Tempus AI, Inc. — Form 10-Q

Tempus amended its master agreement with Recursion Pharmaceuticals (effective Sept 15, 2026): extended term to 6 years, set annual license fees at $22M (year 1), $32M (year 2), and $14M annually (years 3–5), with years 3–5 allowing up to $10M paid in Recursion stock at Recursion's discretion (minimum $4M cash per year). Separately, Tempus extended its Chicago lease (600 W Chicago Ave) through Jan 31, 2038, adding ~33,531 sq ft on the 5th floor with full rent abatement during first 8 months of extended term (~$4.68M base rent benefit). Tom Schoenherr's employment as Chairman of Ambry Genetics was restated with $550K annual base salary through Dec 31, 2027, severance if terminated without cause, and equity vesting continuation post-separation.