On December 14, 2022 (the "Execution Date") MacroGenics, Inc. (the "Company") entered into a Fifth Amendment (the "Amendment") to its existing lease agreement (the "Lease") with ARE-Maryland No. 45, LLC (the "Landlord"), for 122,600 square feet located at 9704 Medical Center Drive in Rockville, Maryland (the "Premises") (Filing, 8-K, MacroGenics, DEC 16, 2022, View Source [SID1234625356]). The Amendment provides for, among other things, an extension of the term of the Lease from August 15, 2027 to December 31, 2035, unless earlier terminated or extended (the "Modified Term"). During the Modified Term, base rent will be calculated annually on a per square foot basis, beginning at $46.37 per square foot and escalating annually by three percent thereafter. The Amendment also contains two options to extend the term of the Lease, which, if executed, would extend the lease to December 31, 2045. For a period of twenty-four months beginning on the Execution Date, the Landlord has granted the Company a rent abatement of fifty percent of the base rent payable for the Premises.

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The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the Amendment, along with the original lease and amendments, which the Company intends to file as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022.