Exhibit 10.25
First Amendment to Lease Agreement
Zomedica Pharmaceuticals, Inc.
100 Phoenix Drive, Suite 190
This First Amendment to the Lease Agreement (the "Lease") dated August 23, 2016, for premises located at I00 Phoenix Drive, Ann Arbor, Michigan 48108, by and between Wickfield Phoenix, LLC, a Michigan limited liability company ("Landlord"), and Zomedica Pharmaceuticals, Inc., a Delaware corporation ("Tenant", "Zomedica").
NOTWITHSTANDINGanything to the contrary contained in the Lease to which this Amendment to Lease is attached and made a part thereof, the Landlord and Tenant agree as follows:
1. | Definitions: |
(a) | The term "Lease" shall mean that certain office lease dated August 23, 2016, for the space known as Suite 190 (the"Premises") located at 100 Phoenix Drive,Ann Arbor, Michigan (the "Building"). |
(b) | The term "Additional Premises" shall mean the 18,640 additional rentable square feet (RSF) inclusive of common area load as set forth below and as more fully described on the floor plan attached hereto asExhibit A: |
a. | Suite 125, East Tower; 5,844 rentable square feet |
b. | Suite 180, West Tower; 10,382 rentable square feet; |
c. | Suite 195, West Tower; 2,414 rentable square feet; |
(c) | The term "Additional Premises Proportionate Share" shall mean five and 69/100 percent (5.69%). |
(d) | The term "Additional Premises Commencement Date" shall mean August I, 2018. |
2. | Premises:As of the Additional Premises Commencement Date, Landlord shall lease to Tenant the Additional Premises under the terms and conditions contained in the Lease, as herein amended. Thereafter, except as stated herein, all terms and conditions in the Lease pertaining to the Premises shall apply with equal force and effect to the Additional Premises. |
3. | Additional Premises Base Rent:Tenant shall pay "Additional Base Rent" in accordance with the payment terms of the Lease, beginning on the Additional Premises Commencement Date and for a period of forty-three (43) months each date thereafter on which Base Rent is due under the Lease. Tenant shall pay Additional Base Rent to Landlord in monthly installments as follows |
1 | ||
Zomedica Lease Amendment_Additional Premises |
TERM | $/SQ.FT 18,640 | Monthly | Annually |
(1) Months 1-7 | $22.50 | $34,950.00 | $244,650.00 |
(1) Months 8-19 | $23.18 | $36,006.27 | $432,075.20 |
(2) Months 20-31 | $23.87 | $37,078.07 | $444,936.80 |
(3) Months 32-43 | $24.59 | $38,196.47 | $458,357.60 |
TOTAL BASE RENT | $1,580,019.60 |
4. | AdditionalPremises Improvements:Landlord deliveredthe AdditionallPremises to Tenant in"ASIS","broomclean" condition onorbefore May 1, 2018. Tenantshallat itssolecost and expense make certainleasehold improvements to the Premises pursuantto thespaceplan and design agreed to and approved byboth TenantandLandlord and attached hereto asExhibitA (the"SpacePlan"). Notwithstandingtheforegoing, to theextent Landlord agrees to pay foranyportion of the Additional Premises improvements,such paymentshallbe amortized at 7% interestintothe AdditionalPremises Rent.AllChangeordersshall requirewrittenapprovalby bothLandlord and Tenant. |
5. | Additional Parking:Tenant shall beentitledto the non-exclusiveuseof the exterioron-gradeparkingareas (thatarenototherwise reserved)located onthe Development("Parking Area"). |
6. | General:Capitalized terns nototherwisedefined in this Amendment shall have the meanings setfo1th in the Lease.Exceptfor the terms explicitly amended or modified by this Amendment, alloftheotherte1ms and conditions of the Leaseshallremain in fullforce and effect. Tenant hereby acknowledgesthatasof the datehereof, Tenant has no claimsarisingunder the Lease against Landlord,its agents or beneficiaries, and that Tenant knows of ne default or failureonthe part of Landlord to perform any covenant,conditionorundertaking to be kept or performed by Landlord under the Lease. Tenanthereby releases Landlordfromanyliability under the Lease p1ior to the datehereof. |
This Amendment to Lease Agreementisexecutedby andeffective on this 31st_dayofJuly, 2018.
LANDLORD: | |||
WICKFIELD PHOENIX LLC, a Michigan limited liability company | |||
By: | /s/Bradley J. Hayosh | ||
Bradley J. Hayosh | |||
Its: | Authorized Agent |
2 | ||
Zomedica Lease Amendment_Additional Premises |
TENANT: | |||
ZOMEDICA PHARMACEUTICALS, INC, a Delaware corporation | |||
By: | /s/ Gerald Solensky Jr. | ||
Its: | Chairman – CEO |
3 | ||
Zomedica Lease Amendment_Additional Premises |
EXHIBIT A
SPACE PLAN
4 | ||
Zomedica Lease Amendment_Additional Premises |