FIRST LEASE EXTENSION
This First Lease Extension (“First Lease Extension”) to that certain Lease dated May 14, 2003 by and between Renault &
Handley Employees Investment Co. (“Lessor”) and Durect Corporation, a Delaware corporation (“Lessee”) for the Premises
located at 10260 Bubb Road, Cupertino, California (collectively hereinafter the “Lease”) is dated December 15, 2008, with
reference to the following facts:
WHEREAS, on September 2, 2008 Lessee exercised its Option to Extend for an additional five (5) year term as set forth in
paragraph 36 of the Lease agreement.
WHEREAS, Lessor and Lessee wish to set a new rent schedule for the Option Period.
WHEREAS, provided that the Lessee is not in default under the Lease after applicable notice and cure periods, and has
faithfully performed its obligations under the Lease, Lessor hereby grants Lessee a Second Option to Extend (“Second Option
to Extend”) for one additional five (5) year term commencing March 1, 2014 and terminating February 28, 2019 (“Second Option
Period”) on all the same terms and conditions of the Lease excepting the Base Monthly Rent which shall be at ninety five
percent (95%) of the then-current fair market rental value for the Premises as improved (“FMV”). Lessee shall exercise its
Second Option To Extend by giving written notice to Lessor of its intent to do so not less than three (3) months nor more than
six (6) months prior to the Second Option Period.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Lessor and Lessee hereby
agree as follows:
Lessor agrees that it shall use its best efforts to perform the aforementioned mechanical installations such that Lessee
will experience minimal disruption to its business operations and Lessor shall accordingly schedule such installations
over the initial twelve (12) months of the Option Period. Lessor agrees that its work of Tenant Improvements under
this paragraph 4 relating to the installati