EXHIBIT 10.25
LEASE TERMINATION AGREEMENT
This LEASE TERMINATION AGREEMENT (this "Agreement") is dated effective
October 31, 2002, by and between BRUCE H. CARTER, AN INDIVIDUAL AND KEITH M.
CARTER, AN INDIVIDUAL, succesors in interest to the Clint S. Carter and Esther
Carter Family Trust ("Landlord") and INTRABIOTICS PHARMACEUTICALS, INC., a
Delaware corporation ("Tenant").
RECITALS
A. Landlord and Tenant entered into that certain Lease Standard
Industrial/Commercial Single Tenant Lease dated July 31, 1998 (the "Lease") for
premises located at 1255 Terra Bella Avenue, Mountain View (the "Premises"),
comprised of approximately 18,000 rentable square feet; and
B. Landlord and Tenant now desire to amend and terminate the
Lease according to the terms and conditions set forth herein. Capitalized terms
used in this Agreement and not otherwise defined shall have the meanings
assigned to them in the Lease.
AGREEMENT
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree
as follows:
1. EXPIRATION AND TERMINATION OF LEASE. Notwithstanding anything
in the Lease to the contrary, and conditioned on satisfaction or waiver of each
of the conditions precedent set forth in Paragraph 2 below, the Lease is hereby
amended to change the expiration date of the Lease to October 31, 2002, which
shall now be referred to as the "Termination Date." As of 5:00 p.m. PST on the
Termination Date, Landlord and Tenant shall be released from each and all of
their respective obligations (past, present and future) under the Lease, such
that the Lease shall have no further binding effect or force.
2. CONDITIONS PRECEDENT. Each of the following shall have
occurred, as a condition precedent to the effectiveness of this Agreement:
2.1 SUBLEASE AGREEMENT. Tenant shall have entered into an
agreement with ReShape, Inc. terminating the Sublease dated August 22, 2001
between ReShape and Tenant relating to the Premises and providing for a sublease
of to Tenant of a portion of the Premises, on terms agreeable to ReShape and
Tenant (the "Sublease Agreement"). The date of execution of the Sublease
Agreement shall be referred to as the "Closing Date."
2.2 CONSIDERATION. On the Closing Date, Tenant shall
surrender to Landlord the Security Deposit provided for in the Lease, consisting
of cash in the amount of $41,040 and a letter of credit in the amount of
$175,500. From and after Closing Date, Landlord shall be entitled to negotiate
the letter of credit and shall retain all rights to the proceeds thereof.
1.
2.3 FURNITURE. On the Closing Date, Tenant shall sell and
deliver to Landlord all rights in and to the personal property of Tenant
currently located in the Premises (the "Furniture") and Tenant shall deliver to
Landlord a Bill of Sale substantially in the form of Exhibit "A" hereto
transferring title to the Furniture to Landlord.
2.4 SURRENDER OF PREMISES. Notwithstanding anything to
the contrary contained in the Lease, on the Closing Date, Tenant shall surrender
the Premises in its current condition on the Termination Date.
3. FULL RELEASE. Conditioned on satisfaction or waiver of each of
the conditions precedent set forth in Paragraph 2, each of the parties signing
below on behalf of itself and its employees, officers, directors, agents,
predecessors, successors, parents, subsidiaries, affiliates, and all others
hereby fully releases and discharges the other party and the other party's
employees, officers, directors, agents, predecessors, successors, parents,
subsidiaries, affiliates, and all others from any and all claims and demands of
every kind and nature, known and unknown, suspected and unsuspected, disclosed
and undisclosed, for any damages or other remedy whatsoever, arising out of or
in any way related to the Lease. Each party acknowledges and agrees that the
release it gives to the other party upon executing this Agreement applies to all
claims for injuries, damages, or losses to his own person and property, real or
personal (whether those injuries, damages, or losses are known or unknown,
foreseen or unforeseen, patent or latent) which it may have against the other
party. Each party waives application of California Civil Code Section 1542.
Each party certifies that it has read the following provisions of
California Civil Code Sections 1542:
"A general release does not extend to claims which the
creditor does not know or suspect to exist in his favor at the
time of executing the release, which if known by him must have
materially affected his settlement with the debtor."
and indicates that fact by signing here:
/s/ E.B. [initials]
-----------------------
/s/ B.H.C. [initials]
-----------------------
/s/ K.M.C. [initials]
-----------------------
4. MISCELLANEOUS.
4.1 VOLUNTARY AGREEMENT. The parties have read this
Agreement and the mutual releases contained in it, and on the advice of counsel
they have freely and voluntarily entered into this Agreement.
4.2 ENTIRE AGREEMENT. This Agreement contains the entire
understanding of the parties with respect to the subject matters covered hereby
and may be modified only by a written instrument signed by the party against
whom enforcement of any modification is sought. Landlord and Tenant intend that,
to the maximum extent possible, invalidity or unenforceability of any provision
of this Agreement will not affect any other provision hereof.
2.
4.3 ATTORNEY'S FEES. If either party commences an action
against the other party arising out of or in connection with this Agreement, the
prevailing party shall be entitled to recover from the losing party reasonable
attorney's fees and costs of suit.
4.4 SUCCESSORS. This Agreement shall be binding on and
inure to the benefit of the parties and their successors.
4.5 COUNTERPARTS. This Agreement may be signed in two or
more counterparts. When at least one such counterpart has been signed by each
party, this Agreement shall be deemed to have been fully executed, each
counterpart shall be deemed to be an original, and all counterparts shall be
deemed to be one and the same agreement.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Agreement as
of the date first written above.
LANDLORD:
/s/ Bruce H. Carter
----------------------------------
Bruce H. Carter
/s/ Keith M. Carter
----------------------------------
Keith M. Carter
TENANT:
IntraBiotics Pharmaceuticals, Inc.
a Delaware corporation
By: /s/ Eric Bjerkholt
--------------------------------
Name: Eric Bjerkholt
Title: SVP & CFO
3.
Exhibit A
BILL OF SALE
For the sum good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, INTRABIOTICS PHARMACEUTICALS, a
Delaware corporation ("Seller"), hereby bargains, sells, assigns, transfers and
delivers to BRUCE H. CARTER AND KEITH M. CARTER ("Purchaser") all of Seller's
right, title and interest in and to the property described on Exhibit 1 attached
hereto (the "Property").
SELLER IS SELLING THE PROPERTY ON AN "AS IS, WHERE IS" BASIS AND SELLER
DISCLAIMS ALL WARRANTIES, REPRESENTATIONS AND GUARANTIES WHETHER EXPRESS OR
IMPLIED. SELLER MAKES NO REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE AND NO IMPLIED WARRANTIES WHATSOEVER.
TO HAVE AND TO HOLD all and singular the Property unto Purchaser, its
successors, heirs, executors, administrators and assigns to their own proper use
and benefit, forever.
IN WITNESS WHEREOF, this Bill of Sale has been executed as of October
31, 2002.
SELLER:
INTRABIOTICS PHARMACEUTICALS, INC.
By: /s/ Eric Bjerkholt
-------------------------------
Title: SVP & CFO
PURCHASER:
/s/ Bruce H. Carter
----------------------------------
Bruce H. Carter
/s/ Keith M. Carter
----------------------------------
Keith M. Carter
4.
EXHIBIT 1
PROPERTY
COUNT DESCRIPTION
- ----- -----------
5.
MISCELLANEOUS FURNITURE
QTY. DESCRIPTION P.O.
- -------------------------------------------------------------------------------------------------
40 plastic chair Jaz Amber yellow 3973
- -------------------------------------------------------------------------------------------------
40 plastic chair Jaz lilac Purple 3973
- -------------------------------------------------------------------------------------------------
20 plastic chair Jaz smoke gray 3973
- -------------------------------------------------------------------------------------------------
4 chair dollies 3973
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
9 rectangular table 60"W x 24"D Haworth 500 dk. gray/gray
- -------------------------------------------------------------------------------------------------
1 table dollies
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
2 ractrack table 120"W x 42"D Haworth 500 dk. gray/gray
- -------------------------------------------------------------------------------------------------
1 ractrack table 120"W x 42"D Haworth 500 dk. green/dk. gray
- -------------------------------------------------------------------------------------------------
24 task chair, adjustable Interval Haworth
- -------------------------------------------------------------------------------------------------
20 task chair, adjustable Interval Haworth
- -------------------------------------------------------------------------------------------------
28 task chair, adjustable Interval maroon, w/o arms Haworth
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
4 lobby lounge chair Royale Maharam Block Party Plantation 4022
- -------------------------------------------------------------------------------------------------
1 ocassional table Round, 20"H 4062
- -------------------------------------------------------------------------------------------------
1 ocassional table oval, 16"H 4062
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
1 sofa 77"W x 31"D grn. Leather Milano 4063
- -------------------------------------------------------------------------------------------------
2 side chair 33"W x 31"D grn. Leather Milano 4063
- -------------------------------------------------------------------------------------------------
2 side chair 33"W x 31"D fabric, Pesto Milano 4063
- -------------------------------------------------------------------------------------------------
1 ocassional table 18"W x 22"H Galerie Haworth 4079
- -------------------------------------------------------------------------------------------------
1 ocassional table 26"W x 16"H Galerie Haworth 4079
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
1 lateral file cabinet 2-dwr., 42"W locking Haworth ?
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
1 lg. conference table 168"W x 48"D semi-circ. Bases
- -------------------------------------------------------------------------------------------------
1 credenza 26"D x 60"W 4-dwr., cabinet,
open.
- -------------------------------------------------------------------------------------------------
2 rectangular table 60"W x 18"D Hawroth 500 Haworth
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
5 3-shelf bookcase 36"W beige Haworth ?
- -------------------------------------------------------------------------------------------------
13 4-shelf bookcase 36"W beige Haworth ?
- -------------------------------------------------------------------------------------------------
1 5-shelf bookcase 36"W beige Haworth ?
- -------------------------------------------------------------------------------------------------
6.
30 - SINGLE OCCUPANT WORKSTATIONS, APPROX. 8' X 10', TYPICAL - HAWORTH PREMIS
PRODUCT: FABRIC: TATAMI; COLOR: SAFFRON; WORKSURFACE, PAINT, TOP CAP, KICK BASE,
WALL TRACK: BEIGE
QTY. DESCRIPTION P.O.
- --------------------------------------------------------------------------------
30 worksurface 30" x 60" D-Top Haworth 3919
- --------------------------------------------------------------------------------
30 worksurface 24" x 36" bridge Haworth 3919
- --------------------------------------------------------------------------------
30 worksurface 30" x 96" regular Haworth 3919
- --------------------------------------------------------------------------------
30 make-a-corner (MAC) Haworth 3919
- --------------------------------------------------------------------------------
60 tackboard 48" W Haworth 3919
- --------------------------------------------------------------------------------
60 task light 48" W Haworth 3919
- --------------------------------------------------------------------------------
30 overhead shelf 48" W Haworth 3919
- --------------------------------------------------------------------------------
30 overhead stg. 48" W locking Haworth 3919
- --------------------------------------------------------------------------------
30 lateral file cabinet 2-dwr., 42" W locking Haworth 3919
- --------------------------------------------------------------------------------
30 fixed ped. cabinet 6"/6"/12" locking Haworth 3919
- --------------------------------------------------------------------------------
30 task chair, adjustable Interval Bayou Haworth 3919
- --------------------------------------------------------------------------------
30 side chair Improv stacking Haworth 3919
- --------------------------------------------------------------------------------
asst' hdwr. Haworth 3919
d
- --------------------------------------------------------------------------------
asst' fabric panel 64" H Haworth 3919
d
- --------------------------------------------------------------------------------
1 - SINGLE OCCUPANT RECEPTION WORKSTATION, APPROX. 8' X 9', TYPICAL - HAWORTH
PREMIS PRODUCT: FABRIC: TATAMI; COLOR: SAFFRON; WORKSURFACE, PAINT, TOP CAP,
KICK BASE, WALL TRACK: BEIGE
QTY. DESCRIPTION P.O.
- ----------------------------------------------------------------------------------
1 worksurface 24" x 72" regular Haworth 3917
- ----------------------------------------------------------------------------------
2 worksurface 30" x 48" regular Haworth 3917
- ----------------------------------------------------------------------------------
1 worksurface 12" x 72" transaction Haworth 3917
- ----------------------------------------------------------------------------------
1 make-a-corner (MAC) Haworth 3917
- ----------------------------------------------------------------------------------
1 lateral file cabinet 2-dwr., 42" W locking Haworth 3917
- ----------------------------------------------------------------------------------
1 task chair, adjustable Interval bayou Haworth 3917
- ----------------------------------------------------------------------------------
asst. hdwr. Haworth 3917
- ----------------------------------------------------------------------------------
7 asst'd. fabric panel 42" H Haworth 3917
- ----------------------------------------------------------------------------------
7.