Office Space License Agreement between DC Associates and NeoStem, Inc. dated October 27, 2006
DC Associates and NeoStem, Inc. have agreed that NeoStem will license executive office space and related services from DC Associates at 420 Lexington Avenue, New York. The agreement starts November 1, 2006, is month-to-month, and can be ended by either party with 30 days' written notice. NeoStem will pay $9,500 per month for the use of furnished offices, desks, conference rooms, and various office services, plus $500 monthly for office supplies. Payment is due on the first business day of each month.
Exhibit 10.3
This letter agreement shall describe the basic terms of our mutual understanding pursuant to which DC Associates (“DC”) will license to NeoStem, and its successors (“NeoStem”) executive office space and related services pursuant to its rights to do so under its lease with the landlord for the subject premises.
| Commencement Date: |
| November 1, 2006 |
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| Term: |
| Month to month |
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| Terminable: |
| By either party on 30 days prior written notice |
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| Location: |
| 420 Lexington Avenue |
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| Executive Offices: |
| Four furnished inner offices and three desks in common space and use of conference room and other common space as per provided floorplan plus separate work space mutually agreeable to both parties as well as the name on the door and the hall. |
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| Monthly Fee: |
| $9,500 which includes the cost of telephone, internet, photocopier, scanner, fax, coffee and soft drinks, mail usage, hosting of e-mail, shared receptionist and use of conference room(s). NeoStem will pay for office supplies in the amount of $500 monthly. |
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| Monthly Cash Payment Due: |
| First business day of each month during the term. |
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| Agreed and Accepted: |
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| DC Associates |
| NeoStem, Inc. |
