Document:

Geron Corporation

  EXHIBIT
    10.2

   

  FOURTH
    AMENDMENT TO LEASE

  THIS
    AMENDMENT TO LEASE is made this 23rd day of March, 2004, between DAVID D.
    BOHANNON ORGANIZATION, a California corporation, herein referred to as "Landlord",
    and GERON CORPORATION, a Delaware corporation, herein referred to as "Tenant".

  WITNESSETH:

  WHEREAS,
    Landlord and Tenant entered into a Lease entitled "Business Park Lease”
    dated January 20, 1993, for certain demised premises located at
    194-200 Constitution Drive, Menlo Park, California, as more particularly described
    in said Lease, and

  WHEREAS,
    the Lease has been amended by a First Amendment to Lease dated July 26, 1993,
    a Second Amendment to Lease dated February 22, 1994 and a Third
    Amendment to Lease dated March 25, 1996. The Lease and Amendments
    are hereinafter collectively referred to as the “Lease”, and

  WHEREAS,
    Tenant exercised the first of two (2) two and one half (2-1/2)
    year options to extend the demised term, and

  WHEREAS,
    the Lease commenced on February 9, 1993, and is scheduled to expire
    on July 31, 2004, and

  WHEREAS,
    Landlord and Tenant desire to make certain amendments to the Lease and extend
    the demised term of the Lease, all as more particularly set out herein
  below.

  NOW,
    THEREFORE, in consideration of the covenants and conditions contained herein,
    Landlord and Tenant agree to amend the Lease as follows:

  1.            The
    demised term of the Lease is hereby extended four (4) years commencing August
    1, 2004, to and including July 31, 2008.

  2.            Section
    1.3 of the Lease (as amended) is hereby deleted and
    held for naught and in its place the following Section
    1.3 is inserted:

  “Section
    1.3. Provided that Tenant is not at the time Landlord
    receives Tenant’s written notice to exercise the option described in
    this Section 1.3., and has
    not been, in default under any of the terms and conditions hereof, which default
    has not been cured within the applicable cure periods set forth in Article
    13 below, Tenant shall have the option to extend the demised term of this
    Lease for one (1) additional period of three (3) years upon the terms and
    conditions set forth herein:

  A.          Tenant
    shall exercise the option by written notice to Landlord given no later than
    one hundred Eighty (180) days nor earlier than two hundred Seventy (270) days
    prior to the expiration of the original demised term.

  	
        B.

      	
        Base
          rent shall be as set forth in Section 2.8.
          below.

      
	
         
      	
      	
      
	
        C.

      	
        There
          shall be no further options to extend.

      	
         
      

1  

  D.          All
    other terms and conditions shall be as set forth in the Lease, and all references
    to the demisted term shall mean the extended term.

  		
        E.
      
	
        The
          option to extend may only be exercised by Geron Corporation provided
          that, Geron may exercise the option in its behalf if Geron Corporation
          has subleased any or all of the demised premises and Landlord has consented
          to such sublease. The option cannot be transferred nor can it be exercised
          by Geron Corporation if Geron Corporation has assigned its rights under
          this Lease to a third party.
      

    

  3.            Base
    rent payable pursuant to Sections 2.1. and 2.2.
    of the Lease shall be revised as of the date first hereinabove written as
    follows: for the period from February 1, 2004, to and including
    July 31, 2008, base rent shall be the amount of Three Hundred Seventy Four
    Thousand Eight Hundred Three and 20/100
    Dollars ($374,803.20) per annum, payable in twelve (12) equal monthly installments
    of Thirty One Thousand Two Hundred Thirty Three and 60/100
    Dollars ($31,233.60).

  	
        4.        

      	
        The
          following is hereby added as Section 2.8. to the Lease:

      

    

  
    “Section 2.8. The base rent as described hereinbelow for each year of
    the option term shall equal the greater of (i) the base rent payable during
    the last year of the original term, or (ii) the Fair Market Rental Value (hereinafter
    defined). "Fair Market Rental Value" shall mean the market rent, including
    annual increases (if any), being charged on the first day of the option term
    for similar space in buildings of comparable quality as the building in which
    the demised premises is situate which are located in similar areas of the
    Cities of Menlo Park and Palo Alto. In determining the Fair Market Rental
    Value comparable transactions shall be considered, including without limitation,
    length of lease term, landlord and tenant inducements and rent increases,
    if and to the extent then a part of market conditions. The rent on comparable
    leases shall be adjusted to reflect the value or cost of such inducements
    since neither Landlord nor Tenant shall have any obligation to pay or perform
    any such inducements (except for rent increases if applicable). For purposes
    of the determination of Fair Market Rental Value it shall be assumed the Landlord
    and Tenant are each ready, willing and able to enter into such a lease but
    are under no compulsion to do so.

  Within
    twenty (20) calendar days after Tenant's written notice of exercise, Tenant
    shall advise Landlord of its estimate of the Fair Market Rental Value for
    the demised premises. Landlord, within twenty (20) calendar days thereafter,
    shall advise Tenant in writing of its estimate of the Fair Market Rental Value.
    During the next twenty (20) calendar days the parties shall meet and confer
    for the purpose of agreeing upon Fair Market Rental Value. If the parties
    are then unable to agree, then the Fair Market Rental Value shall be determined
    by an appraisal as herein set forth and the Fair Market Rental Value as so
    determined shall be binding upon Landlord and Tenant. Within ninety (90) calendar
    days after the Tenant's notice of exercise, Landlord and Tenant shall each
    appoint an appraiser and notify the other party in writing of its choice.
    Thereupon, the two appraisers so elected shall elect a third appraiser within
    thirty (30) calendar days of their appointment, unless during such period
    the two appraisers shall have agreed upon a Fair Market Rental Value, or have
    reconciled their appraisals to within ten percent (10%) of each other in which
    event the average of the two appraisals will be the Fair Market Rental Value,
    in which case their determination shall be final and binding. If the two appraisers
    shall be unable to agree upon a third appraiser, then the Landlord and Tenant
    shall immediately request the Presiding Judge of the San Mateo County Superior
    Court to make such selection. The three appraisers shall meet and confer for
    a period not to exceed sixty (60) calendar days and the determination of Fair
    Market Rental Value by a majority of the three shall be final and binding.
    In the event that a majority cannot agree, then the third (neutral) appraiser
    shall direct each of the party appraisers to review their appraisals for a
    period of seven (7) calendar days and return to a meeting of the three appraisers
    within five (5) calendar days thereafter with each respective party appraiser
    having indicated their final appraisal of Fair Market Rental Value in a sealed
    envelope and signed by that appraiser. The third appraiser will do the same.
    The envelopes will
    be opened in the presence of the three appraisers and the Fair Market Rental
    Value of the party appraiser which is closest to the Fair Market Rental Value
    of the third appraiser will be the final Fair Market Rental Value and binding
    on the parties. Each party shall bear the cost of the appraiser selected by
    it and the cost of the third appraiser shall be shared equally (including
    all costs associated with an appointment by the Superior Court of San Mateo,
    if applicable, regardless of which party filed the application). To be appointed
    as an appraiser the person so appointed shall hold the professional designation
    of MAI awarded by the American Institute of Real Estate Appraisers or such
    designation as may then be the preeminent professional designation, hold any
    licenses which may then be required by law, and have at least five (5) years
    current experience appraising commercial/light industrial properties in San
    Mateo County. 

2  

   

  Notwithstanding
    the foregoing to the contrary, in no event shall the base rent for each year
    of the option term be reduced below the base rent payable by Tenant for the
    last year of the original demised term.

  When
    the base rent for the option term is determined pursuant to the above provisions,
    the parties shall promptly execute an amendment to this Lease stating the
    base rent to be paid during the option term. In the event Tenant has retained
    the services of a real estate broker to represent Tenant during the negotiations
    of the option term, it is expressly understood that Landlord shall have no
    obligation for the payment of all or any part of a real estate commission
    or other brokerage fee to Tenant’s real estate broker in connection therewith.
    Tenant shall be solely responsible for the payments of fees for services rendered
    to Tenant by such broker in connection with the option term.” 

  4.            In
    addition to the base rent set forth in Sections 2.1.
    and 2.2. of the Lease, as revised hereinabove, Tenant
    shall continue to pay all items of additional rent pursuant to the terms of
    the Lease.

  IN
    WITNESS WHEREOF, the parties have executed this Amendment to Lease as of the
    date first hereinabove written.

  	
        TENANT:

      	
        LANDLORD:

      	
         
      

	
        GERON
          CORPORATION,

      	
        DAVID
          D. BOHANNON ORGANIZATION,

      
	
        a
          Delaware corporation

      	
        a
          California corporation

      	
         
      

	 			

    

  	
        By   
        /s/ David L. Greenwood                             

      	
        By
        /s/ Robert L. Webster                        

      
	
         
      
	
        President

      	
        President

      	
         
      

					

    

  	
        By                                                                           

      	
        By
        /s/ Ernst Lotti Jr.                                  

      
	
         
      
	
        Secretary

      	
        Secretary

      	
         
      

					

3Geron Corporation

  EXHIBIT
    10.3

   

  AMENDMENT
    TO LEASE

  THIS
    AMENDMENT TO LEASE is made this 23rd day of March, 2004, between DAVID D.
    BOHANNON ORGANIZATION, a California corporation, herein referred to as "Landlord",
    and GERON CORPORATION, a Delaware corporation, herein referred to as "Tenant".

  WITNESSETH:

  WHEREAS,
    Landlord and Tenant entered into a Lease entitled "Business Park Lease”
    ("Lease") dated March 25, 1996, for certain demised premises located
    at 230 Constitution Drive, Menlo Park, California, as more particularly described
    in said Lease, and

  WHEREAS,
    Tenant exercised the first of two (2) two and one half (2-1/2)
    year options to extend the demised term, and

  WHEREAS,
    the Lease commenced on February 11, 1997, and is scheduled to expire on July
    31, 2004, and

  WHEREAS,
    Landlord and Tenant desire to make certain amendments to the Lease and extend
    the demised term of the Lease, all as more particularly set out hereinbelow.

  NOW,
    THEREFORE, in consideration of the covenants and conditions contained herein,
    Landlord and Tenant agree to amend the Lease as follows:

  1.            The
    demised term of the Lease is hereby extended four (4) years commencing August
    1, 2004, to and including July 31, 2008.

  2.            Section
    1.2 of the Lease is hereby deleted and held for naught
    and in its place the following Section 1.2
    is inserted:

  “Section
    1.2. Provided that Tenant is not at the time Landlord
    receives Tenant’s written notice to exercise the option described in
    this Section 1.2., and has
    not been, in default under any of the terms and conditions hereof, which default
    has not been cured within the applicable cure periods set forth in Article
    13 below, Tenant shall have the option to extend the demised term of this
    Lease for one (1) additional period of three (3) years upon the terms and
    conditions set forth herein:

  A.          Tenant
    shall exercise the option by written notice to Landlord given no later than
    one hundred Eighty (180) days nor earlier than two hundred Seventy (270) days
    prior to the expiration of the original demised term.

  	
        B.

      	
        Base
          rent shall be as set forth in Section 2.7 .
          below. 

      
	
         
      	
      	
      
	
        C.

      	
        There
          shall be no further options to extend. 

      	
         
      

  		
         
      	
      
		
        D.
      
	
        All
          other terms and conditions shall be as set forth in the Lease, and all
          references to the demisted term shall mean the extended term. 
      

1  

    

  		
        E.
      
	
        The
          option to extend may only be exercised by Geron Corporation provided
          that, Geron may exercise the option in its behalf if Geron Corporation
          has subleased any or all of the demised premises and Landlord has consented
          to such sublease. The option cannot be transferred nor can it be exercised
          by Geron Corporation if Geron Corporation has assigned its rights under
          this Lease to a third party.
      

    

  3.            Base
    rent payable pursuant to Section 2.1.
    of the Lease shall be revised as of the date first hereinabove written as
    follows: for the period from February 1, 2004, to and including
    July 31, 2008, base rent shall be the amount of Three Hundred Three Thousand
    Four Hundred Eight Dollars ($303,408.00) per annum, payable in twelve (12)
    equal monthly installments of Twenty Five Thousand Two Hundred Eighty Four
    Dollars ($25,284.00).

  	
        4.        

      	
        A
          new Section 2.7. is added to the Lease as follows:

      

    

  
    “Section 2.7. The base rent as described hereinbelow for each year of
    the option term shall equal the greater of (i) the base rent payable during
    the last year of the original term, or (ii) the Fair Market Rental Value (hereinafter
    defined). "Fair Market Rental Value" shall mean the market rent, including
    annual increases (if any), being charged on the first day of the option term
    for similar space in buildings of comparable quality as the building in which
    the demised premises is situate which are located in similar areas of the
    Cities of Menlo Park and Palo Alto. In determining the Fair Market Rental
    Value comparable transactions shall be considered, including without limitation,
    length of lease term, landlord and tenant inducements and rent increases,
    if and to the extent then a part of market conditions. The rent on comparable
    leases shall be adjusted to reflect the value or cost of such inducements
    since neither Landlord nor Tenant shall have any obligation to pay or perform
    any such inducements (except for rent increases if applicable). For purposes
    of the determination of Fair Market Rental Value it shall be assumed the Landlord
    and Tenant are each ready, willing and able to enter into such a lease but
    are under no compulsion to do so.

  Within
    twenty (20) calendar days after Tenant's written notice of exercise, Tenant
    shall advise Landlord of its estimate of the Fair Market Rental Value for
    the demised premises. Landlord, within twenty (20) calendar days thereafter,
    shall advise Tenant in writing of its estimate of the Fair Market Rental Value.
    During the next twenty (20) calendar days the parties shall meet and confer
    for the purpose of agreeing upon Fair Market Rental Value. If the parties
    are then unable to agree, then the Fair Market Rental Value shall be determined
    by an appraisal as herein set forth and the Fair Market Rental Value as so
    determined shall be binding upon Landlord and Tenant. Within ninety (90) calendar
    days after the Tenant's notice of exercise, Landlord and Tenant shall each
    appoint an appraiser and notify the other party in writing of its choice.
    Thereupon, the two appraisers so elected shall elect a third appraiser within
    thirty (30) calendar days of their appointment, unless during such period
    the two appraisers shall have agreed upon a Fair Market Rental Value, or have
    reconciled their appraisals to within ten percent (10%) of each other in which
    event the average of the two appraisals will be the Fair Market Rental Value,
    in which case their determination shall be final and binding. If the two appraisers
    shall be unable to agree upon a third appraiser, then the Landlord and Tenant
    shall immediately request the Presiding Judge of the San Mateo County Superior
    Court to make such selection. The three appraisers shall meet and confer for
    a period not to exceed sixty (60) calendar days and the determination of Fair
    Market Rental Value by a majority of the three shall be final and binding.
    In the event that a majority cannot agree, then the third (neutral) appraiser
    shall direct each of the party appraisers to review their appraisals for a
    period of seven (7) calendar days and return to a meeting of the three appraisers
    within five (5) calendar days thereafter with each respective party appraiser
    having indicated their final appraisal of Fair Market Rental Value in a sealed
    envelope and signed by that appraiser. The third appraiser will do the same.
    The envelopes will be opened in the presence of the three appraisers and the
    Fair Market Rental Value of the party appraiser which is closest to the Fair
    Market Rental Value of the third appraiser will be the final Fair Market Rental
    Value and binding on the parties. Each party shall bear the cost of the appraiser
    selected by it and the cost of the third appraiser shall be shared equally
    (including all costs associated with an appointment by the Superior Court
    of San Mateo,
    if applicable, regardless of which party filed the application). To be appointed
    as an appraiser the person so appointed shall hold the professional designation
    of MAI awarded by the American Institute of Real Estate Appraisers or such
    designation as may then be the preeminent professional designation, hold any
    licenses which may then be required by law, and have at least five (5) years
    current experience appraising commercial/light industrial properties in San
    Mateo County. 

2  

    

  Notwithstanding
    the foregoing to the contrary, in no event shall the base rent for each year
    of the option term be reduced below the base rent payable by Tenant for the
    last year of the original demised term.

  When
    the base rent for the option term is determined pursuant to the above provisions,
    the parties shall promptly execute an amendment to this Lease stating the
    base rent to be paid during the option term. In the event Tenant has retained
    the services of a real estate broker to represent Tenant during the negotiations
    of the option term, it is expressly understood that Landlord shall have no
    obligation for the payment of all or any part of a real estate commission
    or other brokerage fee to Tenant’s real estate broker in connection therewith.
    Tenant shall be solely responsible for the payments of fees for services rendered
    to Tenant by such broker in connection with the option term.” 

  5.            In
    addition to the base rent set forth in Section 2.1.
    of the Lease, as revised hereinabove, Tenant shall continue to pay all items
    of additional rent pursuant to the terms of the Lease.

  IN
    WITNESS WHEREOF, the parties have executed this Amendment to Lease as of the
    date first hereinabove written.

  	
        TENANT:

      	
        LANDLORD:

      	
         
      

	
        GERON
          CORPORATION,

      	
        DAVID
          D. BOHANNON ORGANIZATION,

      
	
        a
          Delaware corporation

      	
        a
          California corporation

      	
         
      

	 			

    

  	
        By 
        /s / David L. Greenwood                                   

      	
        By  
        /s/ Robert L. Webster                          

      
	
         
      
	
        President

      	
        Chairman

      	
         
      

				 	

    

  	
        By                                                                              

      	
        By  
        /s/ Ernest Lotti Jr.                                

      
	
         
      
	
        Secretary

      	
        Secretary

      	
         
      

					

3

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