On June 7, 2019, Replimune Group, Inc. (the “Company”) entered into a Lease (the “Lease”) with ND/CR Unicorn LLC (the “Landlord”) pursuant to which the Company agreed to lease approximately 18,700 rentable square feet located at 500 Unicorn Park Drive, Woburn, Massachusetts 01801 (the “Premises”) for the Company’s new principal executive offices. Pursuant to the Lease, rental payments are scheduled to commence in August of 2019 and will continue for a term of approximately 10 years and 1 month. The Company has the option to renew the Lease for an additional term of 5 years. The Company’s annual base rent obligation will be $30.50 per rentable square foot in year one and will increase by $0.50 per rentable square foot annually. In addition to the base rent, the Company is responsible for certain customary costs and charges. The Company is entitled to a one-time improvement allowance of up to approximately $650,00 for costs related to the design and construction of certain improvements to the Premises.
The Company will obtain and deliver to Landlord a security deposit in the form of a letter of credit (the “Letter of Credit”) in the amount of approximately $450,000. Beginning one year after the rent commencement date, under certain circumstances, the Company will be entitled to periodically reduce the amount of the Letter of Credit down to an amount of, but not less than, $200,000. The Lease contains customary events of default, representations, warranties and covenants.
The foregoing description of the terms of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of the Lease, which is attached to this Current Report on Form 8-K as Exhibit 10.1.
