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Exhibit 10.26
FIRST MODIFICATION TO LEASE AGREEMENT
THIS FIRST MODIFICATION TO LEASE AGREEMENT is
made this 16th day of March, 2007 by and between DONATO HI-TECH
HOLDINGS IV, INC., having an address in care of The Donato Group,
80 Corbett Way, Eatontown, NJ 07724 (hereinafter "Landlord") and
QMED, INC., having an address of 23 Christopher Way, Eatontown, NJ
07724 (hereinafter "Tenant").
W I T N E S S E T H
WHEREAS, Landlord and Tenant entered into a
Lease dated June 19, 2002 (the "Lease") for 19,866 rentable square
feet located on the third floor of the building located at 23
Christopher Way, Eatontown, New Jersey; and
WHEREAS, the aforesaid Lease provided for a term
of five (5) years, which term is to expire on November 30, 2007;
and
WHEREAS, the parties now wish to extend the
current term of the Lease for an additional five (5) years and
modify the Lease in certain other respects; and
WHEREAS, the parties recognize the need to enter
into this written agreement memorializing the foregoing.
NOW, THEREFORE, in consideration of the sum of
One ($1.00) Dollar and other good and valuable consideration, the
sum and sufficiency of which is hereby acknowledged, the parties
hereby agree as follows:
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1.
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Term . The Lease is
extended for an additional five (5) years commencing on December 1,
2007 and ending on November 30, 2012.
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2.
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Fixed Rent . Fixed Rent
for the renewal term shall be as follows:
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Lease Year
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Monthly Rent
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Annual Rent
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12/01/07-11/30/08
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$34,765.50
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$417,186.00
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12/01/08-11/30/09
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$35,179.38
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$422,152.50
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12/01/09-11/30/10
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$35,593.25
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$427,119.00
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12/01/10-11/30/11
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$36,007.13
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$432,085.50
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12/01/11-11/30/12
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$36,421.00
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$437,052.00
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In addition to the Fixed Rent set forth above,
as per the Lease, Tenant shall also pay such items of additional
rent, including but not limited to the Fixed Rent Adjustment set
forth in the Lease. Also, Tenant shall continue to pay the actual
cost of Tenant’s electric usage directly to the applicable
utility authority.
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3.
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Tenant’s Termination
Option . Tenant shall have the one time right to
terminate this Lease by paying a termination fee to Landlord in the
amount of two (2) month’s Fixed Rent (at the time of the
termination) (i.e. $72,014) (the "Termination Fee"). To exercise
this termination right, Tenant shall send to Landlord written
notice of same (the "Termination Notice"), which Termination Notice
shall include payment of the Termination Fee. The Termination
Notice must be served, if at all, no later than May 31, 2010. In
the event Tenant serves
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the Termination Notice prior to
such date, and simultaneously pays the Termination Fee as required
herein, the Lease shall terminate on November 30, 2010. During the
period from the Termination Notice through November 30, 2010,
Tenant shall continue to pay to Landlord rent and other charges as
required by the Lease. A failure by Tenant to send the Termination
Notice and/or Termination Fee as required herein before May 31,
2010, shall be deemed conclusive evidence of Tenant’s
intention to waive this termination right and continue with this
Lease for the entire term as stated herein.
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4.
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Right of First Refusal
. In the event the space on the third floor consisting of 2,592
square feet which Tenant c
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