Document:

acrs_Ex10_24

		
			Exhibit 10.24
		

		
			FOURTH AMENDMENT TO AMENDED AND RESTATED SUBLEASE
		

		
			BETWEEN
		

		
			NST CONSULTING, LLC
		

		
			AND
		

		
			ACLARIS THERAPEUTICS, INC.
		

		
			This Fourth Amendment to the Amended and Restated Sublease (“Fourth Amendment”) made and entered into this 24th day of October 2016 and effective as of October 1, 2016 (“Effective Date”), by and between NST CONSULTING, LLC, hereinafter referred to as “Sublandlord” and ACLARIS THERAPEUTICS, INC, hereinafter referred to as “Subtenant”.
		

		
			WHEREAS, Sublandlord currently leases certain premises consisting of 15,272 rentable square feet of space commonly referred to as Suite 400 (“Premises”) located at 101 Lindenwood Drive, Malvern, Pennsylvania 19355 (“Building”) from Landlord and subleases 11,659 rentable square feet of such Premises to Subtenant pursuant to that certain Amended and Restated Sublease dated March 3, 2014, as amended, hereinafter referred to as “Sublease,” the Premises being more particularly described therein; and
		

		
			WHEREAS, NEXEPTION, INC. assigned all rights and obligations under the Sublease to its Affiliate, NST Consulting, LLC pursuant to an Assignment and Assumption Agreement dated August 11, 2015; and
		

		
			WHEREAS, Sublandlord and Subtenant wish to further amend the Sublease as follows;
		

		
			NOW, THEREFORE, in consideration of and the agreement of each other, Sublandlord and Subtenant agree that the Sublease shall be and the same is hereby amended as follows:
		

		
			1.  Incorporation of Recitals.  The recitals set forth above, the Sublease referred to therein and the exhibits attached hereto are hereby incorporated herein by reference as if set forth in full in the body of this Fourth Amendment. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Sublease.
		

		
			2.  The following sections of the Sublease Term are amended as follows:
		

		
			a.  Exhibit A to the Sublease is deleted in its entirety and replaced with the new Exhibit A attached hereto and made a part hereof.  All references to Exhibit A in the Sublease are references to this new Exhibit A.
		

		
			b.  Section 2 Sublease Space and Term.  Section 2 of the Sublease is deleted in its entirety and replaced with the following new paragraph:
		

		
			“Commencing on October 1, 2016, the parties agree to increase the portion of the Premises subleased to Subtenant from 11,659 square feet to 13,200 feet, which increase is less than twenty percent (20%) of the Sublease Space. Exhibit A is hereby deleted and replaced with the new Exhibit A attached hereto and made a part hereof.”
		

		
			
		

		
			

		 

		

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			c.  Section 3(a) Fixed Rent. Commencing on October 1, 2016, Subtenant shall pay Sublandlord the following Fixed Rent for the Sublease Space per month, in advance, without notice, demand, offset, or counterclaim, on the first day of each month during the Sublease Term:
		

		
			“Commencing on October 1, 2016, Subtenant shall pay Sublandlord the following Fixed Rent for the Sublease Space per month, in advance, without notice, demand, offset, or counterclaim, on the first day of each month during the Sublease Term:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Time Period

					
					
						    

					
					
						Rent/RSF

					
					
						    

					
					
						Monthly Installment

				
	
					
						10/01/16‐11/30/16**

					
					
						 

					
					
						$

					
					
						22.00*

					
					
						 

					
					
						$

					
24,200.00 
				
	
					
						12/01/16‐11/30/17**

					
					
						 

					
					
						$

					
					
						22.50*

					
					
						 

					
					
						$

					
24,750.00 
				
	
					
						12/01/17‐11/30/18**

					
					
						 

					
					
						$

					
					
						23.00*

					
					
						 

					
					
						$

					
25,300.00 
				
	
					
						12/01/18‐11/30/19**

					
					
						 

					
					
						$

					
					
						23.50*

					
					
						 

					
					
						$

					
25,850.00 
				

		

		
			*     Plus any charges set forth in Articles 6 and Article 7 of the Master Lease
		

		
			**   Subtenant will pay electric costs pursuant to Article 6 of the Master Lease and janitorial costs in the amount of $1.26 per rentable square feet of the Premises.
		

		
			d.  Section 3(e) Additional Rent. Commencing on October 1, 2016, Subtenant’s Allocated Share for the Sublease Space is 86.4% of Sublandlord’s Allocated Share, as such share may be adjusted, from time to time, on the basis of corresponding changes in the square footage of the Sublease Space.
		

		
			3.  Binding Effect.  Except as expressly amended hereby, the Sublease remains in full force and effect in accordance with its terms.  Subtenant specifically acknowledges and agrees that Article 22(f) of the Lease concerning Confession of Judgment is and shall remain in full force and effect in accordance with its terms.
		

		
			
		

		
			

		 

		

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			IN WITNESS WHEREOF, Sublandlord and Subtenant have duly executed this Fourth Amendment on the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SUBLANDLORD:

				
	
					
						 

					
					
						NST CONSULTING, LLC

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						WITNESS:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Joann DeLuca

					
					
						 

					
					
						By:

					
					
						/s/ Doug Gessl

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Doug Gessl

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						CFO

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUBTENANT:

				
	
					
						 

					
					
						ACLARIS THERAPEUTICS, INC.

				
	
					
						 

					
					
						 

				
	
					
						ATTEST:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Joann DeLuca

					
					
						 

					
					
						By:

					
					
						/s/ Neal Walker

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Neal Walker

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						President and CEO

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			3acrs_Ex10_25

		
			Exhibit 10.25
		

		
			 
		

		
			SIXTH AMENDMENT TO SERVICES AGREEMENT
		

		
			BETWEEN
		

		
			NST CONSULTING, LLC
		

		
			AND
		

		
			ACLARIS THERAPEUTICS, INC.
		

		
			 
		

		
			 
		

		
			 
		

		
			This Sixth Amendment to the Services Agreement (“Sixth Amendment”) made and entered into this 21st day of  December 2016 and shall be  effective as of January 1, 2017 (“Effective Date”), by and between NST CONSULTING, LLC (“NST’) and ACLARIS THERAPEUTICS, INC. (“Aclaris”).
		

		
			 
		

		
			WHEREAS, NST provides certain management services to Aclaris pursuant to that certain Services Agreement dated February 5, 2014 (“Services Agreement”), as amended by the First Amendment dated December 19, 2014, the Second Amendment dated August 11, 2015, the Third Amendment dated November 24, 2015, the Fourth Amendment dated January 8, 2016, and the Fifth Amendment dated January 8, 2016 the services being more specifically described therein; and
		

		
			 
		

		
			WHEREAS, NST and Aclaris wish to further amend the Services Agreement as follows;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of and the agreement of each other, NST and Aclaris agree that the Services Agreement shall be and the same is hereby amended as follows:
		

		
			 
		

		
			1.     Incorporation of Recitals.  The recitals set forth above, the Services Agreement referred to therein and the exhibits attached hereto are hereby incorporated herein by reference as if set forth in full in the body of this Sixth Amendment. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Services Agreement. 
		

		
			 
		

		
			        2.      Exhibit A. Exhibit A is deleted in its entirety and replaced with the new Exhibit A attached hereto. 
		

		
			 
		

		
			          4.  Binding Effect.  Except as expressly amended hereby, the Services Agreement remains in full force and effect in accordance with its terms.  
		

		
			 
		

		
			IN WITNESS WHEREOF, NST and Aclaris have duly executed this Sixth Amendment on the date first above written.
		

		
			 
		

		
			NST CONSULTING, LLC                                         ACLARIS THERAPEUTICS, INC.
		

		
			 
		

		
			By: _/s/ Doug Gessl_________________                    By: _/s/ Frank Ruffo_______________
		

		
			Name: _Doug Gessl_________________                   Name: _Frank Ruffo_______________
		

		
			Title:   _CFO________________________                  Title: _CFO______________________
		

		
			

		 

		

			1

		

 

		

		
			EXHIBIT A- 6th Amendment
		

		
			(effective November 1, 2016)
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Personnel Compensation paid by Aclaris to  NST:  

		
			NST will provide the services of Kelly Copeland (33.33% time allocation) and Evan Dick (60% time allocation).  The total monthly cost for these services for November and December 2016 will remain $24,050 (includes benefits charge and excludes annual bonuses).  Effective January 1, 2017, NST will no longer provide the services of Kelly Copeland or Evan Dick.      
		

			
	
			
				 ·
			

			
	
			
			Administrative Support Staff:  

		
			November and December 2016: (33.33% of M. Walker, 85% T. Rambert, 25% J. Good)
		

		
			$7,515/month (includes benefits charge, excludes annual bonuses)  
		

		
			Effective January 1, 2017: (33.33% of M. Walker, 85% T. Rambert, 20% J. Good)
		

		
			$7,375/month (includes benefits charge, excludes annual bonuses)
		

			
	
			
				 ·
			

			
	
			
			Total Overhead Charge:  

		
			For November and December 2016 the Overhead Charge will be $10,060/month which covers utilities, phone system, general insurance, use of existing  furniture, etc., but not phones, laptop/desktop computers, office or kitchen supplies.   Effective January 1, 2017 the Overhead Charge will increase by 3% to $10,360/month.
		

			
	
			
				 ·
			

			
	
			
			Monthly Amounts Due from Aclaris to NST:

		
			Nov. & Dec. 2016Jan. – Dec. 2017
		

		
			Personnel:                  $24,050.00    $   0.00
		

		
			       Administrative Support Staff:    $  7,515.00    $  7,375.00
		

		
			       Overhead Charge:    $10,060.00    $10,360.00
		

		
			      Total Due from Aclaris to NST
		

		
			for Services Provided:    $41,625.00    $17,735.00 
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Personnel Compensation paid by NST to Aclaris:  

			
	
			
				 (1)
			

			
	
			
			For November and December 2016, reimbursement for Christopher Powala (10% time allocation), Stuart Shanler (10% time allocation) and Lisa Shultz (25% time allocation) including a ~25% benefits = $9,425.00.  Effective January 1, 2017 reimbursement for Lisa Shultz (25% time allocation), including ~25% benefits = $3,100.00. 

			
	
			
				 (2)
			

			
	
			
			Annual bonuses are a pass-through via Ralexar Therapeutics, Inc.

		
			 
		

		
			
		

		
			

		 

		

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			Monthly Amounts Due from NST to Aclaris:

		
			       Personnel:  Nov. & Dec. 2016 = $9,425.00; Jan. – Dec. 2017 =  $3,100.00
		

		
			       Admin Support:   Nov. & Dec. 2016 = $1,250.00 (20% of G. Reed, incl. ~25% benefits charge, excludes pass through annual bonus).  Effective January 1, 2017 G. Reed will no longer support Ralexar; $0 for Admin Support.
		

		
			Total Due from NST to Aclaris for Certain Personnel Reimbursement Expenses:
		

		
			November and December 2016 = $10,675.00;  
		

		
			Effective January 1, 2017 = $3,100.00              
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Net Monthly Amounts Due from Aclaris to NST (excluding rent):

		
			Monthly Due from Aclaris to NST:  Nov. & Dec. 2016 = $30,950.00
		

		
			 Effective January 1, 2017 = $14,635.00
		

		
			 
		

		
			 
		

		 

		

			3

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