Document:

Exhibit
10.1

 

FIRST AMENDMENT OF STANDARD OFFICE
LEASE

 

This First Amendment of Standard Office Lease (the
“First Amendment”) is entered into as of this 30th day of April,
2004, by and between ALECTA
PENSIONSFÖRSÄKRING, ÖMSESIDIGT,
a Swedish company (“Landlord”), and MAXIM PHARMACEUTICALS, a Delaware
corporation (“Tenant”) who agree as follows:

 

1.               Recitals.  This First Amendment is executed in
contemplation of the following facts and circumstances:

 

1.1           Landlord
and Tenant executed that certain Standard Office Lease dated for reference
purposes July 31, 2003, and effective as of September 13, 2003
(“Lease”), with respect to certain premises in the office building project
located at University Pacific Centre,
8899 University Center Lane, San Diego, California (the “Existing
Premises”).

 

1.2           It
is the intent of Landlord and Tenant, by this First Amendment, to amend and
otherwise modify certain provisions and conditions of the Lease, and, except as
expressly amended or modified by the provisions and conditions of this First
Amendment, it is intended by Landlord and Tenant that the Lease shall remain
unchanged and otherwise in full force and effect.

 

1.3           Tenant
is hereby exercising its Right of First Offer provided for in the Lease with
respect to Suite 385 of University Pacific Centre.

 

1.4           Capitalized
terms used herein as defined terms and not otherwise defined herein shall have
the meanings given to them in the Lease.

 

2.               Amendments.  The Lease shall be amended and modified as
follows:

 

2.1                                 Expansion
Premises.  The Premises
are hereby expanded, subject to the terms and conditions set forth herein, to
include the approximately 1,642 rentable square feet (1,425 usable square
feet), commonly known as suite 385 of the Building (the “First Expansion
Premises”).  Accordingly, effective as
of May 1, 2004 (the “Expansion Premises Commencement Date”), paragraph 2 of the
Basic Lease Provisions of the Lease shall automatically be amended to read, in
its entirety, as follows:

 

“2.                                 PREMISES:  Approximately 39,293 rentable square
feet.  The premises is comprised of
37,651 rentable square feet of Existing Premises and approximately 1,642
rentable square feet of First Expansion Premises.  The total Premises consists of 39,293 rentable square feet.”

 

1

 

Further, effective as of the Expansion Premises
Commencement Date, paragraph 6 of the Basic Lease Provisions of the Lease shall
automatically be amended to read, in its entirety, as follows:

 

“6.                                 TENANT’S
PRORATA SHARE; BASE YEAR:  40.72%; such share is a fraction of
the numerator of which is the total rentable area of the Premises (39,293 sq.
ft.) and the denominator of which is the total rentable area of the Building
(96,490 sq. ft.); Base Year: 2004.”

 

Further, effective as of the Expansion Premises
Commencement Date, Exhibit “A” attached hereto shall automatically be
substituted for the Exhibit “A” originally attached to the Lease.

 

2.2                                 Adjustment
of Basic Monthly Rent. 
Effective on the Expansion Premises Commencement Date, the Basic Monthly
Rent payable by Tenant shall be adjusted to include Basic Monthly Rent for the
First Expansion Premises.  Accordingly,
Exhibit “D” attached hereto is substituted for the Exhibit “D” originally
attached to the Lease.

 

2.3                                 Rent Abatement.

 

2.3.1                        Notwithstanding the provisions of
Article 2 of the Lease and commencing on the Expansion Premises
Commencement Date, Tenant shall not be obligated to pay Basic Monthly Rent for
the First Expansion Premises for the months of May, June, July and August of
2004 (the “Abated Rent”) until the expiration of the Term.  If upon the expiration of the Term, Landlord
has not terminated the Lease for a Tenant default, then Landlord shall forgive
Tenant’s obligation to pay the Abated Rent.

 

2.3.2                        Tenant agrees that Landlord’s
agreement to forgive Basic Monthly Rent as provided in Paragraph 2.3.1 above is
conditioned until the natural expiration of the Term of the Lease or early
termination through no fault of Tenant. 
If a default shall occur during the Term of the Lease and the Lease
shall terminate as a result thereof, then the aggregate amount of the Abated
Rent provided to Tenant prior to such default shall become immediately due and
payable as additional rent under the Lease.

 

2.3.3                        Only Basic Monthly Rent for the
First Expansion Premises shall be postponed. 
No other obligations owed by Tenant to Landlord shall be postponed or
forgiven.  The purpose of this provision
is to ensure that Landlord’s effective rent for the Term is not reduced as a
result of an early termination of the Lease.

 

2.4                                 Adjustment
of Security Deposit.

 

(a)                                  Paragraph
7 of the Basic Lease Provisions of the Lease is hereby amended to read, in its
entirety, as follows:

 

2

 

7.                                       “SECURITY
DEPOSIT:  $74,526.20.”

 

(b)                                 When
the First Amendment is executed, Tenant shall pay $4,794.64 to Landlord for the
purpose of increasing the Security Deposit held by Landlord from $69,731.56 to
$74,526.20.

 

2.5                                 Tenant Improvement Allowance.  Tenant shall occupy the First Expansion
Premises in its as-is condition and Landlord shall have no obligation to
contribute any funds to any refurbishment of the Premises.

 

2.6                                 Possession
of First Expansion Premises. 
Landlord shall tender possession, and Tenant shall take possession, of the
First Expansion Premises on the Expansion Premises Commencement Date.

 

2.7                                 Parking
Spaces.  Effective on the
Expansion Premises Commencement Date, paragraph 11 of the Basic Lease
Provisions of the Lease shall automatically be amended to read, in its entirety,
as follows:

 

“11.                           PARKING:

 

For the Existing
Premises:

 

Tenant shall be entitled to four (4) parking permits
per 1,000 usable square feet of the Existing Premises, all within the
designated parking area, surface and structure.  Up to eighteen (18) of these parking permits shall be covered and
designated reserved for Tenant’s executives at Tenant’s option.  In addition, Landlord shall provide,
pursuant to Tenant’s request, three (3) reserved spaces in front of the
Building designated specifically for Tenant’s visitors and vendors.  Monthly parking charges shall be at $25.00
per non reserved space and $75.00 per reserved space. All non-reserved parking
charges shall be waived during the first three (3) years of the Term.  Landlord reserves the right to separately
charge Tenant’s guests and visitors for any additional parking.

 

For the First Expansion
Premises:

 

Tenant shall be entitled
to six (6) unreserved parking spaces during the Term at the prevailing market
rate for such parking spaces which is currently $50.00 per unreserved space,
per month.  Tenant may elect to
designate up to two (2) of said six parking spaces as reserved parking
spaces.  If Tenant so elects, Tenant agrees
to pay the prevailing market rate for such parking spaces which is currently
$100 for each reserved space, per month. 
Landlord reserves the right to separately charge Tenant’s guests and
visitors for parking.”

 

3

 

2.8                                 Brokers:  As of the Expansion Premises Commencement Date, paragraph 8 of
the Basic Lease Provisions of the Lease shall automatically be amended to read,
in its entirety, as follows:

 

“12.                           Brokers:

 

For the Existing
Premises:  Burnham Real Estate Services
(previously known as Burnham Office Consulting Partners).

 

For the First Expansion
Premises:  Burnham Real Estate Services
and The Staubach Company.

 

2.9                                 Landlord’s
Address for Notices: Landlord’s address for notices, as set
forth in Section 9 of the Basic Lease Provisions of the Lease, is amended
to the following:

 

 

	
  Landlord:

  	
  Tenant:

  
	
   

  	
   

  
	
  ALECTA PENSIONSFÖRSÄKRING,
  ÖMSESIDIGT,

  	
  MAXIM PHARMACEUTICALS

  
	
  a Swedish company

  	
  8899 University Center Lane, Suite 385

  
	
  Alecta Real Estate (USA), Inc.

  	
  San Diego, CA 92122

  
	
  10 Glenville Street

  	
  Attn: Dale Sander

  
	
  Greenwich, CT 06831

  	
   

  
	
  Attn: Martin Van Ardenne

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
  STEPSTONE REAL ESTATE SERVICES

  	
   

  
	
  1660 Union Street, 4th
  Floor

  	
   

  
	
  San Diego, CA 92101

  	
   

  
	
  Attn: Cindy Tracey

  	
   

  

 

2.10                           Defined Terms:  Capitalized terms that are defined herein
but not in the Lease shall have the meanings specified herein.

 

3.               Estoppel.

 

3.1                                 Tenant:  As of the date hereof, Tenant acknowledges and agrees that to the
best of Tenant’s knowledge and belief, Landlord has performed all obligations
required of Landlord under the Lease and that there are no offsets,
counterclaims or defenses of Tenant under the Lease existing against
Landlord.  Tenant further acknowledges
and agrees that no events have occurred that, with the passage of time or the
giving of notice, or both, would constitute a basis for an offset, counterclaim
or defense against Landlord, and that the Lease, as amended, is in full force
and effect.

 

3.2                                 Landlord:  As of the date hereof, Landlord acknowledges and agrees that to
the best of Landlord’s knowledge and belief, Tenant has performed all
obligations required of

 

4

 

Tenant
under the Lease and that there are no offsets, counterclaims or defenses of
Landlord under the Lease existing against Tenant.  Landlord further acknowledges and agrees that no events have
occurred that, with the passage of time or the giving of notice, or both, would
constitute a basis for an offset, counterclaim or defense against Tenant, and
that the Lease, as amended, is in full force and effect.

 

4.               Continuing
Effect.  As used herein
the term “Lease” shall refer to the Lease as amended.  It is the intent of Landlord and Tenant by this First Amendment
to amend and modify certain provisions and conditions of the Lease as
previously amended; therefore, except as expressly amended or modified by the
provisions and conditions of this First Amendment, the Lease shall remain
unchanged and otherwise in full force and effect.

 

	
  “LANDLORD”

  	
   

  	
  “TENANT”

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ALECTA PENSIONSFÖRSÄKRING,

  	
   

  	
  MAXIM PHARMACEUTICALS,

  
	
  ÖMSESIDIGT, a
  Swedish company

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Martin Van Ardenne

  	
   

  	
  By:

  	
   

  	
  /s/ Anthony E. Altig

  
	
   

  	
  Martin Van Ardenne

  	
   

  	
   

  	
   

  
	
  Its:

  	
  Asset Manager

  	
   

  	
  Its:

  	
   

  	
  Chief Financial Officer

  
							

 

5

 

EXHIBIT “D”

 

BASIC MONTHLY RENT SCHEDULE

 

1.                                       BASIC
MONTHLY RENT

 

(a)                                  As
of the date hereof, the Basic Monthly Rent to be paid by the Tenant to the
Landlord shall be as follows.

 

	
  For the Existing
  Premises:

  	
   

  
	
   

  	
   

  
	
  Months   0
  through 12 - $90,362.40

  	
  ($2.40 per BOMA rentable square foot) per month

  
	
  Months 13 through 24 - $90,362.40

  	
  ($2.40 per BOMA rentable square foot) per month

  
	
  Months 25 through 36 - $90,362.40

  	
  ($2.40 per BOMA rentable square foot) per month

  
	
  Months 37 through 48 - $100,904.68

  	
  ($2.68 per BOMA rentable square foot) per month

  
	
  Months 49 through 60 - $103,916.76

  	
  ($2.76 per BOMA rentable square foot) per month

  
	
  Months 61 through 72 - $106,928.84

  	
  ($2.84 per BOMA rentable square foot) per month

  
	
  Months 73 through 84 - $109,940.92

  	
  ($2.92 per BOMA rentable square foot) per month

  
	
   

  	
   

  
	
  For the First Expansion Premises:

  	
   

  
	
   

  	
   

  
	
  Months   8
  through 12 - $3,940.80

  	
  ($2.40 per BOMA rentable square foot) per month*

  
	
  Months 13 through 24 - $3,940.80

  	
  ($2.40 per BOMA rentable square foot) per month

  
	
  Months 25 through 36 - $3,940.80

  	
  ($2.40 per BOMA rentable square foot) per month

  
	
  Months 37 through 48 - $4,400.56

  	
  ($2.68 per BOMA rentable square foot) per month

  
	
  Months 49 through 60 - $4,531.92

  	
  ($2.76 per BOMA rentable square foot) per month

  
	
  Months 61 through 72 - $4,663.28

  	
  ($2.84 per BOMA rentable square foot) per month

  
	
  Months 73 through 84 - $4,794.64

  	
  ($2.92 per BOMA rentable square foot) per month

  

 

(b)                                 Tenant
agrees to pay to Landlord the monthly rental (Basic Monthly Rent) according to
the terms and conditions as specified in Article 2 of the Lease.

 

*                                         Rents
for May, June, July and August of 2004 are subject to
Section 2.3 of the First Amendment to Lease.

 

6Exhibit 10.1

 

SEALED AIR CORPORATION

 

Amendment

 

to

 

1998 Restricted Stock Plan for Non-Employee Directors

 

April 15, 2004

 

Section 4(c) of the Restricted Stock Plan for
Non-Employee Directors of Sealed Air Corporation (the “Corporation”), which was
approved by the stockholders of the Corporation on June 26, 1998, is amended so
that the first sentence of that section reads as follows:

 

Except for
gifts of shares permitted under this Section, no grant of shares of Common
Stock pursuant to the Plan shall be transferable by the recipient of such
grant, and no shares of Common Stock issued pursuant to the Plan, or any
interest herein, may be sold, transferred, pledged, encumbered or otherwise
disposed of (including without limitation by way of gift or donation) by the
Non-Employee Director to whom such shares are issued as long as such
Non-Employee Director shall remain a director of the Corporation, except that
all restrictions on transfer of shares issued pursuant to the Plan set forth in
this Section 4(c) shall cease upon and after the 72nd birthday of
the Non-Employee Director.

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