Lease Schedule No. 001R to Equipment Lease Agreement between Farnam Street Financial, Inc. and Serve Robotics Inc.
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Summary
Farnam Street Financial, Inc. and Serve Robotics Inc. have entered into a lease schedule for various autonomous sidewalk robots. The agreement sets a 24-month lease term starting November 1, 2022, with Serve Robotics paying $189,262 per month and a $378,524 security deposit, refundable if all equipment is returned and no default occurs. The total equipment cost is $4,455,800.86. The lease covers specific robots listed in the attachment, and all terms from the original lease agreement apply.
EX-10.16 3 ea0200355ex10-16_serverobot.htm LEASE SCHEDULE NO. 001R, DATED DECEMBER 3, 2022, TO EQUIPMENT LEASE AGREEMENT DATED AS OF JUNE 6, 2022, BY AND BETWEEN FARNAM STREET FINANCIAL, INC. AND THE COMPANY
Exhibit 10.16
LEASE SCHEDULE NO. 001R
“This Lease Schedule No. 001R replaces Lease Schedule No. 001.”
This Lease Schedule is issued pursuant to the Lease Agreement Number SE060622 dated June 6, 2022. The terms of the Lease Agreement and serial numbers contained on Certificate of Acceptance Numbers SE060622-001-001 thru SE060622-001-005 are a part hereof and are incorporated by reference herein.
| LESSOR | LESSEE |
| Farnam Street Financial, Inc. | Serve Robotics Inc. |
| 5850 Opus Parkway, Suite 240 | 730 Broadway Street |
| Minnetonka, MN 55343 | Redwood City, CA 94063 |
| SUPPLIER OF EQUIPMENT | LOCATION OF EQUIPMENT |
| Various | Same as above |
Initial Term of Lease from Commencement Date: 24 Months
Monthly Lease Charge: $189,262.00
Delivery and Installation: July 2022 – October 2022
Commencement Date: November 1, 2022
Security Deposit: $378,524.00. Provided that there has been no event of default and Lessee has returned all of the Equipment under this Lease Schedule per the terms of the Lease Agreement, this security deposit will be returned to Lessee.
EQUIPMENT
MANUFACTURER | QTY | MACHINE/MODEL | EQUIPMENT DESCRIPTION (including features) |
See Attachment A
The total Equipment cost on this Lease Schedule is $4,455,800.86. Interim rent billed prior to the Commencement date shall not reduce or offset Lessee’s post-Commencement Monthly Lease Charge obligations hereunder.
| Every Term is Agreed to and Accepted: | Every Term is Agreed to and Accepted: | |
| FARNAM STREET FINANCIAL, INC. | SERVE ROBOTICS INC. | |
| “LESSOR” | “LESSEE” |
| By: | /s/ Steve Morgan | By: | /s/ Touraj Parang | |
| Print Name: | Steve Morgan | Print Name: | Touraj Parang | |
| Title: | President | Title: | President & COO | |
| Date: | Dec 3, 2022 | Date: | Dec 2, 2022 |
Page 1 of 3
| Lease Agreement Number: | SE060622 |
| Lease Schedule Number: | 001R |
ATTACHMENT A
| MANUFACTURER | QTY | MACHINE/MODEL | EQUIPMENT DESCRIPTION (incl. features) | |||
| Various | 1 | Aurora-0204 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0204) Aurora-0204: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Austin-0205 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0205) Austin-0205: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Bodie-0207 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0207) Bodie-0207: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Bryce-0208 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0208) Bryce-0208: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Camila-0209 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0209) Camila-0209: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Jabilay-0210 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0210) Jabilay-0210: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Chase-0211 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0211) Chase-0211: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Cyrus-0213 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0213) Cyrus-0213: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Damien-0214 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0214) Damien-0214: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Edna-0215 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0215) Edna-0215: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Esther-0217 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0217) Esther-0217: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Farah-0218 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0218) Farah-0218: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Felicia-0219 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0219) Felicia-0219: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Finnegan-0220 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0220) Finnegan-0220: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Francisco-0221 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0221) Francisco-0221: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Forrest-0222 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0222) Forrest-0222: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Haiden-0223 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0223) Haiden-0223: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Isaiah-0226 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0226) Isaiah-0226: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Jackson-0227 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0227) Jackson-0227: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Juliet-0228 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0228) Juliet-0228: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Jordan-0229 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0229) Jordan-0229: Fully allocated robot construction cost of $63,654.30 |
Page 2 of 3
| MANUFACTURER | QTY | MACHINE/MODEL | EQUIPMENT DESCRIPTION (incl. features) | |||
| Various | 1 | Juan-0230 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0230) Juan-0230: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Jules-0231 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0231) Jules-0231: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Lance-0236 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0236) Lance-0236: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Leon-0237 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0237) Leon-0237: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Lakshmi-0240 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0240) Lakshmi-0240: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Mabel-0242 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0242) Mabel-0242: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Marcus-0243 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0243) Marcus-0243: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Marion-0244 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0244) Marion-0244: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Maximus-0246 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0246) Maximus-0246: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Meena-0248 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0248) Meena-0248: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Molly-0249 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0249) Molly-0249: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Nikita-0250 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0250) Nikita-0250: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Noelle-0251 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0251) Noelle-0251: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Nolan-0252 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0252) Nolan-0252: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Nyla-0253 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0253) Nyla-0253: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Oscar-0255 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0255) Oscar-0255: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Padma-0256 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0256) Padma-0256: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Paige-0257 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0257) Paige-0257: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Parker-0258 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0258) Parker-0258: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Remi-0262 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0262) Remi-0262: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Rio-0263 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0263) Rio-0263: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Shelby-0265 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0265) Shelby-0265: Fully allocated robot construction cost of $63,654.30 |
Page 3 of 3
| MANUFACTURER | QTY | MACHINE/MODEL | EQUIPMENT DESCRIPTION (incl. features) | |||
| Various | 1 | Sloane-0266 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0266) Sloane-0266: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Simone-0268 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0268) Simone-0268: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Sunita-0269 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0269) Sunita-0269: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Sydney-0270 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0270) Sydney-0270: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Alina-0201 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0201) Alina-0201: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Azizi-0202 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0202) Azizi-0202: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Armen-0203 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0203) Armen-0203: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Blake-0206 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0206) Blake-0206: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Ellen-0216 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0216) Ellen-0216: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Huey-0224 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0224) Huey-0224: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Indy-0225 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0225) Indy-0225: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Kasem-0232 (MCU I/O) | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0232) Kasem-0232 (MCU I/O): Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Khalif-0234 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0234) Khalif-0234: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Levi-0238 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0238) Levi-0238: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Otto-0254 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0254) Otto-0254: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Preston-0260 (MCU I/O) | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0260) Preston-0260 (MCU I/O): Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Kylie-0235 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0235) Kylie-0235: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Liana-0239 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0239) Liana-0239: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Milo-0247 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0247) Milo-0247: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Percy-0259 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0259) Percy-0259: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Silas-0267 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0267) Silas-0267: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Crystal-0212 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0212) Crystal-0212: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Kenji-0233 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0233) Kenji-0233: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Lacey-0241 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0241) Lacey-0241: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Marty-0245 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0245) Marty-0245: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Rakeem-0261 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0261) Rakeem-0261: Fully allocated robot construction cost of $63,654.30 | |||
| Various | 1 | Sergio-0264 | Serve Robotics Autonomous Sidewalk Robot (s/n: S1-6fa-0264) Sergio-0264: Fully allocated robot construction cost of $63,654.30 | |||
| 1 | Less Cost Application of previously paid amounts under Certificates of Acceptance No. SE060622-001-001 thru SE060622-001-004 |
| Agreed to and Accepted: | Agreed to and Accepted: | |||
| FARNAM STREET FINANCIAL, INC. | SERVE ROBOTICS INC. | |||
| “LESSOR” | “LESSEE” | |||
| By: | /s/ Steve Morgan | By: | /s/ Touraj Parang | |
| Print Name: | Steve Morgan | Print Name: | Touraj Parang | |
| Title: | President | Title: | President & COO | |
| Date: | Dec 3, 2022 | Date: | Dec 2, 2022 | |
