SECOND AMENDMENT TO LEASE AGREEMENT (Suite 270)
SECOND AMENDMENT TO LEASE AGREEMENT
(Suite 270)
This Second Amendment to Lease Agreement (this “Amendment”) is made and entered into as of March 16, 2024, by and between XXXXX XXXXXX XXXXXXX, LTD. (“SMB”), by and through its authorized agent, XXXXX REAL ESTATE COMPANY, INC. (“Agent, and together with SMB, the “Landlord”), and IN8BIO, INC. (“Tenant”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Lease (defined below).
Background
A. Landlord and Tenant entered into that certain Lease Agreement dated as of November 17, 2020 (the “Original Lease”), as amended by that certain Amendment to the Lease Agreement dated February 4, 2022 (the “First Amendment”, and together with the Original Lease, the “Lease”) whereby Landlord leased to Tenant that certain Premises located in the Xxxxxx Biscuit Building located at 0000 0xx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, which Premises are more particularly described in the Lease.
B. Landlord and Tenant are agreeing to amend the Lease in accordance with this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Lease as follows:
Amendment
a. New Term. As of March 15, 2024 (the “New Term Commencement Date”), the Term of the Lease shall be amended to commence upon the New Term Commencement Date and end on March 31, 2029 (such revised term shall herein be referred to as the “New Term”), upon the same terms, covenants as set forth in the Lease, except as expressly set forth in this Amendment. Landlord and Xxxxxx acknowledge and agree that all of the terms, conditions, obligations, and rights of each party as set forth in the Lease shall continue in full force and effect from the Effective Date through the New Term Commencement Date.
b. Extension Term. Provided Tenant has not assigned or subleased all or any portion of the Premises (except for a Permitted Transfer), and no Event of Default then exists, Tenant shall have the right, at its option, to extend the New Term for one (1) additional five (5) year period (the “New Extension Period”) upon the same terms, covenants as set forth in the Lease, except as expressly set forth in this Amendment. For purposes hereof and for any future amendments to the Lease, the New Term and the New Extension Period, if exercised, shall collectively be referred to as the “Term.” In order to
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exercise its extension option, Tenant shall be required to give written notice to Landlord of its intention to extend at least one hundred twenty (120) days prior to the expiration of the New Term. Tenant’s failure to deliver timely written notice as required above shall cause the extension option to lapse and be of no further force and effect. The parties acknowledge and agree that this option to extend shall supersede the option to renew the Lease term provided in Section 2(a) of the Lease.
Suite 270 – 6,103 Square Feet |
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New Term |
Base Rental Per SF |
Annual Rental |
Monthly Rental |
March 15, 2024 – October 31, 2024 |
$19.67 |
$120,046.01 |
$10,003.83 |
November 1, 2024 – October 31, 2025 |
$20.26 |
$123,646.78 |
$10,303.90 |
November 1, 2025 – October 31, 2026 |
$20.87 |
$127,369.61 |
$10,614.13 |
November 1, 2026 – October 31, 2027 |
$21.49 |
$131,153.47 |
$10,929.46 |
November 1, 2027 – October 31, 2028 |
$22.14 |
$135,120.42 |
$11,260.04 |
November 1, 2028 – March 31, 2029 |
$22.80 |
$139,148.40 |
$11,595.70 |
Notwithstanding the foregoing, Tenant shall owe no Rent to Landlord for the month of February, 2026.
If Tenant exercises its option to extend the New Term into the New Extension Period, Base Rent shall be paid in accordance with the provisions of the Lease and pursuant to the schedule below:
New Extension Period |
Base Rental Per SF |
Annual Rental |
Monthly Rental |
April 1, 2029 – October 31, 2029 |
$22.80 |
$139,148.40 |
$11,595.70 |
November 1, 2029 – October 31, 2030 |
$23.49 |
$143,359.47 |
$11,946.62 |
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November 1, 2030 – October 31, 2031 |
$24.19 |
$147,631.57 |
$12,302.63 |
November 1, 2031 – October 31, 2032 |
$24.92 |
$152,086.76 |
$12,673.90 |
November 1, 2032 – October 31, 2033 |
$25.66 |
$156,602.98 |
$13,050.25 |
November 1, 2033 – March 31, 2034 |
$26.43 |
$161,302.29 |
$13,441.86 |
Empire State Building
000 Xxxxx Xxxxxx, Xxxxx 0000
New York, New York 10118
Attention: Xx. Xxxxxxx Xx and Xx. Xxxx Xxxxxxx
Telephone Number: (000) 000-0000
Email: XxxxxXxxxxxxxxxxxx@xx0xxx.xxx
With a copy to:
Seyfarth Xxxx LLP
000 Xxxxxx Xxxxxx
New York, New York 10018-1405
Attn: Xxxxxxx X. Xxxxxx, Esq.
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* * * Signatures on following page * * *
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Executed to be effective as of the Effective Date.
LANDLORD:
XXXXX XXXXXX BISCUIT, LTD.
By: Xxxxx Real Estate Company, Inc., its Agent
By: /s/ R. Xxxxx Xxxxxxx
Name: R. Xxxxx Xxxxxxx
Title: ______President_____________________________
TENANT:
By: /s/ Xxxxxxx Xx
Name: Xxxxxxx Xx
Title: _Chief Executive Officer
By: /s/ Xxxx Xxxxxxx
Name: Xxxx Xxxxxxx
Title: Chief Operating Officer
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