Document:

Confidential Separation and Release Agreement

 Exhibit 10.37 
 CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT 
 September 28, 2005 
 Sharat Singh 
 27539 Julietta Lane 
 Los Altos Hills, CA 94022 
 Dear Sharat: 
 This letter sets forth the Confidential Separation And Release Agreement (the “Agreement”) that
Monogram Biosciences, Inc. (the “Company”) is offering to you to aid in your employment transition. 
 1. Separation. Your
last day of work with the Company and your employment termination date will be October 7, 2005 (the “Separation Date”). 
 2. Accrued Salary And Vacation. On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You
are entitled to these payments by law. 
 3. Severance Payments. 
 (a) If this Agreement becomes effective, then the Company will pay you severance in the form of base salary continuation for one year following the
Separation Date (at your current base salary rate of $265,000.00 per annum). These payments will be made on the Company’s regular payroll cycle beginning on the first regularly-scheduled payroll date following the Effective Date of this
Agreement (as defined in paragraph 21 below), and will be subject to standard payroll deductions and withholdings. Notwithstanding the above, payments which pursuant to this paragraph would otherwise be made between the time period from
March 15, 2006 to the date that is six months from the Separation Date, will be accelerated and paid as part of the payment made on the payroll date immediately preceding March 15, 2006. 
 (b) If this Agreement becomes effective, in full payment of any bonuses owed to you, if any, pursuant to the Bonus Plan adopted by the
Company’s Board of Directors on March 16, 2005 (the “Bonus Plan”) or otherwise, the Company will also pay you $79,500. Such payment will be made on January 30, 2006 and will be subject to standard payroll deductions and
withholdings. 
 (c) If this Agreement becomes effective, you agree to provide consulting services as requested by the Company for up
to ten hours per week through January 30, 2006, and 

 thereafter, at the Company’s request, in order to provide occasional assistance and review in connection with the
Company’s patent prosecution activities, with payment for the requested consulting services to be $128 per hour plus reimbursement of reasonable business expenses which are approved in advance. This provision concerning consulting services is
not intended to and shall not operate to establish an employer-employee relationship. 
 (d) If the Supplemental Release Agreement
attached hereto as Exhibit A becomes effective, the Company will pay you an additional $5,000.00, subject to standard payroll deductions and withholdings, on the first regularly-scheduled payroll date after the ADEA Effective Date. 

4. Outplacement. The Company will provide you with outplacement services through Spherion [408-255-3734] in an amount not to exceed
$15,000.00. 
 5. Health Insurance. To the extent provided by the federal COBRA law or, if applicable, state insurance laws,
and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense following the Separation Date. Later, you may be able to convert to an individual policy
through the provider of the Company’s health insurance, if you wish. You will be provided with a separate notice describing your rights and obligations under COBRA. If you elect continued coverage under COBRA, the Company, as part of this
Agreement, will pay for your COBRA premiums for the one year period following the Effective Date of this Agreement. 
 6. Stock
Options. If this Agreement becomes effective, then any options to purchase the Company’s capital stock that you held as of the Separation Date shall become 100% vested and any restrictions on shares in the Company’s capital stock held
by you as of the Separation Date shall lapse. Your right to exercise any vested shares, and all other rights and obligations with respect to your stock option(s), will be set forth in your stock option agreement, grant notice and applicable plan
documents. This Agreement acknowledges that as previously agreed to by Aclara Biosciences the exercise period applicable to the Stock Options is eighteen (18) months from the last date of service. 
 7. Indemnification. It is acknowledged that this Agreement does not affect the terms and conditions of the October 4, 2001 Indemnification
Agreement between ACLARA BioSciences, Inc and you, or any other indemnification rights you may have, if any. 
 8. Parachute Payments.
Notwithstanding anything contained in this Agreement to the contrary, in the event that the benefits provided for in this Agreement to you together with all other payments and the value of any benefit received or to be received by you:

 (a) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as
amended, (the “Code”) and 
 (b) but for this paragraph 8, would be subject to the excise tax imposed by Section 4999
of the Code, then your benefits pursuant to the terms of this Agreement shall be payable either: 
 (i) in full, or 
  

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 (ii) as to such lesser amount which would result in no portion of such benefits being subject to
excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by you on an
after-tax basis, of the greatest amount of benefits under this Agreement, notwithstanding that all or some portion of such benefits may be subject to the excise tax imposed under Section 4999 of the Code. Unless the Company and you otherwise
agree in writing, any determination required under this paragraph 8 shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be conclusive and binding upon you
and the Company for all purposes. For purposes of making the calculations required by this paragraph 8, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the Code. The Company shall cause the Accountants to provide detailed supporting calculations of its determinations to you and the Company. You and the Company shall furnish to
the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this paragraph. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this paragraph 8. 
 9. Other Compensation Or Benefits. You acknowledge that, except as expressly provided in
this Agreement, you will not receive any additional compensation, severance, or benefits after the Separation Date. 
 10. Expense
Reimbursements. You agree that, within ten (10) days of the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which
you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. 
 11. Return Of
Company Property. By the Effective Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including, but not limited to, Company files,
notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges, and keys;
and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). Your timely return of all such Company documents and other property is a condition precedent to your
receipt of the severance benefits provided under this Agreement. Your signature on this Agreement shall constitute your certification that all Company materials have been returned to the Company. 
 12. Proprietary Information Obligations. You acknowledge your continuing obligations under your Non-Disclosure Agreement dated September 19,
1997 and your Proprietary Information Agreement dated October 6, 1997, copies of which are attached hereto as Exhibit B. 
  

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 13. Confidentiality. The provisions of this Agreement will be held in strictest confidence by you
and the Company and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement in confidence to your immediate family; (b) the parties may disclose this Agreement in
confidence to their respective attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company will disclose this Agreement as necessary to fulfill standard or legally required corporate reporting or disclosure
requirements; and (d) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to disclose the terms of this
Agreement to any current or former Company employee. 
 14. Non-Disparagement. Both you and the Company agree not to disparage the
other party, and the other party’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both you and the Company will
respond accurately and fully to any question, inquiry or request for information when required by legal process. 
 15. Notification of
New Employment. For the period of two years following the Effective Date of this Agreement, you agree that you will promptly notify the Company in writing of the identity and address of any person or entity by which you become employed or to
whom you otherwise provide services. 
 16. Early Termination of Severance Payments. 
 (a) Forfeiture Actions. In the event that you take any of the Forfeiture Actions, set forth below, your right to receive the Severance Payments set
forth in paragraph 3 shall cease immediately upon the date that the Forfeiture Action(s) first occurs (the “Forfeiture Date”) and the Company shall have no further obligation to provide the Severance Payments. For purposes of this
Agreement, the following constitute “Forfeiture Actions” by you: (i) attempts, directly or indirectly, to recruit or otherwise induce or influence any person to leave employment or to terminate a consulting relationship with the
Company; (ii) attempts to Solicit any Customer (defined below) of the Company; (iii) breach of your Proprietary Information Agreement, Non-Disclosure Agreement or material breach of any other written agreement (including this Agreement)
with the Company or (iv) directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engaging, participating or investing in any Competing Business (defined below). Notwithstanding the
foregoing, you may own up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business (as defined below). 
 (b) Definitions. For purposes of this Agreement: 
 (i) The term “Competing Business” shall mean the following companies (and their affiliated entities, if any): DakoCytomation, Quest Diagnostics, Laboratory Corporation of America, Specialty
Laboratory, Mayo Laboratory, ARUP Labs, Abbott Laboratories, Bayer, Genomic Health, Myriad Genetics, Genzyme and Roche Diagnostics, to the extent that the clear and primary focus of such employment with Roche is for the development of
diagnostics for oncology. 
  

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 (ii) The term “Customer” shall mean any present or past customer, vendor, supplier or
business partner of the Company or any prospective customer, vendor, supplier or business partner of the Company; and 
 (iii) The
term “Solicit” shall mean, directly or indirectly: (A) soliciting the business or patronage of any Customer for any person or entity other than the Company; (B) diverting, enticing, or otherwise taking away from the Company the
business or patronage of any Customer, or attempting to do so; or (C) soliciting or inducing any Customer to terminate or reduce its relationship with the Company. 
 17. No Admissions. You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to
any other person, and that the Company makes no such admission. 
 18. Release of Claims. In exchange for the consideration under this
Agreement to which you would not otherwise be entitled, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including
the date you sign this Agreement. This general release includes, but is not limited to: (a) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; (b) all claims related
to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all
claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public
policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal
Americans with Disabilities Act of 1990, and the California Fair Employment and Housing Act (as amended). 
 Notwithstanding the above, this release does
not extend to any payments or benefits receivable or obligations incurred or specified under this Agreement or include a release of claims under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”), which
release is covered under the Supplemental Release Agreement attached hereto as Exhibit A. Further, this release does not effect your indemnification rights or obligations under applicable law or contract. 
 19. Section 1542 Waiver. In granting the release herein, which includes claims which may be unknown to you at present, you acknowledge that
you have read and understand Section 1542 of the California Civil Code: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known
by him must have materially affected his settlement with the 
  

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 debtor.” You hereby expressly waive and relinquish all rights and benefits under that section and any law or
legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement. 
 20. Mitigation. You shall not be required to mitigate the amount of any payment provided for in paragraphs 3, 4, 5 and 6 by seeking other
employment or otherwise, nor shall the amount of any payment or benefit provided for in paragraphs 3, 4, 5 and 6 shall not be reduced by any compensation earned by you as a result of employment by another employer or self-employment, by retirement
benefits, by offset against any amounts (other than loans or advances to you by the Company) claimed to be owed by you to the Company, or otherwise. It is agreed that nothing in this paragraph 20 will affect the rights of the Company to stop making
the Severance Payments set forth in paragraph 3 in the event you engage in Forfeiture Action(s), as provided in paragraph 16. 
 21. Effective Date. This Agreement, including the release set forth in paragraph 18, shall become effective on September 28, 2005 if it is signed by you and returned to the Company on or before 5 p.m. on September 28,
2005. The Supplemental Release Agreement attached hereto as Exhibit A shall become effective pursuant to the terms of the Supplemental Release Agreement.  
 22. Miscellaneous. This Agreement, including Exhibits A and B, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matter.
This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and, except as stated herein, supersedes any other such promises, warranties or representations,
including, without limitation, the Change In Control Agreement dated January 2, 2003 between you and ACLARA BIOSCIENCES, INC. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of
the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this
Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable. This Agreement
will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. Any ambiguity in this Agreement shall not
be construed against either party as the drafter. Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be executed in counterparts and facsimile signatures
will suffice as original signatures. 
  

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 If this Agreement is acceptable to you, please sign below and return the original to me before 5 p.m. on
September 28, 2005. 
 We wish you the best in your future endeavors. 
 Sincerely, 
  

			
	MONOGRAM BIOSCIENCES, INC.
		
	By:	 	 /s/ William D. Young

		 	William D. Young
		 	Chief Executive Officer

 I HAVE READ, UNDERSTAND AND AGREE
FULLY TO THE FOREGOING AGREEMENT: 
  

	
	 /s/ Sharat Singh

	Sharat Singh
	
	Date: September 28, 2005

  

 7Second Amendment to Lease at Avenel Business Park - Phase II

 Exhibit 10.1 
 SECOND AMENDMENT TO LEASE 
 THIS SECOND AMENDMENT TO LEASE (“Amendment”) is
made and entered into this 21st day of March, 2006 (the “Amendment Date”) by and between Saul Holdings
Limited Partnership (hereinafter referred to as “Landlord”) and Panacos Pharmaceuticals, Inc., a Delaware corporation, formerly known as V.I. Technologies, Inc. (hereinafter referred to as “Tenant”). 
 WHEREAS, Landlord and Tenant have entered into that certain Lease dated July 10, 2001 and that certain Assignment and Amendment to Lease
dated March 18, 2005 (collectively, the “Lease”) for approximately 10,227 square feet of space in Avenel Business Park, Phase II located at 209 Perry Parkway, Gaithersburg, Maryland 20877; and 
 WHEREAS, the parties hereto desire to enter into this Second Amendment to Lease for the purposes hereinafter set out. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. ADDITIONAL SPACE A. 
 (a) Commencing two (2) business days after the Amendment Date (“Delivery Date”), Landlord does hereby lease unto Tenant, and Tenant does
hereby take from Landlord, additional space containing approximately 1,891 square feet of space located directly adjacent to Tenant’s Premises, as shown outlined in red on Exhibit A (the “Additional Space A”), increasing the
size of the Premises to approximately 12,118 square feet. After the Delivery Date, Additional Space A shall be a part of the Premises for all purposes of the Lease as if included in the Premises originally leased to Tenant. Additional Space A is
delivered to Tenant in “as is” condition on the Delivery Date. All local, state or federal permits necessary for the use of Additional Space A shall be obtained by the Tenant at Tenant’s sole cost and expense. Prior to Tenant’s
entry into Additional Space A Tenant shall have its public liability and other insurance policies endorsed to include Additional Space A as a part of the Premises. Tenant’s use of Additional Space A will be consistent with the use permitted
under the Lease. 
 (b) Tenant agrees that it shall fully complete the remodeling of Additional Space A in accordance with plans and
specifications approved by Landlord in the same manner as required under the Lease with respect to the Premises; provided that Landlord will respond to a written request for approval of Tenant’s plans and specifications within ten
(10) business days of Tenant’s submission of such plans and specifications to Landlord. Tenant agrees to construct a demising wall to separate Additional Space A from the 2,784 square feet of space located adjacent to Additional Space A
and shown in blue on Exhibit A (“Additional Space B”; Additional Space A and Additional Space B shall be collectively referred to as the “Additional Space”). Tenant agrees to construct such demising wall and to do such other
construction work as is necessary, including, but not limited to, the separation of ductwork, in Additional Space A from Additional Space B and any metering, as required, in such a manner as to not materially interfere with the quiet enjoyment of
Pressure BioSciences, Inc. (“PBI”), the existing tenant located in Additional Space B. 
 (c) The amounts set forth in this Lease
for payment of Base Rent, Annual Operating Costs and Real Estate Taxes are predicated upon the Additional Space A being the size recited in Section 1(a) of this Amendment. Within ten (10) business days after the delivery of possession of
Additional Space A by Landlord to Tenant, Landlord will cause its architect to measure and certify to Tenant the square footage of floor area of Additional Space A, and if said measurement indicates that Additional Space A is larger or smaller than
the size recited in this Amendment, the parties hereto shall promptly execute a supplemental instrument adjusting, as applicable, the amounts payable by Tenant for Base Rent, Annual Operating Costs and Real Estate Taxes, to conform to such
measurement. If Tenant shall have made any payments to Landlord prior to the determination of such exact measurement, a prompt adjustment shall be made in said payments to reflect the accurate figures. In the determination of such square footage
figures the size shall be computed in accordance with the BOMA 1996 ANSI Z.65.1 Standard. 
 2. ADDITIONAL SPACE B. 
 (a) Commencing on the date Landlord delivers Additional Space B to Tenant (“Additional Space B Delivery Date”), which Landlord estimates will
be June 1, 2006, Landlord does hereby lease unto Tenant, and Tenant does hereby take from Landlord, Additional Space B, increasing the size of the Premises to approximately 14,902 square feet. After the Additional Space B Delivery Date,
Additional Space B shall be a part of the Premises for all purposes of the Lease as if included in the Premises originally leased to Tenant. Additional Space B is delivered to Tenant in “as is” condition on the Additional Space B Delivery
Date. All local, state or federal permits necessary for the use of Additional Space B shall be obtained by the Tenant at Tenant’s sole cost and expense. Prior to Tenant’s entry into Additional Space B, Tenant shall have its public
liability and other insurance policies endorsed to include Additional Space B as part of the Premises. Tenant’s use of Additional Space B will be consistent with the use permitted under the Lease. 
 (b) Tenant agrees that it shall fully complete the remodeling of Additional Space B in accordance with plans and specifications approved by Landlord in
the same manner as required under the Lease with respect to the Premises; provided that Landlord will respond to a written request for approval of Tenant’s plans and specifications within ten (10) business days of Tenant’s submission
of such plans and specifications to Landlord. 
 (c) The amounts set forth in the Lease for payment of Base Rent, Annual Operating Costs and
Real Estate Taxes are predicated upon the Additional Space B being the size recited in Section 2(a) of this Amendment. 

 
Within ten (10) business days after delivery of possession of Additional Space B by Landlord to Tenant, Landlord will cause its architect to measure and
certify to Tenant the square footage of floor area of Additional Space B, and if said measurement indicates that Additional Space B is larger or smaller than the size recited in this Amendment, the parties hereto shall promptly execute a
supplemental instrument adjusting, as applicable, the amounts payable by Tenant for Base Rent, Annual Operating Costs and Real Estate Taxes, to conform to such measurement. If Tenant shall have made any payments to Landlord prior to the
determination of such exact measurement, a prompt adjustment shall be made in said payments to reflect the accurate figures. In the determination of such square footage figures the size shall be computed in accordance with the BOMA 1996 ANSI Z.65.1
Standard. 
 3. TERM. 
 (a) The term for
Additional Space A shall commence on the Delivery Date and expire on December 31, 2011. The term for Additional Space B shall commence upon the Additional Space B Delivery Date and expire on December 31, 2011. The parties agree that they
shall execute an agreement specifying the Additional Space B Delivery Date and such other matters as Landlord may require (the “Commencement and Estoppel Agreement”), which is attached hereto as Exhibit C. Tenant agrees to execute and
deliver to Landlord said agreement within ten (10) business days after receipt of written notice from Landlord. If Tenant fails to execute and return any such agreement to Landlord within such ten (10) day period, then Landlord shall be
entitled to collect from Tenant, as liquidated damages with respect to such failure of Tenant, in addition to Base Rent and other amounts payable hereunder, as Additional Rent, an amount equal to one-half of one percent (1/2%) of the then
amount of annual Base Rent then payable under this Lease, for each day Tenant delays in returning the requested agreement to Landlord. 
 (b)
The term “Additional Space Lease Year” for the Additional Space only, as used herein shall mean a period of twelve (12) consecutive full calendar months, beginning on June 1, 2006, and each succeeding Additional Space Lease Year
shall commence upon each following June 1 during the term of the Lease (including any options). 
 (c) In the event Landlord, for any
reason is unable to deliver possession of Additional Space B to Tenant by December 1, 2006, then Tenant may, as its sole and exclusive remedy, terminate this Lease as to Additional Space A and Additional Space B only upon thirty (30) days
prior written notice; provided, however, that if Landlord is able to deliver Additional Space B to Tenant, within such thirty (30) day period, Tenant’s notice of termination shall be null, void, and of no further force or effect.

 (i) Effective thirty (30) days after Tenant’s written notice to Landlord (the “Termination Date”),
unless properly nullified and voided by Landlord as provided above, (a) the Lease, as to Additional Space A and Additional Space B only, thereby shall terminate, cease and determine and (b) except for subparagraph (iii) below, the
parties shall thereupon be released from all further liability and obligation, one to the other, to the same extent as if the Termination Date were the original expiration date of the term of the Lease for Additional Space A and Additional Space B.

 (ii) Tenant hereby agrees to surrender Additional Space A to Landlord on or before the Termination Date in accordance with
the provisions of the Lease governing delivery of possession at the expiration of the term thereof and hereby releases any and all right, title, and interest in and to said Additional Space A that Tenant may have from and after the Termination Date.
If Tenant fails to vacate Additional Space A on or before the Termination Date, Landlord may, at its option, elect to initiate appropriate legal proceedings to obtain possession of Additional Space A, in which event Landlord shall be entitled to
collect from Tenant all costs and expenses incurred by Landlord in obtaining possession including, without limitation, attorney fees, or pursue any other rights or remedies available under the Lease or at law or in equity. 
 (iii) Notwithstanding anything contained herein to the contrary, all obligations of Tenant, which arose or accrued prior to the
Termination Date including, without limitation, the obligation of Tenant to pay rent, additional rent, or any other sums of money under the terms of the Lease for Additional Space A, shall survive the termination of the Lease for Additional Space A
and Additional Space B provided for herein. 
 (iv) Notwithstanding anything contained in the Lease to the contrary, Tenant
shall not be obligated to restore Additional Space A to its original condition in the event Tenant exercises its right to terminate as provided in Section 3(c) as long as any improvements made by Tenant in Additional Space A were previously
approved by Landlord. 
 4. BASE RENT. The Base Rent for the Additional Space only shall be as follows: 
 (a) Tenant shall pay Base Rent for Additional Space A only, the amount of Thirty-Three Thousand Ninety-Two and 50/100 Dollars ($33,092.50) per year in
equal monthly installments of Two Thousand Seven Hundred Fifty-Seven and 71/100 Dollars ($2,757.71) each for the period commencing on June 1, 2006 and ending on the last day of the first Additional Space Lease Year; and 
 (b) Tenant shall pay Base Rent for Additional Space B only, the amount of Forty-Eight Thousand Seven Hundred Twenty and No/100 Dollars ($48,720.00) per
year in equal monthly installments of Four Thousand Sixty and No/100 Dollars ($4,060.00) each for the period commencing on the Additional Space B Delivery Date and ending on the last day of the first Additional Space Lease Year; and 
 (c) Commencing on the first day of the second Additional Space Lease Year and on the first day of every Additional Space Lease Year thereafter for the
Additional Space during the term hereof, the annual rent (without deduction for rent abatement, if any) for the Additional Space shall be increased by three percent (3%) of the amount of the annual rent which was in effect during the Lease Year
for the Additional Space immediately preceding the 

  

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Additional Space Lease Year for the Additional Space for which the adjustment is being made, payable by Tenant as additional monthly rent (the Base Rent for
Additional Space A and Additional Space B will both increase by three percent [3%] of what was paid by Tenant for Additional Space A and Additional Space B the preceding Additional Space Lease Year). 
 (d) In the event that the Additional Space B Delivery Date is a date other than the first day of a month, rent for the period including the Additional
Space B Delivery Date until the first day of the following month shall be prorated at a rate of one-thirtieth (1/30th) of the fixed monthly rental per day. 
 5. LANDLORD’S CONTRIBUTION. Landlord agrees to contribute an amount
(“Landlord’s Contribution”) equal to the lesser of (i) the actual amount expended by Tenant to perform the build-out of the Additional Space, or (ii) the sum of One Hundred Sixteen Thousand Eight Hundred Seventy-Five and
No/100 ($116,875.00). The Landlord Contribution will be payable to Tenant within thirty (30) days from the date Tenant delivers to Landlord all of the following: 
 (a) executed and notarized lien releases from all contractors, subcontractors and materialmen performing work on the Additional Space; 
 (b) copies of paid invoices for all work performed in the Additional Space (or all work to be paid through Landlord’s Contribution); and 
 (c) a Certificate of Occupancy for Additional Space A and Additional Space B. 
 Landlord’s Contribution may be used in the Additional Space for HVAC, plumbing, electrical, partitioning, ceiling lights, floor coverings,
sprinklers, doors and hardware as well as for reasonable architectural, engineering, and construction management fees. Notwithstanding the foregoing, it is hereby agreed that Tenant may apply up to Twenty Three Thousand and Three Hundred Seventy
Five No/100 Dollars ($23,375.00) of any unused Landlord’s Contribution for furniture, fixtures, and equipment for the Additional Space. Landlord shall not be paid a construction management fee. 
 Tenant’s improvements shall be constructed in accordance with mutually acceptable plans, requirements, and specifications, submitted by Tenant for
Landlord’s reasonable approval as required under Article 9 of the Lease. 
 6. BROKER. Landlord shall pay the complete commission due in
connection with this Amendment to Larsen Commercial Real Estate Services, Inc. (“Broker”) pursuant to a separate written agreement between Landlord and Broker. Except in regard to Broker, Landlord and Tenant represent to each other that
they have not dealt with any broker(s) or finder(s) concerning this Amendment. Landlord and Tenant mutually agree to defend and hold each other harmless against any claims of any person or entity involving a breach of the representation contained in
this Section 6. In the event of such a claim by any person or entity, the party against whom the claim is made or the litigation is commenced shall give reasonable notice to the other party with opportunity to such other party to defend against
any claim for which indemnity will be sought under this Section. The foregoing indemnity and disclosure provisions are for the sole benefit of the parties to this Amendment, and nothing contained herein shall be deemed to make Broker a third party
beneficiary of this Amendment, or entitle Broker, or any other person or entity other than Landlord and Tenant, to enforce this Amendment. 
 7.
GENERATOR. Beginning on the Additional Space B Delivery Date, Tenant will have the exclusive right to access and use the generator located behind Additional Space B. The generator shall be delivered to Tenant “as is,” and Landlord does
not warrant to Tenant that the generator is adequate for its intended use, fit for any purpose, or that the generator is now, or will be, in conformance with applicable codes or other laws and regulations. Tenant will pay for all costs associated
with the generator including any and all maintenance and repair work. Tenant may contract with PBI separately for (i) the access and use of said generator prior to the Additional Space B Delivery Date and (ii) the sharing of utility costs
for Additional Space A for the period beginning on the Delivery Date and ending on the Additional Space B Delivery Date. Tenant shall provide Landlord with copies of all applicable agreements between PBI and Tenant within five (5) business days
of their execution by the parties. 
 8. PERSONAL PROPERTY. The fixtures, equipment and/or personal property which are in Additional Space A on the
Delivery Date and in Additional Space B after PBI vacates Additional Space B (collectively, the “Personal Property”), are deemed to be included as a part of the Additional Space, and Tenant shall have the exclusive right to use such
Personal Property for its intended purposes, provided that the Personal Property, together with any replacements of or substitutions for any Personal Property shall remain the property of Landlord and which Tenant is obligated to leave in place upon
the expiration or earlier termination of this Lease, and the Personal Property shall remain the property of Landlord, together with any replacements of or substitutions for any Personal Property. The Personal Property shall be delivered to Tenant
“as is,” and Landlord does not warrant to Tenant that the Personal Property is adequate for its intended use, fit for any purpose, or that Personal Property is now, or will be, in conformance with applicable codes or other laws and
regulations. Within fifteen (15) days of the Delivery Date or Additional Space B Delivery Date, as applicable, Tenant will prepare a list of the Personal Property in the Additional Space, and send such list to Landlord for its approval. Upon
approval of the list by the parties, the list of Personal Property will be attached to the Amendment as Exhibit D. All replacements of or substitutions for Personal Property shall be made with items which are equal to or greater in value than the
item or items replaced. Tenant shall, from time to time, but in no event more than once every twelve (12) months, within ten (10) days after receipt of notice from Landlord, execute and deliver to Landlord financing statements for filing
in the appropriate County and State offices, pursuant to the Uniform Commercial Code, to perfect notice of Landlord’s interest in the Personal Property. Notwithstanding anything to the contrary in the previous sentence, if there are any
substitutions or replacements of the Personal Property, Tenant shall execute and deliver to Landlord any financing statements that are necessary to 

  

 3 

 
perfect notice of Landlord’s interest in such substitutions and replacements. The cost of filing any such financing statement shall be paid to Landlord
by Tenant as Additional Rent. 
 9. RIGHT OF FIRST OFFER. Provided (i) Tenant is not then in default (beyond any applicable cure period) in any
of its obligations under this Lease, and (ii) Landlord desires to lease the Option Space (hereinafter defined) to any party, other than (a) the party then occupying the Option Space, or (b) to an existing tenant at the Property having
a pre-existing right of first offer with respect to the Option Space, Landlord agrees that, during the term of this Lease, including any Option Term, Tenant shall have the right of first offer to enter into a lease of certain other premises in the
Building, consisting of approximately 21,268 square feet of leasable area contiguous to the Premises designated on Exhibit A-1 as “Option Space” (the “Option Space”) in accordance with the terms and conditions set forth in
this Section 9, as follows: 
 (a) Landlord shall, prior to entering into a lease for the Option Space, send to Tenant a notice of the
availability of such space and the terms and conditions under which Landlord proposes to lease the Option Space to Tenant (the “Offer Notice”). 
 (b) Within ten (10) business days after Tenant’s receipt of the Offer Notice, Tenant shall notify Landlord that Tenant either (i) agrees to lease the Option Space under the terms described in the Offer
Notice, or (ii) does not desire to lease the Option Space under the terms described in the Offer Notice. Except as provided for in Section 9(e), a failure by Tenant to timely elect the option described in clauses (i) or
(ii) above shall be deemed to be a waiver by Tenant of any further right to lease the Option Space under this Section. 
 (c) If Tenant
exercises its option to lease the Option Space under this Section, then Tenant shall execute a lease amendment embodying the terms set forth in the Offer Notice, within ten (10) business days after Landlord submits any such lease amendment to
Tenant. Said lease amendment shall provide that the following terms and conditions shall apply to the Option Space: 
 (i)
Tenant agrees to accept the Option Space “as is” in its then existing condition and Landlord shall have no construction obligations with respect thereto, unless an allowance for renovation of the Option Space was specified in the Offer
Notice, in which event such provisions respecting such allowance shall be included in the lease amendment; and 
 (ii) The
Base Rent for the Option Space shall be the then Prevailing Market Rent of comparable space within the Gaithersburg, Maryland market area. 
 (d) Landlord may, at its option, in lieu of a narrative description of the terms to be described in the Offer Notice, submit to Tenant a lease amendment document setting forth the terms of a proposed lease amendment, in which event
Tenant’s exercise of its option to lease the Option Space shall be made by Tenant’s execution of such lease amendment document and its return to Landlord within the applicable time periods set forth in paragraph (b) or (c) of
this Section. If Landlord does not submit a lease amendment document to Tenant at the time the Offer Notice is given, and Tenant exercises its option to lease the Option Space under such terms, then Tenant shall execute a lease amendment embodying
the terms set forth in the Offer Notice within ten (10) business days after Landlord submits any such lease amendment to Tenant, as provided in paragraph (c) above. 
 (e) For the duration of the Lease term (including any Option Terms exercised hereunder), Tenant shall have a continuing right of first offer to lease the
Option Space under this Section 9 each time such Option Space becomes available for lease even though Tenant may have declined Landlord’s offer to lease the Option Space in accordance with this Section 9 on previous occasions.

 (f) Tenant’s right to lease the Option Space shall be conditioned upon Tenant’s full and complete compliance with all of the
terms and conditions of the Lease prior to the date of any Offer Notice, and Tenant’s option to lease the Option Space shall terminate when the term of this Lease expires or terminates. 
 (g) Time shall be of the essence with respect to Tenant’s right of first offer under this Section. 
 (h) Regardless of any election of Tenant to lease the Option Space, this Lease shall nonetheless remain in full force and effect until the expiration
date provided herein. 
 (i) In the event Tenant exercises its option to lease the Option Space under this Section 9, Landlord hereby
agrees that upon not less than ten (10) days notice to Landlord and Tenant’s satisfaction of the insurance requirements set forth in Article 17 of the Lease, Tenant shall have the right to enter upon the Option Space for a period of two
(2) weeks prior to the rent commencement date as set forth in the lease amendment for the addition of such Option Space to the Premises for the purpose of installing Tenant’s phones, data systems, furniture and equipment, all at
Tenant’s sole cost and expense. Tenant agrees to indemnify, defend and hold Landlord harmless from and against all loss, costs, damage, expense or liability Landlord may incur arising wholly or in part from Tenant’s early entrance into the
Option Space for the purpose of performing certain work in accordance with plans and specifications approved by Landlord to make the Option Space suitable for Tenant’s use in accordance with the Lease. 
 (j) (i) Definition: As used herein, the term “Prevailing Market Rent” means the most probable rent (as determined pursuant to the
appraisal procedure hereinafter set forth) at which the Option Space would be leased in a comparable and open market, under all conditions requisite to a fair lease, the Landlord and Tenant each acting prudently, knowledgeable, and assuming the rent
is not affected by undue stimulus. Implicit in this definition is the consummation of the lease of such space beginning on the commencement date of the lease of the Option Space under conditions whereby: 
  

	 	A.	Landlord and Tenant are typically motivated (i.e., neither party is compelled to enter into a lease and both parties are willing to enter into a lease). 

  

 4 

	 	B.	Both parties are well informed or well advised, and each acting in what it considers its own best interest. 

  

	 	C.	A reasonable time is allowed for exposure in the open market. 

  

	 	D.	The Prevailing Market Rent shall be computed as an amount equal to the then prevailing market rental rate of the Option Space, as if vacant with Building standard improvements, and
taking into account the annual adjustments of Base Rent, Tenant’s obligation to pay Tenant’s Pro-Rata Share of Annual Operating Costs and all existing market factors. 

  

	 	E.	All of the terms, covenants and conditions of the Lease (except terms respecting the amount of Base Rent) remain in effect throughout the term. 

 (ii) In the event of a dispute as to determination of Prevailing Market Rent referred to in this Section, such dispute shall be resolved
in accordance with the following: 
 (k) If Landlord and Tenant fail to agree upon the Prevailing Market Rent as referred to in this Section,
within the time periods provided for herein, then Landlord and Tenant each shall give notice to the other setting both the name and address of a licensed real estate broker (hereinafter “broker”) who shall be a M.A.I. Real Estate
professional with substantial experience in commercial real estate appraisal designated by it to make the determinations hereafter required. Each broker shall be instructed to calculate the Prevailing Market Rent as provided in each of the foregoing
sections which is the subject of the dispute and is in accordance with the criteria referenced therein. If either party shall fail to give notice of such designations within ten (10) days after failing to agree between themselves, then the
appraisal made by the broker so designated shall be the Appraisal Prevailing Market Rent. If two brokers have been designated, such two brokers shall consult with each other and, within thirty (30) days thereafter, issue their determinations of
Appraisal Prevailing Market Rent in writing, and give notice thereof to each other and to Landlord and Tenant. If such two brokers shall concur as to the determination of the prevailing Market Rent and submit their decision in writing to Landlord
and Tenant, such concurrence shall be final and binding upon Landlord and Tenant. If the two determinations of Prevailing Market Rent shall be within five percent (5%) (measured from the higher appraisal) of each other, the Prevailing Market
Rent shall be deemed to be the average of the two brokers’ determinations. If such two brokers’ determinations shall not so concur or coincide, then such two brokers shall immediately (i) designate a third broker, (ii) prepare
detailed written appraisals, and (iii) submit copies of such appraisal to Landlord, Tenant and such third arbitrator. If the two brokers shall fail to agree upon the designation of such third broker within eight (8) days of the date on
which the last determination was rendered, then either party may apply to the American Arbitration Association or any successor thereto having jurisdiction, for the designation of such broker. All arbitrators shall be licensed real estate brokers or
brokers who shall have had at least ten (10) years continuous experience in the business of appraising or managing real estate or acting as real estate agents or brokers in the Gaithersburg, Maryland area. The third broker shall conduct such
hearings and investigations as he may deem appropriate and shall, within twenty (20) days after the date of designation of the third broker, choose the determination of the two brokers originally selected by the parties which is the nearest to
the determination such third broker would have made acting alone and applying the standards set forth therefor in this Lease, and that choice by the third broker shall be binding upon Landlord and Tenant. Each party shall pay its own counsel fees
and expenses, if any, in connection with any arbitration under this Article, including the expenses and fees of any broker selected by it in accordance with the provisions of this Section, and the parties shall share equally all other expenses and
fees of any such arbitration, including the expenses of the third broker. The determination rendered in accordance with the provisions of this Section shall be final and binding in fixing the Prevailing Market Rent. 
 10. RIGHT TO TERMINATE. Concurrent with the Lease term through December 31, 2011, Tenant’s existing termination option shall apply to the Additional
Space as well as to the existing Premises. Tenant will have the option to terminate the Additional Space and the Premises together pursuant to the terms and conditions of Article 58 of the Lease on December 31, 2008, provided that Tenant’s
termination penalty for the Additional Space only will be One Hundred Forty-Two Thousand Five Hundred and No/100 Dollars ($142,500.00). This payment shall be in addition to any other payment owed to Landlord for termination of the Lease with respect
to the original Premises pursuant to Article 58 of the Lease. 
 11. REDUCTION OF SECURITY DEPOSIT. Landlord shall allow Tenant’s existing cash
security deposit of Fifty- Six Thousand and No/100 Dollars ($56,000.00), currently held by Landlord, to be applied toward rent and additional rent payments in twelve (12) equal monthly installments of Four Thousand Six Hundred Sixty-Six and
67/100 Dollars ($4,666.67) from June 1, 2006 through May 30, 2007. 
 12. MISCELLANEOUS. Except as specifically modified hereby, the Lease
shall remain in full force and effect in accordance with the terms contained therein and is hereby ratified, approved and confirmed in all respects. Any agreement, obligation or liability made, entered into or incurred by or on behalf of Landlord
binds only its property and no shareholder, trustee, officer, director, employee, partner or agent of the Landlord assumes or shall be held to any liability therefor. The provisions of this Amendment to Lease shall be binding upon the parties
hereto, their successors, and to the extent permitted under the Lease, their assigns. The submission of this Amendment for examination does not constitute an agreement, an option or an offer, and this Amendment becomes effective only upon execution
and delivery thereof by Landlord. Neither party shall have any legal obligation to the other in the event that the Amendment contemplated herein is not consummated for any reason. Discussions between the parties respecting the proposed Amendment
described herein, shall not serve as a basis for a claim against either party or any officer, director or agent of either party. Captions and headings are for convenience and reference only and shall not in any way define, limit or describe the
scope or content of any provision of this Amendment. Except as otherwise provided herein, capitalized terms shall have the same meaning as set forth in the Lease. Whenever in this 

  

 5 

 
Amendment (i) any printed portion, or any part thereof, has been stricken out, or (ii) any portion of the Lease (as the same may have been
previously amended) or any part thereof, has been modified or stricken out, then, in either of such events, whether or not any replacement provision has been added, this Amendment and the Lease shall hereafter be read and construed as if the
material so stricken out were not included, and no implication shall be drawn from the text of the material so stricken out which would be inconsistent in any way with the construction or interpretation which would be appropriate if such material
had never been contained herein or in the Lease. The Exhibits referred to in this Amendment and attached hereto are a substantive part of this Amendment and are incorporated herein by reference. 
 WITNESS the following signatures and seals. 
  

									
	ATTEST:	 		 	TENANT:	 	Panacos Pharmaceuticals, Inc.
				
	 /s/ Peyton J. Marshall
	 		 	 By:
	 	 /s/ Samuel K. Ackerman

	(seal) Secretary	 		 	 Printed Name:
	 	 Samuel K. Ackerman

	 PJM
	 		 		 	 Title:
	 	 President and CEO

		 		 		 	 Tax I.D. Number:
	 	 113238476

				
		 		 	LANDLORD:	 	Saul Holdings Limited Partnership
	ATTEST:	 		 		 	By: Saul Centers, Inc., General Partner
				
	 /s/ Cheryl C. Snyder
	 		 	 By:
	 	 /s/ B. Francis Saul

	(seal) Assistant Secretary	 		 	 Printed Name:
	 	 B. Francis Saul III

		 		 		 	 Title:
	 	 President

  

 6 

 SECRETARY’S CERTIFICATE 
 I, Peyton J. Marshall, Secretary of Panacos Pharmaceuticals, Inc., a Delaware corporation do hereby certify (i) that the foregoing and annexed
Second Amendment to Lease was executed and delivered pursuant to, and in strict conformity with the provisions of resolutions of the Board of Directors of said corporation validly adopted at a regularly called meeting of said Board of Directors, and
that a quorum was present at said meeting (or validly adopted by unanimous written consent of said Board of Directors in lieu of a meeting), in conformity with the laws of the state of incorporation of said Corporation; and (ii) that the
following is a true, correct and complete reproduction of said resolution: 
 RESOLVED: That Samuel K. Ackerman, President of the
Corporation, shall be, and is hereby authorized and empowered, for and on behalf of the Corporation, to execute, acknowledge and deliver the foregoing and annexed Second Amendment to Lease between Saul Holdings Limited Partnership, as Landlord, and
Panacos Pharmaceuticals, Inc., as Tenant, for those certain premises, containing approximately 14,902 square feet of space, located in Avenel Business Park, Phase II, as well as any and all related documents, in order to expeditiously provide for
the leasing of such premises, and, in so doing, to make any and all changes therein or modifications thereof as he, in his sole discretion, acting for and on behalf of the Corporation, shall deem necessary or advisable, and all of the officers of
the Corporation are hereby authorized, directed and empowered to do any and all acts or things as shall be necessary or advisable in order to effectuate the foregoing resolution. 
  

									
					
		 		 		 	 By:
	 	 /s/ Peyton J. Marshall

		 		 		 		 	Secretary
				
	(Corporate Seal)	 		 	 Date:
	 	 March 9, 2006

	PJM	 		 		 		 	

  

 7 

 EXHIBIT A 
 ADDITIONAL SPACE 
 

 
 Description: Additional Floor Space 
  

 8 

 EXHIBIT A-1 
 OPTION SPACE 
 

 
 Description: Additional Option Space 
  

 9 

 EXHIBIT B 
 INTENTIONALLY DELETED 
  

 10 

 EXHIBIT C 
 COMMENCEMENT AND ESTOPPEL AGREEMENT 
 THIS COMMENCEMENT AND ESTOPPEL AGREEMENT is made and entered
into this                      day of
                                        ,
2006, by and between Panacos Pharmaceuticals, Inc., a Delaware corporation, formerly known as V.I. Technologies, Inc. (Tenant”) and Saul Holdings Limited Partnership (“Landlord”). 
 WHEREAS, Landlord and Tenant have heretofore entered into that certain Second Amendment dated
                     (the “Amendment”), for certain space at Avenel Business Park, Phase II located at 209 Perry Parkway,
Gaithersburg, Maryland 20877. 
 WHEREAS, Section 2 of the Amendment provides for the execution of a commencement agreement specifying
the commencement date of the term of the Lease for Additional Space B; 
 NOW, THEREFORE, in consideration of the premises, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each party hereby warrants and represents to the other as follows: 
  

	1.	That Tenant is in full and complete possession of the Additional Space, such possession having been delivered by the Landlord and having been accepted by the undersigned.

  

	2.	That the Landlord’s improvements, if any, and the space required to be furnished by the terms of the Amendment have been completed in all respects and are open for the use of
the Tenant, its customers, employees and invitees. 

  

	3.	That all duties of an inducement nature required of the Landlord in said Amendment have been fulfilled except for any payments which may be due to Tenant for improvements to the
Additional Space as provided for in Section 5 of the Amendment. 

  

	4.	That said Amendment and the Lease as defined in the Amendment is in full force and effect; that there is no existing default on the part of the Landlord in the terms thereof; and
that, except as hereinafter set forth, said Lease has not been amended, modified, supplemented or superseded: N/A. 

  

	5.	That no rents have been prepaid except as provided by said Lease; that Tenant does not now have or hold any claim against Landlord which might be set off or credited against future
accruing rent. 

  

	6.	That Tenant has received no notice of a prior sale, transfer, assignment, hypothecation or pledge of the said Lease or of the rents secured therein, except to Landlord.

  

	7.	That the Additional Space B Delivery Date for the Lease is the
                     day of
                     and the Lease shall expire at midnight on the 31st day of December, 2011. 

  

	8.	Any agreement, obligation, or liability made, entered into or incurred by or on behalf of Landlord binds only its property, and no shareholder, trustee, officer, or agent of the
Landlord assumes or shall be held to any liability therefor. 

 IN WITNESS WHEREOF, the parties hereto do hereby execute this
Agreement under seal on the day and year first above written. 
  

											
	ATTEST:	 		 	 TENANT:        Panacos Pharmaceuticals, Inc.
	 	
					
	  	 		 	 By:
	 	  	 	(SEAL)
	Secretary	 		 	 Printed Name:
	 	  	 	  
		 		 		 	Title:	 	  	 	  
				
		 		 	 LANDLORD:  Saul Holdings Limited Partnership
	 	
	ATTEST:	 		 	                          By: Saul Centers, Inc.,
General Partner	 	
						
		 	  	 		 	 By:
	 	  	 	  
		 		 		 	 Printed Name:
	 	  	 	  
		 		 		 	 Title:
	 	  	 	  

  

 11 

 EXHIBIT D 
 PERSONAL PROPERTY 
 Pre-occupancy Equipment List for 209 Perry Pkwy Ste 12 
  

							
	 Equipment
	  	Make	  	Model	  	Serial #
	 BioSafety Hood
	  	Baker	  	s6-600	  	SL 28721V
	 BioSafety Hood
	  	Thermo Forma	  	1286	  	22401-1050
	 BioSafety Hood
	  	NuAire	  	NU-408FM-600	  	6290NZ
	 Refrigerator/Freezer
	  	Frigidaire	  	FRT21LRGW2	  	LA92824246
	 Refrigerator
	  	Sanyo	  	SR-361X	  	961074546
	 CO2
Incubator
	  	Forma	  	3326	  	35041-6088
	 Various Lab Benches
	  	-	  	-	  	-

  

 12

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