Document:

Exhibit 10.1

 

SECOND AMENDMENT TO COMMERCIAL LEASE

 

Duffy Hartwell LLC, as successor in interest to Duffy Hartwell Limited
Partnership, (“LESSOR”) and Synta Pharmaceuticals Corporation, as successor in
interest to Shionogi BioResearch Corp., (“LESSEE”) (the LESSOR and the LESSEE
are collectively referred to as the “Parties” in this Second Amendment) are
landlord and tenant, respectively, under a certain Commercial Lease (“Initial
Lease Agreement”) dated November 4, 1996, as amended by a First Amendment
to Commercial Lease (“First Amendment”; together with the Initial Lease
Agreement, the “Lease Agreement”) dated August 30 2006, for approximately
24,420 rentable square feet, more or less, in the building (“the “Building”)
located at 45 Hartwell Avenue, Lexington, MA and hereby agree as follows:

 

Whereas, the Parties have agreed to further amend the Lease Agreement
by this Second Amendment to Commercial Lease (“Second Amendment”) to add 10,100
rentable square feet, more or less, and to adjust relevant provisions of the
Lease Agreement pursuant to the terms and conditions stated herein. Unless
otherwise expressly stated, all references to “lease” or “Lease” in the Lease
Agreement or this Second Amendment shall apply to and include the Lease
Agreement and this Second Amendment.

 

Now therefore, for consideration of $1.00 and other mutual and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
both LESSOR and LESSEE, effective on and after the date of execution set forth
below, the Lease Agreement is hereby further amended to reflect the following
changes:

 

2.             PREMISES:

 

As of the Expansion Commencement Date (as defined below in Section 3),
Section 2 of the Lease Agreement is hereby deleted and replaced with the
following:

 

34,520 rentable square feet + or - on the first floor in the Building (“premises”
or “Leased Premises”), which includes 24,420 rentable square feet +/- described
in the Initial Lease Agreement (the “Initial Premises”) and an additional
10,100 rentable square feet +/- on the first floor of the Building (the “Expansion
Premises”) as shown on Amendment Exhibit A-1 attached hereto.

 

The Leased Premises includes the exclusive use of the loading platform
shown on Exhibit A of the Initial Lease Agreement, together with the right
to use in common, with others entitled thereto, any hallways and stairways
necessary for access to the Leased Premises.

 

Appurtenant to the Leased Premises, the LESSEE shall have the right, in
common with others entitled thereto, to use access ways, driveways, walkways,
and other common facilities necessary for access to or beneficial use of the
Leased Premises.

 

LESSEE shall have the right to use 127 unassigned parking spaces in the
parking areas adjacent to the Building. LESSEE shall have rights in common with
other lessees to use of the common entrance servicing the Leased Premises.

 

 

3.             TERM:

 

As of the Expansion Commencement Date (as defined below), Section 3
of the Lease Agreement is hereby amended as follows:

 

As used in this Second Amendment, the term “Expansion Commencement Date”
means the date of Substantial Completion (as hereafter defined) of the LESSOR’S
Work in accordance with Amendment Exhibit B-1 attached hereto and hereby
incorporated herein. LESSOR shall Substantially Complete the LESSOR’S Work and
the painting associated with the Initial Tenant Improvements as further
described in Section 3(i) of Amendment Exhibit B-1 (as such
terms are defined in Amendment Exhibit B-1 attached hereto) on or before June 15,
2008, pursuant and subject to the terms and conditions of Amendment Exhibit B-1,
time being of the essence. Unless otherwise specified herein, any reference to “term”,
“Term”, “lease term” or “Extended Term” shall include the Initial Premises and,
as of the Expansion Commencement Date, the Expansion Premises.

 

4.             RENT:

 

As of the Expansion Commencement Date, Section 4
of the Lease Agreement is hereby amended with the addition of the following:

 

The LESSEE shall pay to the LESSOR base rent at the rate of $759,152.20
dollars per year, payable in advance in monthly installments of $63,262.69.
LESSEE shall pay base rent and additional rent for the entire Leased Premises
to the LESSOR monthly, in advance, not later than the first day of each
calendar month. Payments shall be pro rated on a per diem basis should any
payment become due during a portion of any monthly rental period.

 

5.             SECURITY
DEPOSIT:

 

This paragraph is hereby amended with the addition of the following:

Upon the execution of this Second Amendment,
the LESSEE shall pay to the LESSOR the amount of $19,693.34 dollars which, in
addition to the $43,569.35 previously paid (for a total of $63,262.69), shall
be held as a security for the LESSEE’S performance as herein provided and
promptly refunded to the LESSEE at the end of this lease subject to the LESSEE’S
satisfactory compliance with the conditions hereof. The LESSEE shall maintain
at all times a security deposit equivalent to a minimum of one month’s base
rent, including, if applicable, any and options to renew.

 

6.             RENT ADJUSTMENT:

 

As of the Expansion Commencement Date, Section 6A
and 6B of the Lease Agreement are hereby amended with the addition of the
following:

 

A.  TAX
ADJUSTMENT:  Notwithstanding anything
to the contrary contained in this Second Amendment, prior to the Expansion
Commencement Date, Section 6A of the Lease Agreement will only apply to
the Initial Premises. Commencing on the Expansion Commencement Date, Section 6A
of the Lease Agreement will apply to the entire Leased Premises, except that
with respect to increases for the Expansion Premises only (i) the years “2007”
and “2006” referenced in Section 6A shall be replaced with the years “2010”
and “2009”, respectively, and (ii) the percentage “50%” referenced in Section 6A
shall be replaced with the percentage “20%”. It is expressly understood that
the LESSEE shall pay 

 

 

50% of any excess in real estate taxes over
fiscal year 2006 for the Initial Premises and 20% of any excess in real estate
taxes over fiscal year 2009 for the Expansion Premises.

 

B. OPERATING COSTS:  Notwithstanding anything to the contrary
contained in this Second Amendment, prior to the Expansion Commencement Date, Section 6B
of the Lease Agreement will only apply to the Initial Premises. Commencing on
the Expansion Commencement Date, Section 6B of the Lease Agreement will
apply to the entire Leased Premises, except that with respect to increases for
the Expansion Premises only (i) the year “2006” referenced in Section 6B
shall be replaced with the year “2008”, and (ii) the percentage “50%”
referenced in Section 6B shall be replaced with the percentage “20%”. It
is expressly understood that the LESSEE shall pay 50% of any increase in
operating expenses over those incurred during the calendar year 2006 for the
Initial Premises and 20% of any increase in operating expenses over those
incurred during the calendar year 2008 for the Expansion Premises.

 

Increases shall be prorated should this lease
be in effect with respect to only a portion of any calendar year.

 

7.             UTILITIES:

 

This paragraph is hereby amended with the
addition of the following:

The LESSEE shall pay, as they become due, all
bills for electricity, water and sewer and other utilities (whether they are
used for furnishing heat or other purposes) that are furnished to the Leased
Premises regardless of whether they are separately metered (or submetered) or
servicing the Leased Premises exclusively. In the event there are any utilities
servicing the Leased Premises and other space, then the LESSEE shall pay to the
LESSOR the LESSEE’S proportionate share of such common expense as it is
apportioned between one or more parties. The words “Commencement Date” set
forth in the first sentence of Section 7 of the Lease Agreement is hereby
replaced with the words “Commencement Date or Expansion Commencement Date, as
applicable”.

 

22.           BROKERAGE:

 

This paragraph is hereby supplemented with
the addition of the following:

LESSOR and LESSEE represent to each other
that neither party has dealt with any broker or brokers in connection with this
Second Amendment other than Richards Barry Joyce & Partners and
Glenn Commercial Group, which will be paid by the LESSOR in full and
without contribution from LESSEE pursuant to a separate agreement. LESSOR and
LESSEE agree that each will hold harmless and indemnify the other from any
loss, cost, damage and expense, including reasonable attorney’s fees incurred
by LESSOR or LESSEE for a commission or finder’s fee as a result of the
falseness of this representation.

 

25.           OTHER
PROVISIONS:

 

a.             Section 25(a) of the Lease
Agreement is hereby deleted and replaced with the following: “The Commercial
Lease Addendum attached to the Initial Lease, with the exception of
subparagraph D. Market Rate Rent for Extension Options which is hereby deleted
as moot, and the following Exhibits are attached to either the Lease Agreement
or this Second Amendment and are hereby incorporated by reference:

 

 

	
  Exhibits:

  	
   

  	
  A. Layout of Leased Premises

  
	
   

  	
   

  	
  A-1 Amendment Exhibit A-1, Layout of Expansion Premises

  
	
   

  	
   

  	
  B. Buildout Obligations – Excepting Paragraphs (a)-(c) which are
  

  hereby deleted as moot.

  
	
   

  	
   

  	
  B-1 Amendment Exhibit B-1, LESSOR’S Work

  
	
   

  	
   

  	
  C. INTENTIONALLY OMITTED

  
	
   

  	
   

  	
  D. Right of First Refusal on Additional Space

  
	
   

  	
   

  	
  E. Exclusions from Operating Expenses

  
	
   

  	
   

  	
  F. INTENTIONALLY OMITTED

  
	
   

  	
   

  	
  G. INTENTIONALLY OMITTED

  
	
   

  	
   

  	
  H. INTENTIONALLY OMITTED

  
	
   

  	
   

  	
  I. Hazardous Waste Provisions”

  

 

b. Section 25(b) of the Lease Agreement is hereby deleted in
its entirety.

 

The Lease Agreement, as amended, is further amended by inserting the
following Section 27 and Section 28:

 

27.           SIGNAGE:

 

LESSEE shall be permitted, at its sole cost
and expense, to install appropriate signage and logo on (i) the LESSEE’S
front entrance directly into the Leased Premises, and (ii) on a lawn
monument sign, subject to LESSOR’S written approval as to size, color and
location. LESSEE shall be responsible for obtaining all necessary and
appropriate approvals from the applicable permitting authority.

 

28.           EARLY
ACCESS:

 

Provided the LESSEE is not in any material
default hereunder after any notice and grace periods, and the LESSEE does not
interfere with the rights of other tenants or the LESSOR’S Work or the Tenant
Improvements, the LESSEE will be allowed, upon reasonable notice to LESSOR,
reasonable access to the Expansion Premises seven (7) days prior to the
Expansion Commencement Date to permit LESSEE to prepare the Expansion Premises
for its use and occupancy (but not to conduct business therein), including
without limitation installing wiring and cabling, furniture and equipment.
During such access, LESSEE shall be bound by all of the obligations of the
LESSEE under the Lease Agreement, as amended, including any and all insurance
requirements, but, provided that said access is solely for the purpose of
preparing the Expansion Premises for LESSEE’S use and occupancy, including
without limitation installing wiring and cabling, furniture and equipment,
excluding the payment of base rent and LESSEE’S proportionate share of real
estate taxes and operating costs during the above-mentioned early access
period.

 

Notwithstanding the above, except for LESSOR’S Work, LESSEE accepts the
Expansion Premises and the entire Leased Premises in its current “AS IS”
condition and acknowledges that the Initial Premises are currently occupied by
the LESSEE and that the Initial Premises, as delivered and currently
constituted, is suitable for the LESSEE’S intended use. LESSEE acknowledges
that all work, if any, contemplated in the Lease Agreement including but not
limited to the Exhibit B thereto, to be performed by the LESSOR has been
completed to the full satisfaction of the LESSEE.

 

 

The Parties acknowledge that the Initial Lease Agreement, First
Amendment and this Second Amendment represent the entire agreement between the
Parties and that no other modification, written or otherwise, exists between
the Parties. The normal rule of construction that any ambiguities be
resolved against the drafting party shall not apply to the interpretation of
the Initial Lease Agreement, First Amendment or this Second Amendment or any
exhibits or amendments thereto.

 

All other terms and provisions under the Lease Agreement shall remain
unchanged, are in full force and effect, and are hereby ratified and affirmed.
LESSOR and LESSEE hereby acknowledge and confirm that, to the best of their
respective knowledge, neither the LESSOR nor the LESSEE is in default of any
other term or condition of the Lease Agreement. In the event of a conflict
between this Second Amendment and the Lease Agreement the terms of this Second
Amendment shall govern. All capitalized terms used but not defined herein shall
have the same definitions ascribed to such terms in the Lease Agreement.

 

IN WITNESS WHEREOF, the said Parties hereto set their hands and seals
this 27th day of May, 2008.

 

 

	
  LESSEE

  	
   

  	
  LESSOR

  
	
  Synta Pharmaceuticals Corporation,

  	
   

  	
  Duffy Hartwell LLC,

  
	
  as successor in interest to

  	
   

  	
  as successor in interest to

  
	
  Shionogi BioResearch Corp.,

  	
   

  	
  Duffy Hartwell LLC,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
      /s/ Keith Ehrlich 

  	
   

  	
  By: 

  	
      /s/ Steven P. Duffy

  
	
  Name:

  	
  Keith Ehrlich

  	
   

  	
  Hartwell Management LLC, Manager

  
	
  Its:

  	
  CFO

  	
   

  	
  Steven P. Duffy, Duly Authorized

  
	
  Duly Authorized

  	
   

  	
   

  
						

 

 

Amendment Exhibit A-1

Layout of Expansion Premises

 

[FLOOR PLAN]

 

 

Amendment Exhibit B-1

 LESSOR’S
Work

 

1.             LESSOR’S
Work:

 

LESSOR shall conduct the following LESSOR’S
Work, at its sole cost and expense, using available building standard
quantities and materials. The LESSOR’S Work shall consist of:

 

(i)       demising the Expansion Premises from the
adjacent space occupied by another tenant; and

(ii)      modifying the Expansion
Premises HVAC system to exclusively service the Expansion Premises.

 

2.             TENANT
IMPROVEMENT ALLOWANCE:

 

In addition to the above, LESSOR shall
provide to LESSEE a Tenant Improvement Allowance of $121,200.00 (“Tenant
Improvement Allowance”) for work in addition to the LESSOR’S Work. The Tenant
Improvement Allowance shall be used for work which shall be conducted by the
LESSOR and agreed upon by the LESSEE. The Tenant Improvement Allowance shall be
applied towards the costs of planning and conducting the Tenant Improvements
(as defined below), including, if applicable, any premiums associated with work
conducted outside of normal business hours. LESSEE shall be solely responsible
for all costs and expenses in excess of the Tenant Improvement Allowance.

 

3.             INITIAL
TENANT IMPROVEMENTS:

 

LESSOR shall conduct the following Initial
Tenant Improvements, at the LESSEE’S cost and expense, with the Tenant
Improvement Allowance applied as a credit until it is exhausted. The Initial
Tenant Improvements shall consist of:

 

(i)            paint the entire Expansion Premises the
same colors used in the Initial Premises on or before June 15, 2008; and

(ii)           merge the Expansion
Premises with the Initial Premises to allow for access between the two spaces,
which work shall be performed after LESSEE’S business hours and on weekends
(such work shall not be performed during LESSEE’S business hours).

 

LESSEE shall be responsible for any delays
caused to the completion date for the Initial Tenant Improvements which is
caused by (i) LESSEE’S failure to reasonably cooperate with the LESSOR’S
prosecution of the Initial Tenant Improvements, or (ii) LESSEE’S failure
to make decisions associated with the Initial Tenant Improvements in a
reasonably timely manner.

 

4.             EXPENDITURE
OF TENANT IMPROVEMENT ALLOWANCE:

 

In the event that LESSEE does not expend all
of the Tenant Improvement Allowance on the Initial Tenant Improvements, LESSOR
and LESSEE hereby agree, in full satisfaction of the LESSOR’S obligations to
provide a Tenant Improvement Allowance, that LESSEE shall have the right, at
its election, to do one or both of the following from time to time, by
providing written notice to LESSOR:

 

(i)            expend any or all of
the remaining balance of the unused Tenant Improvement Allowance on
non-structural alterations to the Expansion Premises (together with the Initial
Tenant Improvements, the “Tenant Improvements”). Such work shall be performed
by the LESSOR in accordance with the terms of this Amendment Exhibit B-1,
and the Second Amendment to which this Amendment Exhibit B-1 is attached,
at LESSEE’S expense with the Tenant Improvement Allowance applied as a credit
until it is exhausted, at which time LESSEE’S rights, if any, to the Tenant 

 

 

Improvement Allowance shall lapse and the
Tenant Improvement Allowance shall be deemed fully expended and exhausted; and

 

(ii)           apply the remaining
balance of unused Tenant Improvement Allowance, at a 50% discount, towards the
LESSEE’S next installment(s) of monthly base rent due with LESSEE paying
the difference between the amount of base rent, additional rent, and other sums
due in accordance with the Lease Agreement, as amended, and the amount applied
in accordance with the above (i.e. if there is an unused Tenant Improvement
Allowance of $2.00, then such amount shall be applied as a $1.00 credit towards
the base rent in accordance with the above).

 

In the event the LESSEE from time to time elects to submit a work
request for Tenant Improvements, the LESSEE shall provide LESSOR with a written
description, in reasonable detail, of the Tenant Improvements requested (“TI
Description”). Each time the LESSEE sends a TI Description to the LESSOR, the
LESSOR shall provide the LESSEE with a fair market rate written estimate (“TI
Estimate”) to perform the Tenant Improvements as stated in the TI Description
within fourteen (14) days of receiving said TI Description. LESSEE shall,
within seven (7) days of receiving said estimate from the LESSOR, notify
the LESSOR in writing of its intent to proceed (“Proceed Notice”) with the
Tenant Improvements requested in the TI Description. In the event LESSEE fails
to provide a Proceed Notice, such failure shall be deemed a withdrawal of the
request for the Tenant Improvements stated in the TI Description. LESSOR shall
notify and obtain the approval of LESSEE prior to conducting any work which
constitutes a material change in scope or cost to the estimate accepted by the
LESSEE in a Proceed Notice. LESSOR shall use commercially reasonable and
diligent efforts to complete the LESSOR’S Work, the Initial Tenant
Improvements, and all Tenant Improvements for which it receives a Proceed
Notice, and all such LESSOR’S Work, Initial Tenant Improvements, and Tenant
Improvements shall be conducted in a good and workmanlike manner.

 

All Tenant Improvements shall be completed by LESSOR at fair market
rates. Notwithstanding the foregoing, the LESSEE shall be solely responsible
for all costs and expenses associated with the Tenant Improvements for any and
all work which is performed pursuant to a TI Estimate for which the Tenant
provided a Proceed Notice and is in excess of the remaining Tenant Improvement
Allowance. The Tenant Improvement Allowance shall apply to Tenant Improvements
requested pursuant to a TI Description received by LESSOR on or before July 1,
2009. The Tenant Improvement Allowance will not apply to Tenant Improvements
requested by the LESSEE after July 1, 2009; or to Tenant Improvements
which by their nature, cannot be commenced on or before September 1, 2009.
LESSEE shall not be responsible for delays associated with the previous
sentence which are caused through no fault of the LESSEE. The Tenant
Improvement Allowance may be credited against base rent as aforesaid up to October 31,
2009, but not thereafter. Any Tenant Improvement Allowance not used as
aforesaid shall be deemed fully expended and exhausted. The amount or remaining
balance of the Tenant Improvement Allowance shall be determined by subtracting
the TI Cost, which shall be the final amount of all costs and expenses incurred
by the LESSOR while conducting the Tenant Improvements in accordance with this
Amendment Exhibit B-1, to date from the Tenant Improvement Allowance.

 

5.             FIRST
AUDIT:

 

LESSEE shall have the right to conduct an
audit of the TI Cost incurred by the LESSOR and paid out of the Tenant
Improvement Allowance with respect to the Initial Tenant Improvements in
accordance with the following:

 

 

(i)            Within thirty (30)
days after Substantial Completion, the LESSEE shall have the one time right to
request that the LESSOR provide to the LESSEE, within fourteen (14) days from
the date of LESSEE’S request, a final written accounting itemized in reasonable
detail (the “First Accounting”) all TI Costs incurred by the LESSOR and paid
out of the Tenant Improvement Allowance with respect to the Initial Tenant
Improvements; and

(ii)           In the event the LESSEE
desires additional information, the LESSEE may, upon fourteen (14) days prior
written notice to the LESSOR, conduct a reasonable audit of LESSOR’S books and
records with respect to the Initial Tenant Improvements (“First Audit”), such
audit to be conducted at the LESSEE’S expense and at the offices of the LESSOR
located in Massachusetts from 9 am to 5 pm on workdays. A final copy of the
completed audit shall be provided to the LESSOR. LESSOR shall provide
reasonable access to LESSEE to all relevant books and records; and

(iii)          Notwithstanding the
foregoing, the LESSEE shall complete the First Audit within sixty (60) days
after Substantial Completion, at which time the LESSEE’S rights under this
paragraph 5 of Amendment Exhibit B-1 shall expire; and

(iv)          If during such audit
LESSEE discovers a discrepancy of more than 5% in LESSOR’S accounting, LESSOR
shall pay for the reasonable cost of LESSEE’S audit.

 

6.             SECOND
AUDIT:

 

LESSEE shall have the right to conduct an
audit of the TI Cost incurred by the LESSOR and paid out of the Tenant
Improvement Allowance with respect to the Tenant Improvements, other than the
Initial Tenant Improvements, in accordance with the following:

 

(i)            The LESSEE shall have
the one time right to request that the LESSOR provide to the LESSEE, within
thirty (30) days from the date of LESSEE’S request, a final written accounting
itemized in reasonable detail (“Second Accounting”) all TI Costs to date
incurred by the LESSOR and paid out of the Tenant Improvement Allowance with
respect to the Tenant Improvements, other than the Initial Tenant Improvements;
and

(ii)           In the event the LESSEE
desires additional information, the LESSEE may, upon fourteen (14) days prior
written notice to the LESSOR, conduct a reasonable audit of LESSOR’S books and
records with respect to the Tenant Improvements, other than the Initial Tenant
Improvements (“Second Audit”), such audit to be conducted at the LESSEE’S
expense and at the offices of the LESSOR from 9 am to 5 pm on workdays. A final
copy of the completed audit shall be provided to the LESSOR. LESSOR shall
provide reasonable access to LESSEE to all relevant books and records;

(iii)          Notwithstanding the
foregoing, the LESSEE shall complete the Second Audit within sixty (60) days
after LESSEE’S right to use the Tenant Improvement Allowance expires, at which
time the LESSEE’S rights under this paragraph 6 of Amendment Exhibit B-1
shall expire; and

(iv)          If during such audit
LESSEE discovers a discrepancy of more than 5% in LESSOR’S accounting, LESSOR
shall pay for the reasonable cost of LESSEE’S audit.

 

7.             WORK
NOT INCLUDED IN LESSOR’S WORK OR TENANTIMPROVEMENTS:

 

Not included in the LESSOR’S Work or Tenant
Improvements are any and all costs or work associated with:

 

(i) telephone/data/voice/network
throughout the Leased Premises; and

 

 

(ii) cubicles and/or open areas,
including but not limited to costs or work associated with their installation
or setup, and any telephone/data/voice/network and/or A/C power wiring, coring,
through floor access modules, or other wiring therefor; and

(iii) Interior blinds; the installation
of any interior blinds and/or window treatments which may be visible from the
common area or outside the Leased Premises is subject to the LESSOR’S written
consent; and

(iv) Coring the conference room floor
and the server room.

 

8.             AS
IS:

 

Except for LESSOR’S Work and the Initial
Tenant Improvements, the Expansion Premises shall be delivered in “AS IS”
condition and LESSEE acknowledges that by taking possession of the Expansion
Premises, the Expansion Premises “AS IS” are suitable for its intended use.

 

9.             SUBSTANTIAL
COMPLETION DATE:

 

The date of Substantial Completion shall be
the date (which shall not be later than June 15, 2008) the LESSOR has
completed the LESSOR’S Work and painting pursuant to Section 3(i) above
(other than minor punch list items) and has received all the approvals
necessary for LESSEE to use and occupy the Expansion Premises for LESSEE’S
intended use. If actual receipt of a use and occupancy certificate is not
necessary for LESSEE to use and occupy the Expansion Premises after LESSOR’S
Work is complete, LESSOR agrees to use commercially reasonable efforts to
obtain a certificate of occupancy as soon as reasonably possible thereafter.
LESSOR and LESSEE shall use good faith efforts to mutually agree upon a list of
minor punch list items that remain to be completed as part of the LESSOR’S Work
after the date of Substantial Completion. LESSOR shall complete with LESSEE’S
reasonable cooperation, the agreed upon minor punch list items within thirty
(30) days from the date of Substantial Completion or such reasonable time
thereafter as is necessary to complete said punch list items. Notwithstanding
the above, LESSEE shall be responsible for any delays to the Substantial
Completion date which is caused by LESSEE’S failure to make LESSOR’S Work
decisions in a reasonably timely manner. LESSEE shall be solely responsible for
all costs, expenses and delays resulting from requests by LESSEE for work,
quantities or materials in excess of the Tenant Improvement Allowance.Exhibit 10.2

 

125 Hartwell Avenue

Lexington, Massachusetts 02421

(the “Building”)

 

EIGHTH AMENDMENT

June 19,
2008

 

	
   

  	
   

  	
  LANDLORD:

  	
   

  	
  125
  Hartwell Trust, under a declaration of trust dated February 20, 1980 and
  filed with the Middlesex South Registry District of the Land Court as
  Document No. 600788, as amended

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT:

  	
   

  	
  Synta
  Pharmaceuticals Corp., a Delaware corporation, successor-by-assignment to EMD
  Pharmaceuticals, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXISTING

  	
   

  	
  PREMISES:

  	
   

  	
  Collectively,
  (i) approximately 19,810 square feet of Premises Rentable Area on the
  second (2nd) floor of the Building, consisting of approximately 10,980 square
  feet of Premises Rentable Area under the original Lease shown as the
  “Premises” 

  
	
  LEASE

  	
   

  	
   

  	
   

  	
  on
  Exhibit 3 thereto, plus approximately 8,830 square feet of Premises
  Rentable 

  
	
  DATA

  	
   

  	
   

  	
   

  	
  Area
  added by the First Amendment referred to below shown as the “RFO 

  
	
   

  	
   

  	
   

  	
   

  	
  Premises”
  on said Exhibit 3, and (ii) approximately 2,670 square feet of
  Premises 

  
	
   

  	
   

  	
   

  	
   

  	
  Rentable
  Area on the first (1st) floor of the Building, substantially as
  shown cross-

  
	
   

  	
   

  	
   

  	
   

  	
  hatched on Exhibit A attached to the Fifth Amendment referred to
  below

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LEASE

  	
   

  	
   

  
	
   

  	
   

  	
  EXECUTION

  	
   

  	
   

  
	
   

  	
   

  	
  DATE:

  	
   

  	
  October 26,
  1992

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TERMINATION

  	
   

  	
   

  
	
   

  	
   

  	
  DATE:

  	
   

  	
  November 30,
  2011

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PREVIOUS

  	
   

  	
   

  
	
   

  	
   

  	
  LEASE

  	
   

  	
   

  
	
   

  	
   

  	
  AMENDMENTS:

  	
   

  	
  First
  Amendment dated as of January 31, 1993

  
	
   

  	
   

  	
   

  	
   

  	
  Second
  Amendment dated October 1, 1997

  
	
   

  	
   

  	
   

  	
   

  	
  Third
  Amendment dated November 1, 2002

  
	
   

  	
   

  	
   

  	
   

  	
  Assignment
  and Assumption of Lease and Consent of and Release by Landlord and Fourth
  Amendment to Lease dated as of July 9, 2004

  
	
   

  	
   

  	
   

  	
   

  	
  Fifth
  Amendment dated October 22, 2004

  
	
   

  	
   

  	
   

  	
   

  	
  Sixth
  Amendment dated August 1, 2005

  
	
   

  	
   

  	
   

  	
   

  	
  Seventh
  Amendment dated November 26, 2007

  

1

 

	
   

  	
   

  	
  ADDITIONAL

  	
   

  	
   

  
	
   

  	
   

  	
  PREMISES:

  	
   

  	
  Approximately
  4,584 square feet of Premises Rentable Area on the first (1st)
  floor of the Building, substantially as shown cross-hatched on Exhibit A
  attached hereto and made a part hereof

  

 

WHEREAS, Tenant desires to lease additional
space in the Building; and

 

WHEREAS, Landlord is willing to lease
additional space in the Building to Tenant upon the terms and conditions
hereinafter set forth.

 

NOW THEREFORE, the parties hereby agree that
the above-described lease, as previously amended (the “Lease”), is hereby
further amended as follows (capitalized terms used herein without definition
shall have the meanings ascribed to them in the Lease):

 

1.             DEMISE OF ADDITIONAL PREMISES

 

Landlord hereby demises and leases to Tenant, and Tenant hereby accepts
and leases from Landlord, the Additional Premises for a Term commencing as of
the Commencement Date in respect of the Additional Premises (as hereinafter
defined) and expiring on November 30, 2011.  The demise of the Additional Premises shall
otherwise be upon and governed by the terms and conditions of the Lease (as
hereby amended) applicable to the demise of the existing Premises (including,
without limitation, that there shall be no Building Expense Cap applicable to
the calculation of Building Expense Escalation Charges in respect of the Additional
Premises), except as follows or as otherwise provided in this Amendment:

 

A.            The
Commencement Date in respect of the Additional Premises shall be the earlier of
(i) the first date on which Tenant occupies all or any part of the
Additional Premises for the conduct of business, or (ii) the date on which
Landlord’s Work (as hereinafter defined) shall be (or be deemed to be)
substantially (i.e., complete except for so-called “punch list” items and other
work to be undertaken by Landlord which does not materially impair Tenant’s use
of the Additional Premises for the Permitted Uses (collectively, the “Punchlist
Work”)), as reasonably determined by Landlord. 
Landlord shall use diligent and commercially reasonable efforts to
complete all Punchlist Work within thirty (30) days after the substantial
completion of Landlord’s Work.  If Tenant
(or any agent, employee or contractor of Tenant) causes any delay in the
performance or substantial completion of Landlord’s Work, then Landlord’s Work
shall be deemed to have been substantially completed on the date that Landlord’s
Work would have been substantially completed but for such delay.  Landlord shall use diligent and commercially
reasonable efforts to cause Landlord’s Work to be substantially completed on or
before September 15, 2008 (the “Estimated Substantial Completion Date”),
but Tenant shall not have any claim against Landlord, and Landlord shall have
no liability to Tenant, if Landlord’s Work shall not be substantially completed
by the Estimated Substantial Completion Date. 
The parties shall confirm in writing the Commencement Date in respect of
the Additional Premises as soon as it is known.

 

Landlord shall permit Tenant access to the Additional Premises at least
seven (7) days prior to the Commencement Date in respect of the Additional
Premises only for the purpose of 

 

2

 

preparing the Additional Premises for Tenant’s use and occupation,
including, without limitation, installing Tenant’s furniture, telecommunications
systems, and computer and other cabling, but only to the extent that such
activities of Tenant do not interfere with Landlord’s access to, work within or
to, or use of the Additional Premises. 
Any such access by Tenant shall be upon all of the terms and conditions
of the Lease (other than the payment of Basic Rent and other charges due under
the Lease, as hereby amended, in respect of the Additional Premises which shall
not commence to accrue until the Commencement Date in respect of the Additional
Premises) and shall be at Tenant’s sole risk, and Landlord shall not be
responsible for any injury to persons or damage to property resulting from such
early access by Tenant.

 

B.            The
Basic Rent payable in respect of the Additional Premises shall be $114,600.00
per year (i.e., $9,550.00 per month).

 

C.            The
Building Expense Base applicable to the Additional Premises shall be the amount
of Building Expenses for calendar year 2008.

 

D.            Tenant
shall have no obligation to pay for electricity consumed in the Additional
Premises so long as the use of electricity therein is consistent with an
ordinary office use.  If Tenant shall
consume electricity in the Additional Premises beyond that which is consistent
with an ordinary office use, Tenant shall pay Landlord, within fifteen (15)
days of demand from time to time, for the cost of such excess electricity.

 

E.             Tenant’s
Proportionate Share in respect of the Additional Premises shall be 11.94%.

 

F.             Tenant
shall, by reason of the demise of the Additional Premises, be entitled to an
additional seventeen (17) parking spaces in the paved parking area located
adjacent to the Building.  The use of
such spaces shall be subject to the same terms and conditions of the Lease as
are applicable to Tenant’s use of the other parking spaces provided to Tenant
under the Lease. Accordingly, the total number of parking spaces which Landlord
shall provide and maintain for the use of Tenant’s employees and invitees
pursuant to Section 2 of the Lease (as hereby amended) shall be one hundred
two (102).

 

2.             LANDLORD’S WORK IN RESPECT OF
ADDITIONAL PREMISES

 

Landlord shall, at Landlord’s expense,
repaint and recarpet the Additional Premises using Building standard paint and
carpet (“Landlord’s Work”).  Except for
Landlord’s Work, Tenant shall accept the Additional Premises “as is” without
any obligation on the part of Landlord to prepare or construct the Additional
Premises for Tenant’s occupancy or to provide any allowance or contribution
with respect thereto, and Tenant acknowledges that it has had an opportunity to
inspect the Additional Premises and that Landlord has made no representation or
warranty as to the condition of the Additional Premises.  Landlord agrees to perform Landlord’s Work in
a good and workmanlike fashion and in compliance with applicable laws, rules and
regulations.

 

3

 

3.             EXTENSION
OPTIONS

 

In the event that Tenant shall timely and properly exercise its right
to extend the Term of the Lease for the remaining option term(s) provided
for in Paragraph 1 of the Sixth Amendment, then such extension(s) shall
apply to both the existing Premises and the Additional Premises and the demise
of both the existing Premises and the Additional Premises for such option term(s) shall
be governed by the terms and provisions of said Paragraph 1.

 

4.             BROKER

 

Each party (the “indemnifying party”)
represents and warrants to the other party that it has dealt only with Richards
Barry Joyce & Partners and no other broker or agent in connection with
this Amendment and the leasing of the Additional Premises.  The indemnifying party shall indemnify and
hold the other party (and such other party’s trustees, beneficiaries, agents
and employees) harmless of and from all claims that may be made by any person
against such other party (or its trustees, beneficiaries, agents or employees)
for brokerage or other compensation in the nature of brokerage with respect to
this Amendment on account or arising out of the indemnifying party’s breach of
the foregoing representation and warranty. 
Landlord shall pay the commission owed to Richards Barry Joyce &
Partners in connection with this Amendment pursuant to a separate agreement
between Landlord and such party.

 

5.             MISCELLANEOUS

 

As amended by this Amendment, the Lease is
hereby ratified, approved and confirmed in all respects.  Landlord and Tenant each hereby acknowledge
and confirm that, to the best of its respective knowledge, neither Landlord nor
Tenant is in default of any term or condition of the Lease.  In the event of a conflict between the Lease
and this Amendment, the terms of this Amendment shall govern.

 

WHEREFORE, the parties have hereunto set
their hands and seals as of the date first above written.

 

	
  LANDLORD:

  	
   

  	
  TENANT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SYNTA PHARMACEUTICALS CORP.

  
	
   

  	
   

  	
   

  
	
  /s/ Steven Colangelo

  	
   

  	
  By: 

  	
  /s/ Keith S. Ehrlich

  
	
  Steven Colangelo, signing as

  	
   

  	
   

  	
  Name: Keith S. Ehrlich

  
	
  Trustee of 125 Hartwell Trust and not

  	
   

  	
   

  	
  Title:   CFO

  
	
  individually and without recourse

  	
   

  	
   

  	
  Hereunto Duly Authorized

  
	
  against the Trustee personally or his

  	
   

  	
   

  
	
  assets

  	
   

  	
   

  

 

4

 

EXHIBIT A

 

Plan Showing
Location of Additional Premises on First Floor of Building

 

[See attached]

 

5

 

[FLOOR PLAN]

 

6

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