Document:

Document

Exhibit 10.1

SECOND AMENDMENT TO LEASE
This Second Amendment to Lease (“Second Amendment”) is entered into as of the 10th day of October 2022 (“Effective Date”), by and between EASTLAND REGENCY, L.C., a Utah limited liability company (“Landlord”), and SERA PROGNOSTICS, INC., a Delaware corporation (“Tenant”). 
RECITALS
WHEREAS, Landlord and Tenant entered into that certain Lease dated August 1, 2017 (“Lease”), for certain premises located at 2749 East Parleys Way, commonly known as Suite 200, Salt Lake City, Utah 84109 (“Original Leased Premises”), currently consisting of approximately 24,058 square feet of gross rentable area, located in Regency Office Building; 
WHEREAS, on or about June 7, 2021, Landlord and Tenant entered into that certain First Amendment to Lease; 
WHEREAS, the Rental Term is set to expire of its own terms on December 31, 2022; 
WHEREAS, Landlord and Tenant desire to extend the Rental Term for an additional three (3) year period; and 
WHEREAS, Landlord and Tenant desire to modify the Lease as follows: 
AGREEMENT
NOW, THEREFORE, in consideration and furtherance of the foregoing, the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Landlord and Tenant hereby agree to the following terms and conditions: 
1.    The Original Leased Premises shall be expanded by approximately 209 square feet of gross rentable area (“Expansion Space”), for an amended total of approximately 24,267 square feet of gross rentable area (hereinafter “Leased Premises”), as substantially depicted on Exhibit “A-1” attached hereto and by this reference incorporated herein. Tenant shall have the quite enjoyment of the Leased Premises (as defined herein) as set forth in Section 25.01 of the Lease. 
2.    The Expansion Space shall be delivered to Tenant in “as-is” condition within five (5) days of the Effective Date (“Delivery of Expansion Space”). 
3.    From and after the Delivery of Expansion Space, all references to Leased Premises in the Lease and any subsequent amendments or extensions thereof, shall refer to the Leased Premises as defined in this Second Amendment. 
4.    Exhibit “A-1” of the Lease shall be stricken in its entirety and replaced with Exhibit “A-1” attached hereto. All references to Exhibit “A-1” in the Lease and any subsequent amendments shall refer to Exhibit “A-1” attached hereto and by this reference incorporated herein. 
									
	October 10, 2022	1
	

5.    The Rental Term shall be extended for an additional three (3) year period commencing January 1, 2023 and ending December 31, 2025 (“First Extension Term”). 
6.    Base Monthly Rent shall be as follows: 
Commencing upon Delivery of Expansion Space and continuing through December 31, 2023, Base Monthly Rent shall be Fifty-Two Thousand Three Hundred Two and 06/100 Dollars ($52,302.06). 
7.    Escalations in Base Monthly Rent during the First Extension Term shall occur as follows: 
						
	Escalation Date	Base Monthly Rent
	January 1, 2024 – December 31, 2024	$53,871.12
	January 1, 2025 – December 31, 2025	$55,487.25

8.    Tenant shall continue to pay its proportionate share of Operating Expenses for the Leased Premises in accordance with the Lease.
9.    Subject to Landlord’s prior written approval, not to be unreasonably withheld, Tenant shall be allowed the right to install, at its sole cost and expense, its typical crown signage on the west side of the Building in a location designated by Landlord, subject to Tenant’s compliance with all applicable governmental codes, ordinances and regulations. Prior to any installation of such crown signage, Tenant must obtain Landlord’s prior written consent regarding the size of such crown signage. Tenant shall be responsible for all costs associated with the fabrication, installation and maintenance of such crown signage. 
10.    Provided Tenant is not and has not been in default beyond any applicable cure period under any of the terms and provisions contained in the Lease and any subsequent amendments and provided Landlord and Tenant mutually agree to relocate Tenant to a property managed or owned by Woodbury Corporation or its affiliate, Tenant shall have the one time right to terminate the Lease at any time after July 1, 2024 (“Termination right”) during the First Extension Term. Tenant shall provide Landlord with ninety (90) days prior written notice of its intent to exercise this Termination Right. 
11.    In lieu of any other provisions in the Lease and this Second Amendment, all notices, demands, requests, consents, approval and other communications required or permitted to be given pursuant to the Lease and this Second Amendment (collectively “Notice(s)”) shall be in writing and shall be sent by certified mail with return receipt requested, or by nationally known courier service with verification of receipt or refusal (including date of delivery or refusal), in each case with postage or delivery fees prepaid and addressed to a party at the addresses set forth below: 
If to Tenant at:        Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 
Attn: Sera Prognostics, Inc. 
One Financial Center 
Boston, MA 02111            Initial here /s/ JM 
									
	October 10, 2022	2
	

With a copy to:        Sera Prognostics, Inc. 
Attn: General Counsel 
2749 East Parleys Way, Suite 200 
Salt Lake City, UT 84109            Initial here /s/ JM 
With a copy to:        legal@seraprognostics.com        Initial here /s/ JM 
If to Landlord at:    Eastland Regency, L.C. 
c/o Woodbury Corporation 
Attn: Lease Administration 
Ref: #1603 – Sera Prognostics, Suite 200 
2733 East Parleys Way, Suite 300 
Salt Lake City, UT 84109 
With a copy to:        Eastland Regency, L.C. 
c/o Woodbury Corporation 
Attn: Legal Department 
Ref: #1603 – Sera Prognostics, Suite 200 
2733 East Parleys Way, Suite 300 
Salt Lake City, UT 84109 
Notices are deemed given upon receipt at the Notice address or refusal of delivery. From time to time a party may specify any other address in the United States of America upon twenty (20) days’ advance Notice thereof, similarly given, to the other party hereto. Notices sent by facsimile transmission, electronic mail or any other method not specifically mentioned herein shall not satisfy the requirements of this Section 11. No party may have more than three (3) addresses for Notices at any time. 
12.    Tenant represents and warrants to Landlord that the person executing this Second Amendment on behalf of such party has the authority to execute this Second Amendment and the signature of such person is sufficient to bind them to the terms and provisions hereof. Tenant hereby covenants and warrants that as of the Effective Date (a) Tenant is a duly constituted entity, qualified to do business in the state where the Leased Premises is located, (b) Tenant has paid all applicable franchise fees and taxes, and (c) Tenant shall file when due all future forms, reports, fees and other documents necessary to comply with applicable laws. 
13.    Each party’s signature, or an electronic image thereof, shall be deemed to be an original signature. Such signatures may be delivered to the other party by facsimile, electronic mail, or other electronic transmission device under which the signature of or on behalf of such delivering party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes; provided, however, the parties agree that in the event original counterparts of this Second Amendment are so delivered electronically by either party, such party shall contemporaneously deliver an original counterpart of this Second Amendment bearing the original handwritten signature to the other party via United States Mail or reputable overnight courier service. 
									
	October 10, 2022	3
	

14.    Except as specifically modified, altered, or changed by this Second Amendment; the Lease and any amendments or extensions shall remain unchanged and in full force and effect throughout the Rental Term. Capitalized terms used in this Second Amendment that are not defined herein shall have the meanings ascribed to them in the Lease. 
[Signature Pages to Follow]
									
	October 10, 2022	4
	

IN WITNESS THEREOF, the parties hereto have executed this Second Amendment as of the date and year first above written.  
LANDLORD:                EASTLAND REGENCY, L.C., a Utah limited liability company  
By:    WOODBURY CORPORATION, a Utah corporation,  
Its Manager  

By:    /s/ O. Randall Woodbury 
O. Randall Woodbury, President 
Dated:    October 10, 2022 
By:    /s/ W. Richards Woodbury 
W. Richards Woodbury, Chairman 
Dated:    October 10, 2022 

TENANT:                SERA PROGNOSTICS, INC., a Delaware corporation 

By:    /s/ Jay  Moyes 
Jay Moyes, CFO 
Dated:    October 7, 2022 
									
	October 10, 2022	5
	

EXHIBIT “A-1”
LEASED PREMISES 
(Page 1 of 2)

									
	October 10, 2022	6
	

LEASED PREMISES
(page 2 of 2)

									
	October 10, 2022	7Exhibit 101

		

			 

		

		
			Exhibit 10.1
		

		
			SECOND AMENDMENT TO LEASE AGREEMENT
		

		
			This SECOND AMENDMENT TO LEASE AGREEMENT (“Amendment”) is made and entered into this _15th_  day of September, 2022 (the “Effective Date”),  by and between PARKERS LAKE MEDTECH LLC, a Minnesota limited liability company (“Landlord”), and SILK ROAD MEDICAL, INC., a Delaware corporation (“Tenant”).
		

		
			RECITALS
		

			
	
			
				 A.
			Landlord and Tenant entered into that certain Lease Agreement dated as of May 10, 2021 (the “Original Lease”), for the lease of certain premises consisting of approximately 63,118 rentable square feet and commonly referred to as Suite 1 in the Building located at 14755 27th Avenue, in the City of Plymouth, State of Minnesota  (the “Original Premises”).

			
	
			
				 B.
			Landlord and Tenant entered into that certain First Amendment to Lease Agreement dated June 30, 2022 (the “First Amendment”, together with the Original Lease, the “Lease”). 

			
	
			
				 C.
			Landlord and Tenant desire to amend and to modify the Lease as set forth in this Amendment. 

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

			
	
			
				 1.
			Recitals True.  The recitals set forth above are agreed to be correct and are incorporated herein.  

			
	
			
				 2.
			Definitions.  Capitalized terms used in this Amendment shall have the same meaning ascribed to such capitalized terms in the Original Lease, unless otherwise provided for herein.

			
	
			
				 3.
			Rent; Rent Abatement.

		
			Commencing on June 1, 2022 and notwithstanding anything to the contrary specified in the Lease, Tenant shall pay to Landlord Base Rent for the Premises in accordance with the table below.
		

			
					
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						Period

					
					
						Total Square Footage of Premises

					
					
						Cost Per

					
						Square Foot

					
					
						 

					
						Periodic Base Rent

					
					
						Monthly Base Rent

				
	
					
						June 1, 2022 – 

					
						January 31, 2023

					
					
						81,901

					
					
						$13.00 

					
					
						$709,808.67

					
					
						$88,726.08 

				
	
					
						February 1, 2023 – 

					
						January 31, 2024

					
					
						81,901

					
					
						$13.33 

					
					
						$1,091,330.83  

					
					
						$90,944.24 

				

		 

		

			157950794.3

		

 

			
					
						February 1, 2024 – 

					
						January 31, 2025

					
					
						81,901

					
					
						$13.66 

					
					
						$1,118,614.10 

					
					
						$93,217.84 

				
	
					
						February 1, 2025 –

					
						May 31, 2025

					
					
						81,901

					
					
						$14.00 

					
					
						$382,193.15 

					
					
						$95,548.29 

				
	
					
						June 1, 2025 –

					
						January 31, 2026

					
					
						81,901

					
					
						$14.00 

					
					
						$764,386.30

					
					
						$95,548.29 

				
	
					
						February 1, 2026  –

					
						January 31, 2027

					
					
						81,901

					
					
						$14.35 

					
					
						$1,175,279.35 

					
					
						$97,939.95 

				
	
					
						February 1, 2027  –

					
						January 31, 2028

					
					
						81,901

					
					
						$14.71

					
					
						$1,204,625.03 

					
					
						$100,385.42 

				
	
					
						February 1, 2028  –

					
						January 31, 2029

					
					
						81,901

					
					
						$15.08 

					
					
						$1,234,740.66 

					
					
						$102,895.05 

				
	
					
						February 1, 2029 –

					
						November 30, 2029

					
					
						81,901

					
					
						$15.45 

					
					
						$1,054,674.31 

					
					
						$105,467.43 

				

		
			﻿
		

		
			Rent Abatement.  As reflected in the Base Rent table in Section 5(a) above and notwithstanding anything to the contrary specified in the Original Lease, Tenant shall receive rent abatement as follows:
		

		
			Base Rent Abatement.  Base Rent for the ROFR Space shall be abated in its entirety from June 1, 2022 through March 31, 2025 as reflected in the table below.    
		

			
					
						﻿

					
						Period

					
					
						Total Square Footage of Premises

					
					
						Cost Per

					
						Square Foot

					
					
						 

					
						Periodic Base Rent Abatement

					
					
						Monthly Base Rent Abatement

				
	
					
						June 1, 2022 – 

					
						January 31, 2023

					
					
						18,783

					
					
						$13.00 

					
					
						$162,786.00 

					
					
						$20,348.25 

				
	
					
						February 1, 2023 – 

					
						January 31, 2024

					
					
						18,783

					
					
						$13.33 

					
					
						$250,283.48 

					
					
						$20,856.96 

				
	
					
						February 1, 2024 – 

					
						January 31, 2025

					
					
						18,783

					
					
						$13.66 

					
					
						$256,540.56 

					
					
						$21,378.38 

				
	
					
						February 1, 2025 - 

					
						March 31, 2025

					
					
						18,783

					
					
						$14.00

					
					
						$43,825.68 

					
					
						$21,912.84 

				

		
			﻿
		

		
			In accordance with the foregoing table, Tenant’s monthly Base Rent obligations for the Premises shall be reduced by the Monthly Base Rent Abatement amount.  Notwithstanding the foregoing or anything to the contrary specified in the Original Lease or herein, Tenant’s obligation to otherwise pay Base Rent under the Original Lease and as to the Original Premises shall not be affected.
		

		
			Additional Rent Abatement.  Additional Rent for the ROFR Space shall be abated in its entirety from June 1, 2022 through January 28, 2023.  Tenant’s obligation to otherwise pay Additional Rent under the Original Lease and as to the Original Premises shall not be affected.
		

		

		

		 

		

			2

		

		

			 

		

		

			157950794.3

		

 

		Tenant’s Pro Rata Share.  Notwithstanding anything to the contrary specified in the Original Lease, from and after June 1, 2022,  “Tenant’s Pro Rata Share” shall be 100% of the Building.
		

			
	
			
				 4.
			Miscellaneous.

		
			All Other Lease Terms in Effect.  Except to the extent the Lease is modified by this Amendment, all other terms and conditions of the Lease will continue in full force and effect.  In the event of a conflict between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall prevail.
		

		
			Entire Agreement.  This Amendment represents the entire agreement of Landlord and Tenant with respect to the subject matter hereof, and the terms hereof shall not be amended or changed by any oral representation or agreement.  To be effective, any amendments to the Lease shall be in writing and shall be executed by both parties hereto.
		

		
			Counterparts.  This Amendment may be executed electronically and in any number of counterparts, each of which constitutes an original and all of which, when taken together, shall constitute one and the same agreement. Further, electronic copies of the executed copies of this Amendment may be delivered to the parties by facsimile transmission or email (including as an attachment in .PDF format) and, upon receipt, shall constitute originals and binding upon the parties hereto.
		

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

		
			[signatures on following page]
		

		
			 
		

		

		

		 

		

			3

		

		

			 

		

		

			157950794.3

		

 

		

			 

		

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

		
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						TENANT:

				
	
					
						﻿

					
					
						 

				
	
					
						SILK ROAD MEDICAL, INC.,

				
	
					
						a Delaware corporation

				
	
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Lucas Buchanan

				
	
					
						Name: 

					
					
						Lucas Buchanan

				
	
					
						Title:

					
					
						CFO & COO

				
	
					
						Date:

					
					
						9/14/2022

				
	
					
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						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						LANDLORD:

				
	
					
						﻿

					
					
						 

				
	
					
						PARKERS LAKE MEDTECH LLC,

				
	
					
						a Minnesota limited liability company

				
	
					
						﻿

					
					
						 

				
	
					
						By:

					
					
						/s/ Daniel Kurkowski

				
	
					
						Name: 

					
					
						Daniel Kurkowski

				
	
					
						Title:

					
					
						Owner

				
	
					
						Date:

					
					
						Sep. 15, 2022

				

		
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			157950794.3

		

 

		EXHIBIT A
		

		
			
FLOOR PLANS
		

		 

		

			157950794.3

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