Document:

Exhibit
10.19

 

EURONAV NV

 

December 20, 2017

 

PRIVATE AND CONFIDENTIAL

 

International Seaways, Inc.

 

c/o International Seaways Ship Management LLC

 

600 Third Avenue 39th Floor

 

New York, NY 10016

 

		Re:	Binding Letter of Intent

 

Dear Lois and Jeff,

 

The purpose of this binding letter of intent (this “LOI”)
is to confirm and set forth the terms and conditions of an agreement between Euronav NV, a limited liability company incorporated
under the laws of Belgium (“Euronav”), and International Seaways, Inc., a corporation incorporated under the
laws of the Marshall Islands (“Seaways” and together with Euronav, the “Parties”, and each
a “Party”), relating to the Acquisition (as defined in paragraph 1).

 

		2.	Acquisition and Consideration. Concurrently with
the execution and delivery of this LOI, Euronav has entered into an agreement and plan of merger (the “GNRT Agreement”)
pursuant to which a subsidiary of Euronav will merge with and into Gener8 Maritime, Inc. (“GNRT”) and GNRT
will become a wholly owned subsidiary of Euronav (such transaction, the “GNRT Transaction”). Subject to the
terms and conditions set forth herein, Euronav agrees to sell, and Seaways agrees to purchase, directly or indirectly, all right,
title and interest in and to all of the issued and outstanding shares of Gener8 Maritime Subsidiary VII Inc. (“HoldCo”),
a corporation incorporated under the laws of the Marshall Islands, for the purchase price set forth on Exhibit A (the “Purchase
Price”), net of assumed debt (such transaction, the “Acquisition”). Euronav represents and warrants
that it has been advised by GNRT that HoldCo is the sole member of each of the Marshall Islands limited liability companies identified
on Exhibit A (collectively, the “SPVs”), and each of the SPVs in turn holds title to the vessel listed
next to its name on Exhibit A (each, a “Vessel”, and collectively, the “Vessels”) and that,
to its knowledge, neither HoldCo nor any of the SPVs has, or has had, any material assets, liabilities or operations other than
the Vessels and financing obligations relating thereto. The net Purchase Price shall be payable in cash at the closing of the
Acquisitions (the “Closing”).

 

		3.	Representations and Warranties of the Parties. Each
Party represents and warrants to the other that as of the execution and delivery of this LOI:

 

		a.	it is a limited liability company or a corporation, as
the case may be, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and
has the requisite organizational power and authority to carry on its business as it is now being conducted and to own, lease and
operate its properties;

 

		b.	it has the requisite organizational power and authority
to execute and deliver this LOI and to perform its obligations hereunder;

 

		c.	the execution and delivery by it of this LOI have been
duly authorized by all necessary limited liability company action or corporate action, as the case may be, and this LOI constitutes
a valid and binding obligation of it enforceable against it in accordance with its terms; and

     

     

    

 

 

		d.	neither the execution and delivery by it of this LOI, nor
the consummation by it of the transactions contemplated hereby, will contravene, conflict with or constitute a violation of any
provision of (a) its organizational or governing documents or (b) any contract to which it is a party, subject to, in the case
of Euronav, receipt of the consents and approvals required under paragraph 3(g).

 

		4.	Conditions to Closing. The obligation of Seaways,
and, with respect to part (i) of paragraph 3(a) only, Euronav, to consummate the Acquisition shall be subject to the following
conditions:

 

		1.	(i) consummation of the GNRT Transaction (ii) on terms
that do not materially impede, interfere with, prevent, delay or limit the economic benefit to Seaways of the Acquisition;

 

		2.	amendment of Seaways’ existing term loan credit facility
as required to finance and/or consummate the Acquisition, on terms and conditions reasonably acceptable to Seaways;

 

		3.	Seaways’ receipt of financing necessary to consummate
the Acquisition, including from third-party financing and/or the assumption of the debt currently secured by the Vessels, in each
case on terms and conditions reasonably acceptable to Seaways;

 

		4.	completion of Seaways’ due diligence, as provided
in paragraph 5, to its reasonable satisfaction;

 

		5.	execution and delivery by Seaways and Euronav of (i) a
stock purchase agreement providing for the Acquisition on terms and conditions reasonably satisfactory to Seaways, including as
necessary to reflect the specific terms set forth herein and to contain customary representations and warranties with respect
to true and accurate disclosure by Euronav and (ii) any necessary related agreements ((i) and (ii) collectively, the “Stock
Purchase Agreement”), and the satisfaction or waiver of the customary closing conditions set forth therein;

 

		6.	receipt of all required regulatory approvals, including,
without limitation, any anti-trust or anti-competition approvals; and

 

		7.	receipt of all third-party consents and approvals necessary
for Euronav to sell HoldCo.

 

		4.	Reasonable Best Efforts. Each of Euronav and Seaways
shall use its reasonable best efforts to satisfy the conditions provided in paragraph 3 and to consummate the Acquisition in a
timely manner subject to consummation of the GNRT Transaction; provided that such efforts shall not require Seaways to
expend any monies or deliver anything of value which Seaways determines would be unreasonably material, in order to obtain any
consent or approval required under paragraph 3. Each of Euronav and Seaways shall use its reasonable best efforts to negotiate,
prepare and execute within ninety (90) days from the date hereof the definitive Stock Purchase Agreement. Euronav agrees not to
amend, modify, terminate or waive any provision set forth in the GNRT Agreement, or otherwise take any action, that would reasonably
be expected to impede, interfere with, prevent, delay or limit the economic benefit to Seaways of the Acquisition or the other
transactions contemplated hereby.

 

		5.	Due Diligence. Following the execution of this LOI,
and until the earlier of (a) the termination of this LOI in accordance with paragraph 7 and (b) the Closing, Euronav shall and
shall cause GNRT to permit Seaways and Seaways’ attorneys, financial advisors, accountants and other representatives and
agents to conduct a due diligence investigation of HoldCo, the SPVs, the Vessels, any third-party debt secured by such Vessels
and any related contractual arrangements (including but not limited to charter, pool or vessel management agreements), and in
connection therewith, Euronav shall, and shall cause GNRT to, (i) provide (and cause its officers and other representatives to
provide) such assistance and cooperation as is reasonably requested by Seaways, (ii) provide Seaways and its representatives full
access to (A) the accounting books and other business and financial records, plans, reports and documents related to HoldCo, the
SPVs, their respective current and former assets, liabilities and operations, the Vessels and all other information reasonably
requested by Seaways, including but not limited to: the complete vessel building contracts, technical records, specification and
makers list, copies of all correspondence and notes pre- and post-delivery with the manager, owner and shipyard in respect of
the Vessels’ performance and all warranty issues, disputes and claims and (B) each Vessel’s superintendent employed
by the third party ship manager and (iii) use reasonable best efforts to provide Seaways and its representatives reasonable access
to no fewer than two (2) of the Vessels, selected by Seaways in consultation with Euronav.

 

     

     

    

 

		6.	Exclusivity. Following the execution and delivery
of this LOI, and until the termination of this LOI in accordance with paragraph 7, Euronav shall not, and shall cause GNRT not
to directly or indirectly solicit, encourage, facilitate, discuss, entertain or accept any other inquiry, offer, bid, proposal
or expression of interest to (i) purchase any of the SPVs, the Vessels or HoldCo or (ii) enter into any other transaction which
would reasonably be expected to impede, interfere with, prevent, delay or limit the economic benefit to Seaways of the Acquisitions
or the other transactions contemplated hereby.

 

		7.	Termination. The provisions of this LOI shall terminate
on the earliest to occur of (a) termination of the GNRT Agreement in accordance with its terms, (b) breach by a Party of any representation,
warranty, covenant or agreement set forth in this LOI notified by the non-breaching Party announcing its intent to terminate,
provided that if curable, such termination shall not occur if such breach has been cured within a period of ten (10) days following
such notification, (c) delivery of written notice by either Party on or after March 31, 2018; provided the Party seeking
to terminate this LOI is not then in material breach hereof, or (d) execution and delivery of the Stock Purchase Agreement by
each of Euronav and Seaways. In the event of such termination, the provisions of this LOI shall terminate and be of no further
force or effect, other than paragraphs 7 through 17 which shall survive termination.

 

		8.	Break-Up Fee. In the event that this LOI has been
terminated pursuant to (i) paragraph 7(a), (ii) paragraph 7(b) due to a breach by Euronav of this LOI, or (iii) paragraph 7(c),
other than as the direct result of a failure of one of the conditions set forth in paragraph 3(b), 3(c), 3(d), 3(e) (but only
as a result of Seaways’ failure to execute a Stock Purchase Agreement that is reasonably satisfactory to it) or 3(f), and
provided that in the case of a termination pursuant to clause (i), (ii) or (iii) above, Euronav has received a break-up fee under
the GNRT Agreement or if the GNRT Transaction is consummated (unless termination of the LOI shall be attributable to actions or
inactions of Seaways), then Euronav shall pay to Seaways a break-up fee equal to $5,000,000, by wire transfer of immediately available
U.S. dollar funds, within two (2) business days following such termination or consummation of the GNRT Transaction, as the case
may be. In the event this LOI shall terminate under any other circumstance, Euronav shall have no other liability hereunder. In
the event this LOI shall terminate under any circumstance other than as a result of a breach by Seaways of any representation,
warranty, covenant or agreement set forth in this LOI, Seaways shall have no liability hereunder.

 

		9.	Fees and Expenses. Except as provided in paragraph
8, Euronav and Seaways shall each bear its own fees and expenses, including, without limitation, fees and expenses of financial,
legal and accounting advisers and other outside consultants, incurred in connection with the preparation, negotiation and execution
of this LOI or otherwise related to the transactions contemplated hereby.

 

		10.	Confidentiality. Subject to paragraph 12, this LOI
and the matters set forth herein, including the parties’ interest in pursuing the Acquisition, are Confidential Information
as defined by that certain confidentiality agreement dated November 22, 2017, by and between Euronav and Seaways, and shall be
governed by the terms and conditions set forth therein.

 

		11.	No Third Party Beneficiaries. Except as specifically
set forth or referred to herein, nothing in this LOI is intended or shall be construed to confer upon any person or entity other
than Euronav and Seaways and their respective successors or assigns, any rights or remedies under or by reason of this LOI.

 

		12.	Public Announcements. Euronav and Seaways shall
work together to coordinate public but separate announcements of the transactions contemplated by this LOI (which have been approved
by GNRT), to be released as concurrently as possible with (but in no event prior to) the announcement made by Euronav that it
has signed a definitive agreement in connection with the GNRT Transaction (provided that reference to the transactions contemplated
by this LOI (including Seaways involvement therewith) may be included in the public announcement made in connection with the GNRT
Transaction without such consent. Notwithstanding the foregoing, except as and to the extent required by law or to effectuate
the Acquisition, each of Euronav and Seaways agrees not to make any other public announcements concerning the subject of this
LOI without the prior written consent of the other Party and GNRT, and each Party shall direct its representatives not to make,
directly or indirectly, any press release, public comment, statement or other communication or announcement with respect to the
Acquisition between the Parties or any of the terms, conditions or other aspects of the transactions contemplated by this LOI.
To the extent any such disclosure is required by law, the party required to disclose such information shall notify the other party
in writing and obtain its consent to the form and content of such disclosure (which consent shall not be unreasonably withheld,
conditioned or delayed).

 

     

     

    

 

		13.	Assignment. Neither Euronav nor Seaways may assign
any of its rights, interests or obligations under this LOI without the prior written approval of the other party. Notwithstanding
the prior sentence, (i) Seaways may assign to any of its affiliates any or all of Seaways’ rights or interests hereunder
and (ii) Euronav may assign to any of its affiliates any or all of Euronav’s rights or interests hereunder; provided
in each case that any such assignment shall not relieve the assigning Party of its obligations hereunder.

 

		14.	Specific Performance. Each of Euronav and Seaways
agrees that irreparable damage to the other party would occur in the event that the provisions of this LOI were not performed
in accordance with their specific terms or otherwise were breached. Accordingly, each party agrees that the other party shall
be entitled to equitable relief to enjoin and prevent breaches of such provisions and to specifically enforce the terms of such
provisions, without posting any bond or other security.

 

		15.	Governing Law. This LOI shall be governed and construed
in accordance with the laws of the State of New York. Each of Euronav and Seaways irrevocably agrees that any legal action or
proceeding arising out of or relating to this LOI brought by either party or its successors or permitted assigns shall be brought
and determined exclusively in any federal court of the Southern District of New York or, if such court does not have jurisdiction,
any state court located in New York County, State of New York, and each party (a) hereby irrevocably submits to the exclusive
jurisdiction of the aforesaid courts for itself with regard to any such action or proceeding arising out of or relating to this
LOI or the transactions contemplated hereby, (b) waives any objection (by way of motion, as a defense or otherwise) of improper
venue in any such legal action, suit or proceeding in such courts, and (c) waives any objection (by way of motion, as a defense
or otherwise) that such courts are an inconvenient forum or do not have jurisdiction over any party hereto. TO THE FULLEST EXTENT
PERMITTED BY LAW, THE PARTIES TO THIS LOI WAIVE TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT BY OR ON BEHALF
OF ANY PARTY ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS LOI.

 

		16.	Modification and Amendment. This LOI may be modified
or amended only by a written instrument executed by each of Euronav and Seaways. If any term, provision covenant or restriction
of this LOI is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this LOI shall remain in full force and effect to the fullest extent possible and shall in no way
be affected, impaired or invalidated.

 

		17.	Counterparts. This LOI may be executed in counterparts,
each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. A facsimile copy
or electronic Portable Document Format (.pdf) file of any executed counterpart hereof will have the same legal effect as the original.

 

	 	Sincerely,
	 	 	 
	 	EURONAV NV
	 	 	 
	 	By: 	/s/ H. de Stoop
	 	 	 
	 	Name: 	H. de Stoop
	 	 	 
	 	Title: 	CFO
	 	 	 
	 	By: 	/s/ Egied Verbeeck
	 	 	 
	 	Name: 	Egied Verbeeck
	 	 	 
	 	Title: 	General Counsel

 

     

     

    

  

Agreed and Accepted on the terms set forth above:

 

	INTERNATIONAL SEAWAYS, INC.	 
	 	 	 
	By: 	/s/ Jeffrey D. Pribor	 
	 	 	 
	Name: 	Jeffrey D. Pribor	 
	 	 	 
	Title: 	SVP and CFO	 

 

     

     

    

 

EXHIBIT A

 

	SPV Name	 	Vessel Name	 	Year Build	 	 	Agreed Value (in 

millions of USD)	 
	Gener8 Strength LLC	 	Gener8 Strength	 	 	2015	 	 	 	69	 
	Gener8 Supreme LLC	 	Gener8 Supreme	 	 	2016	 	 	 	73	 
	Gener8 Success LLC	 	Gener8 Success	 	 	2016	 	 	 	73	 
	Gener8 Andriotis LLC	 	Gener8 Andriotis	 	 	2016	 	 	 	73	 
	Gener8 Chiotis LLC	 	Gener8 Chiotis	 	 	2016	 	 	 	73	 
	Gener8 Miltiades LLC	 	Gener8 Miltiades	 	 	2016	 	 	 	73	 
	TOTAL	 	 	 	 	 	 	 	 	434nviv_Ex10_13

		
			Exhibit 10.13
		

		
			SECOND AMENDMENT OF LEASE
		

		
			THIS SECOND AMENDMENT OF LEASE (this “Second Amendment”) is made as of this 31st day of October, 2017, by and between ARE-MA REGION NO. 59, LLC, a Delaware limited liability company (“Landlord”), and IN VIVO THERAPEUTICS CORPORATION, INC., a Delaware corporation (“Tenant”).
		

		
			BACKGROUND:
		

		
			A.        Reference is made to a certain Lease Agreement dated November 29, 2011 (the “Original Lease”), by and between RB Kendall Fee, LLC, as landlord, and Tenant, as tenant, as amended by a First Amendment of Lease dated as of September 17, 2012 (the “First Amendment”), and that certain letter agreement dated as of June 23, 2017 (as amended, the “Lease”), demising approximately 26,150 rentable square feet of space on the fourth (4th) floor of Building 1400 (such space, the “Existing Premises;” such building, the “Building”) in One Kendall Square, Cambridge, Massachusetts.  The Existing Premises consists of (i) the “Original Premises” containing approximately 20,917 rentable square feet, and (ii) the “Expansion Premises” containing approximately 5,233 rentable square feet. Capitalized terms used, but not defined herein shall have the same meaning as in the Lease.
		

		
			B.         Landlord is the successor to DWF IV ONE KENDALL, LLC (“DIVCO”); DIVCO was the successor to RB Kendall Fee, LLC; and Landlord and Tenant are the current holders, respectively, of the lessor’s and lessee’s interests in the Lease.
		

		
			C.         The term of the Lease is scheduled to expire on October 31, 2018.
		

		
			D.        Tenant has elected to extend the term of the Lease pursuant to Section 29.15 of the Original Lease.
		

		
			E.         Landlord and Tenant now desire to amend the Lease to (i) extend the term of the Lease beyond October 31, 2018, all as more particularly set forth herein, and (ii) expand the size of the Existing Premises by adding approximately 192 rentable square feet on the first floor of the Building commonly known as Suite 14-103, as more particularly described on Exhibit A attached hereto (the “Second Expansion Premises”).
		

		
			AGREEMENTS:
		

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

			
	
			
				 1.
			

			
	
			
			Second Expansion Premises.  In addition to the Existing Premises, commencing on the Second Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Second Expansion Premises.

		
			 
		

			
					
						 

					
					
						1

					
					
						

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			2.Delivery.  The “Second Expansion Premises Commencement Date” shall be the date that is 1 day after the mutual execution and delivery of this Second Amendment by the parties.
		

		
			Except as otherwise expressly provided in this Second Amendment: (i) Tenant shall accept the Second Expansion Premises in their “as-is” condition as of the Second Expansion Premises Commencement Date; (ii) Landlord shall have no obligation for any defects in the Second Expansion Premises; and (iii) Tenant’s taking possession of the Second Expansion Premises shall be conclusive evidence that Tenant accepts the Second Expansion Premises and that the Second Expansion Premises were in good condition at the time possession was taken.
		

		
			Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of all or any portion of the Second Expansion Premises, and/or the suitability of the Second Expansion Premises for the conduct of Tenant’s business, and Tenant waives any implied warranty that the Second Expansion Premises are suitable for the Permitted Use.
		

		
			3.Premises.  Notwithstanding anything to the contrary contained in the Lease, commencing on the Second Expansion Premises Commencement Date, the definition of “Premises” shall mean (i) the “Original Premises” containing approximately 20,917 rentable square feet, (ii) the “Expansion Premises” containing approximately 5,233 rentable square feet, and (iii) the “Second Expansion Premises” containing approximately 192 rentable square feet.
		

		
			4.Total Rentable Area.  Commencing on the Second Expansion Premises Commencement Date, the definition of “Total Rentable Area” in Article 7 of Exhibit 1, Sheet 1 of the Lease shall be deleted in its entirety and replaced with the following:
		

		
			“Total Rentable Area:  26,342 rentable square feet”
		

		
			5.Operating Costs and Taxes.  Commencing on the Second Expansion Premises Commencement Date, the definitions of “Tenant’s Proportionate Common Share of Complex” and “Tenant’s Proportionate Building Share” shall be deleted in their entirety and replaced with the following:
		

		
			“Tenant’s Proportionate Common Share of Complex:  4.12%
		

		
			Tenant’s Proportionate Building Share:  20.38%”
		

		
			Notwithstanding the foregoing, (a) Tenant shall not be required to make any payment on account of Tenant’s Proportionate Common Area Share of Complex or Tenant’s Proportionate Share of Building with respect to the Second Expansion Premises through October 31, 2018, and (b) Tenant shall continue to pay through October 31, 2018, (i) with respect to the Original Premises, the Operating Expense Share pursuant to Section 9.3 of the Original Lease and the Tax Share pursuant to Section 9.2 of the Original Lease, and (ii) with respect to the Expansion Premises, the Tax Excess and Operating Expense Excess pursuant to Section 4 of the First Amendment.
		

		
			6.Extension of Term.  The term of the Lease is hereby extended with respect to the entire Premises (including the Second Expansion Premises) beyond October 31, 2018, for the period beginning on November 1, 2018, and ending on October 31, 2023 (the “Additional
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						2

					
					
						

				

		
			
		

		
			

		 

 

		

		
			 
		

		
			Term”).  The Additional Term shall be upon all of the same terms and conditions of the Lease in effect as of the date hereof except as otherwise set forth herein.  Tenant acknowledges and agrees that it currently occupies the Existing Premises and is familiar with the condition thereof and that (without in any way limiting or derogating from Landlord’s ongoing repair and maintenance obligations set forth in the Lease), the Existing Premises is leased to Tenant in “as-is” condition without any representation or warranty, express or implied, as to the condition or fitness for Tenant’s use thereof. Tenant agrees that, except as provided in the immediately following sentence, Landlord has no work to perform in or on the Premises (including the Second Expansion Premises) to prepare same for Tenant’s use and occupancy.  Landlord agrees to modify Tenant’s dedicated air handling unit and/or the base building chilled water plant, as determined by Landlord in its sole and absolute discretion, to a design that is configured to provide air at a 55 degree discharge temperature at the unit on a design day of 91 degrees dry bulb/74 degrees wet bulb (“Landlord’s Second Amendment Work”).
		

		
			Tenant acknowledges that Landlord will require access to portions of the Premises in order to perform Landlord’s Second Amendment Work. Landlord and its contractors and agents shall have the right to enter the Premises at reasonable times and upon reasonable notice (which notice need not be in writing) to perform Landlord’s Second Amendment Work and Tenant shall cooperate with Landlord in connection with the same.  Landlord shall reasonably coordinate its performance of Landlord’s Second Amendment Work with Tenant.  Landlord shall use reasonable efforts to minimize interference with Tenant’s operations in the Premises during the performance of Landlord’s Second Amendment Work; provided, however, that Landlord shall not have any obligation to incur any overtime costs with respect to Landlord’s Second Amendment Work unless Tenant agrees to pay for any actual incremental overtime costs (over and above what the cost would otherwise have been for regular time). Tenant acknowledges that Landlord’s performance of Landlord’s Second Amendment Work may adversely and temporarily affect Tenant’s use and occupancy of the Premises.  Tenant waives all claims against Landlord for rent abatement in connection with Landlord’s Second Amendment Work.
		

		
			7.Payment of Yearly Rent for and During the Additional Term.  Subject to the immediately following paragraph, Tenant shall pay Yearly Rent as provided for in the Lease through October 31, 2018.  Commencing on November 1, 2018, Tenant shall pay Yearly Rent in the amount of $74.00 per rentable square foot of the entire Premises per year.  Commencing on November 1, 2019, and thereafter on each November 1st during the Additional Term (each, an “Adjustment Date”), Yearly Rent shall increase by multiplying the Yearly Rent then-payable under the Lease by 3% and adding the resulting amount to the Yearly Rent payable under the Lease immediately before such Adjustment Date (i.e., such that the new Yearly Rent is equal to 103% of the previous Yearly Rent).
		

		
			Notwithstanding anything to the contrary contained herein or in the Lease, so long as Tenant is not in default under the Lease, Tenant shall not be required to pay Yearly Rent with respect to the Second Expansion Premises for the period commencing on the Second Expansion Premises Commencement Date through October 31, 2018.  Tenant shall commence paying Yearly Rent with respect to the Second Expansion Premises in the amount provided for in the immediately preceding paragraph on November 1, 2018.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						3

					
					
						

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			8.Payment of Operating Expense Share and Tax Share For and During the Additional Term.  In addition to the payment of Yearly Rent for the Premises and other amounts payable under the Lease, for and during the Additional Term Tenant shall, notwithstanding anything to the contrary contained in the First Amendment, pay the Operating Expense Share with respect to the entire Premises pursuant to Section 9.3 of the Original Lease and the Tax Share with respect to the entire Premises pursuant to Section 9.2 of the Original Lease. For the avoidance of doubt, commencing on the first day of the Additional Term, the Lease shall be a triple net Lease.
		

		
			Commencing on the first day of the Additional Term, the terms “Real Estate Tax Base Year,” “Building Tax Base,” “Common Area Tax Base,” “Tax Excess,” “Operating Costs Base Year” and “Common Area Excess” are hereby deleted in their entirety and of no further force or effect and there shall be no base year with respect to the payment of Taxes or Operating Expenses with respect to any portion of the Premises.
		

		
			Tenant acknowledges and agrees that commencing on November 1, 2018, the Management Fee payable by Tenant under the Lease as part of Operating Costs shall be equal to 3% of Yearly Rent.
		

		
			9.Electricity Payments For and During Additional Term.  In addition to the Yearly Rent and other amounts payable under the Lease, for and during the Additional Term, Tenant shall continue to be obligated to pay for its electricity usage in the Premises (the Original Premises, the Expansion Premises and the Second Expansion Premises) in accordance with the provisions of Article 8.1 of the Lease.
		

		
			10.Further Extension.  Tenant acknowledges and agrees that, notwithstanding anything in the Lease to the contrary, Tenant shall have no further right to extend the term of the Lease beyond the Additional Term.  Accordingly, on or before October 31, 2023, Tenant shall quit, vacate and yield-up the Premises in broom clean condition and free from all personal property, furniture, fixtures, inventory and equipment and otherwise in accordance with the surrender provisions of the Lease, including, without limitation, the decommissioning requirements set forth in Section 29.11(f) of the Lease.
		

		
			11.Brokers.  Landlord and Tenant each represents and warrants to the other party that it has not authorized, retained or employed, or acted by implication to authorize, retain or employ, any real estate broker or salesman to act for it or on its behalf in connection with this Second Amendment so as to cause the other party to be responsible for the payment of a brokerage commission, except for CBRE and Newmark Grubb Knight Frank (collectively, the “Brokers”).  Any fees payable to the Brokers are the responsibility of Landlord pursuant to separate written agreement with the Brokers.  Landlord and Tenant shall each indemnify, defend and hold the other party harmless from and against any and all claims by any real estate broker or salesman (other than the Brokers) whom the indemnifying party authorized, retained or employed, or acted by implication to authorize, retain or employ, to act for the indemnifying party in connection with this Second Amendment.
		

		
			12.Tenant’s Continuing Obligation to Maintain Letter of Credit under Section 29.13 of the Lease.  Landlord is currently holding, as security for Tenant’s obligations under the Lease, the Letter of Credit described in Section 29.13 of the Original Lease (as amended by Section 9 of
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						4

					
					
						

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			the First Amendment, in the amount of $311,233.17 (the “Letter of Credit”).  For and during the Additional Term: (a) Landlord shall continue to hold the Letter of Credit as security for Tenant’s obligations under the Lease; (b) Landlord shall have the right to draw down the Letter of Credit, if necessary, in accordance with the provisions of Section 29.13 of the Lease; and (c) Tenant shall be obligated to comply with the provisions of Section 29.13 with respect to maintaining, reviewing and replacing, as necessary, the Letter of Credit.
		

		
			13.Counterpart Execution.  This Second Amendment may be executed in counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one fully executed original Second Amendment, binding upon the parties hereto, notwithstanding that all of the parties hereto may not be signatories to the same counterpart.
		

		
			14.Miscellaneous.  In all other respects, the Lease shall remain unmodified and shall continue in full force and effect, as amended hereby.  The parties hereby ratify, confirm, and reaffirm all of the terms and conditions of the Lease, as amended hereby.
		

		
			15.Intentionally Omitted.
		

		
			16.Energy Use Reporting.  Tenant agrees to provide, within 10 business days of request by Landlord, such information and documentation as may be needed for compliance with the City of Cambridge Building Energy Use Disclosure Ordinance, Section 8.67.010 et seq. of the Municipal Code of the City of Cambridge (as the same may be amended, the “Cambridge Building Energy Use Disclosure Ordinance”), and other such energy or sustainability requirements as may be adopted from time to time by the City of Cambridge or any other governmental authority with jurisdiction over the Building, which information shall include without limitation usage at or by the Premises of electricity, natural gas, steam, hot or chilled water or other energy.  Landlord shall report to the applicable governmental authority such energy usage for the Building and other Building information as required by the Cambridge Building Energy Use Disclosure Ordinance.
		

		
			17.OFAC.  Tenant and all beneficial owners of Tenant are currently (a) in compliance with and shall at all times during the term of the Lease remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto (collectively, the “OFAC Rules”), (b) not listed on, and shall not during the term of the Lease be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List or the Sectoral Sanctions Identifications List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.
		

		
			18.Indemnity.  Notwithstanding anything to the contrary contained herein or in the Lease, Tenant acknowledges and agrees that, in order to reflect changes in applicable laws, Section 15.3 of the original Lease is hereby amended, retroactive to the date of the original Lease, to include the following language: “Tenant shall in no event be required to indemnify Landlord for losses, claims, liabilities or costs to the extent caused by the negligence or willful misconduct of Landlord or its employees or agents.”
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						5

					
					
						

				

		
			
		

		
			

		 

 

		

		
			 
		

		
			19.Asbestos.
		

		
			a.Notification of Asbestos.  Landlord hereby notifies Tenant of the presence of asbestos-containing materials (“ACMs”) and/or presumed asbestos-containing materials (“PACMs”) within or about the Premises in the locations identified in Exhibit B attached to this Second Amendment.
		

		
			b.Tenant Acknowledgement.  Tenant hereby acknowledges receipt of the notification in paragraph (a) of this Section 14 and understands that the purpose of such notification is to make Tenant and any agents, employees, and contractors of Tenant, aware of the presence of ACMs and/or PACMs within or about the Complex in order to avoid or minimize any damage to or disturbance of such ACMs and/or PACMs.
		

		
			___________
		

		
			Tenant’s Initials
		

		
			c.Acknowledgement from Contractors/Employees.  Tenant shall give Landlord at least 14 days’ prior written notice before conducting, authorizing or permitting any of the activities listed below within or about the Premises, and before soliciting bids from any person to perform such services.  Such notice shall identify or describe the proposed scope, location, date and time of such activities and the name, address and telephone number of each person who may be conducting such activities.  Thereafter, Tenant shall grant Landlord reasonable access to the Premises to determine whether any ACMs or PACMs will be disturbed in connection with such activities.  Tenant shall not solicit bids from any person for the performance of such activities without Landlord’s prior written approval.  Upon Landlord’s request, Tenant shall deliver to Landlord a copy of a signed acknowledgement from any contractor, agent, or employee of Tenant acknowledging receipt of information describing the presence of ACMs and/or PACMs within or about the Premises in the locations identified in Exhibit B prior to the commencement of such activities.  Nothing in this Section 14 shall be deemed to expand Tenant’s rights under the Lease or otherwise to conduct, authorize or permit any such activities.
		

		
			(i)Removal of thermal system insulation (“TSI”) and surfacing ACMs and PACMs (i.e., sprayed-on or troweled-on material, e.g., textured ceiling paint or fireproofing material);
		

		
			(ii)Removal of ACMs or PACMs that are not TSI or surfacing ACMs or PACMs; or
		

		
			(iii)Repair and maintenance of operations that are likely to disturb ACMs or PACMs.
		

		
			[Signatures on Following Page]
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						6

					
					
						

				

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			IN WITNESS WHEREOF the parties hereto have executed this Second Amendment of Lease on the date first written above in multiple copies, each to be considered an original hereof, as a sealed instrument.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						LANDLORD:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						ARE-MA REGION NO. 59, LLC,  

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						ALEXANDRIA REAL ESTATE EQUITIES, L.P., 

				
	
					
						 

					
					
						 

					
					
						a Delaware limited partnership, 

				
	
					
						 

					
					
						 

					
					
						managing member

				
	
					
						 

					
					
						By:

					
					
						ARE-QRS CORP., 

				
	
					
						 

					
					
						 

					
					
						a Maryland corporation, 

				
	
					
						 

					
					
						 

					
					
						general partner

				
	
					
						 

					
					
						By:

					
					
						/s/ Jennifer Banks

				
	
					
						 

					
					
						Name:

					
					
						Jennifer Banks

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						EVP, General Counsel

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						TENANT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						IN VIVO THERAPEUTICS CORPORATION, INC., 

				
	
					
						 

					
					
						a Delaware corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Christopher McNulty

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Christopher McNulty

					
					
						 

				
	
					
						 

					
					
						Its:

					
					
						Chief Financial Officer

					
					
						 

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						7

					
					
						

				

		
			
		

		
			

		 

 

		

		
			 
		

		
			CONSENT OF GUARANTOR:
		

		
			The undersigned, being the Guarantor under that certain Guaranty of Lease dated as of November 30, 2011 (the “Guaranty”) made by the undersigned in favor of Landlord, hereby consents to all of the terms, provisions, covenants and conditions set forth in this Second Amendment, and to the execution and delivery of this Second Amendment by Tenant.  Guarantor hereby agrees that all of the guarantees, terms, covenants, conditions, representations and warranties set forth in the Guaranty are in full force and effect for the benefit of Landlord and Guarantor hereby expressly affirms and confirms its obligations, guarantees and liabilities under the Lease, as amended by this Second Amendment.
		

		
			Witness the execution and delivery hereof as an instrument under seal as of the 31 day of October, 2017.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						IN VIVO THERAPEUTICS HOLDINGS CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 /s/ Christopher McNulty

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Christopher McNulty

					
					
						 

				
	
					
						 

					
					
						Its:

					
					
						Chief Financial Officer

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						8

					
					
						

				

		
			
		

		
			

		 

 

		

		
			Exhibit A
		

		
			Asbestos Disclosures
		

		
			NOTIFICATION OF THE PRESENCE OF ASBESTOS CONTAINING MATERIALS
		

		
			This notification provides certain information about asbestos within or about the Premises at Building 1400, One Kendall Square, Boston, Massachusetts (“Building”).
		

		
			Historically, asbestos was commonly used in building products used in the construction of buildings across the country.  Asbestos-containing building products were used because they are fire-resistant and provide good noise and temperature insulation.  Because of their prevalence, asbestos-containing materials, or ACMs, are still sometimes found in buildings today.
		

		
			Building 1400 was constructed in the early 1900s. No specific asbestos sampling/analysis data has been provided.  Based on the 2002 visual survey, the following materials were observed in Building 1400 that might contain asbestos, referred to as presumed asbestos-containing materials or PACMS:
		

		
			Building 1400
		

			
					
						 

					
					
						 

				
	
					
						Material Description

					
					
						Material Location

				
	
					
						Drywall/joint compound

					
					
						All Floors: throughout walls; portions of east and center elevator lobby ceilings

					
						Fourth Floor: locker room ceilings

				
	
					
						12” gray floor tile and mastic

					
					
						Basement: west hallway by stairs

				
	
					
						White with gray vinyl sheet flooring

					
					
						Basement: Microbia glass wash room

				
	
					
						12” white/blue/pink floor tile and mastic

					
					
						First Floor: Suntory Pharmaceutical, northwest laboratory, kitchen, and east side rooms

					
						Second Floor: Microbia, west side laboratory (assumed throughout) 

				
	
					
						White vinyl sheet flooring

					
					
						First Floor: Suntory Pharmaceutical, south side laboratories

				
	
					
						12” beige floor tile and mastic

					
					
						First Floor: loading dock and service elevator hallway

				
	
					
						12” light gray floor tile and mastic

					
					
						First Floor: Incert Software, kitchen

				
	
					
						12” white with gray floor tile and mastic

					
					
						Second Floor: Microbia, east side hallway by stairs

					
						Third Floor: Microbia, southwest hallway

				
	
					
						12” light gray floor tile and mastic

					
					
						Third Floor: Microbia, center hallway and hallways by center and east stairs

				
	
					
						12” white with black speck floor tile and mastic

					
					
						Fourth Floor: Microbia, west end laboratory (assumed throughout)

				

		
			 
		

			
					
						 

					
					
						A-1

					
					
						

				

		
			
		

		
			

		 

 

		

		
			 
		

		
			 
		

			
					
						12” gray and white floor tile and mastic

					
					
						Fourth Floor: Microbia, southwest hallway and east side lunch room

				
	
					
						Gray rubberized flooring

					
					
						Fourth and Fifth Floors: Microbia, center stairwell

				
	
					
						12” dark gray floor tile and mastic

					
					
						Fifth Floor: Microbia, east side hallway and elevator lobby

				
	
					
						12” white and gray floor tile and mastic

					
					
						Fifth Floor: Microbia, east side hallways; west side laboratories (assumed throughout)

				
	
					
						12” gray floor tile and mastic

					
					
						Fifth Floor: Microbia, center stairwell landing

				
	
					
						2’ x 4’ ceiling tile

					
					
						First Floor: Suntory Pharmaceutical, laboratory (assumed throughout)

				
	
					
						2’ x 2’ ceiling tile (curves pattern)

					
					
						First Floor: Suntory Pharmaceutical, north offices

				
	
					
						2’ x 2’ ceiling tile

					
					
						First Floor: Incert Software, center office areas

				
	
					
						2’ x 2’ ceiling tile

					
					
						First Floor: Genzyme, office areas (assumed throughout)

					
						Second Floor: Genzyme, east side office areas; Microbia office areas (201)

					
						Third Floor: Genzyme, southwest hallway, center and east side offices (302-304)

					
						Fourth Floor: Genzyme, offices and laboratories (assumed throughout)

					
						Fifth Floor: Genzyme, center and east side offices (assumed throughout)

				
	
					
						2’ x 4’ ceiling tile

					
					
						Second Floor: Microbia, west side laboratory (assumed throughout); Genzyme, center office areas (203)

					
						Third Floor: Genzyme, west side laboratory (assumed throughout)

					
						Fifth Floor: Genzyme, west side laboratory (assumed throughout)

				
	
					
						Fireproofing 

					
					
						All Floors: beams and columns, with some overspray on decking

				
	
					
						Stucco

					
					
						Exterior overhang and east side walk area and perimeter of windows

				

		
			 
		

		
			 
		

			
					
						 

					
					
						A-2

					
					
						

				

		
			
		

		
			

		 

 

		

		
			 
		

		
			Because ACMs and PACMs may be present within or about the Building, we have hired an independent environmental consulting firm to prepare an operations and maintenance program (“O&M Program”).  The O&M Program is designed to minimize the potential of any harmful asbestos exposure to any person within or about the Building.  The O&M Program includes a description of work methods to be taken in order to maintain any ACMs or PACMs within or about the Building in good condition and to prevent any significant disturbance of such ACMs or PACMs.  Appropriate personnel receive regular periodic training on how to properly administer the O&M Program.
		

		
			The O&M Program describes the risks associated with asbestos exposure and how to prevent such exposure through appropriate work practices.  ACMs and PACMs generally are not thought to be a threat to human health unless asbestos fibers are released into the air and inhaled.  This does not typically occur unless (1) the ACMs are in a deteriorating condition, or (2) the ACMs have been significantly disturbed (such as through abrasive cleaning, or maintenance or renovation activities).  If inhaled, asbestos fibers can accumulate in the lungs and, as exposure increases, the risk of disease (such as asbestosis or cancer) increases.  However, measures to minimize exposure, and consequently minimize the accumulation of asbestos fibers, reduce the risks of adverse health effects.
		

		
			The O&M Program describes a number of activities that should be avoided in order to prevent a release of asbestos fibers.  In particular, you should be aware that some of the activities which may present a health risk include moving, drilling, boring, or otherwise disturbing ACMs.  Consequently, such activities should not be attempted by any person not qualified to handle ACMs.
		

		
			The O&M Program is available for review during regular business hours at Landlord’s office located at 400 Technology Square, Suite 101, Cambridge, MA 02139.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						A-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]