Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.

On July 2, 2024, iSpecimen Inc., a Delaware corporation (the "Company"), entered into a commercial lease (the "Woburn Lease") with Cummings Properties, LLC (the "Landlord") for an office space of approximately 2,273 square feet at 8 Cabot Road, Suite 1800, Woburn, MA 01801 (the "Woburn Premises") for a term of five years, commencing on September 1, 2024, and terminating on August 30, 2025. The base rent is $72,736 per year (or $6,061.33 per month), subject to adjustment in proportion to any increase in the U.S. Bureau of Labor Statistics each calendar year with a cap of five percent per adjustment. The Woburn Lease also requires the Company to pay, as additional rent, its portion of increases in real estate taxes for the building in which the Woburn Premises is located, as provided under the terms of the Woburn Lease. The Company is also responsible for the payment of its use of all utilities at the Woburn Premises. The Company provided the Woburn Landlord with a security deposit of $12,122.00, upon execution of the Woburn Lease, which will be refunded to the Company, without interest, at the end of term of the Woburn Lease, subject to the Landlord's application of any of the security deposit, as provided under the terms of the Woburn Lease. The Company has a one-time option to extend the term of the Woburn Lease for one additional term of five years, provided that the Company is not in arrears in any payment of rent, the payment of any outstanding invoice, or otherwise in default.

Pursuant to the Woburn Lease in the event of (a) any assignment for the benefit of creditors, trust mortgage, receivership, or other insolvency process made or instituted with respect to the Company or the Company's property, or (b) any default in the observance or performance of any term of the Woburn Lease that is not corrected within 15 days after written notice to the Company, the Woburn Landlord shall have the right thereafter, while such default continues and without demand or further notice, to re-enter and take possession of the premises, to declare the term of the Woburn Lease ended, and/or to remove the Company's effects, without liability, including for trespass or conversion. In the event of the Company's failure to pay rent for 10 days after written notice the Company, the Woburn Landlord is entitled to liquidated damages equal to the sum of (i) all past due rent and other charges and (ii) the net present value of the balance of the rent due for the entire remainder of the term of the Woburn Lease.

The foregoing description of the material terms of the Woburn Lease is qualified in its entirety by reference to the full text of the Woburn Lease, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.