Eighth Amendment to Office Lease Agreement by and between Exponent Realty, LLC and Corcept Therapeutics Incorporated, made and entered into as of April 1, 2023

Contract Categories: Real Estate - Lease Agreements
EX-10.1 2 cort33123ex101eighthamendm.htm EX-10.1 Document

Exhibit 10.1
EIGHTH AMENDMENT TO LEASE
THIS EIGHTH AMENDMENT TO LEASE (the “Eighth Amendment”) is made and entered into as of April 1, 2023 by and between Exponent Realty, LLC, a Delaware limited liability company (“Landlord”), and Corcept Therapeutics Incorporated, a Delaware corporation (“Tenant”).
RECITALS
A.    Landlord and Tenant are parties to that certain lease dated April 1, 2016 (the “Lease”), the first amendment (the “First Amendment”) dated June 1, 2017, the second amendment (the “Second Amendment”) dated March 12, 2018, the third amendment (the “Third Amendment”) dated November 8, 2018, the Fourth Amendment dated October 23, 2019 (the “Fourth Amendment”) the Fifth Amendment dated June 17, 2020 (the “Fifth Amendment”), the Sixth Amendment dated July 22, 2020 (the “Sixth Amendment”), and the Seventh Amendment (the “Seventh Amendment”) dated March 18, 2022. Pursuant to the Lease, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, and the Seventh Amendment, Landlord has leased to Tenant space currently containing approximately 47,022 rentable square feet (the “Premises”) on the first and second floor of the building, located at 149 Commonwealth Dr., Menlo Park, CA 94025 (the "Building”).
B.    Tenant and Landlord now desire to amend the Lease on the following terms and conditions:
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:
1.    Tenant Improvements. Landlord shall not provide any allowance for Tenant Improvements in the Premises.
2.    Lease Term. The Term of the Lease shall be extended through June 30, 2024.
3.    Revision of Premises. The Premises shall be revised as follows:
a.Effective June 30, 2023, Suite 1014 (2,617 rentable square feet), shown on Exhibit A, shall no longer be part of the Premises and all rights to that portion of the Premises shall revert to Landlord.
b.Effective immediately, Suite 2060 (6,372 rentable square feet), shown on Exhibit A, shall be added to the Premises, provided, however, that no base rent shall be due with respect to that portion of the Premises until July 1, 2023.
4.    Base Rent. The Base Rent for the Premises shall be as shown in the schedule below. Tenant shall continue to pay its proportionate share of the Operating Expenses and Real Estate Taxes on the Premises. As of July 1, 2023, the schedule of Base Rent payable with respect to the Premises is the following:
DATEPERIODRENTABLE
SQ. FT.
BASE RENT PER RSF* PER YEARMONTHLY
AMOUNT
PERIODIC
AMOUNT
07/01/2023 to 06/30/202412 months50,777$48.60$205,646.85$2,467,762.20
*RSF is defined as Rentable Square Foot/Feet
5.    Option to Extend Lease. Tenant shall have one option to extend the Term of the Lease by 12 months. In order to extend the Term, Tenant must notify Landlord in writing, by September 30, 2023 of Tenant’s exercise of this option. In the event that Tenant exercises this option, Tenant shall continue to pay its proportionate share of the Operating Expenses and Real Estate Taxes on the Premises through the extended Term and the schedule of Base Rent payable with respect to the Premises shall be the following:
DATEPERIODRENTABLE
SQ. FT.
BASE RENT PER RSF* PER YEARMONTHLY
AMOUNT
PERIODIC
AMOUNT
07/01/2024 to 06/30/202512 months50,777$48.60$205,646.85$2,467,762.20



6.    Miscellaneous.
6.1 This Eighth Amendment, which is hereby incorporated into and made a part of the Lease, sets forth the entire agreement between the parties with respect to the matters herein. There have been no additional oral or written representations or agreements. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Lease, unless specifically set forth in this Eighth Amendment. Tenant agrees that neither Tenant nor its agents or any other parties acting on behalf of Tenant shall disclose any matters set forth in this Eighth Amendment or disseminate or distribute any information concerning the terms, details or conditions hereof to any person, firm, entity, broker or other tenants in the Building without obtaining the express written consent of Landlord.
6.2 Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.
6.3 In the case of any inconsistency between the provisions of the Lease and the Eighth Amendment, the provisions of this Eighth Amendment shall govern and control.
6.4 Submission of this Eighth Amendment by Landlord is not an offer to enter into this Eighth Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Eighth Amendment until Tenant and Landlord have executed and Landlord delivered the same to Tenant.
6.5 Tenant hereby represents to Landlord that Tenant has dealt with no real estate brokers or agents in connection with this Eighth Amendment. Tenant agrees to indemnify and hold Landlord, its members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such real estate brokers or agents (collectively, the “Landlord Related Parties”) harmless from all claims of any real estate brokers or agents claiming to have represented Tenant in connection with this Eighth Amendment. Landlord hereby represents to Tenant that Landlord has dealt with no real estate brokers or agents in connection with this Eighth Amendment. Landlord agrees to indemnify and hold Tenant, its members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such real estate brokers or agents (collectively, the “Tenant Related Parties”) harmless from all claims of any real estate brokers or agents claiming to have represented Landlord in connection with this Eighth Amendment.
6.6 Each signatory of this Eighth Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.
SIGNATURES APPEAR ON NEXT PAGE



IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Eighth Amendment as of the day and year first above written.
LANDLORD:
EXPONENT REALTY, L.L.C.,
a Delaware limited liability company
Date: April 1, 2023By: /s/ Richard L. Schlenker
Name: Richard L. Schlenker
Title: Executive Vice President & CFO
TENANT:
Corcept Therapeutics Incorporated,
a Delaware corporation
Date: April 1, 2023By: /s/ J.D. Lyon
Name: J.D. Lyon
Title: Chief Accounting Officer



EXHIBIT A