Item 1.01 Entry into a Material Definitive Agreement
On December 18, 2019, Conatus Pharmaceuticals Inc. (the "Company") and Pacific
Real Estate Partnership ("Subtenant") entered into a Sublease Agreement (the
"Sublease"), pursuant to which the Company agreed to sublet to Subtenant
approximately 13,225 rentable square feet of office space (the "Premises"),
which the Company currently leases, at 16745 West Bernardo Drive, San Diego, CA
92127. The Sublease is subordinate to the Office Lease Agreement between the
Company and The Point Office Partners, LLC (the "Landlord").
The term of the Sublease will commence five days after approval from the
Landlord and will expire on September 30, 2020. At the commencement of the
Sublease, the Company will sublet 9,954 rentable square feet of the Premises
(the "Initial Premises"), and the Company will sublet the remaining 3,271
rentable square feet of the Premises (the "Expansion Premises") commencing on
April 1, 2020. Subtenant will pay the Company monthly rent in the amount of
$22,396.50 for the Initial Premises and $3,271.00 for the Expansion Premises. In
addition, Subtenant will pay 100% of electricity used in the subleased Premises
and any other utilities and services exclusively for the subleased Premises. The
Company will also receive a security deposit of $25,667.50
The Sublease contains customary provisions allowing the Company to, among other
things, terminate the Sublease in its entirety and retake the Premises if
Subtenant fails to remedy certain defaults of its obligations under the Sublease
within specified time periods.
The description of the terms and conditions of the Sublease set forth herein is
not complete and is qualified in its entirety by reference to the full text of
the Sublease, a copy of which will be filed as an exhibit to the Company's
annual report on Form 10-K for the year ending December 31, 2019.
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