Exhibit 10.1


 


ADDENDUM NO. 3


TO


STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT LEASE - NET


 


THIS ADDENDUM NO. 3 TO STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT
LEASE - NET (“Addendum”) is made as of March 26, 2009 between PAS TRUST (“Lessor”), and BIDZ.COM, INC.,
a Delaware corporation (“Lessee”), with reference to the following facts:


 


A.            Lessee, as successor-in-interest to Bidz.com,
a California corporation, and Lessor are parties to that certain Standard
Industrial/ Commercial Multi-Tenant Lease - Net dated as of April 15, 2003 (the
“Original Lease”), as amended by Addendum No. 1 thereto dated concurrently
therewith (the “First Addendum”) and Addendum No. 2 dated March 3, 2004 (the
“Second Addendum”), providing for Lessee’s rental from Lessor of-the premises located at the street address
of 3562-3852 Eastham Drive, Culver City, CA (the “Premises”). The Original
Lease, First Addendum and Second Addendum are collectively referred to herein
as the “Lease Agreement”.


 


B.            The Extension Term of the Lease
Agreement is presently scheduled to expire on October 31, 2009, and Lessor and
Lessee now desire to extend the expiration date of the Extension Term, on the terms and conditions more
particularly provided herein.


 


C.            Defined terms used in this Addendum shall, unless
otherwise stated, have the same meanings as are contained in the Lease
Agreement.


 


NOW, THEREFORE, the parties hereto agree as
follows:


 


1.             Extension of Extension Term. The Extension Term, presently
scheduled to expire on October 31, 2009, shall be extended so that it will
instead expire on June 30, 2012. The period commencing November 1, 2009 and
ending June 30, 2012 is hereafter
referred to as the “Second Extension
Term”. Lessee shall have no other right or option to extend the term of the
Lease Agreement beyond June 30, 2012. Lessee shall lease the Premises from
Lessor during the Second Extension Term on the terms and conditions set forth
below.


 


2.             Base Rent. The Base Rent for the Premises during
the Second Extension Term shall be $67,828 per month from November 1, 2009
through June 30, 2012. Base Rent for any partial calendar month shall be
prorated based on the actual number of days in the calendar month.. In addition
to Base Rent, Lessee shall pay during the Second Extension Term all categories
of expenses attributable to the Premises and Project that Lessee was obligated
to pay during the Second Extension Term, including without limitation Lessee’s
Share of Common Area Operating Expenses (inclusive of property management fees
that increase annually per Paragraph 5 of the Second Addendum), parking charges
and also electrical, telephone and
janitorial services to the Premises.


 


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3.             “As-Is” Condition. Lessee shall accept the Premises in their
then “as is” physical condition as of the commencement date of the Second
Extension Term, without any obligation on Lessor’s part to make
any additions, repairs, improvements or alterations thereto.


 


4.             No Brokers. Each of Lessee and Lessor represents and warrants to the other that it
has not engaged any broker and finder to represent it in connection with this
Addendum. Each party agrees to pay any and all claims for brokers’ or finders’
fees or commissions claimed by any broker who asserts that it was engaged by
either in connection with the negotiation,
execution or consummation of
this Addendum.


 


5.             Ratification. Except as otherwise specifically provided in this
Addendum, all of the definitions, terms, covenants and conditions of the Lease
Agreement are hereby ratified, confirmed and remain in full force and effect, and
are hereby incorporated into this Addendum, and shall be applicable to Lessee’s
rental of the Premises during the Second Extension Term. This Addendum and the Lease Agreement supersede in their entirety any and all prior oral and written and email agreements
and understandings of the parties with respect to the Premises. This Addendum
may be signed by the parties in counterpart copies, and any party may deliver
its signature hereto via facsimile or electronic (PDF) transmission.


 


IN WITNESS WHEREOF, the parties have executed this Addendum as of the
date first written above.


 


 


	
  LESSOR:

  	
  PAS
  TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pablo
  Nankin

  
	
   

  	
   

  	
  Pablo
  Nankin, Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LESSEE:

  	
  BIDZ.COM,
  INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Zinberg

  
	
   

  	
  Name:

  	
  David
  Zinberg

  
	
   

  	
  Title:

  	
  Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Lawrence Kong

  
	
   

  	
  Name:

  	
  Lawrence
  Kong

  
	
   

  	
  Title:

  	
  Secretary

  



 


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