Document:

EX-10.14

 EXHIBIT 10.14 

First Amendment to Lease 

This First Amendment to Lease (“Amendment”) is by and between FC Skokie PQ, LLC, a Delaware limited liability company
(“Landlord”), and AuraSense Therapeutics, LLC, a Delaware corporation (“Tenant”) and is executed as of the 31st day of March, 2014. 

WHEREAS, FC Skokie SPE, LLC, a Delaware limited liability company, Landlord’s predecessor in interest, and Tenant entered into that
certain Lease dated as of February 13, 2012 (the “Lease”), with respect to certain premises consisting of (i) 9,216 rentable square feet comprised of Suite Two on the fourth (4th)
floor of the Building (as defined in the Lease), and (ii) approximately 425 rsf comprised of a conference room on the fourth (4th) floor of the Building (collectively, the
“Premises”). 
 WHEREAS, Tenant desires to extend the Term of the Lease, and otherwise amend the Lease, as set forth herein. 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows: 
 1. Defined Terms. All capitalized terms used herein and not herein defined shall have the meanings set forth in the Lease. 

2. Extension of Term. The defined term “Term” in section 1.3 shall be deleted in its entirety and replaced with the following: 

“Term: Nine (9) years, commencing on March 1, 2012 (the “Commencement Date”), and expiring at 11:59pm on
February 28, 2021, unless earlier terminated in accordance with this Lease (“Termination Date”).” 
 3. Annual Fixed Rent.
Section 1.3 of the Lease is hereby amended by deleting the defined terms “Annual Fixed Rent” and “Annual Fixed Rent Escalation”, and replacing those terms with the following: 

“Annual Fixed Rent for the Premises: 
  

									
	 Period
	  	Annual Amount of
Annual Fixed Rent	 	  	Amount Per Rentable
Square Foot	 
	 March 1, 2012 – February 28, 2013
	  	$	230,400.00	 	  	$	25.00	 
	 March 1, 2013 – February 28, 2014
	  	$	239,616.00	 	  	$	26.00	 
	 March 1, 2014 – February 28, 2015
	  	$	248,832.00	 	  	$	27.00	 
	 March 1, 2015 – February 29, 2016
	  	$	248,832.00	 	  	$	27.00	 
	 March 1, 2016 – February 28, 2017
	  	$	253,440.00	 	  	$	27.50	 
	 March 1, 2017 – February 28, 2018
	  	$	258,048.00	 	  	$	28.00	 
	 March 1, 2018 – February 28, 2019
	  	$	262,656.00	 	  	$	28.50	 
	 March 1, 2019 – February 29, 2020
	  	$	267,264.00	 	  	$	29.00	 
	 March 1, 2020 – February 28, 2021
	  	$	271,872.00	 	  	$	29.50	 

 4. Termination Option: Effective as of the date hereof, Section 2.7 of the Lease entitled
“Extension Option” shall be deleted and replaced with the following: 
 “Section 2.7 Termination
Right. Provided that Tenant is not in continuing default after the expiration of applicable notice and cure periods under the Lease, Tenant shall have a one (1) time option to terminate the Lease (the “Termination Option”),
effective on February 28, 2018 (the “Early Termination Date”). Tenant shall exercise the Termination Option by delivering to Landlord written notice (the “Termination Notice”) of such election to terminate the Lease at least
twelve (12) months prior to the Early Termination Date, together with a termination payment (the “Termination Fee”) equal to one (1) month’s portion of the then applicable Annual Fixed Rent. If Tenant properly delivers the
Termination Notice, then this Lease shall be deemed to have expired by lapse of time on the Early Termination Date. Tenant shall return the Premises to Landlord on the Early Termination Date in accordance with the terms of the Lease applicable to
the surrender of the Premises at the expiration of the term of the Lease, including, but not limited to, Section 12.9. Unless Landlord otherwise agrees in writing, Tenant may not exercise the Termination Option, if Tenant is not in continuing
default after the expiration of applicable notice and cure periods under the Lease as of the date on which the Termination Notice is given or as of the Early Termination Date. All obligations of either party to the other which accrue under the Lease
on or before the Early Termination Date with respect to the Premises shall survive such termination.” 
 5. Authority. Tenant warrants and
represents that (a) Tenant is duly organized, validly existing and in good standing under the laws of the jurisdiction in which such entity was organized; (b) Tenant has duly executed and delivered this Amendment; (c) the execution,

  
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 delivery and performance by Tenant of this Amendment (i) are within the powers of Tenant, (ii) have
been duly authorized by all requisite action, (iii) will not violate any provision of law or any order of any court or agency of government, or any agreement or other instrument to which Tenant is a party or by which it or any of its property
is bound, and (iv) will not result in the imposition of any lien or charge on any of Tenant’s property, except by the provisions of this Amendment; and (d) this Amendment is a valid and binding obligation of Tenant in accordance with
its terms. This warranty and representation shall survive the termination of the Lease. 
 Landlord warrants and represents that
(a) Landlord is duly organized, validly existing and in good standing under the laws of the jurisdiction in which such entity was organized; (b) Landlord has duly executed and delivered this Amendment; (c) the execution, delivery and
performance by Landlord of this Amendment (i) are within the powers of Landlord, (ii) have been duly authorized on behalf of Landlord by all requisite action and (iii) will not violate any provision of law or any order of any court or
agency of government, or any agreement or other instrument to which Landlord is a party or by which it or any of its property is bound; and (d) this Amendment is a valid and binding obligation of Landlord in accordance with its terms. This
warranty and representation shall survive the termination of the Lease. 
 6. Brokerage. Each party represents and warrants to the other that it has
had no dealings with any broker or agent other than the CBRE, Inc. (“Broker”) in connection with this Amendment and shall indemnify and hold harmless the other from claims for any brokerage commission (other than by the Broker) arising out
a breach of the foregoing representations. Landlord shall be responsible for any commission due to the Broker pursuant to the terms of a separate agreement. 

  
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 IN WITNESS WHEREOF, the Landlord and Tenant have executed this First Amendment under seal as of the date first
noted above. 
  

													
		  	 LANDLORD:

		
		  	FC SKOKIE PQ, LLC,
		  	a Delaware limited liability company
			
		  	By:	 	 FC Skokie, LLC,

		  		 	 a Delaware limited liability company,

		  		 	 its sole member

				
		  		 	By:	  	 FC Skokie-Pavilion, LLC,

		  		 		  	 a Delaware limited liability company,

		  		 		  	 its sole member

					
		  		 		  	By:	  	 F.C. Pavilion, L.L.C.,

		  		 		  		  	 an Ohio limited liability company,

		  		 		  		  	 its sole member

						
		  		 		  		  	By:	  	 Forest City Commercial

		  		 		  		  		  	 Group, Inc., an Ohio

		  		 		  		  		  	 corporation, its managing member

							
		  		 		  		  		  	By:	  	 /s/ Frank C. Wuest

		  		 		  		  		  	Name:	  	Frank C. Wuest
		  		 		  		  		  	Title:	  	Vice President
		
		  	TENANT:
		
		  	AURASENSE THERAPEUTICS, LLC, a Delaware
 limited liability company

			
		  	By:	 	/s/ David Giljohann                            
		  	Name:	 	David Giljohann
		  	Title:	 	CEO

  
 4EX-10.15

 EXHIBIT 10.15 

Second Amendment to Lease 

This Second Amendment to Lease (“Amendment”) is by and between FC Skokie PQ, LLC, a Delaware limited liability company
(“Landlord”), and Exicure, Inc., a Delaware corporation (formerly known as AuraSense Therapeutics, LLC) (“Tenant”) and is executed as of the 26th day of May, 2016. 

WHEREAS, FC Skokie SPE, LLC, a Delaware limited liability company, Landlord’s predecessor in interest, and Tenant entered into that
certain Lease dated as of February 13, 2012, as amended by that certain First Amendment to Lease dated as of March 31, 2014 (collectively, the “Lease”), with respect to certain premises consisting of 9,216 rentable square on the
fourth (4th) floor (the “Premises”) of the building known and numbered as 8045 Lamon Avenue (the “Building”) in the Illinois Science + Technology Park, Skokie, Illinois (the
“Park”). 
 WHEREAS, Tenant desires to expand the Premises to include additional space on the First (1st) Floor of the Building, and otherwise amend the Lease, as set forth herein. 
 NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Defined Terms. All capitalized terms used herein and not herein defined shall have the meanings set forth in the Lease. 
 2. Second Amendment
Expansion Premises. Effective as of May 1, 2016, the term “Premises” set forth in Section 1.3 of the Lease shall be deleted in its entirety and replaced with the following: 

“Premises: 11,988 rentable square feet (“rsf”), consisting of (i) Suite Two comprising approximately 8,791 rsf on the Fourth (4th) Floor of the Building (“Suite Two”), (ii) conference room space comprising approximately 425 rsf on the Fourth (4th) Floor of the
building located between the washrooms and the atrium (the “Conference Room”), and (iii) Suite Q1202 comprising approximately 2,772 rsf located on the First (1st) Floor of the
Building (the “Second Amendment Expansion Space”), all as set forth on Exhibit B-1 attached hereto.” 

3. Term. The Term for the Second Amendment Expansion Space shall be co-terminus with the existing Premises.

 4. Annual Fixed Rent/Rent Commencement Date. Annual Fixed Rent and Annual Fixed Rent Escalation for the Second Amendment Expansion Space shall be
on the same terms and conditions as the Section 1.3 of the Lease. The Rent Commencement Date for the Second Amendment Expansion Space shall be June 1, 2016. 

 5. Termination Option: The terms and conditions of Tenant’s Termination Option set forth in
Section 2.7 of the Lease shall also apply to the Second Amendment Expansion Space. 
 6. Authority. Tenant warrants and represents that
(a) Tenant is duly organized, validly existing and in good standing under the laws of the jurisdiction in which such entity was organized; (b) Tenant has duly executed and delivered this Amendment; (c) the execution, delivery and
performance by Tenant of this Amendment (i) are within the powers of Tenant, (ii) have been duly authorized by all requisite action, (iii) will not violate any provision of law or any order of any court or agency of government, or any
agreement or other instrument to which Tenant is a party or by which it or any of its property is bound, and (iv) will not result in the imposition of any lien or charge on any of Tenant’s property, except by the provisions of this
Amendment; and (d) this Amendment is a valid and binding obligation of Tenant in accordance with its terms. This warranty and representation shall survive the termination of the Lease. 

Landlord warrants and represents that (a) Landlord is duly organized, validly existing and in good standing under the laws of the
jurisdiction in which such entity was organized; (b) Landlord has duly executed and delivered this Amendment; (c) the execution, delivery and performance by Landlord of this Amendment (i) are within the powers of Landlord,
(ii) have been duly authorized on behalf of Landlord by all requisite action and (iii) will not violate any provision of law or any order of any court or agency of government, or any agreement or other instrument to which Landlord is a
party or by which it or any of its property is bound; and (d) this Amendment is a valid and binding obligation of Landlord in accordance with its terms. This warranty and representation shall survive the termination of the Lease. 

7. Right of First Refusal: Tenant shall continue to have the Right of First Refusal consistent with Section 2.6 of the Master Lease. 

8. Landlord’s Work. Landlord at its sole expense will make the following improvements to the Expansion Premises. Such work will be completed prior
to the Expansion Premises Lease Commencement. 
  

	 	•	 	Improve the lighting in the premises 

  

	 	•	 	Repair areas of damage to dry wall and paint. 

 9. Brokerage. Each party represents and warrants to the
other that it has had no dealings with any broker or agent other than the CBRE, Inc. (“Broker”) in connection with this Amendment and shall indemnify and hold harmless the other from claims for any brokerage commission (other than by the
Broker) arising out a breach of the foregoing representations. Landlord shall be responsible for any commission due to the Broker pursuant to the terms of a separate agreement. 

  
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 IN WITNESS WHEREOF, the Landlord and Tenant have executed this Amendment under seal as of the date first noted
above. 
  

			
	LANDLORD:
	
	 FC SKOKIE SPE, LLC,

a Delaware limited liability company

		
	By:	 	 FC Skokie, LLC,
 a Delaware limited liability
company, its sole member

		
		 	 By:   FC Skokie-Pavilion, LLC,

a Delaware limited liability company, its sole member

		
		 	 By:   F.C. Pavilion, L.L.C.,

an Ohio limited liability company, its sole member

		
		 	 By:   Forest City Commercial Group, Inc., an Ohio corporation, its managing
member

		
		 	 By: /s/Michael Farley        

		 	 Name: Michael Farley

		 	 Title:
V.P.                    

  

			
	
	 TENANT:

	
	 EXICURE, INC., a Delaware corporation

		
	 By:
	 	 /s/David. S. Snyder

	 Name:
	 	David S. Snyder
	 Title:
	 	C.F.O

  
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