Document:

Document

Exhibit 10.4D
SUBLEASE 
(REDWOOD CITY, CALIFORNIA)
THIS SUBLEASE (this “Sublease”) is entered into as of November 1, 2021 (the “Effective Date”), by and between REVOLUTION MEDICINES, INC., a Delaware corporation (“Sublandlord”), and ADVERUM BIOTECHNOLOGIES, INC., a Delaware corporation (“Subtenant”). Sublandlord and Subtenant may each be referred to herein as a “Party”, and collectively, the “Parties”.
RECITALS
This Sublease is made with reference to the following recitals of essential facts:
A.        Sublandlord, as tenant, and HCP LS REDWOOD CITY, LLC, a Delaware limited liability company (“Master Landlord”), as landlord, are parties to that certain Lease dated as of January 15, 2015 (as amended, the “Master Lease”), as amended by that certain First Amendment to Lease date September 16, 2016, that certain Second Amendment to Lease dated April 17, 2020, and that certain Third Amendment to Lease dated November 1, 2021 (the “Third Amendment”), pursuant to which Sublandlord leases from Master Landlord certain space including, in part, all of the building commonly known as 800 Saginaw Drive, Redwood City, California (the “Building”), containing approximately 41,445 rentable square feet, as more particularly described in the Master Lease (the “Master Premises”). Capitalized terms used, but not defined, herein have the meanings set forth in the Master Lease, a copy of which has been previously provided to Subtenant.
B.        Subtenant is or was party to that certain Lease dated June 28, 2018, between Subtenant, as tenant, and Master Landlord, as landlord (as amended, the “Adverum Lease”), pursuant to which Subtenant leased certain space including, in part, the Building.
C.        Substantially concurrently herewith, Subtenant and Master Landlord have or will terminate the Adverum Lease as to the Building (the “Adverum Lease Termination”), and Master Landlord has or will lease the Building to Sublandlord pursuant to the Third Amendment (the execution and delivery of the Third Amendment by Master Landlord and Sublandlord is referred to herein as “Third Amendment Execution”).
D.        Subject to the terms and conditions of this Sublease and the occurrence of the Adverum Lease Termination and Third Amendment Execution, Sublandlord desires to sublease to Subtenant, and Subtenant desires to sublease from Sublandlord, that certain portion of the Master Premises comprising approximately 20,723 rentable square feet, located on the first floor of the Building, as depicted in Exhibit A attached hereto (the “Subleased Premises”).
E.         Sublandlord may continue to lease and/or occupy that portion of the Master Premises which does not contain the Subleased Premises (the “Reserved Premises”) during the Sublease Term (as defined in Section 3).

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
AGREEMENT
1.RECITALS.  The foregoing recitals are hereby incorporated into this Sublease by this reference as if fully set forth herein.
2.SUBLEASED PREMISES.  Sublandlord hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the Subleased Premises. Additionally, Subtenant is hereby granted the nonexclusive right to use the common areas of the Building as reasonably necessary for the Subtenant’s continued use of the Subleased Premises for the uses permitted under this Sublease to the extent of Sublandlord’s rights to use of the same pursuant to the Master Lease, in common with other tenants in the Building (collectively, the “Common Areas”), each throughout the Sublease Term (as defined in Section 3).
3.SUBLEASE TERM.
3.1.Commencement Date.  The term of this Sublease (the “Sublease Term”) shall commence upon the later to occur of: (a) Master Landlord’s execution of the Landlord’s Consent (as defined below), (b) the Adverum Lease Termination, and (c) Third Amendment Execution (the “Commencement Date”), and shall expire on the Expiration Date (as defined in Section 3.2).
3.2.Expiration Date.  Unless earlier terminated under any provision of the Master Lease or this Sublease, the Sublease Term shall expire on March 31, 2022 (as may be extended by the MTM Period, the “Expiration Date”). Subtenant may, upon written notice to Sublandlord given no later than March 1, 2022, extend the Sublease Term on a month-to-month basis, until no later than June 30, 2022 (the time period between April 1, 2022 and June 30, 2022 is referred to herein as the “MTM Period”). During the MTM Period, Subtenant may terminate this Sublease on thirty (30) days prior notice to Sublandlord; provided that, on June 30, 2022, the Sublease Term shall automatically expire without the requirement that either Party provide such prior notice. For the avoidance of doubt, Subtenant has no right to extend the Sublease Term beyond June 30, 2022.
3.3.Possession.  The Parties acknowledge that, as of the Effective Date, Subtenant is already in possession of the Subleased Premises. Accordingly, Sublandlord shall not be required to deliver possession of the Subleased Premises to Subtenant. Within five (5) business days following the Effective Date, Subtenant shall deliver to Sublandlord: (a) the first full month’s Base Rent (as defined in Section 4), (b) the Security Deposit (as defined in Section 8), and (c) subject to the consent of Master Landlord, the certificate(s) of insurance evidencing that Subtenant carries the insurance required of the Subtenant under Adverum Lease (which insurance policies shall also name Sublandlord as additional insured).
4.BASE RENT.  Beginning on the Commencement Date, Subtenant shall pay base rent to Sublandlord in the following amounts during the following periods (each payment, a monthly installment of “Base Rent”):
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	Time Period	Monthly Installment
of Base Rent	Monthly Base 
Rental Rate Per
			Rentable Square 
Foot
	Commencement Date
 to March 31, 2022	$111,904.20	$5.40
	April 1, 2022 to 
June 30, 2022*	$111,904.20	$5.40

*If applicable.
5.EXPENSE REIMBURSEMENT.  In addition to paying Base Rent, beginning on the Commencement Date, Subtenant shall pay to Sublandlord, as additional rent, Subtenant’s Share of Direct Expenses (as defined in the Master Lease) on a monthly basis throughout the Sublease Term. As used in this Sublease, “Subtenant’s Share” means 50% (which is the ratio that the rentable square footage of the Subleased Premises bears to the rentable square footage of the Master Premises). Sublandlord shall promptly forward to Subtenant all Estimate Statements and Statements (as each term is defined in the Master Lease) for the Master Premises that Sublandlord receives from Master Landlord. If Sublandlord receives a credit for overpayment of Direct Expenses attributable to the Master Premises (“Direct Expense Credit”) pursuant to Section 4.4.1 of the Master Lease, Subtenant shall receive a credit against the next installment of Rent due under this Sublease in an amount equal to Subtenant’s Share multiplied by the total Direct Expense Credit or, if the Sublease Term has ended, Sublandlord shall pay such amount to Subtenant within thirty (30) days of Sublandlord’s receipt of the Direct Expense Credit. If Sublandlord makes a payment to Master Landlord due to an underpayment of Direct Expenses attributable to the Master Premises (“Direct Expense Shortfall”) pursuant to Section 4.4.1 of the Master Lease, Subtenant shall pay Sublandlord an amount equal to Subtenant’s Share multiplied by the total Direct Expense Shortfall together with the next installment of Rent due or, if the Sublease Term has ended, Subtenant shall pay such amount to Sublandlord within thirty (30) days of Subtenant’s receipt of an invoice therefor. Subtenant shall not have the right to audit Direct Expenses.
6.PAYMENT OF RENT.  Base Rent, Subtenant’s Share of Direct Expenses, and any other amounts payable by Subtenant in connection with this Sublease are referred to in this Sublease as “Rent”. Rent shall be due and payable to Sublandlord without prior written notice or demand, in advance, without deduction or offset, in lawful money of the United States of America, on or before the first day of each calendar month during the Sublease Term. Rent shall be payable at Sublandlord’s address set forth herein, or at such other place as Sublandlord may designate in writing to Subtenant. Rent for any period during this Sublease Term that is less than one (1) month shall be prorated based on a thirty (30) day month. Subtenant shall pay Rent for the first full month of the Sublease term upon Subtenant’s execution of this Sublease. Section 25 of the Master Lease shall apply to any late payment of Rent by Subtenant.
7.[RESERVED].
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8.SECURITY DEPOSIT.  Subtenant shall deposit with Sublandlord on or before the Effective Date the sum of One Hundred Eleven Thousand Nine Hundred Four and 20/100 Dollars ($111,904.20) (the “Security Deposit”), which Sublandlord will hold as security for Subtenant’s faithful performance of all of the terms, covenants and conditions of this Sublease to be kept and performed by Subtenant during the period commencing on the Effective Date and ending upon the expiration or termination of Subtenant’s obligations under this Sublease. If an Event of Default (as defined in Section 22) occurs with respect to any provision of this Sublease, including any provision relating to the payment of Rent, then Sublandlord may, but is not required to, use, apply or retain all or any part of the Security Deposit for the payment of any Rent or any other sum in default, or to compensate Sublandlord for any other loss or damage that Sublandlord may suffer by reason of Subtenant’s default. If Sublandlord so uses or applies any portion of the Security Deposit, then Subtenant shall, within ten (10) days following demand therefor, deposit cash with Sublandlord in an amount sufficient to restore the Security Deposit to its original amount, and Subtenant’s failure to do so shall be a material breach of this Lease. Sublandlord shall return to Subtenant the Security Deposit, less any portion thereof which Sublandlord may have or withhold as permitted by this Section 8, within thirty (30) days after the expiration of the Sublease Term by lapse of time, termination of the Master Lease through no default of Subtenant or by the mutual, written agreement of Sublandlord and Subtenant. The provisions of this Section 8 shall survive the expiration or earlier termination of this Sublease. SUBTENANT HEREBY WAIVES THE REQUIREMENTS OF SECTION 1950.7 OF THE CALIFORNIA CIVIL CODE, AS THE SAME MAY BE AMENDED FROM TIME TO TIME.
9.CONDITION OF SUBLEASED PREMISES.  Subtenant (a) acknowledges that Subtenant currently occupies, and prior to this Sublease occupied, the Subleased Premises, and (b) accepts the Subleased Premises in their current “as is” condition with all faults. Subtenant hereby waives all warranties, whether express or implied (including warranties of merchantability or fitness for a particular purpose), with respect to the Subleased Premises or any furniture, fixtures and equipment located therein. Except as expressly set forth in this Sublease, Sublandlord makes no representation or warranty of any kind with respect to the Subleased Premises, and Subtenant shall have full responsibility for making any desired repairs, installations, alterations or additions to the Subleased Premises. Any installations, alterations or additions which Subtenant desires to make to the Subleased Premises shall be subject to the prior written approval of both Master Landlord and Sublandlord and shall otherwise be constructed in accordance with all of the terms and conditions of the Master Lease.
10.QUIET ENJOYMENT.  Subtenant shall peacefully have, hold and enjoy the Subleased Premises during the Sublease Term, subject to the terms and conditions of this Sublease and termination of the Master Lease, provided that there is not a default by Subtenant beyond applicable notice and cure periods.
11.USE.  Subtenant may use the Subleased Premises solely for the uses permissible under the Master Lease, and for no other use. Subtenant’s use of the Subleased Premises must at all times comply with the requirements of the Master Lease, and Subtenant shall not use the Subleased Premises in a manner that is in any way inconsistent with the Master Lease, or that might cause Sublandlord to be in breach of the Master Lease. Notwithstanding the foregoing, should Master Landlord agree to the Adverum Operating Terms, in the case of a conflict between 
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the terms of this Section 11 and the Adverum Operating Terms, the Adverum Operating Terms shall control.
12.COMPLIANCE WITH LAWS.  Subtenant shall, at its sole cost and expense, promptly comply with all laws, ordinances and regulations with respect to Subtenant’s use, occupancy or improvement of the Subleased Premises (as amended, together with the regulations promulgated pursuant thereto) (collectively, “Applicable Laws”); provided, however, Subtenant shall not be required to perform or pay for any improvements with respect to the construction of improvements to cause the Subleased Premises to comply with Applicable Laws except those incurred as a result of Subtenant’s (a) specific use and occupancy of the Subleased Premises, (b) obtaining any permit or license with respect to the Subleased Premises, or (c) making any installations, additions or alterations to the Subleased Premises during the Sublease Term.
13.COMPLIANCE WITH MASTER LEASE.
13.1.Subtenant Covenants.  Subtenant covenants that it will occupy the Subleased Premises in accordance with all of the terms and conditions of the Master Lease as they apply to the Subleased Premises and will not suffer to be done or omit to do any act which may result in a violation of or a default under any of the terms and conditions of the Master Lease, or render Sublandlord liable for any damage, charge or expense thereunder. Subtenant further covenants and agrees to indemnify Sublandlord against and hold Sublandlord harmless from any claim, demand, action, proceeding, suit, liability, loss, judgment, expense (including reasonable attorneys’ fees) and damages of any kind or nature whatsoever (“Claims”) arising out of, by reason of, or resulting from, Subtenant’s failure to perform or observe any of the terms and conditions of the Master Lease applicable to the Subleased Premises. Notwithstanding the foregoing or anything to the contrary in this Sublease, but subject to Master Landlord’s agreement hereto, it shall not be a violation of this Sublease for Subtenant to use and operate, and Subtenant may use and operate in, the Subleased Premises in the same manner permitted under and in accordance with the terms and conditions of the Adverum Lease (including but not limited to the Permitted Use thereunder and Subtenant’s use of Hazardous Materials), and Subtenant may continue to use the Pad Equipment, Rooftop Equipment and the Generator serving the Building to the same extent “Tenant” was so authorized under the Adverum Lease; provided, that, to the extent such equipment services the building generally and not the Subleased Premises only, Sublandlord may utilize such equipment in a manner that does not disrupt Subtenant’s use thereof (the “Adverum Operating Terms”).
13.2.Sublandlord Covenants.  Sublandlord covenants that it will maintain the Master Lease during the entire Sublease Term, subject, however, to any earlier termination of the Master Lease without the fault of Sublandlord, and to comply with or perform or cause to be performed Sublandlord’s obligations with respect to the Reserved Premises and with any obligations with respect to the Subleased Premises not assumed by Subtenant hereunder. Sublandlord hereby covenants (1) not to voluntarily surrender the Master Lease to Master Landlord as to the Subleased Premises (except in connection with Sublandlord’s right to terminate the Master Lease following a casualty or condemnation event), and (2) not enter into any amendment or other agreement with respect to the Master Lease which will prevent or adversely affect Subtenant’s use of the Subleased Premises in accordance with the terms of this Sublease, increase Subtenant’s obligations or decrease Subtenant’s rights under this Sublease, 
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shorten the term of this Sublease or increase the rental or any other sums Subtenant is required to pay under this Sublease.
13.3.Subordination of Sublease.  This Sublease is subject and subordinate to the Master Lease in all respects. If the Master Lease is terminated for any reason whatsoever, then this Sublease shall automatically terminate as if it expired by its terms (unless assumed by Master Landlord) and in such event neither Sublandlord nor Master Landlord shall have any liability whatsoever to Subtenant as a result of such termination, except that Sublandlord shall be liable to Subtenant for any such termination arising as a result of Sublandlord’s default under the Master Lease. Sublandlord shall use commercially reasonable efforts to cause the Master Landlord to perform its obligations under the Master Lease, and shall cooperate with Subtenant in its efforts to obtain such performance, but under no circumstance shall Sublandlord be otherwise responsible or liable in any way for, Master Landlord’s failure to, (a) perform any acts required to be completed by Master Landlord under the Master Lease, (b) supply any item, including, but not limited to, any utility or service to the Subleased Premises required to be supplied by Master Landlord under the Master Lease, or (c) complete any work or maintenance in the Subleased Premises, the Building or the Master Premises required to be completed by Master Landlord under the Master Lease; and no such failure will in any way excuse Subtenant’s performance under this Sublease or entitle Subtenant to any abatement of Rent.
13.4.Consents.  If any consent is required of Master Landlord for any action of “Tenant” under the Master Lease, then such consent shall be required from both Master Landlord and Sublandlord for such action under this Sublease. Any consent or approval requested from Sublandlord in accordance with this Sublease shall be deemed reasonably withheld if Master Landlord withholds its consent or approval.
13.5.Survival.  The provisions of this Section 13 shall survive the expiration or earlier termination of this Sublease.
14.UTILITIES; SERVICES.  Sublandlord shall have no obligation to provide to the Subleased Premises with any services or utilities (including without limitation telephone or internet services). Notwithstanding the foregoing, to the extent that utilities serving the Subleased Premises (excluding telephone and internet) are not separately metered, Sublandlord shall establish an account for such utilities and Subtenant shall pay to Sublandlord, as additional rent hereunder, Subtenant’s Share of the cost of such utilities (such utilities are referred to herein as “Sublandlord-Provided Utilities”). Sublandlord shall not be responsible or liable in any way for any failure or interruption, for any reason whatsoever, of the services, utilities or facilities that may or should be appurtenant or supplied to the Subleased Premises, and no such failure will in any way excuse Subtenant’s performance under this Sublease or entitle Subtenant to any abatement of Rent, unless such failure is a result of Sublandlord’s gross negligence or willful misconduct, or Sublandlord’s default under the Master Lease, in which event Subtenant may contract directly with Master Landlord to restore such interrupted utilities and services. Subtenant shall pay to Sublandlord as Rent hereunder any and all sums which Sublandlord may be required to pay to Master Landlord or any service provider arising out of excess consumption by Subtenant or a request by Subtenant for additional building services (e.g., charges associated with after-hours HVAC usage and over-standard electrical charges). Notwithstanding anything to the contrary in this Sublease or the Master Lease, Subtenant agrees that Sublandlord shall not be 
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required to perform any of the covenants, agreements or obligations of Master Landlord under the Master Lease and, insofar as any of the covenants, agreements and obligations of Sublandlord hereunder are required to be performed under the Master Lease by Master Landlord, Sublandlord’s obligation shall be to use commercially reasonable efforts to cause Master Landlord to so perform (but Sublandlord shall not be required to file a legal action to so enforce such matter). Notwithstanding the foregoing, should Sublandlord’s negligent acts or willful misconduct result in any interruption, cessation or disturbance in the provision of Subtenant-Provided Utilities to the Subleased Premises that materially impairs Subtenant’s use and occupancy of the Subleased Premises, such that Subtenant is prevented from using, and does not use the Subleased Premises or any portion thereof, for more than three (3) consecutive days, commencing on the fourth (4th) day after the commencement of such interruption, cessation or disturbance, the Rent payable hereunder by Subtenant shall abate during such time that Subtenant continues to be so prevented from using, and does not use, the Subleased Premises or a portion thereof, in the proportion that the square feet of the portion of the Subleased Premises that Subtenant is prevented from using, and does not use, bears to the total square feet of the Subleased Premises; provided, however, that Subtenant shall not be entitled to abatement or reduction of Rent to the extent the matters described in this sentence above arise out of or results from a matter outside of Sublandlord’s reasonable control. To the extent Subtenant shall be entitled to abatement of Rent because of a damage or destruction or a taking pursuant to Section 29 below, then the terms of the immediately prior sentence shall not be applicable.
15.MAINTENANCE.  Subtenant shall perform all maintenance and repairs in the Subleased Premises to maintain the Premises in its existing condition which Sublandlord is required to perform under the Master Lease; provided, however, that, at Sublandlord’s option, or if Subtenant fails to make such repairs, Sublandlord may, but need not, make such repairs and replacements, and Subtenant shall pay Sublandlord’s costs or expenses, arising from Sublandlord’s involvement with such repairs and replacements upon being billed for same. Notwithstanding the foregoing, Sublandlord shall be responsible for the maintenance and repair of all common areas and shared Building systems pursuant to the terms of the Master Lease. Sublandlord and Subtenant shall reasonably cooperate in transferring such responsibilities from Subtenant to Sublandlord, including, without limitation, transferring any maintenance contracts to Sublandlord, promptly following the Commencement Date. Subtenant shall be responsible for payment to Sublandlord of Subtenant’s Share of the actual, out-of-pocket costs incurred by Sublandlord in so maintaining and repairing the common areas and shared Building systems, which costs Subtenant shall pay as additional rent within thirty (30) days of its receipt of invoices and reasonable supporting documentation for such costs from Sublandlord.
16.ASSIGNMENT AND SUBLETTING.  Subtenant shall not assign, mortgage, hypothecate, encumber or otherwise transfer this Sublease or sub-sublease (which term shall be deemed to include the granting of concessions and licenses and the like) the whole or any part of the Subleased Premises, including by operation of law (any of the foregoing, an “Assignment”), without in each case first obtaining the prior written consent of Sublandlord, not to be unreasonably withheld. No Assignment shall relieve Subtenant of any liability under this Sublease. Consent to any such Assignment shall not operate as a waiver of the necessity for consent to any subsequent Assignment. In connection with each request for an Assignment, Subtenant shall pay Sublandlord’s reasonable cost of processing such Assignment, including 
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attorneys’ fees, and any fees or costs payable under the Master Lease, upon demand of Sublandlord (not to exceed the actual cost charged to Sublandlord by Master Landlord to review the request, plus up to $3,000 for Sublandlord’s review costs). Any assignee or subtenant shall assume all of Subtenant’s obligations under this Sublease and be jointly and severally liable with Subtenant hereunder. Any Assignment hereunder must comply with the Master Lease, including, without limitation, the obtaining of any required consent of Master Landlord.
17.INDEMNITY/ INSURANCE
17.1.By Subtenant.  Subtenant shall, except to the extent caused by Sublandlord’s or Master Landlord’s gross negligence or willful misconduct, indemnify, protect, defend and hold  harmless Master Landlord and Sublandlord and their affiliates, agents, partners and lenders, from and against any and all Claims arising out of, involving, or in connection with, (a) the use or occupancy of the Subleased Premises by Subtenant, (b) the acts or omissions of Subtenant or any of Subtenant’s invitees, agents or employees, (c) any breach of this Sublease by Subtenant, and (d) any violation of Applicable Laws caused by Subtenant. If any action or proceeding is brought against Master Landlord or Sublandlord by reason of any of the foregoing matters, Subtenant shall upon notice defend the same at Subtenant’s expense by counsel reasonably satisfactory to Master Landlord and Sublandlord.
17.2.By Sublandlord.  Sublandlord shall, except to the extent caused by Subtenant’s gross negligence or willful misconduct, indemnify, protect, defend and hold harmless Subtenant and its affiliates, agents, partners and lenders, from and against any and all Claims arising out of, involving, or in connection with, (a) Sublandlord’s gross negligence or willful misconduct, (b) any breach of this Sublease by Sublandlord, and (c) Sublandlord’s use and occupancy of the Reserved Premises. If any action or proceeding is brought against Subtenant by reason of any of the foregoing matters, Sublandlord shall upon notice defend the same at Sublandlord’s expense by counsel reasonably satisfactory to Subtenant.
17.3.Survival.  The indemnities in this Section 17 shall survive the expiration or earlier termination of this Sublease.1
17.4.Insurance. Subject to Master Landlord’s consent, Subtenant shall continue to maintain the insurance coverage in such form and amounts as satisfies Subtenant’s obligations under the Adverum Lease which shall be in full satisfaction of Subtenant’s insurance obligations under this Sublease; provided, that, Subtenant shall name Sublandlord as an additional insured to the commercial general liability policy maintained thereunder. Notwithstanding anything to the contrary in this Lease the waiver and releases set forth in Section 10.5 of the Master Lease shall apply as between Sublandlord and Subtenant as, “Landlord” and “Tenant” respectively.
18.EXEMPTION OF SUBLANDLORD FROM LIABILITY; WAIVERS.  Unless caused by Sublandlord’s gross negligence or willful misconduct, Sublandlord shall not be liable for injury or damage to the goods, wares, merchandise, or other property of Subtenant, Subtenant’s employees, contractors, invitees, customers, or any other person in or about the Master Premises, whether such damage or injury is caused by or results from fire, steam, electricity, gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, fire sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any 
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other cause, whether said injury or damage results from conditions arising from the Master Premises or from any other source or place, and regardless of whether the cause of damage or injury or the means of repairing the same is accessible. Notwithstanding anything to the contrary in this Sublease or the Master Lease, in no event whatsoever shall Sublandlord or Subtenant be liable for injury to the other’s business or for any loss of income or profit therefrom.
19.DAMAGE AND DESTRUCTION; CONDEMNATION.  In no event shall Sublandlord have any obligation to Subtenant to restore the Subleased Premises or the Master Premises if damaged, destroyed or condemned as described in Section 11 or Section 13 of the Master Lease. To the extent any damage, destruction or casualty loss occurs in the Master Premises or Subleased Premises which entitles Sublandlord to terminate the Master Lease, Sublandlord may terminate the Master Lease (in which event this Sublease shall automatically terminate) without liability to Subtenant. With respect to damage, destruction or condemnation (as described in Section 11 and Section 13 of the Master Lease), Subtenant shall receive an abatement of Rent under this Sublease to the extent Sublandlord receives an abatement of rent under the Master Lease with respect to the Subleased Premises. In the case of a casualty or condemnation, Subtenant shall have the same right to terminate this Sublease as “Tenant” under the Master Lease with respect to the Premises as if the Subleased Premises were the “Premises” thereunder.
20.BROKERS.  Sublandlord and Subtenant hereby represent and warrant to each other that they have had no dealings with any real estate broker or agent in connection with the negotiation of this Sublease, and that they know of no real estate broker or agent who is entitled to a commission in connection with this Sublease other than Colliers on behalf of Tenant (the “Broker”). Each Party agrees to indemnify and defend the other Party against and hold the other Party harmless for, from and against any and all Claims with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying Party’s dealings with any real estate broker or agent other than the Broker. The indemnities in this Section 20 shall survive the expiration or termination of this Sublease.
21.NOTICES.  Any notice, demand or request required or desired to be given under this Sublease to Sublandlord or Subtenant shall be in writing via (a) personal delivery, (b) First Class U.S. Mail, return receipt requested, or (c) FedEx or other reputable overnight carrier, or (d) email (but only if a hard copy is sent within one (1) business day thereafter by one of the methods in the foregoing sections (a) through (c)), and shall be addressed to the address of the Party to be served, as set forth in this Section 21. Either Party may from time to time, by written notice to the other Party in accordance with this Section 21, designate a different address than that set forth below for the purpose of notice. Upon receipt of any notice from Master Landlord, Subtenant shall promptly deliver a copy of such notice to Sublandlord in accordance with the terms and conditions of this Section 21. Notices shall be deemed delivered (a) upon receipt, if personally delivered, or (b) three (3) business days after mailing, if mailed as set forth above. Notwithstanding the foregoing, all notices given to Master Lessor under the Master Lease shall be considered delivered only when delivered in accordance with the Master Lease.
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	Sublandlord:	Subtenant:
	Revolution Medicines, Inc. 
700 Saginaw Drive 
Redwood City, CA 94063 
Attn: General Counsel 
Email: legal@revmed.com	Adverum Biotechnologies, Inc. 
800 Saginaw Drive, First Floor 
Redwood City, CA 94063 
Attn: Chief Financial Officer 
Email:___________________

22.DEFAULT.
22.1.By Subtenant.  The occurrence of any of the following events (each, an “Event of Default”) shall constitute a material default and breach of this Sublease by Subtenant: (a) Subtenant’s failure to pay Rent, where such failure shall continue for a period of three (3) days following Subtenant’s receipt of written notice thereof from Sublandlord; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure, Section 1161, (b) the occurrence of a material default or breach of the Master Lease beyond applicable notice and cure periods contained therein due to Subtenant’s acts or omissions, or (c) the occurrence of any of the events described in Section 19.1 of the Master Lease. Upon any Event of Default under this Sublease, Sublandlord shall have all of the remedies available to Master Landlord pursuant to the Master Lease as applied to this Sublease, including without limitation the remedies enumerated in Section 19.2 of the Master Lease. All of Sublandlord’s rights and remedies herein enumerated or incorporated by reference above are cumulative, and none will exclude any other right or remedy allowed by law or in equity.
22.2.By Sublandlord.  In the event that Sublandlord (i) defaults in the performance or observance of any of Sublandlord’s remaining obligations under the Master Lease, or (ii) fails to perform Sublessor’s stated obligations under this Sublease and such failure continues for thirty (30) days following written notice thereof from Subtenant, or (iii) fails to enforce, for Subtenant’s benefit, Master Landlord’s obligations under the Master Lease (to the extent expressly required by this Sublease), then Subtenant shall give Sublandlord notice specifying in what manner Sublandlord has defaulted, and if such default shall not be cured by Sublandlord within thirty (30) days thereafter (except that if such default cannot be cured within said thirty (30) day period, this period shall be extended for an additional reasonable time, provided that Sublandlord commences to cure such default within such thirty (30) day period and proceeds diligently thereafter to effect such cure as quickly as possible), then Subtenant shall be entitled to cure such default and promptly collect from Sublandlord Subtenant’s reasonable expenses in so doing (including, without limitation, reasonable attorneys’ fees and court costs).
23.SURRENDER.  On the expiration or earlier termination of this Sublease, Subtenant shall, at its sole cost and expense, surrender and deliver up the Subleased Premises to Sublandlord, in the same condition as of the Commencement Date, normal wear and tear, casualty damage, and Sublandlord’s and Master Landlord’s obligations excepted, and shall remove Tenant’s Signage with respect to the Building and perform the obligations of Subtenant under Section 15.3 of the Adverum Lease, which Section 15.3 is incorporated herein by reference solely for purposes of this sentence. Unless Sublandlord otherwise agrees in writing, all 
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alterations, additions or improvements affixed to the Subleased Premises shall be surrendered with the Subleased Premises at the expiration of the Sublease Term, except that, subject to the rights of Master Landlord under the Master Lease, Sublandlord may, by notice to Subtenant at the time of its consent thereto, require Subtenant to remove by the Expiration Date, or sooner termination of this Sublease, all or any alterations, decorations, fixtures, additions, improvements and the like installed after the Commencement Date either by Subtenant or by Sublandlord for Subtenant’s benefit, and to repair any damage to the Subleased Premises arising from the removal; provided, however, that Subtenant shall not be required to remove any leasehold improvements existing in the Subleased Premises as of the Effective Date. For the purpose of providing clarity, the items identified in Schedule 1 are Subtenant’s personal property and may be removed by Subtenant at any time during the Sublease Term.
24.HOLDOVER.  If Subtenant fails to surrender the Subleased Premises in accordance with the terms and conditions of this Sublease on or before the Expiration Date or earlier termination of this Sublease, such tenancy shall be from month-to-month only, at a rental rate for the first two (2) months that is 150% of the monthly Rent payable under this Sublease immediately prior to termination or expiration of this Sublease, and thereafter at a rate of 200% of the monthly Rent applicable prior to such holdover tenancy, and shall not constitute a renewal or extension of this Sublease. Notwithstanding any provision to the contrary contained in this Sublease, (i) Sublandlord expressly reserves the right to require Subtenant to surrender possession of the Subleased Premises upon the expiration of the Sublease Term or upon the earlier termination hereof and the right to assert any remedy at law or in equity to evict Subtenant or collect damages in connection with any such holding over, and (ii) should Subtenant holdover more than 30 days after the Expiration Date (or the end of the MTM Period), then, Subtenant shall indemnify, defend and hold Sublandlord harmless from and against any and all Claims incurred or suffered by Sublandlord by reason of Subtenant’s failure to surrender the Subleased Premises on the expiration or earlier termination of this Sublease in accordance with the provisions of this Sublease, including without limitation one hundred percent (100%) of all holdover rent and other costs charged to Sublandlord pursuant to the Master Lease as a result of Subtenant’s holdover. The provisions of this Section 24 shall survive the expiration or earlier termination of this Sublease.
25.PARKING.  During the Sublease Term, Subtenant shall have non-exclusive use on a first come, first served basis of 50% of the parking rights allocated to Tenant under the Master Lease, in accordance with Section 28 of the Master Lease. Subtenant’s right to use the parking space is expressly conditioned upon Subtenant’s compliance with all reasonable rules and regulations respecting parking established from time to time by Master Landlord.
26.SIGNAGE.  Subtenant is not entitled to any signage in or on the Building or the Master Premises without the prior written consent of Sublandlord and Master Landlord. Notwithstanding the foregoing, subject to Master Landlord’s consent, Subtenant may maintain its current signage with respect to the Building, which Subtenant shall remove no later than the expiration of this Sublease.
27.GOVERNING LAW.  The terms and provisions of this Sublease shall be construed in accordance with and governed by the laws of the State of California.
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28.PARTIAL INVALIDITY.  If any term, provision or condition contained in this Sublease shall, to any extent, be invalid or unenforceable, the remainder of this Sublease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Sublease shall be valid and enforceable to the fullest extent possible permitted by law.
29.ATTORNEYS’ FEES.  If either Party commences litigation against the other Party in connection with this Sublease, for damages for the breach hereof or otherwise for enforcement of any remedy hereunder, the prevailing Party shall be entitled to recover from the other Party such costs and reasonable attorneys’ fees as may have been incurred, including any and all costs incurred in enforcing, perfecting and executing such judgment.
30.COUNTERPARTS AND ELECTRONIC SIGNATURES.  This Sublease may be executed in counterparts, each of which shall be deemed an original, but such counterparts, when taken together, shall constitute one agreement. This Sublease may be executed by a Party’s signature transmitted by email, and copies of this Sublease executed and delivered by means of emailed signatures shall have the same force and effect as copies hereof executed and delivered with original signatures. All Parties hereto may rely upon emailed signatures (including signatures in Portable Document Format or via Docusign) as if such signatures were originals. All Parties hereto agree that an emailed signature page may be introduced into evidence in any proceeding arising out of or related to this Sublease as if it were an original signature page.
31.ENTIRE AGREEMENT. This Sublease, together with the Master Lease as incorporated or referenced herein, constitutes the entire agreement and complete understanding of the Parties with respect to the matters set forth herein and merges and supersedes all prior, oral and written, agreements and understandings, and all contemporaneous oral agreements and understandings, of any nature whatsoever with respect to such subject matter.
32.CONTINGENCIES.  The effectiveness of this Sublease is subject to and contingent upon (a) Master Landlord’s execution of a written consent to this Sublease in a form reasonably acceptable to the Parties hereto (the “Landlord Consent”), [which shall include Master Landlord’s agreement (i) to the [Adverum Operating Terms] (and that Subtenant’s operations in accordance with the same shall not be a violation of the Master Lease), (ii) that Subtenant’s insurance under Section 17.4 shall satisfy the terms of the Master Lease, above (iii) Subtenant’s continue right to maintain signage as set forth in Section 26, above, and (iv) that the waiver and release set forth in Section 10.5 of the Master Lease shall apply as between Master Landlord and Subtenant], (b) the Adverum Lease Termination, and (c) Third Amendment Execution (collectively, the “Contingencies”). In the event the Contingencies are not satisfied within ten (10) days following the Effective Date, either Party may terminate this Sublease upon written notice to the other Party after the expiration of such ten (10) days period, but before the Contingencies are satisfied. If this Sublease is so terminated, Sublandlord shall promptly return any prepaid Rent and the Security Deposit to Subtenant.
[Signature page follows]

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IN WITNESS WHEREOF, Sublandlord and Subtenant have executed this Sublease as of the date and year set forth above.
						
	SUBLANDLORD:

Revolution Medicines, Inc., 
a Delaware corporation

By: /s/ Mark A Goldsmith                        
Name: Mark A. Goldsmith                       
Title: CEO                                                 
	SUBTENANT:

Adverum Biotechnologies, Inc., 
a Delaware corporation

By: /s/ Laurent Fischer                            
Name: Laurent Fischer                           
Title: CEO                                              

MAH

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EXHIBIT A
Subleased Premises

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15

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Schedule 1
Subtenant’s Personal Property

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	Equipment Type
	Manufacturer
	Model/Cat#
	Location

	Autoclave
	Primus
	PEB361255-48
	Glasswash 1116A

	RO/DI Water System
	Rephile
	RLIG0IHOO
	Glasswash 1116A

	Prefiltration System
	Rephile
	LABKT1000
	Glasswash 1116A

	High Density Rack System
	Metro
	N/A
	Warehouse 1131

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EXHIBIT 10.5B

THIS AGREEMENT OF SUBLEASE (“Sublease”) made as of the 26th day of October, 2021, by and between ADVERUM NC, LLC (“Sublandlord”) and JAGUAR GENE THERAPY, LLC (“Subtenant”).

WITNESSETH:

    WHEREAS, Sublandlord has leased the Premises (as hereinafter defined) from ARE-NC REGION NO. 21, LLC (the “Landlord”) pursuant to a certain Lease Agreement dated January 8, 2021, as amended by that certain First Amendment to Lease Agreement dated April 15, 2021 (as amended, the “Prime Lease”), which is incorporated herein by reference and which is attached hereto as Exhibit A.  Sublandlord is referred to as the “Tenant” in the Prime Lease; and

    WHEREAS, the premises subleased hereby contain approximately 173,820 rentable square feet and constitute the entirety of that certain building located at 14 TW Alexander Drive, Durham, North Carolina, and known as the “Building.”  The space subleased hereby is the same space leased to the Sublandlord under the Prime Lease and is hereinafter referred to as the “Premises.”  The parties desire by this Sublease to establish the terms and conditions upon which Subtenant will sublet the Premises from Sublandlord; and

    NOW, THEREFORE, in consideration of the mutual covenants and premises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows:

1.Except for Sections 4(b), 39, 40, 42(u) of, and Exhibit J to the Prime Lease (provided that such exclusions shall not prohibit Subtenant from exercising such rights that Landlord granted to Subtenant pursuant to Landlord’s consent to this Sublease as set forth in the Consent to Sublease and Second Amendment to Lease dated October 26, 2021 (the “Sublease Consent”) obtained pursuant to Section 12 hereof), or as otherwise herein provided, as between Sublandlord and Subtenant, all of the terms, provisions, covenants and conditions contained in the Prime Lease are made a part of this Sublease, Sublandlord being substituted for “Landlord” and Subtenant for “Tenant,” it being understood that such rights and obligations of Tenant as are contained in the same, and as the same relate to the Premises, during the term of this subletting, are hereby granted to or imposed on Subtenant in the same manner as if Subtenant had been Tenant in same.  Notwithstanding the foregoing, this Sublease shall not release Sublandlord from any existing or future duty, obligation or liability to Landlord under the Prime Lease, nor shall this Sublease change, modify, or amend the Prime Lease in any manner, and in the event of any conflict between the terms of the Prime Lease and this Sublease as between Landlord and Sublandlord, the express terms of the Prime Lease shall prevail.  In the event of a conflict between the terms of the Prime Lease and this Sublease as between Sublandlord and Subtenant, the terms of this Sublease shall govern and control.  In the event of a conflict between the terms of the Sublease Consent and this Sublease as between Sublandlord and Subtenant, the terms of the Sublease Consent shall govern and control.  Sublandlord agrees that Subtenant shall be entitled to receive all services Sublandlord is entitled to receive from Landlord pursuant to the Prime Lease, and Subtenant agrees that Sublandlord shall not be responsible for providing the same.  Subtenant expressly acknowledges that Sublandlord is not responsible for complying with any terms of the Prime Lease which, by their nature, are the sole obligations of the Landlord 
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thereunder.  Sublandlord agrees that any request received by Landlord from Subtenant for additional or modified services or Landlord’s approval with respect to any matter for which Landlord’s approval is required under the Prime Lease, including without limitation, Exhibit C (Work Letter) to the Prime Lease as such Exhibit C is amended and restated by Exhibit B to the Sublease Consent (the “Revised Work Letter”), shall be deemed a request made by and from Sublandlord and shall be deemed approved by Sublandlord when delivered to Landlord, provided the notice requesting such consent is made pursuant to the terms of the Sublease Consent.  

Subject to the terms of this Sublease and the Sublease Consent, Sublandlord acknowledges and agrees that Subtenant’s representative shall act pursuant to the terms of the Sublease Consent and as Sublandlord’s representative under the Revised Work Letter and shall have the limited right to act as Sublandlord to comply with Sublandlord’s obligations as “Tenant” as expressly stated under the Revised Work Letter and to receive the benefit of Sublandlord’s rights as “Tenant” under the Revised Work Letter and the Prime Lease as provided for in the Sublease Consent and herein.  Upon receiving Subtenant’s written request, Sublandlord shall notify Landlord of Subtenant’s change in its representative to act as Sublandlord’s representative under the Revised Work Letter.  Sublandlord shall use commercially reasonable efforts and take such further actions and assurances to enable Subtenant to receive all the rights and benefits of “Tenant” under the Revised Work Letter. Notwithstanding the foregoing, Subtenant is not being appointed as an agent for or given the authority to act as an agent of Sublandlord. Subtenant’s rights and authority to act as a representative of Sublandlord are strictly limited to those set forth in this Sublease, the Sublease Consent and the Revised Work Letter and Subtenant is not granted any express or implied authority to act on behalf of Sublandlord except as expressly set forth therein. Subtenant does not have the authority to and cannot bind Sublandlord to modifications or waivers to the terms and conditions of the Prime Lease, Sublease Consent or Revised Work Letter. Subtenant must exercise its limited authority and act in such role and capacity in a prudent and reasonable manner. In the event that Subtenant is unclear as to the scope and extent of its authority to take certain action as Sublandlord’s representative, Subtenant shall promptly request written clarification from Sublandlord prior to taking any such action. 

Subtenant acknowledges that there is no privity of contract as between Landlord and Subtenant which would entitle Subtenant to directly enforce the Landlord’s obligations under the Prime Lease. Sublandlord covenants and agrees, upon written request of Subtenant, to use commercially reasonable efforts to cause Landlord to observe and perform such obligations, provided that if Landlord’s failure to observe or perform such obligations materially impairs Subtenant’s ability to use or operate in the Premises, at Subtenant’s reasonable request and pursuant to its reasonable direction, Sublandlord shall bring legal or other form of dispute resolution to enforce any remedies that Sublandlord has at law or in equity.  Provided that the cause of Landlord’s default is not Sublandlord’s default hereunder, Subtenant shall reimburse Sublandlord for its costs related to such enforcement and Subtenant shall indemnify, defend and hold harmless Sublandlord from and against, any and all claims, damages, judgments, suits, causes of actions, losses, liabilities, and expenses, including, without limitation, attorneys’ fees and court costs to the extent arising or resulting from Sublandlord pursuing such legal or other dispute resolution action.

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Sublandlord hereby subleases the Premises to Subtenant, on the same terms and conditions upon which said Premises were leased to Sublandlord under the Prime Lease, the same as if all the terms and conditions of the Prime Lease were fully set forth herein, except as otherwise expressly set forth herein.  During the term of this Sublease, and except as set forth to the contrary herein or in the Sublease Consent, Subtenant hereby assumes and agrees to make all payments as hereinafter set forth and perform and fulfill all obligations, covenants and agreements of Sublandlord under the Prime Lease, with respect to the Premises, from and after the date hereof in the same manner as if Subtenant had executed the Prime Lease as tenant on the date hereof.

Notwithstanding the foregoing, Subtenant acknowledges that Sublandlord is in the process of preparing and submitting invoices for its design and construction work to date, for reimbursement from the Tenant Improvement Allowance if approved in accordance with and subject to the terms and conditions of the Lease (in the approximate amount of not more than $2,733,653.00).  As such, the Tenant Improvement Allowance available for Subtenant’s use shall be reduced by the amount so disbursed by Landlord to Sublandlord but such available amount shall be not less than $20,732,047.00, which is in addition to the Additional Tenant Improvement Allowance and the Warm Shell Improvement Allowance.  Sublandlord shall reasonably cooperate with Subtenant to obtain or to have any building permits or other governmental approvals required for Subtenant’s construction assigned to Subtenant.
As an inducement to Subtenant to enter into this Sublease, Sublandlord represents and warrants with respect to the Premises that the following statements are true:
(i)    The Prime Lease is in full force and effect, and the copy attached hereto as Exhibit A is a true and complete copy thereof.
(ii)    The Commencement Date of the Prime Lease was April 23, 2021 and the Expiration Date of the Prime Lease is October 31, 2037.
(iii)    To Sublandlord's actual knowledge, there exists under the Prime Lease no default by either party or event of default by either party, nor has there occurred any event which, with the giving of notice or passage of time or both, could constitute such a default or event of default by either party.
(iv)    Sublandlord has not received any written notice that the Premises or any portion thereof are in violation of applicable laws.
(v)    There are no oral modifications to the Prime Lease and Landlord and Sublandlord do not have any agreements regarding the Premises except for the Prime Lease.
(vi)    Sublandlord has not assigned its interest in the Prime Lease or subleased or otherwise permitted any other parties to occupy any part of the Premises.
(vii)    Landlord is currently the “Landlord” (as such term is defined under the Prime Lease).

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(viii)    Sublandlord is currently the “Tenant” (as such term is defined under the Prime Lease).
(ix)    The only reports or other documents that Sublandlord has in its possession regarding the environmental condition of the Premises are: 
•that certain Phase 1 Environmental Site Assessment dated August 2020 and prepared by Ranboll US Corporation; 
•that certain Limited Hazardous Materials Clearance Report dated May 17, 2021 and prepared by Froehling and Robertson, Inc.; 
•that certain Limited Hazardous Materials Survey Report (first floor pipe risers) dated August 12, 2021 prepared by Michael J. Krupa, CIEC Industrial Hygiene Project Manager, Froehling & Robertson, Inc.; 
•that certain Limited Moisture and Microbial Eval Report dated July 7, 2021, prepared by Froehling and Robertson, Inc.; 
•that certain General Mold Remediation Guidelines dated July 7, 2021, prepared by Froehling and Robertson, Inc.; and 
•that certain Limited Hazardous Materials Survey Report (Sub-Slab Holding Tank Testing) ARE-14 TW Alexander IH Sub-Slab Report dated March 29, 2021, prepared by Freohling and Robertson, Inc.

(x)    Except for the Prime Lease, the Sublease and the Sublease Consent and the agreement regarding demolition with DPR to be assigned by Sublandlord to Subtenant, Sublandlord is not a party to any agreement, including, without limitation, construction, engineering or design agreements, that will be binding on the Premises or Subtenant after the date of this Sublease.

2.The term of this Sublease (the “Term”) shall commence as of the later of (i) the date which is the first business day after all parties hereto have executed this Sublease and Landlord has consented to this Sublease in writing, or (ii)  the date on which Sublandlord transfers possession of the Premises to Subtenant (the “Sublease Commencement Date”), and shall expire on the 31st day of October, 2037 at 5:00 p.m. (the “Expiration Date”), unless sooner terminated in accordance with the terms of this Sublease, including a termination of the Prime Lease.  Subtenant expressly acknowledges that no rights to other space owned or leased by Landlord or Sublandlord (including specifically any right of first refusal), is granted to Subtenant hereunder, nor shall Subtenant be entitled to exercise any such or similar rights afforded under the Prime Lease.  Sublandlord covenants and agrees that, during the Term of this Sublease, Sublandlord shall not take any action that would cause a default by Sublandlord under the Prime Lease and Sublandlord shall not terminate or extend the term of or enter into any material amendments to or material modifications of the Prime Lease or enter into any amendments to or modifications of the Prime Lease that would increase Subtenant’s obligations or impair its rights hereunder or agree to any new alterations or improvements to the Premises, without the prior written consent of Subtenant (not to be unreasonably withheld, conditioned, or delayed).  Furthermore, Sublandlord shall not agree to any new covenants, conditions, restrictions, easements or other encumbrances against the Premises without the prior written consent of Subtenant.  Sublandlord covenants and agrees to fully and faithfully perform the terms and conditions of the Prime Lease and this Sublease on its part to be performed.
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3.Commencing on the Sublease Commencement Date, subject to the terms of the Sublease Consent and any credits, abatements, offsets, reductions or other concessions pursuant to the terms of the Prime Lease, Subtenant shall pay base annual rent (“Base Rent”) directly to the Landlord according to the same schedule, and in the same amounts, as listed in the Prime Lease.  Except as set forth in Section 23 herein, below, Subtenant shall not be responsible for any rent payable to Landlord by Sublandlord for the period of time prior to the Sublease Commencement Date.  In the event that the Sublease commences on a day other than the first (1st) day of the month or expires or terminates on a day other than the last day of such month, the Rent payable during such month shall be prorated with Subtenant only responsible for the portion of such month falling within the Term.  All payments requiring proration shall be prorated on the basis of the number of days in the pertinent calendar month or year, as applicable.  All rent and other amounts due under this Sublease shall be paid without demand or notice and without any setoff or deduction whatsoever.  All charges, costs and sums required to be paid by Subtenant to Sublandlord hereunder in addition to Base Rent shall be deemed additional rent (“Additional Rent”), and Base Rent and Additional Rent shall hereinafter be collectively called “Rent.”  Any portion of such Additional Rent which is payable under the terms of the Prime Lease to Landlord shall by paid by Subtenant directly to Landlord in accordance with the terms of the Sublease Consent.  In the event that any Rent is payable to Sublandlord hereunder, such Rent shall be paid to or upon the order of Sublandlord (or directly to Landlord, if so directed by Sublandlord) at the following address: 100 Cardinal Way, Redwood City, CA 94063 Attn: Chief Financial Officer.  Sublandlord shall have the right to change the Sublandlord’s address by giving advance written notice thereof to Subtenant. All payments of Rent shall be made in immediately available, lawful money of the United States.  In the event that Subtenant is not able to enforce the audit and review rights under the Prime Lease related to Operating Expenses, Sublandlord shall do so at Subtenant’s direction pursuant to the terms of the Prime Lease and Subtenant shall reimburse Sublandlord for its out of pocket third party costs related thereto.

As of the Sublease Commencement Date, Subtenant shall also be responsible for all Additional Rent (including, without limitation, Operating Expenses) required of Sublandlord as Tenant under the Prime Lease. 

Notwithstanding anything to the contrary contained herein, in the event that pursuant to the Prime Lease, Sublandlord actually receives an abatement, reduction, reimbursement, offset or other credit against rent payable under the Prime Lease, including, without limitation, related to an interruption in any services or utilities required to be provided by Landlord under the Prime Lease or related to a failure of Landlord to perform any maintenance and repair obligations of Landlord under the Prime Lease, Sublandlord shall provide Subtenant with such amounts to be applied against rent payable hereunder.

4.Subtenant will not assign this Sublease in whole or in part, nor sublet all or any part of the Premises, without the written consent of Sublandlord, which consent shall not be unreasonably withheld, conditioned or delayed, and (ii) if required by the terms of the Prime Lease, the prior written consent of Landlord.  

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Notwithstanding the foregoing, provided that (i) Subtenant is not in default hereunder beyond any applicable notice and cure period provided for herein and (ii) Subtenant obtains Landlord's prior written consent thereto (unless, in connection with the Sublease Consent, Landlord has previously agreed to permit the following without its consent), Subtenant shall have the right, without the prior consent of Sublandlord, to assign this Sublease or sublet all or any portion of the Premises or transfer any interest in Subtenant to (1) any successor to Subtenant resulting from a merger, consolidation, spin-off, membership interest or other ownership interest sale or sale of all or substantially all of Subtenant's assets, but only in the event Subtenant is the surviving entity, or if Subtenant is not the surviving entity, the successor subtenant has substantially the same or better long-term debt rating or equivalent financial capacity as Subtenant immediately prior thereto (as reasonably confirmed by Sublandlord and Landlord in writing), or (2) to a parent, subsidiary or to any corporation or other entity that controls, or is controlled by, or is under common control with Subtenant (in any such case, a "Permitted Transferee") provided that: (A) such Permitted Transferee assumes in writing (or by operation of law succeeds to) all of Subtenant's obligations hereunder with respect to the Sublease or portion thereof covered by the applicable sublease, and (B) Subtenant, if Subtenant survives the transaction, remains liable to Sublandlord and Landlord for the performance of all terms and conditions of this Sublease, including the payment of Rent hereunder. Sublandlord shall be notified of such sublease or assignment and be given a copy of such sublease or assignment prior to or within (5) business days after such transfer.

5.All notices required or permitted by any provision of the Prime Lease or this Sublease shall be sent via certified mail, return receipt requested or via personal or overnight courier delivery (with proof of delivery requested) and shall be directed to Landlord at the address for notice as set forth in the Prime Lease.  Other notices required or permitted by any provision of the Prime Lease or this Sublease shall be directed as follows:

									
		If to Sublandlord:	100 Cardinal Way
Redwood City, CA 94063
Attention: Legal Department
		with a copy to:	Smith, Anderson, Blount, Dorsett,
Mitchell & Jernigan, L.L.P.
Post Office Box 2611
Raleigh, North Carolina 27602-2611
Attention: Wayne K. Maiorano, Esq. 
			
			overnight delivery address:
2300 Wells Fargo Capitol Center
150 Fayetteville Street
Raleigh, North Carolina 27601

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		If to Subtenant:	Jaguar Gene Therapy, LLC
150 N. Field Drive
Suite 300
Lake Forest, IL 60521
Attention:  Chief Legal Officer

		with a copy to:	Benesch Friedlander Coplan & Aronoff LLP
71 South Wacker Drive, Suite 1600
Chicago, IL 60606
Attention:  Michael J. Klein

Either party may, at any time or from time to time, designate in writing a substitute address for the above set forth, and thereafter notice shall be directed to such substitute address.  Sublandlord shall provide (within five (5) business days after receipt) Subtenant with copies of any notices that Sublandlord receives from Landlord under the Lease.

6.This Sublease, and all rights hereunder, are in full respects subordinate to the Prime Lease. In the event the Prime Lease terminates for any reason during the Term, this Sublease shall simultaneously terminate unless, and except to the extent, otherwise provided in the Sublease Consent. Nothing contained in this Sublease shall be construed to create privity of estate or contract between Subtenant and the Landlord except for the agreements of Subtenant hereunder which are intended to benefit the Landlord (e.g. Sections 10, 12 and 22 hereof) as to which Landlord shall be deemed a third-party beneficiary hereunder and except for those agreements between Landlord and Subtenant expressly contained in the Sublease Consent.  Except as expressly provided in the Sublease Consent, Landlord shall have no obligations to Subtenant under the Sublease and the Prime Lease.
7.Subtenant hereby agrees to execute such other necessary documents and instruments as Sublandlord may hereafter reasonably request in order to effectuate the provisions of the Sublease.  Sublandlord hereby agrees to execute such other necessary documents and instruments as Subtenant may hereafter reasonably request in order to effectuate the provisions of the Sublease.  
8.Except as expressly provided for in the Sublease Consent, the Sublease Consent shall not be construed as relieving Sublandlord from the requirement of obtaining Landlord’s consent to any further subleasing or assignment of the Prime Lease, or of creating any rights in Subtenant against Landlord as a result of the Sublease Consent.
9.Except as otherwise provided for herein and the Prime Lease, Subtenant acknowledges and agrees that the Premises are being conveyed on an “as is” basis, and that Sublandlord hereby makes no representation or warranty whatsoever, including specifically the condition thereof or their fitness for a particular purpose, provided that the foregoing shall not be deemed to be a waiver by Subtenant of any of Sublandlord’s obligations herein or the condition in which Landlord is required to construct Landlord’s Work or deliver the Premises.  Subtenant shall not alter the Premises without first obtaining Sublandlord’s written approval for such alteration, provided that if Landlord consents to such alterations then Sublandlord shall be deemed to have consented to such alterations also.  Subtenant acknowledges that alterations are 
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further subject to the consent of Landlord and Subtenant shall be responsible for obtaining such consent; provided, however, Sublandlord shall reasonably cooperate and work with Subtenant to obtain the consent of the Landlord.  Except as otherwise agreed upon at the time any such consent is given, all alterations shall remain upon the Premises and shall be incorporated in and made a part of the Premises as completed.  Subtenant shall be responsible, at its sole cost and expense, for all conditions of Landlord’s consent to any alterations, including without limitation any restoration and/or removal obligations.  Subtenant shall not be required to remove and/or restore any improvements or other alterations which were either (a) constructed or installed prior to the Sublease Commencement Date, (b) which were approved by Landlord prior to the Sublease Commencement Date or (c) which are not required to be removed pursuant to the terms of the Prime Lease or the Sublease Consent.
10.Subtenant shall be liable for, and shall indemnify, defend and hold Sublandlord and Landlord harmless from and against, any and all claims, damages, judgments, suits, causes of actions, losses, liabilities, and expenses, including, without limitation, attorneys’ fees and court costs to the extent arising or resulting from (a) the negligence or willful misconduct of Subtenant or any of Subtenant’s agents, employees, subtenants, assignees, licensees, contractors, or invitees as to injuries to persons or damage to property occurring in or about the Premises, including without limitation, arising from or as a result of the performance of the Tenant Improvements under the Amended and Restated Work Letter, (b) the default by Subtenant of any obligation on Subtenant’s part to be performed under the terms of this Sublease, the Sublease Consent or the Amended and Restated Work Letter attached to the Sublease Consent as Exhibit B, and (c) Subtenant exceeding its authority to act in Sublandlord’s name except as otherwise expressly permitted under this Sublease, the Sublease Consent or the Amended and Restated Work Letter; provided, however, Subtenant’s indemnity shall not apply or extend to any such damage or injury to the extent the same are:  (i)  the result of the gross negligence or willful misconduct of Sublandlord (or Landlord, in the case of Landlord’s indemnity), or Sublandlord’s (or Landlord’s, in the case of Landlord’s indemnity) employees, agents or contractors, or (ii) paid to Sublandlord (or Landlord, in the case of Landlord’s indemnity) out of the proceeds of any policy of insurance required hereunder.  In case any action or proceeding is brought against Sublandlord or Landlord by reason of Subtenant’s indemnification obligation set forth in this section, Subtenant, upon notice from Sublandlord or Landlord shall defend the same at Subtenant’s expense.  The terms and provisions of this section shall survive the termination or expiration of this Sublease.
11.Notwithstanding any provision contained in this Sublease to the contrary, should either party institute any legal proceeding against the other for breach of any provision herein contained and prevail in such action, such other party shall reimburse the prevailing party for the cost of expenses of such prevailing party, including, without limitation, its reasonable attorneys’ fees actually incurred at standard and reasonable billing rates.
12.This Sublease and all provisions contained herein are contingent upon the written approval of Landlord, pursuant to a separate written agreement entered into by Landlord, Sublandlord, and Subtenant, which form of agreement shall be reasonably acceptable to Sublandlord and Subtenant.  Notwithstanding the foregoing, Sublandlord and Subtenant acknowledge and agree that the Sublease Consent shall be in the form attached hereto as Exhibit B and made a part hereof. Promptly following mutual agreement by Sublandlord and Subtenant as to the final form of this Sublease, Sublandlord shall use diligent, good faith efforts to obtain 
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Landlord's consent to this Sublease, and Sublandlord shall provide notice of Sublandlord's receipt of such Sublease Consent promptly following Sublandlord's receipt of the same. Sublandlord and Subtenant shall each be  responsible for paying fifty percent (50%) of any fees and/or charges imposed by Landlord (including, without limitation, payment or reimbursement of Landlord's attorneys' fees or any other out-of-pocket costs incurred by Landlord, if applicable) in connection with Sublandlord's request for and negotiation of the Sublease Consent.
13.Upon full execution, said Sublease Consent shall be incorporated by reference into, and made a part of, this Sublease.
14.None of the covenants, terms or conditions of this Sublease to be kept and performed by either party, shall in any manner be altered, waived, modified, changed or abandoned except by a written instrument, duly signed and delivered by the other party.
15.If any term or provision of this Sublease shall to any extent be held invalid or unenforceable, the remaining terms and provisions of this Sublease shall not be affected thereby, but each term and provision of this Sublease shall be valid and shall be enforced to the fullest extent permitted by law.
16.All of the covenants, agreements, conditions and undertakings contained in this Sublease shall extend and inure to and be binding upon the heirs, executors, administrators, successors and permitted assigns of the respective parties hereto.
17.Sublandlord and Subtenant warrant to the other that neither of them has had any dealings with any broker or agent in connection with the transactions contemplated hereby.  Sublandlord and Subtenant covenant to pay, hold harmless and indemnify the other from and against any and all costs, expenses or liability for any compensation, commissions and charges claimed by any other broker or agent, with respect to the transactions contemplated hereby or the negotiation thereof and arising by virtue of the acts of the indemnifying party.
18.No waiver by any party hereto of any breach by the other party hereto of any term, covenant, condition, or agreement herein and no failure by any party hereto to exercise any right or remedy in respect of any breach hereunder, shall constitute a waiver or relinquishment for the future of any such term, covenant, condition, or agreement or of any subsequent breach or of any such term, covenant, condition or agreement.
19.This Sublease constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and this Sublease supersedes all prior oral or written agreements, commitments, or understandings with respect to the matters provided for herein.
20.This Sublease may be executed in multiple counterparts, each of which may be deemed to be an original.
21.Sublandlord acknowledges and agrees that Subtenant shall be entitled to such signage rights as are permitted by the Landlord, in Landlord’s sole discretion (provided that Sublandlord will not withhold its consent to any such signage rights specifically provided in the Prime Lease, so long as Landlord agrees to same in its consent to this Sublease).  Subtenant shall be responsible, at its sole cost and expense, for all conditions of Landlord’s consent to any signage, including without limitation any restoration and/or removal obligations.
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22.Whenever Sublandlord is required in the Prime Lease to furnish insurance to Landlord, Subtenant agrees to furnish such insurance in the same amounts naming Sublandlord and Landlord as additional insureds with waivers of subrogation in favor of Landlord and Sublandlord, as provided in the Prime Lease.  The policies shall not be cancelled upon less than thirty (30) days prior written notice to Sublandlord.  Subtenant will deliver certificates of insurance to Sublandlord (on forms reasonably in accordance with the requirements of the Prime Lease).
23.In accordance with the Prime Lease, Sublandlord paid to Landlord the Base Rent payment for the first full calendar month for which Base Rent will become due after the Rent Commencement Date, in the amount of $463,520.00 (“Initial Rent Payment”). Within five (5) business days of execution of this Sublease, Subtenant shall pay to Sublandlord $463,520.00 in full reimbursement of the Initial Rent Payment. Further, within five (5) business days of execution of this Sublease, Subtenant shall provide to and for the benefit of Sublandlord a security deposit in an amount equal to one hundred percent (100%) of the amount required of Sublandlord as Tenant under the Prime Lease, which security deposit shall be deposited by Subtenant pursuant to the written direction of Sublandlord.   In addition, such security deposit shall be reduced in accordance with the reduction of the Security Deposit as defined in and in accordance with the terms of the Prime Lease. 
24.Whenever the consent of Landlord shall be required pursuant to the Prime Lease with respect to any proposed action by Subtenant hereunder, Sublandlord covenants and agrees to use commercially reasonable efforts to obtain such consent on behalf of Subtenant. So long as Subtenant is not in default beyond the expiration of applicable notice and cure periods hereunder, Sublandlord further covenants and agrees not to voluntarily terminate the Prime Lease without the prior written consent of Subtenant, which consent may be granted or withheld by Subtenant in its sole discretion.
25.Neither Sublandlord nor Subtenant shall issue or make any public announcement, press release or other public disclosure regarding this Sublease or its subject matter or the Subtenant without the other party’s prior consent (not to be unreasonably withheld, conditioned, or delayed), except for such disclosure that is required by law, the rules of a stock exchange on which the securities of the Sublandlord are listed or as required to comply with Sublandlord’s rights and obligations herein.  Subject to the requirements of law and governmental authorities, the parties shall cooperate in good faith regarding their approval of the issuance of initial press releases or governmental disclosures.

[Signature Page(s) Follow]

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IN WITNESS WHEREOF, each party hereto has duly executed this Sublease as of and on the day and year first above written.

															
			SUBLANDLORD:	
			ADVERUM NC, LLC	
					
			By:	/s/ Laurent Fischer 	
			Name:	Laurent Fischer 	
			Title:	CEO	
			Date: 	2021-10-25  |  11:20:12 PDT	
					
			SUBTENANT: 	
			JAGUAR GENE THERAPY, LLC	
					
					
			By: 	/s/ Andrew Knudten	
			Name: 	Andrew Knudten	
			Title: 	COO	
			Date: 	10/26/2021	
					

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Exhibit A

(Prime Lease)

[attached]

12

Exhibit B

(Agreed form of Consent)

[attached]

13

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