Common use of Option Rent Clause in Contracts

Option Rent. The annual Rent payable by Tenant during the Option Term (the "Option Rent") shall be equal to the "Fair Rental Value," as that term is defined below, for the Premises as of the commencement date of the Option Term. The "Fair Rental Value," as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "base year" or "expense stop" applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"), taking into consideration the following concessions (the "Concessions"):

Option Rent. The annual Rent payable by Tenant during the Option Term (the "“Option Rent"”) shall be equal to the "“Fair Rental Value," ” as that term is defined below, for the Premises as of the commencement date of the Option Term. The "“Fair Rental Value," ” as used in this LeaseSection 5, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "“base year" ” or "“expense stop" ” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's ’s length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in this Section 2.2.25, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”), taking into consideration the following concessions (the "“Concessions"):”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the

Option Rent. The annual Rent payable by Tenant during the Option Term (the "Option Rent") shall be equal to the "Fair Rental Value," as that term is defined below, for the Premises as of the commencement date of the Option Term. The "Fair Rental Value," as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "base year" or "expense stop" applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve fifteen (1215) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"), taking into consideration the following concessions (the "Concessions"):): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, 0000-0000-0000.7371310.00016/10-2-23/gjn/gjn -8- [Britannia Oyster Point][Pliant Therapeutics]

Option Rent. The annual Rent "Rent," as that term is defined in Section 4.1 of this Lease, payable by Tenant during the Option Term (the "Option Rent") shall be equal to the Market Rent," as that term is defined, below, provided that the base rent component of the Option Rent, on an annual, per rentable square foot basis, shall in no event be less than the sum of (i) Thirty-Eight and 52/100 Dollars (38.52), and (ii) the amount of "Fair Rental ValueTenant's Share of Direct Expenses," as that term is defined in Section 4.2, below, for the Premises as of the commencement date of the Option Term. The "Fair Rental Value," as used in this Leasepayable by Tenant on an annual, shall be equal to the annual rent per rentable square foot basis for the Premises immediately prior to the commencement of the Option Term (including additional the "Prior Base Rent"). In the event that the base rent component for the Option Term is the Prior Base Rent, then (A) the new Base Year for the Option Term shall be the calendar year 2005, and considering any (B) the concessions provided to Tenant shall be the "base yearConcessions," or as that term is defined, below. For purposes of this Lease, the term "expense stopMarket Rent" applicable thereto)shall mean the rent, including all escalations, at which tenants (pursuant to leases consummated within tenants, as of the twelve (12) month period preceding the first day commencement of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller comparable in size than the subject spacesize, with a comparable level of improvements (excluding any property that Tenant would be allowed location and quality to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's length transactionterm of five (5) years, which comparable space is located in the Building and in the "Comparable Buildings," as that term is defined in this Section 2.2.22.2.4, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions")below, in either event, taking into consideration the following concessions concessions: (the "Concessions"):) (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, and (b) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, and deducting the value of, the existing improvements in the Premises, such value to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by Tenant based upon the fact that the precise tenant improvements existing in the Premises are specifically suitable to Tenant.

Option Rent. The annual Rent payable by Tenant during the Option Term (the "“Option Rent"”) shall be equal to the "“Fair Rental Value," ” as that term is defined below, for the Premises as of the commencement date of the Option Term. The "“Fair Rental Value," ” as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "“base year" ” or "“expense stop" ” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's ’s length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”), taking into consideration the following concessions (the "“Concessions"):”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements

Option Rent. The annual Rent payable by Tenant during the Option Term (the "“Option Rent"”) shall be equal to the "“Fair Rental Value," ” as that term is defined below, for the Premises as of the commencement date of the Option Term. The "“Fair Rental Value," ” as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "“base year" ” or "“expense stop" ” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's ’s length transaction, which comparable space is located in the "“Comparable Buildings," ” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the "“Comparable Transactions"”), taking into consideration the following concessions (the "“Concessions"):”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing