Document:

rare-ex105_443.htm

Exhibit 10.5

AMENDED AND RESTATED

FOURTH AMENDMENT TO LEASE AGREEMENT

THIS AMENDED AND RESTATED FOURTH AMENDMENT TO LEASE AMENDS, RESTATES AND SUPERSEDES IN ITS ENTIRETY THAT CERTAIN FOURTH AMENDMENT TO LEASE DATED AS OF MARCH 31, 2020, BY AND BETWEEN TENANT (AS DEFINED BELOW) AND LANDLORD (AS DEFINED BELOW).

THIS AMENDED AND RESTATED FOURTH AMENDMENT TO LEASE AGREEMENT (this “Fourth Amendment”) is made as of this 4 day of August, 2020, between ARE-MA REGION NO. 20, LLC, a Delaware limited liability company (“Landlord”), and ULTRAGENYX PHARMACEUTICAL INC., a Delaware corporation (“Tenant”).

RECITALS:

A.Tenant and Landlord are parties to that certain Lease Agreement dated as of October 30, 2015, as amended by that certain First Amendment to Lease Agreement dated as of March 20, 2018, as further amended by that certain Second Amendment to Lease Agreement dated as of July 1, 2018 (the “Second Amendment”), and as further amended by that certain Third Amendment to Lease Agreement dated as of July 29, 2019 (the “Third Amendment”) (as amended, the “Lease”).  Pursuant to the Lease, Tenant leases from Landlord certain premises consisting of approximately 24,038 rentable square feet (the “Existing Premises”) in that certain building located at 19 Presidential Way, Woburn, Massachusetts (the “Building”), as more particularly described in the Lease. Capitalized terms used herein without definition shall have the meanings defined for such terms in the Lease.

B.Landlord and Tenant acknowledge and agree that Landlord has (i) entered into a termination agreement with APT USA LLC (“APT”), the prior tenant of the Second Expansion Premises (as defined below), pursuant to which Landlord and APT have accelerated the expiration date of APT’s lease with respect to the Second Expansion Premises, and (ii) entered into a termination agreement Enko Chem, Inc. (“Enko Chem”), the existing tenant of the Third Expansion Premises (as defined below), pursuant to which Landlord and Enko Chem have agreed to accelerate the expiration date of Enko Chem’s lease with respect to the Third Expansion Premises.

C.Landlord and Tenant desire, subject to the terms and conditions set forth below, to amend the Lease to, among other things, expand the size of the Existing Premises by adding (i) that portion of (x) the third floor of the Building commonly known as Suite 302, containing approximately 7,957 rentable square feet of laboratory/office space, and (y) the first floor of the Building commonly known as Suite 100l, containing approximately 130 rentable square feet of storage space (collectively, the “Second Expansion Premises”), and (ii) that portion of (x) the third floor of the Building commonly known as Suite 306, containing approximately 7,805 rentable square feet, and (y) the first floor of the Building commonly known as Suite 100H, containing approximately 130 rentable square feet of storage space (collectively, the “Third Expansion Premises”), all as shown on Exhibit A attached to this Fourth Amendment.

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

1.Second/Third Expansion Premises.  In addition to the Existing Premises, (a) commencing on the Second Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Second Expansion Premises, and (b) commencing on the Third Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Third Expansion Premises.

 

 

2.Delivery.  

(a)Second Expansion Premises.  The “Second Expansion Premises Commencement Date” shall be the date that is 1 business day after the mutual execution of this Fourth Amendment by the parties.  Landlord shall deliver the Second Expansion Premises to Tenant on the Second Expansion Premises Commencement Date.  

Except as otherwise expressly set forth in the Lease or this Fourth Amendment: (i) Tenant shall accept the Second Expansion Premises in their condition as of the Second Expansion Premises Commencement Date; (ii) Landlord shall have no obligation for any defects in the Second Expansion Premises; and (iii) Tenant’s taking possession of the Second Expansion Premises shall be conclusive evidence that Tenant accepts the Second Expansion Premises and that the Second Expansion Premises were in good condition at the time possession was taken.  

For the period of 60 consecutive days after the Second Expansion Premises Commencement Date, Landlord shall, at its sole cost and expense (which shall not constitute an Operating Expense), be responsible for any repairs that are required to be made to the Building Systems serving only the Second Expansion Premises, unless Tenant or any Tenant Party was responsible for the cause of such repair, in which case Tenant shall pay the cost.

During the Term, at no additional cost, Tenant shall have the right to use the furniture, fixtures and equipment belonging to Landlord located within the Second Expansion Premises on the Second Expansion Premises Commencement Date ("Landlord's Furniture").  Tenant shall have no right to remove any of Landlord's Furniture from the Second Expansion Premises at any time during the Term.  Tenant shall return Landlord’s Furniture to Landlord at the expiration or earlier termination of the Term in substantially the same condition as received by Tenant, except for ordinary wear and tear and casualty. 

For the avoidance of doubt, Tenant shall not be required to remove or restore the improvements existing in the Second Expansion Premises as of the Second Expansion Premises Commencement Date at the expiration or earlier termination of the Term.

Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of all or any portion of the Second Expansion Premises or Landlord’s Furniture, and/or the suitability of the Second Expansion Premises or Landlord’s Furniture for the conduct of Tenant’s business, and Tenant waives any implied warranty that the Second Expansion Premises or Landlord’s Furniture are suitable for the Permitted Use.

(b)Third Expansion Premises.  Landlord shall use reasonable efforts to deliver the Third Expansion Premises to Tenant on August 29, 2020.  If Landlord fails to deliver the Third Expansion Premises to Tenant on August 29, 2020, Landlord shall not be liable to Tenant for any loss or damage resulting therefrom, and the Lease with respect to the Third Expansion Premises shall not be void or voidable except as provided herein.  If Landlord does not deliver the Third Expansion Premises to Tenant by September 15, 2020, for any reason other than Force Majeure delays, Tenant shall have the right to terminate the Lease with respect to the Third Expansion Premises only by written notice to Landlord, and if so terminated by Tenant, the terms of this Fourth Amendment relating to the Third Expansion Premises only shall be null and void and neither Landlord nor Tenant shall have any further rights, duties or obligations under this Fourth Amendment with respect to the Third Expansion Premises, except with respect to provisions which expressly survive termination of this Fourth Amendment.  If Tenant does not elect to void the Lease with respect to the Third Expansion Premises on or before October 12, 2020, such right to void the Lease with respect to the Third Expansion Premises shall be waived and this Fourth Amendment shall remain in full force and effect.  Landlord and Tenant acknowledge and agree that, notwithstanding anything to the contrary contained in this Fourth Amendment or in the Lease, the 

 

 

failure of Enko Chem to surrender the Third Expansion Premises shall in no event constitute a Force Majeure delay.

The “Third Expansion Premises Commencement Date” shall be the date that Landlord delivers the Third Expansion Premises to Tenant.  

Except as otherwise expressly set forth in the Lease or this Fourth Amendment: (i) Tenant shall accept the Third Expansion Premises in their condition as of the Third Expansion Premises Commencement Date; (ii) Landlord shall have no obligation for any defects in the Third Expansion Premises; and (iii) Tenant’s taking possession of the Third Expansion Premises shall be conclusive evidence that Tenant accepts the Third Expansion Premises and that the Third Expansion Premises were in good condition at the time possession was taken.  

For the period of 60 consecutive days after the Third Expansion Premises Commencement Date, Landlord shall, at its sole cost and expense (which shall not constitute an Operating Expense), be responsible for any repairs that are required to be made to the Building Systems serving only the Third Expansion Premises, unless Tenant or any Tenant Party was responsible for the cause of such repair, in which case Tenant shall pay the cost.  

Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of all or any portion of the Third Expansion Premises, and/or the suitability of the Third Expansion Premises for the conduct of Tenant’s business, and Tenant waives any implied warranty that the Third Expansion Premises are suitable for the Permitted Use.

(c)General.  Upon the request of Landlord or Tenant, the parties shall execute and deliver a written acknowledgment of the Second Expansion Premises Commencement Date and the Third Expansion Premises Commencement Date in substantially the form of the “Acknowledgement of Second Expansion Premises Commencement Date” attached hereto as Exhibit B; provided, however, either party’s failure to execute and deliver such acknowledgment shall not affect Landlord’s or Tenant’s rights hereunder.

3.Premises and Rentable Area of Premises.  

(a)Commencing on the Second Expansion Premises Commencement Date, the defined terms “Premises” and “Rentable Area of Premises” on page 1 of the Lease shall be deleted in their entirety and replaced with the following:

“Premises:  That portion of the Building, consisting of (i) approximately 17,475 rentable square feet of laboratory/office space on the second floor of the Building (the “Original Premises”), (ii) approximately 108 rentable square feet of storage space on the first floor of the Building (the “Storage Premises”), (iii) approximately 6,455 rentable square feet of laboratory/office space on the third floor of the Building (the “Expansion Premises”), and (iv) the third floor of the Building commonly known as Suite 302, containing approximately 7,957 rentable square feet of laboratory/office space, plus the first floor of the Building commonly known as Suite 100L, containing approximately 130 rentable square feet of storage space (the “Second Expansion Premises”), all as determined by Landlord, as shown on Exhibit A.” 

“Rentable Area of Premises:  32,125 sq. ft.”

As of the Second Expansion Premises Commencement Date, Exhibit A to the Lease shall be amended to include the Second Expansion Premises as shown on Exhibit A attached to this Fourth Amendment.

 

 

(b)Commencing on the Third Expansion Premises Commencement Date, the defined terms “Premises” and “Rentable Area of Premises” on page 1 of the Lease shall be deleted in their entirety and replaced with the following:

“Premises:  That portion of the Building, consisting of (i) approximately 17,475 rentable square feet of laboratory/office space on the second floor of the Building (the “Original Premises”), (ii) approximately 108 rentable square feet of storage space on the first floor of the Building (the “Storage Premises”), (iii) approximately 6,455 rentable square feet of laboratory/office space on the third floor of the Building (the “Expansion Premises”), (iv) the third floor of the Building commonly known as Suite 302, containing approximately 7,957 rentable square feet of laboratory/office space, plus the first floor of the Building commonly knowns as Suite 100L, containing approximately 130 rentable square feet of storage space (the “Second Expansion Premises”), and (v) that portion of the third floor of the Building commonly known as Suite 306, containing approximately 7,805 rentable square feet, plus the first floor of the Building commonly known as Suite 100H, containing approximately 130 rentable square feet of storage space (the “Third Expansion Premises”), all as determined by Landlord, as shown on Exhibit A.” 

“Rentable Area of Premises:  40,060 sq. ft.”

As of the Third Expansion Premises Commencement Date, Exhibit A to the Lease shall be amended to include the Third Expansion Premises as shown on Exhibit A attached to this Fourth Amendment.

4.Base Rent.  

(a)Existing Premises.  Tenant shall continue to pay Base Rent with respect to the Existing Premises as provided for under the Lease through March 31, 2021.  Commencing on April 1, 2021, Tenant shall pay Base Rent for the Existing Premises in the amount of $34.00 per rentable square foot of the Existing Premises per year.  Base Rent payable with respect to the Existing Premises shall increase on April 1, 2022, and on each April 1st thereafter through the Extended Expiration Date (as defined below in Section 5) (each, an “Existing Premises Adjustment Date”) by multiplying the Base Rent payable with respect to the Existing Premises immediately before such Existing Premises Adjustment Date by 3% and adding the resulting amount to the Base Rent payable with respect to the Existing Premises immediately before such Existing Premises Commencement Date.  

(b)Second Expansion Premises.  Commencing on the Second Expansion Premises Commencement Date, Tenant shall pay Base Rent with respect to the Second Expansion Premises in the amount of $38.50 per rentable square foot of the Second Expansion Premises per year.  Base Rent payable with respect to the Second Expansion Premises shall be increased on each annual anniversary of the Second Expansion Premises Commencement Date (each, a “Second Expansion Premises Adjustment Date”) by multiplying the Base Rent payable with respect to the Second Expansion Premises immediately before such Second Expansion Premises Adjustment Date by 3% and adding the resulting amount to the Base Rent payable with respect to the Second Expansion Premises immediately before such Second Expansion Premises Adjustment Date.

(c)Third Expansion Premises.  Commencing on the Third Expansion Premises Commencement Date, Tenant shall pay Base Rent with respect to the Third Expansion Premises in the amount of $41.00 per rentable square foot of the Third Expansion Premises per year.  Base Rent payable with respect to the Third Expansion Premises shall be increased on each annual anniversary of the Third Expansion Premises Commencement Date (each, a “Third Expansion Premises Adjustment Date”) by multiplying the Base Rent payable with respect to the Third Expansion Premises immediately before such Third Expansion Premises Adjustment Date by 3% 

 

 

and adding the resulting amount to the Base Rent payable with respect to the Third Expansion Premises immediately before such Third Expansion Premises Adjustment Date.

5.Base Term.  Commencing on the Second Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease shall be deleted in its entirety and replaced with the following”

“Base Term:  Commencing (i) with respect to Original Premises on the Commencement Date, (ii) with respect to the Expansion Premises on the Expansion Premises Commencement Date, (iii) with respect to the Second Expansion Premises on the Second Expansion Premises Commencement Date, and (iv) with respect to the Third  Expansion Premises on the Third Expansion Premises Commencement Date, and ending with respect to the entire Premises on April 30, 2025 (the “Extended Expiration Date”).”

6.Tenant’s Share.  

(a)Commencing on the Second Expansion Premises Commencement Date, the defined term “Tenant’s Share of Operating Expenses” on page 1 of the Lease shall be deleted in its entirety and replaced with the following:

“Tenant’s Share of Operating Expenses:  22.17%”

(b)Commencing on the Third Expansion Premises Commencement Date, the defined term “Tenant’s Share of Operating Expenses” on page 1 of the Lease shall be deleted in its entirety and replaced with the following:

“Tenant’s Share of Operating Expenses:  27.65%”

7.Premises Improvements.  Commencing on the Second Expansion Premises Commencement Date, Landlord shall make available to Tenant a tenant improvement allowance in the amount of $477,645.00 (the “Fourth Amendment Improvement Allowance”) for the design and construction of fixed and permanent improvements desired by and performed by Tenant and reasonably acceptable to Landlord in the Premises (the “Premises Improvements”), which Premises Improvements shall be constructed pursuant to a scope of work reasonably acceptable to Landlord and Tenant.  The Fourth Amendment Improvement Allowance shall be available only for the design and construction of the Premises Improvements.  The Fourth Amendment Improvement Allowance may not be used to purchase any furniture, personal property or other non-Building System materials or equipment, except that Tenant may use a portion of the Fourth Amendment Improvement Allowance for Tenant’s tele/data cabling.  Tenant acknowledges that upon the expiration or earlier termination of the Term of the Lease, the Premises Improvements shall become the property of Landlord and may not be removed by Tenant.  Except for the Fourth Amendment Improvement Allowance, Tenant shall be solely responsible for all of the costs of the Premises Improvements.  The Premises Improvements shall be treated as Alterations and shall be undertaken pursuant to Section 12 of the Lease.  The contractor for the Premises Improvements shall be selected and engaged by Tenant, subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Prior to the commencement of the Premises Improvements, Tenant shall deliver to Landlord a copy of any contract with Tenant’s contractors, and certificates of insurance from any contractor performing any part of the Premises Improvements evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance.  Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above.  

During the course of design and construction of the Premises Improvements, Landlord shall reimburse Tenant for the cost of the Premises Improvements once a month against a draw request in Landlord’s standard form, containing evidence of payment of the applicable costs and such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases 

 

 

for the prior month’s progress payments), inspection reports and other matters as Landlord customarily and reasonably obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request.  Upon completion of the Premises Improvements (and prior to any final disbursement of the Fourth Amendment Improvement Allowance) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on the Premises Improvements and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans, if available, for Premises Improvements.  Notwithstanding the foregoing, if the cost of the Premises Improvements exceeds the Fourth Amendment Improvement Allowance, Tenant shall be required to pay such excess in full prior to Landlord having any obligation to fund any remaining portion of the Fourth Amendment Improvement Allowance.  The Fourth Amendment Improvement Allowance shall only be available for use by Tenant for the construction of the Premises Improvements from the date of this Fourth Amendment through the date that is 36 months after the date of this Fourth Amendment (the “Outside Fourth Amendment Improvement Allowance Date”).  Any portion of the Fourth Amendment Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the Outside Fourth Amendment Improvement Allowance Date shall be forfeited and shall not be available for use by Tenant.

Landlord and Tenant acknowledge that Tenant did not use any of the Improvement Allowance made available to Tenant pursuant to the Second Amendment.  Notwithstanding anything to the contrary contained in the Second Amendment or in this Fourth Amendment, in addition to the Fourth Amendment Improvement Allowance, Tenant shall have the right to use the Improvement Allowance in the amount of $64,550.00 toward the cost of the Premises Improvements prior to the Outside Fourth Amendment Improvement Allowance Date.

8.Right to Expand.

(a)Expansion in the Building.  Following the Second Expansion Premises Commencement Date, Tenant shall have the one-time right with respect to each suite identified as part of the Expansion Space, but not the obligation, to expand the Premises (the “Expansion Rights”) to include the Expansion Space upon the terms and conditions set forth in this Section.  For purposes of this Section 8(a), “Expansion Space” shall mean (i) that certain space on the first floor of the Building consisting of approximately 7,893 rentable square feet commonly known as Suite 104 (along with that certain space on the first floor of the Building commonly known as Suite 100G, containing approximately 260 rentable square feet of storage space), (ii) that certain space on the second floor of the Building consisting of approximately 9,521 rentable square feet commonly known as Suite 203 (along with that certain space on the first floor of the Building commonly known as Suite 100D, containing approximately 424 rentable square feet of storage space), (iii) that certain space on the second floor of the Building consisting of approximately 5,327 rentable square feet commonly known as Suite 204 (along with that certain space on the first floor of the Building commonly known as Suite 100C, containing approximately 489 rentable square feet of storage space), and (iv) that certain space on the third floor of the Building consisting of approximately 12,695 rentable square feet commonly known as Suite 304 (along with that certain space on the first floor of the Building commonly known as Suite 100E, containing approximately 400 rentable square feet of TC lab space), to the extent that each such space is not occupied by a tenant or which is occupied by a then-existing tenant whose lease is being terminated or whose lease is expiring within 9 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space.  If all or a portion of the Expansion Space becomes available Landlord shall, at such time as Landlord shall elect so long as Tenant’s rights hereunder are preserved, deliver to Tenant written notice (each, an “Expansion Notice”) of the availability of such Expansion Space, together with the terms and conditions on which Landlord is prepared to lease Tenant such Expansion Space.  Tenant shall be entitled to exercise its right under this Section 8(a) only with respect to the entire Expansion Space identified in an Expansion Notice (“Identified Expansion Space”). Tenant shall have 10 business days following delivery of the Expansion Notice to deliver to Landlord written notification of Tenant’s exercise of its Expansion Right (“Exercise Notice”) with respect to the Identified Expansion Space identified in the Expansion Notice.  Tenant shall be entitled to lease the Identified Expansion Space upon the terms 

 

 

and conditions set forth in the applicable Expansion Notice and otherwise consistent with the terms of the Lease.  Each time Tenant elects to exercise its Expansion Right with respect to an Identified Expansion Space, the Term of the Lease with respect to the entire Premises shall be extended through the date that is 60 months following the commencement date of the Lease with respect to the Identified Expansion Space identified in the applicable Expansion Notice, in which case Base Rent with respect to the existing Premises shall continue to increase annually by 3% per year through the Term, as extended.  Notwithstanding anything to the contrary contain herein, in no event shall the Fourth Amendment Improvement Allowance apply with respect to any Identified Expansion Space.  If Tenant fails to deliver an Exercise Notice to Landlord for Identified Expansion Space identified in an Expansion Notice within the required 10 business day period, Tenant shall be deemed to have waived its rights under this Section 8(a) to lease such Identified Expansion Space, and Landlord shall have the right to lease such Expansion Space to any third party on any terms and conditions acceptable to Landlord.  Notwithstanding anything to the contrary contained herein, Tenant shall have no right to exercise its Expansion Right and the provisions of this Section 8(a) shall no longer apply after the date that is 9 months prior to the Extended Expiration Date if Tenant has not exercised its Extension Right pursuant to Section 39 of the original Lease.

(b)Amended Lease.  If: (i) Tenant fails to timely deliver an Exercise Notice, or (ii) following Tenant’s delivery of an exercise notice to Landlord, Landlord tenders to Tenant an amendment to the Lease for the rental of the applicable Identified Expansion Space reasonably acceptable to Landlord and Tenant, each in their reasonable discretion, and Tenant fails to execute such Lease amendment within 10 days following such tender, Tenant shall be deemed to have waived its right to lease such Identified Expansion Space.

(c)Exceptions.  Notwithstanding the above, the Expansion Right shall, at Landlord’s option, not be in effect and may not be exercised by Tenant:

(ii) during any period of time that Tenant is in default (following any applicable notice and cure periods) under any provision of the Lease; or

(ii) if Tenant has been in default (following any applicable notice and cure periods) under any provision of the Lease 3 or more times, whether or not the defaults (following any applicable notice and cure periods) are cured, during the 12 month period prior to the date on which Tenant seeks to exercise such Expansion Right.

(d)Termination.  The Expansion Right shall, at Landlord’s option, terminate and be of no further force or effect even after Tenant’s due and timely exercise of the Expansion Right, if, after such exercise, but prior to the commencement date of the lease of an Identified Expansion Space, (i) Tenant fails to timely cure any default by Tenant (following any applicable notice and cure periods) under the Lease; or (ii) Tenant has defaulted (following any applicable notice and cure periods) 3 or more times during the period from the date of the exercise of the Expansion Right to the date of the commencement of the lease of an Identified Expansion Space, whether or not such defaults (following any applicable notice and cure periods) are cured.

(e)Rights Personal.  The Expansion Right is personal to Tenant and is not assignable without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion separate and apart from any consent by Landlord to an assignment of Tenant’s interest in the Lease, except that they may be assigned in connection with any Permitted Assignment of the Lease.

(f)No Extensions.  The period of time within which the Expansion Right may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise the Expansion Right.

9.Lower Level Premises.  For the avoidance of doubt, the terms of the Third Amendment shall continue to apply with respect to the Lower Level Premises.

 

 

10.Parking.  Subject to the terms and conditions of Section 10 of the Lease, Tenant shall have the right, at no additional cost, to use its pro rata share of parking spaces with respect to the Second Expansion Premises and the Third Expansion Premises, respectively, which parking spaces shall be in those areas of the Project designated for non-reserved parking.

11.Signage.  Suite entry signage with respect to the Second Expansion Premises and the Third Expansion Premises, and signage on the directory tablet serving the Building shall be inscribed, painted or affixed for Tenant by Landlord, at Landlord’s cost.

12.OFAC.  Tenant and Landlord are currently (a) in compliance with and shall at all times during the Term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules”), (b) not listed on, and shall not during Term of the Lease be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.

13.Brokers.  Landlord and Tenant each represents and warrants that it has not dealt with any broker, agent or other person (collectively, “Broker”) in connection with the transaction reflected in this Fourth Amendment and that no Broker brought about this transaction, other than Colliers International and CBRE. Landlord and Tenant each hereby agree to indemnify and hold the other harmless from and against any claims by any Broker, other than Colliers International and CBRE, claiming a commission or other form of compensation by virtue of having dealt with Landlord or Tenant, as applicable, with regard to this Fourth Amendment.  

14.Miscellaneous.

(a)This Fourth Amendment is the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions.  This Fourth Amendment may be amended only by an agreement in writing, signed by the parties hereto.

(b)This Fourth Amendment is binding upon and shall inure to the benefit of the parties hereto, and their respective successors and assigns.

(c)This Fourth Amendment may be executed in 2 or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  Electronic signatures shall be deemed original signatures for purposes of this Fourth Amendment and all matters related thereto, with such electronic signatures having the same legal effect as original signatures.

(d)Except as amended and/or modified by this Fourth Amendment, the Lease is hereby ratified and confirmed and all other terms of the Lease shall remain in full force and effect, unaltered and unchanged by this Fourth Amendment.  In the event of any conflict between the provisions of this Fourth Amendment and the provisions of the Lease, the provisions of this Fourth Amendment shall prevail.  Whether or not specifically amended by this Fourth Amendment, all of the terms and provisions of the Lease are hereby amended to the extent necessary to give effect to the purpose and intent of this Fourth Amendment.

[Signatures are on the next page]

 

 

IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute this Fourth Amendment as of the date first written above.

TENANT:

ULTRAGENYX PHARMACEUTICAL INC.,
a Delaware corporation

By:/s/ Thomas Kassberg

Print Name: Thomas Kassberg

Its: Chief Business Officer

 

LANDLORD:

ARE-MA REGION NO. 20, LLC, 
a Delaware limited liability company

By:ALEXANDRIA REAL ESTATE EQUITIES, L.P., 
a Delaware limited partnership,
managing member

By:ARE-QRS CORP., 
a Maryland corporation, 
general partner

By: /s/ Kristen Childs
Print Name: Kristen Childs
Its: Vice President, RE Legal Affairs 

 

 

 

 

EXHIBIT A

 

SECOND EXPANSION PREMISES AND THIRD EXPANSION PREMISES

 

 

 

 

735942723.11

 

EXHIBIT B

 

ACKNOWLEDGMENT OF SECOND AND THIRD

EXPANSION PREMISES COMMENCEMENT DATE

This ACKNOWLEDGMENT OF SECOND AND THIRD EXPANSION PREMISES COMMENCEMENT DATE is made this _____ day of ______________, ____, between ARE-MA REGION NO. 20, LLC, a Delaware limited liability company (“Landlord”), and ULTRAGENYX PHARMACEUTICAL INC., a Delaware corporation (“Tenant”), and is attached to and made a part of that certain Lease Agreement dated as of October 30, 2015, as amended by that certain First Amendment to Lease Agreement dated as of March 20, 2018, as further amended by that certain Second Amendment to Lease Agreement dated as of July 1, 2018, as further amended by that certain Third Amendment to Lease Agreement dated as of July 29, 2019, and as further amended by that certain Amended and Restated Fourth Amendment to Lease Agreement dated as of July ___, 2020 (as amended, the “Lease”), by and between Landlord and Tenant.  Any initially capitalized terms used but not defined herein shall have the meanings given them in the Lease.

Landlord and Tenant hereby acknowledge and agree, for all purposes of the Lease, that the Second Expansion Premises Commencement Date is ______________, _____, Third Expansion Premises Commencement Date is ______________, _____, and the termination date of the Base Term of the Lease shall be midnight on April 30, 2025.  In case of a conflict between the terms of the Lease and the terms of this Acknowledgment of Second and Third Expansion Premises Commencement Date, this Acknowledgment of Second Expansion Premises Commencement Date shall control for all purposes.

IN WITNESS WHEREOF, Landlord and Tenant have executed this ACKNOWLEDGMENT OF SECOND AND THIRD EXPANSION PREMISES COMMENCEMENT DATE to be effective on the date first above written.

LANDLORD: ARE-MA REGION NO. 20, LLC,
a Delaware limited liability company

	
 
	
By: 
	
ALEXANDRIA REAL ESTATE EQUITIES, L.P., 
a Delaware limited partnership, 
its managing member

	
 
	
By:
	
ARE-QRS CORP.,
a Maryland corporation,
its general partner

By:

	

	
Its:

TENANT:ULTRAGENYX PHARMACEUTICAL INC.,

a Delaware corporation

By:  
Name:
Title:

735942723.11irsacpexhibit415

 

Exhibit 4.15

TRADUCCIÓN PÚBLICA

SWORN TRANSLATION

 

TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF AMENDMENT
TO THE CORPORATE SERVICES MASTER AGREEMENT

 

Agreement
made in the Autonomous City of Buenos Aires on the 30th day of June of 2020
by and between:

 

(i)
CRESUD S.A.C.I.F. y A.,
domiciled at Moreno 877, 23th Floor, Autonomous City of Buenos
Aires, represented hereat by the undersigned attorneys-in-fact
(hereinafter “CRESUD”), party of the first
part;

 

(ii)
IRSA Propiedades Comerciales
S.A., domiciled at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact (hereinafter “IRSAPC”), party of the
second part, and

 

(iii)
IRSA Inversiones y Representaciones
Sociedad Anónima, domiciled at Bolívar 108,
1st Floor,
Autonomous City of Buenos Aires and having established domicile for
purposes hereof at Moreno 877, 22nd Floor, Autonomous
City of Buenos Aires, represented hereat by the undersigned
attorneys-in-fact, party of the third part (hereinafter
“IRSA” and collectively with CRESUD and IRSAPC referred
to as “THE PARTIES”).

 

WHEREAS: 

 

(i) On
June 30, 2004 THE PARTIES executed a Master Agreement for the
Exchange of Corporate Services (hereinafter “the Master
Agreement”);

 

(ii) On
August 23, 2007 THE PARTIES executed the First Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “First Agreement”), whereby
certain amendments were introduced to the Areas of Exchange of
Corporate Services and the Cost Distribution Bases, and new
Individually Responsible Persons were appointed;

 

(iii)
On August 14, 2008 and November 27, 2009, THE PARTIES executed the
Second Agreement for the Implementation of Amendments to the
Corporate Services Master Agreement (hereinafter the "Second
Agreement”) and the Third Agreement for the Implementation of
Amendments to the Corporate Services Master Agreement (hereinafter
the “Third Agreement”), respectively, whereby new
amendments were introduced to the Areas of Exchange of Corporate
Services and the Cost Distribution Bases;

 

(iv) On
March 12, 2010, THE PARTIES executed an Addendum to the Master
Agreement for the Exchange of Corporate Services (hereinafter the
“Addendum”) whereby THE PARTIES agreed to unify in
CRESUD the services of the Areas of Exchange of Corporate Services,
for which purposes the employment agreements of most of the
employees of such areas were transferred and the procedure to
allocate the costs of potential labor expenses arising from
departure of employees was established;

 

 

1

 

 

(v) On
July 11, 2011, THE PARTIES executed the Fourth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fourth Agreement”); on October
15, 2012, THE PARTIES executed the Fifth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the "Fifth Agreement"); on November 12,
2013, THE PARTIES executed the Sixth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Sixth Agreement”); and on
February 18, 2015, THE PARTIES executed the Seventh Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Seventh Agreement” and
together with the First Agreement, the Second Agreement, the Third
Agreement, the Fourth Agreement, the Fifth Agreement and the Sixth
Agreement, the “Agreements”), whereby new amendments
were introduced to the Areas of Exchange of Corporate Services and
the Cost Distribution Bases;

 

(vi)
Pursuant to the structuring process of a new organizational model
of division of areas by business, an agreement was reached to
transfer to IRSA and/or IRSAPC the employment agreements of those
employees who render services related to the Technical,
Infrastructure and Services, Purchases, Architecture and Design and
Works Development Area, Real Estate Business Management, Real
Estate Business Human Resources, Safety and Real Estate Areas, all
of them related to the real estate business. On February 24, 2014
THE PARTIES executed a Second Addendum to the Master Agreement for
the Exchange of Corporate Services (hereinafter the “Second
Addendum”) whereby the mechanisms to be used for the
allocation of the costs of potential labor expenses that such
process would involve were established.

 

(vii)
On November 12, 2015, THE PARTIES executed the Eighth Agreement for
the Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eighth
Agreement”)

 

(viii)
On May 5, 2017, THE PARTIES executed the Ninth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Ninth
Agreement”).

 

(ix) On
June 29, 2018, THE PARTIES executed the Tenth Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Tenth
Agreement”).

 

(x) On
June 28, 2019, THE PARTIES executed the Eleventh Agreement for the
Implementation of Amendments to the Corporate Services Master
Agreement (hereinafter the “Eleventh
Agreement”).

 

(xi)
THE PARTIES have been performing the Master Agreement based on an
Implementation Manual originally drafted by Deloitte & Co.
S.R.L., updated in due time;

 

 

2

 

 

(xii)
In accordance with the recommendations made by Deloitte on its
reports, new operational changes have been implemented in the Areas
of Exchange of Corporate Services and the Cost Distribution Bases
starting in July 2018, which THE PARTIES wish to acknowledge in
writing;

 

(xiii)
THE PARTIES have disclosed the content of the TWELFTH AGREEMENT FOR THE IMPLEMENTATION OF
AMENDMENTS TO THE CORPORATE SERVICES MASTER AGREEMENT
(hereinafter the “Twelfth Agreement”) to their
respective Audit Committees; and

 

(xix)
THE PARTIES execute this Twelfth Agreement ad referendum the effective approval
thereof by the Board of Directors of THE PARTIES;

 

NOW IN CONSIDERATION OF THE FOREGOING, THE PARTIES hereby
agree to execute this Twelfth Agreement subject to the following
terms and conditions:

 

ONE: THE PARTIES ratify that the Areas (as defined in the
Master Agreement) and the calculation method applicable to the
Exchange of Operational Services (also as defined in the Master
Agreement) have been changed as from the dates listed below,
amending therefore Exhibits I and II, as amended by the Agreements,
to the Master Agreement as per the following detail:

 

(i)
Starting in July 2019, the Human Resources department reporting to
the Shared Services Center (CSC) changed its Cost distribution
method from “50% weighing of percentages of the CSC sectors;
and 50% weighing of percentages of the Corporate divisions”
to “75% weighing of percentages of the CSC sectors; and 25%
weighing of percentages of the Corporate divisions.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(ii)
Starting in July 2019, the Commercial Transactions department
reporting to the Shared Services Center changed the Cost
distribution method from “Hours devoted to each task”
to “Number of agreements signed by company. As a consequence,
Exhibit II was modified to reflect these changes.

 

(iii)
Starting in July 2019, the Financial Planning and Risks department
reporting to the Administration and Finance area changed the Cost
distribution method from “time spent in tasks
performed” to “50 % for Financial Risks will be
distributed pro rata based on the following: Number of risk notes
made for balance sheets, Valuation of instruments, Fair Value of
Liabilities (number of valued debts), yield/risk analysis for
assets and Liabilities. Fifty percent (50%) for Financial Planning
will be distributed pro rata based on the number of consolidated
companies in each cash report submitted on a monthly basis and
those companies in which a quarterly report is separately sent for
the company because there is a partner.” As a consequence,
Exhibit II was modified to reflect these changes.

 

(iv)
Starting in July 2019, the System Maintenance division reporting to
the Shared Services Center became a party to the Shared Services
Agreement, and it applied the Cost distribution method “Hours
devoted to each task.” As a consequence, Exhibits I and II
were modified to reflect these changes.

 

 

3

 

 

(v)
Starting in January 2020, the Financial Administration department
reporting to Administration and Finance changed the Cost
distribution method from “total Assets weighted at 40% and
total Liabilities weighted at 60%. The resulting percentage shall
be weighted at 80% over the total. The remaining 20% will
correspond to the percentage that each company consummates over the
total inquiries for special transactions.” to “Total
Assets weighted at 60% and total Liabilities weighted at 40%. The
resulting percentage shall be weighted at 50% over the total.
Thirty percent (30%) corresponds to the number of transactions
performed for each vehicle and its subsidiaries. The remaining 20%
will correspond to the number of vehicles for which transactions
are performed and the number of inquiries for special
transactions.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(vi)
Starting in March 2020, the functions of the Hotels division were
absorbed by the Investments area. As a consequence, Exhibits I and
II were modified to reflect these changes.

 

(vii)
Starting in March 2020, the Rental Offices segment ceased to report
to the Investments division. As a consequence, Exhibits I and II
were modified to reflect these changes.

 

(viii)
In March 2020, the Governmental Affairs division started reporting
to the Investments area. In addition, starting in July 2020, the
sector changed its Cost distribution method from “Weighing of
allocated projects” to “Tasks performed and time spent
in such tasks.” As a consequence, Exhibits I and II were
modified to reflect these changes.

 

(ix)
Starting in July 2020, the Investments division and the Commercial
Design division, reporting to the Investments area, changed their
cost distribution methods from “By total book value of the
properties in each company” and “IRSA/IRSAPC: Projects
executed,” to the same method for both of them: “Tasks
performed and time spent in each”. As a consequence, Exhibit
II was modified to reflect these changes.

 

(x)
Starting in July 2020, the Internal Control and Internal Audit
departments, reporting to Compliance, were combined into one single
department under the name of “Risk Management and
Audit,” and implemented as Cost distribution method
“Time estimated/projected in the annual plan.” As a
consequence, Exhibit II was modified to reflect these
changes.

 

(xi)
Starting in July 2020, the Compliance Department, Fraud Prevention
and Corporate Governance, reporting to the Compliance department,
were combined into one single department under the name of
“Compliance Department,” and implemented the Cost
distribution method “Proportional among the three
companies.” As a consequence, Exhibit II was modified to
reflect these changes.

 

(xii)
Starting in July 2020, a part of the Corporate Accounting and
Reporting department reporting to the Administration and Finance
area, together with the Accounting and Reporting department of the
Real Estate Business reporting to the Administration department of
the Real Estate Business, and the Accounting and Reporting
department reporting to the Agricultural Business, were combined
into one single department under the name of Accounting and
Reporting, and implemented the

 

 

4

 

 

Cost
distribution method “Number of vouchers recorded by the three
companies and their managed subsidiaries.” As a consequence,
Exhibit II was modified to reflect these changes.

 

In
consideration of the foregoing, the PARTIES hereby put on record
that, subject to the clarifications detailed in the preceding
clauses and for purposes of updating Exhibits I and II, they shall
be read as hereto attached for the periods and as from the dates
indicated.

 

TWO: THE PARTIES represent that all the sections of the
Master Agreement, the Agreements, the Addendum and the Second
Addendum that have not been amended pursuant to this Twelfth
Agreement continue to be in full force and effect.

 

In
witness whereof, this Agreement has been executed in three (3)
counterparts of the same tenor and to a single effect in the place
and on the date first written.

 

 

CRESUD S.A.C.I.F.y A. 

 

[Illegible signature]  Mariano Garriga / 
[Illegible signature] Carlos Bolusson

Attorneys-in-fact 

 

IRSA Inversiones
y Representaciones Sociedad Anónima 

 

[Illegible signature]  Jose Luis Rinaldini /

[Illegible signature] Roberto Daniel
Sanguinetti

Attorneys-in-fact 

 

IRSA Propiedades
Comerciales S.A. 

 

[Illegible signature]  Gaston Lernoud /

[Illegible signature] Cristina Johnson

Attorneys-in-fact 

 

 

 

5

 

Exhibit I

 

Description of Corporate Services Exchange
Areas

 

Corporate Human Resources 

 

The Human Resources sector renders to THE PARTIES the service
consisting in Human Resources Administration; Human Resources
Management, and Organizational Culture Management. Within the main
activities of the sector we may mention labor relationships,
selection of managerial positions, leadership training and
interpersonal skills, compensation and benefits, internal
communications, etc.

 

Administration and Finance 

 

The Administration and Finance sector renders to THE PARTIES the
service consisting in Investor Relations, Capital Markets,
Financial Risk and Management of Financial Transactions. In
addition, it renders to THE PARTIES the service consisting in
planning and defining the companies’ fiscal
policies and
Control and determination of the companies’ accounting
guidelines and policies.

 

Planning 

 

The Planning area is responsible for medium- and long-term
planning, for aligning THE PARTIES’ objectives and individual
goals, for coordinating THE PARTIES’ investment analysis,
controlling the Board’s and corporate expenses management and
budgeting, and for coordinating all the management information
flowing through the businesses and submitted to the respective
Boards of Directors.

 

Institutional Relations 

 

The Institutional Relations department renders to THE PARTIES the
service consisting in relations with the media and communities
where the company does business, consisting in drafting of
newsletters and statements, preparation of brochures and
institutional events, CSR strategy, relationship with NGOs and
planning and preparation of CSR actions.

 

Compliance 

 

The Compliance sector is responsible for information security and
Internal Control, controlling the proper management of the
different processes that constitute the administrative and
accounting system and participating in their continuous
improvement. In addition, it is in charge of verifying compliance
with controls defined in the processes as well as with the
regulations, principles and procedures that govern the governing
bodies of the Parties. In addition, it provides support and
assistance to the Audit Committee for compliance with its duties.
Furthermore, it renders to THE PARTIES Corporate Fraud Prevention
services.

 

Shared Services Center 

 

The Shared Services Center provides THE PARTIES with all the
transactional and operational services associated with income and
expense management, to the services inherent in managing human
resources benefits and payroll processing, in commercial contract
management, in errand running services and in general services. And
it is also responsible for managing, maintaining and providing
support to systems, technology and processes and the
companies’ tax calculation processes. In addition, it
controls the expenses management and budgeting of the
area.

 

Safety 

 

The Safety sector renders to THE PARTIES the surveillance
service. 

 

Legal Affairs - Corporate 

 

The Legal Affairs - Corporate sector renders to THE PARTIES the
service consisting in aid to the preparation, analysis of and
answer to legal briefs, agreements, official letters, etc. In
addition, it renders

 

 

6

 

 

to THE PARTIES the service consisting in managing their
assets’ coverage by negotiating, purchasing and monitoring
insurance policies, dealing with claims in terms of coverage,
collection, etc.

 

Technical, Infrastructure and Services 

 

The Technical, Infrastructure and Services sector renders to THE
PARTIES the services consisting in Operation, maintenance and
preservation of real estate assets and land reserves of the
Companies.

 

Purchases and Hirings 

 

The Purchases and Hirings sector renders to THE PARTIES the
services consisting in procuring the most appropriate goods and/or
service for the purpose for which they will be used. Quality, costs
and terms of delivery are essential when taking the decision to
hire. In addition, this sector deals with the necessary means to
obtain appropriate financing of the purchases from
suppliers.

 

Proceedings and Permits 

 

The Proceedings and Permits sector renders to IRSA and IRSA PC the
service consisting in management of national and municipal permits
and licenses before the controlling entities.

 

Corporate Environment 

 

The Corporate Environment Sector assesses the environmental impact
of projects and activities in order to determine preventive and
corrective actions. This sector seeks to minimize potential
impacts, following the working methodology set forth in an
Environmental Management System. This area also manages the
environmental records that are required by operation of
law.

 

Investments 

 

The Investments sector renders to IRSA and IRSA PC the services
consisting in sales, acquisitions, Commercial design and Project
management of real estate. In addition, it takes part in the
businesses of IRSA and IRSA PC arising from governmental grants
(exploitation concessions and private initiatives).

It renders to IRSA the services consisting in the integration of
the different areas of hotels along with their business relations.
It carries out activities to optimize and control hotels’
management and organization.

It renders to IRSA the services consisting in the integration of
the different areas of IRSA International Businesses with its
business relationships and performs tasks intended to optimize and
control management of such companies.

 

Rental Offices 

 

The Rental Offices sector renders to IRSA and IRSA PC the services
consisting in commercial management of offices and other real
properties of the real estate business.

 

Bolívar 

 

Bolívar includes the employees performing activities of
support and assistance to the Parties’ Board of
Directors.

 

Real Estate Business Board of Directors to be
Distributed 

 

The Real Estate Business Board of Directors to be Distributed
sector includes the employees performing activities of support and
assistance to the Board of Directors of IRSA and
IRSAPC.

 

Attorneys-in-Fact 

 

The Attorneys-in-Fact sector groups the employees who perform
activities consisting in representing THE PARTIES before different
governmental agencies.

 

 

7

 

 

General Management Department to be Distributed

 

The General Management Department to be Distributed sector includes
employees performing activities of support and assistance to the
Parties’ General Management Departments.

 

Board of Directors’ Safety 

 

The Board of Directors’ Safety sector renders to the Parties
the service consisting in comprehensive safety for the main
officers acting in their Board of Directors.

 

Real Estate Business Management 

 

The Real Estate Business Management sector renders the following
services to IRSA and IRSAPC: budget and management control,
analysis of new businesses, marketing and leadership agreements for
the business legal aspects.

 

Real Estate Business HR 

 

The Real Estate Business HR sector renders to IRSA and IRSAPC the
service consisting in Human Resource Administration; Human Resource
Management; Workplace Safety, Hygiene and Environment;
Organizational Culture Management and Project Management. The main
sector activities include, among others: personnel management,
recruitment and training, compensation and benefits, internal
communication, etc.

 

Accounting and Reporting 

 

The Accounting and Reporting sector renders to the Parties the
services consisting in accounting and preparation of
non-consolidated and consolidated financial statements of IRSA
Inversiones y Representaciones S.A., IRSA Propiedades Comerciales
S.A. and CRESUD S.A.C.I.F. y A. and of the respective managed
subsidiaries.

 

 

 

8

 

Exhibit II

Cost Distribution Bases

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Human Resources

 

	

Corporate
Human Resources

 

	
 

	

By
headcount (non-corporate personnel) and weighting the percentages
of other areas (corporate personnel).

 

	

Administration and Finance

	

Finance
Department

	
 

	

The
percentages of all the sectors making up the area are
weighted.

	

Capital
Markets

	
 

	

Number
of financial
transactions conducted in the period weighted at 70% and the
remaining 30% corresponds to updates of offering memoranda and
“horizontal” works (20F, annual reports, Press Release,
etc.)

	

Relations
with Investors

	
 

	

Number
of business highlights during the six-month period, number of
earnings releases, number of meetings with investors (current or
potential) to discuss the companies’ business and strategy,
number of active coverages, number of earnings release conferences,
the complexity of the website of each company, number of material
events published in the Argentine Securities Commission and the US
Securities and Exchange Commission, and number of Roadshows
(Deal or Non-Deal). All items involved are weighted in equal
parts. 

 

	

Financial
Planning and Risks

	
 

	

Fifty
percent (50 %) for Financial Risks will be distributed pro rata
based on the following: Number of risk notes made for balance
sheets, Valuation of instruments, Fair Value of Liabilities (number
of valued debts), yield/risk analysis for assets and Liabilities.
Fifty percent (50%) for Financial Planning will be distributed pro
rata based on the number of consolidated companies in each cash
report submitted on a monthly basis and those companies in which a
quarterly report is separately sent for the company because there
is a partner.

	

Financial
Administration

	
 

	

Total
Assets weighted at 60% and total Liabilities weighted at 40%. The
resulting percentage shall be weighted at 50% over the total.
Thirty percent (30%) corresponds to the number of transactions
performed for each vehicle and its subsidiaries. The remaining 20%
will correspond to the number of vehicles for which transactions
are performed and number of inquiries for special
transactions.

 

 

9

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	
 

	

Corporate
Tax

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

	
 

	

Corporate
Accounting and Reporting

	
 

	

Tasks
performed and time spent in each.

	

Planning

 

	

Planning
Department

 

	
 

	

Each
one of the sectors making up the area is weighted.

 

	

Corporate
Budget and Management Control

 

	
 

	

Overhead
expenses budget for the period is pro-rated.

 

	

Strategic
Analysis

 

	
 

	

Tasks
performed and the time spent in each.

 

	

Institutional Relations

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated

 

	

Compliance

 

	

Compliance
Department

 

	
 

	

Proportional
among the three companies.

 

	

Risk
Management and Audit

 

	
 

	

Time
estimated/projected in the annual plan.

 

	

Information
security

 

	
 

	

Time
spent in each task is weighted

 

	

Shared Services Center (CSC)

 

 

 

 

	

CSC Department

 

	
 

	

The
percentage corresponding to each sector falling within the scope of
the CSC area is weighted on the basis of the impact exerted by the
relevant sector’s projected salaries on the total salaries of
the CSC.

 

	

Revenues
Administration

 

	
 

	

Number
of Revenue Transactions performed for each Company + Direct
Allocation of Resources

 

	

Expenses
Administration

 

	
 

	

Number
of Expense Transactions performed for each Company + Direct
Allocation of Resources

 

	

Customer
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Collections
Administration

 

	
 

	

Direct
Allocation of Resources

 

	

Treasury
Administration

 

	
 

	

Number
of Treasury Transactions performed for each Company.

 

	

Own
Account Administration

 

	
 

	

Number
of Transactions performed for each Company.

 

	

Technology

 

	
 

	

Weighting
of time spent in each task (related to the services).

 

	

IT
Services

 

	
 

	

Number
of CASTI incidents processed for each Company.

 

	

Master
Data

 

	
 

	

Number
of transactions processed by each Company.

 

	

Systems
and Applications

 

	
 

	

Hours
devoted to each task.

 

	

Project
Systems

 

	
 

	

Hours
devoted to each task.

 

	

Systems
Maintenance

 

	
 

	

Hours
devoted to each task.

 

	

Commercial
Transactions

 

	
 

	

Number
of agreements signed by Company

 

	

Data
Management

 

	
 

	

Hours
devoted to each task.

 

	

Process
Quality

 

	
 

	

Weighting
of time spent in each task.

 

	

CSC
Human Resources

 

	
 

	

75%
weighting of % of CSC sectors; and 25% weighting % of Corporate
sectors.

 

	

Errand
Running Service

 

	
 

	

Number
of errands run.

 

	

Back
office

 

	
 

	

Hours
spent in each task.

 

	

General
Services

 

	
 

	

Hours
spent in each task.

 

	

Administrative
operations

 

	
 

	

The
percentage of each sector served is weighted.

 

	

Services
Control

 

	
 

	

Number
of documents controlled by company

 

	

CSC
Taxes

 

	
 

	

Salaries
are weighted by position and by tasks performed (by
company)

 

	

Real Estate Business Management

 

 

 

 

	

Real
Estate Business Administration Department

 

	
 

	

Each of
the Departments comprising the Area is weighted. It does not render
services to Cresud.

 

	

Real
Estate Business Analysis

 

	
 

	

Hours
devoted to reviewed projects as applicable to IRSA PC or
IRSA.

 

	

Real
Estate Legal Affairs

 

	
 

	

Weighting
of hours and salaries.

 

	

Real
Estate Budget and Management Control

 

	
 

	

Actual
revenues per company.

 

	

Real Estate Business Board of Directors to be
Distributed

 

	
 

	
 

	

Proportional
between IRSA and IRSAPC. Excludes Cresud.

 

	

Real Estate Business HR

 

	
 

	
 

	

By
payroll

 

	

Safety

 

	
 

	
 

	

Per
hour

 

	

Legal Affairs - Corporate

 

	
 

	
 

	

Weighted
between number of minutes analyzed and premium amount of the annual
insurance program.

 

 

 

10

 

 

	

Corporate
Departments

 

	

Department

 

	

Division
/ Subdivision

 

	

Distribution
Method

 

	

Corporate Environment and Quality

 

	
 

	
 

	

Area
expenses budget for the period is pro-rated.

 

	

Technical, Infrastructure and Services

 

	

Technical,
Infrastructure and Services

(IRSAPC
– IRSA: Weighted average from the Departments reporting to it
less the percentage allocated to CRESUD. CRESUD: a percentage is
calculated based on the hours spent in the tasks
performed/planned)

 

 

 

	

Planning
and Control

 

	

By
allocation of resources

 

	

Logistics

 

	

Weighted
between directly assigned personnel and centralized personnel
distributed per square meter of the real property (IRSA and IRSAPC)
and time spent in tasks (CRESUD).

 

	

Distributed
Operations

 

 

 

	

Square
meters of real property held, operated and to which maintenance
services are provided (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Third
parties' services

 

	

Distribution
by resource allocation.

 

	

Traveling
Personnel

 

	

Maintenance
hours (IRSA and IRSAPC) and time spent in tasks
(CRESUD).

 

	

Engineering
and Maintenance

 

	

Square
meters of real property held, to which maintenance, engineering and
other services are provided (IRSA and IRSAPC) and time spent in
tasks (CRESUD).

 

	

Architecture

 

	

Personnel
distributed by footage and number of stores.

 

	

Buildings
Personnel To be distributed

 

	

By
number of buildings in each company.

 

	

Purchases and Hirings

 

	
 

	
 

	

Purchase
orders through a weighting of their volume and amount.

 

	

Proceedings and Permits

 

	
 

	
 

	

Tasks
performed and time spent in each.

 

	

Investments

 

	

Investments

 

	
 

	

Tasks
performed and time spent in each.

 

	

Project Management

 

	
 

	

Tasks
performed and time spent in each.

 

	

Commercial Design

 

	
 

	

Tasks
performed and time spent in each.

 

	

Governmental Affairs

 

	
 

	

Tasks
performed and time spent in each.

 

	

Rental Offices

 

	
 

	
 

	

By
total book value of the properties in each company

 

	

Bolívar

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Attorneys-in-fact

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Board of Directors’ Safety

 

	
 

	
 

	

Proportional
among the three companies.

 

	

General Management to be distributed

 

	
 

	
 

	

Proportional
among the three companies.

 

	

Accounting and Reporting

 

	
 

	
 

	

Number
of vouchers recorded for the three companies and their managed
subsidiaries.

 

 

THIS DOCUMENT IS A TRUE AND
ACCURATE TRANSLATION into English of the document in Spanish
I have had before me in Buenos Aires, on this 25th day of August,
2020.

[For authentication purposes
only:]                                                                                                                              

ES TRADUCCIÓN FIEL al
inglés del documento adjunto redactado en español que he
tenido ante mí y al cual me remito en Buenos Aires, a los 25
días de agosto de 2020.

 

 

11

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