Exhibit 10.15

 

THIRD AMENDMENT TO LEASE

 

This Third Amendment to Lease (“Amendment”) is entered into, and dated for
reference purposes, as of October 22, 2003 (the “Execution Date”) by and between
METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“Metropolitan” or
“Landlord”), as Landlord, and MAXYGEN, INC., a Delaware corporation (“Tenant”),
with reference to the following facts (“Recitals”):

 

A. Landlord and Tenant entered into that Lease (the “Original Lease”) dated as
of October 21, 1998 for certain premises consisting of the entire building known
as 515 Galveston Drive (the “Original Premises” or “515 Galveston Premises”)
Redwood City, California, as amended by that First Amendment to Lease dated as
of February 26, 1999 (the “First Amendment”) for the lease of Expansion Space A
(which may also be referred to as the “220 Penobscot Premises”) and that certain
written Second Amendment To Lease dated October 24, 2000 (the “Second
Amendment”) for the lease of Expansion Space B (which may also be referred to as
the “200 Penobscot Premises”) all as more particularly described in the Original
Lease, First Amendment and Second Amendment (collectively, the “Existing
Lease”).

 

B. The parties hereto desire to terminate that portion of the Existing Lease
dealing with Expansion Space A and a portion of Expansion Space B, all on and
subject to the terms and conditions hereof.

 

NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants
set forth herein and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Scope of Amendment; Defined Terms. Except as expressly provided in
this Amendment, the Existing Lease shall remain in full force and effect. Should
any inconsistency arise between this Amendment and the Existing Lease as to the
specific matters which are the subject of this Amendment, the terms and
conditions of this Amendment shall control. The term “Existing Lease” defined
above shall refer to the Existing Lease as it existed before giving effect to
the modifications set forth in this Amendment and the term “Lease” as used
herein and in the Existing Lease shall refer to the Existing Lease as modified
by this Amendment. All capitalized terms used in this Amendment and not defined
herein shall have the meanings set forth in the Existing Lease unless the
context clearly requires otherwise.

 

Section 2. Condition Precedent. This Amendment and the obligations of each party
hereunder are expressly subject to the condition precedent of the execution by
Codexis, Inc., and Landlord of a new written lease for the Surrender Space
(defined below) and certain additional space satisfactory in all respects in
form and substance to Landlord, in Landlord’s sole discretion (the “Codexis
Lease”). If such condition precedent is not satisfied or waived in writing by
Landlord in its sole discretion, this Amendment shall be null and void, and of
no force or effect, and the Existing Lease shall remain in full force and effect
unmodified by this Amendment. Landlord shall give Tenant written notice of the
satisfaction or waiver of this condition precedent.

 

Section 3. Surrender Space & Amendments of Existing Lease Thereafter.

 

(a) Surrender Space. For purposes of this Amendment, the “Surrender Space” means
Expansion Space A. consisting of 16,714 square feet of Rentable Area and a
portion of Expansion Space B consisting of 913 square feet of Rentable Area as
set forth on Exhibit A attached hereto and made a part hereof.

 

(b) Surrender Date. On or before 11:59 p.m. on January 31, 2004 (the “Surrender
Date”). Tenant shall vacate and deliver to Landlord exclusive possession of the
Surrender Space pursuant to the same provisions and requirements of the Existing
Lease as would apply to surrender of the Premises upon expiration of the
Existing Lease, and Tenant shall also provide free and clear title to all
currently installed autoclaves, hoods, benches, cabinetry, animal facility, cold
rooms, vacuum, RO/DI systems, security systems, supporting MEP, cabling and
generators paid for by Tenant and installed in the Surrender Space as
specifically set forth on Exhibit B attached hereto and made a part hereof (the
“Transferred Improvements”). Tenant shall also deliver to Landlord any plans and
specifications pertaining to the Surrender Space.

 

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(c) Obligations Until Surrender; Proration. All of the terms, covenants,
agreements and conditions of the Existing Lease remain in full force and effect
with respect to the Surrender Space through the Surrender Date. Tenant shall
continue to pay all rent and monetary obligations which accrue through and
including the Surrender Date, as such become due and payable under the Existing
Lease. As of 11:59 p.m. on the Surrender Date, the surrender of the Surrender
Space will be deemed effective and the monetary obligations with respect to the
Surrender Space shall be prorated, billed and payable in the manner provided in
the Existing Lease, in the same manner as would apply if the term of the
Existing Lease expired on the Surrender Date with respect to the Surrender
Space.

 

(d) Payments; Consideration; Security Deposit.

 

(i) As additional consideration for this Amendment, and to cover Landlord’s
administrative, processing and legal fees, and to reimburse Landlord for any
loss of rentals that may hereafter be sustained after the Surrender Date as a
result of this Amendment, Tenant shall pay the amount of $400,000.00 in cash or
certified funds, as additional Rent under the Lease, concurrently with execution
of this Amendment; and

 

(ii) Pursuant to the provisions of Section 3 of the First Amendment, Landlord
shall return to Tenant the sum of $105,666.00 of the Security Deposit after the
surrender of the Surrender Space by Tenant to Landlord in accordance with this
Amendment and the payment by Tenant of any outstanding Rent, including, without
limitation, all Rent Adjustments due with respect to the Surrender Space
pursuant to the provisions of the Lease as computed by Landlord.

 

(e) Effect on Existing Lease After Surrender Date. After the Surrender Date, the
Existing Lease shall continue in full force and effect for the remainder of the
term of the Existing Lease upon and subject to all of the terms and provisions
of the Existing Lease, except as amended by this Amendment, including, without
limitation, the following modifications of the Existing Lease:

 

(i) the Surrender Space shall cease to be part of the Premises, and the Premises
shall consist only of the 515 Galveston Premises and the remainder of the 200
Penobscot Premises (collectively, the “Remaining Space”), and Tenant shall have
no right to possession, use or lease of the Surrender Space or any options or
other rights with respect to the Surrender Space;

 

(ii) Tenant’s obligation to pay monthly base rent with respect to the Surrender
Space shall cease, but the base rent for the Remaining Space shall remain
unaffected by this Amendment, and accordingly Tenant’s monthly base rent for the
Premises, is changed to the monthly amounts during the respective periods shown
in the following table:

 

Period Rent

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515 Galveston Premises
Monthly Base Rent

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200 Penobscot Premises
Monthly Base Rent

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Aggregate
Monthly Base

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02/01/04 - 02/24/04

  $84,148.20   $68,562.59   $152,710.79

02/25/04 - 10/24/04

  $86,641.48   $68,562.59   $155,204.07

10/25/04 - 02/24/05

  $86,641.48   $71,317.81   $157,959.29

 

(iii) Tenant shall no longer be obligated to pay monthly its proportionate share
of Building Operating Expenses accruing after the Surrender Date with respect to
the Surrender Space, but Tenant shall continue to pay its proportionate share of
Building Operating Expenses accruing after the Surrender Date with respect to
the 515 Galveston Premises, which equals 100% as stated in the Original Lease
and Tenant shall continue to pay its proportionate share of Building Operating
Expenses

 

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accruing after the Surrender Date with respect to the remainder of the 200
Penobscot Premises, which equals 37.54%;

 

(iv) Tenant’s proportionate share of Project Operating Expenses shall be 5.8%
with respect to the 515 Galveston Premises and 1.972% with respect to the
remainder of the 200 Penobscot Premises;

 

(v) Tenant’s proportionate share of Phase Operating Expenses of and attributable
to Phase I shall be 10.33% with respect to the 515 Galveston Premises and 3.511%
with respect to the remainder of the 200 Penobscot Premises; and

 

(vi) the aggregate number of parking spaces provided for Tenant’s use shall be
103 with respect to the 515 Galveston Premises and 37 with respect to the
remainder of the 200 Penobscot Premises.

 

(f) Holding Over. Notwithstanding any provision of this Amendment to the
contrary, in the event that Tenant fails timely to vacate and deliver exclusive
possession of the Surrender Space to Landlord by the Surrender Date as required
under the Existing Lease, except as amended by this Amendment, Tenant shall be
deemed to be holding over with respect to the Surrender Space without the
express written consent of Landlord, and the provisions of Article 13 of the
Original Lease shall apply.

 

(g) No Release. Notwithstanding any provision of the foregoing to the contrary,
neither this Amendment nor the acceptance by Landlord of the Surrender Space
shall in any way:

 

(i) be deemed to excuse or release Tenant from any obligation or liability with
respect to the Surrender Space under the Existing Lease (including, without
limitation, any obligation or liability under provisions of the Existing Lease
to indemnify, defend and hold harmless Landlord or other parties, or with
respect to any breach or breaches of the Existing Lease) which obligation or
liability (x) first arises on or prior to the date on which Tenant delivers to
Landlord possession of the Surrender Space or (y) arises out of or is incurred
in connection with events or other matters which took place on or prior to such
date, or

 

(ii) affect any obligation under the Existing Lease which by its terms is to
survive the expiration or sooner termination of the Existing Lease.

 

Section 4. Change of Address for Copies of Notices to Landlord. The Foster City,
California address for a copy of all notices to Landlord set forth in Article 24
of the Original Lease is hereby changed as follows (but the other address for
all notices to Landlord remain unchanged):

 

Metropolitan Life Insurance Company

400 South El Camino Real, Suite 800

San Mateo, CA 94402

Attention: Assistant Vice President

 

Section 5. Tenant Estoppel. Tenant hereby confirms and ratifies the Existing
Lease, as amended hereby, and acknowledges that Landlord is not in default under
said Existing Lease as of the date of this Amendment.

 

Section 6. Time of Essence. Without limiting the generality of any other
provision of the Existing Lease, time is of the essence to each and every term
and condition of this Amendment.

 

Section 7. Brokers. Tenant represents that Tenant has dealt with no broker
representing Tenant in connection with this Amendment and that no broker is
representing Tenant in negotiating this Amendment or is entitled to any
commission in connection herewith. Tenant hereby protects, defends, indemnifies
and holds Landlord and its agents and employees harmless from all liabilities
arising from or in connection with any claim of any broker claiming to represent
Tenant in connection with this Amendment. Landlord represents that Cornish and
Carey Commercial (“CC”) is representing Landlord in connection with this
Amendment. Landlord hereby protects, defends, indemnifies and holds Tenant and
its agents and employees harmless from all liabilities arising from or in
connection with any claim of CC or any other broker claiming to represent
Landlord in connection with this Amendment.

 

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Section 8. Attorneys’ Fees. Each party to this Amendment shall bear its own
attorneys’ fees and costs incurred in connection with the discussions preceding,
negotiations for and documentation of this Amendment. In the event any party
brings any suit or other proceeding with respect to the subject matter or
enforcement of this Amendment or the Existing Lease, as amended, the prevailing
party (as determined by the court, agency or other authority before which such
suit or proceeding is commenced) shall, in addition to such other relief as may
be awarded, be entitled to recover attorneys’ fees, expenses and costs of
investigation as actually incurred, including court costs, expert witness fees,
costs and expenses of investigation, and all attorneys’ fees, costs and expenses
in any such suit or proceeding (including in any action or participation in or
in connection with any case or proceeding under the Bankruptcy Code, 11 United
States Code Sections 101 et seq., or any successor statutes, in establishing or
enforcing the right to indemnification, in appellate proceedings, or in
connection with the enforcement or collection of any judgment obtained in any
such suit or proceeding).

 

Section 9. Effect of Headings; Recitals: Exhibits. The titles or headings of the
various parts or sections hereof are intended solely for convenience and are not
intended and shall not be deemed to or in any way be used to modify, explain or
place any construction upon any of the provisions of this Amendment. Any and all
Recitals set forth at the beginning of this Amendment are true and correct and
constitute a part of this Amendment as if they had been set forth as covenants
herein. Exhibits, schedules, plats and riders hereto which are referred to
herein are a part of this Amendment.

 

Section 10. Entire Agreement; Amendment. This Amendment taken together with the
Existing Lease, together with all exhibits, schedules, riders and addenda to
each, constitutes the full and complete agreement and understanding between the
parties hereto and shall supersede all prior communications, representations,
understandings or agreements, if any, whether oral or written, concerning the
subject matter contained in this Amendment and the Existing Lease, as so
amended, and no provision of the Existing Lease as so amended may be modified,
amended, waived or discharged, in whole or in part, except by a written
instrument executed by all of the parties hereto.

 

Section 11. Authority. Each party represents and warrants to the other that it
has full authority and power to enter into and perform its obligations under
this Amendment, that the person executing this Amendment is fully empowered to
do so, and that no consent or authorization is necessary from any third party.
Landlord may request that Tenant provide Landlord evidence of Tenant’s
authority.

 

Section 12. Counterparts. This Amendment may be executed in duplicates or
counterparts, or both, and such duplicates or counterparts together shall
constitute but one original of the Amendment. Each duplicate and counterpart
shall be equally admissible in evidence, and each original shall fully bind each
party who has executed it.

 

Section 13. Telecopied Signatures. In order to expedite the transaction
contemplated herein, telecopied signatures may be used in place of original
signatures on this Amendment. All signatories to this Amendment intend to be
bound by such signatures, are aware that the other party or parties will rely on
the telecopied signatures and hereby waive any defenses to the enforcement of
the terms of this Amendment based on the fact that a signature was telecopied.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first set forth above.

 

   

TENANT:

     

MAXYGEN, INC.,

a Delaware corporation

            By:   /s/    Lawrence W. Briscoe             10/22/03              
 

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    Print Name:

 

Lawrence W. Briscoe

                     

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    Title:

 

CFO

                   

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    (Chairman of Board, President or Vice President)

            By:                    

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    Print Name:

                         

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    Title:

                       

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    (Secretary, Assistant Secretary, CFO or Assistant Treasurer)

   

LANDLORD:

     

METROPOLITAN LIFE INSURANCE COMPANY,

a New York corporation

            By:   /s/    Jon R. Redman                

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    Print Name:

 

Jon R. Redman

                     

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    Title:

 

Asst VP

                   

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EXHIBIT A

Surrender Space

 

[FLOORPLAN]

 

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EXHIBIT B

Transferred Improvements

 

200-220 PENOBSCOT DRIVE

 

LAB OR AREA

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DESCRIPTION OF TENANT IMPROVEMENTS

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220 – AREA 133    BUILD CHEMISTRY LAB(includes plumbing, HVAC, Electrical,
laboratory casework, six chemical fume hoods, and one 8ft walk-in fume hood) 220
– AREA 135    BUILD/INSTALL NMR LAB(includes plumbing, HVAC, Electrical and
laboratory casework) 220 – AREA 139    BUILD DIVERSITY LAB(includes plumbing,
HVAC, Electrical and laboratory casework) 220 – AREA 140    BUILD SEQUENCING
LAB(includes plumbing, HVAC, Electrical and laboratory casework) 220 – AREA 141
   BUILD RADIATION LAB(includes plumbing, HVAC, Electrical, and laboratory
casework) 220 – AREA 142    BUILD ASSAY LAB (includes plumbing, HVAC,
Electrical, laboratory case work and 2 chemical fume hoods) 220 –REAR OF BLDG   
BUILD ENCLOSURE AND INSTALL A 125 KVA ONAN EMERGENCY GENERATOR 200 –
AREA 159/160    BUILD GEN CHEMISTRY AND SUPPORT LAB(includes plumbing,
electrical, HVAC, 2 chemical fume hoods and laboratory casework) 200 – OFFICE   
BUILD/MODIFY OFFICE AREA & CONFERENCE ROOMS(includes electrical and HVAC) 200 –
CAFETERIA    BUILD CAFETERIA (includes plumbing, electrical, and HVAC) 200 –
DECK    BUILD/INSTALL REDWOOD DECK AT CAFETERIA EXIT(includes redwood, fastners
and oil finish)

 

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