Document:

Exhibit 4.4

 

WELLS 60 REALTY LLC

c/o lntrum Corp.

180 Wells Avenue, Suite 100

Newton, MA 02459

 

June 28, 2018

 

CyberArk Software, Inc.

60 Wells Avenue

Newton, MA 02459

 

Attention: Ehud Mokady, President and CEO

Suzy Peled-Spigelman, Vice President Finance, Americas

 

Re. Lease dated October 28, 2013 between Wells 60 Realty LLC ("Landlord") and CyberArk Software, Inc. ("Tenant") as affected by Second Amendment of Lease dated as of February 27, 2018, including all documents referenced therein ("Second Amendment") between Landlord and Tenant (collectively, the "Lease")

 

Dear Udi and Suzy:

 

This letter ("Letter Agreement") is to document the agreements reached between Landlord and Tenant relating to the Landlord's Work, the Term Commencement Date, and the Rent Commencement Date with respect to the Additional Premises. Capitalized terms used in this Letter Agreement and not otherwise defined shall have the meanings ascribed to such terms in the Second Amendment.

 

Accordingly, this Letter Agreement confirms that Landlord and Tenant have agreed as follows:

 

	
1.

	
The Term Commencement Date with respect to the Additional Premises shall be September 2, 2018.

 

	
2.

	
The Rent Commencement Date with respect to the Additional Premises shall be December 10, 2018.

 

	3.	
Pursuant to Section 10.8 of the Second Amendment, Landlord and Tenant have agreed that the total estimate of Excess Project Costs for the Landlord's Work is One Million Seven Hundred Ten Thousand Five Hundred Forty-Four and 52/100 ($1,710,544.52) Dollars. Notwithstanding the provisions set forth in Section 10.B., Landlord and, Tenant agree that the Excess Project Costs shall be paid as follows: One Million ($1,000,000.00) Dollars (the "Initial Payment") shall be paid by Tenant directly to Landlord by wire transfer of immediately available funds, on or before June 26, 2018; and the balance of the Excess Project Costs in the amount of Seven Hundred Ten Thousand Five Hundred Forty-Four and 52/100 ($710,544.52) Dollars (the "Escrowed Funds") shall be paid to Seller's counsel, Bernkopf Goodman LLP ("Bernkopf”) on or before June 29, 2018, and shall be held by Bernkopf in its clients' funds account, without interest, pursuant to the escrow agreement between the parties attached hereto, and shall be released directly to Landlord, without condition, upon the earlier to occur of: (a) September 1, 2018; and (b) the date on which Bernkopf receives a letter from landlord certifying that the Initial Payment has been used in full by Landlord in connection with Landlord's performance of Landlord's Work. The foregoing shall be the only conditions to be satisfied for the release of the Escrowed Funds to Landlord.

 

 

	4.	
With references to Section VIII of the Second Amendment , Landlord and Tenant acknowledge that the scope of the Tenant Improvements and Tenant's Common Area Work has significantly expanded to include modifications to other portions of the Building common area, more specifically, the hallways, lobbies, tenant’s suite entries and systems, utilities, and fixtures servicing those areas that service the Building (the "Additionally Impacted Common Areas and Facilities"), in addition to the Wells Avenue Lobby as contemplated in the Second Amendment. Accordingly, it is understood that the Common Area Restoration shall include returning those Additionally Impacted Common Areas and Facilities to a condition similar to that existing prior to the construction of such expanded Tenant Common Area Work, including, without limitation, reconfiguring and re-demising the Building for multi-tenant use for at least four (4) tenants (including glass tenant entries similar to those presently existing and common hallways), restoring Building systems, fixtures and utilities for multi-tenant occupancy, and providing access to the Building, common areas, and tenant spaces ; all of the foregoing Common Area Restoration work using finishes and materials as required by said Section VIII. Notwithstanding the foregoing, the Common Area Restoration Work shall not include the construction of new demising walls between tenant-to-tenant suites. Landlord shall provide a restoration plan to document the multi-tenant reconfiguration, finish and fixture allowances and other Common Area Restoration work. Landlord and Tenant will work together within the next twenty-one (21) days after the date hereof, to reach a resolution to provide Landlord with security for the cost of the expanded Common Area Restoration work (an agreed upon letter of credit being an acceptable resolution).

 

	5.	
Except as affected by this Letter Agreement, the Lease shall remain unmodified and in full force and effect, and is hereby ratified.

 

Please confirm your agreement with the foregoing by countersigning a copy of this Letter Agreement in the space indicated below.

 

Very truly yours, 

 

/s/Wells 60 Realty LLC

 

/s/CyberArk Software, Inc.Exhibit 4.5

 

English summary of the office lease agreement dated February 26, 2015 entered by and between Azorei Mallal Industries Ltd. (the “Landlord”) and CyberArk Software Ltd. (the “Company”), regarding the Company's office space in Petach-Tikva, Israel, as amended on April 7, 2016 and December 26, 2018 (“Lease”).

 

		•	
Subject Matter of the Lease: Unprotected tenancy lease of office and parking spaces for the purpose of conducting the Company's business. Premises are located in Petach-Tikva, Israel.

 

		•	
Term of the Lease:

 

		■	
The term of the Lease is sixty (60) months commencing on July 1, 2017 other than with respect to the 1st, 2nd and 3rd floors which commence on later dates, with the Company's right for early termination after 36 months. The Company is given two options to extend the term of the Lease of twelve (12) months each. Such options apply automatically unless the Company notifies the Landlord 180 days prior to the commencement of each such option period that it does not wish to exercise the option.

 

		■	
The term of the Lease for all parking spaces, leased by the Company from time to time, is linked to the lease term of the main premises.

 

		•	
Premises Covered by the Lease:

 

		■	
Property – The Lease includes 10 floors, levels 1 to 10. The Company has a right of first refusal to lease the remaining 3 adjacent floors in the Landlord’s other existing or future buildings that are located in the same office park.

 

		■	
Parking – The Company has the right to lease two hundred and forty (240) parking lots.

 

		•	
Rental Fees:

 

		■	
Property – The Company shall pay a monthly rental fee of 74 NIS (approximately US$18) per square meter (gross). For the first option period, the monthly rental fees shall be increased by 5% compared to the monthly rental fee of the preceding period. All rental fees are exclusive of VAT and index-linked to the Consumer Price Index published by the Central Bureau of Statistics (the “Index”); provided that the rental fees shall not be less than the nominal values listed above.

 

		■	
Parking – The monthly rental fee for the parking spaces currently leased by the Company is NIS 433 per parking space, in each case plus VAT and Index-linked.

 

		■	
Management Fees – The management fees shall be paid on a cost plus 15% basis plus VAT and Index-linked.

 

		■	
Payment Terms – The rental fees shall be paid three months in advance. The Company has agreed to sign a direct debit with respect to the rental and management fees. In the event the Company is over-charged, that extra amount shall be remitted to the Company within five business days.

 

		•	
Guarantees:

 

		■	
An autonomous un-conditional bank guarantee, for an amount representing three (3) months' rental fee plus VAT, to be extended from time to time by the Company to remain in force for the entire term of Lease and for ninety (90) days thereafter.

 

		•	
Dispute Resolution:

 

		■	
Technical disputes raised regarding the Lease, shall be governed by an agreed-upon professional arbitrator (a civil engineer). Legal disputes raised regarding the Lease, shall be governed by Israeli Court in Tel Aviv.

 

		•	
Other Terms of the Lease:

 

		■	
The Company has a right to sub-lease the premises (or any portion thereof) and to sub-let to a substitute lessee, subject to the Landlord's prior written consent. The Company may also transfer the Lease to an affiliate, subject to the Landlord's prior written consent.

 

		■	
Similar to other lease agreements, each party agrees to assume responsibility for any damage, injury or loss (bodily or otherwise) resulting from any act, omission or negligence on its part, and with respect of the Company—relating to its use of the leased property.

 

		•	
The Lease further includes terms concerning the following matters:

 

		■	
Renovations – Generally, the Company may not perform any major renovations on the premises without prior written authorization from the Landlord. Subject to such advance approval by the Landlord, the Company may invest certain amounts on renovations for which the Landlord has agreed to reimburse the Company for a certain percentage of the costs.

 

		■	
Utilities – The Company is responsible for paying for water, power and telephone utility bills, in addition to any taxes or fees, tolls, levies, property taxes and any other payments owed to governmental or local authorities relating to the property during the term of the Lease, unless such fees are specifically designated for the property owner.

 

		■	
No Right of set-off – The parties have agreed that any amounts owed shall not be subject to a set-off right.

 

		■	
Termination of the Lease, vacating of premises and fixtures – Upon the termination or expiration of the Lease, the Company shall vacate the premises from any person or object which is not owned by the Landlord and return it to the Landlord in an undamaged, usable state. The Company has sole discretion to remove any fixtures, provided such removal does not damage the premises and provided that the Landlord will have no duty to compensate the Company for fixtures which it decides to leave.

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