exv10w24









EXHIBIT
10.24




Second Amendment to Lease Agreement




     This Second Amendment to Lease Agreement (the “Amendment”) is made and entered into as of
November 20, 2000, by and between PRINCIPAL DEVELOPMENT INVESTORS, LLC, a Delaware limited
liability company (“Landlord”), and ABAXIS, INC., a California corporation (“Tenant”), with
reference to the following facts.



RECITALS





	A.	 	Landlord and Tenant have entered into that certain Lease
Agreement dated as of June 21, 2000 and that certain First Amendment
dated as of August 28, 2000, (hereinafter, collectively the “Lease”)
for the leasing of certain premises consisting of approximately
91,124 rentable square feet located at 3240 Whipple Road, Union City,
California (the “Premises”) as such Premises are more fully described
in the Lease.
	 
	B.	 	Landlord and Tenant now wish to amend the Lease to provide
for, among other things, a modification to the number of Parking
Spaces (as provided in the Basic Lease Information on Page 1 of the
Lease), the establishment of Phase I and Phase II Premises Rent
Commencement Date and an adjustment to the Base Rent schedule for the
Term of this Lease, all upon and subject to each of the terms,
conditions, and provisions set forth herein.




NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree as follows:





1. Recitals: Landlord and Tenant agree that the above recitals are true and
correct and are hereby incorporated herein as though set forth in full.




2. The number of Parking Spaces allocated to Tenant shall be changed from two hundred
forty-six (246) to two hundred twenty-four (224) non-exclusive and non-designated spaces.




3. The Phase I Premises Rent Commencement Date shall be October 20, 2000.




4. The Phase II Premises Rent Commencement Date shall be January 1, 2001.




5. The Expiration Date shall remain unchanged and is December 31, 2010.




6. Landlord and Tenant Agree that the Base Rent will be adjusted on the dates and in the
amounts as set forth below:




for the period of October 20, 2000 to December 31, 2000 the monthly Base Rent shall
be $18,750.00;




for the period of January 1, 2001 to December 31, 2001 the monthly Base Rent shall be
$75,145.90;




for the period of January 1, 2002 to December 31, 2002 the monthly Base Rent shall be
$77,879.62;




for the period of January 1, 2003 to December 31, 2003 the monthly Base Rent shall be
$80,722.69;




for the period of January 1, 2004 to December 31, 2004 the monthly Base Rent shall be
$83,679.48;




for the period of January 1, 2005 to December 31, 2005 the monthly Base Rent shall be
$86,754.54;




for the period of January 1, 2006 to December 31, 2006 the monthly Base Rent shall be
$89,952.61;




for the period of January 1, 2007 to December 31, 2007 the monthly Base Rent shall be
$93,278.60;




for the period of January 1, 2008 to December 31, 2008 the monthly Base Rent shall be
$96,737.63;




for the period of January 1, 2009 to December 31, 2009 the monthly Base Rent shall be
$100,335.01; and




for the period of January 1, 2010 to December 31, 2010 the monthly Base Rent shall be
$104,076.30.




7. Effect of Amendment: Except as modified herein, the terms and conditions of
the Lease shall remain unmodified and continue in full force and effect. In the event of any
conflict between the terms and conditions of the Lease and this Amendment, the terms and
conditions of this Amendment shall prevail.



1.









 






8. Definitions: Unless otherwise defined in this Amendment, all terms not defined in
this Amendment shall have the meaning set forth in the Lease.




9. Authority: Subject to the provisions of the Lease, this Amendment shall be
binding upon and inure to the benefit of the parties hereto, their respective heirs, legal
representatives, successors and assigns. Each party hereto and the persons signing below
warrant that the person signing below on such party’s behalf is authorized to do so and to
bind such party to the terms of this Amendment.




10. Authority: The terms and provisions of the Lease are hereby incorporated in this
Amendment.


IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above
written.




	 	 	 	 	 
	Tenant:



ABAXIS, INC.,

a California corporation

 	 	 
	By:  	/s/ Donald J. Stewart
 	 	 
	 	Its: CFO 	 	 
	 	 	 
	Date: 12/19/2000 	 	 
	 	 	 
	By:  	/s/ Robert Milder
 	 	 
	 	Its: COO 	 	 
	 	 	 
	Date: 12/19/2000 	 	 
	 
	Landlord:



PRINCIPAL DEVELOPMENT INVESTORS, LLC,

a Delaware limited liability company

 	 	 
	By:  	PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation, its member
 	 	 
	 	 	 
	By:  	/s/ Doug Kintzie
 	 	 
	 	Its: Assistant Director, Commercial Real Estate 	 	 
	 	 	 
	By:  	            /s/ John N. Urban
 	 	 
	 	Its: Director, Asset Management 	 	 
	 	 	 
	Date: 1/30/2001 	 	 



2.