EXHIBIT 10.18


 


STATE OF NORTH CAROLINA


 


	WAKE COUNTY	LEASE MODIFICATION AGREEMENT NO. 1	 


 


THIS LEASE MODIFICATION
AGREEMENT NO. 1 (this “Agreement”) is made and entered into as of this 27 day of January, 2012 (the “Execution
Date”), by and between Six Forks Capital, LLC, a Delaware limited liability company (“Landlord”), and
Trans1, Inc., a Delaware corporation authorized to conduct business in the State of North Carolina (“Tenant”).


 


WITNESSETH:


 


WHEREAS, Landlord and
Tenant entered into that certain Lease Agreement dated October 28, 2011 (the “Lease”), pursuant to which Tenant leased
approximately 4,375 square feet of space (the “Leased Premises”) contained in Suite 115 of the building known located
at 200 Horizon Drive, Raleigh, North Carolina 27516 (the “Building”). (The Lease is incorporated herein by reference
in its entirety. Any capitalized term used and not otherwise defined herein shall have the meaning ascribed to it in the Lease.);
and


 


WHEREAS, the Term of
the Lease set forth in Subsection 2.01(g) of the Lease is five years and five full months; and


 


WHEREAS, the Target
Commencement Date, Target Rent Commencement Date, and the Target Expiration Date of the Lease were all set forth in Subsection
2.01(h) of the Lease as January, 1, 2012, January 1, 2012 and May 31, 2017, respectively, but the actual Commencement Date
and Rent Commencement Date of the Lease is February 1, 2012; and


 


WHEREAS, pursuant to
Section 3.01 of the Lease (Term), it is the desire of Landlord and Tenant to set forth the actual Commencement Date, Rent
Commencement Date and the actual Expiration Date of the Lease upon the terms and conditions contained herein.


 


NOW, THEREFORE, in
consideration of the premises, rent, mutual covenants and conditions contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:


 


1.      Commencement
Date, Rent Commencement Date and Expiration Date. Subsection 2.01(h) of the Lease is amended by setting forth the Commencement
Date and Rent Commencement Date of the Lease as February 1, 2012, and the Expiration Date of the Lease as June 30, 2017.


 


2.      Base Rent.   Subsection 2.01(d) of the Lease (Base Rent) is amended by modifying the Base Rent chart on the following page for the Base
Rent chart currently set forth in the Lease:


 




    	 



    	 



    

  


	Full Month(s) 
of the Term	 	Date(s)	 	Price Per 
Square 
Foot, per 
annum 
(rounded)	 	 	Square 
Feet	 	 	Annual (or 
for time period 
noted)  Base 
Rent	 	 	Monthly 
Base Rent	 
	1 through 5	 	2/1/12 through 6/30/12	 	$	0.00
 ($17.50/
 SF Base Rent abated)
	 	 	 	4,375	 	 	$	0.00
 (for 5 months)
	 	 	$	0.00	 
	6 through 12	 	7/1/12 through 1/31/13	 	$	17.50	 	 	 	4,375	 	 	$	44,661.47
 (for 7 months)
	 	 	$	6,380.21	 
	13 through 24	 	2/1/13 through 1/31/14	 	$	18.03	 	 	 	4,375	 	 	$	78,859.44	 	 	$	6,571.62	 
	25 through 36	 	2/1/14 through 1/31/15	 	$	18.57	 	 	 	4,375	 	 	$	81,225.24	 	 	$	6,768.77	 
	37 through 48	 	2/1/15 through 1/31/16	 	$	19.12	 	 	 	4,375	 	 	$	83,661.96	 	 	$	6,971.83	 
	49 through 60	 	2/1/16 through 1/31/17	 	$	19.70	 	 	 	4,375	 	 	$	86,171.76	 	 	$	7,180.98	 
	61 through 65	 	2/1/17 through 6/30/17	 	$	20.29	 	 	 	4,375	 	 	$	36,982.05
 (for 5 months)
	 	 	$	7,396.41	 



 


3.       Affirmation
of Lease. Except as expressly modified herein, the original terms and conditions of the Lease shall remain in full force and
effect.


 


4.      Binding Agreement. Upon
execution by Tenant, this Agreement shall be binding upon Tenant, its legal representatives and successors, and, to the extent
assignment may be approved by Landlord hereunder, Tenant’s assigns. Upon execution by Landlord, this Agreement shall be binding
upon Landlord, its legal representatives, successors and assigns. This Agreement shall inure to the benefit of Landlord and Tenant,
and their respective representatives, successors and permitted assigns.


 


5.       Counterparts . This Agreement may be executed
in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the
same instrument.


 


(Signatures appear on the following page)


 




    	 



    	 



    

 


IN WITNESS WHEREOF,
the parties hereto, intending to be legally bound, have caused this Agreement to be executed by their respective duly authorized
representatives as of the day and year first above written.


 


	 	LANDLORD:
	 	 
	 	Six Forks Capital, LLC, a Delaware limited
	 	liability company
	 	 
	 	By:	/s/ Katherine M. Pfohl
	 	 	 
	 	Name:	Katherine M. Pfohl
	 	 	 
	 	Title:	Manager
	 	 
	 	TENANT:
	 	 
	 	Trans1, Inc., a Delaware corporation
	 	 
	 	By:	/s/ Ken Reali
	 	 	 
	 	Name:	Ken Reali
	 	 	 
	 	Title:	President & CEO