Document:

EX-10.27

   

  Exhibit 10.27

   

  Beam Therapeutics Inc.

  AMENDED AND RESTATED 2019 Employee Stock Purchase Plan

   

  1.Defined Terms

  Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

  2.Purpose of Plan

  The Plan is intended to enable Eligible Employees to use payroll deductions to purchase shares of Stock in offerings under the Plan, and thereby acquire an interest in the Company.  The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 and to be exempt from the application and requirements of Section 409A of the Code, and is to be construed accordingly.

  3.Options to Purchase Stock

  Subject to adjustment pursuant to Section 16 of the Plan, the maximum aggregate number of shares of Stock available for purchase pursuant to the exercise of Options granted under the Plan will be 465,000 shares (the “Initial Share Pool”).  The Initial Share Pool will automatically increase on January 1st of each year from 2020 to 2029 by the lesser of (i) one percent of the number of shares of Stock outstanding as of the close of business on the immediately preceding December 31st and (ii) the number of shares of Stock determined by the Board on or prior to such date for such year up to a maximum of 5,083,204 shares in the aggregate (the Initial Share Pool, as it may be so increased, the “Share Pool”).  The shares of Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock, treasury Stock, or previously issued Stock acquired by the Company.  If any Option granted under the Plan expires or terminates for any reason without having been exercised in full or ceases for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such Option will not reduce the Share Pool and will again be available for purchase under the Plan.  If, on an Exercise Date, the total number of shares of Stock that would otherwise be subject to Options granted under the Plan exceeds the number of shares then available in the Share Pool, the Administrator shall make a pro rata allocation of the shares remaining available for purchase under the Plan in as uniform a manner as is practicable and as it determines to be equitable.  In such event, the Administrator shall notify each Participant of such reduction and of the effect on the Participant’s Options and may reduce the rate of a Participant’s payroll deductions, if necessary. 

  4.Eligibility

   

  77340685_7

  

   

  (a)Eligibility Requirements.  Subject to Section 13 of the Plan, and the exceptions and limitations set forth in Section 4(b), Section 4(c), and Section 6 of the Plan, or as may be provided elsewhere in the Plan, each Employee (i) who has been continuously employed by the Company or a Designated Subsidiary, as applicable, for a period of at least ninety (90) calendar days as of the first day of an Option Period, (ii) whose customary Employment with the Company or a Designated Subsidiary, as applicable, is for more than five (5) months per calendar year, (iii) who customarily works twenty (20) hours or more per week, and (iv) who satisfies the requirements set forth in the Plan will be an Eligible Employee.    

  (b)Five Percent Shareholders.  No Employee may be granted an Option under the Plan if, immediately after the Option is granted, the Employee would own (or pursuant to Section 424(d) of the Code would be deemed to own) stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of its Parent or Subsidiaries, if any. 

  (c)Additional Requirements.  The Administrator may, for Option Periods that have not yet commenced, establish additional or other eligibility requirements, or amend the eligibility requirements set forth in subsection (a) above, in each case, consistent with the requirements of Section 423.

  5.Option Periods 

  The Plan will generally be implemented by a series of separate offerings referred to as “Option Periods”.  Unless otherwise determined by the Administrator, the Option Periods will be successive periods of approximately six (6) months commencing on the first Business Day in January and July of each year, anticipated to be on or around January 1 and July 1, and ending approximately six months later on the last Business Day in June or December, as applicable, of each year, anticipated to be on or around June 30 and January 31.  The last Business Day of each Option Period will be an “Exercise Date”.  The Administrator may change the Exercise Date, the commencement date, the ending date and the duration of each Option Period, in each case, to the extent permitted by Section 423; provided, however, that no Option may be exercised after 27 months from its grant date.

  6.Option Grant

  Subject to the limitations set forth in Sections 4 and 10 of the Plan and the Maximum Share Limit, on the first day of an Option Period, each Participant automatically will be granted an Option to purchase shares of Stock on the Exercise Date; provided, however, that no Participant will be granted an Option under the Plan that permits the Participant’s right to purchase shares of Stock under the Plan and under all other employee stock purchase plans of the Company and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds $25,000 in Fair Market Value (or such other maximum as may be prescribed from time to time by the Code) for each calendar year during which any Option granted to such Participant is outstanding at any time, as determined in accordance with Section 423(b)(8) of the Code.  

  7.Method of Participation 

  	-2-

  77340685_7

  

   

  (a)Payroll Deduction and Participation Authorization.  To participate in an Option Period, an Eligible Employee must execute and deliver to the Administrator a payroll deduction and participation authorization form in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator and, in so doing, the Eligible Employee will thereby become a Participant as of the first day of such Option Period.  Such an Eligible Employee will remain a Participant with respect to subsequent Option Periods until his or her participation in the Plan is terminated as provided herein.  Such payroll deduction and participation authorization must be delivered not later than fourteen (14) calendar days prior to the first day of an Option Period, or such other time as specified by the Administrator.  

  (b)Changes to Payroll Deduction Authorization for Subsequent Option Periods.  A Participant’s payroll deduction authorization will remain in effect for subsequent Option Periods unless the Participant files a new authorization not later than fourteen (14) calendar days prior to the first day of the subsequent Option Period (or such other time as specified by the Administrator) or the Participant’s Option is cancelled pursuant to Section 13 or Section 14 of the Plan.  

  (c)Changes to Payroll Deduction Authorization for Current Option Period.  During an Option Period, a Participant’s payroll deduction authorization (i) may not be increased, but (ii) may be decreased on the terms and subject to the conditions established by the Administrator.  A Participant may terminate his or her payroll deduction authorization at any time during an Option Period by canceling his or her Option in accordance with Section 13 of the Plan.  

  (d)Payroll Deduction Percentage.  Each payroll deduction authorization will authorize payroll deductions as a whole percentage from 1% up to 20% of the employee’s Eligible Compensation per payroll period, with the high end of the permitted payroll deduction percentage subject to reduction by the Administrator on or prior to the beginning of an Option Period. 

  (e)Payroll Deduction Account.  All payroll deductions made pursuant to this Section 7 will be credited to the Participant’s Account.  Amounts credited to a Participant’s Account will not be required to be set aside in trust or otherwise segregated from the Company’s general assets.

  8.Method of Payment

  A Participant must pay for shares of Stock purchased under the Plan with accumulated payroll deductions credited to the Participant’s Account.   

  9.Purchase Price

  The Purchase Price of shares of Stock issued pursuant to the exercise of an Option on each Exercise Date will be eighty-five percent (85%) (or such greater percentage specified by the Administrator to the extent permitted under Section 423) of the lesser of (a) the Fair Market Value of a share of Stock on the date on which the Option was granted pursuant to Section 6 of the Plan (i.e., the first day of the Option Period) and (b) the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised pursuant to Section 10 of the Plan (i.e., the Exercise Date).    

  	-3-

  77340685_7

  

   

  10.Exercise of Options

  (a)Purchase of Shares.  Subject to the limitations set forth in Section 6 of the Plan and this Section 10, with respect to each Option Period, on the applicable Exercise Date, each Participant will be deemed to have exercised his or her Option and the accumulated payroll deductions in the Participant’s Account will be applied to purchase the greatest number of shares of Stock (rounded down to the nearest whole share) that can be purchased with such Account balance at the applicable Purchase Price; provided, however, that no more than 5,000 shares of Stock may be purchased by a Participant on any Exercise Date, or such lesser number as the Administrator may prescribe in accordance with Section 423 (the “Maximum Share Limit”).  As soon as practicable thereafter, shares of Stock so purchased will be placed, in book-entry form, into a record keeping account in the name of the Participant.  No fractional shares will be purchased pursuant to the exercise of an Option under the Plan; any accumulated payroll deductions in a Participant’s Account that are not sufficient to purchase a whole share will be retained in the Participant’s Account for the subsequent Option Period, subject to earlier withdrawal by the Participant as provided in Section 13 hereof.

  (b)Return of Account Balance.  Except as provided in Section 10(a) above with respect to fractional shares, any accumulated amount of payroll deductions in a Participant’s Account for an Option Period that are not used for the purchase of shares of Stock, whether because of the Participant’s withdrawal from participation in an Option Period or for any other reason, will be returned to the Participant (or his or her designated beneficiary or legal representative, as applicable), without interest, as soon as administratively practicable after such withdrawal or other event, as applicable.  If the Participant’s accumulated payroll deductions on the Exercise Date of an Option Period would otherwise enable the Participant to purchase shares of Stock in excess of the Maximum Share Limit or the maximum Fair Market Value set forth in Section 6 of the Plan, the excess of the amount of the accumulated payroll deductions over the aggregate Purchase Price of the shares of Stock actually purchased will be returned to the Participant, without interest, as soon as administratively practicable after such Exercise Date.

  11.Interest

  No interest will accrue or be payable on any amount held in the Account of any Participant. 

  12.Taxes

  Payroll deductions will be made on an after-tax basis.  The Administrator will have the right to make such provision as it deems necessary for, and may condition the exercise of an Option on, the satisfaction of its obligations to withhold federal, state, local income or other taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan.  In the Administrator’s discretion and subject to applicable law, such tax obligations may be satisfied in whole or in part by delivery of shares of Stock to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value, but not in excess of the maximum withholding amount consistent with the award being subject to equity accounting treatment under the Accounting Rules.  

  	-4-

  77340685_7

  

   

  13.Cancellation and Withdrawal

  (a)Cancellation of Payroll Deduction Authorization and Withdrawal from Plan.  A Participant who has been granted an Option under the Plan may cancel all (but not less than all) of such Option and terminate his or her participation in the Plan by notice to the Administrator in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator.  To be effective with respect to an upcoming Exercise Date, such cancellation notice must be delivered not later than fourteen (14) calendar days prior to such Exercise Date (or such other time as specified by the Administrator).  Upon such termination and cancellation, the balance in the Participant’s Account will be returned to the Participant, without interest, as soon as administratively practicable thereafter.  For the avoidance of doubt, a Participant who reduces his or her withholding rate for a future Option Period to 0% pursuant to Section 7 of the Plan will be deemed to have terminated his or her payroll deduction authorization and canceled his or her participation in the Plan as to such Option Period and all future Option Periods, unless the Participant delivers a new payroll deduction authorization for a subsequent Option Period in accordance with the rules of Section 7(b) of the Plan.

  (b)401(k) Hardship Withdrawal.  To the extent a suspension of contribution is required by a 401(k) Plan maintained by the Company or a Subsidiary, a Participant who makes a hardship withdrawal from such 401(k) Plan shall be deemed to have terminated his or her payroll deduction authorization as of the date of such hardship withdrawal, shall cease to be a Participant as of such date, shall be deemed to have canceled any outstanding Options, and shall not be permitted to participate in the Plan until the first Option Period commencing after the suspension of contributions ceases to apply to the Participant.

  14.Termination of Employment; Death of Participant

  Upon the termination of a Participant’s employment with the Company or a Designated Subsidiary, as applicable, for any reason (including the death of a Participant during an Option Period prior to an Exercise Date) or in the event the Participant ceases to qualify as an Eligible Employee, the Participant will cease to be a Participant, any Option held by the Participant under the Plan will be canceled, the balance in the Participant’s Account will be returned to the Participant (or his or her estate or designated beneficiary in the event of the Participant’s death), without interest, as soon as administratively practicable thereafter, and the Participant will have no further rights under the Plan.

  15.Equal Rights; Participant’s Rights Not Transferable

  All Participants granted Options in an offering under the Plan will have the same rights and privileges, consistent with the requirements set forth in Section 423.  Any Option granted under the Plan will be exercisable during the Participant’s lifetime only by him or her and may not be sold, pledged, assigned, or transferred in any manner.  In the event any Participant violates or attempts to violate the terms of this Section 15, as determined by the Administrator in its sole discretion, any Options granted to the Participant under the Plan may be terminated by the Company and, upon the return to the Participant of the balance of his or her Account, without interest, all of the Participant’s rights under the Plan will terminate.

  	-5-

  77340685_7

  

   

  16.Change in Capitalization; Corporate Transaction

  (a)Change in Capitalization.  In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the aggregate number and type of shares of stock available under the Plan, the number and type of shares of stock granted under any outstanding Options, the maximum number and type of shares of stock purchasable under any outstanding Option, and/or the Purchase Price under any outstanding Option, in any case, in a manner that complies with Section 423.

  (b)Corporate Transaction.  In the event of a sale of all or substantially all of the Stock or a sale of all or substantially all of the assets of the Company, or a merger or similar transaction in which the Company is not the surviving corporation or that results in the acquisition of the Company by another person, the Administrator may, in its discretion, (i) if the Company is merged with or acquired by another corporation, provide that each outstanding Option will be assumed or exchanged for a substitute Option granted by the acquiror or successor corporation or by a parent or subsidiary of the acquiror or successor corporation, (ii) cancel each outstanding Option and return the balances in Participants’ Accounts to the Participants, and/or (iii) pursuant to Section 18 of the Plan, terminate the Option Period on or before the date of the proposed sale, merger or similar transaction.

  17.Administration

  The Plan will be administered by the Administrator.  The Administrator has discretionary authority, subject only to the express provisions of the Plan, to administer and interpret the Plan; to determine eligibility under the Plan; to prescribe forms, rules and procedures relating to the Plan; and to otherwise do all things necessary or desirable to carry out the purposes of the Plan.  Determinations of the Administrator made with respect to the Plan are conclusive and bind all persons.

  The Administrator may specify the manner in which the Company and/or Employees are to provide notices and forms under the Plan, and may require that such notices and forms be submitted electronically.  

  18.Amendment and Termination of Plan

  (a)Amendment.  The Administrator reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable; provided, however, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 will have no force or effect unless approved by the shareholders of the Company within 12 months before or after its adoption.

  	-6-

  77340685_7

  

   

  (b)Termination.  The Administrator reserves the right at any time or times to suspend or terminate the Plan.  In connection therewith, the Administrator may provide, in its sole discretion, either that outstanding Options will be exercisable either on the Exercise Date for the applicable Option Period or on such earlier date as the Board may specify (in which case such earlier date will be treated as the Exercise Date for the applicable Option Period), or that the balance of each Participant’s Account will be returned to the Participant, without interest.

   

   

  19.Approvals

  Shareholder approval of the Plan will be obtained prior to the date that is twelve (12) months after the date of Board approval.  In the event that the Plan has not been approved by the shareholders of the Company prior to September 25, 2020, all Options to purchase shares of Stock under the Plan will be cancelled and become null and void.

  Notwithstanding anything herein to the contrary, the obligation of the Company to issue and deliver shares of Stock under the Plan will be subject to the approval required of any governmental authority in connection with the authorization, issuance, sale or transfer of such shares of Stock and to any requirements of any national securities exchange applicable thereto, and to compliance by the Company with other applicable legal requirements in effect from time to time.

  20.Participants’ Rights as Shareholders and Employees

  A Participant will have no rights or privileges as a shareholder of the Company and will not receive any dividends in respect of any shares of Stock covered by an Option granted hereunder until such Option has been exercised, full payment has been made for such shares, and the shares have been issued to the Participant.

  Nothing contained in the provisions of the Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or any Designated Subsidiary or as interfering with the right of the Company or any Designated Subsidiary to discharge, promote, demote or otherwise re-assign any Employee from one position to another within the Company or any Designated Subsidiary at any time.

  21.Restrictions on Transfer; Information Regarding Disqualifying Dispositions.

  (a)Restrictions on Transfer.  Shares of Stock purchased under the Plan may, in the discretion of the Administrator, be subject to a restriction prohibiting the transfer, sale, pledge or alienation or such shares of Stock by a Participant, other than by will or by the laws of descent and distribution, for such period following such purchase as may be determined by the Administrator.

  	-7-

  77340685_7

  

   

  (b)Disqualifying Dispositions.  By electing to participate in the Plan, each Participant agrees to provide such information about any transfer of Stock acquired under the Plan that occurs within two years after the first day of the Option Period in which such Stock was acquired and within one year after the day such Stock was purchased as may be requested by the Company or any Designated Subsidiary in order to assist it in complying with applicable tax laws.

  22.Miscellaneous

  (a)Waiver of Jury Trial.  By electing to participate in the Plan, each Participant waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or with respect to any Option, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not before a jury.  By electing to participate in the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers.  Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit any dispute arising under the terms of the Plan or in respect of any Option to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Option hereunder. 

  (b)Limitation of Liability.  Notwithstanding anything to the contrary in the Plan, neither the Company, nor any of its subsidiaries, nor the Administrator, nor any person acting on behalf of the Company, any of its subsidiaries, or the Administrator, will be liable to any Participant, to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of the failure of the Plan or any Option to satisfy the Requirements of Section 423, or otherwise asserted with respect to the Plan or any Option. 

  (c)Unfunded Plan.  The Company’s obligations under the Plan are unfunded, and no Participant will have any right to specific assets of the Company in respect of any Option.  Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan.

  23.Establishment of Sub-Plans

  Notwithstanding the foregoing or any provision of the Plan to the contrary, consistent with the requirements of Section 423, the Administrator may, in its sole discretion, amend the terms of the Plan, or an offering and/or provide for separate offerings under the Plan in order to, among other things, reflect the impact of local law outside of the United States as applied to one or more Eligible Employees of a Designated Subsidiary and may, where appropriate, establish one or more sub-plans to reflect such amended provisions.

  	-8-

  77340685_7

  

   

  24.Governing Law

  (a)Certain Requirements of Corporate Law.  Options and shares of Stock will be granted, issued and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Stock is listed or entered for trading, in each case as determined by the Administrator.

  (b)Other Matters.  Except as otherwise provided by the express terms of a sub-plan described in Section 23 or as provided in Section 24(a), the domestic substantive laws of the Commonwealth of Massachusetts govern the provisions of the Plan and of Options under the Plan and all claims or disputes arising out of or based upon the Plan or any Option or relating to the subject matter hereof or thereof without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.

  (c)Jurisdiction.  By electing to participant in the Plan, each Participant agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Massachusetts for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Option; (ii) not commence any suit, action or other proceeding arising out of or based upon the Plan or any Option, except in the federal and state courts located within the geographic boundaries of the United States District Court for the District of Massachusetts; and (iii)  waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Option or the subject matter thereof may not be enforced in or by such court.

  25.Effective Date and Term

  	The Plan will become effective upon adoption of the Plan by the Board and no rights will be granted hereunder after the earliest to occur of (a) the Plan’s termination by the Company, (b) the issuance of all shares of Stock available for issuance under the Plan or (c) the day before the 10-year anniversary of the date the Board approves the Plan. 

   

  	-9-

  77340685_7

  

   

  EXHIBIT A

  Definition of Terms

   

  	The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:

   

  “401(k) Plan”:  A savings plan qualifying under Section 401(k) of the Code that is sponsored by the Company or one of its Subsidiaries for the benefit of its employees.

   

  “Account”:  A notional payroll deduction account maintained in the Participant’s name on the books of the Company.

   

  “Accounting Rules”:  Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor provision.

   

  “Administrator”:  The Compensation Committee of the Board, except that the Compensation Committee may delegate its authority under the Plan to a sub-committee comprised of one or more of its members, to members of the Board, or to officers or employees of the Company to the extent permitted by applicable law.  In each case, references herein to the Administrator refer, as applicable, to such persons or groups so delegated to the extent of such delegation. 

   

  “Board”:  The Board of Directors of the Company.

   

  “Business Day”:   Any day on which the established national exchange or trading system (including the Nasdaq Global Market) on which the Stock is traded is available and open for trading.

   

  “Code”:  The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from time to time in effect.

   

  “Company”:  Beam Therapeutics Inc, a Delaware corporation.

   

  “Designated Subsidiary”:  A Subsidiary of the Company that has been designated by the Board or the Compensation Committee of the Board from time to time as eligible to participate in the Plan, as set forth on Exhibit B.  For the avoidance of doubt, any Subsidiary of the Company shall be eligible to be designated as a Designated Subsidiary hereunder.

   

  “Effective Date”:  The date set forth in Section 23 of the Plan.

   

  	-10-

  77340685_7

  

   

  “Eligible Compensation”: Regular base salary or regular base wages (excluding, for the avoidance of doubt, overtime payments, bonuses, stipends, reimbursements, long-term disability or family and medical leave payments, commissions and sales incentives and any long-term or equity-based incentive payments or awards).  Eligible Compensation will not be reduced by any income or employment tax withholdings or any contributions by the Employee to a 401(k) Plan or a plan under Section 125 of the Code, but will be reduced by any contributions made on the Employee’s behalf by the Company or any Subsidiary to any deferred compensation plan or welfare benefit program now or hereafter established.

   

  “Eligible Employee”:  Any Employee who meets the eligibility requirements set forth in Section 4 of the Plan.

   

  “Employee”:  Any person who is employed by the Company or a Designated Subsidiary.  For the avoidance of doubt, independent contractors and consultants are not “Employees”.

   

  “Exercise Date”:  The date set forth in Section 5 of the Plan or otherwise designated by the Administrator with respect to a particular Option Period on which a Participant will be deemed to have exercised the Option granted to him or her for such Option Period.	

   

  “Fair Market Value”:  

   

  	(a) If the Stock is readily traded on an established national exchange or trading system (including the NASDAQ Global Market), the closing price of a share of Stock as reported by the principal exchange on which such Stock is traded; provided, however, that if such day is not a trading day, Fair Market Value will mean the reported closing price of a share of Stock for the immediately preceding day that is a trading day.  

   

  	(b) If the Stock is not traded on an established national exchange or trading system, the average of the bid and ask prices for shares Stock where the bid and ask prices are quoted.

   

  	(c) If the Stock cannot be valued pursuant to clauses (a) or (b), the value as determined in good faith by the Board in its sole discretion.

   

  “Maximum Share Limit”:  The meaning set forth in Section 10 of the Plan.

   

  “Option”:  An option granted pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase Price per share of Stock.

   

  “Option Period”:  An offering period established in accordance with Section 5 of the Plan.

   

  “Parent”:  A “parent corporation” as defined in Section 424(e) of the Code.

   

  “Participant”:  An Eligible Employee who elects to participate in an Option Period under the Plan.

   

  	-11-

  77340685_7

  

   

  “Plan”:  The Beam Therapeutics Inc. Amended and Restated 2019 Employee Stock Purchase Plan, as from time to time amended and in effect.

   

  “Purchase Price”:  The price per share of Stock with respect to an Option Period determined in accordance with Section 9 of the Plan.

   

  “Section 423”:  Section 423 of the Code and the regulations thereunder.

   

  “Stock”:  Common stock of the Company, par value $0.01 per share.

   

  “Subsidiary”:  A “subsidiary corporation” as defined in Section 424(f) of the Code.

   

  	-12-

  77340685_7

  

   

   

   

  EXHIBIT B

  Designated Subsidiaries

   

  Designated Subsidiaries as of the date of adoption of the Plan by the Board are listed below:

   

  N/A

  	-13-

  77340685_7EX-10.31

   

   

   

   

   

   

  Exhibit 10.31

  FIRST AMENDMENT TO LEASE

   

  This First Amendment to Lease (this “First Amendment”) is made as of April 14th, 2020 by and between MASSACHUSETTS INSTITUTE OF TECHNOLOGY, a Massachusetts charitable corporation with an address of c/o MIT Investment Management Company, One Broadway, Suite 09-200, Cambridge, MA 02142 Landlord”) and BEAM THERAPEUTICS, INC., a Delaware corporation with an address of 26 Lansdowne Street, 2nd Floor, Cambridge, MA 02139 Tenant 

  W I T N E S S E T H

  WHEREAS, Landlord and Tenant are the current parties to that certain Lease dated April 24, 2019   “Lease”) pursuant to which Landlord is leasing to Tenant approximately 123,209 rentable square feet (as more particularly described in the Lease, the (“Original Space”) located on the seventh, eighth, ninth and tenth floors of the Laboratory Addition to the building located at 238 Main Street, Cambridge, MA;

  WHEREAS, Tenant has notified Landlord that it does not wish to have a vivarium constructed as part of Tenant’s Fitout and accordingly, the Final Construction Drawings with respect to Phase 2 will vary from the approved Design Development Plans for such Phase because the vivarium will be removed therefrom; and

  WHEREAS, Landlord and Tenant wish to memorialize their agreements with respect thereto.

  NOW, THEREFORE, in consideration of the covenants herein reserved and contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

  1.Recitals; Capitalized Terms. The foregoing recitals are hereby incorporated by reference. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them as set forth in the Lease.

  2.Premises. Notwithstanding anything to the contrary contained in the Lease, but subject to Section 25.16 of the Lease, from and after the date hereof, the “Premises” shall mean approximately 122,620 rentable square feet of space consisting of all rentable areas on the seventh (7th) floor of the Laboratory Addition (containing approximately 30,655 rentable square feet), all rentable areas on the eighth (8th) floor of the Laboratory Addition (containing approximately 30,655 rentable square feet), all rentable areas on the ninth (9th) floor of the Laboratory Addition (containing approximately 30,655 rentable square feet), all rentable areas on the tenth (10th) floor of the Laboratory Addition (containing approximately 30,655 rentable square feet), including associated mechanical, ground floor and lower level space, all as more particularly shown as hatched, highlighted or outlined on the Lease Plan.

  3.Base Rent. Notwithstanding anything to the contrary contained in the Lease, from and after the date hereof, the Base Rent schedule with respect to Phase 2 in the Lease Summary Sheet is hereby deleted and replaced with the following:

   

  				
	Base Rent with respect to Phase 2:
	Period of Time
	Annual Base Rent
	Monthly Payment

	 
	Phase 2 RCD	End of Rent Year 1
	 
$2,958,207.502
	 
$246,517.29

	 
	Rent Year 2
	$3,046,953.73
	$253,912.81

	 
	Rent Year 3
	$3,138,362.34
	$261,530.19

   

   

   

  

   

   

   

   

   

   

   

  				
	 
	Rent Year 4
	$3,232,513.21
	$269,376.10

	 
	Rent Year 5
	$3,329,488.60
	$277,457.38

	 
	Rent Year 6
	$3,429,373.26
	$285,781.11

	 
	Rent Year 7
	$3,532,254.46
	$294,354.54

	 
	Rent Year 8
	$3,638,222.09
	$303,185.17

	 
	Rent Year 9
	$3,747,368.76
	$312,280.73

	 
	Rent Year 10
	$3,859,789.82
	$321,649.15

	 
	Rent Year 11
	$3,975,583.51
	$331,298.63

	 
	Rent Year 12
	$4,094,851.02
	$341,237.58

	 
	Rent Year 13
	$4,217,696.55
	$351,474.71

   

  4.Vivarium. It is understood and agreed that the provisions of the Lease relating to a vivarium (including without limitation Sections 4.4(a) and (b) thereof) shall only apply in the event Tenant elects to construct a vivarium in Phase 2 after the completion of Tenant’s Fitout and the occurrence of the Phase 2 Term Commencement Date (which construction shall be performed in accordance with and subject to the terms and conditions of the Lease, including without limitation Article 11 thereof and the definition of the Permitted Use set forth in the Lease Summary Sheet). It is understood and agreed that Tenant shall not have the right to construct a vivarium in Phase 1 of the Premises.

  5.ACF Elevator. Notwithstanding anything to the contrary contained in the Lease (including without limitation Section 4.4(c) and Section 4(d) of the Work Letter), Landlord and Tenant acknowledge as follows:

  (a)Landlord will still install the ACF Elevator with a stop on the eighth floor of the Premises, but there will not be doors constructed to provide access thereto from the eighth floor (i.e., drywall will be installed where the ACF Elevator doors would otherwise open).

  (b)If Tenant elects to construct a vivarium in Phase 2 in accordance with Section 4 above, such construction shall include the installation of a doorway providing access from Phase 2 to the ACF Elevator in substantially the location more particularly shown on the Lease Plan.

  (c)Unless and until Tenant constructs a vivarium in accordance with Section 2 above, Section 4.4(c) of the Lease shall have no force and effect.

  (d)Tenant shall not have the right to use the ACF Elevator (i) prior to substantial completion of Alterations to Phase 2 of the Premises to construct a vivarium, nor (ii) unless and until Landlord and Tenant execute an amendment to this Lease increasing the rentable square footage of the Premises by 589 rentable square feet, with proportionate adjustments to Base Rent, Tenants’ Share and Tenant’s Tax Share. 

  (e)The second sentence of Section 4(d) of the Work Letter is hereby deleted in its entirety.

  6.Final Construction Drawings. Notwithstanding anything to the contrary contained in the Lease, Tenant shall deliver Final Construction Drawings with respect to Phase 2 on or before May 27, 2020. The Phase 2 Final Construction Drawings shall not include the construction of a vivarium.

  7.Ratification. Except as amended hereby, the terms and conditions of the Lease shall remain unaffected. From and after the date hereof, all references to the Lease shall mean the Lease as amended hereby. Additionally, Tenant confirms and ratifies that, as of the date hereof and to its actual knowledge,

   

   

  

   

   

   

   

   

   

  (a) the Lease is and remains in good standing and in full force and effect, and (b) it has no claims, counterclaims, set-offs or defenses against Landlord arising out of the Lease or the Premises or in any way relating thereto.

  8.Miscellaneous. This First Amendment shall be deemed to have been executed and delivered within the Commonwealth of Massachusetts, and the rights and obligations of Landlord and Tenant hereunder shall be construed and enforced in accordance with, and governed by, the laws of the Commonwealth of Massachusetts without regard to the laws governing conflicts of laws. If any term of this First Amendment or the application thereof to any person or circumstances shall be invalid and unenforceable, the remaining provisions of this First Amendment, the application of such term to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected. This First Amendment is binding upon and shall inure to the benefit of Landlord and Tenant and their respective successors and assigns. Each party has cooperated in the drafting and preparation of this First Amendment and, therefore, in any construction to be made of this First Amendment, the same shall not be construed against either party. In the event of litigation relating to this First Amendment, the prevailing party shall be entitled to reimbursement from the other party of its reasonable attorneys' fees and costs. This First Amendment constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions, and may not be amended, waived, discharged or terminated except by a written instrument signed by all the parties hereto. A facsimile, PDF or other electronic signature on this First Amendment shall be equivalent to, and have the same force and effect as, an original signature. This First Amendment may be executed in counterparts which, taken together, shall constitute a single instrument.

   

   

   

  [signatures on following page]

   

   

   

  

   

   

  [SIGNATURE PAGE TO FIRST AMENDMENT TO LEASE BY AND BETWEEN MASSACHUSETTS INSTITUTE OF TECHNOLOGY AND BEAM THERAPEUTICS, INC.]

   

  EXECUTED as of the date first set forth above.

   

  LANDLORD:	MASSACHUSETTS INSTITUTE OF TECHNOLOGY

   

  By:  /s/ Seth D. Alexander	

  Name: Seth D. Alexander

  Title: Authorized Signatory, President, MIT Investment Management Company and not individually

   

   

  TENANT: 	BEAM THERAPEUTICS, INC.

  By:  /s/ John Evans	

  Name: John Evans

  Title: CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]