Document:

Amended and Restated Restricted Stock Agreement - Michael Stewart

 Exhibit 10.54 
 AMENDED AND RESTATED 
 RESTRICTED STOCK AGREEMENT 

THIS AMENDED AND RESTATED RESTRICTED STOCK AGREEMENT (the “Restricted Stock Agreement”) is made and entered into as of August 11, 2011 by
and between PhotoMedex, Inc., a Nevada corporation (the “Company”), having its executive offices at 147 Keystone Drive, Montgomeryville, PA 18936, and Michael Stewart (the “Purchaser”), having his residence at 3930 Ruckman Way,
Doylestown, PA 18902. The parties acknowledge and agree that this Restricted Stock Agreement shall become effective only upon the closing of the transactions contemplated under the terms of that certain Agreement and Plan of Merger executed by and
between the Company, PHMD Merger Sub, Inc., a wholly owned subsidiary of the Company, and Radiancy, Inc. as of July 4, 2011 (the “Merger”). If the closing of the Merger (the “Closing”) does not occur on or prior to
January 31, 2012, this Restricted Stock Agreement shall become null and void and of no further effect; provided, however, that the Original Agreement (as hereinafter defined) shall then continue in effect in accordance with its terms.

 WHEREAS, the parties previously entered into that certain Restricted Stock Agreement dated March 30, 2011 (the “Effective
Date”) (the “Original Agreement”); and 
 WHEREAS, in connection with and expressly conditioned upon the Closing, and in further
consideration of the Company’s agreement to grant the Purchaser the right to acquire additional Restricted Shares under a Restricted Stock Agreement entered into between the Company and the Purchaser dated July 4, 2011, the Company and the
Purchaser agreed to amend and restate the Original Agreement (the “Restated Agreement”) on the terms provided herein; and 
 WHEREAS,
in connection with and expressly conditioned upon the Closing, the parties desire to further amend the vesting provisions of the Restated Agreement, on the terms provided herein; and 
 WHEREAS, capitalized terms used but not otherwise defined herein shall have the meaning set forth in the PhotoMedex, Inc. 2005 Equity Compensation Plan (the “Plan”). The Purchaser agrees to be
bound by the terms and conditions of the Plan, which are incorporated herein by reference and which control in case of any conflict with this Restricted Stock Agreement, except as otherwise specifically provided in the Plan. 

SECTION 1 ACQUISITION OF SHARES. 

(a) Issuance. On the terms and conditions set forth in this Restricted Stock Agreement, the Company agrees to issue One Hundred
Thousand (100,000) Restricted Shares to the Purchaser. The issuance shal1 occur at the offices of the Company as of the Effective Date set forth above. 
 (b) Consideration. The Purchaser agrees to pay to the Company the sum of $0.01 (the “Per Share Purchase Price”) for each of such Shares, representing the par value thereof. Payment shall
be made on the issuance date by delivery to the Company of the Purchaser’s check in the amount of the aggregate purchase price. 

 (c) Defined Terms. Certain capitalized terms are defined in Sections 2 and 3 of this
Restricted Stock Agreement. 
 SECTION 2 RIGHT OF REPURCHASE. 
 (a) Scope of Repurchase Right. Until they vest in accordance with Section 2(b) below, the Purchased Shares shall be Restricted Shares and shall be subject to the Right of Repurchase. The
Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Purchaser’s Service. 
 (b) Lapse of Repurchase Right. 
 (i) Notwithstanding any
provisions of the Plan to the contrary, the Right of Repurchase with respect to such number of the Restricted Shares that, (1) when considered in connection with all other payments to be made to the Purchaser in connection with the Closing,
would result in the Purchaser receiving the amount he could receive without the acceleration of the Restricted Shares (and all other applicable payments) being subject to the excise tax provisions of Section 4999 of the Code, and (2) such
amount as described in the immediately preceding proviso (1), when combined with all other “applicable employee remuneration” (within the meaning of Code Section 162(m)(4)) payable to the Purchaser for such taxable year, shall not
cause the applicable employee remuneration to materially exceed $1,000,000, shall lapse upon the Closing, so long as the Purchaser continues to be a Service Provider at all times from the Effective Date through the Closing (such number of Restricted
Shares as shall so vest upon the Closing to be referred to herein as the “Accelerated Shares”). Except as otherwise provided in Section 2(b)(ii), the Right of Repurchase with respect to the remaining Restricted Shares (i.e., all
Restricted Shares other than the Accelerated Shares) shall lapse with respect to 33 1/3 percent (33 1/3%) of such remaining Restricted Shares on each of the first, second and third anniversaries of the Closing, so long as the Purchaser continues to be a Service Provider at all times from the Effective Date
through each such anniversary. The determination of the number of Accelerated Shares shall be made by an accounting firm selected by the Company and consented to by the Purchaser, which consent shall not be unreasonably withheld.

 (ii) Notwithstanding Section 2(b)(i), following the Closing, all of the remaining Restricted Shares shall
earlier vest, and the Right of Repurchase shall lapse, upon the first to occur of (i) the termination of the Purchaser’s employment by the Company without Cause or as the result of the Company’s non-renewal of the Purchaser’s New
Employment Agreement; (ii) the termination of the Purchaser’s employment with the Company by him for Good Reason; or (iii) the termination of the Purchaser’s employment with the Company as the result of his death or Disability,
in each instance so long as the Purchaser continues to be employed by the Company at all times from the Effective Date through the date of the applicable vesting event. 
 (c) Escrow. Upon issuance, the certificate(s) for Purchased Shares shall be deposited in escrow with the Company to be held in accordance with the provisions of this Restricted Stock Agreement. Any
additional or exchanged securities or other property described in Section 2(f) below shall be delivered to the Company to be held in escrow. All ordinary cash dividends on Purchased Shares (or on other securities held in escrow) shall be

  
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paid directly to the Purchaser and shall not be held in escrow. Purchased Shares, together with any other assets held in escrow under this Restricted Stock Agreement, shall be
(i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase or (ii) released to the Purchaser upon his or her request to the extent that the Purchased Shares have ceased to be Restricted Shares (but not more
frequently than once every six months). In any event, all Purchased Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Restricted Stock Agreement, shall be released within 90 days after
the termination of the Purchaser’s Service. 
 (d) Exercise of Repurchase Right. The Company shall be deemed to have
exercised its Right of Repurchase automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of the Restricted Shares pursuant to Section 9 that
it will not exercise its Right of Repurchase for some or all of the Restricted Shares. During the Repurchase Period, the Company shall pay to the holder of the Restricted Shares the purchase price determined under Sections 1(b) and 2(a) above
for the Restricted Shares being repurchased ($0.01 per Share, as adjusted for stock splits, stock dividends and similar corporate transactions). Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company
incurred by the Purchaser. The certificate(s) representing the Restricted Shares being purchased shall be delivered to the Company (if not already held by the Company). 
 (e) Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 2 and the Company makes available the consideration for the Restricted Shares
being repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of such consideration). Such Restricted Shares shall be
deemed to have been repurchased pursuant to this Section 2 whether or not the certificate(s) for such Restricted Shares have been delivered to the Company or the consideration for such Restricted Shares has been accepted. 

(f) Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another
entity, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a
similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted
Shares shall continue to be subject to the Right of Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares and to all of the
provisions of this Section 2, including the price per share to be paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of a merger or
consolidation of the Company with or into another entity or any other corporate reorganization, the Right of Repurchase may be exercised by the Company’s successor. 
 (g) Transfer of Restricted Shares. The Purchaser shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company’s written consent

  
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(which consent may be withheld with or without any reason therefor), except as provided in the following sentence. The Purchaser may transfer Restricted Shares to one or more members of the
Purchaser’s Immediate Family or to a trust or partnership established by the Purchaser for the benefit of the Purchaser and/or one or more members of the Purchaser’s Immediate Family, provided in either case that the Transferee agrees in
writing on a form prescribed by the Company to be bound by all provisions of this Restricted Stock Agreement. If the Purchaser transfers any Restricted Shares, then this Restricted Stock Agreement shall apply to the Transferee to the same extent as
to the Purchaser. 
 (h) Assignment of Repurchase Right. The Board of Directors may freely assign the Company’s
Right of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall assume all of the Company’s rights and obligations under this Section 2. 

(i) Part-Time Employment and Leaves of Absence. If the Purchaser commences working on a part-time basis, then the Company may
adjust the vesting schedule set forth in Section 2(b) above in accordance with the Company’s part-time work policy or the terms of an agreement between the Purchaser and the Company pertaining to his or her part-time schedule. If the
Purchaser goes on a leave of absence, then the Company may adjust the vesting schedule set forth in Section 2(b) above in accordance with the Company’s leave of absence policy or the terms of such leave. Except as provided in the preceding
sentence, Service shall be deemed to continue while the Purchaser is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting of Service is expressly required by the
terms of such leave or by applicable law (as determined by the Company). Service shall be deemed to terminate when such leave ends, unless the Purchaser immediately returns to active work. 
 SECTION 3 OTHER DEFINITIONS. 
 “Cause” shall have the
meaning ascribed to such term under the New Employment Agreement. 
 “Good Reason” shall have the meaning
ascribed to such term under the New Employment Agreement; provided, however, that, for purposes of this Restricted Stock Agreement only, subsection (c)(3) of the definition of Good Reason shall read as follows: 

(3) A reduction of the Executive’s base salary or bonus opportunity. 

“Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships. 
 “New Employment Agreement” shall mean an amended and restated employment agreement to be entered into by and between the Purchaser and the Company which agreement shall become effective
only upon and subject to the Closing, and which shall supercede in its entirety that certain Amended and Restated Employment Agreement dated May 6, 2008, 

  
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including any amendments thereto, as previously entered into by and between the Company and the Purchaser. 
 “Purchased Shares” shall mean the Shares purchased by the Purchaser pursuant to this Restricted Stock Agreement. 
 “Repurchase Period” shall mean a period of 180 consecutive days commencing on the date when the Purchaser’s Service terminates for any reason. 

“Restricted Shares” shall mean a Purchased Share that is subject to the Right of Repurchase. 

“Right of Repurchase” shall mean the Company’s right of repurchase described in Section 2. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Service” shall mean service to the Company or its subsidiaries as an Employee. 

“Share” shall mean one share of Stock. 
 “Stock” shall mean the Common Stock of the Company, par value $0.01 per Share. 
 “Transferee” shall mean any person to whom the Purchaser directly or indirectly transfers any Purchased Shares. 
 SECTION 4 OTHER RESTRICTIONS ON TRANSFER 
 (a) Purchaser
Representations. In connection with the issuance and acquisition of Shares under this Restricted Stock Agreement, the Purchaser hereby represents and warrants to the Company as follows: 

(i) The Purchaser has received a copy of an offering memorandum relating to the sale of the Purchased Shares to the Purchaser hereunder.

 (ii) The Purchaser acknowledges his or her understanding that if he or she is an “affiliate” of the Company, the
Purchaser’s right to resell the Purchased Shares after the Company’s Right of Repurchase lapses is restricted under the Securities Act. 
 (iii) The Purchaser will not sell, transfer or otherwise dispose of the Purchased Shares in violation of the Securities Act or the rules promulgated thereunder, including Rule 144 under the
Securities Act. The Purchaser agrees that he or she will not dispose of the Purchased Share unless and until he or she has complied with all requirements of this Restricted Stock Agreement applicable to the disposition of Purchased Shares and he or
she 

  
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has provided the Company with written assurances, in substance and form reasonably satisfactory to the Company, that (A) the proposed disposition does not require registration of the
Purchased Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from registration available under the Securities Act (including
Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Purchased Shares under securities law. 

(b) Securities Law Restrictions. 
 (i) Regardless of whether the offering and sale of Shares under this Restricted Stock Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws
of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Purchased Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(ii) Inasmuch as the Purchaser is an affiliate of the Company by virtue of the fact that he is executive officer of the Company, the
Purchaser is subject to Section 16 of the Securities and Exchange Act, and is thereby obliged to make reports to the Securities and Exchange Commission under the Forms 3, 4 and 5 and is subject to the “short swing profit” rules.

 (iii) The Purchaser is also obliged to comply with the Company’s Securities Trading Policy which provides for, among
other things, certain black-out or no-trading periods and, consistent with the Securities Act, not to trade shares based on material non-public information that comes into the Purchaser’s possession. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Purchased Shares that have been
sold or transferred in contravention of this Restricted Stock Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been
transferred in contravention of this Restricted Stock Agreement. 
 SECTION 5 SUCCESSORS AND ASSIGNS. 

Except as otherwise expressly provided to the contrary, the provisions of this Restricted Stock Agreement shall inure to the benefit of, and be binding
upon, the Company and its successors and assigns and shall be binding upon the Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has
become a party to this Restricted Stock Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. 
 SECTION 6 NO RETENTION RIGHTS. 

  
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 Nothing in this Restricted Stock Agreement shall confer upon the Purchaser any right to continue in Service
for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser) or of the Purchaser, including without limitation such rights as the
Purchaser has under the New Employment Agreement. If there is any conflict between this Restricted Stock Agreement and the New Employment Agreement, the New Employment Agreement shall control. 

SECTION 7 TAX ELECTION & SHARE WITHHOLDING. 
 (a) Tax Election. The acquisition of the Purchased Shares may result in adverse tax consequences that may be avoided or mitigated by filing an election under Code Section 83(b). Such election
may be filed only within 30 days after the Effective Date. The Purchaser should consult with his or her tax advisor to determine the tax consequences of acquiring the Purchased Shares and the advantages and disadvantages of filing the Code
Section 83(b) election. The Purchaser acknowledges that it is his or her sole responsibility, and not the Company’s responsibility, to file a timely election under Code Section 83(b), even if the Purchaser requests the Company or its
representatives to make this filing on his or her behalf. CIRCULAR 230 DISCLAIMER: Nothing contained herein concerning certain federal income tax considerations is intended or written to be used, and cannot be used for the purpose of
(i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transactions or tax-related matters addressed herein. 

(b) Share Withholding. The Company shall have the power and right to deduct or withhold, or require the Purchaser to remit to the
Company, an amount sufficient to satisfy the minimum federal, state, and local taxes required by law to be withheld with respect to any grant, sale, exercise, or payment made under or as a result of this Restricted Stock Agreement. The foregoing
notwithstanding, the Purchaser may elect to satisfy the withholding requirement, if any, in whole or in part, by having the Company withhold Shares from the Shares that would otherwise be transferred to the Purchaser having a Fair Market Value, on
the date the tax is to be determined, equal to the minimum amount of any required withholding taxes as the result of the vesting of the Shares, and the Company shall remit the amount of such withholding to the proper tax authorities. All elections
shall be made in writing and signed by the Purchaser. 
 SECTION 8 LEGENDS. 
 All certificates evidencing Purchased Shares shall bear the following legend: 
 “THE SHARES
REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE ISSUER OF SUCH SHARES AND THE REGISTERED HOLDER OF SUCH SHARES (OR THE
PREDECESSOR IN INTEREST TO SUCH HOLDER OF SHARES). SUCH AGREEMENT GRANTS TO SUCH ISSUER CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF SUCH 

  
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ISSUER WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
 If required by the authorities of any state in connection with the issuance of the Purchased Shares, the legend or legends required by such state authorities shall also be endorsed on all such
certificates. 
 SECTION 9 NOTICE. 
 Any notice required by the terms of this Restricted Stock Agreement shall be given in writing and shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with a recognized overnight courier service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and
to the Purchaser at the address that he or she most recently provided to the Company in accordance with this Section 9. 
 SECTION 10
ENTIRE AGREEMENT. 
 This Restricted Stock Agreement, together with the Plan, constitute the entire contract between the parties hereto with
regard in the subject matter hereof and supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof, including, without limitation, the Original
Agreement. 
 SECTION 11 CONFLICTS OF LAW. 
 This Restricted Stock Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada, without regard to conflict of laws principles. 

IN WITNESS WHEREOF, each of the parties has executed this Restricted Stock Agreement, in the case of the Company by
its duly authorized officer, as of the 11th of August,
2011, to become effective only upon and subject to the Closing. 
  

											
	PURCHASER:	 		 	PHOTOMEDEX, INC.
					
		 	 /s/ Michael Stewart
	 		 	By:	 	 /s/ Richard J. DePiano

	Name:	 	Michael Stewart	 		 	Name:	 	Richard J. DePiano
		 		 		 	Title:	 	Chairman of the Board or Directors

  
 8Lease - The Board of Trustees of the Leland Stanford Junior University

 Exhibit 10.1 
 SUBLEASE 
 THIS SUBLEASE, dated as of November 1, 2010, is
entered into between TELIK, INC., a Delaware corporation (“Sublandlord”), and THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY, a body having corporate powers under the laws of the State of California
(“Subtenant”). 
 RECITALS 

A. ARE-SAN FRANCISCO NO. 24, LLC, a Delaware limited liability company, as successor-in-interest to the original landlord
(“Master Landlord”) and Sublandlord are parties to that certain Commercial Lease dated July 25, 2002 (the “Master Lease”), pursuant to which Master Landlord leases to Sublandlord and Sublandlord
leases from Master Landlord that certain building of approximately 91,644 rentable square feet (the “Building”) commonly known as 3165 Porter Drive, Palo Alto, CA and more particularly described on the attached Exhibit
A (the “Premises”). All capitalized terms not otherwise defined in this Sublease shall have the meanings set forth in the Master Lease. 
 B. Sublandlord desires to sublet the Premises to Subtenant, and Subtenant desires to hire the Premises from Sublandlord, upon and subject to the terms and conditions set forth in this Sublease.

 NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is acknowledged, Sublandlord and Subtenant
agree as follows: 
  

	 	1.	PREMISES 

 1.1
Premises. Subject to the terms and conditions of this Sublease, Sublandlord sublets the Premises to Subtenant, and Subtenant sublets the Premises from Sublandlord. 
 1.2 Parking Areas. Subtenant, its employees and invitees shall have the exclusive right to use the parking areas located on the Common Area, subject to the terms and conditions of the Master Lease.

  

	 	2.	TERM 

 2.1 Term.
Subject to Section 2.2, the term of this Sublease (the “Term”) shall commence on November 1, 2010 (the “Commencement Date”). The Term shall expire on May 31, 2014 (the
“Expiration Date”); provided that in no event shall the Term extend beyond the expiration of the lease term under the Master Lease. The date this Sublease actually terminates is referred to herein as the
“Termination Date”. 
 2.2 Conditions to Sublease. Notwithstanding the above, this Sublease is
expressly conditioned on the following: (a) the receipt by Subtenant of a consent from Master Landlord with respect to this Sublease in a form reasonably satisfactory to Sublandlord and Subtenant (the “Consent”);
(b) the execution by Subtenant and Master Landlord of a direct lease for the Premises which will commence upon the Termination Date of this Sublease (the “Direct Lease”); (c) the receipt by Subtenant of a
non-disturbance and attornment agreement in a form reasonably satisfactory to Subtenant from any lender who currently holds a security interest in the Premises; and (d) the receipt by Subtenant of documentation that all laboratory spaces,
including the vivarium, have been decommissioned in accordance with all laws and regulations (collectively, the “Conditions”). With respect to the decommission of the vivarium, Sublandlord shall also provide Subtenant with
any additional documentation which may be required under Section 12 of the Master Lease. In the event the Conditions are not satisfied by October 31, 2010, either party shall have the right to terminate this Sublease upon written
notice to the other party delivered at any time prior to the satisfaction of the Conditions, in which event neither party shall have any further obligations or liabilities to the other under this Sublease. 

  
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 2.3 Failure to Deliver Possession. If for any reason (other than the failure to
satisfy the Conditions) Sublandlord cannot deliver possession of the Premises to Subtenant by the Commencement Date, Subtenant shall be entitled to a one (1) day delay in the Rent Commencement Date for each one (1) day of delay possession;
provided, however, the validity of this Sublease shall not be affected and Subtenant shall have no other claim against Sublandlord arising out of Sublandlord’s failure to deliver possession of the Premises by the Commencement Date.
Notwithstanding the foregoing, however, if Sublandlord has not delivered to Subtenant the Premises within thirty (30) days after the Commencement Date, Subtenant shall have the right to terminate this Sublease by delivery to Sublandlord of a
termination notice (the “Termination Notice”) which shall be effective immediately upon receipt by Sublandlord. In the event Subtenant elects to terminate this Lease, Subtenant must deliver the Termination Notice to
Sublandlord prior to a date that the Premises are actually delivered to Subtenant. Upon such termination, neither party shall have any further obligations or liabilities to the other under this Sublease. 

2.4 Temporary Occupancy. During the period between the Commencement Date and November 30, 2010, Sublandlord shall occupy the
portion of the second floor of the Building as more particularly described on the attached Exhibit B. Sublandlord shall pay Subtenant Sublandlord’s proportionate share (based on the square footage of Sublandlord’s space as
set forth on Exhibit B) of Operating Expenses as well as any janitorial and utility expenses incurred by Subtenant or paid to Master Landlord by Subtenant during Sublandlord’s occupancy. Sublandlord shall pay an estimate of such
amounts due on a monthly basis during the period of Sublandlord’s occupancy in accordance with the terms of Section 5.3 of the Master Lease. Such estimated payments paid by Sublandlord shall be reconciled against the actual Operating
Expenses and any janitorial and utility expenses applicable to the period of Sublandlord’s occupancy in accordance with the terms of Section 5.3 of the Master Lease. 

 

	 	3.	CONDITION OF PREMISES. 

On the Commencement Date, Sublandlord agrees to deliver, and Subtenant agrees to accept, the Premises in its “as-is, where is”
condition. Sublandlord shall not be required to perform any work in the Premises to prepare the same for occupancy by Subtenant or to trigger the Commencement Date or Rent Commencement Date, except as otherwise expressly provided in this Sublease.
Subtenant acknowledges that Sublandlord has not made any representation or warranty with respect to this Sublease, including, without limitation, any representation or warranty as to the suitability of the Premises for the conduct of
Subtenant’s business. 

  
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	 	4.	RENT 

 4.1 Base
Rent. Commencing on the date which is two (2) months after the Commencement Date (the “Rent Commencement Date”), and thereafter during the Term, Subtenant shall pay to Sublandlord monthly base rent in the amount of
Two and 15/100 Dollars ($2.15) per square foot, for a total monthly Base Rent of One Hundred Ninety Seven, Thirty-Four and 60/100 Dollars ($197,034.60) (“Base Rent”). Base Rent shall increase by three percent (3%) on
each anniversary of the Commencement Date during the Term. Each installment of Base Rent shall be payable in advance on the first day of each month of the Term. In the event that the Commencement Date is not the first day of a calendar month or the
Termination Date is not the last day of a calendar month, the installment of Base Rent for such month shall be prorated based on the actual number of days within such calendar month. Immediately upon Subtenant’s execution of this Sublease,
Subtenant shall prepay to Sublandlord the first month’s Base Rent (commencing on the Rent Commencement Date) and the first month’s estimate of Operating Expenses (commencing on the Commencement Date). 

4.2 Operating Expenses. Commencing on the Commencement Date Subtenant shall pay to Sublandlord one hundred percent (100%) of
all Operating Expenses payable under the Master Lease and any other expenses payable by the tenant under the terms of the Master Lease. Operating Expenses shall be paid in accordance with the terms of Section 5 of the Master Lease; provided,
however, in the event Master Landlord agrees to allow Subtenant to assume responsibility for some or all of the management of the Premises, Sublandlord agrees that it will not object to such agreement and that Operating Expenses will be only such
amounts as are billed by Master Landlord pursuant to such agreement (provided that in no event shall Sublandlord be responsible for any amounts not billed by Master Landlord to Subtenant or any other Operating Expenses for the Premises). Sublandlord
recognizes that Subtenant is a tax exempt organization under Section 202.2 of the California Revenue and Taxation Code, and as a result, real property tax imposed upon the Building may be reduced. Sublandlord shall cooperate, at no cost or
expense to Sublandlord, with Subtenant in applying for and obtaining a tax exemption. Sublandlord shall promptly remit to Subtenant or use reasonable efforts (at no cost or expense to Sublandlord) to cause Master Landlord to remit to Subtenant the
amount of any such reduction in real property tax or any reimbursement of real property tax received by Sublandlord or Master Landlord by reason of Subtenant’s tax exempt status. Notwithstanding anything to the contrary contained in this
Section 4.2, Subtenant acknowledges that the provisions of this Section 4.2 for the payment of Operating Expenses are intended to pass on to Subtenant all costs and expenses incurred by Sublandlord under the Master Lease during the Term of
this Sublease; provided that in no event shall Subtenant have any obligation to pay the Base Rent due under the Master Lease nor shall Subtenant have any obligation to pay any costs or expenses resulting from Sublandlord’s use or occupancy of
the Premises or incurred prior to the Term of this Sublease. 
 4.3 Additional Rent. All sums of money other than Base
Rent which are or may become payable by Subtenant under this Sublease with respect to the Premises, including, without limitation, (a) Operating Expenses, (b) the cost of any additional services requested by and provided to Subtenant,
(c) any charges for late payments made by Subtenant, and (d) any other losses, costs, claims, damages or charges incurred by Sublandlord with respect to the Premises (except to the extent resulting from Sublandlord’s use or occupancy
of the Premises or incurred prior to the Term), shall be additional rent (“Additional Rent”). Unless otherwise set forth in this Sublease, Additional Rent shall be payable by Subtenant to Sublandlord on the date upon which
such amounts are payable by Sublandlord to Master Landlord under the Master Lease. Together, Base Rent and Additional Rent are sometimes collectively referred to in this Sublease as “Rent”. 

  
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 4.4 Payment of Rent. Base Rent and Additional Rent shall be paid by Subtenant to
Sublandlord at the address for Sublandlord set forth in Section 13 below, or such other place as Sublandlord may designate in writing, without prior notice or demand therefor and without any abatement, deduction or setoff (except as otherwise
expressly provided herein or as incorporated herein). Subtenant shall pay all Base Rent and Additional Rent when due in lawful money of the United States. 
  

	 	5.	USE 

 5.1 Permitted
Use. Subtenant shall occupy and use the Premises only for the permitted use provided under the Master Lease (the “Permitted Use”) and for no other purpose. 

5.2 FF&E. On the Commencement Date, Sublandlord shall transfer to Subtenant for the price of One Dollar ($1.00) all of
Sublandlord’s right, title and interest in and to the furniture, fixtures and equipment identified on the attached Exhibit C (“FF&E”) which are located on the Premises as of the date hereof (the
“FF&E Sale”). Sublandlord represents and warrants to Subtenant that the FF&E are free and clear from all liens and encumbrances created or granted by Sublandlord. 

 

	 	6.	MASTER LEASE 

 6.1
Subordinate to Master Lease. This Sublease and all of Subtenant’s rights hereunder are and shall remain in all respects subject and subordinate to (a) all of the terms and provisions of the Master Lease, a copy of which has been
provided to Subtenant, and (b) the Ground Lease between Master Landlord and The Board of Trustees of the Leland Stanford Junior University, dated December 17, 2003 (the “Ground Lease”). Notwithstanding the
foregoing, Sublandlord shall not (i) except for any rights that Sublandlord expressly has under the terms of the Master Lease (including, without limitation, any right to terminate the Master Lease as a result of a casualty or condemnation
event), voluntarily terminate the Master Lease or amend the Master Lease in a manner that would adversely affect Subtenant’s rights or obligations under the Sublease, or (ii) cause a default under the Master Lease, except to the extent
such default is the result of Subtenant’s breach of this Sublease. The foregoing provisions shall be self-operative and no further instrument of subordination shall be necessary to effectuate such provisions unless required by Master Landlord,
in which event Subtenant shall, upon demand by Master Landlord at any time and from time to time, execute, acknowledge and deliver to Sublandlord and Master Landlord any and all instruments that Master Landlord may deem reasonably necessary or
proper to confirm such subordination of this Sublease, and the rights of Subtenant hereunder. 

  
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 6.2 Termination of Master Lease. Notwithstanding anything to the contrary in this
Sublease, if the term of the Master Lease is terminated for any reason prior to the Expiration Date, this Sublease shall thereupon terminate concurrently as between Sublandlord and Subtenant. Subtenant acknowledges that in the event of a termination
of the Master Lease for any reason, including but not limited to an agreement between Sublandlord and Master Landlord terminating the Master Lease, this Sublease shall terminate and Subtenant shall remain in possession of the Premises pursuant to
the Direct Lease. Upon the termination of this Sublease as between Sublandlord and Subtenant, neither Subtenant nor Sublandlord shall have any liability to the other except (a) Sublandlord shall be liable to Subtenant if the termination of the
Master Lease is caused by a breach of Sublandlord’s obligations under this Sublease, (b) Subtenant shall be liable to Sublandlord for any payment under this Sublease, whether of Base Rent, Additional Rent or otherwise, which shall have
accrued (or shall relate to the period) prior to the expiration or sooner termination of this Sublease, (c) Sublandlord shall be liable to Subtenant for any payment or refund due to Subtenant and that is applicable to the period prior to the
expiration or sooner termination of this Sublease (provided that, to the extent such payment or refund due to Subtenant is to be paid by Master Landlord, Sublandlord shall only be liable for delivering the payment or refund actually received from
Master Landlord); and (d) if the Master Lease and/or this Sublease is terminated as a result of a breach or default by Subtenant of its obligations under this Sublease, Subtenant shall be liable to Sublandlord for all damages suffered by
Sublandlord as a result of the termination, including, without limitation, all Rent payable under this Sublease up to the Expiration Date. 
 6.3 Incorporation of Master Lease. Subtenant shall observe and perform for the benefit of Master Landlord and Sublandlord each and every term, covenant, condition and agreement of the Master Lease
which Sublandlord is required to observe or perform with respect to the Premises as tenant under the Master Lease, except for the covenant of Sublandlord to pay Master Landlord the Rent due under the Master Lease and except as such terms, covenants,
conditions and agreements are modified hereby or are inconsistent with the terms of this Sublease. Subtenant shall not do or permit to be done any act which would result in a violation of any of the terms, covenants and conditions of the Master
Lease or which would cause the Master Lease to be terminated or forfeited. Except as otherwise specifically provided in this Sublease, all of the terms, covenants, conditions and agreements which Master Landlord or Sublandlord are required to
observe or perform with respect to the Premises as parties to the Master Lease are hereby incorporated herein by reference (and modified by the terms hereof, if applicable) and deemed to constitute terms, covenants, conditions and agreements which
Sublandlord and Subtenant are required to observe or perform under this Sublease as if set forth herein verbatim; provided, however, that (a) the term “Landlord” shall not be deemed to refer to Sublandlord in those
instances where the context requires the term “Landlord” to refer to Master Landlord only (without limiting the foregoing, Section 13.7 of the Master Lease shall be deemed to refer only to Master Landlord); (b) the
term “Landlord” shall be deemed to refer to Sublandlord and Master Landlord in those instances where the context requires the term “Landlord” to refer to both Master Landlord and Sublandlord;
(c) the term “Tenant” shall be deemed to refer to “Subtenant”; (d) the terms “Base Rent” and “Additional Rent” under the Master Lease shall be
deemed to refer to the Base Rent and Additional Rent hereunder; (e) the phrase “this Lease” shall be deemed to refer to “this Sublease”; (f) the term “Term” shall be deemed
to refer to the Term hereof; and (f) the following provisions of the Master Lease shall not be incorporated herein: Sections 1, 3, 4.1, 4.2, 4.3, 4.5, 4.6, 9.1, 9.2, 13.7, 14.5, the first sentence of 16.5, 21, 25, 28, 29.18, Exhibit B, and
Exhibit C. 
 6.4 Rights of Sublandlord. Sublandlord may exercise all of the rights, powers, privileges and remedies
reserved to Master Landlord under the Master Lease to the same extent as if fully set forth herein verbatim, including, without limitation, all releases from liability to Master Landlord thereunder and all rights and remedies arising out of or with
respect to any default which continues beyond the expiration of any applicable grace and notice periods by Subtenant in the payment of Rent hereunder or the observance or performance of the terms, covenants, conditions and agreements of this
Sublease (including those portions of the Master Lease that are incorporated herein). In the event of any inconsistency between the terms of this Sublease and the Master Lease, the terms of this Sublease shall govern. 

  
 5 

 6.5 Consent of Master Landlord and Sublandlord. The consent of Master Landlord and
Sublandlord shall be required in connection with any act which requires the consent of Master Landlord pursuant to the terms of the Master Lease, notwithstanding that a particular provision herein may not require Sublandlord’s consent or states
that only Sublandlord’s consent is required; provided, however, notwithstanding anything to the contrary elsewhere in this Sublease, in the event Subtenant is required to obtain both Master Landlord’s and Sublandlord’s consent for any
action or non-action, Sublandlord shall be deemed to have provided its consent as and when Master Landlord has provided its consent, and Master Landlord’s consent shall supersede any prior disapproval by Sublandlord. 

6.6 Renewal Options. Sublandlord shall not exercise any renewal options it may have under the Master Lease, or assign such options
to any other entity or person, without Subtenant’s prior written consent, which may be granted or withheld in Subtenant’s sole and absolute discretion. Notwithstanding the foregoing to the contrary, Subtenant acknowledges and consents to
Sublandlord entering into an amendment to the Master Lease terminating all lease renewal options set forth in the Master Lease. 

6.7 Master Landlord’s Default. Notwithstanding anything to the contrary in this Sublease, Sublandlord shall have no liability
to Subtenant as a consequence of any failure or delay on the part of Master Landlord in performing any of its obligations under the Master Lease, except to the extent such failure or delay is caused or contributed to by Sublandlord, and under no
circumstances shall Subtenant have any right to require or obtain the performance by Sublandlord of any obligations of Master Landlord under the Master Lease. Subtenant’s obligations under this Sublease shall not be relieved, nor shall the
performance thereof be excused, because of any failure or delay on the part of Master Landlord in performing its obligations under the Master Lease; except to the extent of Sublandlord’s default hereunder; provided, however, Subtenant shall be
entitled to receive the benefit of any remedies or concessions afforded Sublandlord under the Master Lease as a result of such breach (e.g. rent abatement) by Master Landlord. If at any time during the Term, Master Landlord shall default in any of
its obligations to furnish facilities, services or utilities or to make repairs to the Premises, then, upon Sublandlord’s receipt of a written notice from Subtenant specifying such default, Sublandlord shall use reasonable efforts to cause
Master Landlord to cure such default. 
 6.8 Subtenant’s Performance Under Master Lease. At any time and on
reasonable prior notice to Subtenant, Sublandlord can elect to require Subtenant to perform its obligations under this Sublease directly to Master Landlord, in which event Subtenant shall send to Sublandlord from time to time copies of all notices
and other communications it shall send to and receive from Master Landlord. 
  

	 	7.	UTILITIES AND SERVICES 

The repair, maintenance and services set forth in Section 7.1 of the Master Lease shall be supplied by Master Landlord pursuant to
the terms of the Master Lease and Sublandlord shall use reasonable efforts to cause Master Landlord to comply with its obligations under Section 7.1. Subtenant shall be responsible for obtaining and paying directly for all utilities and
janitorial services to the Premises. 

  
 6 

	 	8.	INITIAL IMPROVEMENTS 

Subtenant shall, at Subtenant’s sole cost and expense, be responsible for the construction of any initial improvements to the
Premises (the “Initial Improvements”), subject to the consent of Sublandlord and Master Landlord, which may be granted or withheld in accordance with the terms of the Master Lease. The Initial Improvements shall be
constructed in a first class manner, in compliance with all Applicable Laws, and in accordance with Section 9 of the Master Lease as incorporated in this Sublease. Notwithstanding the foregoing, subject to the approval of Master Landlord and
provided that Sublandlord shall have no liability with respect thereto, Subtenant shall not be required to remove the Initial Improvements at the end of the Term. Subtenant shall contract directly with a reputable architectural firm of
Subtenant’s choosing, but subject to Sublandlord’s approval (which shall not be unreasonably withheld, conditioned or delayed), for the construction of the Initial Improvements. In addition, Subtenant shall directly engage any and all
contractors, engineers, and suppliers of Subtenant’s choice for the construction of the Initial Improvements. Sublandlord shall not earn or otherwise be entitled to any management or supervisory fee related to the Initial Improvements;
provided, however, in the event Sublandlord incurs out-of-pocket costs associated with the review of Subtenant’s plans, Subtenant shall reimburse Sublandlord for all such actual and reasonable costs. 

 

	 	9.	INSURANCE 

 Subtenant
agrees to procure and maintain the insurance set forth in Section 13.2 of the Master Lease during the Term. Sublandlord and Master Landlord shall each be named as an additional insured under such insurance, and Sublandlord shall have the notice
and other rights granted to Master Landlord in the Master Lease. Subtenant shall deliver executed copies of its policies of insurance or certificates thereof to Sublandlord prior to the date Subtenant takes possession of the Premises.
Notwithstanding anything to the contrary in this Sublease or the Master Lease, provided that Master Landlord has consented, Subtenant may carry such insurance through a program of self-insurance. 

 

	 	10.	REMEDIES CUMULATIVE 

 Each
right and remedy of either party under this Sublease or incorporated herein by reference shall be cumulative and in addition to every other right and remedy of such party under this Sublease or incorporated herein by reference and now or hereafter
existing at law or in equity, by statute or otherwise. 
  

	 	11.	QUIET ENJOYMENT 

Sublandlord covenants that, as long as Subtenant shall pay the Base Rent and Additional Rent and all other amounts due hereunder and shall
duly observe, perform, and comply with all of the terms, covenants and conditions of this Sublease (including without limitation, as may be incorporated in this Sublease by reference) on its part to be observed, performed or complied with, Subtenant
shall, subject to all of the terms of the Master Lease and this Sublease, peaceably have, hold and enjoy the Premises during the Term without hindrance by Sublandlord, except as otherwise expressly provided herein. 

  
 7 

	 	12.	SURRENDER OF PREMISES 

 In
the event the Direct Lease has not been cancelled or terminated on or prior to the Termination Date, Subtenant shall not be required to vacate the Premises at the expiration of the Term and shall continue occupancy of the Premises subject to the
Direct Lease. If on or prior to the Termination Date the Direct Lease has been terminated, Subtenant shall vacate and surrender the Premises to Sublandlord in accordance with Section 20 of the Master Lease. 

 

	 	13.	NOTICES 

 Every notice
which may be or is required to be given under this Sublease or by law shall be in writing and shall be sent either by (a) United States certified or registered mail, postage prepaid, return receipt requested, (b) reputable overnight
courier, or (c) hand delivery (against confirmation of delivery), and shall be addressed (i) if to Subtenant, at The Board of Trustees of the Leland Stanford Junior University, School of Medicine, Building 110, 555 Middlefield Road, Menlo
Park, CA 94025, Attention: Director, Facilities Operations and Finance, and (ii) if to Sublandlord, at                     , Attention:
                    , and the same shall be deemed delivered (x) the fifth Business Day after being deposited in the United States mail,
(y) the Business Day following delivery to an overnight courier or (z) when delivered by hand. Either party may designate, by similar written notice to the other party, any other address for such purposes. Each of the parties hereto waives
personal or any other service other than as provided for in this Section. Notwithstanding the foregoing, all Rent bills may be delivered to Subtenant via ordinary United States mail. 

 

	 	14.	BROKERS 

 Subtenant and
Sublandlord each represent and warrant that it has not had dealings with any real estate broker or agent in connection with the negotiation of this Sublease, except Studley representing Sublandlord, and CB Richard Ellis representing Subtenant (the
“Brokers”), who will be paid a commission by Sublandlord, and neither party knows of any other real estate broker or agent who is entitled to a commission in connection with this Sublease. Subtenant and Sublandlord shall
indemnify, defend and hold the other harmless from and against all liabilities arising from any other claims of brokerage commissions or finder’s fees based on Subtenant’s or Sublandlord’s, as applicable, dealings or contacts with
brokers or agents other than the Brokers. 
  

	 	15.	SIGNS 

 Subject to
Section 23.1 of the Master Lease, Subtenant shall have the exclusive right to all signage on the Premises, the Building and the associated common areas. 
  

	 	16.	ANTENNA 

 Subject to
Section 23.2 of the Master Lease, Subtenant may install building antennas and other communications equipment on the roof of the Building at no additional charge by Sublandlord (provided that Subtenant is responsible for any charges that may be
charged by the Master Landlord). 

  
 8 

	 	17.	MISCELLANEOUS 

 17.1
Governing Law. This Sublease shall be governed by and construed in accordance with the laws of the State of California. 

17.2 Headings. The section headings in this Sublease are inserted only as a matter of convenience for reference and are not to be
given any effect in construing this Sublease. 
 17.3 Severability. If any of the provisions of this Sublease or the
application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Sublease, or the application of such provision or provisions to persons or circumstances other than those as to whom or which
it is held invalid or unenforceable, shall not be affected thereby, and every provision of this Sublease shall be valid and enforceable to the fullest extent permitted by law. 
 17.4 Successors and Assigns. All of the terms and provisions of this Sublease shall be binding upon and inure to the benefit of the parties hereto and, subject to the provisions of Section 14
of the Master Lease, their respective successors and assigns. 
 17.5 Entire Agreement; Amendment and Waiver.
Sublandlord has made no representations, warranties or covenants to or with Subtenant with respect to the subject matter of this Sublease except as expressly provided herein and all prior negotiations and agreements relating thereto are merged into
this Sublease. This Sublease may not be amended or terminated, in whole or in part, nor may any of the provisions be waived, except by a written instrument executed by the party against whom enforcement of such amendment, termination or waiver is
sought and unless the same is permitted under the terms and provisions of the Master Lease. 
 17.6 Authority.
Sublandlord and Subtenant each hereby represents and warrants that it has full right, power and authority to enter into this Sublease and that the person executing this Sublease on behalf of Sublandlord and Subtenant, respectively, is duly
authorized to do so. 
 17.7 Counterparts. This Sublease may be executed in counterparts, each of which shall be an
original, and all of which together shall constitute one original of this Sublease 

  
 9 

 IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease as of the day and
year first above written. 
  

									
	SUBLANDLORD:	 		 	SUBTENANT:
			
	TELIK, INC.	 		 	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
					
	By:	 	 Cynthia Butitta
	 		 	By:	 	 Marcia J. Cohen

					
	Title:	 	 COOP & CFO
	 		 	Title:	 	 Senior Associate Dean for Finance and Administration

  
 10 

 EXHIBIT A 

Premises 
 

 
  

  
 11 

 EXHIBIT A (CONT.) 

Premises 
 

 
  

  
 12 

 EXHIBIT B 

Sublandlord’s Temporary Occupancy Space 
 

 
  

  
 13 

 EXHIBIT C 

FF&E 

Approximate furniture, fixtures and equipment contained in the Premises: 

 

	 	•	 	 181 Furnished Offices, each office includes workspace, 3 drawer desk file & chair 

 

	 	•	 	 47 Cubicles, each cubicle includes workspace, 3 drawer desk file & chair 

 

	 	•	 	 24 Tables (conference & office tables) 

  

	 	•	 	 186 Chairs 

  

	 	•	 	 19 Ergonomic Chairs 

  

	 	•	 	 41 Four-Drawer Fire Resistant File Cabinets 

  

	 	•	 	 151 (Two-Four) Drawer Non-Fire Resistant File Cabinets 

 

	 	•	 	 2 Couches, 7 Tables & 21 Chairs in Common Areas 

 

	 	•	 	 Exercise & Other Equipment. in Room# 1297 

  

	 	•	 	 Phone Switch, Handsets & IT Network Equipment 

 

	 	•	 	 Kitchen Equipment 

Approximate Furniture, fixtures and equipment to be moved by Sublandlord to new facility: 

 

	 	•	 	 Office furniture to accommodate 40 people 

  

	 	•	 	 19 Ergonomic Chairs 

  

	 	•	 	 Furniture for 3 conference rooms 

  

	 	•	 	 41 Four-Drawer Fire Resistant File Cabinets 

  

	 	•	 	 14 Four-Drawer Non-Fire Resistant File Cabinets 

  

	 	•	 	 1 Couch & 2 Common Area Chairs 

  

	 	•	 	 Exercise & Other Equipment. in Room# 1297 

  

	 	•	 	 Phone Switch, Handsets & IT Network Equipment 

  
 14

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