Document:

algs-ex104_182.htm

 

Exhibit10.4

 

ALIGOS THERAPEUTICS, INC.

CHANGE IN CONTROL AND SEVERANCE AGREEMENT

This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and between [____________] (“Executive”) and Aligos Therapeutics, Inc. (the “Company”), effective as of December 1, 2020 (the “Effective Date”).

Background

A.The Board of Directors of the Company (the “Board”) recognizes that the possibility of an acquisition of the Company or an involuntary termination can be a distraction to Executive and can cause Executive to consider alternative employment opportunities.  The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such an event.

B.The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue Executive’s employment and to motivate Executive to maximize the value of the Company upon a Change in Control (as defined below) for the benefit of its stockholders.

C.The Board believes that it is imperative to provide Executive with severance benefits upon certain terminations of Executive’s service to the Company that enhance Executive’s financial security and provide incentive and encouragement to Executive to remain with the Company notwithstanding the possibility of such an event.

D.Unless otherwise defined herein, capitalized terms used in this Agreement are defined in Section 9 below.

Agreement

The parties hereto agree as follows:

1.Term of Agreement.  This Agreement shall become effective as of the Effective Date and terminate upon the date that all obligations of the parties hereto with respect to this Agreement have been satisfied.

2.At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and shall continue to be “at-will,” as defined under applicable law.  Except as provided in Section 5 below, if Executive’s employment terminates for any reason, Executive shall not be entitled to any severance payments, benefits or compensation other than as provided in this Agreement.

3.Covered Termination Outside a Change in Control Period.  If Executive experiences a Covered Termination outside a Change in Control Period, then, subject to (i) Executive delivering to 

 

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the Company an executed general release of all claims against the Company and its affiliates in a form approved by the Company (a “Release of Claims”) that becomes effective and irrevocable in accordance with Section 14(a)(v) below following such Covered Termination and (ii) Executive’s continued compliance with Section 12 below, then in addition to any accrued but unpaid salary, benefits, vacation and expense reimbursements through the Termination Date payable in accordance with applicable law, the Company shall provide Executive with the following: 

(a)Severance.  Executive shall be entitled to receive continued payment of Executive’s annual base salary at the rate in effect immediately prior to the Termination Date during the period commencing on the Termination Date and ending on the nine (9)-month anniversary of the Termination Date (the “Severance Period”), payable in substantially equal installments in accordance with the Company’s standard payroll policies, less applicable withholdings, with such installments to commence on the first payroll date following the date the Release of Claims becomes effective and irrevocable in accordance with Section 14(a)(v) below, with the first installment to include any amount that would have been paid had the Release of Claims been effective and irrevocable on the Termination Date.

(b)Continued Healthcare.  If Executive timely elects to receive continued healthcare coverage pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the Company’s portion of the premium (at the same rates in effect on the Termination Date) for Executive and Executive’s covered dependents through the earlier of (i) the end of the Severance Period and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s).  Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this Section 3(b), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance with the provisions of COBRA. Executive shall notify the Company immediately if Executive becomes covered by a group health plan of a subsequent employer.

(c)Equity Awards.  Each outstanding and unvested equity award (excluding any such awards that vest in whole or in part based on the attainment of performance-vesting conditions) held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse with respect to that number of shares that would have vested and, if applicable, become exercisable during the Severance Period had Executive’s employment continued during such period, and each option held by Executive to purchase the Company’s common stock that is vested as of the Termination Date (after giving effect to any applicable accelerated vesting) will remain exercisable until the earlier of the twelve (12) -month anniversary of the Termination Date or the original expiration of the option.

 

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4.Covered Termination During a Change in Control Period.  If Executive experiences a Covered Termination during a Change in Control Period, then, subject to (i) Executive delivering to the Company an executed Release of Claims that becomes effective and irrevocable in accordance with Section 14(a)(v) below following such Covered Termination and (ii) Executive’s continued compliance with Section 12 below, then in addition to any accrued but unpaid salary, benefits, vacation and expense reimbursements through the Termination Date payable in accordance with applicable law, the Company shall provide Executive with the following:

(a)Severance.  Executive shall be entitled to receive an amount equal to the sum of (x) Executive’s annual base salary at the rate in effect immediately prior to the Termination Date and (y) Executive’s target annual bonus assuming achievement of performance goals at one hundred percent (100%) of target, payable in a cash lump sum, less applicable withholdings, on the first payroll date following the date the Release of Claims becomes effective and irrevocable in accordance with Section 14(a)(v) below.

(b)Continued Healthcare.  If Executive timely elects to receive continued healthcare coverage pursuant to the provisions of COBRA, the Company shall directly pay, or reimburse Executive for, the Company’s portion of the premium (at the same rates in effect on the Termination Date) for Executive and Executive’s covered dependents through the earlier of (i) the first anniversary of the Termination Date and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s).  Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this Section 4(b), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance with the provisions of COBRA. Executive shall notify the Company immediately if Executive becomes covered by a group health plan of a subsequent employer.

(c)Equity Awards.  Each outstanding and unvested equity award held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse with respect to one hundred percent (100%) of the shares subject thereto, as of immediately prior to the Termination Date, and each option held by Executive to purchase the Company’s common stock that is vested as of the Termination Date (after giving effect to any applicable accelerated vesting) will remain exercisable until the earlier of the twelve (12)-month anniversary of the Termination Date or the original expiration of the option.  Unless otherwise set forth in an applicable award agreement, for purposes of this Section 4(c) each award subject to performance-based vesting will be deemed earned at the greater of (i) target or (ii) actual achievement measured as of the Termination Date (to the extent then measurable).

5.Certain Reductions.  Notwithstanding anything herein to the contrary, the Company shall reduce Executive’s severance benefits under this Agreement, in whole or in part, by any other 

 

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severance benefits, pay in lieu of notice, or other similar benefits payable to Executive by the Company in connection with Executive’s termination, including but not limited to payments or benefits pursuant to (a) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act, or (b) any other Company agreement, arrangement, policy or practice relating to Executive’s termination of employment with the Company.  The benefits provided under this Agreement are intended to satisfy, to the greatest extent possible, any and all statutory obligations that may arise out of Executive’s termination of employment.  Such reductions shall be applied on a retroactive basis, with severance benefits paid first in time being recharacterized as payments pursuant to the Company’s statutory obligation.

6.Deemed Resignation.  Upon termination of Executive’s service for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such resignations.

7.Other Terminations.  If Executive’s employment with the Company terminates for any reason other than due to a Covered Termination, then Executive shall not be entitled to any benefits hereunder other than accrued but unpaid salary, vacation and expense reimbursements through the Termination Date in accordance with applicable law and to elect any continued healthcare coverage as may be required under COBRA or similar state law.

8.Limitation on Payments.  

(a)Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company pursuant to this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below).  The “Reduced Amount” will be either (A) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’ s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive.  If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).  Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows:  (1) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (2) as a 

 

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second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code. 

(b)The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change in Control will perform the calculations set forth in Section 8(a) above.  If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm to make the determinations required hereunder.  The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder.  The accounting firm engaged to make the determinations hereunder will provide its calculations, together with detailed supporting documentation, to the Company within thirty (30) days before the consummation of a Change in Control (if requested at that time by the Company) or such other time as requested by the Company.  If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive.

9.Definitions.  The following terms used in this Agreement shall have the following meanings:

(a)“Cause” means: (i) a material breach of any of Executive’s representations or obligations contained in any offer letter or employment agreement between Executive and the Company, including Executive’s willful failure or refusal to perform the job duties and responsibilities assigned to Executive by the Company, which if such material breach is reasonably susceptible of cure is not cured after thirty (30) days have elapsed following the date on which the Company gives Executive written notice of such breach; (ii) conviction of, or plea of guilty or nolo contendere to, any felony or any crime involving moral turpitude; (iii) participation in a fraud, act of dishonesty or misappropriation or similar conduct against the Company; (iv) conduct that is materially injurious to the Company or its affiliates or subsidiaries, monetarily or otherwise; (v) improper use or disclosure of the Company’s confidential or proprietary information; or (vi) obtaining a direct or indirect personal benefit from the transfer or use of the Company’s trade secrets or intellectual property other than on the Company’s behalf. 

(b)“Change in Control” has the meaning ascribed to such term under the Company’s 2020 Incentive Award Plan, as may be amended from time to time; provided, that such transaction must also constitute a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5).

(c)“Change in Control Period” means the period of time commencing three months prior to the consummation of a Change in Control and ending on the twelve (12) month anniversary of such consummation of the Change in Control.

 

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(d)“Covered Termination” means the termination of Executive’s employment by the Company other than for Cause or by Executive for Good Reason, and shall not include a termination due to Executive’s death or disability.  

(e)“Good Reason” for Executive to terminate Executive’s employment hereunder shall mean the occurrence of any of the following events without Executive’s consent: (i) any material breach of the terms of this Agreement by the Company; (ii) any material restriction or diminution in Executive’s duties or responsibilities; (iii) any change in the location of Executive’s principal place of employment that increases Executive’s one-way commute in excess of fifty (50) miles from Executive’s principal place of employment prior to such change; (iv) any material failure by the Company to pay Executive’s base salary, bonuses that Executive has earned, or benefits that Executive is entitled to receive under Executive’s offer letter or other agreement with the Company, or any material reduction by the Company of Executive’s base salary under Executive’s offer letter or other agreement with the Company, provided, however, that if the Company institutes a Company-wide reduction in salaries, bonuses and benefits for other executive management team members, such reduction shall not be deemed “material” for this definition. Notwithstanding the foregoing, Executive’s resignation shall not constitute a resignation for “Good Reason” unless (X) Executive provides advance written notice of such resignation to the Company within sixty (60) days of the initial occurrence of the event or action giving rise to Good Reason, (Y) such written notice specifies that Executive’s resignation is effective not less than thirty (30) days, nor more than sixty (60) days, after the date of the written notice, and (Z) the Company fails to remedy the basis for Good Reason prior to the date of resignation specified in the written notice.

(f)“Separation from Service” means a “separation from service” with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder.

(g)“Termination Date” means the date on which Executive experiences a Covered Termination.

	
 
	
10.
	
Successors.

(a)Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business or assets which executes and delivers the assumption agreement described in this Section 10(a) or which becomes bound by the terms of this Agreement by operation of law.

(b)Executive’s Successors.  The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

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11.Notices.  Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile), delivery by email or the third day after mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed in the Company’s books and records.

12.Confidentiality; Non-Disparagement.

(a)Confidentiality.  Executive hereby expressly confirms Executive’s continuing obligations to the Company pursuant to that certain Employee Proprietary Information and Invention Assignment Agreement or other confidentiality agreement by and between the Company and Executive (the “Confidential Information Agreement”).

(b)Non-Disparagement.  Executive agrees that Executive shall not disparage, criticize or defame the Company, its affiliates and their respective affiliates, directors, officers, agents, partners, stockholders or employees, either publicly or privately.  Nothing in this Section 12(b) shall apply to any evidence or testimony required by any court, arbitrator or government agency.

(c)Whistleblower Protections and Trade Secrets.  Notwithstanding anything to the contrary contained herein, nothing in this Agreement or the Confidential Information Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies).  Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (A) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (B) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

13.Dispute Resolution.  To ensure the timely and economical resolution of disputes that arise in connection with this Agreement, Executive and the Company agree that, except as excluded herein, any and all controversies, claims and disputes arising out of or relating to this Agreement, including without limitation any alleged violation of its terms or otherwise arising out of the Parties’ relationship, shall be resolved solely and exclusively by final and binding arbitration held in San Mateo County, California through JAMS in conformity with California law and the then-existing JAMS employment arbitration rules, which can be found at https://www.jamsadr.com/rules-employment-arbitration/. The Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. shall govern the interpretation and enforcement of this arbitration clause. All remedies available from a court of competent jurisdiction shall be available in the arbitration; provided, however, in the event of a breach of Sections 12(a) or 

 

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12(b), the Company may request relief from a court of competent jurisdiction if such relief is not available or not available in a timely fashion through arbitration as determined by the Company. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award.  The arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any.  Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them under Sections 12(a) and 12(b), and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at law.  Any such person shall, therefore, be entitled to seek injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of Sections 12(a) and 12(b), none of the Parties shall raise the defense, without a good faith basis for raising such defense, that there is an adequate remedy at law.  Executive and the Company understand that by agreement to arbitrate any claim pursuant to this Section 13, they will not have the right to have any claim decided by a jury or a court, but shall instead have any claim decided through arbitration.  Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities.  Except as may be prohibited by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or collective action or representative proceeding. Nothing herein shall limit Executive’s ability to pursue claims for workers compensation or unemployment benefits or pursue other claims which by law cannot be subject to mandatory arbitration.

14.Miscellaneous Provisions.

(a)Section 409A.  

(i)Separation from Service.  Notwithstanding any provision to the contrary in this Agreement, no amount constituting deferred compensation subject to Section 409A of the Code shall be payable pursuant to Sections 3 or 4 above unless Executive’s termination of employment constitutes a Separation from Service.

(ii)Specified Executive.  Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (A) the expiration of the six-month period measured from the date of Executive’s Separation from Service or (B) the date of Executive’s death.  Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 14(a)(ii) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein.

(iii)Expense Reimbursements.  To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A of the Code, any 

 

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such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

(iv)Installments.  For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment.

(v)Release.  Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release of Claims, (A) if Executive fails to execute the Release of Claims on or prior to the Release Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release of Claims thereafter, Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release of Claims, and (B) in any case where Executive’s Termination Date and the last day the Release may be considered or, if applicable, revoked fall in two separate taxable years, any payments required to be made to Executive that are conditioned on the Release of Claims and are treated as nonqualified deferred compensation for purposes of Section 409A of the Code shall be made in the later taxable year.  For purposes hereof, “Release Expiration Date” shall mean (1) if Executive is under 40 years old as of the Termination Date, the date that is seven (7) days following the date upon which the Company timely delivers the Release of Claims to Executive, or such shorter time prescribed by the Company, and (2) if Executive is 40 years or older as of the Termination Date, the date that is twenty one (21) days following the date upon which the Company timely delivers the Release of Claims to Executive, or, if Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty five (45) days following such delivery date.  

(b)Withholding.  The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local, or foreign withholding or other taxes or charges which the Company is required to withhold.

(c)Waiver.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized member of the Company (other than Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

(d)Whole Agreement.  This Agreement and the Confidential Information Agreement represent the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all prior promises, arrangements and understandings regarding the same, whether 

 

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written or unwritten, including, without limitation, any severance or change in control benefits in Executive’s offer letter agreement, employment agreement and/or equity award agreement or previously approved by the Company.  

(e)Choice of Law.  All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of California without regard to its conflicts of law provisions.

(f)Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid or unenforceable provisions had never been contained herein.

(g)Counterparts.  This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes.

(h)Executive Acknowledgement.  Executive acknowledges that (i) Executive has consulted with or has had the opportunity to consult with independent counsel of Executive’s own choice concerning this Agreement, and has been advised to do so by the Company, and (ii) that Executive has read and understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on Executive’s own judgment.

(Signature page follows)

 

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The parties have executed this Agreement, in the case of the Company by its duly authorized officer, as of the dates set forth below.

 

	
 
	
ALIGOS THERAPEUTICS, INC.

	
 
	
 
	
 

	
 
	
By:
	
 

	
 
	
Title:
	
 

	
 
	
Date:
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
EXECUTIVE

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
[Name]
	
 

	
 
	
 
	
 

	
 
	
Date:
	
 

 

 

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Exhibit 10.1

RIVERSIDE TECHNOLOGY CENTER 

EIGHTH LEASE MODIFICATION AGREEMENT

TO THE LEASE BETWEEN 

RIVERTECH ASSOCIATES II LLC AND MERSANA THERAPEUTICS, INC.

 
This Eighth Lease Modification Agreement entered into this 25th day of March, 2021 (the “Eighth Lease Amendment”) by and between Rivertech Associates II LLC, a Massachusetts limited liability company with a principal address c/o The Abbey Group, 177 Huntington Avenue 24th Floor Boston, Massachusetts 02115, (the “Lessor”); and Mersana Therapeutics, Inc., with a business address at 840 Memorial Drive Cambridge, Massachusetts  (the “Lessee”); relative to a certain Lease between Lessor and Lessee dated February 24, 2009, as modified by a certain Lease Extension and Modification Agreement dated July 27, 2010 (the “First Lease Amendment”); as further modified by a Second Lease Extension and Modification Agreement dated May 29, 2012 (the “Second Lease Amendment”); as further modified by a Third Lease Extension and Modification Agreement dated February 7, 2013 (the “Third Lease Amendment”); as further modified by a Fourth Lease Extension and Modification Agreement dated April 30, 2014 (the “Fourth Lease Amendment”); as further modified by a Fifth Lease Extension and Modification Agreement dated November 30, 2015 (the “Fifth Lease Amendment”); as further modified by a Sixth Lease Extension and Modification Agreement dated January 17, 2018 (the “Sixth Lease Amendment”); and as further modified by a Seventh Lease Extension and Modification Agreement dated March 10, 2020 (the “Seventh Lease Amendment”); all collectively referred to herein as of the date hereof as the “Existing Lease”; for certain office and laboratory space in the building at 840 Memorial Drive Cambridge, Massachusetts as identified in the Existing Lease.  The Existing Lease, as modified by this Eighth Lease Amendment, hereafter shall be referred to herein as the “Lease” (as the context so permits).
WHEREAS, the stated Term of the Existing Lease, as applicable to the Existing Leased Premises of 34,324 rentable square feet of space on the second (2nd) and fifth (5th) floors of the Building (along with an accessory acid neutralization room on the 4th floor) as defined in the Seventh Lease Amendment, is set to expire on March 31, 2026 (the “Existing Term”) as called for in the Seventh Lease Amendment; and,
WHEREAS, the Lessee desires to lease separate space in the Building consisting of approximately 10,202 rentable square feet of space on the fifth (5th) floor as shown on the floor plan attached hereto as Exhibit A (defined herein as the “Supplemental Fifth (5th))Floor Expansion Space”), in addition to the current Existing Leased Premises; said Supplemental Fifth (5th) Floor Expansion Space to be leased as of a commencement date of July 1, 2021 (subject to Lessee’s Early Access Rights as set forth in Section 3 hereof) for the term of sixty (60) consecutive calendar months commencing on July 1, 2021 and ending on June 30, 2026 (“Supplemental Term”), on the terms and conditions set forth herein; 

THEREFORE, in consideration of One ($1.00) Dollar and the other good and valuable consideration recited herein, effective and irrevocable as of the date hereof, the Lessor and Lessee hereby agree as follows:
1.Lease of the Supplemental Fifth (5th) Floor Expansion Space.
Lessor hereby agrees to lease to the Lessee, and Lessee hereby agrees to lease from the Lessor, the Supplemental Fifth (5th) Floor Expansion Space, for the Supplemental Term, and on the supplemental terms and conditions of this Eighth Lease Amendment subject to and consistent with the applicable terms and conditions of the Existing Lease.
This Lease Extension is to be considered a valid and binding obligation of the parties effective as of the date of execution of this Eighth Lease Amendment by the parties, with the provisions of the Existing Lease (that are not superseded hereby) to continue to govern the Lessee’s use and occupancy of the Existing Leased Premises through its Existing Term (as it may be extended).           
Consequently, all Lessee’s Annual Base Rent payments and other Rent payment obligations as to the Existing Leased Premises shall run under the Existing Lease up through March 31, 2026; and all Annual Base Rent and other Rent payment obligations as to the Supplemental Fifth (5th) Floor Expansion Space shall be as set forth in this Eighth Lease Amendment up through June 30, 2026.
Lessee hereby acknowledges it is currently in possession of the Existing Leased Premises and accordingly accepts the same for the extension period in the same “AS/IS” condition without representation or warranty of any kind or nature as of the execution of this Eighth Lease Amendment, and Lessee acknowledges Lessor is under no obligation to make any improvements or modifications to the Existing Leased Premises, in any manner, other than certain elements of HVAC improvements to be performed in the second floor space as part of Lessor’s Work as set forth in the Seventh Lease Amendment.  Lessor and Lessee agree and acknowledge that the Lessor’s Second Floor Work Completion Date, as defined in the Seventh Lease Amendment, shall be July 1, 2021, and that Lessor shall be responsible for any maintenance and repair expenses for the Existing Mechanical Systems from the date of this Eighth Lease Amendment.  Lessor and Lessee each acknowledge that to the best of each of their respective knowledge, there are no material defaults by either presently existing under the Existing Lease.
2.Lessor’s Delivery Obligations as to the Supplemental Fifth (5th) Floor Expansion Space
The Supplemental Fifth (5th) Floor Expansion Space shall be leased for the Supplemental Term in the same “AS/IS” condition it is in as of the execution of this Eighth Lease Amendment, and Lessee acknowledges Lessor is under no obligation to make any delivery of, or improvements or modifications thereto, in any manner, other than the following:
(a)all existing laboratory benches and case work is represented to be the Lessor’s property and will be delivered for use by Lessee as part of the premises;
(b)provided the existing tenant currently occupying the Supplemental Fifth (5th) Floor Expansion Space surrenders certain items of the  furniture and lab equipment 
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presently located therein to Lessor, an inventory of which is provided as Exhibit B and as to which Lessor shall use diligent efforts to procure the items to be surrendered and inform Lessee of the same at the earliest practicable time);  then Lessor shall deliver such items as are so surrendered,  for use by Lessee as part of the premises (however, in the event any items of said furniture and lab equipment is not surrendered by the existing tenant, Lessor shall not be obligated to deliver the same and its non-inclusion shall not affect this Eighth Lease Amendment or Lessee’s obligations to make any payments of Annual Base Rent or any Additional Rent hereunder);
(c)Lessor shall deliver a third party industrial close-out report to Lessee, demonstrating the Supplemental Fifth (5th) Floor Expansion Space is in satisfactory condition for the Lessee’s occupancy and use;
(d)all base Building systems shall be in good working order and condition and suitable for laboratory uses;
(e)the base Building access/egress and common areas shall be ADA compliant; and,
(f)the Supplemental Fifth (5th) Floor Expansion Space shall be ADA compliant, with building code compliant demising walls and common area corridors; and,
(g)the Supplemental Fifth (5th) Floor Expansion Space shall be delivered free of all prior tenants, occupants, and their possessions, and in broom clean condition.
1.Lessee’s Work and Tenant Improvement Allowance
The Lessee shall be solely responsible, at its sole cost and expense, to perform such other specific design and construction work on the Supplemental Fifth (5th) Floor Expansion Space as it desires for its use and occupancy, subject to Lessor’s approval as called for in the Existing Lease (“Lessee’s Work”).  The provisions of the Existing Lease with respect to the requirements for Lessee’s permitting, construction, and occupancy, inter alia, shall govern the Lessee’s Work on the Supplemental Fifth (5th) Floor Expansion Space.  Lessor shall not charge for any supervisory, management or other fees in the review process for approval of Lessee’s Work, except for the reasonable costs and expenses of any third party engineers or design/construction specialists reasonably necessary to review the same for Lessor given the nature and context of any of Lessee’s intended improvements.
Lessee shall be provided with reasonable early access to the Expansion Space (the “Early Access Rights”) commencing no earlier than May 5, 2021 (the “Early Access Date”), coordinated through the Lessor, for the purpose of performing its own design and construction work prior to the July 1, 2021 commencement of the Supplemental Lease Term, provided:  (i) such access and preliminary work does not materially interfere with Lessor’s ability to condition the premises for delivery to Lessee as contemplated in Section 2 above, which shall take precedence in all respects; (ii) Lessee hereby assumes responsibility and liability in all respects for its presence and activities in the Supplemental Fifth (5th) Floor Expansion Space as of its initial entry thereon, 
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and for the presence of its contractors, suppliers, consultants, architects, employees and invitees; and conforms with the requirements set forth in the Existing Lease for permitting, construction and occupancy; and (iii) Lessee procures insurance covering all its activities therein i.e. general liability and builder’s risk policies (including as to its fixtures, furnishings and materials), in this interim early access  period; (iv) Lessee shall be responsible for all utilities serving the Supplemental Fifth (5th) Floor Expansion Space in this interim early access period.
All Lessee’s Work and work on the Existing Leased Premises shall be presented to Lessor and approved by Lessor by the procedures and under the requirements set forth in the Existing Lease.  Lessee’s Work and all subsequent Lessee alterations to the Existing Leased Premises that are performed by Lessee on or affecting the fire, life safety and/or sprinkler systems of the building shall be made in such a manner and under such conditions as to pose no adverse impact or interruption to such fire, life safety, and sprinkler systems, and so as not to delay, impair, or jeopardize the legal occupancy of other tenants in the Building, as determined by Lessor and municipal fire and building inspection officials.
Lessor shall provide the Lessee with an allowance hereunder (the “TI Allowance”) in the amount of Fifty-One Thousand Ten and 00/100 ($ 51,010.00) Dollars, which, in addition to the sum set forth as the like named TI Allowance in the Seventh Lease Amendment (to the extent that sum heretofore has not been previously requisitioned and disbursed to Lessee) is collectively referred to herein as the  “Cumulative TI Allowance”. The Cumulative TI Allowance is subject to the following terms and conditions.   The Cumulative TI Allowance can be dedicated and applied by Lessee to Lessee’s Work, and other work Lessee chooses to perform in the Existing Leased Premises (the “Existing Premises Work”) as well.  This Cumulative TI Allowance, and the requisition process described below, is in lieu of and supersedes the TI Allowance and requisition provisions in the Seventh Lease Amendment.  Lessor’s release of any funds from the TI Allowance is predicated on: (x) Lessee’s timely submittal of: (i) descriptions (as to cosmetic work, such as e.g. painting, carpeting, etc.) and/or (ii) plans and specifications for construction and installation of Lessee’s Work, and/or Existing Premises Work; and, (y) approval of those plans and specifications by Lessor (which approval shall be the basis for determination of the release of said TI Allowance funds), such approval not to be unreasonably withheld, conditioned or delayed.   When Lessee has incurred actual third party costs toward the Cumulative TI Allowance (inclusive of reasonable third party design,  architectural, engineering, project management and construction costs and costs and expenses for  furniture, fixtures and equipment and telecommunications, wiring and cabling), Lessee may submit to Lessor  (but not later than April 1, 2022  the “TI Requisition Period”), a requisition for payment  for allowed Cumulative TI Expenses for which Lessee seeks reimbursement  (the “Requisitioned Work”), together with applicable lien waivers executed by Lessee's general contractors (as applicable).  Lessor, within thirty (30) days following Lessor’s receipt thereof, absent dispute, shall pay Lessee from the Cumulative TI Allowance for the submitted Requisitioned Work.  If any lien is filed against the Building or any part thereof or interest therein arising out of any element of the Requisitioned Work, then Lessor shall have no obligation to disburse any funds from the Cumulative TI Allowance to Lessee (nor shall Lessee be entitled to any reduction in Annual Base Rent as an offset therefor) unless and until said liens are discharged or otherwise disposed of, in addition to and not in lieu of Lessor’s rights and remedies under this contract and at law or in equity.
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2.Annual Base Rent, Additional Rent and other Lease Costs and Expenses
Annual Base Rent under the Lease shall be as set forth below:

A.As to the Existing Leased Premises
Annual Base Rent for the Existing Leased Premises shall be as set forth and payable in the Seventh Lease Amendment through the Term set forth therein.
B.As to the Supplemental Fifth (5th) Floor Expansion Space
Annual Base Rent for the Supplemental Fifth (5th) Floor Expansion Space shall be as set forth and payable in the following Schedule:
Period                    Annual            Monthly

July 1, 2021 – June 30, 2022         $   938,584.00        $  78,215.33

July 1, 2022 – June 30, 2023        $   966,741.52        $  80,561.79

July 1, 2023 – June 30, 2024        $   995,743.77        $  82,978.65

July 1, 2024 – June 30, 2025        $1,025,616.08        $  85,468.01

July 1, 2025 – June 30, 2026        $1,056,384.56        $  88,032.05

In all instances under A and B above, Annual Base Rent shall be payable in the corresponding monthly installments as set forth above, due on the first of each month, in advance, and in all other respects shall be subject to the same provisions relating to Annual Base Rent as set forth under the Existing Lease.
C.Additional Rent
In addition to Annual Base Rent, Lessee shall be responsible to pay all Additional Rent (Operating Expenses) under Section 3 of the Existing Lease, and all Additional Rent (Taxes) under Section 4 thereof:
(i)    as applied to the Existing Leased Premises, through the Existing Term; and,
(ii)    as applied to the Supplemental Fifth (5th) Floor Expansion Space, through the Supplemental Term;
all as invoiced by Lessor.
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As the concept is used in the Lease to compute Additional Rent, Lessee’s allocable pro rata share (“Allocable Percentage”) shall be as follows:
(x)    Lessee’s Allocable Percentage for the Existing Leased Premises shall be 26.57% (as set forth in the Fourth Amendment); and
(y)     Lessee’s Allocable Percentage for the Supplemental Fifth (5th) Floor Expansion Space shall be 7.88% computed as the percentage of the Supplemental 5th Floor Expansion Space (10,202) to the entire Building (129,470) at the current time.
D.Governing Provisions for Annual Base Rent, Additional Rent, and Other Lease Costs and Expenses
All Annual Base Rent, Additional Rent and other sums due as Rent shall be payable and in all other respects shall be governed for the remainder of the Term under the Existing Lease and through the Supplemental Term under this Eighth Amendment.
All other costs and expenses for utilities and services, and attendant to operation of the Leased Premises, as applicable to both the Existing Leased Premises and the Supplemental Fifth          (5th) Floor Expansion Space, shall be borne by the respective parties under the Existing Lease.
3.Security Deposit
The Security Deposit currently held by the Lessor is in the amount of Three Hundred Twenty One Thousand Three Hundred Twenty One ($ 321,321.00) Dollars. Upon execution of this Eighth Lease Amendment, Lessee shall deposit with Lessor the additional amount of One Hundred Fifty-Six Thousand Four Hundred Thirty-One ($ 156,431.00) Dollars, which amounts together to a total of Four Hundred Seventy-Seven Thousand Seven Hundred Fifty-Two ($ 477,752.00) Dollars; which shall be held by Lessor as the Security Deposit under the Lease through the Supplemental Term.  The additional amount may be deposited by Lessee by check, wire transfer, or in the form of a letter of credit (for that additional amount or by replacement letter of credit for the total amount).
4.Permitted Uses
The Permitted Uses in the Basic Data of the Existing Lease and all conditions attached thereto are hereby restated and affirmed and shall govern the use and occupancy of the entire Leased Premises through the Eight Amendment.
5.Brokers
The parties hereby agree there are no brokerage or other third party fees or costs involved in this transaction and each agrees to indemnify, defend and hold harmless the other from and against any claims for brokerage fees, commissions or other such payments arising from this transaction; except for CBRE which represents the Lessee in this expansion transaction and to whom a commission shall be paid by Lessor under a separate agreement; with fifty (50%) percent of the 
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fee due and payable to CBRE upon execution of this Eighth Lease Amendment, and fifty (50%) percent due upon receipt of Lessee’s first Annual Base Rent payment made on account of its leasing of the Supplement Fifth (5th) Floor Expansion Space.
6.Parking
Lessee’s current parking rights under the Existing Lease are as set forth through the Seventh Lease Amendment.  In addition thereto, Lessee shall be granted, at current rates (which may be increased from time to time to reflect market increases), the right (but not the obligation) to park up to an additional fifteen (15) cars in the Building’s on-site indoor parking lot or facility on an unassigned and unreserved basis, in single or tandem spaces or on a valet basis which LESSOR in its sole discretion shall designate from time to time. The initial parking rate therefor shall be $ 285.00 per month, per car, which monthly rate may be changed by LESSOR in its discretion subject to and reflective of periodic market changes. All payments for these parking rights shall be considered to be Additional Rent under this Lease.
7.Rights to Use of Acid Neutralization System
Lessee, as an appurtenant accommodation as to the Supplemental Fifth (5th) Floor Expansion Space, shall be entitled to the use of an existing previously used acid neutralization system. Lessee shall have the exclusive right to use said acid neutralization system as of the beginning of the Supplemental Term. Lessor is providing said system in an “AS/IS” condition, without any representations or warranties relative to the foregoing system. Lessor shall not be responsible, directly or indirectly, for any consequences arising from Lessee’s actual use of said acid neutralization system, or its suitability or performance; Lessee to be solely responsible therefor at its sole risk. Lessee shall be solely responsible for obtaining all necessary permits for the operation of said acid neutralization system (e.g. MWRA permits) and for the maintenance, repair and operation thereof from the start of the Supplemental Term up to its terminate. Lessor shall reasonably cooperate with Lessee if such cooperation is needed in order for Lessee to obtain any permits required by Lessee in order to operate the acid neutralization system.
8.Lessee’s Option to Locate, Install and Use Certain Equipment and Systems
As of the start of the Supplemental Term Lessee shall have the option to procure and install, at its sole cost and expense in all instances, additional HVAC equipment, antennas, satellite dishes and related accessory equipment and connections on the roof of the Building, in locations that Lessor approves, such approval not to be unreasonably withheld or delayed, and to tie-in said equipment to the Leased Premises through areas of the Building that Lessor approves, such approval not to be unreasonably withheld or delayed. Lessor does not provide any representations or warranties relative to Lessee’s determination as to the foregoing, nor shall Lessor be responsible, directly or indirectly, for any consequences arising from Lessee’s selection, placement, use or operation of the same, or the suitability or performance of any of such equipment or installations; Lessee to be solely responsible therefor at its own risk. Lessee shall be solely responsible for obtaining all necessary permits for the operation of any such installations, and for the maintenance, repair and operation thereof as of the start of the Supplemental Term hereunder. Lessee shall be responsible 
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at all times for the maintenance and repair of any supplemental mechanical systems installed by Lessee.
9.LESSEE’s Right to Use of the Existing Emergency Generator
Lessee shall have the right to use the existing Cummins 25KVA gas fired emergency generator solely serving the Supplemental Fifth (5th) Floor Expansion Space. Lessee shall be responsible at its sole cost and expense to connect to said emergency generator, and to bring its systems on-line therewith. Lessor does not provide any representations or warranties relative to the foregoing, nor shall Lessor be responsible, directly or indirectly, for any consequences arising from Lessee’s actual use of said emergency generator, or its suitability or performance; Lessee to be solely responsible for its use of the generator at its sole risk. Lessee shall be responsible for the costs and expenses of repairs, maintenance, servicing and operation thereof.
10.Lessee’s Option to Extend
A.Exercise of the Existing 2026 Extension Option under the Seventh Lease Amendment
Lessee, provided it is not then in default after notice and the expiration of any applicable grace or cure periods, and further provided it shall not have defaulted beyond any applicable notice, grace and cure periods during the remaining Lease Term or Supplemental Term after execution of this Eighth Lease Amendment, shall have the option to exercise the 2026 Extension Option as to the Existing Leased Premises as set forth in Section 10 of the Seventh Lease Amendment; however such right to be exercised by Lessee no later than November 30, 2024 notwithstanding a contrary deadline in said Section 10. Exercise of the 2026 Extension Option shall be separate and independent from Lessee’s rights to exercise its extension option set forth below as to the Supplemental Fifth (5th) Floor Expansion Space; and the exercise or non-exercise of either option shall not affect Lessee’s rights to exercise or not exercise the other option.
B.Exercise of an Additional Option for the Supplemental Fifth (5th) Floor Expansion Space under this Eighth Amendment
Lessee, provided it is not then in default after notice and the expiration of any applicable grace or cure periods, and further provided it shall not have defaulted beyond any applicable notice, grace and cure periods during the remaining Lease Term or Supplemental Term after execution of this Eighth Lease Amendment, shall have the option to further extend the Supplemental Term as to the Supplemental Fifth (5th) Floor Expansion Space beyond the Supplemental Term, on the terms and conditions set forth below. Exercise of the 2026 Extension Option shall be separate and independent from Lessee’s rights to exercise its extension option set forth below as to the Supplemental Fifth (5th) Floor Expansion Space; and the exercise or non-exercise of either option shall not affect Lessee’s rights to exercise or not exercise the other option.
The extension as to the Supplemental Fifth (5th) Floor Expansion Space shall be for one (1) additional period of sixty (60) months (the “Supplemental Space Extension Period”), at the then current Market Rent as contemplated below. Annual Base Rent for the Supplemental Space 
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Extension Period shall be Market Rent as that term is defined (and by the process specified) in Section 10 of the Seventh Lease Amendment. The Supplemental Space Extension shall be exercised by Lessee by notice in writing to Lessor, not later than November 30, 2024 (the “Supplemental Space Extension Notice Date”).
11.Subordination
The Lease as amended hereby shall be subject and subordinate to the lien of any and all mortgages and related documents placed on the Building, Leased Premises or the real property in existence as of the date hereof or coming into existence at any time hereafter, without necessity for any confirming documentation.
12.Integration of Documents; Supremacy; Miscellaneous
This Eighth Lease Amendment contains the full understanding and agreement between the parties. The parties hereto intend that this Eighth Lease Amendment operates to amend and modify the Existing Lease, and that those documents shall be interpreted conjunctively; with any express conflict between them to be resolved in favor of the stated terms of this Eighth Lease Amendment. Except as modified hereby, all other terms and conditions of the Existing Lease shall remain unchanged and enforceable in a manner consistent with this Eighth Lease Amendment.
This Agreement shall be governed by the laws of the Commonwealth of Massachusetts. Any provisions deemed unenforceable shall be severable, and the remainder of this Eighth Lease Amendment and the Existing Lease shall be enforceable in accordance with their terms.
Time is of the essence with respect to all deadlines and other provisions of this Eighth Lease Amendment.

[Signature Pages Follow]

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LESSOR

RIVERTECH ASSOCIATES II, LLC

By:     Rivertech Associates II, Inc. 
           its Manager

By:       /s/ Robert Epstein                                      
Name: Robert Epstein
Title:   President

LESSEE

MERSANA THERAPEUTICS, INC.

By:       /s/ Anna Protopapas                                     
      Anna Protopapas
      its duly authorized Chief Executive Officer

By:       /s/ Brian DeSchuytner                                  
      Brian DeSchuytner
      its duly authorized SVP Finance and Product Strategy
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