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Exhibit 10.24    
    

 
 

THIRD AMENDMENT TO AGREEMENT OF LEASE    
    

        THIS THIRD AMENDMENT TO AGREEMENT OF LEASE (this "Amendment") is made on this 24th day of April, 2002, by and between MASONS MILL PARTNERS, L.P., a
Pennsylvania limited partnership ("Landlord"), and IMMUNICON CORPORATION, a Pennsylvania corporation ("Tenant"). 

 
 

BACKGROUND    
    

        Pursuant to a certain Agreement of Lease dated August 20, 1999 (the "Original Lease"), as amended by a certain First Amendment to Agreement of Lease dated
as of August 20, 1999 (the "First Amendment") and by a certain Second Amendment to Agreement of Lease dated September 19, 2000 (the "Second Amendment"), Tenant is leasing from Landlord
29,465 rentable square feet of space, as more particularly described in the Lease, (the "Existing Premises") in the buildings known as Building # 1 and Building #2 erected on certain land (the "Land")
located at Masons Mill Business Park, Huntingdon Valley, Pennsylvania 19006 (the "Park") for an initial term expiring on November 30, 2006. The Original Lease, the First Amendment, and the
Second Amendment are sometimes referred to herein collectively as the "Lease." Landlord and Tenant now desire to amend the Lease to provide, among other things, for the expansion of the Demised
Premises as set forth below. 

        NOW,
THEREFORE, in consideration of the mutual covenants and conditions set forth below, and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, agree as follows: 

        1.    Capitalized Terms: "Building".    The capitalized terms used in this Amendment shall have the same meanings as
are set forth in the Lease, except where otherwise defined herein. 

        2.    Expansion of the Demised Premises.    Landlord, for a term commencing on May 1, 2002 (the "Building #4
Space Commencement Date") and subject to the provisions and conditions hereof and of the
Lease, hereby leases to Tenant, and Tenant hereby rents from Landlord, an additional 1,400 rentable square feet of space (the "Building #4 Space") in the building known as Building #4 ("Building #4")
as identified on Exhibit "A" attached hereto. Except as otherwise set forth in this Amendment, effective on the date of this Amendment, the Demised Premises shall consist of and be defined as all of
Building #1, the Bridge and Building #2, and the Building #4 Space in the Park containing 30,865 rentable square feet of space. Tenant agrees to accept possession of the Building #4 Space in an "AS
IS" condition. 

        3.    Fixed Rent for the Building #4 Space and Existing Premises.    

        (a)   Commencing
on May 1, 2002 and continuing throughout the remainder of the Lease Term, Fixed Rent for the Building #4 Space ONLY shall be payable by Tenant to
Landlord, in the manner set forth in the Lease, according to the following schedule: 

	Period of Lease Term
 
	 	Annual Fixed Rent Due
	 	Monthly Installment of Annual Fixed Rent
	 	Annual Fixed Rent

per

Rentable Square Foot

	  5/1/02-11/30/02	 	$	13,066.67	 	$	1,866.67	 	$16.00 + electric
	12/1/02-11/30/03	 	$	23,100.00	 	$	1,925.00	 	$16.50 + electric
	12/1/03-11/30/04	 	$	23,800.00	 	$	1,983.33	 	$17.00 + electric
	12/1/04-11/30/05	 	$	24,500.00	 	$	2,041.67	 	$17.50 + electric
	12/1/05-11/30/06	 	$	25,200.00	 	$	2,100.00	 	$18.00 + electric

        (b)   The
electricity for the Building #4 Space is separately metered. Tenant shall pay to Landlord the cost of Tenant's electrical usage in the Building #4 Space within
thirty (30) days after Tenant's receipt of an invoice from Landlord detailing such usage or, if appropriate, directly to the appropriate utility or supplier. 

        (c)   In
addition to the Fixed Rent payments set forth above for the Building #4 Space, Tenant shall continue to pay Fixed Rent for the Existing Premises in accordance with
the Lease. 

        (d)   Provided
Tenant is not then in default under the Lease, as amended, beyond any applicable cure period, Tenant shall have the right to terminate this Third Amendment by
giving written notice of its election to do so to Landlord at least one (1) month prior to the desired Early Termination Date. If Tenant exercises its option to terminate in accordance with the
provisions hereof, the Third Amendment shall be terminated on the Early Termination Date without further liability of either party, except for such liability of Tenant hereunder as has accrued on or
prior to the Early Termination Date (or is to be charged to Tenant after termination as provided in the Lease). After notice has been given to landlord of Tenant's election to terminate the Third
Amendment, the Building 4 portion of the Demised Premises may be shown by Landlord from time to time, at any time during normal business hours or any other reasonable time, to prospective tenants. 

        4.    Additional Rent; Tenant's Proportionate Share.    Tenant shall continue to pay Additional Rent as set forth in
the Lease; provided, however, that from and after the Building #4 Space Commencement Date, Tenant's Proportionate Share shall be increased to 14.5720% (30,865/211,811). 

        5.    Confession of Judgment for Possession.    Subsection 18.1(f) and Section 18.2 of the Lease are hereby
amended and restated in their entirety, and shall be applicable to the Lease as amended and to the Existing Premises and the Additional Space. 

        18.1(f).    SECTION 18.1. (f)(i) BELOW SETS FORTH WARRANTS OF ATTORNEY TO CONFESS JUDGMENTS AGAINST TENANT. IN GRANTING THESE WARRANTS OF
ATTORNEY TO CONFESS JUDGMENTS AGAINST TENANT, TENANT HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TENANT HAS OR MAY HAVE TO PRIOR NOTICES AND AN
OPPORTUNITY FOR HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES AND THE COMMONWEALTH OF PENNSYLVANIA.

Tenant's
initials: /s/ JW 4/24/02 

        (i)    CONFESSION OF JUDGMENT FOR
POSSESSION.    TENANT IRREVOCABLY AUTHORIZES AND EMPOWERS THE PROTHONOTARY OR CLERK OR ANY ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR AND
CONFESS JUDGMENT AGAINST TENANT FOR POSSESSION OF THE DEMISED PREMISES, WITHOUT STAY OF EXECUTION. TO THE EXTENT PERMITTED BY LAW, TENANT RELEASES ALL ERRORS IN SUCH PROCEEDINGS. IF A VERIFIED COPY OF
THIS LEASE IS FILED, IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL LEASE. THE AUTHORITY AND POWER TO APPEAR FOR AND CONFESS JUDGMENT AGAINST TENANT SHALL NOT BE EXHAUSTED BY THE INITIAL EXERCISE
THEREOF AND JUDGMENT MAY BE CONFESSED AS OFTEN AS ANY EVENT OF DEFAULT HEREUNDER OCCURS. SUCH AUTHORITY MAY BE EXERCISED DURING OR AFTER THE EXPIRATION OF THE LEASE TERM AND/OR DURING OR AFTER THE
EXPIRATION OF ANY EXTENDED OR RENEWAL TERM. IF SUCH PROCEEDING IS TERMINATED AND THE POSSESSION OF THE DEMISED PREMISES REMAINS IN OR IS RESTORED TO TENANT, LANDLORD SHALL HAVE THE RIGHT FOR THE SAME
EVENT OF DEFAULT AND UPON ANY SUBSEQUENT EVENT OR EVENTS OF DEFAULT, OR UPON THE TERMINATION OF THIS LEASE UNDER ANY OF THE TERMS OF THIS LEASE, TO BRING ONE OR MORE FURTHER ACTION OR ACTIONS AS
HEREINBEFORE SET FORTH TO RECOVER POSSESSION OF THE DEMISED PREMISES AND CONFESS JUDGMENT FOR THE RECOVERY OF POSSESSION OF THE DEMISED PREMISES AS HEREINABOVE PROVIDED.

        18.2    PROCEEDINGS.    IF PROCEEDINGS SHALL
BE COMMENCED BY LANDLORD TO RECOVER POSSESSION UNDER THE ACTS OF ASSEMBLY AND RULES OF CIVIL PROCEDURE, EITHER AT THE END OF THE LEASE TERM OR UPON THE EARLIER TERMINATION OF THIS LEASE, OR FOR
NON-PAYMENT OF RENT OR ANY OTHER  

 REASON, TENANT SPECIFICALLY WAIVES THE RIGHT TO ANY AND ALL NOTICES REQUIRED BY THE LANDLORD AND TENANT ACT OF 1951, AS THE SAME MAY BE AMENDED, AND AGREES THAT TEN (10) DAYS' NOTICE SHALL BE
SUFFICIENT IN ALL CASES.  

        6.    Brokers.    Each party represents and warrants to the other that it, he, she or they
have not made any agreement or taken any action which may cause anyone to become entitled to a commission as a result of the transactions contemplated by this Amendment, and each will indemnify and
defend the other from any and all claims, actual or threatened, for compensation by any such third person by reason of such party's breach of its, his, her or their representation or warranty
contained in this Article. 

        7.    Miscellaneous.    Except as otherwise provided in this Amendment, all provisions of the Lease shall continue in
full force and effect, and are incorporated herein by reference; however, to the extent that
anything contained in this Amendment conflicts with or is inconsistent with any term or provision of the Lease, the terms and provisions of this Amendment shall control. This Amendment shall be
binding upon, and shall inure to the benefit of, Landlord and Tenant and their respective successors and assigns. 

        IN
WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed on the day and year first above written. 

	 	 	LANDLORD:

MASONS MILL PARTNERS, L.P., a Pennsylvania limited partnership
	

 	
 	

By:	

Woodmount Company, LLC, a Pennsylvania limited liability company, its sole General Partner
	

 	
 	

By:	

/s/  DUNCAN B. PITCAIRN      
 Name: Duncan B. Pitcairn

Title: Managing Member
	

 	
 	
TENANT:

IMMUNICON CORPORATION
	

 	
 	

By:	

/s/  EDWARD L. ERICKSON      
 Name: Edward L. Erickson

Title: Chairman, President & CEO

EXHIBIT
"A" 

Plan of the Building #4 Space

	 	 	Landlord: /s/ DBP
	 	 	Tenant: /s/ [ILLEGIBLE]
	 	 	4/24/02

Masons Mill Business Park
  Huntingdon Valley, Pennsylvania 

Building 4
  1,400 Square Feet

(optional additional 360 square foot space) 

[GRAPHIC] 

	 	 	Landlord: /s/ DBP
	 	 	Tenant: /s/ [ILLEGIBLE]
	 	 	4/24/02

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Exhibit 10.24

THIRD AMENDMENT TO AGREEMENT OF LEASE

BACKGROUNDQuickLinks
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Exhibit 10.25    
    

 
 

FOURTH AMENDMENT TO AGREEMENT OF LEASE    
    

        THIS FOURTH AMENDMENT TO AGREEMENT OF LEASE (this "Amendment") is made on this 13 day of September, 2002, by and between MASONS MILL PARTNERS, L.P., a
Pennsylvania limited partnership ("Landlord"), and IMMUNICON CORPORATION, a Delaware corporation ("Tenant"). 

BACKGROUND  

        Pursuant to a certain Agreement of Lease dated August 20, 1999 (the "Original Lease"), as amended by a certain First Amendment to Agreement of Lease dated
as of August 20, 1999 (the "First Amendment"), by a certain Second Amendment to Agreement of Lease dated as of September 19, 2000 (the "Second Amendment"), and by a certain Third
Amendment to Agreement of Lease dated as of April 24, 2002 (the "Third Amendment"), Tenant is leasing from Landlord 30,865 rentable square feet of space, as more particularly described in the
Lease, (the "Existing Premises") in the buildings known as Building #1, Building #2, and Building #4 erected on certain land (the "Land") located at Masons Mill Business Park, Huntingdon Valley,
Pennsylvania 19006 (the "Park") for an initial term expiring on November 30, 2006. The Original Lease, the First Amendment, the Second Amendment, and the Third Amendment are sometimes referred
to herein collectively as the "Lease." Landlord and Tenant now desire to amend the Lease to provide for, among other things: the expansion of the Demised Premises; the renaming of the Building 4
Space; and the removal of janitorial services, all as set forth below. 

        NOW,
THEREFORE, in consideration of the mutual covenants and conditions set forth below, and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, agree as follows: 

        1.    Capitalized Terms; "Building".    The capitalized terms used in this Amendment shall have the same meanings as
are set forth in the Lease, except where otherwise defined herein. The term "Building" as used in the Lease and in this Amendment shall mean collectively Buildings #1, #2, and #4 in the Park, as well
as the pedestrian bridge presently connecting Buildings #1 and #2 (the "Bridge").
Notwithstanding the foregoing, the term "Building" as used in Exhibit "B" to this Amendment shall mean Building #4 only. 

        2.    Renaming of Building 4 Space/Expansion of the Demised Premises.    

        2.1   The
1,400 rentable square foot portion of space defined in the Third Amendment as the "Building 4 Space" shall hereinafter be redefined as the "Suite 405 Space." 

        2.2   Landlord,
for a term commencing on October 1, 2002 (the "Suite 404 Space Commencement Date"), and subject to the provisions and conditions hereof and of the
Lease, hereby leases to Tenant, and Tenant hereby rents from Landlord, an additional 2,480 rentable square feet of space (the "Suite 404 Space") in Building #4, as identified on Exhibit "A" attached
hereto and made a part hereof. 

        2.3   Except
as otherwise set forth in this Amendment, effective on October 1, 2002, the Demised Premises shall consist of and be defined as all of Building #1, the
Bridge, Building #2, the Suite 405 Space, and the Suite 404Spacein the Park containing 33,345 rentable square feet of space. 

        2.4   Tenant
agrees to accept possession of the Suite 404 Space in an "AS IS" condition, and shall be responsible for the performance, in accordance with the provisions of
Exhibit "B," of all work necessary or desirable to render the Suite 404 Space ready for Tenant's occupancy. 

        2.5   Section 3
(d) of the Third Amendment is hereby deleted and of no further force or effect. 

 

        3.    Renewal of Lease Term.    

        3.1   The
Lease Term shall be automatically extended for three (3) additional periods of five (5) years each, and such renewal term (the "Automatic Renewal
Term") shall commence upon the expiration of the previous term of the Lease, provided that: 

        (a)   Each
renewal term shall be automatic unless Tenant gives written notice to Landlord at least twelve (12) months prior to the expiration of the then current term;
and 

        (b)   At
the time of each such renewal, the Lease shall be in full force and effect and there shall exist no default by Tenant which remains uncured beyond any applicable
period of grace. 

        3.2   In
the event the foregoing renewals are effectively exercised, all the terms and conditions contained in the Lease shall continue to apply except that: 

        (a)   There
shall be no further right of renewal beyond the periods referred to above; 

        (b)   The
Automatic Renewal Terms shall apply to all (and not less than all) of the Demised Premises originally leased hereunder, plus any additional space leased by Tenant
pursuant to any option contained herein or otherwise; 

        (c)   In
the event Tenant shall have assigned the Lease or sublet all or any portion of the Demised Premises, this option shall automatically expire and be null and void with
respect to that portion of the Demised Premises so assigned or sublet; 

        (d)   The
rental rate applicable to the Demised Premises during any Automatic Renewal Term, plus any additional space then leased pursuant to the Lease, shall be as defined in
Section 4 of this Amendment 

        4.    Fixed Rent for Additional Space and Existing Premises.    

        4.1   Commencing
on October 1, 2002 and continuing throughout the remainder of the Lease Term, Fixed Rent for the Suite 404 Space
ONLY shall be payable by Tenant to Landlord, in the manner set forth in the Lease, according to the following schedule: 

	Period of Lease Term
 
	 	Monthly Installment of Annual Fixed Rent Due
	 	Total Annual Fixed Rent Due
	 	Annual Fixed Rent per Rentable Square Foot

	10/1/02-11/30/02	 	$	3,100.00	 	$	6,200.00	 	$	15.00 + electric
	12/1/02-11/30/03	 	$	3,203.33	 	$	38,440.00	 	$	15.50 + electric
	12/1/03-11/30/04	 	$	3,306.67	 	$	39,680.00	 	$	16.00 + electric
	12/1/04-11/30/05	 	$	3,410.00	 	$	40,920.00	 	$	16.50 + electric
	12/1/05-11/30/06	 	$	3,513.33	 	$	42,160.00	 	$	17.00 + electric

Fixed
Rent shall increase fifty ($.50) cents per rentable square foot each year thereafter. 

2

 

        4.2   Commencing
on October 1, 2002 and continuing throughout the Lease Term, Fixed Rent for the Existing Premises shall
be payable by Tenant to Landlord, in the manner set forth in the Lease, according to the following schedules: 

Building #1 ONLY:  

	Period of Lease Term
 
	 	Monthly Installment of Annual Fixed Rent Due
	 	Total Annual Fixed Rent Due
	 	Annual Fixed Rent per Rentable Square Foot

	10/1/02-11/30/02	 	$	20,937.50	 	$	41,875.00	 	$	15.00 + electric
	12/1/02-11/30/03	 	$	21,635.42	 	$	259,625.00	 	$	15.50 + electric
	12/1/03-11/30/04	 	$	22,333.33	 	$	268,000.00	 	$	16.00 + electric
	12/1/04-11/30/05	 	$	23,031.25	 	$	276,375.00	 	$	16.50 + electric
	12/1/05-11/30/06	 	$	23,729.17	 	$	284,750.00	 	$	17.00 + electric

Fixed
Rent shall increase fifty ($.50) cents per rentable square foot each year thereafter. 

Building #2 ONLY:  

	Period of Lease Term
 
	 	Monthly Installment of Annual Fixed Rent Due
	 	Total Annual Fixed Rent Due
	 	Annual Fixed Rent per Rentable Square Foot

	10/1/02-11/30/02	 	$	18,542.71	 	$	37,085.42	 	$	17.50 + electric
	12/1/02-11/30/03	 	$	19,072.50	 	$	228,870.00	 	$	18.00 + electric
	12/1/03-11/30/04	 	$	19,602.29	 	$	235,227.50	 	$	18.50 + electric
	12/1/04-11/30/05	 	$	20,132.08	 	$	241,585.00	 	$	19.00 + electric
	12/1/05-11/30/06	 	$	20,661.88	 	$	247,942.50	 	$	19.50 + electric

Commencing
in Year 1 of the first Automatic Renewal Term, Fixed Rent shall be Seventeen Dollars and Fifty Cents ($17.50) per rentable square foot and shall increase fifty ($.50) cents per rentable
square foot each year thereafter. 

Suite 405 ONLY:  

	Period of Lease Term
 
	 	Monthly Installment of Annual Fixed Rent Due
	 	Total Annual Fixed Rent Due
	 	Annual Fixed Rent per Rentable Square Foot

	10/1/02-11/30/02	 	$	1,750.00	 	$	3,500.00	 	$	15.00 + electric
	12/1/02-11/30/03	 	$	1,808.33	 	$	21,700.00	 	$	15.50 + electric
	12/1/03-11/30/04	 	$	1,866.67	 	$	22,400.00	 	$	16.00 + electric
	12/1/04-11/30/05	 	$	1,925.00	 	$	23,100.00	 	$	16.50 + electric
	12/1/05-11/30/06	 	$	1,983.33	 	$	23,800.00	 	$	17.00 + electric

Fixed
Rent shall increase fifty ($.50) cents per rentable square foot each year thereafter. 

        5.    Exhibit "C" of the Lease; Additional Rent.    

        5.1   Effective
on October 1, 2002, Exhibit "C" of the Lease is hereby deleted in its entirety, and the attached Exhibit "C" is substituted therefor. 

        5.2   Tenant
shall continue to pay Additional Rent as set forth in the Lease, as amended. 

3

 

        6.    Janitorial Service.    On October 1, 2002, janitorial service as provided by Landlord to Tenant, will no
longer be included as an Operating Expense pursuant to the Original Lease. The following sections of the Original Lease are hereby amended as follows to remove janitorial service: 

        6.1    Covenants of Landlord.    Section 9 of the Original Lease is hereby deleted in its entirety, and the
following is hereby substituted therefore: 

        9.     Landlord
will supply for normal office use the equipment and facilities to supply heat and air conditioning to the Demised Premises, common area electricity, and hot and
cold water, all in amounts consistent with services provided in similar buildings in the community, provided that: (i) Landlord shall not be liable for failure to supply or interruption of any
such service by reason of any cause beyond Landlord's reasonable control and Landlord shall not be liable for consequential damages in any event; and (ii) if Tenant requires installation of a
separate or supplemental heating, cooling, ventilating and/or air conditioning system, Tenant shall pay all costs in connection with the furnishing, installation, operation, maintenance and
replacement thereof. Landlord shall not be responsible to provide electricity to the Demised Premises, but Landlord has installed meters to measure the electricity consumed on the Demised Premises and
Tenant shall pay, as Additional Rent, the cost thereof promptly upon being billed therefor by the providing utility. 

        6.2    Covenants of Tenant.    The following new Section 10.12 is hereby added to Article 10 of the
Original Lease: 

        10.12. (a)
Keep the Demised Premises in a clean, neat and sanitary condition. Notwithstanding anything contained in this Lease to the contrary, Landlord shall have no
obligation to provide any cleaning or janitorial services to the Demised Premises. All such services shall be the responsibility solely of Tenant. Tenant shall deposit all trash and debris from the
Demised Premises in the dumpster located closest to the Demised Premises; provided, however, that at no time shall Tenant place any Hazardous Substances or anything other than normal everyday office
trash in such dumpster. Such Hazardous Substances and non-everyday office trash shall be disposed of by Tenant at its sole cost and expense, in accordance with all applicable laws, rules,
regulations and ordinances. 

        (b)   Any
and all contractors engaged by Tenant to provide janitorial and/or trash disposal services for the Demised Premises shall be approved in advance by Landlord in
writing and shall comply with and be subject to such conditions, rules and requirements as Landlord may reasonably impose from time to time. Such conditions shall include, without limitation, that
Tenant (i) maintain or cause such contractors to maintain appropriate insurance coverage including, without limitation, workmen's compensation insurance (statutory limits), employer's liability
insurance with limits of not less than $1,000,000 per accident, automobile liability insurance with limits of not less than $1,000,000 per occurrence, and commercial general liability insurance
(including a contractual liability and fire legal liability insurance endorsement) against claims for bodily injury, death or property damage in amounts not less than $2,000,000.00, and
(ii) cause each such contractors to agree in writing to indemnify and save Landlord, its representatives and Landlord's managing agent, if any, harmless from and against all claims, demands,
expenses, losses, suits and damages as may be occasioned by reason of the negligence or otherwise tortious act of such contractor or anyone on, in or about the Park, the Land or the Building on behalf
of or at the invitation of such contractor. All such insurance shall name as an additional insured Landlord and Landlord's managing agent, if any, (other than workmen's compensation insurance) and
shall be issued by companies having a Best's financial rating of A or better and a size class rating of XII (12) or larger or otherwise acceptable to Landlord. Landlord may from time to time
increase the required limits for any such insurance. 

4

 

        6.3    Exhibit "E" of the Original Lease.    Exhibit "E" of the Original Lease is hereby deleted in its entirety. 

        6.4    General Prohibitions.    Subsection 4b of Exhibit "F" of the Original Lease is hereby deleted in its entirety. 

        7.    Right of First Offer.    Before entering into a lease with anyone else during the Lease Term hereunder
respecting any previously leased space in Buildings #3, #4 and #6, Landlord shall notify Tenant (either by telephone, facsimile, or in writing) of the availability of such space for rent (the "Right
of First Offer"). Provided Tenant gives written notice of its desire to lease such space within five (5) business days after receipt of said notice from Landlord, Tenant shall, thereafter, for
a period of thirty (30) days, have the right to negotiate with Landlord, for a lease of such space for a term not extending beyond the expiration of this Lease, and Landlord and Tenant agree to
negotiate for such a lease in good faith. Landlord's notice may not be given more than six (6) months prior to the date as of which said space will become available for rent. If Tenant fails to
respond to said notice within said five (5) business days period, or, after giving written notice of its exercise of its right to negotiate, if Landlord and Tenant do not enter into a lease for
such space within said thirty (30) day period, Tenant's rights under this Article shall be deemed to have been waived and Landlord shall be free (without any further obligation to Tenant) to
lease the space to any other party upon any terms and without any further obligation to Tenant, whether or not the terms of such lease are more or less favorable that those offered to Tenant. Tenant's
right to negotiate, as aforesaid, is subordinate, however, to any expansion or renewal options granted from time to time in leases to other tenants in the Building. This Right of First Offer for
additional space shall be terminated during any period in which an Event of Default by Tenant hereunder exists until said Event of Default has been cured. The period of time within which this Right of
First offer may be exercised shall not be extended or enlarged by reason of Tenant's inability to
exercise such rights because of the foregoing provision. Time is of the essence. If Tenant fails to exercise its Right of First Offer in any instance when such right may arise, in writing, prior to
the expiration of the applicable time period for the exercise of such right, Tenant's right in the instance in question shall thereafter be deemed null and void and of no further force or effect. 

        8.    Confession of Judgment for Possession.    Subsection 18.1(f) and Section 18.2 of the Lease are hereby
amended and restated in their entirety, and shall be applicable to the Lease as amended and to the Existing Premises and the Additional Space. 

        18.1(f). SECTION 18.1.(f)(i) BELOW SETS FORTH WARRANTS OF ATTORNEY TO CONFESS JUDGMENTS AGAINST TENANT. IN GRANTING THESE WARRANTS OF ATTORNEY
TO CONFESS JUDGMENTS AGAINST TENANT, TENANT HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TENANT HAS OR MAY HAVE TO PRIOR NOTICES AND AN OPPORTUNITY FOR
HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES AND THE COMMONWEALTH OF PENNSYLVANIA.

	 	 	Tenant's initials: /s/ [ILLEGIBLE]

        (i)    CONFESSION OF JUDGMENT FOR POSSESSION.    TENANT IRREVOCABLY AUTHORIZES AND EMPOWERS
THE PROTHONOTARY OR CLERK OR ANY ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR AND CONFESS JUDGMENT AGAINST TENANT FOR POSSESSION OF THE DEMISED PREMISES, WITHOUT STAY OF EXECUTION. TO THE EXTENT
PERMITTED BY LAW, TENANT RELEASES ALL ERRORS IN SUCH PROCEEDINGS. IF A VERIFIED COPY OF THIS LEASE IS FILED, IT SHALL NOT BE NECESSARY TO FILE THE ORIGINAL LEASE. THE AUTHORITY AND POWER TO APPEAR FOR
AND CONFESS JUDGMENT AGAINST TENANT SHALL NOT BE EXHAUSTED BY THE  

5

 

 INITIAL EXERCISE THEREOF AND JUDGMENT MAY BE CONFESSED AS OFTEN AS ANY EVENT OF DEFAULT HEREUNDER OCCURS. SUCH AUTHORITY MAY BE EXERCISED DURING OR AFTER THE EXPIRATION OF THE LEASE TERM AND/OR DURING
OR AFTER THE EXPIRATION OF ANY EXTENDED OR RENEWAL TERM. IF SUCH PROCEEDING IS TERMINATED AND THE POSSESSION OF THE DEMISED PREMISES REMAINS IN OR IS RESTORED TO TENANT, LANDLORD SHALL HAVE THE RIGHT
FOR THE SAME EVENT OF DEFAULT AND UPON ANY SUBSEQUENT EVENT OR EVENTS OF DEFAULT, OR UPON THE TERMINATION OF THIS LEASE UNDER ANY OF THE TERMS OF THIS LEASE, TO BRING ONE OR MORE FURTHER ACTION OR
ACTIONS AS HEREINBEFORE SET FORTH TO RECOVER POSSESSION OF THE DEMISED PREMISES AND CONFESS JUDGMENT FOR THE RECOVERY OF POSSESSION OF THE DEMISED PREMISES AS HEREINABOVE PROVIDED.  

         18.2 PROCEEDINGS.    IF PROCEEDINGS SHALL BE COMMENCED BY LANDLORD TO RECOVER POSSESSION UNDER
THE ACTS OF ASSEMBLY
AND RULES OF CIVIL PROCEDURE, EITHER AT THE END OF THE LEASE TERM OR UPON THE EARLIER TERMINATION OF THIS LEASE, OR FOR NON-PAYMENT OF RENT OR ANY OTHER REASON, TENANT SPECIFICALLY WAIVES
THE RIGHT TO ANY AND ALL NOTICES REQUIRED BY THE LANDLORD AND TENANT ACT OF 1951, AS THE SAME MAY BE AMENDED, AND AGREES THAT TEN (10) DAYS' NOTICE SHALL BE SUFFICIENT IN ALL
CASES.

        9.    Brokers.    Each party represents and warrants to the other that it, he, she or they have not made any agreement
or taken any action which may cause anyone to become entitled to a commission as a result of the transactions contemplated by this Amendment, and each will indemnify and defend the other from any and
all claims, actual or threatened, for compensation by any such third person by reason of such party's breach of its, his, her or their representation or warranty contained in this Article. 

        10.    Miscellaneous.    Except as otherwise provided in this Amendment, all provisions of the Lease shall continue in
full force and effect, and are incorporated herein by reference; however, to the extent that anything contained in this Amendment conflicts with or is inconsistent with any term or provision of the
Lease, the terms and provisions of this Amendment shall control. This Amendment shall be binding upon, and shall inure to the benefit of, Landlord and Tenant and their respective successors and
assigns. 

6

 

IN
WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be executed on the day and year first above written. 

	 	 	LANDLORD:

MASONS MILL PARTNERS, L.P., a Pennsylvania limited partnership
	

 	
 	

By: Woodmount Company, LLC, a Pennsylvania limited liability company, its sole General Partner
	

 	
 	

By:	
 	

/s/ DUNCAN B. PITCAIRN

	 	 	Name:	 	Duncan B. Pitcairn
	 	 	Title:	 	Managing Member
	

 	
 	

TENANT:

IMMUNICON CORPORATION
	

 	
 	

By:	
 	

/s/ EDWARD L. ERICKSON

	 	 	Name:	 	Edward L. Erickson
	 	 	Title:	 	Chairman, President & CEO

7

EXHIBIT "A"  

 Plan of the Suite 404 Space  

[GRAPHIC]

	 	 	Landlord: DBP

Tenant: [ILLEGIBLE]

   EXHIBIT "B"  

 STANDARDS FOR WORK TO BE PERFORMED BY TENANT  

	1.
	Prior
to commencing any work in connection with the initial fitout of the Suite 404 Space for use by Tenant (referred to collectively hereinafter as the "Tenant's Work"), Tenant shall
first obtain the approval of Landlord, in writing, of the specific work Tenant proposes to perform. In connection therewith, Tenant shall prepare and deliver to Landlord, for its approval, which
approval shall not be unreasonably withheld or delayed, complete architectural, mechanical, electrical and structural plans and specifications for the construction of the Tenant's Work (the
"Construction Drawings"). The Construction Drawings shall be prepared by Tenant's design professional(s) (all of whom shall be duly licensed by the authority having jurisdiction over the appropriate
profession) at Tenant's sole cost and expense (except as otherwise set forth in this Exhibit). Following approval by Landlord, the Construction Drawings shall not be changed, nor shall substitutions
be made, without Landlord's prior approval. Promptly following the completion of the Construction Drawings, or the approval of any changes thereto, as applicable, Landlord shall advise Tenant whether
it shall be obligated to remove portions of the Tenant's Work upon the expiration or earlier termination of the Lease Term, in accordance with Article 8 of the Original Lease; provided,
however, that in no event shall Tenant be required to remove any portion of the Tenant's Work which is a typical improvement in first-class office space, unless expressly set forth in the Lease, as
amended. Without limiting the foregoing, under no circumstances shall the following improvements be deemed "typical": (i) any improvement directly related to any specialty use which is
incidental or subordinate to general office use, such as the cooking and related equipment and improvements in any kitchen or cafeteria; (ii) any floor openings, depressed slabs, dumbwaiters,
safes or vaults, raised floors, supplemental HVAC or UPS; and (iii) any improvement which contains any Hazardous Substance or does not comply with applicable laws, codes, ordinances,
regulations and requirements.

	2.
	To
the end that there shall be no labor disputes which would interfere with any construction occurring in the Park or the operation thereof, or any part thereof including, but not
limited to, the Suite 404 Space, in performing any work in or about the Suite 404 Space, Tenant agrees to engage the services of, or to permit the engagement of, only such contractors, subcontractors
and subsubcontractors ("Tenant's Contractors") as will work in harmony and without causing any labor dispute with each other, with Landlord's contractors and subcontractors and with the contractors
and subcontractors of all other tenants working in or about the Park or any part thereof. Tenant also shall require Tenant's Contractors to employ only such labor as will work in harmony and without
causing any labor dispute with all other labor then working in or about the Park or any part thereof including, but not limited to, the Suite 404 Space. Furthermore, only those Tenant's Contractors as
have been duly licensed by the authority having jurisdiction over the appropriate profession and which have been approved in writing by Landlord, may perform any portion of the Tenant's Work. Landlord
shall have the right, among other things, to condition such approval on the delivery by such Tenant's Contractor of a 100% payment and performance bond with respect to its portion of the Tenant's
Work. Prior to commencing any Tenant's Work in the Additional Space, Tenant shall provide Landlord with a list of emergency telephone numbers for all design professionals, Tenant's Contractors and
materialmen which will be involved with the Tenant's Work. Such list shall be promptly revised by Tenant and delivered to Landlord in the event of any changes or additions thereto. 

Without
in any limiting the provisions of Article 15 of the Original Lease, Tenant covenants and agrees to exonerate, indemnify, defend, protect and save Landlord, its representatives and
Landlord's managing agent, if any, harmless from and against any and all claims, demands, expenses, losses, suits and damages as may be occasioned by reason of the performance of the Tenant's Work
including, without limitation, by reason of (i) any disputes between or among any of 

B-1

 

Tenant,
the Tenant's Contractors and materialmen, and any other person or entity, (ii) any accident or matter occurring in or about the Park or in or about the Building, causing injury to
persons or damage to property, except to the extent such accident or other matter resulted from the negligence or otherwise tortious act of Landlord or Landlord's agents or employees, (iii) the
failure of Tenant or any of the Tenant's Contractors or materialmen to fully and faithfully perform the obligations and observe the conditions of the Lease (as amended), or (iv) the negligence
or otherwise tortious act of Tenant, any of the Tenant's Contractors or materialmen or anyone in or about the Park or in or about the Building on behalf of or at the invitation or right of Tenant. 

	3.
	Prior
to commencing the Tenant's Work, Tenant shall obtain all permits required by any governmental authority having jurisdiction and shall deliver copies thereof to Landlord. If, in
connection with the review by any governmental authority of the plans and specifications for all or any portion of the Tenant's Work, any such governmental authority requires Tenant to make changes to
the Construction Drawings, Tenant shall notify Landlord promptly of such required changes. All of the Tenant's Work shall be done in accordance with the Construction Drawings approved by Landlord, the
requirements of all applicable laws, ordinances, regulations, codes and other requirements of governmental authorities and with the requirements of Landlord's underwriter. In addition, the Tenant's
Work shall be performed in a thorough, first-class and workmanlike manner, shall incorporate only new first-quality materials and shall be in good and usable condition at the date of completion. At
any time and from time to time during the performance of the Tenant's Work, Landlord, Landlord's architect and Landlord's other representatives may enter upon the Demised Premises and inspect the
Tenant's Work and take such steps as they may deem necessary or desirable to assure the proper performance of the Tenant's Work and/or for the protection of the Demised Premises, the base building
systems and/or any premises adjacent to the Demised Premises. Such inspection shall, however, be for Landlord's benefit only and may not be relied upon by Tenant or any other party.

	4.
	Tenant
hereby appoints John Fuente as its construction representative ("Tenant's Construction Representative") to act for Tenant with
respect to all construction and construction related matters involving the Tenant's Work; provided, however, that Tenant may change Tenant's Construction Representative from time to time to another
person who is skilled in the construction of tenant improvements in Class A office buildings or who is an officer or management level employee of Tenant, which change shall be effective upon
receipt by Landlord of written notice of such change. During the construction of the Tenant's Work, Tenant's Construction Representative shall be generally available at the Additional Space. Tenant's
Construction Representative shall have the authority to act on the Tenant's behalf at all times (including at all construction meetings and inspections) and specifically to bind Tenant with respect to
all construction related matters including, but not limited to, scheduling changes, change orders and other cost changes.

	5.
	Prior
to commencing performance of the Tenant's Work, and until the Tenant's Work has been completed in the manner set forth in this Exhibit, all Tenant's Contractors shall maintain
the insurance coverages set forth on Schedule 1 to this Exhibit, in the minimum amounts specified therein or in such greater amounts as may be required by Landlord based upon the risks of the
project or good insurance practices. All such insurance shall (i) name Landlord and any other parties designated by Landlord as additional insureds, (ii) be in companies licensed to do
business in Pennsylvania and reasonably satisfactory to Landlord, and (iii) provide that the policies will not be changed, canceled or expire until at least thirty (30) days prior
written notice has been given to Landlord. Evidence of all coverage shall be delivered to Landlord prior to any Tenant's Contractor commencing work in the Suite 404 Space. The liability of Tenant and
Tenant's Contractors shall not be limited because of the insurance required hereunder nor to the amounts thereof nor because of any exclusions from coverage in any insurance policy. 

B-2

 
	6.
	Tenant
shall comply, and shall cause all of the Tenant's Contractors and materialmen to comply, with all procedures and policies established by Landlord from time to time relating to
construction by tenants in the Park. In addition, Tenant shall, and shall cause all of the Tenant's Contractors and materialmen to, comply with all applicable OSHA safety standards in connection with
the performance of the Tenant's Work.

	7.
	The
Tenant's Work shall be coordinated with all work being performed by Landlord and other occupants of the Park to the end that the Tenant's Work will not interfere with the operation
of the Park (or any portion thereof) or interfere with or delay the completion of any other construction within the Park, and Tenant shall comply, and shall cause the Tenant's Contractors to comply,
with all procedures and regulations prescribed by Landlord for integration of the Tenant's Work with that to be performed in connection with any other construction in the Park and in connection with
the operation of the Park. The Tenant's Work shall be performed in a manner so as not to disturb or annoy other tenants or occupants of the Park and shall be performed only during such hours and under
such conditions as shall be reasonably established by Landlord.

	8.
	Tenant
and the Tenant's Contractors and materialmen shall be solely responsible for the transportation, safekeeping and storage of materials and equipment used in the performance of
the Tenant's Work, for the removal of waste and debris resulting therefrom, and for any damage caused by them to any part of the Park, including the Demised Premises. Without limiting the foregoing in
any way, Tenant shall keep, and shall cause the Tenant's Contractors and materialmen to keep, the common areas of the Building and the Park free and clear of all waste and debris, and shall remove all
waste and debris from around their dumpsters on a daily basis. Furthermore, all elevators used by Tenant and the Tenant's Contractors and materialmen shall be kept free and clear of all waste and
debris, and shall be appropriately protected from any damage which could result from such use. It shall be Tenant's responsibility to cause each of the Tenant's Contractors and materialmen to maintain
continuous protection of adjacent property and improvements against damage by reason of the performance of the Tenant's Work. It also shall be Tenant's responsibility to cause each of the Tenant's
Contractors and materialmen to properly protect the Tenant's Work. In the event that Tenant fails to fulfill its obligations under or to otherwise comply with, or to cause the Tenant's Contractors or
materialmen to fulfill their obligations under or to otherwise comply with, the provisions of this Section 8, Landlord shall have the right to perform such obligations or to otherwise cause
such compliance, and the cost thereof shall be paid by Tenant to Landlord within ten (10) days after receipt by Tenant of a bill therefor.

	9.
	Neither
Tenant nor any Tenant's Contractor or materialman may use any space within the Park for storage, handling or moving of materials or equipment and/or for the location of a field
office or facilities for the employees of such Tenant's Contractor or materialman without obtaining Landlord's prior written approval for each such use. If Tenant or any Tenant's Contractor or
materialman shall use any space in the Park for any or all of the aforesaid enumerated purposes or any other similar purpose without obtaining Landlord's prior written approval therefor, Landlord
shall have the right to terminate such use and remove all of Tenant's or such Tenant's Contractor's or materialman's materials, equipment and other property from such space, without Landlord being
liable to Tenant and/or to such Tenant's Contractor or materialman, and the cost of such termination and/or removal shall be paid by Tenant to Landlord within ten (10) days after receipt by
Tenant of a bill therefor.

	10.
	Tenant
shall secure from all Tenant's Contractors and materialmen, and shall cause to be properly filed prior to the commencement of any of the Tenant's Work, effective waivers of
mechanics liens. Copies of filed waivers shall be delivered to Landlord prior to the commencement of any of the Tenant's Work. 

B-3

 
	11.
	Tenant
shall promptly pay, or cause to be paid, all Tenant's Contractors performing the Tenant's Work and all materialmen supplying materials for the Tenant's Work. Should any lien be
made or filed in connection with the Tenant's Work, Tenant shall bond against or discharge the same within (10) days after receiving notice thereof. If Tenant shall fail to cause such lien to
be bonded against or to be discharged within such period, then, in addition to any other right or remedy which Landlord may have under the Lease (as amended), at law or in equity, Landlord may, but
shall not be obligated to, discharge the same either by paying the amount claimed to be due or by procuring the discharge of such lien by deposit or by bonding. Any amount so paid by Landlord and all
costs and expenses incurred by Landlord in connection therewith, together with interest at the Default Rate from the respective dates of Landlord's making of the payment and incurring of the cost and
expense, shall constitute Additional Rent payable by Tenant under the Lease (as amended) and shall be paid by Tenant to Landlord on demand.

	12.
	Nothing
set forth in the Lease (as amended) shall be deemed or construed as (i) a consent or request by Landlord, expressed or implied, by inference or otherwise, to any
contractor, laborer or materialman for the performance of any labor or the furnishing of any materials for any specific or general improvement, alteration or repair of or to the Demised Premises or of
or to the Park or any improvement therein, or to any part thereof; or (ii) giving Tenant or any other person, firm or corporation any right to contract for or to perform any labor or furnish
any services or materials that would permit or give rise to a lien against the Demised Premises, the Park or any part thereof. Notwithstanding anything in the Lease (as amended) or in any other
writing signed by Landlord to the contrary, neither the Lease (as amended) nor any other writing signed by Landlord shall be construed as evidencing, indicating, or causing an appearance that any
erection, construction, alteration or repair to be done, or caused to be done, by Tenant is or was for the immediate use or benefit of Landlord.

	13.
	Tenant
shall pay Landlord, within ten (10) days of being billed therefor, for the cost of any work or services provided by Landlord in connection with the Tenant's Work,
including, without limitation the cost of (i) any architectural or engineering consultants engaged by Landlord to review Tenant's plans and specifications and the Tenant's Work, (ii) all
structural, mechanical, plumbing, electrical, fire protection and other work required to extend or adapt the base building systems to the Tenant's Work, (iii) hoisting, rubbish removal
(including the cost of renting and removing dumpsters and disposing of contents) and utilities. In addition to the foregoing, upon completion of the Tenant Work, Tenant shall pay Landlord a fee in the
amount of three percent (3%) of the cost of the Tenant's Work.

	14.
	Promptly
following the final completion of all of the Tenant's Work, Tenant shall provide Landlord, at Tenant's sole cost and expense, with a complete set of as-built
plans and specifications for the Tenant's Work. 

	 	 	Landlord: DBP

Tenant: [ILLEGIBLE]

B-4

QuickLinks

Exhibit 10.25

FOURTH AMENDMENT TO AGREEMENT OF LEASE

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