Document:

SIXTH AMENDMENT EXTENSION  AGREEMENT

 Exhibit 10.1 
 American Enterprise Park 
 Morris Plains, New Jersey 

Immunomedics, Inc. 
 SIXTH AMENDMENT 
 Extension Agreement 

This Sixth Amendment to Lease made as of this 11th day of February, 2011 between WU/LH 300 American L.L.C., a Delaware
limited liability company, having an office at c/o Lighthouse Real Estate Management, 60 Hempstead Avenue, Suite 718, West Hempstead, New York, 11552 (“Lessor”) and Immunomedics, Inc., having an office at 300 American Road, Morris
Plains, New Jersey 07950 (“Lessee”). 
 WITNESSETH: 

WHEREAS, Lessor, as successor-in-interest to Baker Properties Limited Partnership, and Lessee, previously entered into a Lease
Agreement dated January 16, 1992; which was amended by a First Addendum dated May 5, 1993, a Second Addendum dated March 29, 1995, a Letter Amendment dated October 5, 1998, a Fourth Addendum dated August 15, 2001 and a Fifth Amendment dated as
of June 18, 2009, collectively referred to as the “Lease”; and 
 WHEREAS, Lessee now desires to extend the
term demised in the Lease from October 31, 2021 to October 31, 2031, upon all of the applicable executory terms, covenants and conditions contained in the Lease, as modified pursuant to the provisions of this Agreement, and Lessor is willing to
extend the term demised in the Lease on the terms set forth in and subject to the provisions of this Agreement; and 
 NOW
THEREFORE, in consideration of the mutual covenants herein set forth and for good and valuable consideration, the parties hereby agree to amend the Lease as follows: 

1. All capitalized words used herein are as defined in the Lease, if not defined herein. 

2. The term demised in the Lease is hereby extended upon all of the applicable executory terms, covenants and conditions of the Lease
including, but not limited to, the provisions of Section 3(b) and Article 12 thereof, except as the Lease is amended by this Agreement, for an additional period (referred to as the “Extension Period”) of ten (10) years commencing on
November 1, 2021 (the “Extension Commencement Date”) and ending on October 31, 2031, unless sooner terminated pursuant to any of the provisions of the Lease or pursuant to law. Said date, October 31, 2031, shall hereafter be deemed to be
the Expiration Date. 
 3. With respect to the leasing of the Demised Premises during the Extension Period,
the Basic Rent shall be equal to (x) with respect to the period from November 1, 2021 through and including October 31, 2026, the sum of $1,043,814.90 per annum ($86,984.58 per month), and (y) with respect to the remainder of the Extension Period,
commencing on November 1, 2026 and on each November 1st
thereafter occurring during the Extension Period, the Basic Rent for the one year period commencing on such date of November 1st shall be an amount equal to the Basic Rent for the immediately preceding one year period increased by the percentage
change in the 

  
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 “Consumer Price Index” in effect for the immediately preceding November
1st. As used herein, “Consumer Price
Index” shall mean the Consumer Price Index For All Urban Consumers All Items, United States (CPI-U) (1985-87 = 100) seasonally adjusted as published by the United States Department of Labor, Bureau of Labor Statistics, or any replacement
thereof. If the manner in which the Consumer Price Index is determined by the Department of Labor shall be substantially revised, an adjustment shall be made in such revised index which would have obtained if the Consumer Price Index had not been so
revised. If the current yearly average shall no longer be used as an index of 100, such change shall constitute a substantial revision. If the Consumer Price Index shall become unavailable to the public because publication is discontinued, or
otherwise, Landlord will substitute therefor a comparable index based upon changes in the cost of living or purchasing power of the consumer dollar published by any other governmental agency or, if no such index shall then be available, a comparable
index published by a major bank or other financial institution or by a university or a recognized financial publication shall be substituted. 
 4.    A. Lessee shall accept the Demised Premises in its “As Is” condition on the Extension Commencement Date and Lessor shall have no obligation to perform any work or make
any installations in order to prepare the Demised Premises for Lessee’s continued occupancy, except that, promptly following the execution and unconditional delivery of this Agreement, Lessor shall cause the following work to be performed in
the Additional Space (as such term is defined in the Fifth Amendment), which work is more particularly described on the plans prepared by RS Granoff and dated November 12, 2010, which have been reviewed and approved by Lessor and Lessee (such plans,
the “Extension Work Plans” and such work, as shown on such plans, is referred to herein as “Lessor’s Extension Work”): 
  

	 	a.	Install carpeting in the carpeted areas of the Additional Space, with it understood that the color and type of such carpeting is designated on the Extension Work Plans;

  

	 	b.	Paint the walls of the Additional Space in Building standard colors selected by Lessee and designated on the Extension Work Plans; 

 

	 	c.	Perform work necessary to enlarge the existing restrooms serving the Additional Space as more particularly shown on the Extension Work Plans; and

  

	 	d.	Construct necessary demising walls as more particularly shown on the Extension Work Plans. 

B. Lessor’s Extension Work shall employ Building-standard materials and finishes and shall be equal to standards adopted by Lessor
for the Building and shall constitute a single, non-recurring obligation on the part of Lessor. In the event the Lease is renewed or extended for a further term by agreement or operation of law, Lessor’s obligation to perform such work shall
not apply to such renewal or extension. Lessor may enter the Demised Premises to perform Lessor’s Extension Work and any so-called “punch-list” items in connection therewith, and entry by Lessor, its agents, servants, employees or
contractors for such purpose shall not constitute an actual or constructive eviction, in whole or in part, or entitle Lessee to any abatement or diminution of rent, or relieve Lessee from any of its obligations under the Lease, or impose any
liability upon Lessor, or its agents, by reason of inconvenience or annoyance to Lessee, or injury to, or interruption of Lessee’s business or otherwise. Lessor agrees, however, to perform said work with reasonable diligence without any
obligation, however, to employ contractors or labor at overtime or other premium pay rates. 

  
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 C. Except as expressly set forth to the contrary in this Paragraph C, Lessor shall perform
Lessor’s Extension Work at Lessor’s sole cost and expense. The parties agree that Lessee shall be obligated to reimburse Lessor for the cost incurred by Lessor in performing items b and d of Lessor’s Extension Work in an amount equal
$117,694.00, which cost is to be amortized over the period (the “Amortization Period”) commencing on November 1, 2011 and ending on October 31, 2021 on a straight-line basis using a 10% interest factor. Accordingly, effective as of the
date hereof, the Basic Rent payable under the Lease with respect to the entire Demised Premises during the Amortization Period shall be increased to the following amounts to account for the reimbursement by Lessee to Lessor of the amortized cost of
such work as contemplated under this Paragraph C: 
 i. for the period from November 1, 2011 to and including October 31, 2016,
the Basic Rent shall be $838,082.11 per annum, payable in equal monthly installments of 69,840.18; and 
 ii. for the
period from November 1, 2016 to and including October 31, 2021, the Basic Rent shall be $973,862.91 per annum, payable in equal monthly installments of $81,155.24. 
 5. Lessor and Lessee agree and acknowledge that as of the date hereof, Lessee has exercised its right to lease the Expansion Space pursuant to Article 34 of the Lease, entitled “Right of First
Offer” (as restated in the Fourth Amendment), and accordingly such provisions of the Lease shall be of no further force or effect. Furthermore, Lessor and Lessee agree that Lessee shall continue to have the option to renew the term of the Lease
pursuant to Article 32 of the Lease (entitled “Option to Renew,” which provision was restated in the Fourth Amendment), with it understood that (i) the phrase “as during the twenty (20) year Term hereof” in the first paragraph of
Section 4(e) of the Fourth Amendment shall be deemed deleted therefrom, and (ii) the last sentence of Section 4(e) of the Fourth Amendment shall be deleted and the following shall be inserted in lieu thereof” “Notwithstanding the above, in
no event shall the Basic Rent during the Renewal Term be less than the Basic Rent in effect as of the day immediately preceding the commencement date of the Renewal Term.” 

6. Except as otherwise provided herein, all other terms and provisions set forth in the Lease shall continue with the same force and
effect as if set forth herein at length. 
 7. This Agreement shall be binding upon the parties hereto, their heirs, successors
and assigns. 
 8. Each of Lessor and Lessee represents and warrants to the other that Lighthouse Real Estate Management, LLC
(“LREM”) is the sole broker with whom such party has negotiated or otherwise dealt with or engaged in bringing about this Agreement. Lessor and Lessee shall each indemnify and hold the other harmless from all loss, cost, liability, damage
and expenses, including, but not limited to, reasonable counsel fees and disbursements, incurred by the other party in connection with any breach of the foregoing representation and warranty. The terms and conditions of this paragraph shall survive
the expiration or sooner termination of the Lease. Lessor shall pay any commission or compensation owing to LREM in connection with this Agreement pursuant to a separate agreement between Lessor and LREM. In addition, if any commissions or
compensation is due to any broker involved with the original Lease or any prior Addendums thereto (e.g. Resource Realty, Inc. or CB Richard Ellis, Inc.), Lessor shall be solely responsible therefore. 

[Signature Page Immediately Follows] 

  
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 Signature Page to Sixth Amendment 

IN WITNESS WHEREOF, the parties hereto have set their hands and seal the day and year first written above. 

 

									
	AGREED TO AND ACCEPTED BY:	 		 	AGREED TO AND ACCEPTED BY:
			
	LESSEE:	 		 	LESSOR:
			
	IMMUNOMEDICS, INC.	 		 	WU/LH 300 AMERICAN L.L.C.
		 		 		 		 	 By:   Lighthouse 100 William Operating
LLC, its sole manager

					
	By:	 	/S/    CYNTHIA L.
SULLIVAN        	 		 	By:	 	/S/    PAUL
COOPER        
		 	 Name: Cynthia L. Sullivan

Title: President & CEO
	 		 		 	 Name: Paul Cooper
 Title:
Member

					
		 		 		 	By:	 	/S/    LOUIS
SHEINKER        
		 		 		 		 	 Name: Louis Sheinker
 Title:
MemberExecutive Retention Bonus Agreement

 Exhibit 10.1 
 INSPIRE PHARMACEUTICALS, INC. 
 EXECUTIVE RETENTION BONUS AGREEMENT

 This EXECUTIVE RETENTION BONUS AGREEMENT (this “Agreement”) is effective as of March 22,
2011 (the “Effective Date”), by and between Inspire Pharmaceuticals, Inc. (the “Company”), and Adrian Adams (the “Executive”). 

WHEREAS, the Company desires to provide to the Executive a Retention Bonus (as defined below) and Retention Enhancement Payment
(as defined below) upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the promises
and the mutual agreements contained herein, the Company and the Executive hereby agree as follows: 
 ARTICLE 1

 DEFINITIONS 
 1.01 “Affiliate” means any person directly or indirectly controlling, controlled by, or under direct or indirect common control with the Company, as applicable. For the purposes of this
definition, the term “control” when used with respect to any person means the power to direct or cause the direction of management or policies of such person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise. 
 1.02 “Board” means the Board of Directors of the Company. 

1.03 “Bonus Payments” means the Retention Bonus and any Retention Enhancement Payment, collectively. 

1.04 “Bonus Payment Date” means the first anniversary of the Effective Date. 

1.05 “Cause” means any event which constitutes Cause as defined in the Executive’s Employment Agreement, or if
there is no effective Employment Agreement between the Company and the Executive that defines “Cause”, then “Cause” means (i) the deliberate and continued failure by the Executive to devote substantially all of his business
time and best efforts to the performance of the Executive’s duties after a demand for substantial performance is delivered to the Executive by the Board which specifically identifies the manner in which the Executive has not substantially
performed such duties; (ii) the engaging by the Executive in gross misconduct which is injurious to the Company, monetarily or otherwise, including but not limited to, fraud or embezzlement by the Executive; or (iii) the Executive’s
conviction (or entering into a plea bargain admitting guilt) of any felony. 
 1.06 “Code” means the
Internal Revenue Code of 1986, as amended, from time to time. 
 1.07 “CD&L Event” means (i) the
acquisition, sale or licensing of significant pharmaceutical products, development compounds, research and development assets and technologies, (ii) a significant strategic collaboration, joint venture, co-promotion, partnership, or other
arrangement with a pharmaceutical, biotechnology, healthcare or related company, or (iii) a significant merger, acquisition, or asset sale, involving the Company, including, without limitation, the sale or merger of the Company or substantially
all of the assets of the Company. 

  
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 1.08 “Good Reason” means any event which constitutes Good Reason as defined
in the Executive’s Employment Agreement, or if there is no effective Employment Agreement between the Company and the Executive that defines “Good Reason”, then “Good Reason” means the occurrence of any one of the following
events without either (x) the Executive’s express prior written consent or (y) full cure within 30 days after the Executive gives written notice to the Company: (i) a reduction, other than a temporary one, in the Executive’s
authority, duties, responsibilities, or reporting lines; (ii) a reduction by the Company in the Executive’s annualized base salary, except for (A) across-the-board salary reductions similarly affecting all salaried employees of the
Company or (B) across-the-board salary reductions similarly affecting all senior executive officers of the Company; (iii) the relocation of the Executive’s principal office, or principal place of employment, to a location more than
fifty (50) miles from Raleigh, North Carolina; or (iv) any other action or inaction that constitutes a material breach of this Agreement; provided, however, that no event shall constitute grounds for a Good Reason termination
unless the Executive terminates his employment within one year after such event occurs. 
 1.09 “Retention Bonus
Period” means the period of time commencing on the Effective Date through and including the Bonus Payment Date. 

ARTICLE 2 

BONUS PAYMENTS 
 2.01 Retention Bonus. The Company shall pay the Executive a retention bonus in the amount of $812,500.00 (the “Retention Bonus”), so long as the Executive remains continuously employed
with the Company or its Affiliates throughout the Retention Bonus Period. 
 2.02 Retention Enhancement. In the event
that a CD&L Event occurs during the Retention Bonus Period that the Board determines (i) is in the best interest of the Company’s stockholders and (ii) the Executive’s contributions were critical to the success of such
CD&L Event, then the Board shall have the discretion to provide the Executive an additional payment (in addition to the Retention Bonus) in an amount not to exceed the Retention Bonus (the “Retention Enhancement
Payment”). 
 2.03 Payment and Distribution. Except as provided below with respect to certain early termination
events, the Company shall make the Bonus Payments in accordance with the Company’s normal payroll practices for the payroll period that includes the Bonus Payment Date. Notwithstanding the foregoing or the early termination payment provisions
below, if the Executive is a “specified employee” under Section 409A of the Code, then any amounts payable pursuant to this Agreement shall be paid on the day following the six month anniversary of the Executive’s termination of
employment. 
 2.04 Termination Without Cause or Resignation for Good Reason. Upon (a) the Executive’s
termination of employment with the Company prior to the Bonus Payment Date either (i) by the Company without Cause or (ii) by the Executive for Good Reason, and (b) the Executive’s satisfaction of any obligations required to
obtain severance benefits under any applicable company-sponsored severance plan (and under any effective employment agreement to which the Executive and the Company are a party) (the “Severance Obligations”), the Company shall make
the Bonus Payments in a lump-sum as soon as administratively possible after the Executive’s satisfaction of the Severance Obligations. 
 2.05 Termination for Other Reasons. For avoidance of doubt, upon the Executive’s termination of employment prior to the Bonus Payment Date for any reason other than set forth in
Section 2.04 above, the Executive shall forfeit any right to the Bonus Payments. 

  
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 2.06 Other Compensation. The Bonus Payments shall not be deemed to be compensation or
earnings for purposes of calculating any other payment or benefit from the Company or its Affiliates, including, without limitation, severance of any kind. 
 ARTICLE 3 
 MISCELLANEOUS 

3.01 Amendment and Termination. This Agreement may not be amended, suspended, discontinued or terminated at any time without the
written consent of all of the parties hereto. 
 3.02 Limitation of Executive’s Right. Nothing in this Agreement
shall be construed as conferring upon the Executive any right to continue in the employment of the Company, nor shall it interfere with the rights of the Company to terminate the employment of the Executive and/or to take any personnel action
affecting the Executive without regard to the effect which such action may have upon the Executive as a recipient or prospective recipient of benefits under this Agreement. Any amounts payable hereunder shall not be deemed salary or other
compensation to the Executive for the purposes of computing benefits to which the Executive may be entitled under any other arrangement established by the Company for the benefit of its employees. 

3.03 No Limitation on Company Actions. Nothing contained in this Agreement shall be construed to prevent the Company from taking
any action that is deemed by it to be appropriate or in its best interest. Neither the Executive nor any other person shall have any claim against the Company as a result of such action. 

3.04 Non-alienation of Benefits. Except as expressly provided herein, the Executive shall not have the power or right to transfer,
alienate, or otherwise encumber the Executive’s interest under this Agreement. The Company’s obligations under this Agreement are not assignable or transferable except to (a) any corporation or partnership which acquires all or
substantially all of the Company’s assets or (b) any corporation or partnership into which the Company may be merged or consolidated. The provisions of this Agreement shall inure solely to the benefit of the Executive. 

3.05 Protective Provisions. The Executive shall cooperate with the Company by furnishing any and all information requested by the
Company in order to facilitate the payment of benefits hereunder. 
 3.06 Withholding Taxes. The Company may make such
provisions and take such action as it deems necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection
with any benefits under this Agreement, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Executive. The Executive, however, shall be responsible for the payment of all individual tax
liabilities relating to any such benefits. 
 3.07 Severability. If any provision of this Agreement is held
unenforceable, the remainder of the Agreement shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Agreement. 

3.08 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of North Carolina,
without reference to the principles of conflict of laws. 

  
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 3.09 Headings. Headings are inserted in this Agreement for convenience of reference
only and are to be ignored in the construction of the provisions of the Agreement. 
 IN WITNESS WHEREOF, the parties
have executed this Agreement on the date first above written. 
  

	
	INSPIRE PHARMACEUTICALS, INC.:
	
	 /s/ Francisca Yanez

	Name: Francisca Yanez
	Title: Vice President, Human Resources
	
	EXECUTIVE:
	
	 /s/ Adrian Adams

	Name: Adrian Adams
	Title: CEO & President

  
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