Document:

Employment Agreement between the Registrant and Marc Rubin

 Exhibit 10.5 
  

					
	

	  	Titan Pharmaceuticals, Inc.	  	

 May 16, 2009 
 Marc Rubin, MD 
 [Address] 
 Dear Marc: 
 The Board of Directors (the “Board”) of Titan Pharmaceuticals, Inc. (the
“Company”) is pleased to confirm the terms upon which you will resume employment with the Company in the role of Executive Chairman reporting directly to the Board. In this position, you will be responsible for interacting with
members of the financial community and will work with the Company’s President in identifying business opportunities, establishing corporate strategies. You will also serve as Chairman of all meetings of the Board. 
  

	1.	Effective Date. The effective date of this Agreement will be May 17, 2009 (the “Effective Date”). 

  

	2.	Compensation. 

  

	 	(a)	Salary. During the period commencing on the Effective Date through the earlier of (i) the commencement of Iloperidone royalty payments or (ii) Feb 28,
2010 (the “Trigger Date”), you will not receive any cash compensation, but will be entitled to reimbursement for all reasonable business expenses incurred in connection with your duties as Executive Chairman following your
presentation to the Company of appropriate documentation. Following the Trigger Date, you may be entitled to such cash compensation as you and the Company may mutually agree. 

  

	 	(b)	Stock Options. On the Effective Date, you will receive stock options to acquire 1,000,000 shares of the Company’s Common Stock (the
“Options”), which Options will be governed by the terms and conditions of the Company’s 2002 Stock Option Plan, as amended (the “Plan”). Options to purchase 250,000 shares will vest on the Effective Date and
the balance will vest in equal monthly installments over a four year period, subject to accelerated vesting as hereinafter provided under paragraph l(b)(i) below. The exercise price of the Options will be determined per the Plan as of the grant
date, which shall be the Effective Date. 

  

	 	(i)	 Notwithstanding the foregoing, all unvested Options automatically will become vested and exercisable immediately prior to the occurrence of a Change of
Control. For the purposes of this letter, a “Change of Control” shall be deemed to occur (a) upon a sale or transfer of substantially all of the assets of the Company; (b) upon the acquisition by any person, entity or
group of beneficial ownership of 50 percent or more of either the outstanding shares of common stock of the Company or the combined

	 	 
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; or (c) upon a merger or consolidation of the Company or any of
its subsidiaries with any other corporation, which results in the stockholders of the Company prior thereto continuing to represent less than 50 percent of the combined voting power of the voting securities of the Company or the surviving entity
after the merger; provided, however, than en event described in (a), (b) or (c) above shall not be treated as a Change of Control, unless such event is also a change in the ownership of the Company (within the meaning of Treasury
Regulation Section 409A-3(i)(5)(v)), a change in the effective control of the Company (within the meaning of Treasury Regulation Section 409A-3(i)(5)(vi)), or a change in the ownership of a substantial portion of the Company’s assets
(within the meaning of Treasury Regulation Section 409A-3(i)(5)(vii)). 

  

	 	(c)	Health Benefits. Health insurance coverage for you and your family will be provided under the Company’s group health plan. You will be eligible to
participate in all health and medical benefits as are generally made available by the Company to other employees. In addition, you will be eligible to participate in the Company’s 40l(k) plan and all other sponsored employee benefit plans as
they are adopted by the Company. Any benefits to which you are entitled shall be determined in accordance with the aforementioned plans and programs. The Company reserves the right to suspend, amend or terminate any employee benefit plan or program
at any time. 

  

	 	(d)	Vacation, Holidays. In recognition of the flexible schedule associated with your position as Executive Chairman, you acknowledge and agree that such position
does not include a vacation benefit. 

  

	 	(e)	Required Taxes and Withholdings. Even if not otherwise specified herein, the Company shall withhold from any payments made to you (whether under this letter or
otherwise) all federal, state, local or other taxes and withholdings that it believes are required by law or governmental regulation or ruling. 

  

	3.	“At-Will” Employment. You or the Company may terminate your employment with the Company at any time, for any or no reason, with or without notice.

  

	4.	Non-Compete and Outside Activities. You agree that, while serving as Executive Chairman of the Board of the Company, you will not engage in any activity that is
competitive with the Company. Also, while serving as Executive Chairman pursuant to this Agreement, approval of the Company’s Board of Directors shall be required prior to your acceptance of any employment, consulting or advisory relationship
with any for-profit enterprise within the biotechnology/pharmaceutical industry and notice to the Company’s Board shall be required with respect to your acceptance of any role as a biotechnology/pharmaceutical industry advisor to an investment
bank, fund or private equity firm. It is understood that buying and selling of securities of any public company does not constitute a violation of this Agreement. The Company acknowledges that you currently serve on the boards of directors of
Medarex, Inc., Surface Logix and The Rogosin Institute. 

  

 2 

	5.	Indemnification. The Company shall indemnify, and advance expenses to, you pursuant to the terms and conditions of the Indemnification Agreement to which you are
a party. 

  

	6.	Company Policies, Company Property, Confidentiality and Inventions. You will comply with all of the Company’s employment policies; you will keep
confidential all non-public information you acquire during the course of your employment with the Company; and anything you create, develop or receive during the course of your employment with the Company, including without limitation any and all
documents (whether in paper or electronic form) and equipment, shall be the exclusive property of the Company, which you agree to return to the Company immediately upon the termination of your employment with the Company, or earlier if requested by
the Company. Additionally, you agree to adhere to and hereby reaffirm the terms of and your obligations under the previously executed Proprietary Information and Inventions Assignment, the terms of which are expressly incorporated herein, as if set
forth in full. 

  

	7.	Choice of Law. The parties agree that this letter and all matters concerning your employment with the Company and/or the termination of such employment shall be
governed and construed by and in accordance with the laws of the State of California, without reference to its principles of the conflicts of laws. 

  

	8.	Arbitration. Any controversy or claim arising between you and Company involving or relating to the construction or application of any terms, covenants or
conditions of this letter, or any claims arising out of or relating to this letter or the breach thereof or with your employment with the Company or any termination of that employment, except with respect to prejudgment remedies, shall be settled
exclusively by arbitration in San Francisco, California, pursuant to the then current Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”) (which can be found at http://www.adr.org),
as well as any applicable sections of the California Code of Civil Procedure or the Federal Arbitration Act. To the extent this letter is in issue in the arbitration, the arbitrator’s authority shall be strictly limited to applying and
interpreting the terms and conditions of this letter. The arbitrator shall not have the authority to add to, subtract from or otherwise amend or modify the terms or conditions of this letter by implication or otherwise. The arbitral award shall be
binding upon the parties. Judgment upon the award rendered by the arbitrator may be entered in any court having competent jurisdiction thereof. In connection with any arbitration under this paragraph, you represent and warrant that you and your
representatives will take all reasonable steps to maintain the confidentiality of the arbitration award, including, without limitation, executing an appropriate confidentiality stipulation in a form acceptable to the Company and requesting the
arbitrator or Court to place the arbitration award under seal. The arbitrator shall have authority to award any damages authorized by law, including an award of attorneys’ fees and costs. The prevailing party shall be entitled to recover
his/its reasonable costs and reasonable attorneys’ fees to the extent permitted by applicable law; however, the Company shall pay for all costs unique to arbitration. This agreement to arbitrate shall not include (i) claims for
unemployment or workers compensation insurance; (ii) to the extent required by applicable law, claims before governmental or administrative agencies (e.g., the EEOC); or (iii) claims related to the National Labor Relations Act. This
agreement to arbitrate shall apply to both you and Company. 

  

 3 

	9.	Code Section 409A. Unless otherwise expressly provided, any payment of compensation by the Company to you, whether pursuant to this letter or otherwise,
shall be made on or before March 15 of the calendar year following the calendar year in which your right to such payment vests (i.e., is not subject to a “substantial risk of forfeiture” as defined by Section 409A). All
payments of “nonqualified deferred compensation” (within the meaning of Section 409A) by the Company to you are intended to comply with the requirements of Section 409A, and shall be interpreted consistent therewith. Neither the
Company nor you, individually or in combination, may accelerate any such deferred payment, except in compliance with Section 409A, and no amount shall be paid prior to the earliest date on which it is permitted to be paid under
Section 409A. Notwithstanding anything herein to the contrary, no amendment may be made to this letter if it would cause this letter or any payment hereunder to not be in compliance with the requirements of Section 409A.

  

	10.	Code Section 208G. Should the Company reasonably determine that the payment of compensation by the Company to the you, including but not limited to
compensation payable under this Agreement and/or the Options, would result in your receiving an “excess parachute payment” within the meaning of Section 280G(b) of the Internal Revenue Code of 1986, as amended, the Company shall
reduce the amount of any payment or payments otherwise payable to you, as determined by the Company in its sole discretion, which reduction shall be reasonably determined by the Company to be the smallest amount which will prevent you from receiving
such an “excess parachute payment.” 

  

	11.	Amendments. No amendment, modification or termination of any or all of the terms of this letter or any subsequent agreement or representation shall be valid and
binding on the Company unless contained in writing signed by you and an authorized officer of the Company. 

 To accept this
offer, please sign in the space below, indicating your acceptance and agreement to the terms contained herein. 
 Sincerely, 
 Eurelio Cavalier 
 Chairman of the Compensation
Committee 
  

			
	Accepted by:
	
	 /s/ Marc Rubin

	Name:	 	Marc Rubin, MD

  

 4Amendments to lease for Registrant's facilities

 Exhibit 10.7 
 OYSTER POINT MARINA PLAZA 
 Eighth Amendment to Office
Lease 
 THIS EIGHTH AMENDMENT TO OFFICE LEASE (the “Eighth Amendment”) is made and entered into as of April 17, 2007, by and
between KASHIWA FUDOSAN AMERICA, INC., a California corporation (“LandLord”) and TITAN PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”). 
 Recitals 
 A. Landlord and Tenant have heretofore entered into that certain
lease dated February 14, 1996 (the “Lease” ) for premises originally described as Suite 505 (the “Premises”), initially containing approximately 3,866 rentable square feet of space in the building located at 400 Oyster Point
Boulevard, South San Francisco, California (the “Building”), which forms part of the office building complex commonly known as Oyster Point Marina Plaza (the “Complex”). 
 B. The lease has heretofore been amended by the following instruments (collectively the “Addenda”): 
  

	 	(i)	First Amendment to Lease dated as of March 25, 1997; 

  

	 	(ii)	Second Amendment to Lease dated as of May 22, 1998; 

  

	 	(iii)	Third Amendment to Lease dated as of November 11, 2000; 

  

	 	(iv)	Fourth Amendment to Lease dated as of April 9, 2001; 

  

	 	(v)	Fifth Amendment to Lease dated as of December 5, 2001; 

  

	 	(vi)	Sixth Amendment to Lease dated as of August 1, 2002; and 

  

	 	(vii)	Seventh Amendment to Lease dated as of October 1, 2004. 

 C. The parties mutually desire to amend the terms of the Lease to terminate the Lease with respect to Suite 501 only in connection with Landlord’s entering into a new lease with Moss Beach Homes (the
“MBH Lease”) for Suite 501 and to effect certain related changes, all on and subject to the terms and conditions hereof. 
 Agreement 
 Now, therefore, in consideration of the mutual terms and conditions herein contained and of
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1
EFFECT OF AMENDMENT. Landlord and Tenant agree that, notwithstanding anything contained in the Lease to the contrary, the provisions set forth below will be deemed to be part of the
Lease and shall supersede, to the extent they differ, any contrary provisions in the Lease. Terms defined in the Lease shall have the same meanings in this Eighth Amendment, unless a different definition is set forth in this Eighth Amendment. The
term Lease as used herein shall be deemed to include the Addenda, each of which may also be referred to separately herein. 
 2
EFFECTIVE DATE. The amendments and changes specified in this Eighth Amendment shall become effective on August 1, 2007 (the “Effective Date”). Notwithstanding the foregoing, this
Eighth 
 Oyster Point Marina Plaza Eighth Amendment to Office Lease 
 Kashiwa Fudosan America, Inc. :: Titan Pharmaceutical, Inc. 

					
		 	page 1 of 5	  	[Suite 505, 15,782 rsf]

 Amendment shall constitute the fully-binding agreement and contract of the parties from and after the date
of the parties’ execution and delivery of this Eighth Amendment to each other. 
 3 SUMMARY
TABLE. The table set forth in ¶ 3 of Seventh Amendment is hereby superseded and replaced in its entirety by the following table, which shall constitute the Table under § 1.2 of the Lease for all purposes
from and after the Effective Date of this Eighth Amendment. 
  

																		
	 PERIODS
	  	SUITE
No.	  	RSF	  	USF	  	MONTHLY
BASE RENT	  	TENANT’S
SHARE
BLDG	 	 	TENANT’S
SHARE
COMPLEX	 	 	BASE
YEAR
	 July 1, 2006, through
 June 30, 2007
	  	505	  	18,774	  	16,325	  	$	38,111.22	  	8.100	% 	 	4.042	% 	 	2005
	  	504	  	3,821	  	3,323	  	$	7,756.63	  	1.649	% 	 	0.823	% 	 
	 July 1, 2007, through
 July 31, 2007
	  	505	  	18,774	  	16,325	  	$	39,049.92	  	8.100	% 	 	4.042	% 	 	2005
	  	504	  	3,821	  	3,323	  	$	7,947.68	  	1.649	% 	 	0.823	% 	 
	 August 1, 2007,
 through June 30, 2008
	  	505	  	15,782	  	13,723	  	$	33,371.60	  	6.809	% 	 	3.398	% 	 	2005
	 July 1, 2008, through
 July 31, 2008
	  	505	  	15,782	  	13,723	  	$	34,501.35	  	6.809	% 	 	3.398	% 	 	2005
	 August 1, 2008,
 through June 30, 2009
	  	505	  	15,782	  	13,723	  	$	34,092.57	  	6.809	% 	 	3.398	% 	 	2005
	 July 1, 2009, through
 July 31, 2009
	  	505	  	15,782	  	13,723	  	$	35,222.32	  	6.809	% 	 	3.398	% 	 	2005
	 August 1, 2009,
 through June 30, 2010
	  	505	  	15,782	  	13,723	  	$	34,801.28	  	6.809	% 	 	3.398	% 	 	2005

 In the event of any conflict between the terms contained in the Table and the terms contained in
subsequent paragraphs of this Eighth Amendment, the terms of the Table shall control, except as may be expressly varied in any subsequent paragraph of this Eighth Amendment. 
 4 CONTRACTION OF PREMISES. Beginning on the Effective Date, approximately 6,813 rentable square feet of space known as Suite 501 shall be
separately demised and subtracted from Premises, which for the remainder of the Term thereafter shall be known as Suite 505, comprising approximately 15,782 rentable square feet of space for all purposes under the Lease, as shown in the Table as
amended under ¶ 3 above. The Lease shall terminate on the Effective Date with respect to Suite 501 only with the same effect as if the Term had expired with respect thereto. Suite 501 is shown on the space plan attached hereto as Exhibit A and
incorporated herein by reference. 
 4.1 Partial Termination Contingency. Landlord’s and Moss Beach Homes’s
execution and delivery of the MBH Lease to each other shall be a condition precedent to the effectiveness of this Eighth Amendment; and if for any reason Landlord and Moss Beach Homes do not execute and deliver to each other the MBH Lease on or
before May 31, 2007, this Eighth Amendment shall terminate with the same effect as if it had never existed and have no further force and effect, and the Lease shall continue in effect as it was prior to the parties’ execution and delivery
to each other of this Eighth Amendment. 
 4.2 Vacation of Premises. On or before the date which is thirty-five
(35) calendar days following the date of execution of the MBH Lease by Moss Beach Homes (the “Vacation Date”), Tenant shall vacate and surrender to Landlord Suite 501 in broom clean condition as required under the Lease upon the
expiration of the Term. Landlord acknowledges and agrees that Tenant and Moss Beach

  

					
	Oyster Point Marina Plaza Eighth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 2 of 5	  	[Suite 505, 15,782 rsf]

 
Homes will be transferring cubicles and furniture which may be in the Premises after the Vacation Date but prior to the Effective Date. Tenant acknowledges and agrees that, from and after the
Vacation Date, Landlord will commence the construction of a demising wall and related work to separate Suite 501 from the Premises and to prepare Suite 501 for the occupancy of Moss Beach Homes from and after the MBH Commencement Date (the
“Work”). 
 4.3 Interference with Tenant’s Business. The parties acknowledge that Tenant shall be in
possession of the Premises and shall conduct its business in the Premises during the performance of the Work described in ¶ 4.2 above. Landlord shall have no liability to Tenant, nor shall Tenant’s obligations under the Lease be reduced or
abated in any manner whatsoever, by reason of any inconvenience, annoyance, interruption, or injury to business arising from Landlord’s performance of the Work or from Landlord’s making any repairs or changes which Landlord is required or
permitted to perform by this Eighth Amendment or by any other tenant’s lease or required by law to make in or to any portion of the Complex, Property, Building, or the Premises. Landlord shall nevertheless use reasonable efforts to minimize any
interference with Tenant’s business in the Premises. Landlord agrees to use reasonable efforts to avoid interference with Tenant’s use and occupancy of the Premises during the performance of the Work and agrees to cause the application of
paint and any work generating unreasonable noise outside of normal business hours. The parties agree that Landlord shall not be liable for any damages which Tenant may incur during the performance of the Work, except to the extent that Tenant’s
actual damages are the result of Landlord’s negligence or willful misconduct. In no circumstances shall Landlord be liable to Tenant for business interruption, lost profits, or compensatory or consequential damages of any kind by virtue of
Landlord’s Work. Tenant specifically agrees that any interference with Tenant’s use or occupancy of the Premises caused by the performance of the Work shall not constitute a constructive eviction. 
 5 REDUCED PREMISES BASE RENT. The Base Rent for the Premises specified in § 1.5 of
the Lease, as heretofore modified in the Addenda, shall be the amounts specified as Monthly Base Rent in the Table above for the various periods and spaces set forth in the Table from and after the Effective Date. The Base Rent calculations for the
reduced Premises over the remainder of the Term is show in further detail in the “Rent Schedule” attached hereto as Exhibit B and incorporated herein by reference. In the event of any conflict between the provisions of the Table and
those of the Rent Schedule, the Rent Schedule shall prevail. 
 6 PARTIAL LEASE TERMINATION
PAYMENTS. Tenant shall continue to pay all rentals and other charges under the Lease with respect to Suite 501 through the Effective Date, all of which shall be prorated on a per diem basis. Any undetermined charges for
reconciliation of the Rental Adjustment and sundry charges due under Article 4 of the Lease may be billed to Tenant when determined (and Tenant’s obligation to pay the same shall survive termination of the Lease with respect to Suite 501), or
Landlord may reasonably estimate such charges and require that Tenant pay the same within thirty (30) days after Landlord bills the same, subject to adjustment after the actual charges have been determined. As additional consideration for this
Eighth Amendment, and to cover Landlord’s administrative, processing, and legal fees, and to reimburse Landlord for any loss of rentals that may hereafter be sustained after the Effective Date as a result of the termination of the Lease with
respect to Suite 501, Tenant shall pay to Landlord an aggregate termination fee equal to Ninety-Nine Thousand Six Hundred Forty Dollars and Thirteen Cents ($99,640.13) (the “Termination Fee”). The Termination Fee shall be payable in
eight (8) monthly installments as set forth in the Rent Schedule and shall be due in each of such months at the same time as Tenant’s payment of Base Rent is due under the Lease. 
  

					
	Oyster Point Marina Plaza Eighth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 3 of 5	  	[Suite 505, 15,782 rsf]

 7 PARKING. The number of parking spaces specified in § 28.1 of the Lease as
available for Tenant’s use is hereby amended to Fifty-Five (55). 
 8 NOTICES. Landlord’s address for notices
under § 23.1 of the Lease is hereby amended as follows: 
 If to Landlord: 
 KASHIWA FUDOSAN AMERICA, INC. 
 c/o Cushman & Wakefield of California, Inc 
 Attn: Property Manager 

400 Oyster Point Boulevard, Suite 117 
 South San Francisco, CA 94080 
 copy to: 
 Charles Dunn Real Estate Services, Inc. Agent 
 Attn: Oyster Point Asset Manager 
 4041 MacArthur Boulevard, Suite 475 

Newport Beach, Ca 92260 
 9
NO DISCLOSURE. Tenant agrees that it shall not disclose any of the matters set forth in this Eighth Amendment or disseminate or distribute any information concerning the terms, details, or conditions hereof to any
person, firm, or entity without obtaining the express written approval of Landlord. 
 10 NO OFFER.
Submission of this Eighth Amendment is not an offer to enter into the same but a solicitation for such an offer by Tenant. Tenant agrees that its execution of this Eighth Amendment constitutes a firm offer to enter the same which may not be
withdrawn for a period of thirty (30) working days after delivery to Landlord. Landlord shall not be bound by this Eighth Amendment until Landlord has executed and delivered the same to Tenant. This Eighth Amendment shall not be relied upon by
any other party, individual, corporation, partnership, or other entity as a basis for terminating its lease with Landlord. 
 11
DEFINED TERMS. Terms used herein that are defined in the Lease shall have the meanings therein defined, unless a different definition is set forth in this Eighth Amendment. In the event of any conflict between the
provisions of the Lease, and this Eighth Amendment, the terms of this Eighth Amendment shall prevail. 
 12 SURVIVAL.
Warranties, representations, agreements, and obligations contained in this Eighth Amendment shall survive the execution and delivery of this Eighth Amendment and shall survive any and all performances in accordance with this Eighth Amendment.

 13 COUNTERPARTS. This Eighth Amendment may be executed in any number of counterparts, which each severally and all
together shall constitute one and the same Eighth Amendment. 
 14 ATTORNEYS’ FEES. If any party
obtains a judgement against any other party or parties by reason of breach of this Eighth Amendment, reasonable attorneys’ fees and costs as fixed by the court shall be included in such judgement against the losing party or parties. 

15 SUCCESSORS. This Eighth Amendment and the terms and provisions hereof shall inure to the benefit of and be binding upon the
heirs, successors, and assigns of the parties. 
  

					
	Oyster Point Marina Plaza Eighth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 4 of 5	  	[Suite 505, 15,782 rsf]

 16 AUTHORITY. Each of the individuals executing this Eighth Amendment represents and
warrants that he or she is authorized to execute this Eighth Amendment on behalf of the party for whom he or she is executing this Eighth Amendment and that by his or her signature such party is legally bound by the terms, covenants, and conditions
of this Eighth Amendment. 
 17 GOVERNING LAW. This Eighth Amendment shall be construed and enforced in
accordance with the laws of the State of California. 
 18 CONTINUING VALIDITY OF
LEASE. Except as expressly modified herein, the Lease remains in full force and effect. 
 19
CONFLICTS. In the event of any conflict between the provisions of this Eighth Amendment and those of the Lease or of the Addenda, the terms and conditions of this Eighth Amendment shall control. 
 20 LANDLORD’S REPRESENTATIVE. Tenant acknowledges and agrees that, in executing this Eighth
Amendment, TAK Development, Inc., a California corporation, is acting solely in its capacity as Landlord’s authorized attorney-in-fact. TAK Development, Inc. is not acquiring or assuming any legal liability or obligation to any other party
executing this Eighth Amendment, and any claim or demand of any such other party arising under or with respect to this Eighth Amendment shall be made and enforced solely against Landlord. 
 21 WHOLE AGREEMENT. The mutual obligations of the parties as provided herein are the sole consideration for this Eighth
Amendment, and no representations, promises, or inducements have been made by the parties other than as appear in this Eighth Amendment, which supersedes any previous negotiations. There have been no representations made by the Landlord or
understandings made between the parties other than those set forth in this Eighth Amendment. This Eighth Amendment may not be amended except in writing signed by all the parties. 
 In witness whereof, the parties have executed this Eighth Amendment as of the date first above written. 
  

											
	Landlord:	 		 	Tenant:
			
	 KASHIWA FUDOSAN AMERICA, INC., a
 California corporation
	 		 	 TITAN PHARMACEUTICALS, INC., a Delaware
 corporation

					
	By:	 	 TAK Development, Inc., a
 California corporation
	 		 	By:	 	 /s/ Sunil Bhonsle

	Its:	 	Attorney-in-Fact	 		 		 	 Sunil Bhonsle

		 		 		 		 		 	[name typed]
						
		 	By:	 	 /s/ Toru Iwai
	 		 		 	
		 		 	Toru Iwai, Vice President 5/21/07	 		 	Its:	 	 Exec. VP & COO

  

			
	Robert L. Delsman	 	 /s/ Robert L. Delsman

	Approved as to Legal Form & Sufficiency	 	
	0007-11:33:12 2007.04.27	 	

  

					
	Oyster Point Marina Plaza Eighth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 5 of 5	  	[Suite 505, 15,782 rsf]

 OYSTER POINT MARINA PLAZA 
 Ninth Amendment to Office Lease 
 THIS NINTH AMENDMENT TO OFFICE LEASE
(the “Ninth Amendment”) is made and entered into as of February 11, 2009, by and between KASHIWA FUDOSAN AMERICA, INC., a California corporation (“Landlord”) and TITAN PHARMACEUTICALS, INC., a Delaware
corporation (“Tenant”). 
 Recitals 
 A. Landlord and Tenant have heretofore entered into that certain lease dated February 14, 1996 (the “Lease”) for premises
originally described as Suite 505 (the “Premises”), initially containing approximately 3,866 rentable square feet of space in the building located at 400 Oyster Point Boulevard, South San Francisco, California (the “Building”),
which forms part of the office building complex commonly known as Oyster Point Marina Plaza (the “Complex”). 
 B. The
Lease has heretofore been amended by the following instruments (collectively the “Addenda”): 
  

	 	(i)	First Amendment to Lease dated as of March 25, 1997; 

  

	 	(ii)	Second Amendment to Lease dated as of May 22, 1998; 

  

	 	(iii)	Third Amendment to Lease dated as of November 11, 2000; 

  

	 	(iv)	Fourth Amendment to Lease dated as of April 9, 2001; 

  

	 	(v)	Fifth Amendment to Lease dated as of December 5, 2001; 

  

	 	(vi)	Sixth Amendment to Lease dated as of August 1, 2002; 

  

	 	(vii)	Seventh Amendment to Lease dated as of October 1, 2004; and 

  

	 	(viii)	Eighth Amendment to Lease dated as of May 22, 2007. 

 C. The parties mutually desire to amend the terms of the Lease to terminate the Lease with respect to a portion only of Suite 505 in connection with Landlord’s entering into a lease expansion
agreement with Greenspan Adjusters International, Inc. (the “Greenspan Amendment”) and to effect certain related changes, all on and subject to the terms and conditions hereof. 
 Agreement 
 Now, therefore, in consideration of
the mutual terms and conditions herein contained and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1 EFFECT OF AMENDMENT. Landlord and Tenant agree that, notwithstanding anything contained in the Lease to the contrary, the provisions
set forth below will be deemed to be part of the Lease and shall supersede, to the extent they differ, any contrary provisions in the Lease. Terms defined in the Lease shall have the same meanings in this Ninth Amendment, unless a different
definition is set forth in this Ninth Amendment. The term Lease as used herein shall be deemed to include the Addenda, each of which may also be referred to separately herein. 
 2 EFFECTIVE DATE. The amendments and changes specified in this Ninth Amendment shall become effective on March 31, 2009 (the “Effective
Date”). Notwithstanding the foregoing, this Ninth

  

					
	Oyster Point Marina Plaza Ninth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 1 of 4	  	[Suite 505, 14,017 rsf]

 
Amendment shall constitute the fully-binding agreement and contract of the parties from and after the date of the parties’ execution and delivery of this Ninth Amendment to each other.

 3 SUMMARY TABLE. The Table set forth in ¶ 3 of Eighth Amendment is hereby
superseded and replaced in its entirety by the following table, which shall constitute the Table under § 1.2 of the Lease for all purposes from and after the Effective Date of this Ninth Amendment: 
  

																		
	 PERIODS
	  	SUITE
NO.	  	RSF	  	USF	  	MONTHLY
BASE RENT	  	TENANT’S
SHARE
BLDG	 	 	TENANT’S
SHARE
COMPLEX	 	 	BASE
YEAR
	 April 1, 2009, through July 31, 2009
	  	505	  	14,017	  	12,189	  	$	28,750.01	  	6.048	% 	 	3.018	% 	 	2005
	 August 1, 2009, through June 30, 2010
	  	505	  	14,017	  	12,189	  	$	29,176.28	  	6.048	% 	 	3.018	% 	 	2005

 In the event of any conflict between the terms contained in the Table and the terms contained in
subsequent paragraphs of this Ninth Amendment, the terms of the Table shall control, except as may be expressly varied in any subsequent paragraph of this Ninth Amendment. 
 4 CONTRACTION OF PREMISES. Beginning at 11:59 p.m. on the Effective Date, approximately 1,765 rentable square feet of space shown
on the space plan attached hereto as Exhibit A and incorporated herein by reference (the “Greenspan Addition”) shall be separately demised and subtracted from Premises, which for the remainder of the Term thereafter shall
comprise approximately 14,017 rentable square feet of space for all purposes under the Lease, as shown in the Table as amended under ¶ 3 above. The Lease shall terminate on the Effective Date with respect to The Greenspan Addition only with the
same effect as if the Term had expired with respect thereto. 
 4.1 Vacation of Premises. On or before March 23,
2009 (the “Vacation Date”), Tenant shall vacate and surrender the Greenspan Addition to Landlord in broom clean condition as required under the Lease upon the expiration of the Term. Landlord acknowledges and agrees that Tenant and
Greenspan will be transferring cubicles and furniture which may be in the Premises after the Vacation Date but prior to the Effective Date. Tenant acknowledges and agrees that, from and after the Vacation Date, Landlord will commence the
construction of a Building-standard painted and taped demising wall and related work to separate the Greenspan Addition from the Premises and to prepare the Greenspan Addition for the occupancy of Greenspan from and after the Greenspan Addition
Commencement Date (the “Work”). 
 4.2 Interference with Tenant’s Business. The parties acknowledge that
Tenant shall be in possession of the Premises and shall conduct its business in the Premises during the performance of the Work described in ¶ 4.1 above. Landlord shall have no liability to Tenant, nor shall Tenant’s obligations under the
Lease be reduced or abated in any manner whatsoever, by reason of any inconvenience, annoyance, interruption, or injury to business arising from Landlord’s performance of the Work or from Landlord’s making any repairs or changes which
Landlord is required or permitted to perform by this Ninth Amendment or by any other tenant’s lease or required by law to make in or to any portion of the Complex, Property, Building, or the Premises. Landlord shall nevertheless use reasonable
efforts to minimize any interference with Tenant’s business in the Premises. Landlord agrees to use reasonable efforts to avoid interference with Tenant’s use and occupancy of the Premises during the performance of the Work and agrees to
cause the application of paint and any work generating unreasonable noise outside of normal business hours. The parties agree that Landlord shall not be liable for any damages which Tenant may incur during the performance of the Work, except to the
extent that Tenant’s actual damages are the result of

  

					
	Oyster Point Marina Plaza Ninth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 2 of 4	  	[Suite 505, 14,017 rsf]

 
Landlord’s negligence or wilfull misconduct. In no circumstances shall Landlord be liable to Tenant for business interruption, lost profits, or compensatory or consequential damages of any
kind by virtue of Landlord’s Work. Tenant specifically agrees that any interference with Tenant’s use or occupancy of the Premises caused by the performance of the Work shall not constitute a constructive eviction. 
 5 REDUCED PREMISES BASE RENT. The Base Rent for the Premises
specified in § 1.5 of the Lease, as heretofore modified in the Addenda, shall be the amounts specified as Monthly Base Rent in the Table above for the various periods and spaces set forth in the Table from and after the Effective Date. In the
event of any conflict between the provisions of the Table and those of the Rent Schedule, the Rent Schedule shall prevail. 
 6
PARKING. The number of parking spaces specified in § 28.1 of the Lease as available for Tenant’s use is hereby amended to Forty-Nine (49). 
 7 NOTICES. Landlord’s address for notices under § 23.1 of the Lease is hereby amended as follows: 
 if to Landlord: 
 KASHIWA FUDOSAN AMERICA, INC. 

 c/o Cushman & Wakefield of California, Inc. 
 Attn: Property Manager 
 400 Oyster Point Boulevard, Suite 117

 South San Francisco, CA 94080 
 copy to: 
 Charles Dunn Real Estate Services, Inc., Agent 

Attn: Oyster Point Asset Manager 
 2040 Main Street, Suite 590 
 Irvine, CA 92614 
 8 NO DISCLOSURE. Tenant agrees that it shall not disclose any of the matters set forth in this Ninth Amendment or
disseminate or distribute any information concerning the terms, details, or conditions hereof to any person, firm, or entity without obtaining the express written approval of Landlord. 
 9 DEFINED TERMS. Terms used herein that are defined in the Lease shall have the meanings therein defined, unless a different definition is set forth in this Ninth
Amendment. In the event of any conflict between the provisions of the Lease, and this Ninth Amendment, the terms of this Ninth Amendment shall prevail. 
 10 SURVIVAL. Warranties, representations, agreements, and obligations contained in this Ninth Amendment shall survive the execution and delivery of this Ninth Amendment and shall
survive any and all performances in accordance with this Ninth Amendment. 
 11 COUNTERPARTS. This Ninth Amendment may be
executed in any number of counterparts, which each severally and all together shall constitute one and the same Ninth Amendment. 
 12
ATTORNEYS’ FEES. If any party obtains a judgement against any other party or parties by reason of breach of this Ninth Amendment, reasonable attorneys’ fees and costs as fixed by the court shall be
included in such judgement against the losing party or parties. 
 13 SUCCESSORS. This Ninth Amendment and the terms and
provisions hereof shall inure to the benefit of and be binding upon the heirs, successors, and assigns of the parties. 
  

					
	Oyster Point Marina Plaza Ninth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 3 of 4	  	[Suite 505, 14,017 rsf]

 14 AUTHORITY. Each of the individuals executing this Ninth Amendment represents and
warrants that he or she is authorized to execute this Ninth Amendment on behalf of the party for whom he or she is executing this Ninth Amendment and that by his or her signature such party is legally bound by the terms, covenants, and conditions of
this Ninth Amendment. 
 15 GOVERNING LAW. This Ninth Amendment shall be construed and enforced in
accordance with the laws of the State of California. 
 16 CONTINUING VALIDITY OF
LEASE. Except as expressly modified herein, the Lease remains in full force and effect. 
 17
CONFLICTS. In the event of any conflict between the provisions of this Ninth Amendment and those of the Lease or of the Addenda, the terms and conditions of this Ninth Amendment shall control. 
 18 LANDLORD’S REPRESENTATIVE. Tenant acknowledges and agrees that, in executing this Ninth
Amendment, TAK Development, Inc., a California corporation, is acting solely in its capacity as Landlord’s authorized attorney-in-fact. TAK Development, Inc. is not acquiring or assuming any legal liability or obligation to any other party
executing this Ninth Amendment, and any claim or demand of any such other party arising under or with respect to this Ninth Amendment shall be made and enforced solely against Landlord. 
 19 WHOLE AGREEMENT. The mutual obligations of the parties as provided herein are the sole consideration for this Ninth Amendment, and no representations, promises, or
inducements have been made by the parties other than as appear in this Ninth Amendment, which supersedes any previous negotiations. There have been no representations made by the Landlord or understandings made between the parties other than those
set forth in this Ninth Amendment. This Ninth Amendment may not be amended except in writing signed by all the parties. 
 In
witness whereof, the parties have executed this Ninth Amendment as of the date first above written. 
  

											
	Landlord:	 		 	Tenant:
			
	 KASHIWA FUDOSAN AMERICA, INC., a
 California corporation
	 		 	 TITAN PHARMACEUTICALS, INC., a Delaware
 corporation

					
	By:	 	 TAK Development, Inc., a
 California corporation
	 		 	By:	 	 /s/ Robert Farrell

	Its:	 	Attorney-in-Fact	 		 		 	 Robert Farrell

		 		 		 		 		 	[name typed]
						
		 	By:	 	 /s/ Toru Iwai
	 		 		 	
		 		 	Toru Iwai, Vice President 3/12/09	 		 	Its:	 	 President & CEO

  

			
	 /s/ Robert L. Delsman
	 	Robert L. Delsman
	 	Approved as to Legal Form & Sufficiency
	 	 Berkeley, California
 2009.02.27 10:41:51-08’00’

 Exhibit A – Space Plan Showing Greenspan Addition 
  

					
	Oyster Point Marina Plaza Ninth Amendment to Office Lease
	Kashiwa Fudosan America, Inc. :: Titan Pharmaceuticals, Inc.
		  	page 4 of 4	  	[Suite 505, 14,017 rsf]

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