FIRST AMENDMENT
THIS FIRST AMENDMENT (this “Amendment”) is made and entered into as of
April 24 , 2023, by and between HUDSON TOWERS AT SHORE CENTER, LLC, a Delaware limited liability company (“Landlord”), and SOLENO THERAPEUTICS, INC., a Delaware corporation (“Tenant”).
RECITALS
NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:
Period of Extended Term | Annual Rate Per Square Foot (rounded to the nearest 100th of a dollar) | Monthly BaseRent |
6/1/23 – 9/3023 | $75.00 | $39,800.00 |
10/1/23 - 2/29/24 | $48.00 | $25,472.00 |
3/1/24 – 9/30/24 | $36.00 | $19,104.00 |
10/1/24 – 3/31/25 | $60.00 | $31,840.00 |
4/1/25 – 5/31/25 | $75.00 | $39,800.00 |
All such Base Rent shall be payable by Tenant in accordance with the terms of the Lease, as amended.
Notwithstanding the foregoing, Base Rent shall be abated, in the amount of $39,800.00 per month, for the full calendarmonths of August 2023 and September 2023; provided, however, that if a Default exists when any such abatement would otherwise apply, such abatement shall be deferred until the date, if any, on which such Default is cured.
6. Right of First Offer.
If, by operation of the preceding sentence, Landlord is not required to provide Tenant with an Advice, or Tenant, after receiving an Advice, is not entitled to lease the Offering Space based on such Advice, then Landlord may lease the Offering Space to any party on any terms determined by Landlord in its sole and absolute discretion.
the provisions of the Advice shall prevail to the extent they conflictwith the provisions of the Lease.
7.3. In the case of any inconsistency betweenthe provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control.
[SIGNATURES ARE ON FOLLOWING PAGE]
IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Amendment as of the day and year first above written.
LANDLORD:
HUDSON TOWERS AT SHORE CENTER,LLC,
a Delaware limited liability company
By: Hudson Pacific Properties, L.P., a Maryland limited partnership, its sole member
By: Hudson Pacific Properties, Inc., a Maryland corporation,
its general partner
By: /s/ Kenneth Young
Name: _Kenneth Young
Title: _Senior Vice President, Leasing
TENANT:
SOLENO THERAPEUTICS, INC., a Delaware corporation
By: /s/ Jim Mackaness
Name: Jim Mackaness
Title: CFO
EXHIBIT A EXTENSION WORK LETTER
As used in this Exhibit A (this “Extension Work Letter”), the following terms shall have the following meanings:
(i) all other costs expended by Landlord in connection with the performance of the Tenant Improvement Work.
(b) the amount of any remainingportion of the Allowance (not including the Final Retention). Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance of the workor materials described in Tenant’s paymentrequest. As used in this Section 1.2.2.1, “Landlord’s Share” means the
lesser of (i) 100%, or (ii) the percentage obtained by dividing the Allowance by the estimated sum of all Allowance Items, as determined based on the Tenant Improvement Contracts.
(i) copies of all Tenant Improvement Contracts; (ii) copiesof invoices for alllabor and materials provided to the Premises; (iii) executedunconditional mechanic’s lien releases satisfying California Civil Code
§ 8134 for all prior payments made pursuant to Section 1.2.2.1 above (to the extent not previously provided to Landlord), together with executed unconditional final mechanic’s lien releases satisfying California Civil Code § 8138 for all labor and materials provided to the Premises subject to the Final Retention; (iv) a certificate from Tenant’s architect, in a form reasonably acceptable to Landlord, certifying that the Tenant Improvement Work has been substantially completed; (v) evidence that all governmental approvals requiredfor Tenant to legally occupythe Premises have been obtained; and
(vi) any other information reasonably requested by Landlord; (c) Tenant’s delivery to Landlord of “as built” drawings (in CAD format, if requested by Landlord); or (d) Tenant’s compliance with Landlord’s reasonable standard “close-out” requirements regarding city approvals, closeout tasks, Tenant’s contractor, financial close-out matters, and Tenant’s vendors. Landlord’s payment of the Final Retention shall not be deemed Landlord’s approval or acceptance of the work or materials described in Tenant’s payment requests.
(3) business days, respectively, followingthe initial review.
(b) Tenant shall be responsible for any resulting delay in the completion of the Tenant Improvement Work.
EXHIBIT B POTENTIAL OFFERINGSPACE