Document:

dtil-ex101_32.htm

Exhibit 10.1

 

NINTH AMENDMENT TO LEASE AGREEMENT

THIS NINTH AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made as of the 31st day of August, 2020 (the “Effective Date”) by and between VENABLE HISTORIC, LLC, a Delaware limited liability company (“Landlord”), and PRECISION BIOSCIENCES, INC., a Delaware corporation (“Tenant”), with respect to the following recitals:

A.Pursuant to that certain Lease Agreement dated April 5, 2010 (the “Original Lease”), as modified by a First Amendment to Lease Agreement dated August 19, 2011, and by a Second Amendment to Lease Agreement dated July 13, 2015, and by a Third Amendment to Lease Agreement dated January 12, 2016, and by a Fourth Amendment to Lease Agreement dated September 30, 2016 (the “Fourth Amendment”), and by a Fifth Amendment to Lease Agreement dated January 24, 2018, and by a Sixth Amendment to Lease Agreement dated August 6, 2018, and by a Seventh Amendment to Lease Agreement dated November 14, 2018, an Amended and Restated Seventh Amendment to Lease Agreement dated February ___, 2019, and an Eighth Amendment to Lease Agreement dated March 3, 2020 (collectively, the “Lease”), Landlord (as successor to Venable Tenant LLC, and VC Owner, LLC) leases to Tenant certain office space in the group of interconnected buildings situated at 302 East Pettigrew Street, Durham, North Carolina known collectively as “Venable Center” (the “Project”), as more particularly described in the Lease;

B.All capitalized terms used in this Amendment that are not otherwise defined herein shall have the meanings ascribed to such terms in the Lease.

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

1.Premises.  Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, approximately 330 rentable square feet of space known as Suite 100 (the “Suite 100 Premises”) in the Prizery Building (the “Building”) located within the Project, as outlined on Exhibit A attached hereto and incorporated herein.  The Term of the Lease with respect to the Suite 100 Premises shall commence as of September 1, 2020 (the “Ninth Amendment Commencement Date”) and shall be coterminous with the Term applicable to the remainder of the Premises.  From and after the Ninth Amendment Commencement Date, the Suite 100 Premises shall constitute a portion of the “Premises” for all purposes under the Lease.  Landlord shall have no liability to Tenant in the event Landlord is unable to deliver possession of the Suite 100 Premises to Tenant on the Ninth Amendment Commencement Date due to the holding over by the prior tenant thereof or due to any other matter beyond Landlord's reasonable control (and further provided that Landlord shall use commercially reasonable efforts to enforce its rights under the existing lease agreement for the tenant currently occupying the Suite 100 Premises); however, in the event Landlord is unable to deliver possession of the Suite 100 Premises on or before the Suite 100 Rent Commencement Date (defined below), Base Rent with respect to the Suite 100 Premises will not begin to accrue until the first business day after Landlord is able to deliver possession of the Suite 100 Premises, broom clean and free of any prior tenancy.  

 

 

2.Base Rent for Suite 100 Premises.  From and after October 1, 2020, (the “Suite 100 Rent Commencement Date”), Tenant shall pay Base Rent with respect to the Suite 100 Premises only in accordance with the following rent table:  

 

	
Period
	
Rate
	
Annual Base Rent
	
Monthly Base Rent

	
Suite 100 RCD* – January 31, 2021
	
$32.50
	
N/A
	
$893.75 

	
February 1, 2021 – January 31, 2022
	
$33.48
	
$11,048.40 
	
$920.70 

	
February 1, 2022 – January 31, 2023
	
$34.48
	
$11,378.40 
	
$948.20 

	
February 1, 2023 – January 31, 2024
	
$35.51
	
$11,718.36 
	
$976.53 

	
February 1, 2024 – July 31, 2024
	
$36.58
	
N/A
	
$1,005.95 

 

* Suite 100 Rent Commencement Date.  

3.Additional Rent.  Commencing on the Suite 100 Rent Commencement Date, Tenant shall pay Additional Rent with respect to the Suite 100 Premises pursuant to Section 6 of the Original Lease. With respect to the Suite 100 Premises (only), Tenant’s Proportionate Share shall be (i) 1.59%, which is the ratio of 330 (the rentable square footage of the Suite 100 Premises) to 20,814 (the rentable square footage of the Building), and (ii) 0.38%, which is the ratio of 330 (the rentable square footage of the Suite 100 Premises) to 87,416 (the rentable square footage of the Project) for the Project. Notwithstanding anything in the Lease to the contrary, with respect to the Suite 100 Premises only, the Base Rent is a modified “full-service” rental rate, and commencing on January 1, 2021, Tenant shall pay its Proportionate Share of increases in Operating Expenses over the Operating Expenses incurred in calendar year 2020. 

4.Tenant Improvements.  Subject to this Section 4, Tenant shall accept the Suite 100 Premises in its “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Original Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant desires to make in the Suite 100 Premises shall be subject to all the terms and conditions set forth in Section 11 of the Original Lease.  

5.Brokers.  Landlord and Tenant each warrant to the other that in connection with this Amendment neither has employed or dealt with any broker, agent or finder, other than CBRE­Raleigh, LLC (the “Landlord’s Broker”) and Cushman & Wakefield (the “Tenant’s Broker”, together with Landlord’s Broker, collectively, “Brokers”). Landlord acknowledges that it shall pay any commission or fee due to the Landlord’s Broker, pursuant to a separate written agreement.  Landlord’s Broker shall pay any commission or fee due to Tenant’s Broker, pursuant to a separate written agreement.  Each party shall indemnify and hold the other harmless from and against any claim for brokerage or other commissions asserted by any broker, agent or finder employed by the indemnifying party or with whom the indemnifying party has dealt, other than the Brokers.

6.Notices.  The Landlord notice information and payment information in Section 29(b) of the Original Lease, as amended by Section 8 of the Amended and Restated Seventh Amendment to Lease Agreement is hereby deleted in its entirety, and replaced with the addresses set forth on Exhibit B, attached hereto and incorporated by reference.

7.Acknowledgement.  Landlord and Tenant acknowledge that, to their actual knowledge, each party has complied with all of its obligations under the Lease to date, and, to the extent not expressly 

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modified hereby, all of the terms and conditions of said Lease shall remain unchanged and in full force and effect.

8.Miscellaneous.  The foregoing is intended to be an addition and a modification to the Lease.  Except as modified and amended by this Amendment, the Lease shall remain in full force and effect.  If anything contained in this Amendment conflicts with any terms of the Lease, then the terms of this Amendment shall govern and any conflicting terms in the Lease shall be deemed deleted in their entirety.  Each party to this Amendment shall execute all instruments and documents and take such further action as may be reasonably required to effectuate the purposes of this Amendment.  This Amendment may be modified only by a writing executed by the parties hereto.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all such counterparts shall together constitute one and the same instrument.  The invalidity of any portion of this Amendment shall not have any effect on the balance hereof.  This Amendment shall be binding upon the parties hereto, as well as their successors, heirs, executors and assigns.  This Amendment shall be governed by, and construed in accordance with North Carolina law.

[Remainder of this page intentionally left blank]

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IN WITNESS WHEREOF, Landlord and Tenant have executed and delivered this Amendment as of the day and year first above written.

 

	
LANDLORD:

	
VC HISTORIC, LLC

	
a Delaware limited liability company

	
By:
	
 
	
/s/ Jeff Sheehan

	
Name:
	
 
	
Jeff Sheehan

	
Title:
	
 
	
Manager

	
TENANT:

	
PRECISION BIOSCIENCES, INC.

	
a Delaware corporation

	
By:
	
 
	
/s/ Sinu Bhandaru

	
Name:
	
 
	
Sinu Bhandaru

	
Title:
	
 
	
Vice-President Operations & IT

 

 

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EXHIBIT A

FLOOR PLAN OF SUITE 100 PREMISES

 

 

EXHIBIT B

LANDLORD NOTICE AND PAYMENT ADDRESSES

 

	
For Notice Information

	
Landlord:
	
Venable Historic, LLC

	
 
	
c/o Jordan Park Group LLC

	
 
	
100 Pine Street, Suite 2600

	
 
	
San Francisco, CA 94111

	
 
	
Attention: Legal and Compliance

	
 
	
Email: legalcompliance@jordanpark.com

	
And to:
	
c/o Trinity Capital Advisors, LLC

	
 
	
440 South Church Street, Suite 800

	
 
	
Charlotte, NC 28202

	
 
	
Attn: Jeff Sheehan

	
 
	
Email: jsheehan@trinitycapitaladvisors.com

	
And to:
	
c/o SLI Capital, LLC

	
 
	
424 Six Forks Rd, Suite 820

	
 
	
Raleigh, NC 27609

	
 
	
Attn: Bryan Kane

	
 
	
Email: bmk@slicap.com

	
With copy to:
	
Sidley Austin LLP

	
 
	
484 Seventh Avenue

	
 
	
New York, NY 10019

	
 
	
Attn: Steven C. Koppel

	
 
	
Email: skoppel@sidley.com

	
With copy to:
	
Troutman Pepper Hamilton Sanders LLP

	
 
	
301 South College Street, Suite 3400

	
 
	
Charlotte, NC 28202

	
 
	
Attn: Patrick L. Ridinger

	
 
	
Email: patrick.ridinger@troutman.com

	
For Payment Information:

	
Landlord:
	
Venable Historic, LLC

	
 
	
c/o TP Triangle, LLC

	
 
	
3020 Carrington Mill Blvd, Suite 425

	
 
	
Morrisville, NC 27560

	
 
	
For ACH payments:

	
 
	
JPMorgan Chase Bank, N.A.

	
 
	
383 Madison Avenue

	
 
	
New York, New York 10017

	
 
	
ABA # - 021000021

	
 
	
Account Number – 758985498

	
 
	
For Account of - VENABLE HISTORIC, LLC

 

6dtil-ex102_284.htm

 

Exhibit 10.2

Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

AMENDMENT NO. 6 TO DEVELOPMENT AND COMMERCIAL LICENSE AGREEMENT

This AMENDMENT NO. 6 TO DEVELOPMENT AND COMMERCIAL LICENSE AGREEMENT (this “Amendment”), effective as of October 2, 2020, amends that certain Development and Commercial License Agreement, effective February 24, 2016 (as previously amended by that certain Amendment No. 1 to Development and Commercial License Agreement, effective as of February 24, 2017, that certain Amendment No. 2 to Development and Commercial License Agreement, effective as of August 21, 2017, that certain Amendment No. 3 to Development and Commercial License Agreement, effective as of February 5, 2018, that certain Amendment No. 4 to Development and Commercial License Agreement, effective as of May 23, 2018, and that certain Amendment No. 5 to Development and Commercial License Agreement, effective as of September 18, 2019, the “DCLA”), by and among LES LABORATOIRES SERVIER, a corporation incorporated under the laws of France having a principal place of business at 50 rue Carnot, 92150 Suresnes, France (“LLS”) and INSTITUT DE RECHERCHES INTERNATIONALES SERVIER, a corporation incorporated under the laws of France having its principal place of business at 50 rue Carnot, 92150 Suresnes, France (“IRIS”) (LLS and IRIS together jointly and severally, “Servier”), and PRECISION BIOSCIENCES, INC., a Delaware corporation with its principal place of business at 302 E Pettigrew St A-100, Durham, NC 27701, U.S.A. (“Precision”).  Precision and Servier may each be referred to herein individually as a “Party” and collectively as the “Parties.”  All capitalized terms not otherwise defined in this Amendment shall have the meaning set forth in the DCLA.

RECITALS

WHEREAS, the Parties have determined to modify certain rights and obligations of the Parties under the DCLA solely as applicable to PBCAR0191 (defined below), as further described in this Amendment; and

WHEREAS, the Parties desire to amend the DCLA as set forth below in accordance with Section 17.8 of the DCLA.

AGREEMENT

NOW THEREFORE, in consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

	
 
	
1.
	
Additional Definitions.  The following definitions are hereby added to Article I of the DCLA, as un-numbered definitions: 

	
 
	
a.
	
“Amendment No. 6” means that certain Amendment No. 6 to Development and Commercial License Agreement entered into by the Parties, effective as of October 2, 2020. 

	
 
	
b.
	
“PBCAR0191” means that certain Licensed Product Candidate Directed to CD19 that is the subject of [***].

1

 

	
 
	
c.
	
“PBCAR0191 Development Achievement Notice” has the meaning set forth in Section 2.2.5 (as such Section is amended with respect to PBCAR0191 by Amendment No. 6). 

	
 
	
d.
	
“PBCAR0191 Phase I Clinical Trial” has the meaning set forth in Section 2.2.4 (as such Section is amended with respect to PBCAR0191 by Amendment No. 6).

	
 
	
e.
	
“PBCAR0191 Phase I Notice” has the meaning set forth in Section 2.2.4 (as such Section is amended with respect to PBCAR0191 by Amendment No. 6).

	
 
	
f.
	
“PBCAR0191 Phase IIa[***]” means [***].

	
 
	
g.
	
[***].

	
 
	
2.
	
Amendments to Definition of Phase II Ready Status.  Solely as applicable to PBCAR0191, the definition of “Phase II Ready Status” in the DCLA is hereby amended and restated in its entirety as follows:

“Phase II Ready Status” means that: (a) (i) the PBCAR0191 Phase I Clinical Trial and the PBCAR0191 Phase IIa [***]have been completed for PBCAR0191[***].

	
 
	
3.
	
Addition of Section 2.2.3A to the DCLA.  A new Section 2.2.3A is hereby added to Article II of the DCLA immediately after Section 2.2.3 and shall read in its entirety as follows: 

2.2.3ADevelopment of PBCAR0191 by Precision.

(a)Precision shall be solely responsible for, shall use Commercially Reasonable Efforts to carry out, and shall pay all costs and expenses incurred by Precision in carrying out, the Development activities with respect to PBCAR0191 that are set forth in [***], including all CMC activities thereunder.  

(b)[***].  Precision will consult with Servier [***] regarding the total number of patients to be dosed in the PBCAR0191 Phase IIa[***], but Precision will have final decision-making authority with respect to the total number of patients to be dosed in each of the PBCAR0191 Phase IIa[***].  The PBCAR0191 Phase IIa [***]will be deemed complete upon completion of the PBCAR0191 Phase IIa [***]with respect to the total number of patients to be dosed as determined by Precision.

(c)For purposes of PBCAR0191, the Clinical Trial material [***]shall[***] be deemed to be the Phase II Ready Batch required to be produced for PBCAR0191 under this Agreement.  [***].

(d)Upon [***], Phase II Ready Batch Success shall be deemed to have occurred with respect to PBCAR0191.  [***].

(e)Notwithstanding anything to the contrary in this Agreement, except for the Development activities that are set forth in [***], Precision shall not be required to conduct any further Development activities under this Agreement with respect to PBCAR0191 without Precision’s prior written consent.

2

 

	
 
	
4.
	
Amendments to Section 2.2.4 of the DCLA.  Solely as applicable to PBCAR0191, Section 2.2.4 of the DCLA is hereby amended and restated in its entirety as follows: 

2.2.4Precision shall deliver written notice to the JSC as soon as reasonably practical following its completion of [***] (the “PBCAR0191 Phase I Clinical Trial”), together with all available data in the categories set forth in Exhibit B to Amendment No. 6 (the “PBCAR0191 Phase I Notice”).  [***]Precision will provide any other data in the categories set forth in Exhibit B to Amendment No. 6 promptly as and when it becomes available to Precision.  The JSC shall promptly (but in any event within [***] after the PBCAR0191 Phase I Notice) convene a meeting to review and discuss such data with respect to PBCAR0191. Upon Precision’s delivery of the PBCAR0191 Phase I Notice, Precision shall be deemed to have achieved [***], and the milestone payments of [***]in Section 8.3.1(a) shall each be payable by Servier within [***]after receipt of Precision’s invoice following delivery of the PBCAR0191 Phase I Notice.

	
 
	
5.
	
Amendments to Section 2.2.5 of the DCLA.  Solely as applicable to PBCAR0191, Section 2.2.5 of the DCLA is hereby amended and restated in its entirety as follows:

2.2.5Precision shall deliver written notice to the JSC as soon as reasonably practical following the achievement of Phase II Ready Status (as such definition is amended with respect to PBCAR0191 by Amendment No. 6) for PBCAR0191 (which may or may not include, for purposes of Precision’s notice as set forth in this sentence, the JSC having identified a pivotal Phase II Clinical Trial dose (or dosing regimen) for PBCAR0191) together with a copy of the data package regarding the results of Precision’s research and development program for PBCAR0191[***] (the “PBCAR0191 Development Achievement Notice”).  Such notice shall be deemed the Development Achievement Notice for PBCAR0191. [***]Precision will provide any other data in the categories set forth in Exhibit B to Amendment No. 6 promptly as and when it becomes available to Precision. The JSC shall promptly, but in no event more than [***]following receipt of such notice, convene a meeting to review and discuss such notice and data package with respect to PBCAR0191 and, if not yet identified by the JSC, to identify a pivotal Phase II Clinical Trial dose (or dosing regimen) for PBCAR0191. Additionally, for [***]following the end of such meeting, Servier may request, and Precision shall thereafter provide as promptly as practicable, any additional information that could reasonably be expected to assist Servier in determining whether it desires to exercise the Commercial Option for PBCAR0191 in accordance with Section 4.1.  In the event that the JSC determines that it cannot identify a pivotal Phase II Clinical Trial dose (or dosing regimen) for PBCAR0191 based on the data provided by Precision in the PBCAR0191 Development Achievement Notice, (a) the JSC shall meet to consider whether it is commercially reasonable to continue to seek to achieve Phase II Ready Status for PBCAR0191 and, upon a positive determination, but subject to Section 2.2.3A(e), develop a plan for such achievement and (b) if the JSC determines that it is not commercially reasonable to continue to seek to achieve Phase II Ready Status for PBCAR0191, or fails to approve a plan for such achievement within [***]after such meeting of the JSC, then unless otherwise agreed by the Parties, neither Party shall be required nor permitted to 

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conduct any further Development or Commercialization activities under this Agreement with respect to PBCAR0191.  

	
 
	
6.
	
Addition of Section 4.1.1A to the DCLA.  A new Section 4.1.1A is hereby added to Article II of the DCLA immediately after Section 4.1.1 and shall read in its entirety as follows: 

4.1.1ACommercial Option Exercise Period for PBCAR0191.  Notwithstanding anything to the contrary in this Agreement, the Commercial Option Exercise Period with respect to PBCAR0191 shall begin on the date on which Precision provides the PBCAR0191 Development Achievement Notice and end on [***].

	
 
	
7.
	
Amendments to Section 17.5 of the DCLA.  The address for notices and communications to Servier under Section 17.5 of the DCLA is hereby amended as follows:

If to Servier:

Head of Alliance Management

Les Laboratoires Servier

Institut de Recherches Internationales Servier

50 rue Carnot

92284 Suresnes, France

Email: francois.tharaux@servier.com

Attention: François Tharaux

and

Contracts Department Director

Les Laboratoires Servier

Institut de Recherches Internationales Servier

50 rue Carnot

92284 Suresnes, France

Email: matthieu.guerineau@servier.com

Attention: Matthieu Guerineau

	
 
	
8.
	
PBCAR0191 Development Plan.  The Parties, acting through their representatives on the JSC, will agree upon and approve an updated Development Plan for PBCAR0191 that is consistent with the terms of this Amendment No. 6 as promptly as practical following the date of this Amendment, and such approval shall be set forth in the minutes of the next meeting of the JSC.

	
 
	
9.
	
No Other Changes.  Except as expressly modified by this Amendment, the DCLA shall remain unchanged and in full force and effect.  This Amendment shall become a part of the DCLA as if set forth in full therein, and references to the DCLA shall be to the DCLA as amended.  To the extent of any conflict or inconsistency between the terms of this Amendment and the DCLA, the terms of this Amendment shall prevail.

	
 
	
10.
	
Dispute Resolution; Governing Law; Jurisdiction.  The Parties acknowledge and agree that Article XV and Section 17.13 of the DCLA shall apply to this Amendment as if fully set forth herein.

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11.
	
Counterparts.  This Amendment may be executed in more than one counterpart (including by electronic transmission), each of which shall be deemed an original, but all of such counterparts taken together shall constitute one and the same agreement.  

[Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused this Amendment No. 6 to Development and Commercial License Agreement to be executed by their duly authorized representatives.

 

	
For Precision BioSciences, Inc.
	
For Les Laboratoires Servier.

	
By:
	
 
	
/s/ Matt Kane
	
 
	
By:
	
 
	
/s/ Eric Falcand
	
 

	
Name:
	
 
	
Matt Kane
	
 
	
Name:
	
 
	
Eric FALCAND
	
 

	
Title:
	
 
	
CEO
	
 
	
Title:
	
 
	
Proxy
	
 

	
For Institut de Recherches Internationales Servier.

	
By:
	
 
	
/s/ Claude Bertrand
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
Claude Bertrand
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
Executive Vice President R&D
	
 
	
 
	
 
	
 
	
 

 

 

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EXHIBIT A

[***]

 

 

EXHIBIT B

Data Categories

[***]

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