Document:

akao-ex105e_614.htm

Exhibit 10.5(E)

FOURTH AMENDMENT TO LEASE

This FOURTH AMENDMENT ("Fourth Amendment") is made and entered effective as of November 29, 2018, by and between AP3-SF2 CT SOUTH LLC, a Delaware limited liability company ("Landlord") and ACHAOGEN, INC., a Delaware corporation ("Tenant").

r e c i t a l S:

	
A.
	
Landlord and Tenant entered into that certain Lease dated as of August 12, 2016 (the "Original Lease"), as amended by that certain First Amendment to Lease dated April 7, 2017 (“First Amendment”), that certain Second Amendment to Lease dated as of July 20, 2017 ("Second Amendment"), and that certain Third Amendment to Lease dated as of August 17, 2017 (“Third Amendment”), pursuant to which Landlord leased to Tenant and Tenant leased from Landlord certain "Premises", as described in the Lease, in that certain building located at One Tower Place, South San Francisco, California 94080.

	
B.
	
Except as otherwise set forth herein, all capitalized terms used in this Fourth Amendment shall have the same meaning as such terms have in the Lease.

	
C.
	
Landlord and Tenant now desire to amend the Lease upon the terms and provisions contained herein.

	
D.
	
The Original Lease, First Amendment, Second Amendment, Third Amendment and this Fourth Amendment shall hereinafter be referred to collectively as the “Lease”.

r e c i t a l S:

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

1.Additional Allowance; Amortization of Rent.  Tenant hereby acknowledges that it has exercised its option for the Additional Tenant Improvements Allowance, and that upon the mutual execution of this Fourth Amendment shall, within thirty (30) days, receive the funds associated with the Additional Allowance (as defined in the Tenant Work Letter attached to the Second Amendment as Exhibit B, and specifically excluding the “Additional Allowance” defined in the Tenant Work Letter attached to the Original Lease) in the total amount of $1,484,745.00 and that no Additional Allowance funds are available for Tenant’s use under the Lease.  In addition to the payment of monthly Base Rent, Tenant hereby agrees that the Additional Allowance funds shall be amortized over a one hundred sixteen (116)-month period with interest imputed on the principal balance at the rate of nine percent (9%) per annum, for payment at the rate of $19,209.68 per month (“Additional Monthly Base Rent”), commencing on December 1, 2018 (provided that the initial payment of Additional Monthly Base Rent due on December 1, 2018 shall be in the amount of $141,284.11 which consists of (i) the accrued amount of Additional Monthly Base Rent from May 21, 2018 to November 30, 2018 which equals $122,074.43 and (ii) the amount due for the month of December 2018 which equals $19,209.68), escalating by three and one-half percent (3.5%) annually on June 1st of each 

			
	
./

-/8-10-17//
	
 
	
 

 

 

 

successive year and continuing through and including January 31, 2028; provided, however, that Tenant shall, as provided in the prior written agreements, continue to have the right to pay to Landlord the balance of the Additional Allowance by written notice to Landlord.

2.No Further Modification.  Except as set forth in this Fourth Amendment, all the terms and provisions of the Lease shall remain unmodified and in full force and effect.

[Remainder of Page Intentionally Left Blank; Signatures Follow]

			
	
./

-/8-10-17//
	
-2-
	
 

 

 

 

IN WITNESS WHEREOF, this Fourth Amendment has been executed as of the day and year first above written.

"Landlord":

AP3-SF2 CT SOUTH LLC,
a Delaware limited liability company

By: /s/ W. Neil Fox, III
Name:W. Neil Fox, III
Its:Chief Executive Officer

"Tenant":

ACHAOGEN, INC.,
a Delaware corporation

By:/s/ Zeryn Sarpangal
Name:Zeryn Sarpangal
Its:Chief Financial Officer

 

 

			
	
./

-/8-10-17//
	
-3-akao-ex1029_615.htm

Exhibit 10.29

7000 Shoreline Court, Suite 371

South San Francisco, CA  94080

(650) 800-3636

www.achaogen.com

February 11, 2017

 

Janet Dorling

[Address]

 

Dear Janet:

 

I am pleased to offer you a position with Achaogen, Inc. (the “Company”), as Executive Vice President, Chief Commercial Officer reporting directly to me.  Your position with the Company pursuant to the terms and conditions of this letter will commence no later than February 27, 2017 (the “Start Date”).  You will have duties and responsibilities, consistent with your position within the Company, as will reasonably be assigned to you by me.  You agree to perform your duties faithfully and to the best of your abilities and to devote your full business efforts and time to the Company.  Furthermore, while employed by the Company, you agree to not actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without prior approval of the CEO and Board of Directors.   

 

The Company reserves the right to conduct background and reference checks on all of its potential employees.  Your job offer, therefore, is contingent upon a clearance of such a background investigation and reference check.  

 

Salary.  While employed by the Company, you will receive as compensation for your services a base salary at the annualized rate of three hundred and eighty thousand dollars ($385,000).  Your salary will be paid periodically in accordance with the Company’s normal payroll practices and will be subject to annual review and the usual, required withholding.

 

Performance Bonus.  In addition to your base salary, you will be eligible to receive a bonus of up to 40% of your base salary (prorated for tenure in 2017) based upon yours and the Company’s performance, as determined by the Company, against specific milestones to be defined by the Company.  Your bonus will be determined based on corporate performance with respect to 70% and individual performance with respect to 30%. You must be employed at the time of payment to be eligible to receive this bonus. 

 

Stock Option.  Subject to approval by the Board of Directors, you will be granted options to purchase one hundred and thirty thousand (130,000) shares of the Company's common stock (the “Stock Option Grant”) comprised of two separate grants to purchase 104,000 shares (the “Time-Based Option”) and 26,000 shares (the “Performance-Based Option”), with different vesting schedules as described below.

 

The Time-Based Option will have a per share exercise price equal to the closing trading price per share of the Company’s common stock as of the date of the grant and, subject to your continued service the Company through each vesting date, the Option will vest in accordance with the following vesting schedule:

 

 

 

• 1/4th of the shares subject to the Option will vest on the first anniversary of your employment start date (such start date, the "Vesting Commencement Date"); and

• 1/48th of the shares subject to the Option will vest on each of the next 36 months thereafter on the same day of the month as the Vesting Commencement Date.

The Performance-Based Option will also have a per share exercise price equal to the closing trading price per share on the date of grant and, subject to your continued service with the Company through each vesting date, the Performance Option will vest in accordance with a vesting schedule to be determined in Q1 2017 by the Board of Directors’ Compensation Committee and will be consistent with the rest of the executive team for 2017.

 

The Option will be subject to the terms and conditions of one of the Company’s current equity incentive plans pursuant to which it is granted and the applicable option agreement between you and the Company, both of which are incorporated herein by reference.

 

Restricted Stock Units (RSUs). Subject to approval by the Board of Directors, you will be granted awards of ten thousand (10,000) RSUs (the “RSU Grant”), comprised of two separate grants of 8,000 RSUs (the “Time-Based RSUs”) and 2,000 RSUs (the “Performance-Based RSUs”), with different vesting schedules as described below. Each RSU entitles you to receive one share of the Company common stock upon vesting. 

 

Subject to your continued service with the Company through each vesting date, the Time-Based RSUs will vest in accordance with the following vesting schedule:

• 1/4th of the total number of Time-Based RSUs initially subject to the grant will vest on each of the first four anniversaries of the vesting commencement date, which will be one of the pre-established quarterly vesting dates and will be set forth in the RSU agreement evidencing your grant.

 

Subject to your continued service with the Company through each vesting date, the Performance-Based RSUs will vest in accordance with a vesting schedule to be determined in Q1 2017 by the Board of Directors’ Compensation Committee and will be consistent with the rest of the executive team for 2017.

 

The RSUs will be subject to the terms and conditions of one of the company’s current equity incentive plans and an RSU agreement to be entered into between you and the Company, both of which are incorporated herein by reference.

 

Severance Agreement. In connection with your commencement of employment with the Company, you are eligible to enter into the Change in Control Severance Agreement attached to this offer letter as Exhibit A.

 

Employee Benefit Plans. As a Company employee, you are also eligible to receive certain employee benefits pursuant to the terms of Company benefit plans as they may exist from time to time.

 

At-Will Employment.  You should understand that your employment with the Company is “at-will” and is for no specified period.  As a result, you are free to resign at any time, for any reason, with 

2

 

 

 

or without cause.  Similarly, the Company is free to conclude its employment relationship with you at any time, for any reason, with or without cause.  This is the full and complete agreement between us on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time-to-time, the "at-will" nature of your employment may only be changed in an express writing signed by you and the CEO. 

Confidential Information/Arbitration.  You will be required to sign and comply with the attached At‐Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement (the “Confidentiality Agreement”) as a condition of your employment. The Confidentiality Agreement requires, among other things, the assignment of patent rights to any invention made during your employment at the Company and non‐disclosure of Company proprietary information.  We also ask that you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed.  It is the Company's understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case.  You further agree not to bring any third party confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such information.

Federal Immigration.  For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.

 

Arbitration of Disputes.  In the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company agree that (i) any and all disputes between you and the Company shall be fully and finally resolved by binding arbitration, (ii) you are waiving any and all rights to a jury trial but all court remedies will be available in arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and (v) the Company shall be responsible for the arbitrator's fees and costs to the extent they exceed any fee or cost that the Company would be required to bear if the action were brought in an applicable federal or state court.  Please note that we must receive your signed Agreement before your first day of employment

 

Governing Laws.  This letter will be governed by the laws of the state of California, with the exception of its conflict of laws provisions.

This offer letter, the Confidentiality Agreement or existing confidential information agreement, as applicable, between you and the Company, as well as the equity incentive plan and stock option agreement related to the Option, represent the entire agreement and understanding between you and the Company concerning your employment relationship with the Company, and supersede in their entirety any and all prior representations or agreements and any representations made during your recruitment, interviews or pre‐employment negotiations, whether written or oral.  This letter, including, but not limited to, its at‐will employment provision, may not be modified or amended except by a written agreement signed by the Board (or its authorized designee) and you.

To confirm your acceptance and agreement to the terms set forth in this offer letter please sign, date, and return this letter to me.  Please call Zeryn Sarpangal, at (***) if you have any questions.  

3

 

 

 

 

 

 

 

4

 

I am excited to welcome you to the Company, and I look forward to your participation in the Company’s future success.

 

 

Sincerely,

 

 

 

 

 /s/ Blake Wise_______________

Blake Wise

Chief Operating Officer

Achaogen, Inc.                                                              

 

Accepted and agreed to this_13____ day of__February_______, 2017

 

 

 /s/ Janet Dorling______________

Signature – Janet Dorling

 

_February 27, 2017_____________

Agreed Start Date

 

Enclosures:At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]