Document:

Exhibit 10.43

 

SIXTH AMENDMENT

 

THIS SIXTH AMENDMENT (this “Amendment”) is made and entered into as of December 21, 2010, by and between CA-FOOTHILL RESEARCH CENTER LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and AFFYMAX, INC., a Delaware corporation (“Tenant”).

 

RECITALS

 

A.                                   Landlord (as successor in interest by conversion to EOP-Foothill Research Center, L.L.C., a Delaware limited liability company, successor in interest to Spieker Properties, L.P., a California limited partnership, successor in interest to Miranda Associates, a California general partnership) and Tenant (as successor in interest to Affymax Research Institute, a California corporation) are parties to that certain Research and Development/Office Lease dated May 30, 1990 (the “Original Lease”), as amended by  that certain Consent to Sublease dated July 30, 1990 (the “Consent”), that certain First Amendment to Lease dated November 16, 1999, that certain Second Amendment to Lease dated December 20, 1999, that certain Third Amendment dated December 31, 2001, and that certain Fourth Amendment dated November 30, 2006 (the “Fourth Amendment”) and that certain Fifth Amendment (the “Fifth Amendment”) dated May 20, 2010  (as amended, the “Lease”).  Pursuant to the Lease, Landlord has leased to Tenant certain premises containing (1) approximately 53,830 rentable square feet consisting of the entire building located at 4001 Miranda Avenue in Palo Alto, California (the “Current Premises”), (2) approximately 28,709 rentable square feet, which is more particularly described in the Fifth Amendment as the “Expansion Space”, in the building located at 4009 Miranda Avenue in Palo Alto, California (the effective date for which has not yet occurred, as more particularly described in Sections 1.2 (as amended, as confirmed in Section 2.2 below), 2.2 and 3.2 of the Fifth Amendment), and (3) the entire building  located at  4015 Miranda Avenue in Palo Alto, California (as more particularly described in the Fourth Amendment, the “Must-Take Space”) (the commencement date for which has not yet occurred, as more particularly described in Section I.B of the Fourth Amendment), all in the project commonly known as Foothill Research Center.

 

B.                                     The effective date for the Must-Take Space is scheduled to be January 1, 2011 (subject to Sections I.B and I.E of the Fourth Amendment), and the parties hereto desire to confirm the Base Rent for the Must-Take Space and terms applicable to the Must-Take Space, on the following terms and conditions.

 

NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

 

1.                                       Must-Take Space.

 

1.1.                              Base Rent.  The parties have determined the Initial Base Rent and annual 3% increases for the Must-Take Space during the Must-Take Term in accordance with Section I.C of the Fourth Amendment, and hereby confirm and agree that such amounts are as follows:

 

	
Period of
   Must-Take Term
    	
 
    	
Annual Rate Per
   Square Foot
    	
 
    	
Monthly Base Rent
    	
 
    
	
Must-Take Effective Date —   12/31/11
    	
 
    	
$
    	
36.96
    	
 
    	
$
    	
94,340.40
    	
 
    
	
1/1/12 — 12/31/12
    	
 
    	
$
    	
38.07
    	
 
    	
$
    	
97,173.68
    	
 
    
	
1/1/13 — 12/31/13
    	
 
    	
$
    	
39.21
    	
 
    	
$
    	
100,083.53
    	
 
    
	
1/1/14 — 9/30/14
    	
 
    	
$
    	
40.39
    	
 
    	
$
    	
103,095.48
    	
 
    

 

Base Rent for any Advance Must-Take Term, if any, shall be at the same rate in effect as of the Must-Take Effective Date, prorated on a per diem basis.

 

1.2                                 During the Must-Take Term, Tenant shall be entitled to the additional 92 non-reserved parking spaces provided in connection with the Must-Take Space in Section IX.W of the Fourth Amendment; provided that the parties agree that the 270 total non-reserved spaces described in such Section IX.W are in addition to any spaces to which Tenant is entitled in connection with the Expansion Space, as provide in Section 10.3 of the Fifth Amendment.

 

1.3                                 All other terms of the Lease applicable to the Must-Take Space shall be as provided in the Fourth Amendment, including, without limitation, Tenant’s obligation to pay Property

 

C-1

 

Expenses, as provided in Section I.C.2 of the Fourth Amendment, and the Must-Take Work Letter attached as Exhibit B to the Fourth Amendment..

 

2.                                       Other Pertinent Provisions.  Landlord and Tenant agree that, effective as of the date of this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects:

 

2.1                                 Deletions.  Section 9 (Acceleration Option) of the Fifth Amendment is hereby deleted.

 

2.2                                 Waiver of Contingency to Fifth Amendment.  The parties hereby confirm and agree that that the Required Agreement (as defined in Section 10.9 of the Fifth Amendment) was not entered into on or prior to the Contingency Date (as defined in Section 10.9 of the Fifth Amendment), but that Tenant did not timely terminate the Fifth Amendment as provided in such Section 10.9.  Accordingly, the parties confirm and agree that the Fifth Amendment is in full force and effect and that Tenant has waived any right to terminate all or any portion of the Fifth Amendment pursuant to such Section 10.9, and that pursuant to such Section 10.9, the date “July 1, 2010” in Section 1.2 of the Fifth Amendment has automatically been amended to be “January 1, 2011”.

 

3.                                       Miscellaneous.

 

3.1                                 This Amendment and the attached exhibits, which are hereby incorporated into and made a part of this Amendment, set forth the entire agreement between the parties with respect to the matters set forth herein.  There have been no additional oral or written representations or agreements.  Tenant shall not be entitled, in connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in the Lease with respect to the Must-Take Space or in this Amendment.

 

3.2                                 Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.

 

3.3                                 In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.

 

3.4                                 Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant.  Landlord shall not be bound by this Amendment until Landlord has executed and delivered it to Tenant.

 

3.5                                 The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.

 

3.6                                 Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment.  Landlord shall indemnify and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Landlord in connection with this Amendment.  Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord, and not as agent for Tenant.

 

3.7                                 Each signatory of this Amendment represents hereby that he or she has the authority to execute and deliver it on behalf of the party hereto for which such signatory is acting.

 

[SIGNATURES ARE ON FOLLOWING PAGE]

 

C-2

 

IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    
	
 
    	
CA-FOOTHILL   RESEARCH CENTER LIMITED PARTNERSHIP, a Delaware limited partnership  
    
	
 
    	
 
    
	
 
    	
By:  EOP   Owner GP L.L.C., a Delaware limited liability company, its general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   John C. Moe
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
John   C. Moe
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Market   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
AFFYMAX, INC.,
   a Delaware corporation 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Herb Cross
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Herb   Cross 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
VP   Finance and CAO
    
					

 

C-3Exhibit 10.11

 

EXECUTION COPY

 

FIRST AMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated as of November 9, 2010, by and among SYNTA PHARMACEUTICALS CORP., a Delaware corporation (“Borrower”), SYNTA SECURITIES CORP., a Massachusetts corporation (“Guarantor”); Borrower and Guarantor each a “Loan Party” and, collectively, the “Loan Parties”), GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation acting in its capacity as agent (“Agent”) for the lenders under the Loan Agreement (as defined below) (“Lenders”), and the Lenders.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Loan Parties, Lenders and Agent are parties to that certain Loan and Security Agreement, dated as of September 30, 2010 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used herein have the meanings given to them in the Loan Agreement except as otherwise expressly defined herein), pursuant to which Lenders have agreed to provide to Borrower certain loans and other extensions of credit in accordance with the terms and conditions thereof; and

 

WHEREAS, the Loan Parties, Agent and Lenders desire to amend certain provisions of the Loan Agreement in accordance with, and subject to, the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Loan Parties, Lenders and Agent hereby agree as follows:

 

1.                                      Acknowledgment of Obligations.  Borrower hereby acknowledges, confirms and agrees that all Term Loans made prior to the date hereof, together with interest accrued and accruing thereon, and fees, costs, expenses and other charges owing by Borrower to Agent and Lenders under the Loan Agreement and the other Debt Documents, are unconditionally owing by Borrower to Agent and Lenders, without offset, defense or counterclaim of any kind, nature or description whatsoever except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditor’s rights generally.

 

2.                                      Amendments to Loan Agreement.  Subject to the terms and conditions of this Agreement, including, without limitation, the conditions to effectiveness set forth in Section 5 below, Section 7.8  of the Loan Agreement is hereby amended by deleting such Section in its entirety and substituting in lieu thereof the following:

 

“7.8   Transactions with Affiliates.  No Loan Party shall, and no Loan Party shall permit any of its Subsidiaries to, directly or indirectly enter into or permit to exist any transaction with any Affiliate (as defined below) of a Loan Party or any Subsidiary of a Loan Party except for (a) Permitted Investments described in clauses (iv)

 

 

and (v) of such definition, (b) transactions that are in the ordinary course of such Loan Party’s or such Subsidiary’s business, upon fair and reasonable terms that are no more favorable to such Affiliate than would be obtained in an arm’s length transaction, (c) the Subject Consulting Agreement, and (d) transactions involving the issuance of Borrower’s common voting stock to Kovner or any other member of the Borrower’s Board of Directors (or entities affiliated with such member) or executive officers of the Borrower, so long as with respect to each such transaction (i) no Default or Event of Default has occurred and is continuing, or will result from such transaction (including, for the avoidance of doubt, an Event of Default arising pursuant to Section 8.1(k)), (ii) Agent has received at least ten (10) days prior written notice of Borrower’s intention to enter into such transaction (or has waived such prior notice in writing in its sole discretion) and (iii) such transaction is upon fair and reasonable terms that are no more favorable to such Affiliate than would be obtained in an arm’s length transaction (and the Borrower has provided to Agent copies of all documentation relating to such transaction so that the Agent can confirm such fair and reasonable terms).  As used herein, “Affiliate” means, with respect to a Loan Party or any Subsidiary of a Loan Party, (a) each person that, directly or indirectly, owns or controls 5% or more of the stock or membership interests having ordinary voting power in the election of directors or managers of such Loan Party or such Subsidiary, and (b) each person that controls, is controlled by or is under common control with such Loan Party or such Subsidiary.”

 

3.                                      No Other Amendments.  Except for the amendments and agreements set forth and referred to in Section 2 above, the Loan Agreement and the other Debt Documents shall remain unchanged and in full force and effect.  Nothing in this Agreement is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of Borrower’s or Guarantor’s Obligations or to modify, affect or impair the perfection or continuity of Agent’s security interests in, security titles to or other liens, for the benefit of itself and the Lenders, on any Collateral for the Obligations.

 

4.                                      Representations and Warranties.  To induce Agent and Lenders to enter into this Agreement, each Loan Party does hereby warrant, represent and covenant to Agent and Lenders that after giving effect to this Agreement (i) each representation or warranty of the Loan Parties set forth in the Loan Agreement is hereby restated and reaffirmed as true and correct in all material respects on and as of the date hereof as if such representation or warranty were made on and as of the date hereof (except to the extent that any such representation or warranty expressly relates to a prior specific date or period), (ii) no Default or Event of Default has occurred and is continuing as of the date hereof and (iii) each Loan Party has the power and is duly authorized to enter into, deliver and perform this Agreement and this Agreement is the legal, valid and binding obligation of each Loan Party enforceable against each Loan Party in accordance with its terms.

 

5.                                      Condition Precedent to Effectiveness of this Agreement.  This Agreement shall become effective as of the date (the “Amendment Effective Date”) upon which Agent shall notify Borrower in writing that Agent has received one or more counterparts of this Agreement

 

2

 

duly executed and delivered by the Loan Parties, Agent and Lenders, in form and substance satisfactory to Agent and Lenders.

 

6.                                      Release.

 

(a)                                  In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and each Lender and their respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any Loan Party or any of its respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the Amendment Effective Date, including, without limitation, for or on account of, or in relation to, or in any way in connection with the Loan Agreement or any of the other Debt Documents or transactions thereunder or related thereto.

 

(b)                                 Each Loan Party understands, acknowledges and agrees that its release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

 

(c)                                  Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

7.                                      Covenant Not To Sue.                            Each Loan Party, on behalf of itself and its respective successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by the Loan Parties pursuant to Section 6 above.  If any Loan Party or any of its respective successors, assigns or other legal representatives violates the foregoing covenant, each Loan Party, for itself and its successors, assigns and legal representatives, jointly and severally agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation.

 

3

 

8.                                      Advice of Counsel.   Each of the parties represents to each other party hereto that it has discussed this Agreement with its counsel.

 

9.                                      Severability of Provisions.  In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable in any applicable jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

10.                               Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.

 

11.                               GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS.

 

12.                               Entire Agreement.  The Loan Agreement as and when amended through this Agreement embodies the entire agreement between the parties hereto relating to the subject matter thereof and supersedes all prior agreements, representations and understandings, if any, relating to the subject matter thereof.

 

13.                               No Strict Construction, Etc.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.  Time is of the essence for this Agreement.

 

14.                               Costs and Expenses.  Loan Parties absolutely and unconditionally agree, jointly and severally, to pay or reimburse upon demand for all reasonable fees, costs and expenses incurred by Agent and the Lenders that are Lenders on the Closing Date in connection with the preparation, negotiation, execution and delivery of this Agreement and any other Debt Documents or other agreements prepared, negotiated, executed or delivered in connection with this Agreement or transactions contemplated hereby.

 

[Signature Pages Follow]

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Loan and Security Agreement to be duly executed and delivered as of the day and year specified at the beginning hereof.

 

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
SYNTA PHARMACEUTICALS CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Safi Bahcall
    
	
 
    	
Name:  Safi Bahcall
    
	
 
    	
Title:  President and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GUARANTOR:
    
	
 
    	
 
    
	
 
    	
SYNTA SECURITIES CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Safi Bahcall
    
	
 
    	
Name:  Safi Bahcall
    
	
 
    	
Title:  Director
    

 

SYNTA PHARMACEUTICALS CORP.

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

SIGNATURE PAGE

 

 

	
 
    	
AGENT AND LENDER:
    
	
 
    	
 
    
	
 
    	
GENERAL ELECTRIC CAPITAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ R. Hanes Whiteley
    
	
 
    	
Name:  R. Hanes Whiteley
    
	
 
    	
Title:  Its Duly Authorized   Signatory
    

 

SYNTA PHARMACEUTICALS CORP.

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

SIGNATURE PAGE

 

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
MIDCAP FUNDING III, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Luis Viera
    
	
 
    	
Name:  Luis Viera
    
	
 
    	
Title:  Managing Director
    

 

SYNTA PHARMACEUTICALS CORP.

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

SIGNATURE PAGE

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