SEC Contract Filing

Filing Date: 2019-03-22

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d708427dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EIGHTH AMENDMENT TO OFFICE LEASE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Eighth Amendment to Office Lease is made and entered into on this
19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of March 2019 by and between SELIG REAL ESTATE HOLDINGS EIGHT L.L.C., a Washington Limited Liability Company, whose address is 1000 Second Avenue, Suite 1800, Seattle, Washington
(hereinafter, the &#147;Lessor&#148;) and APTEVO THERAPEUTICS, INC. successor in interest to Emergent Product Development Seattle, LLC whose address is 2401 Fourth Avenue, Suite 1050, Seattle, Washington (hereinafter, the &#147;Lessee&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A.&nbsp;&nbsp;&nbsp;&nbsp;<U>Recitals</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;Lessor is the owner of the Fourth and Battery Building, located at 2401 Fourth Avenue, Seattle, Washington, 98121
(hereinafter, referred to as the &#147;Building&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;Lessor and Lessee entered into a lease on the 28<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of April, 2003 which was subsequently amended on December&nbsp;8, 2004 (First Amendment), February&nbsp;1, 2006 (Second Amendment), February&nbsp;2, 2007 (Third Amendment), June&nbsp;7, 2012
(Fourth Amendment), December&nbsp;21, 2010 (Fifth Amendment), July&nbsp;17, 2012 (Sixth Amendment) and December&nbsp;5, 2014 (Seventh Amendment). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;Lessee and Lessor wished to extend the term of the Lease and modify certain terms and conditions as set forth herein.
Lessor and Lessee hereby agree to amend the Lease on the terms and conditions set forth below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SQUARE FOOTAGE </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Approximately 47,692 rentable square feet on the 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> and 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> floors (the &#147;Premises&#148;). Measured and computed in accordance with the American National Standard Method of Measuring Area in
Office Buildings of the Buildings Owner Association International&#146;s Standard of Method of Measuring Floor Area in Office Buildings, (ANSI/BOMA <FONT STYLE="white-space:nowrap">Z65.1-1996).</FONT> During the Extended Lease Term, the Premises
shall not be <FONT STYLE="white-space:nowrap">re-measured</FONT> other than in the case of a physical change in the Premises. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>LEASE TERM </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">It is agreed the lease term is being extended by ten (10)&nbsp;years (&#147;Extended Term&#148;). The new term shall commence on May&nbsp;1,
2020 and expire on April&nbsp;30, 2030. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>BASE RENTAL RATE </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On a triple net basis, the base rental rate during the Extended Term shall be $26.25 per square foot per year and shall increase annually
thereafter by the increase in Seattle&#146;s Consumer Price Index. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>OPERATING EXPENSES&nbsp;&amp; TAXES </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon commencement of the Extended Term, Lessee shall pay its <FONT STYLE="white-space:nowrap">pro-rata</FONT> share, not to exceed $10.00 per
rentable square foot in the first year of the lease extension, of Building operating expenses. Exhibit &#147;A&#148; details those costs included in operating expenses. Gas, water and electricity (&#147;utilities&#148;) are included in quoted
operating expenses. Lessee acknowledges that it has systems and equipment that are separately metered, and will continue to pay those directly with no <FONT STYLE="white-space:nowrap">mark-up</FONT> from Lessor. Utility surcharges will be passed
through to Lessee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Uncontrollable&#148; operating expenses shall mean: (a)&nbsp;Real Estate tax; (b)&nbsp;insurance premiums;
(c)&nbsp;cost of water, sewer, electrical and other utility charges for the Building. Operating expenses not included in the preceding sentence constitute &#147;Controllabl