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We entered into the initial lease with MetLife for our facilities in Redwood City in 2003 and the RWC lease has been amended multiple times since then to adjust the leased space and terms of the RWC Lease.
−Removed: In February 2019, we entered into an Eighth Amendment to the RWC Lease (the “Eighth Amendment”) with MetLife with respect to the Penobscot Space and the 501 Chesapeake Space to extend the term of the RWC Lease for additional periods.
−Removed: Pursuant to the Eighth Amendment, the term of the lease of the Penobscot Space has been extended through May 2027.
−Removed: The lease term for the 501 Chesapeake Space has been extended to May 2029.
+Added: In December 2024, we entered into a Ninth Amendment to the RWC Lease (the “Ninth Amendment”) with MetLife with respect to the Penobscot Space and the Chesapeake Space to extend the term of the RWC Lease for additional periods.
+Added: Pursuant to the Ninth Amendment, the term of the lease for both the Penobscot Space and the Chesapeake Space has been extended through August 2032.
We have one (1) option to extend the term of the lease for the Penobscot Space for five (5) years, and one (1) separate option to extend the term of the lease for the Chesapeake Space for five (5) years.
−Removed: In January 2021, we entered into a lease agreement with ARE-San Francisco No.
−Removed: 63, LLC ( “ ARE ” ) to lease a portion of a facility comprising approximately 36,593 rentable square feet at 825 Industrial Road, San Carlos, California to serve as additional office and research and development laboratory space (the “ San Carlos Space ” ).
−Removed: In December 2021, we commenced occupancy of the San Carlos Space.
−Removed: The lease term for the San Carlos Space was through the end of November 2031, with one (1) option to extend the term of the lease for the San Carlos Space for five (5) years.
−Removed: In July 2023, we announced our plan to consolidate operations from our San Carlos facility to our headquarters in Redwood City.
−Removed: On September 1, 2023, the Company entered into an Assignment and Assumption of Lease (the “Assignment Agreement”) with Vaxcyte, Inc.
−Removed: (“Vaxcyte”) to assign to Vaxcyte all of the Company’s right, title and interest in, under and to the San Carlos Space and the Lease Agreement, dated as of January 29, 2021.
−Removed: On September 6, 2023, the Company, Vaxcyte and ARE entered into a Consent to Assignment and First Amendment (the “Consent”) pursuant to which ARE consented to the Assignment Agreement and the assignment by the Company and the assumption by Vaxcyte of the Company’s interest as tenant in the lease and agreed to release the Company from all of its obligations under the lease that accrue from and after the assignment.
−Removed: The effective date of the assignment was October 1, 2023.
We believe that the facility that we currently lease in Redwood City, California is adequate for our needs for the immediate future and that, should it be needed, additional space can be leased to accommodate any future growth.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.