Document:

Exhibit_10.31

		
			Exhibit 10.31
		

		
			 
		

		
			
		

		
			 
		

		
			December 28, 2015
		

		
			 
		

		
			Daniel Fields
		

		
			 
		

		
			 
		

		
			Dear Danny,
		

		
			 
		

		
			On behalf of MobileIron, Inc. (the “Company”), I am pleased to offer you the full-time position of Senior Vice President, Engineering and Chief Software Development Officer. Speaking for myself, as well as the other members of the Company’s management team, we are all very impressed with your credentials and we look forward to your future success in this position.
		

		
			 
		

		
			The terms of your new full-time position with the Company are as set forth below:
		

		
			 
		

		
			1.          Position.
		

		
			 
		

		
			a)   Your position will be Senior Vice President of Engineering and Chief Software Development Officer, a “Section 16 Officer” position, working out of the Company’s headquarters office in Mountain View, CA. You will report to the Chief Executive Officer.
		

		
			 
		

		
			b)   You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of the duties and obligations required of and from you pursuant to the express and implicit terms hereof, and to the reasonable satisfaction of the Company.  During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Company, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange.
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			2.          Start Date. Subject to fulfillment of any conditions imposed by this letter agreement, you will commence this new position with the Company on February 19, 2016.
		

		
			 
		

		
			3.          Proof of Right to Work.    For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three business days of your date of hire, or our employment relationship with you may be terminated.
		

		
			 
		

		
			4.          Compensation.
		

		
			 
		

		
			a)   Base Salary:  You will be paid at the rate of $33,333 per month (which is equivalent to $400,000 on an annualized basis), less payroll deductions and withholdings (the “Base Salary”), payable pursuant to the Company’s regular payroll practices. The Base Salary will be reviewed annually as part of the Company’s normal salary review process.
		

		
			 
		

		
			b)   Annual Bonus:  You will be eligible to participate in the Company’s 2016 executive bonus plan where your target bonus is 45% of your base salary. Your actual bonus is guaranteed for the first year at 45% ($180,000) provided you are employed at the time the actual bonus is paid according to the Company’s 2016 executive bonus plan. For the purposes of clarity, over achievement is possible consistent with the terms of the Company’s 2016 executive bonus plan.
		

		
			 
		

		
			c)   Signing Bonus:  Provided you accept this offer, the Company will pay you a one-time signing bonus in the amount of $300,000, less deductions required by law (the “Signing Bonus”). Fifty percent (50%) of this Signing Bonus will be paid on the first regularly scheduled payroll date after your Start date, and then the remaining 50% will be paid on the first regularly scheduled payroll date in June 2016, but in all cases not later than June 15, 2016. Should the Company terminate your employment for Cause (as defined in the Executive Severance Plan, See Attachment B) or should you choose to leave the Company for any reason, in either case prior to one year anniversary of your Start Date, you will be eligible to keep the pro-rata share of the Signing Bonus based on time served, and obligated to return to the Company the pro-rata portion of entire Signing Bonus calculated based upon the difference between the termination date and your one year anniversary from Start Date. Should the company terminate your employment without Cause (as defined in the Executive Severance Plan, See Attachment B) you will not be required to return to the Company any portion of the signing bonus.
		

		
			 
		

		
			5.          Equity.
		

		
			 
		

		
			a)   Restricted Stock Unit Grant. Promptly following Executive’s commencement of employment, which will be February 19, 2016 (the “Start Date”), and as a material inducement to Executive’s employment by the Company, the Compensation Committee of the Board will grant Executive (i) an award of 220,000 restricted stock units (the “RSU Award”). The MobileIron RSUs will
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			vest ratably over four years as follows: (i) 25% of the total number of MobileIron RSUs will vest on the Quarterly Vesting Date (see below) that is in the same calendar quarter as the one year anniversary of your employment start date, and (ii) the remaining MobileIron RSUs will vest ratably with 6.25% of the total RSUs vesting on each subsequent Quarterly Vesting Date, until the MobileIron RSUs are totally vested, subject to your continued employment on each such Quarterly Vesting Date. The Quarterly Vesting Dates are February 20, May 20, August 20, and November 20 of each year. The grant will be subject to the terms of any applicable equity plan of the Company and the MobileIron RSU Agreement between you and the Company.
		

		
			 
		

		
			b)   Regular Option Grant. Promptly following the Start Date and as a material inducement to the Executive’s employment by the Company, the Compensation Committee of the Board will grant Executive an option to purchase 150,000 shares of Common Stock of the Company with an exercise price equal to the fair market value of a share of Common Stock on the date of grant (the “Regular Option”). The Regular Option will be subject to vesting as follows: 1/4th of the shares under the Regular Option will vest and become exercisable on the first anniversary of the Start Date, and 1/48th of such shares will vest and become exercisable at the end of each one-month period thereafter, subject to Executive’s continued service with the Company. The grant will be subject to the terms of any applicable equity plan of the Company and the MobileIron Option Agreement between you and the Company.
		

		
			 
		

		
			The equity compensation will be reviewed annually and you will be eligible for additional grants as part of the Company’s normal annual equity review process.
		

		
			 
		

		
			6.          Benefits.
		

		
			 
		

		
			a)   Insurance Benefits. The Company will provide you with the opportunity to participate in the standard benefits plans currently available to other Company employees, subject to any eligibility requirements imposed by such plans.
		

		
			 
		

		
			b)   Vacation; Sick Leave. You will be entitled to paid time off according to the Company’s standard policies.
		

		
			 
		

		
			7.          Confidential Information and Invention Assignment Agreement/ Employee Handbook. Your acceptance of this offer and commencement of employment with the Company is contingent upon your execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for your review and execution (the “Confidentiality Agreement”), prior to or on your Start Date. As a Company employee, you will be expected to abide by Company rules and policies, and acknowledge in writing that you have read the Company’s Employee Handbook. By signing this offer letter, Candidate acknowledges receipt of the current Employee Handbook.
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			8.          At-Will Employment. Executive’s employment relationship is at-will, and either Executive or the Company may terminate the employment relationship at any time, with or without Cause or advance notice.
		

		
			 
		

		
			9.          Termination of Employment; Severance and Change in Control Benefits. You will be eligible to participate in the MobileIron Executive Severance Benefit plan as outlined in Attachment B.
		

		
			 
		

		
			10.         No Conflicting Obligations. You understand and agree that by accepting this offer of employment, you represent to the Company that your performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such time as any non-solicitation obligation expires.
		

		
			 
		

		
			11.         Entire Agreement. This letter, together with the Confidentiality Agreement, sets forth the entire agreement and understanding between you and the Company with respect to your employment and supersedes all prior agreements and promises made to you by anyone, whether oral or written. This letter (and your employment at will status) may not be modified or amended except by a written agreement, signed by an officer of the Company, although the Company reserves the right to modify unilaterally your work location, compensation, benefits, job title and duties, and reporting relationships. This letter will be governed by the laws of the State of California without regard to its conflict of laws provision.
		

		
			 
		

		
			We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer, please sign and date this letter in the space provided below and return it to me, along with a signed and dated copy of the Confidentiality Agreement. This offer will terminate if not accepted by you on or before December 31, 2015 at 5pm pacific time.
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			Very Truly Yours,
		

		
			 
		

		
			 
		

		
			Mobile Iron, Inc.
		

		
			 
		

		
			 
		

			
					
						/s/ Jared Lucas

					
					
						 

				
	
					
						Signature

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Jared Lucas, Chief People Officer

					
					
						 

				
	
					
						Printed Name and Title

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						December 28, 2015

					
					
						 

				
	
					
						Date

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			ACCEPTED AND AGREED:
		

		
			 
		

		
			 
		

			
					
						/s/ Daniel Fields

					
					
						 

				
	
					
						Employee Signature

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						12/29/2015

					
					
						 

				
	
					
						Date

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						2/19/2016

					
					
						 

				
	
					
						Start Date

					
					
						 

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

Attachment A:
		

		
			 
		

		
			CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENT
		

		
			 
		

		
			As a condition of my becoming employed (or my employment being continued) by Mobile Iron, Inc., a Delaware corporation (the “Company”), and in consideration of my employment relationship with the Company and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following:
		

		
			 
		

		
			1.          Employment Relationship. I understand and acknowledge that this Agreement does not alter, amend or expand upon (i) any rights I may have to continue in the employ of, or (ii) the duration of my employment relationship with, the Company under any existing agreements between the Company and me or under applicable law. Any employment relationship between the Company and me, whether commenced prior to or upon the date of this Agreement, shall be referred to herein as the “Relationship.”
		

		
			 
		

		
			2.          At-Will Relationship. I understand and acknowledge that the Relationship is and shall continue to be at-will, meaning that either I or the Company may terminate the Relationship at any time and for any reason, with or without cause or advance notice.
		

		
			 
		

		
			3.          Confidential Information.
		

		
			 
		

		
			(a)  Company Information.    I agree at all times during the Relationship and thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Company to the extent necessary to perform my obligations to the Company under the Relationship, or to disclose to any person, firm, corporation or other entity without written authorization of the Board of Directors of the Company, any Confidential Information of the Company which I obtain or create. I further agree not to make copies of such Confidential Information except as authorized by the Company. I understand that “Confidential Information” means any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, suppliers, customer lists and customers (including, but not limited to, customers of the Company on whom I called or with whom I became acquainted during the Relationship), prices and costs, markets, software, developments, inventions, laboratory notebooks, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing information, licenses, financial information, budgets, information regarding the skills and compensation of the Company’s employees, contractors, and any other service providers of the Company or other business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation of parts or equipment or created by me during the Relationship, whether or not during working hours. I understand that Confidential Information includes, but is not limited to, information pertaining to any aspect of the Company’s business which is either information not known by actual or potential competitors of the Company or other third parties not under confidentiality obligations to the Company, or is otherwise proprietary information of the Company or its customers or suppliers, whether of a technical nature or otherwise. I further understand that Confidential Information does not include any of the foregoing items which has become publicly and widely
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the item or items involved.
		

		
			 
		

		
			(b)  Prior Obligations. I represent that my performance of all terms of this Agreement as an employee of the Company has not breached and will not breach any agreement with any former employer or other party, including any agreement to keep in confidence proprietary information, knowledge or data acquired by me prior or subsequent to the commencement of the Relationship, and I will not disclose to the Company or use any inventions, confidential or non-public proprietary information or material belonging to any current or former client or employer or any other party. I will not induce the Company to use any inventions, confidential or non-public proprietary information, or material belonging to any current or former client or employer or any other party.
		

		
			 
		

		
			(c)  Third Party Information. I recognize that the Company has received and in the future will receive confidential or proprietary information from third parties subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the Company consistent with the Company’s agreement with such third party.
		

		
			 
		

		
			4.          Inventions.
		

		
			 
		

		
			(a)  Inventions Retained and Licensed. I have attached hereto, as Exhibit A, a list describing with particularity all inventions, original works of authorship, developments, improvements, and trade secrets which were made by me prior to the commencement of the Relationship (collectively referred to as “Prior Inventions”), which belong solely to me or belong to me jointly with another, which relate in any way to any of the Company’s proposed businesses, products or research and development, and which are not assigned to the Company hereunder; or, if no such list is attached, I represent that there are no such Prior Inventions. If, in the course of the Relationship, I incorporate into a Company product, process or machine a Prior Invention owned by me or in which I have an interest, the Company is hereby granted and shall have a non- exclusive, royalty-free, irrevocable, perpetual, worldwide license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine.
		

		
			 
		

		
			(b)  Assignment of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title and interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the Relationship (collectively referred to as “Inventions”), except as provided in Section 4(e) below. I further acknowledge that all Inventions which are made by me (solely or jointly with others) within the scope of and during the Relationship are “works made for hire” (to the greatest extent permitted by applicable law)
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			and are compensated by my salary, unless regulated otherwise by the mandatory law of the state of California. Any assignment of Inventions (and all intellectual property rights with respect thereto) hereunder includes an assignment of all moral rights. To the extent such moral rights cannot be assigned to the Company and to the extent the following is allowed by the laws in any country where moral rights exist, I hereby unconditionally and irrevocably waive the enforcement of such moral rights, and all claims and causes of action of any kind against the Company or related to the Company’s customers, with respect to such rights. I further acknowledge and agree that neither my successors-in-interest nor legal heirs retain any moral rights in any Inventions (and any intellectual property rights with respect thereto).
		

		
			 
		

		
			(c)  Maintenance of Records. I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly with others) during the Relationship. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, laboratory notebooks, and any other format. The records will be available to and remain the sole property of the Company at all times.  I agree not to remove such records from the Company’s place of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the Company for the purpose of furthering the Company’s business. I agree to return all such records (including any copies thereof) to the Company at the time of termination of the Relationship as provided for in Section 5.
		

		
			 
		

		
			(d)  Patent and Copyright Rights. I agree to assist the Company, or its designee, at its expense, in every proper way to secure the Company’s, or its designee’s, rights in the Inventions and any copyrights, patents, trademarks, mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all other instruments which the Company or its designee shall deem necessary in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights, and in order to assign and convey to the Company or its designee, and any successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement until the expiration of the last such intellectual property right to expire in any country of the world. If the Company or its designee is unable because of my mental or physical incapacity or unavailability or for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents, copyright, mask works or other registrations covering Inventions or original works of authorship assigned to the Company or its designee as above, then I hereby irrevocably designate and appoint the Company  and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance or transfer of letters patent, copyright or other registrations thereon with the same legal force and effect as if originally executed by me. I hereby waive and irrevocably quitclaim to the Company or its designee any and all claims, of any nature whatsoever, which I now or hereafter have for infringement of any and all proprietary rights assigned to the Company or such designee.
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			(e)  Exception to Assignments. I understand that the provisions of this Agreement requiring assignment of Inventions to the Company do not apply to any invention which qualifies fully under the provisions of California Labor Code Section 2870 (attached hereto as Exhibit B). I will advise the Company promptly in writing of any inventions that I believe meet such provisions and are not otherwise disclosed on Exhibit A.
		

		
			 
		

		
			(f)  Government or Third Party. I agree that, as directed by the Company, I will assign to a third party, including without limitation the United States, all my right, title, and interest in and to any particular Company Invention.
		

		
			 
		

		
			5.          Company Property; Returning Company Documents. I acknowledge and agree that I have no expectation of privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without limitation, stored company files, e-mail messages and voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. I agree that, at the time of termination of the Relationship, I will deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, laboratory notebooks, materials, flow charts, equipment, other documents or property, or reproductions of any of the aforementioned items developed by me pursuant to the Relationship or otherwise belonging to the Company, its successors or assigns. In the event of the termination of the Relationship, I agree to sign and deliver the “Termination Certification” attached hereto as Exhibit C; however, my failure to sign and deliver the Termination Certificate shall in no way diminish my continuing obligations under this Agreement.
		

		
			 
		

		
			6.          Notification to Other Parties.
		

		
			 
		

		
			(a)  Employees. In the event that I leave the employ of the Company, I hereby consent to notification by the Company to my new employer about my rights and obligations under this Agreement.
		

		
			 
		

		
			(b)  Consultants. I hereby grant consent to notification by the Company to any other parties besides the Company with whom I maintain a consulting relationship, including parties with whom such relationship commences after the effective date of this Agreement, about my rights and obligations under this Agreement.
		

		
			 
		

		
			7.          Solicitation of Employees, Consultants and Other Parties. I agree that during the Relationship and for a period of twenty-four (24) months immediately following the termination of the Relationship for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees or consultants to terminate their relationship with the Company, or attempt to solicit, induce, recruit, encourage or take away employees or consultants of the Company, either for myself or for any other person or entity.  Further, during the Relationship and at any time following termination of the
		

		
			 
		

		
			
		

		
			

		 

 

 
		

		
			Relationship for any reason, with or without cause, I shall not use any Confidential Information of the Company to attempt to negatively influence any of the Company’s clients or customers from purchasing Company products or services or to solicit or influence or attempt to influence any client, customer or other person either directly or indirectly, to direct his or its purchase of products and/or services to any person, firm, corporation, institution or other entity in competition with the business of the Company.
		

		
			 
		

		
			8.          Representations and Covenants.
		

		
			 
		

		
			(a)  Facilitation of Agreement. I agree to execute promptly any proper oath or verify any proper document required to carry out the terms of this Agreement upon the Company’s written request to do so.
		

		
			 
		

		
			(b)  Conflicts. I represent that my performance of all the terms of this Agreement does not and will not breach any agreement I have entered into, or will enter into with any third party, including without limitation any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to commencement of my Relationship with the Company. I agree not to enter into any written or oral agreement that conflicts with the provisions of this Agreement.
		

		
			 
		

		
			(c)  Voluntary Execution. I certify and acknowledge that I have carefully read all of the provisions of this Agreement and that I understand and will fully and faithfully comply with such provisions.
		

		
			 
		

		
			9.          General Provisions.
		

		
			 
		

		
			(a)  Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California, without giving effect to the principles of conflict of laws.
		

		
			 
		

		
			(b)  Entire Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us. No modification or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by both parties. Any subsequent change or changes in my duties, obligations, rights or compensation will not affect the validity or scope of this Agreement.
		

		
			 
		

		
			(c)  Severability. If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full force and effect.
		

		
			 
		

		
			(d)  Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives, and my successors and assigns, and will be for the benefit of the Company, its successors, and its assigns.
		

		
			
		

		
			

		 

 

 
		

		
			(e)  Survival. The provisions of this Agreement shall survive the termination of the Relationship and the assignment of this Agreement by the Company to any successor in interest or other assignee.
		

		
			 
		

		
			(f)  Remedies. I acknowledge and agree that violation of this Agreement by me may cause the Company irreparable harm, and therefore agree that the Company will be entitled to seek extraordinary relief in court, including but not limited to temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other security and in addition to and without prejudice to any other rights or remedies that the Company may have for a breach of this Agreement.
		

		
			 
		

		
			(g)  ADVICE OF COUNSEL. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.
		

		
			 
		

		
			 
		

		
			The parties have executed this Agreement on the respective dates set forth below:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						COMPANY:

					
					
						    

					
					
						EMPLOYEE:

				
	
					
						Jared Lucas – Chief People Officer

					
					
						 

					
					
						Daniel Fields

				
	
					
						Printed Name and Title

					
					
						 

					
					
						Printed Name and Title

				
	
					
						/s/ Jared Lucas

					
					
						 

					
					
						/s/ Daniel Fields

				
	
					
						Signature

					
					
						 

					
					
						Signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						December 28, 2015

					
					
						 

					
					
						12/29/2015

				
	
					
						Date

					
					
						 

					
					
						Date

				
	
					
						415 East Middlefield Road
Mountain View, CA 94043

					
					
						 

					
					
						 

				
	
					
						Address

					
					
						 

					
					
						Addressadms_Ex10_23

		
			Exhibit 10.23
		

		
			 
		

		
			SIXTH AMENDMENT TO LEASE
		

		
			 
		

		
			THIS SIXTH AMENDMENT TO LEASE (“Amendment”), dated for reference purposes only as of the 27th day of October, 2015, is entered into by and between KBSIII TOWERS AT EMERYVILLE, LLC, a Delaware limited liability company (“Landlord”), and ADAMAS PHARMACEUTICALS, INC., a Delaware corporation (formerly known as Neuromolecular Pharmaceuticals, Inc.) (“Tenant”).
		

		
			 
		

		
			R E C I T A L S:
		

		
			 
		

		
			A.      Landlord (as successor-in-interest to Emeryville Office, L.L.C., a Delaware limited liability company, and as successor-in-interest to NOP Watergate, LLC, a Delaware limited liability company) and Tenant are parties to that certain Office Lease Agreement dated October 25, 2006 (the “Original Lease”), as amended by that certain First Amendment to Lease dated April 29, 2009 (the “First Amendment”), by that certain Second Amendment to Office Lease Agreement dated January 18, 2011 (the “Second Amendment”), by that certain Third Amendment to Lease dated June 17, 2011 (the “Third Amendment”), by that certain Fourth Amendment to Lease dated January 31, 2013 (the “Fourth Amendment”), and by that certain Fifth Amendment to Lease dated May 23, 2014 (the “Fifth Amendment”).  The Original Lease, as amended by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment and Fifth Amendment is hereafter collectively referred to herein as the “Lease”.
		

		
			 
		

		
			B.      Pursuant to the Lease, Tenant currently leases from Landlord those certain premises commonly known as Suite 750 located on the seventh (7th) floor of that certain building at 1900 Powell Street, Emeryville, California, commonly known as Towers Emeryville – Tower  I (the “Building”), containing approximately 12,492 rentable square feet in the aggregate (the “Current Premises”).  The Building, together with all other buildings, improvements and facilities, now or subsequently located upon the land is referred to herein as the “Project”.  The Project is commonly known as The Towers Emeryville. 
		

		
			 
		

		
			C.      The Term of the Lease is currently scheduled to expire on April 30, 2020.
		

		
			 
		

		
			D.      Tenant has expanded its Current Premises with the addition of the Must Take Space (as defined in the Fifth Amendment).  The parties desire to amend the Lease to acknowledge the addition of the Must Take Space to the Current Premises, and to further amend the terms of the Lease upon the terms and conditions set forth below. 
		

		
			 
		

		
			E.      Capitalized terms not defined herein have the meanings given to such terms in the Lease.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants and agreements contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of such are hereby acknowledged, Landlord and Tenant hereby agree as follows:
		

		
			 
		

		
			
		

		 

 

		
			A G R E E M E N T:
		

		
			 
		

		
			1.      Must Take Space.  The parties acknowledge that Tenant is presently in possession of the Must Take Space commonly known as Suite 700 on the seventh (7th) floor of the Building, containing approximately 6,047 rentable square feet of space.  As of the Must Take Space Commencement Date (as defined in Section 2 below), Exhibit A attached hereto showing the Must Take Space is hereby incorporated into and made a part of the Lease, all references in the Lease to the defined term “Premises” shall mean and refer to the Current Premises plus the Must Take Space (the “New Premises”).  The New Premises shall consist of 18,539 rentable square feet in the aggregate.  Tenant’s use and occupancy of the Must Take Space shall be in accordance with all of the terms and conditions of the Lease as amended by this Amendment (the “Amended Lease”).    
		

		
			 
		

		
			2.      Must Take Space Commencement Date.  The Term as to the Must Take Space (the “Must Take Space Term”) commenced on June 15, 2015 (also referred to in this Amendment as the “Must Take Space Commencement Date”) and shall be coterminous with the Expiration Date of the Lease (i.e., April 30, 2020).
		

		
			 
		

		
			3.      Monthly Base Rent.  As of the Must Take Space Commencement Date, Tenant shall pay Monthly Base Rent for the New Premises in accordance with the following schedule.
		

		
			 
		

			
					
						Months

					
					
						  

					
					
						  

					
					
						Monthly Base Rent
Per Rentable Square
Foot

					
					
						  

					
					
						  

					
					
						Monthly Base Rent

					
					
						 

				
	
					
						06/15/2015 – 11/30/2015

					
					
						 

					
					
						 

					
					
						$

					
					
						2.60 

					
					
						 

					
					
						 

					
					
						$

					
					
						48,201.40 

					
					
						 

				
	
					
						12/01/2015 – 11/30/2016

					
					
						 

					
					
						 

					
					
						$

					
					
						2.68 

					
					
						 

					
					
						 

					
					
						$

					
					
						49,647.44 

					
					
						 

				
	
					
						12/1/2016 – 11/30/2017

					
					
						 

					
					
						 

					
					
						$

					
					
						2.76 

					
					
						 

					
					
						 

					
					
						$

					
					
						51,136.87 

					
					
						 

				
	
					
						12/01/2017 – 11/30/2018

					
					
						 

					
					
						 

					
					
						$

					
					
						2.84 

					
					
						 

					
					
						 

					
					
						$

					
					
						52,670.97 

					
					
						 

				
	
					
						12/01/2018 – 11/30/2019

					
					
						 

					
					
						 

					
					
						$

					
					
						2.93 

					
					
						 

					
					
						 

					
					
						$

					
					
						54,251.10 

					
					
						 

				
	
					
						12/01/2019 – 04/30/2020

					
					
						 

					
					
						 

					
					
						$

					
					
						3.01 

					
					
						 

					
					
						 

					
					
						$

					
					
						55,878.62 

					
					
						 

				

		
			 
		

		
			4.      Tenant’s Pro Rata Share.  Prior to the Must Take Space Commencement Date, Tenant shall continue to pay Tenant’s Pro Rata Share of Expense Excess and Tax Excess in in accordance with the terms and conditions of the Lease.  As of the Must Take Space Commencement Date and continuing for the duration of the Must Take Space Term, Tenant’s Pro Rata Share allocable to the New Premises shall be 8.54% based upon the New Premises containing 18,539 rentable square feet and the Building containing 216,990 rentable square feet.  
		

		
			 
		

		
			5.      Condition of the Current Premises.  Tenant acknowledges that it is presently in possession of the Current Premises and is fully aware of the condition of the Current Premises. 
		

		
			 
		

		
			
		

		 

		

			-2-

		

 

		
			Tenant acknowledges that except as otherwise provided in this Amendment, Landlord shall not be obligated to refurbish or improve the Current Premises in any manner whatsoever or to otherwise provide funds for the improvement of the Current Premises, and Tenant hereby accepts the Current Premises “AS-IS”.  Tenant further acknowledges that except as expressly provided in the Lease and this Amendment, neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Current Premises, the improvements, refurbishments, or alterations therein, or the Building, or with respect to the functionality thereof or the suitability of any of the foregoing for the conduct of Tenant’s business and that all representations and warranties of Landlord, if any, are as set forth in the Lease and this Amendment.
		

		
			 
		

		
			6.      Condition of the Must Take Space.  Tenant acknowledges that it is presently in possession of the Must Take Space and is fully aware of the condition of the Must Take Space.  Tenant acknowledges that Tenant’s Must Take Space Improvements have been completed and Tenant has received the Must Take Space Refurbishment Allowance all in accordance with the Fifth Amendment and Landlord is not further obligated to refurbish or improve the Must Take Space in any manner whatsoever or to otherwise provide funds for the improvement of the Must Take Space, and Tenant has accepted the Must Take Space in its “AS-IS” condition, without any representations or warranties by Landlord and without any obligation on the part of Landlord to repair, alter, restore or improve the Must Take Space. 
		

		
			 
		

		
			7.      Accessibility.  Pursuant to Section 1938 of the California Civil Code, Landlord hereby advises Tenant that as of the date of this Amendment none of the Current Premises, the Must Take Space, the Building, nor the Project has undergone inspection by a Certified Access Specialist.
		

		
			 
		

		
			8.      Notices.  Landlord’s Notice and Rent Payment Addresses under the Lease is hereby changed to:
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Landlord’s Notice Address:

					
					
						KBSIII Towers At Emeryville, LLC
c/o KBS Capital Advisors, LLC
800 Newport Center Drive, Suite 700
Newport Beach, CA  92660
Attn:  General Counsel

				
	
					
						Landlord’s Address for Payment of Rent:

					
					
						KBSIII Towers At Emeryville, LLC
P.O. Box 740499
Los Angeles, CA  90074-0499

				
	
					
						For payment of Parking Charges:

					
					
						Imperial Parking
2000 Powell Street, Suite 100
Emeryville, CA  94608

				

		
			 
		

		
			9.      Representations and Warranties.  Tenant hereby represents, warrants, and agrees that: (a) to its knowledge, there exists no breach, default, or event of default by Landlord under the Lease, or any event or condition which, with notice or passage of time or both, would constitute a breach, default, or event of default by Landlord under the Lease; (b) the Lease continues to be a legal, valid, and binding agreement and obligation of Tenant; and (c) to its 
		

		
			
		

		 

		

			-3-

		

 

		
			knowledge, Tenant has no current offset or defense to its performance or obligations under the Lease.  
		

		
			 
		

		
			10.      Authority.  Each signatory of this Amendment on behalf of Tenant represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.
		

		
			 
		

		
			11.      Broker.  Tenant represents and warrants to Landlord that it is not aware of any brokers or finders, other than Cushman & Wakefield of California, Inc., representing Landlord, who may claim a fee or commission in connection with the consummation of the transactions contemplated by this Amendment.  If any claims for brokers’ or finders’ fees in connection with the transactions contemplated by this Amendment arise, then Tenant agrees to indemnify, protect, hold harmless and defend Landlord (with counsel reasonably satisfactory to Landlord) from and against any such claims if they shall be based upon any statement, representation or agreement made by Tenant.  
		

		
			 
		

		
			12.      No Other Modification.  Landlord and Tenant agree that except as otherwise specifically modified in this Amendment, the Lease has not been modified, supplemented, amended, or otherwise changed in any way and the Lease remains in full force and effect between the parties hereto as modified by this Amendment.  To the extent of any inconsistency between the terms and conditions of the Lease and the terms and conditions of this Amendment, the terms and conditions of this Amendment shall apply and govern the parties.  This Amendment may be executed in counterparts, each of which may be delivered to the other party by facsimile transmission or electronic mail and shall be deemed an original, but all of which, together, shall constitute one and the same Amendment.
		

		
			 
		

		
			[NO FURTHER TEXT ON THIS PAGE; SIGNATURES ON FOLLOWING PAGE]
		

		
			 
		

		
			IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Tenant:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						ADAMAS PHARMACEUTICALS, INC., 

					
					
						 

				
	
					
						a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ William J. Dawson

					
					
						 

				
	
					
						Name:

					
					
						William J. Dawson

					
					
						 

				
	
					
						Title:

					
					
						Chief Financial Officer

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			[SIGNATURES CONTINUED ON FOLLOWING PAGE]
		

		
			 
		

		
			
		

		
			

		 

		

			-4-

		

 

Landlord:  
		

		
			 
		

			
					
						KBSIII TOWERS AT EMERYVILLE, LLC,
a Delaware limited liability company

				
	
					
						 

				
	
					
						By:

					
					
						KBS Capital Advisors, LLC,
a Delaware limited liability company
Its: Authorized Agent

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Brent C. Carroll

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Brent C. Carroll

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-5-

		

 

EXHIBIT A
		

		
			 
		

		
			MUST TAKE SPACE

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