatically by the number of days equal to the number of days that such force majeure or failure persisted.  If such a force majeure event occurs, the Party unable to perform shall promptly notify the other Party of the occurrence of such event, and the Parties shall meet (in person or telephonically) promptly thereafter to discuss the circumstances relating thereto.  The Party unable to perform shall [***].
1.7Integration.  Except to the extent expressly provided herein, this Agreement, including the Exhibits hereto, constitutes the entire agreement between the Parties relating to the subject matter of this Agreement and supersedes all previous oral and written communications between the Parties with respect to the subject matter of this Agreement, including the NDA as set forth in 
89

Section 10.6.  In the event of any conflict or inconsistency between the body of this Agreement and an Exhibit, the terms and conditions of the body of this Agreement shall prevail.
1.8Amendment; Waiver.  Except as otherwise expressly provided herein, no alteration of or modification to this Agreement shall be effective unless made in writing and executed by an authorized representative of both Parties.  No course of dealing or failing of either Party to strictly enforce any term, right or condition of this Agreement in any instance shall be construed as a general waiver or relinquishment of such term, right or condition.  The observance of any provision of this Agreement may be waived (either generally or any given instance and either retroactively or prospectively) only with the written consent of the Party granting such waiver.
1.9Severability.  The Parties do not intend to violate any public policy or statutory or common law.  However, if any sentence, paragraph, clause or combination or part thereof of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause or combination or part of the same shall be deleted and the remainder of this Agreement shall remain binding, provided that such deletion does not alter the basic purpose and structure of this Agreement.
1.10No Third Party Rights.  The Parties do not intend that any term of this Agreement should be enforceable by any person who is not a Party.
1.11Construction.  The Parties mutually acknowledge that they and their attorneys have participated in the negotiation and preparation of this Agreement.  Ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have drafted this Agreement or authorized the ambiguous provision.
1.12Interpretation.  The captions and headings to this Agreement are for convenience only and are to be of no force or effect in construing or interpreting any of the provisions of this Agreement.  Unless context otherwise clearly requires, whenever used in this Agreement: (a) the words “include” or “including” shall be construed as incorporating “but not limited to” or “without limitation”; (b) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement, including the Exhibits; (c) all references herein to Sections or Exhibits shall be construed to refer to Sections or Exhibits of this Agreement; (d) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein); (e) the word “notice” means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement; (f) provisions that require that a Party, the Parties or any committee hereunder “agree”, “consent” or “approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise (but excluding instant messaging); (g) references to any specific law, rule or regulation, section or other division thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof; (h) all references to the word “will” are interchangeable with the word “shall” and shall be understood to be imperative or mandatory in nature; (i) all references to “Sublicensees” shall include all Sublicensees of Sublicensees through multiple tiers of sublicensing; (j) the singular shall include the plural and vice versa; (k) the word “or” has the inclusive meaning represented by the phrase “and/or”, unless the context otherwise requires; (l) all references to days, months, quarters or years are references to calendar days, calendar months, Calendar Quarters, or Calendar Years; and (m) neither Party or its Affiliates shall be deemed to be acting “on behalf of” the other Party.
90

1.13Compliance with Laws.  In fulfilling its obligations under this Agreement each Party agrees to comply with all Applicable Law.
1.14Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.  For purposes hereof, a facsimile copy, or email with attached .pdf copy, of this Agreement, including the signature pages hereto, will be deemed to be an original.  Notwithstanding the foregoing, the Parties shall deliver original execution copies of this Agreement to one another as soon as practicable following execution thereof.
[Signature page follows – the rest of this page intentionally left blank.]
91

IN WITNESS WHEREOF, Recursion and Roche have executed this Agreement by their respective officers hereunto duly authorized, effective as of the Effective Date.

						
	RECURSION PHARMACEUTICALS, INC.	
	

By: /s/ Christopher Gibson            

Name:     Christopher Gibson            

Title: Co-Founder and CEO            
	

			
	GENENTECH, INC. 

	

By: /s/ Authorized Signatory            

Name:     [***]                    

Title:                         

						
	F. HOFFMANN-LA ROCHE LTD	
	

By: /s/ Authorized Signatory            

Name:     [***]                    

Title:                         
	

By: /s/ Authorized Signatory            

Name:     [***]                    

Title:                         

[Signature Page to Collaboration and License Agreement]

Exhibit A
Authorized Subcontractors
																		
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]

* [***]

Exhibit B
Initial Criteria

[***]

Exhibit C
Initial Research Plan for Initial Neuroscience Phenomaps and [***] Phenomaps

[***]

Exhibit D
Press Release
[***]

Exhibit E
Existing Third-Party In-License Agreements

												
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]