Exhibit










	
					
	 
	 
	 
	 
	Exhibit 10.4

	***** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.

	 
	 
	 
	 
	 

	SECOND AMENDMENT TO MASTER LEASE AGREEMENT






This Second Amendment to Master Lease Agreement (this “Amendment”) is made and entered into by and between SEARS, ROEBUCK AND CO., a New York corporation, as the landlord (“Landlord”), and LANDS’ END, INC., a Delaware corporation, as the tenant (“Tenant”), to be effective on February 1, 2018 (the “Effective Date”).


	
					
	 
	W I T N E S S E T H
	 






WHEREAS, Landlord and Tenant previously entered into that certain Master Lease Agreement dated as of April 4, 2014, but effective as of February 1, 2014, as amended (the “Lease”).


WHEREAS, Landlord and Tenant desire to amend the terms of the Lease as set forth herein.


NOW, THEREFORE, pursuant to the foregoing, and in consideration of the mutual covenants and agreements contained in the Lease and herein, the Lease, as of the Effective Date of this Amendment, is hereby modified and amended as set out below:


1.Defined Terms. All capitalized terms used herein shall have the same meaning as defined in the Lease, unless otherwise defined in this Amendment.


2.Recitals. The Recitals of the Lease are hereby deleted and replaced with:


“Landlord desires to lease to Tenant, and Tenant desires to lease from Landlord, that certain premises within a building, which building location is set forth on Annex A, under the column heading “Store Name” (each, a “Building”), consisting of approximately the rentable square feet opposite each Building location on Annex A under the column describing square feet (“Sq Ft”), (each, a “Leased Premises”), upon the terms and conditions provided herein.” 


3.Annex A. Annex A of the Lease is deleted in its entirety and replaced with Annex A attached hereto.


4.Annex C.  Annex C of the Lease is deleted in its entirety and replaced with Annex C attached hereto.


5.Miscellaneous. With the exception of those terms and conditions specifically modified and amended herein, the herein referenced Lease shall remain in full force and effect in accordance with all its terms and conditions. In the event of any conflict between the terms and provisions of this Amendment and the terms and provisions of the Lease, the terms and provisions of this Amendment shall supersede and control.













6.Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts shall constitute one agreement. To facilitate execution of this Amendment, the parties may execute and exchange facsimile or e-mailed pdf counterparts of the signature pages and such counterparts shall serve as originals.




IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the dates set forth below, to be effective for all purposes, however, as of the Effective Date.




	
				
	 
	 
	LANDLORD:

	 
	 
	 

	 
	 
	SEARS, ROEBUCK AND CO., a New York
corporation



	 
	 
	 

	 
	 
	By:
	/s/ Robert A. Riecker

	 
	 
	Name:
	Robert A. Riecker



	 
	 
	Title:
	Chief Financial Officer

	 
	 
	Date:
	January 31, 2018

	 
	 
	 

	 
	 
	 
	 

	 
	 
	TENANT:

	 
	 
	 

	 
	 
	LANDS' END, INC., a Delaware corporation



	 
	 
	 
	 

	 
	 
	By:
	/s/ James F. Gooch

	 
	 
	Name:
	James F. Gooch

	 
	 
	Title:
	Chief Operating Officer/
Chief Financial Officer

	 
	 
	Date:
	January 31, 2018

	 
	 
	 
	 








-2-


















	
					
	Annex A to Master Lease Agreement dated April 4, 2014 effective as of February 1, 2018




	
																							
	 
	 
	% Rent Location [*****] Gross Sales 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Store Num
	Store Name
	Leased/Owned
	Sq. Ft.
	Rent PSF
	Full Year
	Monthly
	Expiration Date
	Feb
	Mar
	Apr
	May
	Jun
	Jul
	Aug
	Sep
	Oct
	Nov
	Dec
	Jan
	Full Year
	FY2019

	1004
	1004 GARDEN CITY 
	Ground Lease
	15,343
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1011
	1011 GRANDVILLE 
	Owned
	4,621
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1012
	1012 DES MOINES 
	Owned
	4,841
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1013
	1013 GLEN BURNIE 
	Ground Lease
	8,050
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1022
	1022 OMAHA 
	Owned
	4,760
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1023
	1023 DULLES/LOUDOUN CNTY
	Owned
	9,535
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1029
	1029 SPOKANE 
	Owned
	6,049
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1033
	1033 N ATTLEBORO 
	Owned
	10,327
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1043
	1043 MERIDEN 
	Owned
	6,910
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1044
	1044 JERSEY CTY/NEWPORT 
	Ground Lease
	5,411
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1048
	1048 PASADENA 
	Ground Lease
	7,168
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1051
	1051 STRONGSVILLE 
	Owned
	5,833
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1073
	1073 EXTON 
	Ground Lease
	9,039
	

	[*****]
	[*****]
	[*****]
	10/5/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1074
	1074 WALDORF/ST CHARLES 
	Owned
	8,771
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1104
	1104 MARLBOROUGH 
	Owned
	9,950
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1110
	1110 PORTAGE
	Owned
	5,178
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1120
	1120 COLUMBUS 
	Owned
	8,374
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1136
	1136 BIRMINGHAM/RIVERCHASE
	Owned
	4,215
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1139
	1139 TUKWILA 
	Ground Lease
	7,216
	

	[*****]
	[*****]
	[*****]
	7/31/2018
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1155
	1155 KENNESAW 
	Owned
	8,086
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1171
	1171 SPRINGFIELD 
	Owned
	4,748
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1182
	1182 ST PETERS 
	Owned
	8,004
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]






[*****] Confidential Information has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.











	
																							
	1192
	1192 MUSKEGON 
	Owned
	4,261
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1210
	1210 COLUMBUS/POLARIS 
	Owned
	6,611
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1221
	1221 COLORADO SPRINGS 
	Owned
	5,076
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1224
	1224 HARRISBURG 
	Owned
	7,435
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1253
	1253 PEABODY 
	Ground Lease
	13,313
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1263
	1263 WATERBURY 
	Owned
	7,176
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1271
	1271 LITTLETON/DENVER SW
	Owned
	5,885
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1274
	1274 RICHMOND/CHESTERFIELD 
	Ground Lease
	7,551
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1278
	1278 TORRANCE 
	Ground Lease
	7,489
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1280
	1280 SPRINGDALE
	Ground Lease
	16,506
	

	[*****]
	[*****]
	[*****]
	7/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1283
	1283 BRAINTREE 
	Ground Lease
	8,694
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1290
	1290 NILES
	Owned
	7,305
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1304
	1304 SILVER SPRING 
	Ground Lease
	4,973
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1314
	1314 NEW BRUNSWICK 
	Owned
	7,107
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1333
	1333 POUGHKEEPSIE 
	Ground Lease
	5,523
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1335
	1335 GREENSBORO 
	Ground Lease
	5,856
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1337
	1337 PLANO 
	Owned
	4,196
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1353
	1353 DE WITT/SYRACUSE 
	Owned
	8,801
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1354
	1354 WILLOW GROVE
	Owned
	8,635
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1364
	1364 LAKE GROVE 
	Owned
	7,133
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1368
	1368 CONCORD 
	Ground Lease
	9,947
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1374
	1374 BEL AIR 
	Ground Lease
	6,517
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1375
	1375 WINSTON SALEM 
	Owned
	10,406
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1404
	1404 MASSAPEQUA 
	Ground Lease
	6,997
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1443
	1443 MANCHESTER 
	Owned
	6,482
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1447
	1447 FT WORTH 
	Owned
	4,387
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]






[*****] Confidential Information has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.











	
																							
	1460
	1460 LIVONIA
	Owned
	5,116
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1463
	1463 BURLINGTON 
	Ground Lease
	7,315
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1475
	1475 DURHAM 
	Owned
	7,596
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1494
	1494 MOORESTOWN 
	Ground Lease
	8,126
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1504
	1504 WILLIAMSVILLE/BUFFALO
	Owned
	6,946
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1570
	1570 SCHAUMBURG 
	Owned
	6,552
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1595
	1595 GREENVILLE 
	Owned
	5,742
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1600
	1600 INDIANAPOLIS CASTLETON SQ
	Owned
	15,291
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1605
	1605 RALEIGH 
	Owned
	7,204
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1610
	1610 CINCINNATI NORTHGATE
	Owned
	5,933
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1614
	1614 LIVINGSTON 
	Owned
	8,270
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1620
	1620 VERNON HILLS
	Owned
	7,853
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1644
	1644 LANCASTER 
	Ground Lease
	8,635
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1654
	1654 MEDIA 
	Ground Lease
	8,919
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1685
	1685 DULUTH 
	Owned
	6,545
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1690
	1690 CHESTERFIELD
	Owned
	8,489
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1710
	1710 NO OLMSTED 
	Owned
	8,789
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1720
	1720 STERLING HTS
	Owned
	8,167
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1722
	1722 BLOOMINGTON 
	Ground Lease
	8,564
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1730
	1730 FLORENCE
	Owned
	6,338
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1734
	1734 LAWRENCEVILLE 
	Owned
	10,295
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1744
	1744 OCEAN 
	Owned
	8,224
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1754
	1754 GAITHERSBURG 
	Owned
	8,839
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1760
	1760 NOVI
	Owned
	8,769
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1765
	1765 PALM BEACH GARDENS
	Ground Lease
	6,188
	

	[*****]
	[*****]
	[*****]
	10/31/2018
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1800
	1800 MISHAWAKA
	Owned
	5,927
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]






[*****] Confidential Information has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.











	
																							
	1804
	1804 BARBOURSVILLE 
	Owned
	8,441
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1805
	1805 RALEIGH 
	Owned
	7,318
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1834
	1834 NORTH WALES 
	Ground Lease
	9,819
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1853
	1853 WILMINGTON 
	Owned
	8,415
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1854
	1854 PARKVILLE 
	Owned
	7,928
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	1958
	1958 SAN JOSE/OAK RIDGE 
	Ground Lease
	7,547
	

	[*****]
	[*****]
	[*****]
	3/23/2018
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	2027
	2027 WASILLA 
	Ground Lease
	7,063
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	2092
	2092 APPLETON 
	Owned
	5,792
	

	[*****]
	[*****]
	[*****]
	1/31/2020
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	2183
	2183 SO PORTLAND 
	Owned
	5,564
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	2309
	2309 SILVERDALE 
	Owned
	4,226
	

	[*****]
	[*****]
	[*****]
	1/31/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	2395
	2395 MANASSAS 
	Ground Lease
	7,407
	

	[*****]
	[*****]
	[*****]
	6/14/2019
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Total
	 
	 
	 
	 
	 
	 
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]

	 
	 
	 
	 
	 
	 
	 
	Count
	85
	85
	84
	84
	84
	84
	83
	83
	83
	82
	82
	82
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	Adjustment 1
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	Adjustment 2
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	Adjustment 3
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	Revised Totals
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
	[*****]
























[*****] Confidential Information has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.












	
					
	 
	 
	ANNEX C
	 
	 

	 
	 
	 
	 
	 

	 
	 
	PERCENTAGE RENT
	 
	 

	 
	 
	 
	 
	 




Commencing on February 1, 2018, with respect to the Leased Premises listed below (the “Contingent Rent Locations”), Tenant shall pay as Rent the greater of (i) the Rent set forth on Annex A or (ii) [*****] of Tenant’s  Gross Sales for each applicable location as described on this Annex C.  With respect to each Contingent Rent Location, Tenant shall pay to Landlord each month throughout the Term the Rent set forth on Annex A, subject to reconciliation as set forth below.


Contingent Rent Locations:


The locations as indicated on Annex A.




With respect to each Contingent Rent Location, the term “Gross Sales”, shall mean all cash, check, charge account or credit sales of Tenant’s  merchandise (excluding sales of gift cards until time of redemption) made in or from the applicable Leased Premises, and sales or service by any sublessee, assignee, concessionaire or licensee in such Leased Premises, as determined in accordance with GAAP, as amended, after deductions for refunds and merchandise returned by customers.  No deduction shall be allowed for uncollected or uncollectible credit accounts. Gross Sales shall not include (i) any sums collected and paid out for any sales or excise tax imposed by any duly constituted governmental authority, (ii) the exchange of merchandise between the stores of Tenant, if any, where such exchanges of goods or merchandise are made solely for the convenient operation of the business of Tenant and not for the purpose of consummating a sale which has theretofore been made at, in, from or upon the applicable Leased Premises, and/or for the purpose of depriving Landlord of the benefit of a sale which otherwise would be made at, in, from or upon such Leased Premises, (iii) the amount of returns to shippers or manufacturers, (iv) the amount of any cash or credit refund made upon any sale where the merchandise sold, or some part thereof, is thereafter returned by the customer and accepted by Tenant, (v) receipts from customers for carrying charges or other credit charges, or (vi) the sale of fixtures after their use in the conduct of business in such Leased Premises.   


Within thirty (30) days after the close of each fiscal year, Tenant shall, for each Contingent Rent Location, deliver to Landlord a statement of Gross Sales for each such fiscal year showing the Gross Sales made during such fiscal year, certified by a duly qualified officer of Tenant as being true, complete and correct.  For any Contingent Rent Location at which the calculation of  [*****] of Tenant’s  Gross Sales (the “Percentage Rent Payment”) is greater than the amount of Rent which was paid for such location pursuant to Annex A, Tenant’s  statement of Gross Sales shall also be accompanied by a payment of the difference between the Percentage Rent Payment and the Rent which was paid pursuant to Annex A.




[*****] Confidential Information has been omitted and filed separately with the Securities and Exchange Commission.  Confidential treatment has been requested with respect to this omitted information.