Document:

Exhibit 10.28

 

FIRST AMENDMENT TO LEASE

 

This First Amendment to Lease (this “Amendment”) is made as of January 4, 2016 by and between Bulfinch Square Limited Partnership, a Massachusetts limited partnership (“Landlord”), and Healthcare Ventures LLC, a Delaware limited liability company (“Tenant”).

 

WHEREAS, Landlord and Tenant entered into that certain Lease dated 2012 (the “Lease”) for certain premises designated as Suite B1-1 (the “Original Premises”) in the building located at 47 Thorndike Street, Cambridge, Massachusetts, as more particularly described in the Lease; and

 

WHEREAS, Landlord and Tenant desire to amend the Lease to extend the term of the Lease, to expand the Premises to include additional certain office in the premises demised to Tenant under the Lease and to modify certain other provisions of the Lease, upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the foregoing and for other consideration the mutual receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows:

 

1.             Capitalized terms not otherwise defined in this Amendment shall have the meanings attributed to such terms in the Lease.

 

2.             The definition of “Premises” in Section 1.1 of the Lease is hereby amended to reflect that effective as of the Expansion Date, hereinafter defined, the Premises shall be expanded to include the portion of the Building designated as Suite [SB-1-1] (the “Expansion Premises”) containing 4,493 rentable square feet, substantially as shown on Exhibit A-1 hereto. The “Expansion Date” shall be April 15, 2016 or as soon thereafter as Landlord is able to deliver possession of the Expansion Premises to Tenant with Landlord’s Expansion Premises Work completed. “Landlord’s Expansion Premises Work” shall consist of repainting the Expansion Premises in a Building standard color selected by Tenant.

 

3.             The definition of “Premises Rentable Area” in Section 1.1 is amended to reflect that effective as of the Expansion Date, the Premises Rentable Area shall be 7,667 square feet.

 

4.             The definition of “Original Term” in Section 1.1 of the Lease is hereby amended to reflect that the Original Term is extended through, and shall expire on, April 30, 2019.

 

5.             The definition of “Annual Fixed Rent” in Section 1.1 of the Lease is hereby amended to reflect that (i) for the portion of the term from the Expansion Date through July 31, 2016, in addition to the Annual Fixed Rent for the Original Premises as specified in the Lease, Tenant shall pay Annual Fixed Rent for the Expansion Premises in the amount of $169,610.75, payable in equal monthly installments of $14,134.23, which shall be pro rated for any partial month following the Expansion Date if the Expansion Date is other than the first day of a month, and (ii) commencing on August 1, 2015, Annual Fixed Rent for the Premises (i.e. the Original Premises and Expansion Premises, collectively) shall be as follows:

 

 

	
Dates
    	
 
    	
Rate Per Square Foot of
   Premises Rentable Area
   Per Annum
    	
 
    	
Annual Fixed Rent
    	
 
    	
Monthly
   Payment
    	
 
    
	
8/1/16 — 7/31/17
    	
 
    	
$
    	
37.75
    	
 
    	
$
    	
289,429.25
    	
 
    	
$
    	
24,119.10
    	
 
    
	
8/1/17 — 7/31/18
    	
 
    	
$
    	
38.75
    	
 
    	
$
    	
297,096.25
    	
 
    	
$
    	
24,758.02
    	
 
    
	
8/1/18 — 4/30/19
    	
 
    	
$
    	
39.75
    	
 
    	
$
    	
304,763.25
    	
 
    	
$
    	
25,396.94
    	
 
    

 

6.             The definitions of “Base Taxes” and “Base Operating Costs” in Section 1.1 of the Landlord are hereby amended to reflect that effective as of August 1, 2016, said definitions are changed to the following:

 

Base Taxes: The Taxes (as defined in Subsection 4.2.1) for the fiscal year ending June 30, 2016, as the same may be reduced by the amount of any abatement.

 

Base Operating Costs: The Operating Costs (as defined in Subsection 4.2.2) for the calendar year ending December 31, 2016.

 

7.             The definition of “Tenant’s Percentage” in Section 1.1 of the Lease is hereby amended to reflect that effective as of the Expansion Date, Tenant’s Percentage shall be increased to ten and 1/100 percent (10.01%). Notwithstanding the foregoing, for purposes of Tenant’s obligation to pay Additional Rent for Taxes and Operating Costs pursuant to Section 4.2 of the Lease, Tenant’s Percentage shall be deemed to continue to be four and 14/100 (4.14%) until August 1, 2016, so that Tenant shall not be required to pay Additional Rent for Taxes with respect to the Expansion Premises until August 1, 2016 and shall not be required to pay Additional Rent for Operating Costs with respect to the Expansion Premises until January 1, 2017.

 

8.             Tenant acknowledges that is currently occupies the Original Premises and is agreeing to an extension of the Lease term as herein provided with the Original Premises being in “as is” condition, except that Landlord shall touch up the painted surfaces in the Original Premises as necessary. Tenant agrees to accept the Expansion Premises on the Expansion Date with the Expansion Premises being in “as is” condition except as affected by Landlord’s Expansion Work.

 

9.             The definition of “Security Deposit” in Section 1.1 of the Lease is hereby amended to be $24,119.10. Tenant shall deposit with Landlord the difference between the original Security Deposit and the Security Deposit as so amended, in the amount of $9,307.10, concurrently with Tenant’s execution of this Amendment.

 

10.          Tenant shall continue to have the extension option set forth in Section 2.3 of the Lease except that said Section 2.3 is hereby amended to reflect that (i) the Extended Term shall three (3) years and not four (4) years, and (ii) the Annual Fixed Rent for the Extended Term shall be one hundred percent (100%) of the Market Rate and not 95% of the Market Rate.

 

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11.          Tenant warrants and represents that it has dealt with no broker in connection with the consummation of this Amendment, other than Transwestern RBJ, representing Tenant, and Hammond Commercial, representing Landlord (the “Brokers”). In the event of any brokerage claims or liens other than by the Brokers, against Landlord or the Property predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien. Landlord represents that it has dealt with no brokers in connection with this Amendment other than the Brokers. Landlord shall pay the commission of the Brokers in connection with this Lease pursuant to a separate agreement between Landlord and Hammond Commercial, and Landlord hereby agrees to indemnify and hold Tenant harmless against any claims by the Brokers or any other brokers arising out of prior dealings with Landlord in connection with this Amendment.

 

12.          Tenant warrants and represents that it has not assigned the Lease or subleased all or any portion of the Premises.

 

13.          Exhibit A-1 to this Amendment is hereby added to the Lease as Exhibit A-1 to the Lease.

 

14.          As amended hereby, the Lease is hereby ratified and confirmed.

 

3

 

IN WITNESS WHEREOF, the parties have hereto executed this Amendment as of the date first above appearing.

 

	
 
    
	
 
    	
Landlord:
    
	
 
    	
 
    
	
 
    	
Bulfinch Square Limited   Partnership
    
	
 
    	
 
    
	
 
    	
By:
    	
Courthouse Associate, Inc.,   its general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kenneth Krozy
    
	
 
    	
 
    	
Kenneth Krozy
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    
	
 
    	
Tenant:
    
	
 
    	
 
    
	
 
    	
Health Care Ventures LLC
    
	
 
    	
 
    
	
 
    	
/s/ Augustine Lawlor
    
	
 
    	
Name: Augustine Lawler
    
	
 
    	
Title: General Partner
    

 

4Exhibit 10.29

 

CONSENT TO ASSIGNMENT AND ASSUMPTION OF LEASE

 

This Consent to Assignment and Assumption of Lease (this “Agreement”) is made as of the 19th day of December, 2016 by and among Bulfinch Square Limited Partnership, a Massachusetts limited partnership (“Landlord”), HealthCare Ventures LLC, a Delaware limited liability company (“Tenant”) and Leap Therapeutics, Inc., a Delaware corporation (“Assignee”).

 

WHEREAS, Landlord and Tenant have entered into that certain Lease dated March 30, 2012, as amended by amendments dated June 30, 2015 and January 4, 2016 (as so amended, the “Lease”) for the lease of certain premises (the “Premises”) known as Suite B1-1 in the building located at 47 Thorndike Street, Cambridge, Massachusetts, as more particularly described in the Lease; and

 

WHEREAS, Tenant desires to assign its interest in the Lease to Assignee and Assignee desires to assume Tenant’s obligations under the Lease; and

 

WHEREAS, to effectuate such assignment and assumption Tenant and Assignee have entered into an Assignment and Assumption Agreement (the “Assignment”) a copy of which is attached hereto as Exhibit A; and

 

WHEREAS, Landlord has agreed to consent to the Assignment subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.             Assignee hereby acknowledges that it has been given a copy of the Lease, has read the Lease and is familiar with its contents, and agrees to be bound thereby. Assignee hereby assumes, for the benefit of Landlord, all of the obligations of Tenant under the Lease, whether arising before or after the date hereof, including but without limitation the obligation to pay timely all rent, additional rent and other charges due or to become due under the Lease, and agrees to be bound by all the provisions of the Lease, all to the same extent as if Assignee had signed the Lease originally as the tenant named therein. Tenant confirms that it has assigned all of its rights, as tenant under the Lease, to Assignee. In furtherance of the foregoing, Tenant confirms that Tenant’s interest in the security deposit (if any) has been transferred to Assignee and Tenant releases Landlord from any and all claims with respect thereto.

 

2.             Tenant represents and warrants that (a) the Lease is in full force and effect and constitutes the entire agreement between Landlord and Tenant with respect to the Premises; (b) Tenant has not previously assigned, mortgaged, pledged or otherwise transferred any interest under the Lease nor has it sublet, licensed or otherwise granted any occupancy rights to any third party currently occupying any portion of the Premises; (c) Tenant knows of no defense or counterclaim to the enforcement of the obligations of the Tenant under the Lease and has no knowledge of any default by Landlord; (d) Tenant is not entitled to any reduction, offset or abatement of the rent payable under the Lease; (e) a true and complete copy of the Assignment is attached hereto as Exhibit A, and the Assignment constitutes the complete agreement between Tenant and Assignee with respect to the subject matter thereof; and (f) Tenant is not in default of

 

 

any of its obligations or covenants under the Lease, and has not breached any of its representations or warranties thereunder.

 

3.             Tenant hereby reaffirms that it shall remain, jointly and severally with Assignee and its successors and assigns, fully responsible and primarily liable for the prompt payment of rent, additional rent, and all other amounts payable by the tenant under the Lease, and for the performance of all of the terms, covenants, conditions and provisions of the Lease required to be performed on the part of the tenant thereunder, and shall be bound by and liable for all actions of Assignee and its successors and assignees as they relate to the Lease or the Premises, as if they were undertaken by Tenant.

 

4.             Landlord has executed this Agreement for the sole purpose of evidencing its consent to the Assignment. Neither Landlord’s consent under this Agreement nor anything contained in the Assignment shall be construed to modify, waive, impair or affect any of the covenants, agreements, terms, provisions, obligations or conditions contained in the Lease (except as herein expressly provided), or to waive any breach thereof, or any rights of Landlord against any party liable or responsible for the performance thereof, or to increase the obligations or diminish the rights of Landlord under the Lease, or to increase the rights or diminish the obligations of Tenant thereunder, or to, in any way, be construed as giving Assignee any greater rights than those possessed by the original tenant named in the Lease.

 

5.             Tenant and Assignee hereby covenant and agree that Landlord is not and will not be responsible for the payment of any commissions or fees in connection with the Assignment and they each agree to indemnify and hold Landlord harmless from and against any claims, liability, losses or expenses, including attorneys’ fees and court costs, incurred by Landlord in connection with any claims for a commission or fee by any broker, agent or finder in connection with the Assignment.

 

6.             Tenant and Assignee hereby agree that any option or right to extend or renew the term of the Lease or to expand the size of the Premises or to lease additional premises and any right of first offer or right of first refusal relating to space in the Building, any of which has not heretofore been exercised, is hereby deleted from the Lease.

 

7.             Landlord shall be under no obligation to commence proceedings or exhaust any of its remedies against Assignee before proceeding against Tenant, or against Tenant before proceeding against Assignee, for any redress provided for in the Lease or this Agreement, or at law or in equity.

 

8.             Any notice given by any party to another party hereto shall be in writing and shall be delivered by hand or mailed by certified or registered mail, return receipt requested, or by a nationally recognized courier service that provides a receipt for delivery such as Federal Express, United Parcel Service or U.S. Postal Service Express Mail to such other party at the address given below or such other address as such other party may from time to time designate in writing to the other parties in accordance with these provisions. Notices shall be effective on the date delivered to (or the first date such delivery is attempted and refused by) the parties to which such notice is required or permitted to be given or made under this Agreement.

 

2

 

	
Landlord:
    	
 
    	
Bulfinch Square Limited Partnership
    
	
 
    	
 
    	
c/o Kenneth Krozy, CPA
    
	
 
    	
 
    	
Krozy & Company, Inc.
    
	
 
    	
 
    	
PO Box 4246
    
	
 
    	
 
    	
Andover, MA 01810
    
	
 
    	
 
    	
 
    
	
Tenant:
    	
 
    	
Healthcare Ventures LLC
    
	
 
    	
 
    	
Robert Steinberg
    
	
 
    	
 
    	
47 Thorndike Street, Suite B1
    
	
 
    	
 
    	
Cambridge, MA 02141
    
	
 
    	
 
    	
 
    
	
Assignee:
    	
 
    	
Leap Therapeutics, Inc.
    
	
 
    	
 
    	
Doug Onsi
    
	
 
    	
 
    	
47 Thorndike Street, Suite B1
    
	
 
    	
 
    	
Cambridge, MA 02141
    

 

9.             Except as herein otherwise provided, this Agreement shall be binding upon and inure to the benefit of the parties, and their respective heirs, executors, administrators, successors and assigns.

 

3

 

IN WITNESS WHEREOF, the Landlord, Tenant and the Assignee have executed this Agreement under seal as of the date set forth above.

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    	
 
    
	
 
    	
Bulfinch Square Limited   Partnership
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
Courthouse Associates, Inc.,   its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Kenneth Krozy
    
	
 
    	
 
    	
Name: Kenneth Krozy
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
TENANT:
    
	
 
    	
 
    	
 
    
	
 
    	
HealthCare Ventures LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Robert Steinberg
    
	
 
    	
 
    	
Name: Robert Steinberg
    
	
 
    	
 
    	
Title: Vice President -   Administration
    
	
 
    	
 
    	
 
    
	
 
    	
ASSIGNEE:
    
	
 
    	
 
    	
 
    
	
 
    	
Leap Therapeutics, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Douglas E. Onsi
    
	
 
    	
 
    	
Name: Douglas E. Onsi
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
				

 

4

 

Exhibit A

 

Assignment and Assumption Agreement.

 

[See attached copy.]

 

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of December    , 2016, between HealthCare Ventures LLC, a Delaware limited liability company (“Assignor”), and Leap Therapeutics, Inc. a Delaware corporation (“Assignee”).

 

W I T N E S S E T H

 

WHEREAS, Assignee has agreed to assume certain liabilities and obligations of Assignor with respect to the lease of space at 47 Thorndike Street, Suite B1, Cambridge, MA pursuant to the Lease Agreement between Assignor and Bullfinch Square Limited Partnership, a Massachusetts limited partnership, dated March 30, 2012, as amended on June 30, 2015 and January 4, 2016 (as amended, the “Agreement”);

 

NOW, THEREFORE, for good and lawful consideration, receipt and sufficiency of which is hereby acknowledged, Assignor and Assignee agree as follows:

 

1.             (a)  Effective as of January 1, 2017 (the “Effective Date”), Assignor does hereby transfer, assign and deliver to Assignee all of the right, title and interest of Assignor in, to and under the Agreement.

 

(b)           As of the Effective Date, Assignee does hereby accept all the right, title and interest of Assignor in, to and under the Agreement, and Assignee assumes and agrees to pay, perform and discharge promptly and fully when due all of the liabilities and to perform all of the obligations of Assignor to be performed under the Agreement.

 

2.             This Agreement shall be construed in accordance with and governed by the law of the Commonwealth of Massachusetts, without regard to its conflicts of law rules.

 

3.             This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	
 
    	
HEALTHCARE VENTURES LLC
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Robert Steinberg
    
	
 
    	
Name: 
    	
Robert Steinberg
    
	
 
    	
Title:
    	
VP — Administration
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LEAP THERAPEUTICS, INC.
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Douglas E. Onsi
    
	
 
    	
Name: 
    	
Douglas E. Onsi
    
	
 
    	
Title:
    	
CFO

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