Exhibit 10.1
ADDENDUM IV
TO
STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT LEASE - GROSS
THIS ADDENDUM IV (“ADDENDUM IV”) is made and entered into as of the 11th day of May 2023 by and between WESCOVE VACAVILLE, LLC, a California Limited Liability Company (hereinafter referred to as “Lessor”), and DURECT CORPORATION, a Delaware Corporation (hereinafter referred to as “Lessee”);
RECITALS
WHEREAS, predecessors of Lessor and Lessee entered into a Standard Industrial/Commercial Multi-Tenant Lease – Gross dated as of April 23, 2008, as amended by an Addendum I, an Addendum II and an Addendum III (collectively, the “Lease”), pursuant to which Lessor leased to Lessee approximately 24,634 square feet of office and warehouse space in the Building located at 830 Eubanks Drive in Vacaville, California 95688 (the “Premises”) and further described in the Lease and
WHEREAS, Lessor and Lessee now desire to make certain modifications to the Lease;
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
Months Base Rent
09/01/23 – 10/31/23 $0.00 (abated)
11/01/23 – 10/31/24 $20,149.34
11/01/24 – 10/31/25 $20,753.82
11/01/25 – 10/31/26 $21,376.44
11/01/26 – 10/31/27 $22,017.73
11/01/27 – 10/31/28 $22,678.26
__TP_______ ___BW___
Initial Initial
Lessee, if it chooses, in its sole discretion, to perform the foregoing items, shall hire its own licensed contractor(s)/vendor(s), to be approved by Lessor, and manage the Tenant Improvement process. Contractor(s)/vendor(s) shall submit invoices directly to Lessor who will pay licensed contractor(s)/vendor(s) up to $20,000.00. Lessee will not receive any TI money directly as the intent is for the money to be spent for items mentioned above; to be paid by Lessor directly to the licensed contractor(s)/vendor(s) up to $20,000.00 Any amount over and above the $20,000.00 limit shall be Lessee’s responsibility. Lessee, themselves, shall not warrant the repairs of items (a) and (b) above, but shall attempt to secure a warranty from the contractor/vendor who does the repair work. If items (a) and (b) above is a structural or a capital expenditure issue, then it shall become Lessor’s responsibility to repair.
__TP_______ ___BW___
Initial Initial
IN WITNESS WHEREOF, the parties have caused this Addendum IV to be duly executed by each of their respective authorized representatives effective as of the date first above written.
“LESSOR”
WESCOVE VACAVILLE, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY
By: _/s/ Bradley Wong_________
Printed Name: Bradley Wong
Its: Manager
“LESSEE”
DURECT CORPORATION, A DELAWARE CORPORATION
By: _/s/ Timothy Papp_________
Printed Name: Timothy Papp
Its: Chief Financial Officer
__TP_______ ___BW___
Initial Initial