FIRST AMENDMENT TO LEASE
(Adding Additional Premises)

THIS FIRST AMENDMENT TO LEASE (this "Amendment") is executed as of the 21st day
of November, 2013 (the "Effective Date"), between SRI-WR ELLIOTT AVENUE LLC, a
Delaware limited liability company ("Landlord") and ZULILY, INC., a Delaware
corporation ("Tenant").
RECITALS
A. Landlord and Tenant entered into a lease dated as of May 2, 2013 (the
"Lease"), pursuant to which Tenant leases from Landlord certain premises (the
"Existing Premises") in the building (the "Building") located at 2601 Elliott
Avenue, Seattle, Washington. Capitalized terms not otherwise defined herein
shall have the meanings given them in the Lease. A legal description of the Land
is attached hereto as Exhibit C.
B. Tenant has exercised its Expansion Option with respect to certain premises on
the second (2nd) and third (3rd) floors of the Building pursuant to Section 10
of Exhibit F to the Lease.
C. Landlord and Tenant desire to amend the Lease to add such additional premises
on the second (2nd) and third (3rd) floors of the Building to the Lease on the
terms and conditions contained herein.
D. Landlord and Tenant desire to further amend the Lease to modify (i) the
portions of the Existing Premises included in Increments 1 and 3 of the
Premises, (ii) the Commencement Date and Rent Commencement Date of the
as-modified Increment 3 of the Existing Premises, (iii) the respective Deletion
Dates with respect to the portions of the Staging Premises located on the third
(3rd) and fourth (4th) floors of the Building, all on the terms and conditions
contained herein.
NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as
follows:
1. Additional Premises; Term. Effective as of the applicable Additional Premises
Commencement Date (as defined below), and continuing through the balance of the
Term, the space located on the second (2nd) floor of the Building shown outlined
on the attached Exhibit A-2 (the "2nd Floor Additional Premises") shall be added
to the premises covered by the Lease, and the space located on the third (3rd)
floor of the Building shown outlined on the attached Exhibit A-3 (the "3rd Floor
Additional Premises") shall be added to the premises covered by the Lease. The
2nd Floor Additional Premises and the 3rd Floor Additional Premises are
individually and collectively referred to herein as the "Additional Premises").
Commencing as of the applicable Additional Premises Commencement Date, all
references in the Lease to the "Premises" shall be deemed to include the
respective Additional Premises. All terms, covenants and conditions of the Lease
applicable to the Existing Premises shall apply to the Additional Premises,
except as expressly set forth in this Amendment. Landlord and Tenant hereby
stipulate for all purposes of the Lease that the 2nd Floor Additional Premises
(commonly known as "2 South") contains 21 ,913 rentable square feet, and the 3rd
Floor Additional Premises (commonly known as "3 South") contains 22,905 rentable
square feet.
The "Additional Premises Commencement Date" shall mean the date on which
Landlord shall deliver the applicable Additional Premises to Tenant in the
condition required by Paragraph 2 below.
The parties hereby confirm that the Additional Premises Commencement Date with
respect to the 2nd Floor Additional Premises occurred on September 15, 2013. The
scheduled Additional Premises Commencement Date with respect to the 3rd Floor
Additional Premises is March 1, 2014. Landlord shall use reasonable efforts to
deliver the 3rd Floor Additional Premises to Tenant on its scheduled Additional
Premises Commencement Date. If Landlord, for any reason whatsoever, is delayed
in delivering possession of the 3rd Floor Additional Premises to Tenant beyond
its scheduled Additional Premises Commencement Date, neither this Amendment nor
the Lease shall be void or voidable, nor shall Landlord be liable to Tenant for
any loss or damage resulting therefrom, but as Tenant's sole remedy (in addition
to the next paragraph) the Additional Premises Rent Commencement Date applicable
thereto shall be delayed by a corresponding number of days.
Notwithstanding the foregoing, as set forth in Section 10.CA of Exhibit F to the
Lease, if Landlord shall not deliver the 3rd Floor Additional Premises to Tenant
within ninety (90) days of its scheduled Additional Premises Commencement Date,
as such ninety (90) day period shall be extended for any delay due to Limited
Force Majeure (as defined in Section 4 of the Lease), Tenant shall have the
right to terminate its lease of such Additional Premises (only) by notice
thereof to Landlord given within ten
(10) Business Days after the expiration of such ninety (90) day period as so
extended.

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Upon either party's request after each Additional Premises Commencement Date,
the parties shall execute a letter in the form of Exhibit D to the Lease
confirming the applicable Additional Premises Commencement Date and Additional
Premises Rent Commencement Date.
2. Condition of Additional Premises; The Additional Premises Allowance.
a. Additional Premises As-Is; Tenant Improvements. Except as set forth in
Sections
l.D. and l.H.(vi) of the Work Letter (which the parties acknowledge shall be
applicable to the Additional Premises), Landlord shall deliver the Additional
Premises to Tenant in its as-is condition, and Landlord shall have no obligation
to make or, except as provided below in Paragraph 2.b., pay for, any
alterations, additions, improvements or renovations thereto to prepare the same
for Tenant's occupancy.
b. Allowance. The parties acknowledge that the Work Letter shall apply to the
Additional Premises, except as expressly set forth in this Paragraph 2.b. and in
Paragraph 2.a. above. The "Allowance" with respect to the 2nd Floor Additional
Premises shall be Fifty Dollars ($50.00) per rentable square foot of the 2nd
Floor Additional Premises (i.e., an aggregate amount of $1,095,650.00), and with
respect to the 3rd Floor Additional Premises shall be Forty-Eight and 3311 00
Dollars ($48.33) per rentable square foot of the 3rd Floor Additional Premises
(i.e., an aggregate amount of $1,106,998.65). Pursuant to clause (ii) of Section
l.F. of the Work Letter, in addition to the Allowance, and not as a deduction
therefrom, Landlord shall reimburse Tenant up to Two and 5011 00 Dollars ($2.50)
per rentable square foot of the 2nd Floor Additional Premises (i.e., an
aggregate amount of $54,782.50) and of the 3rd Floor Additional Premises (i.e.,
an aggregate amount of $57,262.50), respectively, for the costs described in
said Section. Clause (i) of Section I.F. of the Work Letter shall not apply to
the Additional Premises.
3. Base Rent. Base Rent for the 2nd Floor Additional Premises shall commence on
January 15, 2014 (the "2nd Floor Additional Premises Rent Commencement Date")
and shall continue thereafter as set forth on Schedule I attached hereto. Base
Rent for the 3rd Floor Additional Premises shall commence on June 1,2014 (the
"3rd Floor Additional Premises Rent Commencement Date") and shall continue
thereafter as set forth on Schedule I attached hereto.
4. Expenses and Taxes: Tenant's Pro Rata Share. The parties acknowledge that
Exhibit .!2. to the Lease shall apply to the Additional Premises, and for such
purposes Tenant's Pro Rata Share shall be 6.45% with respect to the 2nd Floor
Additional Premises and 6.74% with respect to the 3rd Floor Additional Premises.
For the convenience of the parties, Schedule 2 attached hereto sets forth
Tenant's Pro Rata Share with respect to the Additional Premises and also
includes Tenant's Pro Rata Share with respect to the Existing Premises after
giving effect to Paragraph 6 below.
5. Letter of Credit. To take into account Tenant's lease of the Additional
Premises, the Letter of Credit delivered by Tenant to Landlord pursuant to
Sections 1.08 and 6 of the Lease shall be increased by the amount of
$1,100,000.00 by an amendment thereto delivered to Landlord no later than ten
(10) Business Days after the date of this Amendment, and the reductions in the
amount of the Letter of Credit set forth in Section 6 of the Lease shall be
amended so that the reductions in the amount of $1,000,000.00 shall instead be
reductions in the amount of $1,200,000.00, and the reduction in the amount of
$1,500,000 shall instead be a reduction in the amount of $1,800,000.00.
6. Modification of Increments 1 and 3. The parties desire to move 17,853
rentable square feet of Increment 3 of the Existing Premises into Increment 1 of
the Existing Premises, and to accelerate the Commencement Date and Rent
Commencement Date of the remaining portion of Increment 3 of the Existing
Premises. Accordingly, (i) Exhibit A to the Lease is hereby deleted, and Exhibit
A attached hereto, showing Increments 1 through 4 of the Existing Premises as so
modified, is hereby substituted in place thereof, (ii) the Premises Table set
forth in Section 1.02 of the Lease is hereby modified to read in its entirety as
set forth below, (iii) the Base Rent for the as-modified Increments 1 and 3 of
the Existing Premises shall be amended as set forth on Schedule I attached
hereto, (iv) Tenant's Pro-Rata Share for the as-modified Increments 1 and 3 of
the Existing Premises shall be amended as set forth on Schedule 2 attached
hereto, and (v) the Allowance with respect to Increment 3, as set forth in
Section I.B. of the Work Letter, is hereby increased to Forty-Eight and 331100
Dollars ($48.33) per rentable square foot of Increment 3 (i.e., an aggregate
amount of $935,330.49). For the convenience of the parties, (x) Schedule 1
attached hereto includes the entirety of Schedule 1 of the Lease as so amended
(and Schedule 1 attached hereto also corrects a typographical error in Schedule
1 of the Lease by changing each reference therein to "1/30" (i.e., January 30th)
to " 1/31" (i.e., January 31st», and (y) Schedule 2 attached hereto includes the
entirety of the table contained in Section 1.04 of the Lease as so amended.

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Increment
Commencement Date
Rent Commencement Date
Floor(s)
Rentable Square Footage
Cumulative Rentable Square Footaqe
 
 
 
 
 
 
1
9/15/13
1/15/14
1 North 2 North 3 North
42,620 42,109 17,853
102,582
2
1/15/14
5/15/14
Ground
58,073
160,655
3
3/1114
6/1/14
3 Center
19,353
180,008
4
1/1/16
4/1/16
4 North 1 South
37,008 19,060
236,076

7. Tenant's Right to Accelerate Increment 4 Commencement Date. Notwithstanding
anything to the contrary contained in the Lease, Tenant shall have an ongoing
option (the "Acceleration Option") to accelerate the Commencement Date of all or
any portion of Increment 4 that is not then subject to a lease or any right of
first offer, right of first refusal, renewal or extension option, or any other
right or option in favor of any other party. Tenant shall exercise the
Acceleration Option by providing Landlord with notice thereof (each, an
"Acceleration Notice"), in which Tenant shall designate the location and
rentable square footage of the Increment 4 space requested by Tenant (the
"Accelerated Increment 4 Space") and the commencement date with respect to
Tenant's lease thereof (which shall not be less than 90 days from the date of
Tenant's notice nor more than 120 days from the date of Tenant's notice). Tenant
shall have no right to designate any Accelerated Increment 4 Space that is not
then separately demised as a leaseable unit of space, nor may Tenant designate
as Accelerated Increment 4 Space less than the entire rentable area of any floor
of the Building (or less than the entire rentable area on the north or south
wing of any floor) if such floor (or wing) is not then constituted as a
multi-tenant floor (or wing) (i.e., if the entire rentable area of any floor or
wing is available for lease, Tenant's Acceleration Notice shall apply to all,
and not less than all, of the entire rentable area of such floor or wing),
unless in each such case Tenant, at Tenant's sole cost and expense, performs all
work necessary to separately demise the Accelerated Increment 4 Space and to
create entrances to the remaining leasable units of space on such floor or wing,
and, to the extent not then existing, to create a multi-tenant corridor on such
floor or wing so that the entrances to the remaining leasable units of space are
accessible. In addition, if Tenant shall designate as Accelerated Increment 4
Space less than the entire rentable area of any floor of the Building (or less
than the entire rentable area on the north or south wing of any floor), by
notice to Tenant given within ten (10) Business Days after Landlord's receipt of
tenant Acceleration Notice, Landlord shall have the right to nullity Tenant's
exercise of its Acceleration Option if the remaining space on such floor or
wing, as applicable, would be of such size or configuration as not to be
reasonably leasable by Landlord, as reasonably determined by Landlord.
If Landlord is delayed delivering possession of the Accelerated Increment 4
Space due to the holdover or unlawful possession of such space by any party,
Landlord shall use reasonable efforts to obtain possession of the space, and the
commencement of the term for the Accelerated Increment 4 Space shall be
postponed until the date Landlord delivers possession of the Accelerated
Increment 4 Space to Tenant free from occupancy by any party.
If Tenant exercises the Acceleration Option granted herein, Landlord shall use
reasonable efforts to deliver the Accelerated Increment 4 Space to Tenant on the
stated availability date for the lease thereof. Tenant acknowledges that
Landlord does not guarantee that the Accelerated Increment 4 Space will be
available on the stated availability date for the lease thereof, if the then
existing occupants of the Accelerated Increment 4 Space shall hold over, or
delivery is delayed for any other reason beyond Landlord's reasonable control,
and in such event, as Tenant's sole recourse, the term of the Lease as respects
the Accelerated Increment 4 Space shall not commence until Landlord delivers the
same to Tenant; provided, however, that if Landlord shall not deliver the
Accelerated Increment 4 Space to Tenant within ninety (90) days of the stated
availability date for the lease thereof, as such ninety (90) day period shall be
extended for any delay due to Limited Force Majeure (as defined in Section 4 of
the Lease), Tenant shall have the right to terminate its lease of the
Accelerated Increment 4 Space by notice thereof to Landlord given within ten
(10) Business Days after the expiration of such ninety (90) day period as so
extended.
Upon Tenant's election to lease the Accelerated Increment 4 Space, Landlord and
Tenant shall promptly enter into an amendment to the Lease (including
modification of the Premises Table set forth in Section 1.02 of the Lease, and
Schedule 1 and Section 1.04 of the Lease, as appropriate in each case), adding
such Accelerated Increment 4 Space to the Premises at the Rent and on the other
terms and conditions applicable to Increment 4 as set forth in the Lease, except
as expressly provided above, and except further that (i) the Rent Commencement
Date shall be ninety (90) days after the Commencement Date of such Accelerated
Increment 4 Space, (ii) the Allowance for the Accelerated Increment 4 Space

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shall be pro-rated to reflect the Lease Term with respect to the Accelerated
Increment 4 Space as set forth on Schedule 3 attached hereto, and (iii) pursuant
to clause (ii) of Section I.F. of the Work Letter, in addition to the Allowance,
and not as a deduction therefrom, Landlord shall reimburse Tenant up to Two and
5011 00 Dollars ($2.50) per rentable square foot of the Accelerated Increment 4
Space.
8. Staging Premises.
a. The Staging Premises demised to Tenant pursuant to Section 5 of Exhibit F to
the Lease is hereby amended to include 4,911 rentable square feet on the fourth
(4th) floor of the Building as shown outlined on Exhibit I attached hereto (the
"Additional Staging Premises"). The Additional Staging Premises shall be subject
to all of the terms, covenants and conditions of the Lease applicable to the
Staging Premises, except that (i) the Staging Period for the Additional Staging
Premises shall commence on November 8, 2013, subject to delay in Landlord's
delivery thereof due to any tenant holdover or other delays caused by Force
Majeure, (ii) the Deletion Date for the Additional Staging Premises shall be May
31,2014, and (iii) the monthly Base Rent payable by Tenant for Tenant's holdover
of the Additional Staging Premises beyond the Deletion Date shall be $14,426.06
(which equals $35.25 per rentable square foot per annum).
b. The Deletion Date with respect to the portion of the Staging Premises located
on the third (3rd) floor of the Building, as set forth in Section 5.A. of
Exhibit F to the Lease, is hereby amended to be February 28, 2014, and the
Deletion Date with respect to the portion of the Staging Premises located on the
fourth (4th) floor of the Building, as set forth in Section 5.A. of Exhibit F to
the Lease, is hereby amended to be May 31,2014.
9. Work Letter Revisions.
a. In addition to the amounts currently provided by Landlord to Tenant pursuant
to the Work Letter, Landlord shall reimburse Tenant (or, at Tenant's direction,
directly pay to the contractor designated by Tenant), up to the amount of Nine
Thousand Eight Hundred Twenty-Two Dollars ($9,822.00) for the cost of Tenant
performing demolition work to the Additional Staging Premises substantially in
accordance with the demolition plans dated October 13, 2013, prepared by
mYamaguchi Architect.
b. Notwithstanding anything to the contrary in Section LB. of the Work Letter,
Tenant may use a portion of the Allowance applicable to Increment 4 towards the
costs of the Alterations in the portion of the Staging Premises located on the
first floor of the Building (1 South, which the parties acknowledge will
constitute a portion of Increment 4 of the Premises from and after the Increment
4 Commencement Date), except that the portion of the Increment 4 Allowance so
used shall not exceed Five Dollars ($5.00) per rentable square foot of such
first floor Staging Premises.
c. Pursuant to the existing provisions of Section LB. of the Work Letter, Tenant
may use a portion of the Allowance applicable to Increment 3 towards the costs
of the Alterations in the Staging Premises. Landlord and Tenant acknowledge and
agree that the portion of the Increment 3 Allowance so used may only be used
towards the costs of the Alterations in the Increment 3 Staging Premises, and
that the portion of the Allowance so used shall not exceed Five Dollars ($5.00)
per rentable square foot of the Increment 3 Staging Premises.
d. Section I.H of the Work Letter is amended to read in its entirety as follows:
"Landlord, at Landlord's sole cost and expense, shall perform the following work
in the Building ("Landlord's Work"):
(i)
Create a loading dock on the north side of the ground floor of the Building, and
such north side loading dock shall be for Tenant's exclusive use (completion
date 6/1/2014);

(ii)
Expand and renovate the main lobby of the Building (completion date 9/1/2014)
and the skybridge lobby of the Building (completion date 1/15/2014) consistent
with the character of a high-tech adaptive re-use project substantially in
accordance with the concept plans dated March 12, 2013, prepared by GGLO and
Wright Runstad & Company, captioned "Concept Design Package";

(iii)
Install a freight elevator at the north end of the Building within the existing
elevator shaft at gridline 7 (completion date 6/1/2014);

(iv)
Expand the bicycle parking area in the Garage to create capacity in a covered
area of the Garage for 50 bicycles for every 100,000 rentable square feet of the
Premises (completion date 1115/2014);

(v)
Provide a workout 1 shower and changing area, with lockers, in the retail space
in the Garage (completion date 1/15/2014);

(vi)
Remove all existing Cable from the Premises (the "Cable Removal Work") (see
below paragraph for completion dates);

(vii)
Paint the exterior of the Building and install an awning consistent with the
character and quality of the Building (completion date 7/14/2014);

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(viii)
Perform landscape work substantially in accordance with the concept plans dated
March 12, 2013, prepared by GGLO and Wright Runstad & Company, captioned
"Concept Design Package" (completion date 7/14/2014); and

(ix)
Install electrical submeter(s) to measure electricity furnished to the Premises
(other than electricity utilized to furnish base Building HVAC service) (see
below paragraph for completion dates).

Except as expressly provided in any plans referenced above with respect to
Landlord's Work, particularly the concept plans referenced in clause (ii) above,
the design and scope of Landlord's Work, including the materials and finishes
thereof, shall be as determined by Landlord in its good faith discretion.
Landlord shall complete the Cable Removal Work in each Increment prior to
delivery of such Increment to Tenant, it being acknowledged by the parties that
the Cable Removal Work in the portion of the Staging Premises that is included
in Increment 3 of the Premises will be performed by Landlord after Tenant
surrenders such Staging Space as such, and prior to Landlord's re-delivery of
such space to Tenant as part of Increment 3 of the Premises. If Tenant does not
surrender the portion of the Staging Premises that is included in Increment 3 of
the Premises by the date that is fifteen (15) days prior to the scheduled
Commencement Date for Increment 3, as set forth in Section 1.02 of the Lease,
then Landlord shall have no obligation to perform the Cable Removal Work in such
portion of Increment 3. Landlord's installation of electrical submeters pursuant
to clause (ix) above shall be completed as to each Increment prior to the
respective Rent Commencement Date of such Increment, subject to delays caused by
Force Majeure. The balance of Landlord's Work (Le., all of Landlord's Work other
than the Cable Removal Work and the submeter installation work) shall be
completed by Landlord no later than the respective completion dates set forth in
the above clauses describing Landlord's Work, subject to delays caused by Force
Majeure. Landlord and Tenant shall cooperate with each other and coordinate the
scheduling of the construction of Landlord's Work and the Initial Alterations so
as to cause all such work to proceed in an efficient and orderly manner."
10. Real Estate Brokers. Tenant represents and warrants to Landlord that it has
negotiated this Amendment directly with Jones Lang LaSalle, acting on behalf of
Landlord, and Washington Partners, Inc., acting on behalf of Tenant, and that
Tenant has not authorized or employed, or acted by implication to authorize or
to employ, any other real estate broker or salesman to act for Tenant in
connection with this Amendment. Tenant shall hold Landlord harmless from and
indemnifY and defend Landlord against any and all claims by any real estate
broker or salesman other than the foregoing brokers for a commission, finder's
fee or other compensation as a result of having dealt with Tenant in connection
with Tenant's entering into this Amendment. Landlord shall pay any commissions
payable to the aforesaid named brokers by reason of this Amendment pursuant to
separate agreement(s), and Landlord shall hold Tenant harmless from and
indemnify and defend Tenant against any and all claims by reason of Landlord's
failure to pay such commissions, and against any and all claims by any other
real estate broker that Landlord has authorized or employed, or acted by
implication to authorize or to employ, to act for Landlord in connection with
this Amendment.
II. No Offer. Submission of this instrument for examination and signature by
Tenant does not constitute an offer to amend the Lease or a reservation of or
option to amend the Lease, and this instrument is not effective as a lease
amendment or otherwise until executed and delivered by both Landlord and Tenant.
12. Authority. Tenant hereby represents and warrants that (a) Tenant is duly
incorporated or otherwise established or formed and validly existing under the
laws of its state of incorporation, establishment or formation, (b) Tenant has
and is duly qualified to do business in the state in which the Real Property is
located, (c) Tenant has full corporate, partnership, trust, association or other
appropriate power and authority to enter into this Amendment and to perform all
Tenant's obligations hereunder, and
(d) each person (and all of the persons if more than one signs) signing this
Amendment on behalf of Tenant is duly and validly authorized to do so.
13. Lease in Full Force and Effect. Except as provided above, the Lease is
unmodified hereby and remains in full force and effect.

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IN WITNESS WHEREOF, the parties hereto have executed this document as of the
date
and year first above written.
Landlord:
 
 
Tenant:
 
 
 
 
 
SRI-WR ELLIOTT AVENUE LLC,
a Delaware limited liability company
 
 
ZULILY, INC., a Delaware corporation
 
 
 
 
 
By:
/s/ James A. Pierre
 
By:
/s/ Robert Spieth
 
 
 
 
 
Name:
James A. Pierre
 
Name:
Robert Spieth
 
 
 
 
 
Title
Vice President
 
Title
Chief Operating Officer

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EXHIBIT A
OUTLINE AND LOCATION OF AS-MODIFIED INCREMENTS 1 THROUGH 4 OF EXISTING PREMISES

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[a101increment1floor1north.jpg]

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[a101increment1floor2north.jpg]

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[a101increment1floor3north.jpg]

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[a101increment2groundfloor.jpg]

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[a101increment3floor3center.jpg]

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[a101increment4floor1south.jpg]

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[a101increment4floor4north.jpg]

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EXHIBIT A-2

OUTLINE AND LOCATION OF 2ND FLOOR ADDITIONAL PREMISES

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[a1012ndfloorfloor2south.jpg]

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EXHIBIT A-3
OUTLINE AND LOCATION OF 3RD FLOOR ADDITIONAL PREMISES

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[a1013rdfloorfloor3south.jpg]

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EXHIBIT C
LEGAL DESCRIPTION OF THE LAND
This Exhibit is attached to and made a part of the Lease by and between SRI-WR
ELLIOTT AVENUE LLC, a Delaware limited liability company ("Landlord"), and
ZULILY, INC., a Delaware corporation ("Tenant"), for space in the Building
located at 2601 Elliott Avenue, Seattle, Washington .
THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF WASHINGTON, COUNTY OF
KING, AND IS DESCRIBED AS FOLLOWS:
BLOCKS 7 AND 12 OF THE PORTION OF THE TOWN OF SEATTLE, AS LAID OUT ON THE LAND
CLAIM OF WILLIAM H. BELL AND THE NORTHWESTERN EXTREMITY OF THE CLAIM OF AA DENNY
(COMMONLY KNOWN AS BELL AND DENNY'S ADDITION TO THE CITY OF SEATTLE), AS PER
PLAT RECORDED IN VOLUME 1 OF PLATS, PAGE 29,. RECORDS OF KING COUNTY;
EXCEPT THAT PORTION THEREOF LYING WITHIN SUPPLEMENTAL PLAT OF SEATTLE TIDE
LANDS;
TOGETHER WITH BLOCKS 169B AND 169C OF THE SUPPLEMENTAL PLAT OF SEATTLE TIDE
LANDS, AS SHOWN ON THE OFFICIAL MAPS OF SEATTLE TIDE LANDS ON FILE IN THE OFFICE
OF THE COMMISSIONER OF PUBLIC LANDS AT OLYMPIA, WASHINGTON;
AND TOGETHER WITH THAT PORTION OF VACATED CEDAR STREET ADJOINING, AS VACATED
UNDER CITY OF SEATTLE ORDINANCE NO. 90532 WHICH, UPON VACATION, ATTACHES TO SAID
PROPERTY BY OPERATION OF LAW;
AND TOGETHER WITH THAT PORTION OF VACATED ALASKAN WAY ADJOINING, AS VACATED
UNDER CITY OF SEATTLE ORDINANCE NO. 109009 WHICH, UPON VACATION , ATTACHES TO
SAID PROPERTY BY OPERATION OF LAW;
SITUATE IN THE CITY OF SEATTLE, COUNTY OF KING, STATE OF WASHINGTON.
AND
[note: following is legal for the portion of the Land on which the Garage is
located]
LOTS 1, 2,3 AND 4 IN BLOCK 8 OF THE PORTION OF THE TOWN OF SEATTLE, AS LAID OUT
ON THE CLAIM OF WILLIAM H. BELL AND THE NORTHWESTERN EXTREMITY OF THE CLAIM OF
AA DENNY (COMMONLY KNOWN AS BELL AND DENNY'S ADDITION TO THE CITY OF SEATTLE),
AS PER PLAT RECORDED IN VOLUME 1 OF PLATS, PAGE 29, RECORDS OF KING COUNTY;
SITUATE IN THE CITY OF SEATTLE, COUNTY OF KING, STATE OF WASHINGTON.

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EXHIBIT I

OUTLINE AND LOCATION OF ADDITIONAL STAGING PREMISES

[additionalstagingpremisesflo.jpg]

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LANDLORD ACKNOWLEDGMENT
LIMITED LIABILITY COMPANY
STATEOF __________)
)
ss.

COUNTY OF _______ )

On this the ____ day of ____, 2013, before me a Notary Public duly authorized in
and for the said County in the State aforesaid to take acknowledgments
personally appeared _____________________ known to me to be
_____________________ of SRI-WR ELLIOTT AVENUE LLC, one of the parties described
in the foregoing instrument, and acknowledged that as such , being authorized so
to do, (s)he executed the foregoing instrument on behalf of said limited
liability company as a free and voluntary act, and as the free and voluntary act
of said limited liability company, for the uses and purposes therein set forth.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Notary Public
___________________

Printed Name
____________________

Residing at: ____________________
My Commission Expires: ____________________

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TENANT ACKNOWLEDGMENT
Corporation
STATE OF WASHINGTON)
) ss.
COUNTY OF KING
)

On this the _ day of ____ , 2013, before me a Notary Public duly authorized in
and for the said County in the State aforesaid to take acknowledgments
personally appeared ______________ known to me to be _____________of Zulily,
Inc., one of the parties described in the foregoing instrument, and acknowledged
that as such officer, being authorized so to do, (s)he executed the foregoing
instrument on behalf of said corporation as a free and voluntary act, and as the
free and voluntary act of said corporation, for the uses and purposes therein
set forth.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
Notary Public
___________________

Printed Name
___________________

Residing at: ____________________

My Commission Expires: ____________________

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SCHEDULE 1
BASE RENT FOR 2ND FLOOR ADDITIONAL PREMISES

PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
1/15/14-1/31/15
 
$23.50
 
$42,912.96
 
 
 
 
 
2/1/15-1/31/16
 
$24.50
 
$44,739.04
 
 
 
 
 
2/1/16-1/31/17
 
$25.50
 
$46,565.13
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$48,391.21
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$50,217.29
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$52,043.38
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$53,869.46
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$55,695.54
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$57,521.63
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$59,347.71

BASE RENT FOR 3RD FLOOR ADDITIONAL PREMISES
PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
6/1/14-1/31/15
 
$23.50
 
$44,855.63
 
 
 
 
 
2/1/15-1/31/16
 
$24.50
 
$46,764.38
 
 
 
 
 
2/1/16-1/31/17
 
$25.50
 
$48,673.13
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$50,581.88
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$52,490.63
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$54,399.38
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$56,308.13
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$58,216.88
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$60,125.63
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$62,034.38

[BASE RENT FOR EXISTING PREMISES FOLLOWS ON NEXT PAGES]

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SCHEDULE 1
BASE RENT FOR EXISTING PREMISES
INCREMENT 1
PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
 
 
 
 
 
*Rent Commencement
 
 
 
 
Date-6/30/2014
 
$23.50
 
$34,962.13
 
 
 
 
(based on 17,853 rsf)
 
 
 
 
 
7/1/14-1/31/15
 
$23.50
 
$200,889.75
 
 
 
 
(based on 17,853 rsf)
 
 
 
 
 
2/1/15-1/31/16
 
$24.50
 
$209,438.25
 
 
 
 
 
2/1/16-1/31/17
 
$25.50
 
$217,986.75
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$226,535.25
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$235,083.75
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$243,632.25
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$252,180.75
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$260,729.25
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$269,277.75
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$277,826.25

*During the period from the Increment I Rent Commencement Date through June 30,
2014, Base Rent shall be payable for Increment I based on 17,853 rentable square
feet, notwithstanding that Increment 1 consists of 102,582 rentable square feet.
INCREMENT 2
PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
 
 
 
 
 
*Rent Commencement
 
 
 
 
Date-6/30/2014
 
$23.50
 
$30,222.96
 
 
 
 
(based on 15,433 rsf)
 
 
 
 
 
7/1/14-1/31/15
 
$23.50
 
113726.29
 
 
 
 
(based on 58,073 rsf)
 
 
 
 
 
2/1/15-1/31/16
 
$24.50
 
$118,565.71
 
 
 
 
 
2/1/16-1/31/17
 
$25.50
 
$123,405.13
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$128,244.54
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$133,083.96
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$137,923.38
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$142,762.79
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$147,602.21
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$152,441.63
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$157,281.04

*During the period from the Increment 2 Rent Commencement Date through June 30,
2014, Base Rent shall be payable for Increment 2 based on 15,433 rentable square
feet, notwithstanding that Increment 2 consists of 58,073 rentable square feet.

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INCREMENT 3
PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
 
 
 
 
 
Rent Commencement
 
 
 
 
Date-1/31/15
 
$23.50
 
$37,899.63
 
 
 
 
 
2/1/15-1/31/16
 
$24.50
 
$39,512.38
 
 
 
 
 
2/1/16-1/31/17
 
$25.50
 
$41,125.13
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$42,737.88
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$44,350.63
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$45,963.38
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$47,576.13
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$49,188.88
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$50,801.63
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$52,414.38

INCREMENT 4
PERIOD
 
BASE RENT
ANNUM (RSF)
 
MONTHLY BASE RENT
 
 
 
 
 
Rent Commencement Date-
 
 
 
 
Date-1/31/17
 
$22.50
 
$119,144.50
 
 
 
 
 
2/1/17-1/31/18
 
$26.50
 
$123,816.83
 
 
 
 
 
2/1/18-1/31/19
 
$27.50
 
$128,489.29
 
 
 
 
 
2/1/19-1/31/20
 
$28.50
 
$133,161.50
 
 
 
 
 
2/1/20-1/31/21
 
$29.50
 
$137,833.83
 
 
 
 
 
2/1/21-1/31/22
 
$30.50
 
$142,506.17
 
 
 
 
 
2/1/22-1/31/23
 
$31.50
 
$147,178.50
 
 
 
 
 
2/1/23-Termination Date
 
$32.50
 
$151,850.83

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SCHEDULE 2
TENANT'S PRO RATA SHARE
2nd Floor Additional Premises: 6.45%
3rd Floor Additional Premises: 6.74%
Existing Premises:
Increment
Floor(s)
Tenant's Pro Rata Share
Cumulative Tenant's Pro Rata Share
 
 
 
 
1
1 North
12.54%

2 North
12.40%

 
3 North
5.25%

30.19
%
2
Ground
17.09
%
47.28
%
3
3 Center
5.70
%
52.97
%
4
4 North
10.89%

 
1 South
5.61%

69.48
%

--------------------------------------------------------------------------------

SCHEDULE 3
ALLOWANCE SCHEDULE FOR ACCELERATED INCREMENT 4 SPACE
2601 Elliot Avenue
Zulily, Inc. - Acceleration of Increment 4 Commencement Date

Rent Commencement
Date
Rent End Date
(Lease Termination)
# Months
TI Allowance per
Rentable Square Foot
1/15/2014
1/31/2024
120

$
50.00

2/1/2014
1/31/2024
120

50.00

3/1/2014
1/31/2024
119

49.58

4/1/2014
1/31/2024
118

49.17

5/1/2014
1/31/2024
117

48.75

6/1/2014
1/31/2024
116

48.33

7/1/2014
1/31/2024
115

47.92

8/1/2014
1/31/2024
114

47.50

9/1/2014
1/31/2024
113

47.08

10/1/2014
1/31/2024
112

46.67

11/1/2014
1/31/2024
111

46.25

12/1/2014
1/31/2024
110

45.83

1/1/2015
1/31/2024
109

45.42

2/1/2015
1/31/2024
108

45.00

3/1/2015
1/31/2024
107

44.58

4/1/2015
1/31/2024
106

44.17

5/1/2015
1/31/2024
105

43.75

6/1/2015
1/31/2024
104

43.33

7/1/2015
1/31/2024
103

42.92

8/1/2015
1/31/2024
102

42.50

9/1/2015
1/31/2024
101

42.08

10/1/2015
1/31/2024
100

41.67

11/1/2015
1/31/2024
99

41.25

12/1/2015
1/31/2024
98

40.83

1/1/2016
1/31/2024
97

40.42

2/1/2016
1/31/2024
96

40.00

3/1/2016
1/31/2024
95

39.58

4/1/2016
1/31/2024
94

39.17