EXHIBIT 10.1


 


AMENDMENT TO 


 


AMENDED AND RESTATED LEASE AGREEMENT


 


This Amendment (“Amendment”)
to that certain Amended and Restated Lease Agreement dated October 11, 2017 (“Lease”) by and between TNT Holdings, LLC
(“Landlord”) and Purple Innovation, LLC (“Tenant”) is made and entered effective as of the last date of
execution of this Amendment by Landlord or Tenant (as applicable) as set forth in the signature page hereof (the “Effective
Date”). All defined terms used in this Amendment shall be as defined in the Lease unless otherwise noted.


 


WHEREAS under the existing terms of paragraph
23 of the Lease Landlord is required to carry a commercial general liability policy covering the outside areas of the Entire Premises
and special form causes of loss insurance covering Landlord’s improvements to the Entire Premises, and Tenant is obligated to pay
for the premiums thereof; and


 


WHEREAS Landlord and Tenant have agreed
that Tenant shall undertake to directly carry a commercial general liability policy covering the outside areas of the Entire Premises
and special form causes of loss insurance covering Landlord’s improvements to the Entire Premises and name Landlord as an additional
insured, with the obligation to insure passing from Landlord to Tenant as soon as commercially practical after the Effective Date
of this Amendment.


 


Paragraphs 23 through 25 of the Lease are
hereby amended to state:


 


23. Insurance. Tenant
shall, at all times during the Term, carry a policy or policies of commercial general liability insurance covering the outside
areas of the Entire Premises and special form causes of loss insurance covering Landlord’s improvements to the Entire Premises,
all in such forms and amounts and with such deductibles as Tenant reasonably deems appropriate and which is subject to annual approval
by Landlord, which approval shall be within ten (10) days of Tenant’s request and shall not be unreasonably withheld (collectively,
“Insurance”). Tenant shall pay all the costs of such insurance. Landlord shall be named an additional insured on such
insurance policies.


 


24. Insurance. Tenant
will provide to Landlord an annual statement of insurance evidencing insurance arranged by the Tenant.


 


25. Summary. Upon receipt
of the statements for Real Estate Taxes, Landlord shall compute the amount due from Tenant, and a summary shall be furnished to
Tenant reflecting the amount due. If the amounts paid by Tenant during the preceding period were in excess of Tenant’s Share of
such Real Estate Taxes or other costs as defined in this Lease, the excess shall be credited against the next ensuing payments
due from Tenant, and if the amount paid by Tenant is less than Tenant’s Share of such Real Estate Taxes or other costs as defined
in this Lease, Tenant shall pay the deficiency within ten (10) days after receipt of notice thereof.


 




     


     


    

 


IN WITNESS WHEREOF, the undersigned parties
have executed this Amendment.


 


	TENANT:	 
	Purple Innovation, LLC	 
	 	 	 
	Signature: 	/s/ Casey McGarvey	 
	 	 	 
	Name:	Casey McGarvey	 
	 	 	 
	Title:	Chief Legal Officer	 
	 	 	 
	Date:	April 23, 2020	 
	 	 	 
	LANDLORD:	 
	TNT Holdings, LLC	 
	 	 	 
	Signature:	/s/ Tony Pearce	 
	 	 	 
	Name:	Tony Pearce	 
	 	 	 
	Title:	Manager	 
	 	 	 
	Date:	April 23, 2020