Fifth Amendment to Facilities and Services Agreement, dated January 1, 2020, between Fjord Ventures, LLC and Adagio Medical, Inc

Contract Categories: Business Operations - Services Agreements
EX-10.32 12 ny20020899x14_ex10-32.htm EXHIBIT 10.32

 

Exhibit 10.32

 

FIFTH AMENDMENT TO

FACILITIES AND SERVICES AGREEMENT

 

This Fifth Amendment to Facilities and Services Agreement (the “Amendment”), dated as January 1, 2020, is made and entered into by Fjord Ventures, LLC (“Fjord”) and Adagio Medical, Inc. (“Adagio”).

 

RECITALS

 

Fjord and Adagio are parties to that certain Facilities and Services Agreement, dated as of June 1, 2011, as amended January 1, 2019 (the “Agreement”), which describes services to be provided by Fjord to Adagio and the related terms and conditions related thereto.

 

NOW, THEREFORE, the parties hereto do hereby agree as follows:

 

1.          Amendment to Exhibit A to Agreement. Exhibit A to the Agreement has been modified to include updated services as outlined on Exhibit A to the Agreement.

 

2.          Amendment to Exhibit B to Agreement. According to Exhibit B of the Agreement, Adagio agrees to pay Fjord at a rate of $60,000.00 per month for the services described on Exhibit A.

 

3.          No Further Amendment. Except as specifically set forth herein, the Agreement is not being amended or modified and shall remain in full force and effect in accordance with its terms as amended hereby.

 

4.          Miscellaneous. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. This Amendment shall be governed by and construed under the internal laws of the State of California as applies to agreements among California residents entered into and to be performed entirely within California, without reference to principles of conflict of laws or choice of laws.

 

IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of the day and year first above written.

 

  ADAGIO MEDICAL, INC.  
       
  By: /s/ Andrew Wade  
    Andrew Wade  
    Chief Financial Officer  
       
  FJORD VENTURES, LLC  
       
  By: /s/ Hugh Neuharth  
    Hugh Neuharth  
    Chief Financial Officer  
 

EXHIBIT A

 

DESCRIPTION OF THE SERVICES

 

TYPE OF SERVICE DESCRIPTION
CEO Services Provide high-level strategic and general management services typical of a Chief Executive Officer.
CFO Services Provide high-level strategic and financial management services typical of a Chief Financial Officer.
Intellectual Property and Legal Services Consult on, and provide services related to, intellectual property and general legal matters. (Note: Fjord Ventures does not hold itself out as a law firm.)
Accounting Services Process accounts payable; perform general ledger accounting, analysis, and reconciliation; prepare periodic financial statements; manage preparation of tax returns and other required financial filings in conjunction with Adagio's outside CPAs; manage payroll processing and associated statutory and tax filings.
Stock Option Administration Prepare Board-approved stock option grants, facilitate stock option exercises on behalf of employees, maintain option grant records in conjunction with the company's general counsel, and liaise with the company's general counsel for stock certificate preparation.
Employee Benefits Plans Administration

Health Plans: Consult on and establish employee benefit health plan structure, selection and employer / employee cost-sharing methodology. Manage open enrollment processes and ongoing administration.

 

401(k): Consult on and establish 401(k) plans including provision of trustee services as well as fund selection options. Provide ongoing management and administration of the plans.

 
Administrative Support Provide front desk reception and office administration support services (e.g. assistance with travel arrangements and reservations, expense report preparation, telephone messaging, meeting organization and set-up, document production, shipping / receiving, etc.). Provide human resources support services, including implementation and management of hiring / termination processes. Serve as Secretary for meeting of the Board of Directors (in the absence of general counsel).
 
IT Services Provide information technology infrastructure (including file server and data back-up), audio/visual equipment, internet access, and support services (including PC set-up and network configuration).
Office Space and Supplies Provide fully furnished offices, laboratory and other service area facility space, inclusive of utilities, telephone services (including reasonable long-distance charges), and facility cleaning services. Provide general office supplies and materials (excluding such supplies and materials specific to Adagio such as business cards, letterhead, etc.). Provide access to Fjord network copiers, printers, fax machines, and other general office equipment.
 

EXHIBIT B

 

MONTHLY SERVICE FEE EFFECTIVE DATE
$60,000 * January 1, 2020

 

* All services included in monthly service fee except for Intellectual Property and Legal Services, which are billed based on hours consumed during the month on a cost recovery basis.