Exhibit 10.25


 





 


First Amendment
to Lease Agreement


Zomedica Pharmaceuticals, Inc.


100 Phoenix Drive,
Suite 190


 


 


This
First Amendment to the Lease Agreement (the "Lease") dated August 23, 2016, for premises located at I00 Phoenix Drive,
Ann Arbor, Michigan 48108, by and between Wickfield Phoenix, LLC, a Michigan limited liability company ("Landlord"),
and Zomedica Pharmaceuticals, Inc., a Delaware corporation ("Tenant", "Zomedica").


 





 




 


NOTWITHSTANDING
anything to the contrary contained in the Lease to which this Amendment to Lease is attached and made a part thereof, the Landlord
and Tenant agree as follows:


 


		1.	Definitions:



 


		(a)	The term "Lease" shall mean that certain office lease dated August
23, 2016, for the space known as Suite 190 (the"Premises") located at 100 Phoenix Drive, Ann
Arbor, Michigan (the "Building").



 


		(b)	The term "Additional Premises" shall mean the 18,640 additional
rentable square feet (RSF) inclusive of common area load as set forth below and as more fully described on the floor plan attached
hereto as Exhibit A:



 


		a.	Suite 125, East Tower; 5,844 rentable square feet



		b.	Suite 180, West Tower; 10,382 rentable square feet;



		c.	Suite 195, West Tower; 2,414 rentable square feet;



 


		(c)	The term "Additional Premises Proportionate Share" shall mean
five and 69/100 percent (5.69%).



 


		(d)	The term "Additional Premises Commencement Date" shall mean August
I, 2018.



 


		2.	Premises: As of the Additional Premises Commencement Date, Landlord
shall lease to Tenant the Additional Premises under the terms and conditions contained in the Lease, as herein amended. Thereafter,
except as stated herein, all terms and conditions in the Lease pertaining to the Premises shall apply with equal force and effect
to the Additional Premises.



 


		3.	Additional Premises Base Rent: Tenant shall pay "Additional
Base Rent" in accordance with the payment terms of the Lease, beginning on the Additional Premises Commencement Date and for
a period of forty-three (43) months each date thereafter on which Base Rent is due under the Lease. Tenant shall pay Additional
Base Rent to Landlord in monthly installments as follows



 


 



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	TERM	
        $/SQ.FT

        18,640
	Monthly	Annually
	(1)     Months 1-7	$22.50	$34,950.00	$244,650.00
	(1)     Months 8-19	$23.18	$36,006.27	$432,075.20
	(2)     Months 20-31	$23.87	$37,078.07	$444,936.80
	(3)     Months 32-43	$24.59	$38,196.47	$458,357.60
	TOTAL BASE RENT	$1,580,019.60


 


		4.	Additional
Premises Improvements: Landlord
delivered the
Additional l
Premises to Tenant in "AS
IS", "broom
clean" condition on or before
May 1, 2018. Tenant shall
at its sole
cost and expense make certain leasehold
improvements to the Premises pursuant to
the space plan and design
agreed to and approved by both
Tenant and
Landlord
and attached hereto as Exhibit A
(the "Space Plan").
Notwithstanding the foregoing,
to the extent
Landlord agrees to pay for any portion
of the Additional Premises improvements,
such payment shall be
amortized at 7% interest into the
Additional
Premises Rent. All Change
orders shall require
written approval
by both Landlord
and Tenant.



 


		5.	Additional
Parking: Tenant shall be entitled
to the non-exclusive use
of the exterior on-grade
parking areas (that are
not otherwise
reserved) located on
the Development ("Parking Area").



 


		6.	General: Capitalized
terns not otherwise
defined in this Amendment shall have the meanings set
fo1th in the Lease. Except
for the
terms explicitly amended
or modified by this Amendment, all of
the
other te1ms and conditions
of the Lease shall remain
in full force and effect.
Tenant hereby acknowledges
that as
of the date hereof,
Tenant has no claims
arising under the Lease
against Landlord, its
agents or beneficiaries, and that Tenant knows of ne default
or failure on
the part of Landlord
to perform any covenant, condition
or undertaking to be
kept or performed by Landlord
under the Lease. Tenant hereby
releases Landlord
from any liability
under the Lease p1ior to the date hereof.



 


This
Amendment to Lease Agreement is executed
by and effective
on this 31st_ day of
July,
2018.


 


 


	LANDLORD:	 
	 	 	 	 
	WICKFIELD PHOENIX LLC, a Michigan limited liability company	 
	 	 	 	 
	By:	 	/s/Bradley J. Hayosh	 
	 	 	 	 
	 	 	Bradley J. Hayosh	 
	Its:	 	 Authorized Agent	 




 


 



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	TENANT:	 
	 	 	 	 
	ZOMEDICA PHARMACEUTICALS, INC, a Delaware corporation	 
	 	 	 	 
	By:	 	/s/ Gerald Solensky Jr.	 
	 	 	 	 
	 	 	 	 
	Its:	 	Chairman – CEO	 




 


 


 



 






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EXHIBIT
A 


 


SPACE PLAN


 


 


 


 


 


 


 


 






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	Zomedica Lease Amendment_Additional Premises