EXHIBIT 10.2
SECOND AMENDMENT TO LEASE
THIS
SECOND AMENDMENT TO LEASE (the "Second Amendment") is made this 19th
day of March, 2008 (the "Effective Date"), between DAVID D. BOHANNON
ORGANIZATION, a
California corporation, herein referred to as "Landlord",
and
GERON CORPORATION, a Delaware corporation, herein referred to as
"Tenant".
WITNESSETH:
WHEREAS, Landlord and Tenant entered into a
Lease entitled "Business Park
Lease dated
March 25, 1996, for certain demised premises located at 230
Constitution Drive, Menlo Park, California, as more particularly described in
said Lease, and
WHEREAS,
Landlord and Tenant entered into an Amendment to Lease dated
March 23, 2004 (the "First Amendment"), wherein the demised term was extended
and Tenant was given an option to extend the demised term of the Lease, all as
more particularly described therein (the Lease, as previously
amended, is herein
referred to as the "Lease"), and
WHEREAS,
the Lease is scheduled
to expire on July 31, 2008, and Landlord
and Tenant desire to make certain amendments to the Lease and
extend the demised
term of the Lease, all as more particularly set out
hereinbelow.
NOW,
THEREFORE, in consideration of the covenants and conditions
contained
herein, Landlord and Tenant agree to amend the Lease as
follows:
1.
The demised term of the Lease is hereby extended four (4) years
commencing August 1, 2008, and the demised term shall expire on
July 31, 2012 at
11:59 p.m.
2.
Effective as of the Effective Date, Sections 1.2. and 2.7. of the
Lease
(Tenant's option to
extend the demised term of the Lease), which were inserted
into the Lease in
paragraphs 2 and 4,
respectively,
of the First
Amendment,
shall be deemed void
and of no further
force or effect, as
the parties
have
agreed to extend the demised term of the Lease pursuant to the provisions of
this Second Amendment.
3. Base
rent payable
pursuant to Section 2.1. of the Lease shall be
payable during the extended term as follows: for the period from
August 1, 2008,
to and including July
31, 2012, base rent
shall be the amount of Three Hundred
Eighty Thousand Five Hundred Thirty Seven and 04/100 Dollars
($380,537.04)
per
annum, payable in
twelve (12) equal monthly installments of Thirty One Thousand
Seven Hundred Eleven and 42/100 Dollars ($31,711.42).
4. In
addition to the base rent set forth in Section 2.1. of the Lease,
as
revised hereinabove, Tenant shall continue to pay all items of
additional
rent
pursuant to the terms of the Lease.
5. Tenant
hereby receives a new
option to further extend the demised term
of the Lease;
therefore, the
following new Section 1.2. is inserted into
the
Lease as of the Effective Date:
"Section 1.2.
Provided that Tenant is not, at the time Landlord
receives
Tenant's written notice to exercise the following option, and
has
not been,
in default under any
of the terms and
conditions of the Lease,
which
default has not been
cured within the
applicable cure
periods set
forth in
Article 13 of the Lease, Tenant shall have the option to
extend
the
demised term of the
Lease for one (1)
additional period of
four (4)
years upon
the following terms and conditions:
-1-
<PAGE>
A. Tenant shall
exercise the option by
written notice to
Landlord
given no
later than one hundred
eighty (180) days,
nor earlier than
two
hundred
seventy (270) days, prior to the expiration of the demised
term;
B. The option term will commence on August 1, 2012, and shall
extend
for a
period of four (4) years, up to and including July 31, 2016;
C. There shall be no
further options to
extend, there shall be
no
Landlord
inducement,
and Landlord shall not be required to perform
any
improvements in the
demised premises or
the building prior to
or during
the option
term;
D. The option to extend may only be exercised by Geron Corporation,
provided
that Geron Corporation
may exercise the
option on behalf of its
sublessee,
if Geron Corporation has subleased any or all of the
demised
premises
and Landlord has consented to such sublease. The option cannot
be
transferred nor
can it be exercised by Geron Corporation if Geron
Corporation has assigned its rights under this Lease to a third
party.
E. The then current
payments for additional rent shall continue to
be
adjusted during the
option term
pursuant to the provisions of the
Lease;
F. The base rent for each year of the option term shall
(subject to
the
provisions
hereof) equal the Fair
Market Rental Value
(hereinafter
defined).
"Fair Market Rental Value" shall mea