Exhibit 10.1
June 5, 2024
Arizona State Land Department
1110 W Washington Street
Phoenix, Arizona 85007
Attention: James Perry
Deputy State Land Commissioner
Re: | Notice of election to extend the Lease term under that certain Commercial Lease No. 03‑53542 dated January 17, 1998 (the “Lease”), by and between Failure Analysis Associates, Inc., as predecessor-in-interest to Exponent of Delaware Inc., a Delaware corporation (“Lessee”) and the State of Arizona, acting by and through the Arizona State Land Department (“Lessor”) |
Dear Mr. Perry:
Under Section 3.2 of the Lease, Lessee has the right to extend the Lease for two (2) periods of fifteen (15) years each for a total extension period not to exceed thirty (30) years by delivering written notice to Lessor. This letter shall serve as formal written notice that Lessee hereby elects to extend the Lease for the initial extension period of fifteen (15) years (the “First Extension Period”) on the terms and conditions set forth in the Lease and this letter. Capitalized terms used and not otherwise defined in this letter shall have the same meaning as set forth in the Lease.
In connection with Lessee’s exercise of its option, Lessee and Lessor wish to clarify the following:
Please sign and return the enclosed copy of this letter to evidence your agreement with the terms hereof.
Sincerely, | |
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EXPONENT OF DELAWARE INC., a Delaware corporation | |
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/s/ Richard L. Schlenker | |
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By: | Richard L. Schlenker |
Its: | Executive Vice President and |
| Chief Financial Officer |
ACKNOWLEDGED AND AGREED: | |
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STATE OF ARIZONA, by and through the Arizona State Land Department | |
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/s/ James W. Perry | |
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By: | James W. Perry |
Its: | Deputy Commissioner |