Document:

Exhibit 10.15  

FIRST AMENDMENT TO LEASE  

THIS FIRST AMENDMENT TO LEASE (this "First Amendment") is made this 16th day of November 1999
between Spieker Properties, L.P., a California limited partnership, successor in interest to Miranda Associates
("Landlord"), and Affymax Research Institute, a California corporation ("Tenant"). 

        WHEREAS, Landlord and Tenant entered into a Lease dated May 30, 1990, (as amended, the
"Lease"), for those certain premises located at 4001 Miranda Avenue, Palo Alto, California (the
"Premises"), as more fully described in the Lease. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the
Lease; and 

        WHEREAS, Tenant exercised its first option to extend the Lease for an additional term of five (5) years in accordance with the
terms and conditions of the Lease, and 

        WHEREAS, Landlord and Tenant desire to modify the term of the extension to be for a period of seven (7) years, and 

        WHEREAS, A mutually acceptable guarantor will guarantee the full obligations of Tenant under the Lease, and 

        WHEREAS, Landlord and Tenant desire to modify the Lease as provided herein. 

        NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereby mutually agree as follows: 

	1.
	EXTENSION OF EXISTING LEASE: The term of the Lease is hereby renewed and extended for an additional seven (7) years commencing on
October 1, 2000 and expiring on September 30, 2007.

	2.
	RENT: The initial Base Rent is $223,395 per month. The Base Rent shall be adjusted on each anniversary of the Lease, the "Adjustment
Date", in relation to the change during the immediately preceding twelve (12) months in Consumer Price Index, All Urban Consumers, All Items for the San Francisco-Oakland-San Jose
Metropolitan Area (1982-84=100) as published by the U.S. Department of Labor, Bureau of Labor Statistics (the "Index"). In no event will the annual Base Rent adjustment be less than 3% or
greater than 6%. The Index published for the month immediately preceding each Adjustment Date shall be compared with the Index published for the same month in the immediately preceding year to
determine the percentage adjustment in the rent for the next twelve (12) months

	3.
	OPTION TO EXTEND: Tenant has exercised its first option to extend the Lease. Tenant has one (I) remaining option to extend the
Lease for a five (5) year term in accordance with Section 2 of the Lease.

	4.
	GUARANTY OF LEASE: The obligations of Tenant during the renewal term of the Lease will be guaranteed by a guarantor mutually acceptable
to both Landlord and Tenant and memorialized in a mutually acceptable agreement by December 10, 1999.

	5.
	RATIFICATION: Except as expressly modified above, all terms and conditions of the Lease remain in full force and effect and are hereby
ratified and confirmed. 

        IN WITNESS WHEREOF, the parties hereto have entered into this First Amendment as of the date first written above. 

	LANDLORD:	 	TENANT:
	Spieker Properties, L.P.,

a California limited partnership	 	Affymax Research Institute,

a California corporation
	

By:	
 	

Spieker Properties, Inc.,

a Maryland corporation

its General Partner	
 	

By:

Its:	
 	

/s/ Lauren L. Stevens
 V.P., Legal & Financial Affairs
	

By:	
 	

/s/ Joseph D. Russell, Jr.    11/23/99
 Joseph D. Russell, Jr.	
 	

 	
 	

 
	

Its:	
 	

    
 President, Silicon ValleyExhibit 10.16  

SECOND AMENDMENT TO LEASE  

        THIS SECOND AMENDMENT TO LEASE (this "Second Amendment") is made this 20th day of December 1999 between  Spieker Properties, L.P., a California limited partnership, successor in interest to Miranda Associates
("Landlord"), and Affymax Research Institute, a California corporation ("Tenant"). 

        A.    Landlord
and Tenant have entered into that certain Lease dated May 30, 1990 as amended by that certain First Amendment to Lease dated November 20, 1999 (the
"First Amendment"), (as amended, the "Lease"), for those certain premises located at 4001 Miranda
Avenue, Palo Alto, California (the "Premises"), as more fully described in the Lease. Capitalized terms used but not otherwise defined herein shall have
the meanings given them in the Lease. 

        B.    Pursuant
to the First Amendment, Landlord and Tenant agreed to extend the term of the Lease for an additional seven (7) years commencing on October 1, 2000
and expiring September 30, 2007. The First Amendment also provided that the obligations of Tenant during the renewal term of the Lease would be guaranteed by a guarantor mutually acceptable to
Tenant and Landlord (the "Proposed Guaranty"). Landlord has agreed to accept an increase in the Security Deposit in lieu of the Proposed Guaranty and Tenant is prepared to provide such increase, all
as more particularly set forth in this Second Amendment. 

        C.    Landlord
and Tenant desire to modify the Lease as provided herein. 

        NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereby mutually agree as follows: 

        1.    SECURITY DEPOSIT.    Landlord and Tenant acknowledge and agree that the sum of the Security Deposit, namely
$135,000.00, and the remaining portion of the Additional Deposit, namely, $100,000.00, is equal to Two Hundred Thirty-Five Thousand Dollars ($235,000.00), and that such amount is presently
held as security for the faithful performance by Tenant of all of Tenant's obligations under the Lease as more fully set forth in Paragraph 5 of the Lease. 

        Concurrently
with the execution and delivery of this Second Amendment by both parties, (i) Tenant shall deliver to Landlord a check in the amount of One Million Dollars
($1,000,000.00), and such amount shall thereupon constitute an increase in, and become a part of, the Security Deposit, notwithstanding the fact that the Option Period shall not commence until
October 1, 2000, and (ii) Landlord and Tenant shall cause the remaining balance of the Additional Deposit to be transferred to the Security Deposit, it being the intent of the parties
that such amount shall, from and after the date hereof be an increase in, and thereby become a part of, the Security Deposit. After giving effect to clauses (i) and (ii), the amount of the
Security Deposit shall be equal to One Million Two Hundred Thirty-Five Thousand Dollars ($1,235,000.00). Such amount shall be subject to all of the terms and conditions applicable to the
Security Deposit as set forth in Paragraph 5 of the Lease, including, without limitation, that (i) Tenant shall not be entitled to
interest earned thereon, (ii) such amount shall remain with Landlord for the full term of the Lease and shall not be subject to periodic
reduction, and (iii) such amount shall be returned to Tenant upon the termination of the Lease and Tenant's vacation of the Premises except to the extent applied by Landlord pursuant to
Paragraph 5 of the Lease. 

        2.    GUARANTY OF LEASE.    The provisions of the First Amendment pertaining to the Proposed Guaranty are hereby
deleted in their entirety 

        3.    RATIFICATION:    Except as expressly modified above, all terms and conditions of the Lease, as amended by the
First Amendment, shall remain in full force and effect and are hereby ratified and confirmed. 

        4.    AUTHORITY.    Each of the parties to this Second Amendment hereby represents and warrants to the other that its
respective officer has all requisite authority to execute and deliver this Second Amendment for and on behalf of such entity. 

        IN WITNESS WHEREOF, the parties hereto have entered into this Second Amendment as of the date first written above. 

	LANDLORD:	 	TENANT:
	

SPIEKER PROPERTIES, L.P.,

a California limited partnership	
 	

AFFYMAX RESEARCH INSTITUTE,

a California corporation
	

By:	
 	

Spieker Properties, Inc.,

a Maryland corporation	
 	

By:	
 	

/s/ Lauren L. Stevens

	 	 	its General Partner	 	Name:	 	Lauren L. Stevens, Ph.D.
	 	 	 	 	Its:	 	Vice President, Legal and Financial Affairs
	

By:	
 	

/s/ J. D. Russell, Jr.
	
 	

 	
 	

 
	Name:	 	Joseph D. Russell, Jr.	 	 	 	 
	Its:	 	President, Silicon ValleyExhibit 10.17  

THIRD AMENDMENT  

        THIS THIRD AMENDMENT (the "Amendment") is made and entered into as of the  31st day of
December, 2001, by and between EOP-FOOTHILL RESEARCH CENTER, L.L.C., a Delaware
limited liability company ("Landlord"), and AFFYMAX, INC., a Delaware corporation ("Tenant"). 

RECITALS  

	A.
	Landlord
(as successor by merger to Spieker Properties L.P., a California limited partnership, successor in interest to Miranda Associates, a California general partnership and Tenant
(as successor in interest to Affymax Research Institute, a California corporation ("ARI")) are parties to that certain lease (the "Original Lease") dated May 30, 1990, which Original Lease has
been previously amended by the First Amendment to Lease dated November 16, 1999 (the "First Amendment") and the Second Amendment to Lease dated December 20, 1999 (the "Second
Amendment"), (collectively, the "Lease"). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 53,830 rentable square feet (the "Premises") described as that
two (2) story building located at 4001 Miranda Avenue, Palo Alto, California 94304 (the "Building").

	B.
	Tenant
and Landlord mutually desire that the Lease be amended on and subject to the following terms and conditions. 

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

	I.
	Amendment. Effective as of the date hereof, Landlord and Tenant agree that the Lease shall be amended in accordance with the following
terms and conditions:

	A.
	Security Deposit. Notwithstanding anything to the contrary contained in the Lease, Landlord and Tenant hereby confirm and stipulate that
on or about January 4, 2000 ARI delivered to Landlord the sum of $1,000,000.00 as additional security for payment of rent and the performance of the other terms and conditions of the Lease by
Tenant. The Security Deposit of $235,000.00 as provided in Paragraph 5 of the Original Lease and Paragraph 1 of the Second Amendment has been increased to $1,235,000.00. Further,
notwithstanding anything to the contrary contained in the Lease, if Landlord transfers its interests in the Premises, Landlord may assign the Security Deposit to the transferee and, following the
assignment, Landlord shall have no further liability for the return of the Security Deposit. Landlord shall not be required to keep the Security Deposit separate from its other accounts. Tenant hereby
waives the provisions of Section 1950.7 of the California Civil Code, or any similar or successor laws now or hereinafter in effect.

	B.
	Termination of Guaranties. Landlord and Tenant hereby acknowledge and agree that the Guaranty of Lease dated May 30, 1990 by
Affymax, N.V., a Netherlands corporation and the Guaranty of Lease dated May 30, 1990 by Affymax Technologies, N.V., a Curacao corporation provided to Landlord and attached to the Original
Lease are terminated effective as of the date of this Amendment and shall be of no further force or effect.

 

	II.
	Miscellaneous.

	A.
	This Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no
additional oral or written representations or 

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agreements.
Under no circumstances shall Tenant be entitled to any rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that
may have been provided Tenant in connection with entering into the tease, unless specifically set forth in this Amendment. 

	B.
	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and
effect.

	C.
	In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern
and control.

	D.
	Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by
Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered the same to Tenant.

	E.
	The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such
capitalized terms are defined therein and not redefined in this Amendment.

	F.
	Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Amendment. Tenant agrees to indemnify
and hold Landlord, its members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents
(collectively, the "Landlord Related Parties") harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment. Landlord hereby represents to Tenant that
Landlord has dealt with no broker in connection with this Amendment. Landlord agrees to indemnify and hold Tenant, its members, principals, beneficiaries, partners, officials, directors, employees,
and agents, and the respective principals and members of any such agents (collectively, the "Tenant Related Parties") harmless from all claims of any brokers claiming to have represented Landlord in
connection with this Amendment.

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

[SIGNATURES ARE ON FOLLOWING PAGE]

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

	 	 	LANDLORD:
	

 	
 	
EOP-FOOTHILL RESEARCH CENTER, LL.C.,

a Delaware limited liability company
	

 	
 	

By:	
 	

EOP Operating Limited Partnership, a Delaware limited partnership, its sole member
	

 	
 	

 	
 	

By:	
 	

Equity Office Properties Trust, a Maryland real estate investment trust, its general partner
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/ John W. Petersen

	 	 	 	 	 	 	Name:	 	John W. Petersen

	 	 	 	 	 	 	Title:	 	Regional Senior Vice President

	

 	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	
TENANT:
	

 	
 	

AFFYMAX, INC., a Delaware corporation
	

 	
 	

By:	
 	

/s/ Kathleen LaPorte

	 	 	Name:	 	Kathleen LaPorte

	 	 	Title:	 	Office of the President

	

 	
 	

By:	
 	

/s/ Lori Rafield

	 	 	Name:	 	Lori Rafield

	 	 	Title:	 	Office of the President

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