Codexis, Inc. (NASDAQ:CDXS) entered into a Seventh Amendment to Lease (the “Seventh Amendment”), effective as of October 11, 2016, with Metropolitan Life Insurance Company (“MetLife”) with respect to the Company’s offices located at 501 Chesapeake Drive, Redwood City, California (the “501 Chesapeake Space”). The initial lease was entered into between the Company and MetLife in October 2003 and was subsequently amended by the First Amendment to Lease, dated June 1, 2004, the Second Amendment to Lease, dated March 9, 2007, the Third Amendment to Lease, dated March 31, 2008, the Fourth Amendment to Lease, dated September 17, 2010, the Fifth Amendment to Lease, dated March 16, 2011, and the Sixth Amendment to Lease, dated September 27, 2012 (as amended, the “Lease”).
Pursuant to the Seventh Amendment, the Company exercised the first of two consecutive options to extend the term of the lease of the 501 Chesapeake Space by a period of five years. The Seventh Amendment extends the term of the lease of the 501 Chesapeake Space, which would have otherwise expired on January 31, 2017, to January 31, 2022, unless terminated earlier pursuant to the terms of the Lease. The Company’s monthly base rent payment obligation for the 501 Chesapeake Space during the extended term will begin at approximately $36,366 per month and increase by 3% in each subsequent year of the extended term. Under the Lease, the Company has one further option to extend the term of the lease of the 501 Chesapeake Space for an additional period of five years.
The foregoing is only a summary of the material terms of the Seventh Amendment, does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the Seventh Amendment that will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2016.
