Document:

Exhibit 10.38

 

FIRST AMENDMENT TO LEASE

 

This
FIRST AMENDMEN TTO LEASE (this “Amendment”) is entered into this                
day of November, 2002, between Thermo Biostar, Inc., a
Delaware corporation (“Tenant”) and The Park at CTC, LLC,
a Colorado limited liability company (“Landlord”).

 

RECITALS

 

WHEREAS,
Tenant and Landlord entered into a Lease dated June 25, 2001 (the “Lease”) for
premises in that certain building commonly known as and numbered 331 South 104th
Street, Louisville, Colorado;

 

WHEREAS,
Pursuant to the second paragraph on page 1 of the Lease Tenant has designated a
portion of the Contiguous Space (as defined in the Lease) located on the first
floor of said building (the “Original First Floor Contiguous Space”); and

 

WHEREAS,
Landlord and Tenant wish to amend the Lease by replacing the Original First
Floor Contiguous Space with new space on the first floor of said building, all
as more particularly set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the Recitals, which shall be deemed to be a substantive
part of this Amendment, and the mutual covenants, promises and agreements
contained in this Agreement, the parties hereto do hereby covenant, promise and
agree as follows:

 

1.                                       Contiguous Space.

 

a.                                       New First Floor Contiguous Space and Second
Floor Contiguous Space

 

From
and after the date of this Amendment the “Contiguous Space” under the Lease
shall be comprised of:  (i) 9,390
rentable square feet in the southwest corner of the first floor of the Building
(the “New First Floor Contiguous Space”), and (ii) approximately 4,200 rentable
square feet on the second floor of the Building (the “Second Floor Contiguous
Space”). The Original First Floor Contiguous Space shown on Exhibit A attached
hereto is hereby replaced with the New First Floor Contiguous Space. The New
First Floor Contiguous Space and the Second Floor Contiguous Space are shown on
Exhibit A-1 attached hereto. Exhibit B-2 of the Lease is hereby deleted and
replaced with Exhibit A-1 attached hereto. The final rentable square feet area
of the Second Floor Contiguous Space shall be determined as set forth in third
paragraph on page one of the Lease prior to Tenant’s taking possession thereof
as set forth below. Upon acceptance of possession of the Second Floor
Contiguous Space by Tenant the total Premises area shall be no more than
approximately 75,000 rentable square feet.

 

From
and after the date of this Amendment: (i) Tenant shall have no rights or  obligations with respect to the Original
First Floor Contiguous Space; (ii) all references to “Contiguous Space” in the
Lease shall be deemed to refer collectively to the New First Floor Contiguous
Space and the Second Floor Contiguous Space, except that the terms and
conditions of this Amendment shall control with respect to all matters
concerning the construction of Tenant Improvements in the New First Floor
Contiguous Space; and (iii) Landlord hereby releases and indemnifies and agrees
to hold Tenant harmless from and against all claims, liabilities, demands,
actions, causes of action, costs and expenses of any kind whatsoever arising
from or in connection with 

 

1

 

the Original First Floor Contiguous
Space. Upon the New First Floor Contiguous Space Commencement Date, the New
First Floor Contiguous Space shall be subject to the terms of the Lease, as
amended hereunder. Until Landlord delivers possession of the Second Floor
Contiguous Space under the Lease, Tenant shall have no obligations under the
Lease with respect to the Second Floor Contiguous Space. The immediately
preceding sentence shall not be deemed to limit Tenant’s obligation under the
Lease to take possession of the Second Floor Contiguous Space as set forth in
the Lease.

 

All of the provisions in the
Lease concerning Tenant Improvements to be made to the Contiguous Space,
including without limitation, Sections 2.03, 3.02, 3.03, and 3.04 of the Lease
shall remain in full force and effect and are hereby ratified, provided,
however, that from and after the date of this Amendment all such provisions
shall apply only to the Second Floor Contiguous Space.

 

2.             Commencement Date:  The commencement date of the Term with
respect to the New First Floor Contiguous Space shall be January 1, 2003 (the “New
First Floor Contiguous Space Commencement Date”) provided that:  (i) the Tenant Improvements to be constructed
by Landlord in the New First Floor Contiguous Space are “substantially complete”
(as defined in Section 2(g) of the Work Letter attached to the Lease as Exhibit
E and attached to this Amendment as Exhibit B (the “Work Letter”)) (ii)
Tenant has received a temporary certificate of occupancy which permits Tenant’s
use of the New First Floor Contiguous Space for Tenant’s intended use; (iii)
the incompletion of items required for a permanent unconditional Certificate of
Occupancy will not materially impact Tenant’s occupancy, use, and enjoyment of
the New First Floor Contiguous Space, all as reasonably determined by Tenant;
and (iv) Tenant is able to commence its intended business operations within the
New First Floor Contiguous Space, subject only to the installation by Tenant of
its personal property. Landlord shall deliver possession of the New First Floor
Contiguous Space to Tenant on the New First Floor Contiguous Space Commencement
Date with the New First Floor Contiguous Space Improvements completed, as
required in this Amendment, and free of all tenants and occupants, if any, and
their personal property, fixtures, and equipment, broom clean, in good working
order and condition and in compliance with all applicable laws, codes,
ordinances, rules and regulations. Expiration of the term for the lease of the
New First Floor Contiguous Space shall be as set forth in Section 2.01 of the
Lease. Landlord and Tenant shall execute a certificate memorializing the New
First Floor Contiguous Space Commencement Date promptly upon determination of
such date. Landlord and Tenant shall work in good faith for completion of
construction of the New First Floor Contiguous Space Tenant Improvements at the
lowest practical cost and at the earliest reasonable time consistent with the
intended scope, image and budget/schedule for such Tenant Improvements, subject
to the terms and provisions of this Amendment.

 

3              Base Rent. Rent payments for the New First Floor
Contiguous Space shall commence on the New First Floor Contiguous Space
Commencement Date. Base Rent for the New First Floor Contiguous Space shall be
calculated based on the dollar per rentable square foot amount set forth in
Section 4.01 of the Lease in effect on the New First Floor Contiguous Space
Commencement Date and shall increase thereafter on the same dates as the
Initial Premises Base Rent increases as set forth in Section 4.01, provided,
however, that Rent shall be prorated on a per diem basis for any partial year
and month during the term of the New First Floor Contiguous Space.

 

4.                                       Improvement Allowance.

 

a. New First Floor
Contiguous Space Improvement Allowance. The provisions of this Section 4
shall control as to the payment by Landlord and application by Tenant of an
improvement allowance (the “New First Floor Contiguous Space Improvement
Allowance”) for use in completing the Tenant Improvements in the New First
Floor Contiguous Space. The New First Floor Contiguous Space Improvement Allowance
shall be $230,154.00. The total New First Floor Contiguous Space Improvement
Allowance shall be made available to Tenant upon execution of this Amendment.

 

2

 

b. Tenant Improvements.
The Tenant Improvements in the New First Floor Contiguous Space shall be
completed pursuant to final, approved construction documents, based on the
preliminary specifications and plans attached to the proposal request dated
September 30, 2002, delivered by Tenant to Landlord on said date. Within five
(5) business days after the date of this Amendment Landlord shall submit a
Project Schedule to Tenant for Tenant’s approval, based on such preliminary
specifications and plans. Landlord and Tenant shall diligently work together in
good faith to agree on a Project Schedule and to finalize the specifications
and plans for the New First Floor Contiguous Space Tenant Improvements (such
final specifications and plans are hereinafter referred to as the “Final Plans”).
Landlord shall construct or cause to be constructed the New First Floor
Contiguous Space Tenant Improvements. Section 2 (with the exception of the
requirement in Section 2(c) that Landlord seek competitive bids from not less
than three general contractors and the second sentence of Section 2(b) and
Sections 3(b) and 3(c) of the Work Letter are incorporated herein by reference
and shall control with respect to the New First Floor Contiguous Space Tenant
Improvements, including, without limitation, (i) the determination of the costs
of the New First Floor Contiguous Space Tenant Improvements and the application
thereto of the New First Floor Contiguous Space Improvement Allowance; (ii) the
performance of the construction of such Tenant Improvements by Landlord; and
(iii) Tenant’s acceptance of such Tenant Improvements. Landlord shall enter
into a cost-plus a fixed fee and guaranteed maximum price contract with Golden
Triangle Construction (“GTC”), subject to Tenant’s written approval (the “GTC
Contract”). Such contract shall obligate GTC to obtain competitive bids for the
construction of the New First Floor Contiguous Space Tenant Improvements, with
final bids for all aspects of such Tenant Improvements to be approved by Tenant’s
project manager prior to acceptance by GTC. Landlord, GTC nor any subcontractor
shall make any changes to the scope and/or cost of such Tenant Improvement
work, as set forth in any such accepted bids or the GTC Contract, without
Tenant’s prior written approval. In addition to such Work Letter provisions,
Tenant may apply the New First Floor Contiguous Space Improvement Allowance to
all costs and expenses incurred by Tenant in connection with the preparation of
the preliminary specifications and plans and the Final Plans. Tenant’s Project
Manager shall be Robert Fraley. Tenant may designate a new Project Manager upon
written notice to Landlord.

 

c.             Construction Costs. In the event the actual costs
and expenses for planning and construction of the New First Floor Contiguous
Space Tenant Improvements is less than the total New First Floor Contiguous
Space Improvement Allowance, the excess amount shall be credited to Tenant in
the form of abatement of Base Rent, beginning as of the first date of the month
following reconciliation of all improvement costs and the New First Floor
Contiguous Space Improvement Allowance and continuing until the entire excess
is utilized.

 

5.             Agency. Tenant acknowledges that PointSource
Corporate Real Estate Solutions, Inc. (“PointSource”) is acting as Tenant’s
agent and that payment of a commission to PointSource related to this  Amendment is the responsibility of Tenant.
Tenant warrants and agrees to save and hold Landlord harmless from any and all
leasing commissions, costs and liabilities, including reasonable attorneys’
fees, with respect to this Amendment for which Tenant is responsible.

 

6.             Miscellaneous. 

 

a.             Notwithstanding any provision in the Lease to the
contrary, including Section 5.01, upon the New First Floor Contiguous Space
Commencement Date, “Tenant’s Proportional Share” under the Lease shall be
66.6%.

 

7.             Definitions. Capitalized terms used without
definition herein shall have the meanings assigned to them in the Lease.

 

8.             Full Force and Effect. To the extent not amended
or modified herein, the Lease shall remain in full force and effect and is
hereby ratified.

 

9.             Counterparts. This Amendment may be executed in
one or more counterparts, each of which shall be considered an original and all
of which together shall constitute one and the same Amendment.

 

3

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this
Amendment to be duly and properly executed as of the date first set forth
above.

 

	
   

  	
  THE PARK AT CTC, LLC,

  
	
   

  	
  A Colorado limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Donald J. Marcotte
  12/27/02

  	
   

  
	
   

  	
   

  	
   

  	
  Donald J. Marcotte,

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THERMO BIOSTAR, INC.,

  
	
   

  	
  A Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/Noel Doheny

  	
  12-9-02

  	
   

  
	
   

  	
   

  	
  Noel Deheny, President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted and acknowledged:

  	
   

  
	
   

  	
   

  
	
  THERMO ELECTRON CORPORATION,

  	
   

  
	
  A Delaware corporation,

  	
   

  
	
  Guarantor of the Lease

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/Thomas J. Burke

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Thomas J. Burke

  	
   

  	
   

  
	
  Tile:

  	
   

  	
  VP, Global Business
  Services

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  	
  December 11, 2002

  	
   

  	
   

  
																

 

4

 

EXHIBIT
A

(Original
First Floor Contiguous Space Floor Plan)

 

5

 

 

6

 

EXHIBIT
A-1

(New
First Floor Contiguous Space and Second Floor Contiguous Space Floor Plans)

 

7

 

 

8

 

 

9

 

EXHIBIT
B

(Work
Letter)

 

10

 

EXHIBIT
E

 

WORK
LETTER

 

This Work Letter, dated June
25, 2001, referenced in the Lease of even date herewith (the “Lease”)
wherein Thermo BioStar, Inc., a Delaware corporation (“Tenant”) has agreed to
lease certain office space from The Park at CTC, LLC, a Colorado limited
liability company (“Landlord”) at property known as The Park at CTC,
Louisville, Colorado, and more fully described in said Lease. Unless otherwise
defined herein, all capitalized terms used herein shall have the respective
meanings assigned in the Lease.

 

1.             Tenant Improvements.

 

(a)           Any improvements to be made within the Premises for the
benefit of Tenant, whether within the Initial Premises, Contiguous Space or
Expansion Space, which are not a part of the Base Building, shall be referred
to herein and in the Lease as the “Tenant Improvements”. The parties hereto
expressly acknowledge and agree that the Tenant Improvements within the Initial
Premises are to be constructed by Landlord pursuant to the terms and conditions
of this Work Letter. Where Tenant elects in conformance with the Lease to
require Landlord to perform the Tenant Improvements within the Contiguous Space
or Expansion Space, then this Work Letter shall be applicable to the
performance of the same, except that Landlord shall generate a new Project
Schedule for Tenant’s approval.

 

(b)            Within the time period set forth in the Project Schedule,
Landlord shall cause its architect (“Landlord’s Architect”, which for purposes
of the Initial Premises shall be Intergroup Architects) to prepare drawings for
the Tenant Improvements (“Tenant Improvement Drawings”) contemplated by Tenant,
and the same shall include (i) details of space occupancy; (ii) sprinkler
locations; (iii) reflected ceiling plans; (iv) partition and door locations;
(v) electrical and mechanical plans and components, including details of
capacity, location and configuration; (vi) telephone plans noting any special
requirements; (vii) fire safety and security systems; (viii) detail plans; and
(ix) finish plans and schedules. Tenant shall have the right to approve all
aspects of the Tenant Improvement Drawings. Landlord’s Architect shall prepare
and revise the Tenant Improvement Drawings pursuant to Tenant’s comments and
requirements and shall deliver to Landlord and Tenant such revised documents,
noting any changes from previous versions for Landlord’s and Tenant’s approval.
Review and revision of the Tenant Improvement Drawings shall continue until the
Tenant Improvement Drawings are approved by Landlord and Tenant, which approval
shall not be unreasonably withheld or delayed. Both Landlord and Tenant shall
work in good faith and shall coordinate their respective efforts in order to
complete the drawings at the earliest reasonable time. The final Tenant
Improvement Drawings, when approved, by Landlord and Tenant, are referred to
herein as the “Final Plans”. Landlord or Tenant, as applicable, shall construct
the Tenant Improvements in a good and workmanlike manner in conformance with
the Final Plans.

 

2.             Cost and Performance of
Tenant Improvements.

 

(a)           Work Cost Estimate and Statement. Prior to the
commencement of construction of any of the Tenant Improvements shown on the
Final Plans, Landlord will submit to Tenant a written estimate of the cost to
complete the Tenant Improvements, which written estimate will be based on the
Final Plans and a guaranteed maximum price construction contract, taking into
account any modifications which may be required to reflect changes in the Final
Plans required by the City or County in which the Premises are located (the “Work
Cost Estimate”). Tenant will either approve the Work Cost Estimate or
disapprove specific items and submit to Landlord revisions to the Final Plans
to reflect deletions of and/or substitutions for such disapproved items.
Submission and approval of the Work Cost Estimate will proceed in accordance
with the Project Schedule. Upon Tenant’s approval of the Work Cost Estimate,
the same shall be hereinafter known as the “Work Cost Statement”.

 

(b)           Tenant will pay the cost of the Tenant Improvements set
forth in the Work Cost Statement, including but not limited to actual costs
incurred for all design and planning by Landlord’s Architect, design or
engineering firms, and the costs of construction, including labor, Tenant’s
project management, supervision, and cleanup costs. Landlord shall apply the
Improvement Allowance to the cost 

 

11

 

of the Tenant Improvements in conformance with Section 3 of the Lease. If
the cost of the Tenant Improvements exceeds the Improvement Allowance, then
Tenant shall pay the difference to Landlord within thirty (30) days from
written notice from Landlord, which notice shall be accompanied in each
instance by an invoice or other evidence of the relevant work cost item. Tenant
shall have the right to audit the books and records of Landlord at any time
during the construction of the Tenant Improvements or within thirty (30) days
of any demand by Landlord for payment of excess costs above the Improvement
Allowance for the purpose of determining whether Landlord has appropriately and
duly incurred any cost item applied towards the cost of the Tenant Improvements.
If Tenant’s audit reveals that a work cost item was inappropriately charged
against the cost of the Tenant Improvements, then such work cost items shall be
deducted from the total cost of the Tenant Improvements, and reimbursed to
Tenant if previously paid.

 

(c)            Before commencing any work relating to the Tenant
Improvements, Landlord shall seek competitive bids from not less than three (3)
general contractors for the guaranteed maximum price construction contract. Tenant
shall have the right to approve of the general contractor selected. Tenant
shall also have the right to approve of all cost components of the construction
contract to the extent they vary from the Work Cost Statement. Subject to
Tenant’s right to select an alternate contractor, and subject to Landlord’s
reasonable approval of any alternate contractor, the parties have tentatively
selected Golden Triangle Construction as the general contractor for the
construction of the Tenant Improvements within the Initial Premises. The final
general contractor selected by the parties shall request not less than three
(3) competitive bids for all subcontract work to be performed, except where
otherwise agreed between Tenant and Landlord, and will provide to Tenant a
breakdown of all costs prior to the commencement of any work.

 

(d)            Notwithstanding any other provision of this Work Letter,
Tenant shall have the right to approve of all plans, specifications, and costs
prior to commencement of any and all Tenant Improvements, and Landlord shall
fully inform Tenant of any other expenses related to the Tenant Improvements,
whether from the Improvement Allowance or to be paid directly by Tenant, including
but not limited to any change orders, prior to the commencement of such work.

 

(e)            The cost of Tenant Improvements to be paid from (and to
the extent of) the Improvement Allowance, shall include any and all costs/fees
associated with construction related activities for completion of the Tenant
Improvements which are approved by Tenant’s Project Manager, including but not
limited to (i) preparation and modification of the Tenant Improvement Drawings
by architect, design, or engineering firms, (ii) labor, supplies, and other
associated costs for physical construction of the Tenant Improvements, (iii)
consultant’s and vendor’s fees, (iv) Project Management fees to Tenant’s
Project Manager as described below, (v) cabling within the Premises, and (vi)
signage other than that which is provided by Landlord as part of Landlord’s
Work or which is otherwise normally provided by Landlord at no cost to tenants
of the Building, and (vii), all additional costs or expenses attributable to
any change in the Tenant Improvement Drawings. The Improvement Allowance will
not be used to pay for any bonding, or other costs charged by, at the
insistence of, or on behalf of Landlord, its employees, or agents.

 

(f)            Landlord shall cause the general contractor to perform
the Tenant Improvements in accordance with the Final Plans and in a good and
workmanlike manner.

 

(g)           For purposes of this Work Letter and the Lease, the term “substantially
complete” shall mean when the general contractor certifies in writing to
Landlord and Tenant that Landlord has substantially completed all of the Tenant
Improvements or Base Building, as applicable, other than decoration and minor “punch
list” type items and adjustments which do not materially interfere with Tenant’s
access or use of the Premises.

 

3.             Acceptance of Base
Building and Tenant Improvements.

 

(a)           Base Building. Tenant’s Project Manager or other
representative authorized by Tenant shall conduct an inspection of the Base
Building with Landlord or Landlord’s authorized representative within twenty
one (21) days after written notification to Tenant’s Project Manager that
Landlord deems that the Base Building is substantially complete, and shall
provide Landlord with a “punch list” of all items to be completed and/or
corrected. Any items not on such “punch list” shall be deemed accepted by
Tenant, 

 

12

 

except for latent defects. Landlord shall correct any “punch list” item
or latent defect at its sole cost and expense within a reasonable period of
time thereafter, and in any event shall commence completion of the “punch list”
items and/or correction of a latent defect within three (3) days of receipt of
Tenant’s notice, and shall complete the “punch list” item or correction of the
latent defect no later than ten (10) days after such notification, unless such
completion or correction requires more than ten (10) days, and Landlord has
commenced the completion or correction within the three (3) day period and
diligently performs the same to completion. In the event Landlord and Tenant do
not agree on as to the completion or correction of any particular “punch list”
item, Landlord’s Architect shall make the final determination as to whether the
same has been completed or corrected.

 

(b)            Tenant Improvements. Landlord shall provide Tenant
with ten (10) days prior written notice of the date on which the Tenant
Improvements shall be substantially completed by Landlord. Tenant’s Project
Manager or other representative authorized by Tenant’s Project Manager shall
then conduct an inspection of the Premises with Landlord or Landlord’s
representative within seven (7) days of the date of substantial completion. Within
said seven (7) day period, a “punch list” will be prepared by Tenant’s Project
Manager or another authorized representative of Tenant, describing “punch list”
items to be completed and/or corrected by Landlord. Any items not on such “punch
list” shall be deemed accepted by Tenant, except for any latent defects. Landlord
shall correct any “punch list” item or latent defect at its sole cost and
expense within a reasonable period of time thereafter, and in any event shall
commence completion of the “punch list” items and/or correction of a latent
defect within three (3) days of receipt of Tenant’s notice, and shall complete
the “punch list” item or correction of the latent defect no later than ten (10)
days after such notification, unless such completion or correction requires
more than ten (10) days, and Landlord has commenced the completion or correction
within the three (3) day period and diligently performs the same to completion.
In the event Landlord and Tenant do not agree on as to the completion or
correction of any particular “punch list” item, Landlord’s Architect shall make
the final determination as to whether the same has been completed or corrected.

 

(c)            Latent Defect. A “latent defect” is a defect in
the condition of the Base Building or Premises discovered within the first
twelve (12) months from the Commencement Date which defect is not observed
during the relevant walk-through inspection.

 

4.             Miscellaneous.

 

(a)           Landlord and Tenant shall work in good faith for
completion of construction of the Base Building and Tenant Improvements at the
lowest practical cost and at the earliest reasonable time consistent with the
intended scope, image, and budget/schedule for the project, subject to the
terms and provisions outlined in this Work Letter and the Lease. Landlord
acknowledges that this may include, but is not limited to, the possibility of
staged construction and/or temporary permits for construction and occupancy of
all or a portion of the Premises as of April 15, 2002.

 

(b)            This Work Letter is being executed in conjunction with
the Lease and is subject to each and every term and condition thereof,
including, without limitation, the limitations of Landlord’s and Tenant’s
liability set forth therein.

 

( c)           Landlord’s Architect and the general contractor selected
shall be responsible for determining all physical dimensions of the Premises
and the Building which affects any work to be performed by or for Tenant
hereunder.

 

13

 

(d)            Tenant’s Project Manager is CRESA Partners. Tenant’s
Project Manager shall approve all plans and costs for Tenant Improvements, in
writing, prior to commencement of such work, shall approve all change orders,
in writing, prior to commencement of work related to any such change orders,
and shall approve all invoices and payment requests prior to disbursement by
Landlord of any related funds from the Improvement Allowance.

 

Dated this 21st day
of June, 2001.

 

	
  Landlord:

  	
  Tenant:

  
	
  The Park at CTC, LLC,

  	
  Thermo BioStar, Inc., a
  Delaware corporation

  
	
  A Colorado limited
  liability

  	
   

  
	
  company

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Donald J. Marcotte

  	
   

  	
  By:

  	
  /s/Noel Doheny

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Donald J. Marcotte

  	
   

  	
  Name:

  	
  Noel Doheny

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  6/25/01

  	
   

  	
  Date:

  	
  6.21.01

  	
   

  

 

 

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EXHIBIT 10.13    
    

SUMMARY
OF DIRECTOR COMPENSATION 

        The
compensation of the non-employee members of the Board of Directors is as follows: 

	COMPENSATION
 
	 	AMOUNT

	Annual retainer	 	$20,000	 	 
	Additional compensation:	 	 	 	 
	Fee per Board Meeting	 	2,000	 	 
	Annual fee for Chairperson of Nominating and Corporate Governance Committee	 	5,000	 	 
	Annual fee for Chairperson of Compensation Committee	 	15,000	 	 
	Annual fee for Chairperson of Audit Committee	 	25,000	 	 
	

Committee meetings and telephonic meetings of the Board	
 	

No additional fee (part of annual retainer)
	

Initial stock option grant for a new Director	
 	

10,000 shares of common stock to be granted on the date of election. These options vest in three equal annual installments and have an exercise price equal to the closing price of our common stock on the NYSE on the date of grant.
	

Annual stock option grant	
 	

5,000 shares of common stock to be granted on the date of each Annual Meeting. These options vest in three equal annual installments and have an exercise price equal to the closing price of our common stock on the NYSE on the date of
grant.

        The
compensation of our non-employee directors is determined on an approximate 52-week period (the "Annual Directors Term") that runs from annual meeting date to
annual meeting date rather than on a calendar year. A director may elect to receive his or her annual fee or meeting attendance fees for an Annual Directors Term in the form of shares of common stock
in lieu of cash payments. If a director elects to receive shares of common stock in lieu of cash as payment for the annual fee or meeting attendance fees, the number of shares to be received by the
director will be determined by dividing the dollar value of the annual fee or the meeting attendance fees owed by the closing price of our common stock as reported on the NYSE on the last day of the
Annual Directors Term. 

        Directors
generally make their elections as to the form of compensation for his or her annual fee or meeting attendance fees in July of each year and such election is valid for the
Annual Directors Term beginning in the calendar year in which the election is made. 

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EXHIBIT 10.13

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