Document:

Exhibit
10.1

OVERSTOCK.COM,
INC.

INDEMNIFICATION AGREEMENT

This Indemnification
Agreement (this “Agreement”)
is made as of __________  __, 20__, by
and between Overstock.com, Inc., a Delaware corporation (the “Company”), and
______________________ (“Indemnitee”).

RECITALS

A.            The Company desires to attract and retain
the services of highly qualified individuals, such as Indemnitee, to serve as
officers and directors of the Company and to indemnify its officers and
directors so as to provide them with the maximum protection permitted by law.

B.            The Company’s Certificate of
Incorporation and Bylaws, each as amended and in effect on the date hereof,
permit the Company to indemnify its officers and directors to the maximum
extent permitted under the Delaware General Corporation Law.

AGREEMENT

NOW, THEREFORE, in consideration for Indemnitee’s
services as an officer or director of the Company and the mutual covenants and
agreements set forth herein, the Company and Indemnitee hereby agree as
follows:

1.             Indemnification.

(a)           Third Party Proceedings.  The Company shall indem­nify Indemnitee if
Indemnitee is or was a party or is threatened to be made a party to any
threatened, pending or completed action, suit, proceeding (including, but not
limited to, any alternative dispute resolution mechanism), whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Company, as provided in Section 1(b), below) by reason of the fact
that Indemnitee is or was a director, officer, employee or agent of the
Company, or any subsidiary of the Company, or by reason of the fact that
Indemnitee is or was serving at the request of the Company as a director,
officer, employee or agent of another corpo­ra­tion, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement (if such settlement is
approved in advance by the Company, which approval shall not be unreasonably
withheld) actually and reason­ably incurred by Indemnitee in defending such
action, suit or proceeding (including, but not limited to, any alternative
dispute resolution mechanism) if Indemnitee acted in good faith and in a manner
Indem­nitee reasonably believed to be in or not opposed to the best interests
of the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe Indemnitee’s conduct was unlawful.  The termina­tion of any action, suit or
proceeding by judgment, order, settle­ment, conviction, or upon a plea of nolo
contendere or its equiva­lent, shall not, of itself, create a
presumption that Indemnitee did not act in good faith and in a manner which
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company, and, with respect to any criminal action or proceeding, had
reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

 

(b)           Action or Suit By or in the Right of the Company.  The Company shall indemnify Indemnitee if
Indemnitee is or was a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the
Company or any subsidiary of the Company to procure a judgment in its favor by
reason of the fact that Indemnitee is or was a director, officer, employee or
agent of the Company, or any subsidiary of the Company, or by reason of the
fact that Indemnitee is or was serving at the request of the Company as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys’
fees) and, to the fullest extent permitted by law, amounts paid in settlement
actually and reasonably incurred by Indemnitee in connection with the defense
or settlement of such action or suit if Indemnitee acted in good faith and in a
manner Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company, except that no indemnification shall be made in
respect of any claim, issue or matter as to which Indem­nitee shall have been
adjudged to be liable to the Company unless and only to the extent that the
Court of Chancery or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indem­nitee is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery or such
other court shall deem proper.

(c)           Mandatory Payment of Expenses.  To the extent that Indemnitee has been
successful on the merits or otherwise (including, without limitation, a
dismissal with prejudice) in defense of any action, suit or proceeding referred
to in Subsec­tions (a) and (b) of this Section 1, or in defense of
any claim, issue or matter therein, Indemnitee shall be indemnified against
expenses (including attorneys’ fees) actually and reasonably incurred by
Indemnitee in connection therewith.

(d)           Advancement of Expenses.  The Company shall pay all expenses incurred
by Indemnitee in defending any civil, criminal, administrative or investigative
action, suit or proceeding referenced in subsections (a) or (b) hereof (but not
amounts actually paid in settlement of any such action, suit or proceeding) in
advance of the final disposition of such action, suit or proceeding.  Indemnitee hereby undertakes to repay such
amounts advanced if, and to the extent that, it shall ulti­mately be determined
that Indemnitee is not entitled to be indemnified by the Company; provided,
however, that if Indemnitee has commenced or thereafter commences
legal proceedings in a court of competent jurisdiction to secure a
determination that Indemnitee should be indemnified, any determination made
pursuant to Section 2(b) below that Indemnitee is not entitled to be
indemnified by the Company shall not be binding with respect to the advancement
of expenses by the Company and Indemnitee shall continue to be eligible to have
expenses advanced under this Section 1(d) and shall not be required to
reimburse the Company for any advance of expenses until a final judicial
determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed). 
The Company may require that Indemnitee furnish an additional written statement(s)
prior to each advancement of expenses stating that Indemnitee undertakes to
repay such amounts advanced if, and to the extent that, it shall ulti­mately be
determined that Indemnitee is not entitled to be indemnified by the Company.

2.             Procedure.

(a)           Notice/Cooperation by Indemnitee.  Indemnitee shall, as a condition precedent to
Indemnitee’s right to be indemnified or have expenses advanced under this
Agreement, give the 

 

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Company notice in writing as soon as practic­able of
any action, suit or proceeding or the threat of any action, suit or proceeding
made against Indemnitee for which indemnifica­tion will or could be sought
under this Agreement, but in no event later than seven (7) days after
Indemnitee’s receipt of a summons, legal complaint or written notice of any
such action, suit or proceeding.  Notice
to the Com­pany shall be given as provided in Section 9 below.  In addition, Indemnitee shall give the
Company such information and cooperation as the Company may reasonably require
and as shall be within Indemnitee’s power.

(b)           Authorization and Reviewing Party.

(i)            Authorization.   Any indemnification or advancement of expenses as set forth in
Section 1 above (unless ordered by a court) shall be made by the Company only
as authorized in the specific case upon a determination that indemnification of
Indemnitee or advancement of expenses is proper in the circumstances because
Indemnitee has met the applicable standard of conduct set forth in Sections
1(a) and 1(b) above.

(ii)           Reviewing Party.  The determination referenced in Section 2(b)(i) above shall be
made, as selected by the Board of Directors, by either: (1) a majority vote of
the directors who are not parties to such action, suit or proceeding, even
though less than a quorum, or (2) a committee of such directors designated by
majority vote of such directors, even though less than a quorum, or (3) if all
of the directors are parties to such action, suit or proceeding, an Independent
Counsel (as defined in Section 8 below) in a written opinion addressed to the
Board of Directors and Indemnitee, or (4) the vote of the stockholders owning
at least a majority of the Company’s outstanding Voting Securities (as defined
in Section 8 below) on a fully-diluted basis.

(iii)          Reviewing Party following Change of Control.  Notwithstanding Section 2(b)(ii) above, upon
and following a Change of Control (as defined in Section 8 below) (other than a
Change of Control which has been approved by a majority of the Company’s Board
of Directors who were directors immediately prior to such Change of Control)
the rights of Indemnitee to indemnification or advancement of expenses under
this Agreement shall be determined by an Independent Counsel.  Such Independent Counsel, among other
things, shall render its written opinion to the Company’s Board of Directors
and Indemnitee as to whether and to what extent Indemnitee would be permitted
to be indemnified under applicable law and the Company agrees to abide by such
opinion.  The Company agrees to pay the
reasonable fees of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all expenses (including attorneys’
fees), claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto. 
Notwithstanding any other provision of this Agreement, the Company shall
not be required to pay the fees and expenses of more than one Independent
Counsel in connection with all matters concerning a single Indemnitee, and such
Independent Counsel shall be the Independent Counsel for any or all other
Indemnitees, if any, unless (i) the employment of separate counsel by one or
more Indemnitees has been previously authorized by the Company in writing, or
(ii) an Indemnitee shall have provided to the Company a written statement that
such Indemnitee has reasonably concluded that there may be a conflict of
interest between such Indemnitee and the other Indemnitees with respect to the
matters arising under this Agreement.

 

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(c)           Timing. 
Subject to Section 2(b) above, any indemnification and advances pro­vided
for in Section 1 shall be made no later than thirty (30) days after
receipt by the Company of a written request from Indemnitee requesting such
indemnification or advancement of expenses pursuant to this Agreement.

(d)           No Presumptions.  In the event that any legal proceedings are insti­tuted by
Indemnitee under this Agreement to secure a determination that Indemnitee
should be indemnified under this Agreement, it is the parties’ intention that
the question of Indemnitee’s right to indemnification shall be for the courts
to decide, and neither the failure of the Company (including its Board of
Directors, or any committee or subgroup of the Board of Directors, the
Independent Counsel or the Company’s stockholders) to have made a determination
pursuant to Section 2(b) above that indemnification of Indemnitee is proper
under the circumstances because Indemnitee has met the applicable standard of
conduct required by applicable law, nor an actual determination pursuant to
Section 2(b) above that Indemnitee has not met such applicable standard of
conduct, shall create a presumption that Indemnitee has or has not met the
applicable standard of conduct.  Absent
such legal proceedings by Indemnitee, any determination made pursuant to
Section 2(b) above shall be conclusive and binding on the Company and
Indemnitee.

(e)           Notice to Insurers.  If, at the time of the receipt of a notice
of an action, suit or proceeding pursuant to Section 2(a) hereof, the
Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such action, suit or proceeding
to its insurers in accordance with the procedures set forth in the respective
policies.  The Company shall thereafter
make all reasonable efforts to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such action, suit or proceeding
in accordance with the terms of such policies.

(f)            Selection of Counsel.  In the event the Company shall be obligated
to indemnify or advance expenses as set forth in Section 1 above, the Company
shall be entitled to assume the defense of such action, suit or proceeding with
counsel approved by Indemnitee (which approval shall not be unreasonably
withheld) upon the delivery to Indemnitee of written notice of its election to
do so.  After delivery of such notice
and approval of such counsel by Indemnitee, the Company will not be liable to
Indem­nitee under this Agreement for any fees or expenses of counsel
subsequently incurred by Indemnitee with respect to the same action, suit or
proceeding; provided,
however,
that if either (i) Indemnitee shall have reasonably concluded that
there may be a conflict of interest between the Company and Indemnitee in the
conduct of any such defense, or (ii) after the approval of the retention
of such counsel by Indemnitee, the Company shall not, in fact, have retained
counsel to assume the defense of such proceeding within a reasonable time after
Indemnitee’s approval, then Indemnitee shall notify the Company that it is
again retaining its own counsel and the Company shall again be obligated to pay
the fees and expenses of Indemnitee’s counsel to the extent not otherwise limited
by any other section of this Agreement. 
Notwithstanding this Section 2(f), Indemnitee may at any time retain its
own counsel at its sole expense.

3.             Additional Indemnification Rights;
Nonexclusivity.

(a)           Scope. 
The Company hereby agrees to hold harmless and indemnify Indemnitee to 

 

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the fullest extent permitted by law, notwithstanding
that such indemnification is not specifically authorized by the other provi­sions
of this Agreement, the Company’s Certificate of Incorpora­tion, the Company’s
Bylaws or by statute.  In the event of
any change, after the date of this Agreement, in any applicable law, statute,
or rule which expands the right of a Delaware corporation to indemnify a member
of its board of directors or an officer, such changes shall be, ipso facto,
within the purview of Indemnitee’s rights and Company’s obligations, under this
Agreement.  In the event of any change
in any applicable law, statute or rule which narrows the right of a Delaware
corporation to indemnify a member of its board of directors or an officer, such
changes, to the extent not otherwise required by such law, statute or rule to
be applied to this Agreement shall have no effect on this Agreement or the
parties’ rights and obligations hereunder.

(b)           Nonexclusivity. The indemnification and
advancement of expenses provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may be entitled under the
Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of
stockholders or disinterested directors, the Delaware General Corporation Law,
or otherwise, both as to action in Indemnitee’s official capacity and as to
such action in another capacity while holding such office.  The indemnification and advancement of
expenses provided under this Agree­ment shall continue as to Indemnitee for any
action taken or not taken while serving in an indemnified capacity even though
Indemnitee may have ceased to serve in such capacity at the time of any action,
suit or other covered proceeding.

4.             Partial Indemnification.  If Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of the expenses, judgments, fines or settlements actually or reasonably
incurred by Indemnitee in the investiga­tion, defense, appeal or settlement of
any civil or criminal action, suit or proceeding, but not, however, for the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such expenses, judgments, fines or settlements to which
Indemnitee is entitled.

5.             Mutual Acknowledgement.  Both the Company and Indemnitee acknowledge
that in certain instances, the laws of the United States or applicable public
policy may prohibit the Company from indemnifying its directors and officers
under this Agreement or otherwise. 
Indem­nitee understands and acknowledges that the Company has undertaken
or may be required in the future to undertake with the Securities and Exchange
Commission to submit the question of indemnification to a court in certain
circumstances for a determination of the Company’s right under public policy to
indemnify Indemnitee.

6.             Liability Insurance.  To the extent the Company maintains
liability insurance applicable to directors, officers, employees, agents or
fiduciaries, Indemnitee shall be covered by such policies in such a manner as
to provide Indemnitee the same rights and benefits as are accorded to the most
favorably insured of the Company’s directors, if Indemnitee is a director; or
of the Company’s officers, if Indemnitee is not a director of the Company but
is an officer.  Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such insurance.

 

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7.             Exceptions.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

(a)           Excluded Acts or Omissions.  (i) To indemnify Indemnitee for Indemnitee’s
acts, omissions or transactions from which Indemnitee may not be indemnified
under applicable law; or (ii) to indemnify Indemnitee for Indemnitee’s
intentional acts or transactions in violation of the Company’s policies;

(b)           Claims Initiated by Indemnitee.  To indemnify or advance expenses to
Indemnitee with respect to actions, suits or proceedings initiated or brought
voluntarily by Indemnitee and not by way of defense, except (i) with respect to
actions, suits or proceedings brought to establish or enforce a right to
indemnification under this Agree­ment or any other agreement or insurance
policy or under the Company’s Certifi­cate of Incorporation or Bylaws now or
hereafter in effect, (ii) in specific cases, if the Board of Directors has
approved the initiation or bringing of such action, suit or proceeding, or
(iii) as otherwise required under Section 145 of the Delaware General
Corporation Law, or successor statute, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advance
expense payment or insurance recovery, as the case may be;

(c)           Lack of Good Faith.  To indemnify Indemnitee for any expenses
incurred by Indemnitee with respect to any action, suit or proceeding
instituted by Indemnitee to enforce or interpret this Agreement, if a court of
competent jurisdiction determines that each of the material assertions made by
Indemnitee in such action, suit or proceeding was not made in good faith or was
frivolous;

(d)           Insured Claims; No Duplicate Payments.  To indemnify Indemnitee or advance expenses
to the extent that Indemnitee has otherwise already actually received payment
of such amounts directly from any third party, including, but not limited to,
insurance companies under liability insurance maintained by the Company; or

(e)           Claims Under Section 16(b).  To indemnify Indemnitee for expenses and the
payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or any successor statute.

8.             Construction of Certain Phrases.

(a)           For purposes of this Agreement,
references to the “Company”
shall include, in addition to the resulting corporation, any constituent
corporation (including any constituent of a constituent) absorbed in a
consolidation or merger which, if its separate existence had continued, would
have had power and author­ity to indemnify its directors, officers, and
employees or agents, so that if Indemnitee is or was a director, officer, employee
or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee
would have with respect to such constituent corporation if its separate
existence had continued.

 

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(b)           For purposes of this Agreement,
references to “other enterprises”
shall include employee benefit plans; references to “fines” shall include any excise taxes
assessed on Indemnitee with respect to an employee benefit plan; and references
to “serving at the request of the
Company” shall include any service as a direc­tor, officer,
employee or agent of the Company which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee
benefit plan, its participants, or beneficiaries; and if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in the interest
of the participants and beneficiaries of an employee benefit plan, Indem­nitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as
referred to in this Agreement.

(c)           For purposes of this Agreement, a “Change of Control”
shall be deemed to have occurred if the stockholders of the Company approve a
merger or consolidation of the Company with or into any other corporation or
entity other than a merger or consolidation which would result in the Voting
Securities (as defined below) of the Company outstanding immedi­ately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least 80% of the
total voting power repre­sented by the Voting Securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or
the stockholders of the Company approve a plan of complete liqui­dation of the
Company or an agreement for the sale or disposi­tion by the Company of (in one
transaction or a series of trans­actions) all or substantially all of the Company’s
assets; provided,
however, that following the Company’s registration of the offering
of any securities of the Company under the Securities Act of 1933, as amended,
and during such period as the Company shall be subject to the reporting
requirements of the Exchange Act, a “Change of Control” shall also be deemed to
have occurred if (i) any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act), other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or a corporation owned
directly or indirectly by the stockholders of the Company in substantially the
same proportions as their owner­ship of stock of the Company, (A) who is or
becomes the beneficial owner, directly or indirectly, of securi­ties of the
Company repre­senting 10% or more of the combined voting power of the Company’s
then outstanding Voting Securities (as defined below), increases his beneficial
ownership of such securities by 5% or more over the percentage so owned by such
person, or (B) becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company
representing more than 20% of the total voting power represented by the
Company’s then outstanding Voting Securities or (ii) during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board of Directors of the Company and any new director whose elec­tion by
the Board of Directors or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds (2/3) of the directors then still
in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof.

(d)           For purposes of this Agreement, “Independent Counsel”
shall mean an attorney or firm of attorneys who shall not have performed
services for the Company or Indemnitee within the last three (3) years and who
shall be selected by Indemnitee and approved by the Company (which approval
shall not be unreasonably withheld).

 

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(e)           For purposes of this Agreement, “Voting Securities”
mean shall mean any securities of the Company that vote generally in the
election of directors.

9.             Notice.  All notices, requests, demands and other
communi­­cations under this Agreement shall be in writing and shall be deemed
received (i) if delivered by hand, on the date of such delivery,
(ii) if mailed by United States certified or first-class mail, with
postage prepaid and addressed to the recipient, on the third business day after
the date postmarked and (iii) if sent by overnight Federal Express delivery or
any other nationally-recognized overnight delivery service, on the next
business day after having been deposited for delivery.  Addresses for notice to either party are as
shown on the signature page of this Agreement, or such other address as a party
to this Agreement shall have furnished to the other party in writing.  All notices, requests, demands or other
communications under this Agreement addressed to the Company shall be directed
to the attention of the Company’s Chief Executive Officer.

10.           Attorneys’ Fees.  In the event that any action is insti­tuted
by Indemnitee under this Agreement to enforce or interpret any of the terms
hereof, Indemnitee shall be entitled to be paid all court costs and expenses,
including attorneys’ fees, actually and reasonably incurred by Indemnitee with
respect to such action, unless as a part of such action, the court of competent
jurisdiction determines that each of the material assertions made by Indemnitee
as a basis for such action were not made in good faith or were frivolous.  In the event of an action instituted by or
in the name of the Company under this Agreement or to enforce or interpret any
of the terms of this Agreement, Indemnitee shall be entitled to be paid all
court costs and expenses, including attorneys’ fees, actually and reasonably
incurred by Indem­nitee in defense of such action (including with respect to
Indem­nitee’s counterclaims and cross-claims made by Indemnitee in such
action), unless as a part of such action the court determines that each of
Indemnitee’s material defenses to such action were made in bad faith or were
frivolous.

11.           Subrogation.  In the event of payment under this Agree­ment,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

12.           Choice of Law.  This Agreement shall be governed by and its
provisions construed in accordance with the laws of the State of Delaware, as
applied to contracts between Delaware residents entered into and to be
performed entirely within Delaware, without regard to the conflict of law
principles thereof.

13.           Consent to Exclusive Jurisdiction.  The Company and Indemnitee each hereby
irrevocably consent to the exclusive jurisdiction of the courts of the State of
Delaware for all purposes in connection with any action or proceeding which
arises out of or relates to this Agreement and agree that any action instituted
under this Agreement shall be commenced, prosecuted and continued only in the
Court of Chancery of the State of Delaware, which shall be the exclusive and
only proper forum for adjudicating such claim.

 

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14.           Integration and Entire Agreement.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

15.           Amendment and Termination.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing
signed by both the parties hereto.  No
waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor
shall such waiver constitute a continuing waiver.

16.           Successors and Assigns.  This Agreement shall be binding upon the
Company and its successors and assigns, and shall inure to the benefit of
Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns.

17.           Severability.  Nothing in this Agreement is intended to
require or shall be construed as requiring the Company to do or fail to do any
act in violation of applicable law.  The
Company’s inability, pursuant to court order or applicable law, to perform its
obligations under this Agreement shall not constitute a breach of this Agree­ment.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law or public policy, but if any provision of this Agreement
shall be held to be prohibited by or invalid under applicable law or public
policy, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Agreement.

18.           Titles and Subtitles.  The titles of the paragraphs and
subparagraphs of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

19.           Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall constitute an original, but all of which
together shall constitute one and the same instrument.

20.           No Construction as Employment
Agreement.  Nothing
contained in this Agreement shall be construed as giving Indemnitee any right
to continued employment by the Company or any of its subsidiaries.

 

[Signature Page to Follow]

 

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

 

	
   

  	
   

  	
  OVERSTOCK.COM,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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10EXHIBIT 10.9

OLD MILL CORPORATE
CENTER

THIS LEASE AGREEMENT (the “Lease”) is dated the 27th day of November,
2001, between HOLLADAY BUILDING EAST L.L.C., (“ Lessor”) and Overstock.com
(“Lessee”).

WITNESSETH:

ARTICLE I

Section 1.1             Premises.  The Lessor hereby leases to Lessee, and
Lessee leases from Lessor, upon the terms and conditions of this Lease, those
premises outlined on a floor plan attached hereto as Exhibit “A” and made a
part hereof (the “Premises”), and containing approximately 3,095 rentable
and 2,623 usable square feet located on the First floor, suite #105
of the building known as Old Mill Corporate Center (the “Building”)
located at 6322 South 3000 East, Salt Lake City, Utah 84121.  The term “Property” shall refer to the
Building and real property, the entire site, together with any and all
appurtenances, rights, privileges and easements pertaining thereto including
but not limited to the elevators, stairways, corridors, entranceways, rest
rooms, walkways, roadways, driveways, loading docks, cafeteria, parking
facilities and other similar or related facilities (collectively “Common
Areas”) as may exist in and about the Building and Property.

Lessor and Lessee are aware and acknowledge that the foregoing area
contains Lessee’s allocated share of the common area of the building.

Section 1.2             Term.  This Lease shall commence on the date Lessor
delivers to Lessee possession of the Premises in substantially complete
condition (as defined in Section 2.1 hereinafter) (the “Commencement
Date”) and shall terminate on the date two (2) years following the
Commencement Date.

ARTICLE II

Section 2.1             Possession.

I.              The
parties intend for Lessor to deliver possession of the Premises to Lessee in
substantially complete condition on January 1, 2002.  Nevertheless, Lessee is aware and
acknowledges that Lessor may be unable to deliver possession of the Premises on
such date due to causes beyond the reasonable control of Lessor.  In such event, this Lease shall remain in
full force and effect; and Lessor shall have no liability to Lessee whatsoever
as a result of the delay in delivery of possession.

II.            In
the event Lessor is able to deliver to Lessee possession of the Premises in
substantially complete condition prior to January 1, 2002, Lessee
may but shall not be required to take possession of the Premises at any time
prior to January 1, 2002.

 

 

III.           In
the event Lessor is unable to deliver to Lessee possession of the Premises in
substantially complete condition on January 1, 2002, rent shall
abate until Lessor is able to deliver to Lessee possession of the Premises in
substantially complete condition.

IV.           For
purposes of this Lease, the term “substantially complete condition” shall mean
that Lessor has completed the improvements in accordance with the plans set
forth in the Addendum, with the exception of minor punch-list items, and has
received a certificate of occupancy for the Premises.

V.            Should
the Commencement Date be other than the first day of a month, rent shall be
prorated for such month based upon the date Lessor deliver possession of the
Premises to Lessee.

VI.           Lessee’s
square footage has been calculated using the architect’s estimates of what the
size will be when built.  Lessor and
Lessee agree to measure the “as-built” space during or after construction when
the fixed demising walls are in place. 
In the event there is a change in the size of the suite from the plans
to the “as-built” space, Lessor and Lessee agree to amend the Lease consistent
therewith, including any change in the amount of rent resulting from the change
in size.

ARTICLE III

Section 3.1             Base
Rental.  Lessee agrees to pay Lessor
at 6322 South 3000 East, Suite #120 Salt Lake City, Utah 84121 or such other
place as the Lessor may from time to time designate, an annual rental for the
use of the Premises in the amount of $24,000.00 (the “Base Rental”),
payable in equal monthly installments $2,000.00 each, the monthly
installments of rental to be paid in advance, without demand, deduction or
offset, on the first day of each and every calendar month during the term
hereof (the “Due Date”).  Rental
payments shall commence on the 1st day of January, 2003, or on
the date the Lessee occupies the Premises, whichever occurs first.  If such commencement day for the payment of
rentals occurs on a day other than the first day of a calendar month, Lessee
shall pay rent for the fractional calendar month involved on a per diem basis
(calculated on the basis of a thirty (30) day month).

Section 3.2             Late
Charge and Interest.  Lessee
acknowledges that late payment by Lessee to Lessor of rent will cause Lessor to
incur costs not contemplated by this Lease, the exact amount of such costs
being extremely difficult and impracticable to fix.  Such costs include, without limitation, processing and accounting
charges and late charges that may be imposed on Lessor by the terms of any
encumbrance and note secured by any encumbrance covering the Premises.  Therefore, if any installment or rent due
from Lessee is not received by Lessor within five (5) days following the Due
Date, Lessee shall pay to Lessor an additional sum of five percent (5%) of the
overdue rent as a late charge.  The
parties agree that this late charge represents a fair and reasonable estimate
of the costs that Lessor will incur by reason of late payment by Lessee.  Acceptance of any late charge shall not
constitute a waiver of Lessee’s default with respect to the overdue amount or
prevent Lessor from exercising any of the other rights and remedies available
to Lessor.

 

2

 

Rent not paid when due also shall bear interest at the rate of twelve
percent (12%) per annum from the Due Date until paid.  Any late charge also shall bear interest at the rate set forth
above, commencing five (5) days following the Due Date.

Section 3.3             Returned
Checks.  In the event a check comes
back due to insufficient funds, a service charge of $25 will be assessed to the
Lessee.

[Sections 3.4, 4.1, 4.2, 4.3, 4.3(A), 4.3(B), 4.3(C), 4.4(A), 4.4(B),
4.4(B)a-k, 4.5, 4.5(A), 4.5(B), 4.5(C), 4.6, and 4.7 appear with
strike-throughs in original document.]

ARTICLE V

Section 5.1             Use.  Lessee shall use the Premises only for general
office purposes and for no other business or purpose, without the prior
written consent of Lessor.

Section 5.2             Building
Rules.  Attached hereto are the
rules and regulations relating to the Premises and the entire Property of which
the Premises are a part.  Lessor shall
have the right, at any time or times hereafter, to adopt other or additional
rules and regulations, and to rescind or amend all 

 

3

or any o the attached rules and regulations or of
amendments to any of the rules and regulations attached.  The Lessee shall faithfully observe and
strictly comply with and abide by all such rules and regulations from time to
time in force and shall cause Lessee’ employees, guests and invitees to observe
and comply with the same.

(a)           Section VIII
of Building Rules states that, in compliance with the Utah Clean Air Act, it is
our policy to have tenants refrain from smoking in the buildings.

(b)           Section IX
of Building Rules states that chair mats are required under all rolling chairs.

Section 5.3             Use
Prohibited.  Lessee shall not do or
permit anything to be done in or about the Premises nor bring or keep anything
therein which will in any way increase the rate of or affect any fire or other
insurance upon the Building or any of its contents, or cause a cancellation or
any insurance policy covering said Building or contents.  Lessee shall not do or permit anything to be
done in or about the Premises which will in any way obstruct or interfere with
the rights of other tenants or occupants of the Building or injure or annoy
them, or use or allow the Premises to be used for any immoral, unlawful or
objectionable purpose, nor shall Lessee cause, maintain or permit any nuisance
in, or about the Premises.  No loud
speakers or other similar device, system or apparatus which can be heard or
experienced outside the Premises shall, without the prior written approval of
Lessor, be use in or at the Premises. 
Lessee shall not commit or suffer to be committed any waste in or upon
the Premises.  The provision of this
Section 5.3 are for the benefit of Lessor only and are not nor shall they
be construed to be for the benefit of any tenant or occupant of the Building.

ARTICLE VI

Section 6.1             Utilities.  Lessor agrees to furnish reasonable amounts
of heat and air conditioning during generally recognized business hours and
during the usual and appropriate season, and to furnish electricity and water
in reasonable amounts; but Lessor shall not be liable for any loss or damage
caused by or resulting from any variation, interruption or failure of such
services due to any cause other than the gross negligence or willful misconduct
of Lessor; and no temporary interruption or failure of such services incident
to the making of repairs, alterations or improvements or due to accidents or
strikes or conditions or events not under Lessor’s control shall be deemed as
an eviction of Lessee or relieve Lessee from any of Lessee’s obligations
hereunder.  If there are separate
utility meters for the Premises, Lessee will pay all costs associated with said
utility meters.  If there are not
separate utility meters, Lessee will pay their proportionate share of the
associated utility costs.

Section 6.2             Excess
Consumption of Utilities.  Lessee
must have prior written consent of the Lessor to add any equipment to, or in
any other way make use of, the Premises which may cause or result in a larger
than normal use of heat, air conditioning, electricity, gas, water, sewer,
refuse removal or other services.  In
the event Lessor consents to the installation of such equipment, or such use,
Lessor may assess the estimated additional expense to the Lessee and Lessee
shall pay said amount at the same time he pays his monthly rental installment.

 

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Section 6.3             Janitorial
and Other Services.  Lessor agrees
to supply janitorial service for all interior and exterior common areas.  Lessor shall provide janitorial
service for the interior portion of the leased unit.  If Lessee requires janitorial services above and beyond services
required for a standard, 40-hour-work-week tenant, Lessee shall be
responsible for all associated additional costs.

(a)           Janitorial
service includes vacuuming and dumping of trash cans.

(b)           Lessee
shall be responsible for carpet cleaning, blind cleaning, window cleaning and,
when applicable, stripping and waxing of floors.

(c)           Lessor
shall be responsible for normal repairs to the basic plumbing, heating, air
conditioning and electrical systems.

(d)           Lessor
shall be responsible for the purchase, replacement, and installation of all
light bulbs within leased premises.

(e)           In
the event of negligence or willful destruction by Lessee or Lessee’s clients,
Lessee shall be responsible for plumbing and electrical repairs, the
replacement of carpets, draperies, wall coverings, floor tile, light fixtures
and related attachments, and any other hardware items within the Premises.

(f)            Lessee
further agrees that any redecorating done during the term of this Lease shall
be at the expense of Lessee.

ARTICLE VII

Section 7.1             Right
of Entry.  Lessor shall have the
right of access to the Premises at all reasonable times for the purposes of,
including, without limitation, inspecting, cleaning and repairing the same, or
to exhibit the Premises at any time before the expiration of this Lease.

Section 7.2             Maintenance
and Repair.  Lessee shall maintain
and repair the interior of the Premises in the same condition as delivered to
it, ordinary wear and tear excepted. 
Lessee shall not damage or destroy the Premises.  In the event Lessee shall fail to comply
with its obligations hereunder, Lessor shall have the right to enter onto the
Premises and effect such repair and maintenance and charge the costs thereof to
the Lessee together with twelve percent (12%) interest per annum on the costs
so expended, said amounts to be considered as additional rent hereunder.

Section 7.3             Improvements.  Lessee hereby accepts the Premises in its
present condition without any obligation upon Lessor to make any repairs or
restoration thereto except as provided on Addendum “A” attached hereto and made
a part hereof.  It is further agreed
that this Lease is made by the Lessor and accepted by the Lessee under the
distinct understanding and agreement that the Lessor shall have the right and
privilege to make and build additions to the Building as it may deem wise and
advisable without any liability to the Lessee therefor.

 

5

 

(a)           Lessee
shall not make any alterations, additions or improvements in or to the Premises
without first obtaining the prior written consent of Lessor.  Lessee hereby waives all rights to make
repairs at the expense of Lessor as provided by any law or statute or ordinance
now or hereafter in effect.

(b)           All
alterations, additions of improvements to the Premises, installed at the
expense of Lessor or Lessee, except movable office furniture, Lessee’s trade
fixtures and equipment, shall, unless Lessor elects otherwise in writing,
become the building of Lessor upon the installation thereof, and shall be
surrendered with the Premises at the expiration or termination of this Lease.

Section 7.4             Liens.  Lessee shall not permit any mechanics’,
materialmen’s or other liens arising out of work performed by Lessee or on
Lessee’s behalf, to be filed against the building, the Building, or the
Premises, nor against Lessee’s leasehold interest in the Premises.  Lessor shall have the right at all
reasonable times to post and keep posted on the Premises any notices which it
deems necessary for protection from such liens.  If any such liens are so filed, Lessor may, upon thirty (30) days
written notice to Lessee, without waiving its rights based on such breach by
Lessee and without releasing Lessee from any obligations, pay and satisfy the
same and in such event the sums so paid by Lessor, with interest at the rate of
twelve percent (12%) per annum from the date of payment, shall be due and
payable by Lessee at once without notice or demand.

Section 7.5             Taxes.  Lessee agrees to pay, before delinquency,
any and all taxes levied or assessed and which become payable during the term
hereof upon Lessee’s equipment, furniture, fixtures, and other personal
property located in the Premises, including carpeting installed by Lessee even
though said carpeting has become a part of the Premises; and any and all taxes
or increases therein levied or assessed on Lessor or Lessee by virtue of
alterations, additions, or improvements to the Premises made by Lessee.  In the event said taxes are charged to or
paid or payable to Lessor, Lessee, forthwith upon demand therefor, shall
reimburse Lessor for all of such taxes paid by Lessor.  Any taxes paid by Lessor on behalf of Lessee
shall bear interest at the annual rate of twelve percent (12%) per annum from
the date of payment by Lessor thereof.

ARTICLE VIII

Section 8.1             Damage
or Destruction.  If the Premises or
the Building shall be damaged by fire or other casualty, the damage (exclusive
of any improvements or other changes made to the Premises and paid for by
Lessee), may, at the option of Lessor, be repaired by and at the expense of
Lessor to as near condition which existed immediately prior to such damage or
destruction as reasonably possible; provided, however, that if as a result of
damage by fire or other casualty more than fifty percent (50%) of the net
rental area of the Building is rendered untenantable, then and in such even
either Lessor or Lessee shall have the right and option (exercised, if at all,
by giving written notice to the other party within thirty (30) days of such
destruction or casualty) to terminate this Lease as of the date of such
casualty.  Subject to the foregoing, the
Lessor shall commence such repair within sixty (60) days after such casualty
and shall complete the same within a reasonable time thereafter, subject to
acts of God, strikes and other occurrence not within the control of
Lessor.  In the event Lessor fails to
commence such repair or restoration within such period or shall fail to 

 

6

 

prosecute
such repair and restoration in a timely manner, then Lessee shall have the
right and option (exercised, if at all, by giving written notice within fifteen
(15) days of such failure) to terminate this Lease.  In the event this Lease is terminated for any of the reasons
aforesaid, any rents or other payments shall be prorated as of the effective
date of such termination and proportionately refunded to the Lessee or paid to
Lessor as the case may be.  During any
period in time which the Premises or any portion thereof is rendered untenantable
by fire or other casualty, the rent shall abate proportionately to the area
rendered untenantable for the period of time during which this condition
exists.

Section 8.2             Eminent
Domain.  If all or any part of the
Premises are taken by any public or quasi-public authority under the power of
eminent domain, or conveyed to such authority in lieu of such condemnation,
then either party, at its option, shall have the right to terminate this Lease
as of the day possession shall be taken by such authority.  If, as a result of any such taking, or conveyance
in lieu of condemnation, more than fifty percent (50%) of the net rentable area
of the Building is rendered untenantable, then the Lessor shall have the right
and option (exercised, if at all, by giving written notice within thirty (30)
days of such taking or conveyance) to terminate this Lease as of the date of
such taking or conveyance.

If all or any part of the Building in which the Premises are located
shall be taken by any such authority, or conveyed in lieu of condemnation, then
Lessor shall have the right and option to terminate this Lease.  In the event this Lease is terminated for
any of the reasons aforesaid, any rents or other payments shall be prorated as
of the effective date of such termination and proportionately refunded to the
Lessee or paid to the Lessor as the case may be, and Lessee shall have no claim
against Lessor for the value of any unexpired term of the Lease.  All damages awarded for such taking under
the power of eminent domain, or conveyance in lieu thereof, shall belong to and
be the building of Lessor irrespective of the basis upon which they were
awarded; provided, however, that Lessee shall be entitled to receive any
damages specifically awarded for its share of moving expenses.

ARTICLE IX

Section 9.1             Multiple
Parties Tenant.  If there is or
comes to be more than one party that constitutes Tenant hereunder
(a) Their obligations shall be joint and several; and (b) Any notice
required or permitted to be given to Tenant may be given by or to any one of
such parties and shall have the same force and effect as if given by or to all
on such parties.

Section 9.2             Assignment.  Lessee may not assign, mortgage, pledge,
hypothecate, or encumber this Lease or sublet the Premises or any part thereof,
nor allow any other person (the agents and servants of Lessee excepted) to
occupy or use the Premises, or any part thereof, or any right or privilege
appurtenant thereto, without first obtaining Lessor’s written consent;
provided, however, if Lessor consents to one or more assignments of this Lease
or consents to the subletting from time to time of the Premises or parts
thereof, the Lessee shall nevertheless remain liable for its performance of
this Lease on its part of be performed, including the payment of the rentals
and other charges assumed by Lessee hereunder. 
Lessor shall not withhold consent unreasonably.

 

7

 

Section 9.3             Subletting.  Notwithstanding anything in Section 9.1
above to the contrary, in the event at any time during the term of this Lease,
Lessee desires to sublet the Premises, Lessor reserves the prior right and
option (a) to require the Lessee to sublet the Premises to a sublessee
approved by Lessor at the same rent as Lessee is required to pay to Lessor
under this Lease; however should Lessee choose to sublease at a reduced rate,
Lessee shall continue to pay to Lessor the full amount due, or (b) to
terminate this Lease.  Lessee shall
notify Lessor in writing not less than sixty (60) days in advance if
Lessee proposes to sublet the Premises, designating the terms of the proposed
subletting.  Lessor shall be allowed
thirty (30) days after receipt of Lessee’s notice within which to approve
the sub-tenant identified in Lessee’s notice. 
In the event lessor approves the sub-tenant identified in Lessee’s
notice, all of the provisions of Section 9.1 above respecting subletting
shall continue to be in full force and effect; and nothing contained in this
Section (9.3) shall be construed as a waiver by Lessor of any of its rights
under Section 9.1 above.

ARTICLE X

Section 10.1           Signs.  The Lessee shall not place or maintain or
permit to be placed or maintained any signs for advertising of any kind
whatsoever on the exterior of the Building or on any exterior windows in the
Building or elsewhere within the Premises so as to be visible from the exterior
of the Building, or on the interior walls, including doorways of the Premises,
so as to be visible from the public hallways or other public areas of the
Building, except such numerals and lettering on doorways as may be approved and
permitted by Lessor in writing.

Section 10.2           Parking.  Lessee shall have the right to use three and
one half (3.5) parking spaces per 1,000 usable square feet.  In the event Lessee regularly uses more
parking spaces, Lessor shall have the right to charge Lessee for such excess
use at the rates specified below. 
Lessor shall have the sole and exclusive right to designate, and from
time to time in its discretion, redesignate, the parking space or spaces
available for the use of Lessee, its employees, its agents, officers and
customers.  Such parking facilities
shall at all times be under the exclusive control and management of Lessor, and
Lessor shall have the right from time to time to establish, modify and enforce
rules and regulations with respect to such parking facilities.  The parking lot may not be used to store
vehicles or to work on vehicles.  No
vehicle shall be parked in the parking lot for more than eighteen (18)
consecutive hours without prior approval from Lessor.  The tenant agrees to assume responsibility for compliance by its
employees with the parking provisions contained herein.  If the Tenant or its employees park in other
than such designated parking areas the Landlord may charge the Tenant, as
additional rent, Ten Dollars ($10.00) per day for each day or partial day each
such vehicle is parked in any part of the parking lot, or in a fire lane or
handicapped area.  Any vehicles parked
in the parking lots in breach of these terms may be towed away at Lessee’s
expense.  Lessee releases, indemnifies
and holds harmless Lessor and Lessor’s officers, employees and agents from any
claims arising from or relating to such towing of vehicles including any
consequential damages or loss of property of loss of the use of the vehicle or
other property.  The right to tow a
vehicle in addition to Lessor’s rights under the Lease for default or breach of
any of the terms hereof.

Other than parking, egress and ingress, Lessee has no right to use the
common areas, and Lessee shall not obstruct the common areas, including the
sidewalks, landscaped areas, paved areas, parking lots, or driveways.

 

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ARTICLE XI

Section 11.1           Breach
or Default.  Lessee shall have
breached this Lease and shall be considered in default hereunder if
(a) Lessee files a petition in bankruptcy or insolvency or for
reorganization under any bankruptcy act, or makes an assignment for the benefit
of creditors; (b) involuntary proceedings are instituted against Lessee
under any bankruptcy act; (c) Lessee assigns this Lease for the benefit of
creditors; (d) Lessee fails to pay any rent when due and does not make the
delinquent payments within five (5) days after receipt of notice thereof from
Lessor; or (e) Lessee fails to perform or comply with any of the covenants
or conditions of this Lease and such failure continues for a period of
thirty (30) days after receipt of notice thereof from Lessor.

Section 11.2           Effect
of Breach or Default.  In the event
of a breach of this Lease as set forth in Section 11.1 above, the rights
of Lessor shall be as follows:

(a)           Lessor
shall have the right to cancel and terminate this Lease, as well as all of the
right, title, and interest of Lessee hereunder, by giving to Lessee not less
than ten (10) days notice of the cancellation and termination.  On expiration of the time fixed in the
notice, this Lease and the right, title and interest of Lessee shall terminate
in the same manner and with the same force and effect, except as to Lessee’s
liability, as of the date fixed in the notice of cancellation and termination
were the end of the term herein originally determined.

(b)           Lessor
may elect, but shall not be obligated, to make any payment required by Lessee
herein or comply with any agreement, term, or condition required hereby to be
performed by Lessee, and Lessor shall have the right to enter the Premises for
the purpose of correcting or remedying such default and to remain until the
default has been corrected, or remedied, but any expenditure for the correction
by Lessor shall not be deemed to waive or release Lessee’s default or Lessor’s
right to take any action as may be otherwise permissible hereunder or under the
law in the case of any default.

(c)           Lessor
may re-enter the Premises immediately and remove the building and personnel of
Lessee, and store the building in a public warehouse or at a place selected by
Lessor, at the expense of lessee.  After
re-entry, Lessor may terminate this Lease on giving ten (10) days written
notice of termination to Lessee. 
Without such notice, re-entry will not terminate this Lease.  On termination, Lessor may recover from
Lessee all damages resulting from the breach, including the cost of recovering
the Premises and the worth of the balance of this Lease over the reasonable
rental value of the Premises for the remainder of the Lease term, which such
sum shall be immediately due Lessor from Lessee.

After re-entry, Lessor may relet the Premises or any part thereof for
any term without terminating this Lease, at the rent and on the terms as Lessor
may choose.  Lessor may make alterations
and repairs to the Premises.  The duties
and liabilities of the parties if the Premises are relet as provided herein
shall be as follows:

(I)            In
addition to Lessee’s liability to Lessor for breach of the Lease, Lessee shall
be liable for all expenses of the reletting, for the alterations and repairs
made, 

 

9

and for the difference between the rent received by
Lessor under the new lease agreement and the rent installments that are due for
the same period under this Lease;

(II)           Lessor
shall have the right to apply the rent received from reletting the Premises
(a) to reduce Lessee’s indebtedness to Lessor under this Lease, not
including indebtedness for rent; (b) to expenses of the reletting and
alterations and repairs made; (c) to rent due under this Lease; or
(d) to payment of future rent under this Lease as it becomes due.

If the new lessee does not pay a rent installment promptly
to Lessor, and the rent installment has been credited in advance of payment to
the indebtedness of Lessor as provided herein, and during any rent installment
period, are less than the rent payable for the corresponding installment period
under this Lease, Lessee shall pay Lessor the deficiency, separately for each
rent installment deficiency period and before the end of that period.  Lessor may at any time after a reletting
terminate the Lease for the breach on which Lessor had based the re-entry and
subsequently relet the Premises.

(d)           After
re-entry, Lessor may procure the appointment of a receiver to take possession
and collect rents and profits of Lessee, and, if necessary, to collect the
rents and profits, the receiver may take possession of the personal property
used in the business of Lessee, including inventory, trade fixtures and
furnishing, and use them without compensating Lessee.  Proceedings for appointment of a receiver by Lessor shall not
terminate and forfeit this Lease unless the Lessor has given written notice of
termination to Lessee as provided herein.

(e)           In
addition to the remedies provided in this Section 11.2, the Lessor shall
have all remedies now or hereafter provided by law for the enforcement of the
provisions of this Lease and the Lessor’s rights hereunder.

Section 11.3           Abandonment.  Lessee shall not vacate or abandon the
Premises at any time during the term hereof, and if Lessee shall abandon,
vacant or surrender the Premises, or be dispossessed by process of law, or
otherwise, any personal property belonging to Lessee and left on the Premises
shall be deemed to be abandoned, at the option of Lessor, except such property
as may be mortgaged to Lessor.  However,
Lessee reserves the right to vacate the premises at any time and continue to
pay monthly rental obligation.

Section 11.4           Lessor’s
Lien.  As security for the payment
and performance by the Lessee of all terms, covenants and conditions on the
part of the Lessee to be paid or performed hereunder, the Lessee hereby grants
to the Lessor a security interest in all furniture, equipment, fixtures,
furnishings, and other personal property of the Lessee now or hereafter
situated in the Premises.  During any
time that the Lessee is in default under this Lease, the Lessee shall not have
the right to remove from the Premises any such furniture, equipment, fixtures,
furnishings, or other personal property. 
In the event of any default hereunder by the Lessee, the Lessor shall
have all rights and remedies of a secured party under the Utah Uniform
Commercial Code, as now in force or as hereafter amended.  Such security interest of the Lessor shall
be in addition to any statutory lien or other security interest now or
hereafter exiting.

 

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ARTICLE XII

Section 12.1           Subordination.

(a)           This
Lease, at Lessor’s option, shall be subordinate to any ground lease, mortgage,
deed of trust, or any other hypothecation for security now or hereafter placed
upon the building and to any and all advances made on the security thereof and
to all renewals, modifications, consolidations, replacements and extensions
thereof.  If Lessor or any mortgagee,
trustee, or ground lessor shall elect to have this Lease prior to the lien of a
mortgage, deed of trust or ground lease, and shall give written notice thereof
to Lessee, this Lease shall be deemed prior to any such mortgage, deed of trust
or ground lease or the date of recording thereof.

(b)           Lessee
agrees to execute any documents required to effectuate such subordination or to
make this Lease prior to the lien of any mortgage, deed of trust or ground
lease, as the case may be (including, without limitation, a Subordination,
Non-Disturbance and Attornment Agreement in the standard form used by Lessor’s
lender), and failing to do so within ten (10) days after written demand, does
hereby make, constitute, and irrevocably appoint Lessor as Lessee’s attorney in
fact and in Lessee’s name, place and stead, to do so.  Upon Lessee’s written request to Lessor, Lessor shall request
that it’s lender issue to Lessee a non-disturbance agreement on such lender’s
standard form; provided, however, the failure of such lender to issue such a
non-disturbance agreement shall in no way affect Lessee’s obligations under
this Lease, including this Section 12.1.

Section 12.2           Mortgagee
Protection.

(a)           If,
in connection with obtaining financing for the building or any portion thereof,
Lessor’s lender shall request reasonable modifications to this Lease as a
condition to such financing, Lessee shall not unreasonably withhold, delay or
defer its consent to such modifications, provided such modifications do not
materially adversely affect Lessee’s rights or increase Lessee’s obligations
under this Lease.

(b)           Lessee
agrees to give to any trust deed or mortgage holder (“Holder”).  by prepaid certified mail, return receipt
requested, at the same time as it is given to Lessor, a copy of any notice of
default given to Lessor, provided that prior to such notice Lessee has been
notified, in writing, (by way of notice of assignment of rents and leases, or
otherwise) of the address of such Holder. 
Lessee further agrees that if Lessor shall have failed to cure such
default within the time period provided for in this Lease, then the Holder
shall have an additional thirty (30) days after expiration of such period, or
after receipt of such notice from Lessee (if such notice to the Holder is
required by this section), whichever is last to occur, within which to cure
such default or if such default cannot be cured within that time, then such
additional time as may be necessary to cure such default (including but not
limited to commencement of foreclosure proceedings, if necessary, to effect
such cure), in which event this Lease shall not be terminated.

 

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ARTICLE XIII

Section 13.1           Indemnification.  Lessee agrees to indemnify and save the
Lessor harmless from expenses, actions, costs of actions (including attorneys’
fees), for injury (including death), to any person or persons which may occur
in, on or about the Premises.  Lessee
agrees to pay all sums of money in respect of any labor, services, materials,
supplies or equipment furnished or alleged to have been furnished to Lessee in
or about the Premises which may be secured by any mechanic’s, materialman’s or
other lien against the Premises or the Lessee’s interest therein and will cause
each such lien to be discharged, if filed, provided that Lessee may contest
such lien upon delivery to Lessor of cash or marketable securities having a
face amount not less than one and one-half (1 1/2) times the face amount of any
such lien.  If such lien is reduced to
final judgment, then and in such event Lessee shall forthwith pay and discharge
said judgment.

Section 13.2           Assumption
of Risk.  The Lessee assumes all
risk of damage of Lessee’s property within the Premises which may be caused by
water leakage, fire, windstorm, explosion, falling plaster or other cause, or
by the act or omission of any other tenant in the Building, unless caused by
Lessor’s negligence.

ARTICLE XIV

Section 14.1           Notices.  Any notice given to Lessor shall be in
writing and forwarded to the Lessor at Lessor’s office by registered or
certified mail.  Any notices given to
the Lessee shall be in writing and forwarded to the Lessee at the Premises by
registered or certified mail.  Either
Party may designate another place for service or notices by written direction
served on the other party by registered or certified mail.  Any such notice shall be deemed to have been
received four (4) days after its mailing.

ARTICLE XV

Section 15.1           Relocation
of Premises.  Lessor reserves the
right to relocate the Lessee in substitute Premises of equivalent square
footage and configuration within the building upon sixty (60) days written
notice to Lessee.  If this right is
exercised, Lessor shall, at its own expense, provide Lessee with paint, wall
covering and carpeting at the new location, comparable to those in the original
location, and shall, at Lessor’s own expense, move Lessee’s office furnishing
to the new location.  If the current
rental rate at the new location is less than at the original location, Lessee’s
rent hereunder shall be reduced accordingly. 
However, if the current rental rate at the new location is higher than
at the original location, the Lessee’s rent shall not be increased for the
remainder of the term hereof, except as provided in ARTICLE IV hereof.

 

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ARTICLE XVI

Section 16.1           Notice
of Surrender.  At least ninety (90)
days before the last day of the term hereof, Lessee shall give to Lessor a
written notice of intention to surrender the Premises on that date, but nothing
contained herein shall be construed as an extension of the term hereof or as
consent of Lessor to any holding over by Lessee.

Section 16.2           Surrender
at End of Term.  Upon the expiration
of the term hereof or sooner termination of this Lease, Lessee agrees to
surrender and yield possession of the Premises to the Lessor peacefully and in
good order and condition, subject only to ordinary wear and reasonable use
thereof, and subject to such damage, destruction or condition as Lessee is not
required to restore or remedy under other terms and provisions of this Lease.  Lessee shall promptly surrender all keys for
the Premises to Lessor at the place then fixed for payment of rent and shall
inform Lessor of combinations on any locks and safes on the Premises.  Any property left in the Premises after the
expiration or termination of this Lease shall be deemed to have been abandoned
by Lessee and the building of Lessor to dispose of as Lessor deems
expedient.  Lessee agrees that, if
Lessee does not surrender to Lessor, at the expiration of the term of this
Lease or upon any termination thereof, then Lessee will pay to Lessor all
damages that Lessor may suffer on account of Lessee’s failure to surrender
possession to Lessor, and will indemnify and save Lessor harmless from and
against all claims made by any succeeding lessee of the Premises against Lessor
on account of such delay.

Section 16.3           Surrender
of premises.  The voluntary or other
surrender of this Lease by Lessee or a mutual cancellation thereof shall not
work a merger, and, at the option of Lessor, shall terminate all or any
existing subleases or subtenancies, or at the option of Lessor, may operate as
an assignment to Lessor of any or all such subleases or subtenancies.

Section 16.4           Holding
Over.  In the event Lessee, with
Lessor’s consent, remains in possession of the Premises after the expiration of
this Lease and without the execution of a new lease, such tenancy shall be
deemed to be from month to month, subject to all the conditions, provisions and
obligations of this Lease, at a rental equal to the last rental paid under this
Lease, plus annual increases as more particularly set forth in ARTICLE IV of
this Lease.

Section 16.5           Quiet
Enjoyment.  The Lessor covenants and
agrees with Lessee that upon Lessee paying said rent and other charges and
performing all of the covenants and provisions aforesaid on Lessee’s part to be
observed and performed, the Lessee shall and may peaceably and quietly have,
hold and enjoy the Premises in accordance with this Lease.

Section 16.6           Light
and Air.  Lessee covenants and
agrees that no diminution of light, air or view by any structure which may
hereafter be erected (whether or not by Lessor) shall entitle Lessee to any
reduction of rent hereunder, result in any liability of Lessor to Lessee, or in
any other way affect this Lease.

 

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ARTICLE XVII

Section 17.1           Insurance.  Lessee agrees to keep in force during the
term hereof, at Lessee’s expense, public liability insurance with limits in the
amount of $1,000,000 for injuries to or death of persons occurring on or about
the Premises and property damage insurance with limits of $500,000.  The limit of any such insurance shall not
however, limit the liability of Lessee hereunder.  Said policy shall name Lessor as an additional insured, and shall
insure Lessor against liability as respects acts, or omissions of Lessee; shall
be issued by an insurance company licensed to do business in the State of Utah;
and shall provide that said insurance shall not be canceled unless ten (10)
days prior written notice to Lessor is first given.  Insurance required hereunder shall be in companies holding a
“General Policyholders Rating” of at least B plus, or such other rating as may
be required by a lender having a lien on the Premises, as set forth in the most
current issue of “Best’s Insurance Guide”.

Said policy or a certificate thereof shall be delivered to lessor by
lessee upon commencement of the term and upon such renewal of such insurance.

Section 17.2           Subrogation.  As long as their respective insurers so
permit, Lessor and Lessee hereby mutually waive their respective rights of
recovery against each other for any loss insured by fire, extended coverage and
other property insurance policies existing for the benefit of the respective
parties.  Each party shall obtain any
special endorsements, if required by their insurer to evidence compliance with
the aforementioned waiver.

ARTICLE XVIII

Section 18.1           Obedience
to Laws.  Lessee shall, at Lessee’s
sole cost and expense, promptly comply with all statutes, ordinances, rules,
orders, regulations and/or requirements of all county, municipal, state,
federal, and other applicable governmental authorities now in force, or which
may hereinafter be in force, pertaining to the Premises.  Lessee shall not use or permit anything to
be done in or about the Premises which will in any way conflict with any
statutes, ordinances, rules, orders, regulations and/or requirements of all
county, municipal, state, federal, and other applicable governmental
authorities now in force, or which may hereinafter be in force.

Section 18.2           Governing
Law.  This Lease shall be construed
and governed by the laws of the State of Utah. 
Should any provision of this Lease be illegal or not enforceable under
such laws, it or they shall be considered severable and this Lease and its
conditions shall remain in force and be binding upon the parties as though the
said provisions had never been included.

Section 18.3           Waiver
of liability.  Lessor shall not be
liable to Lessee, or those claiming through or under Lessee, for injury, death
or property damage occurring in, on or about the Building and appurtenances
thereto, and Lessee shall indemnify Lessor and hold it harmless from any claim
arising out of any injury, death or property damage occurring in, on or about
the Premises to Lessee or any employee, customer or invitees of Lessee.

Section 18.4           Time.  Time is of the essence of this Lease and
each and all of its provisions.

 

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Section 18.5           Attorneys’
Fees.  If either Lessor or Lessee
shall obtain legal counsel or bring an action against the other by reason of
the breach of any covenant, warranty or condition hereof, or otherwise arising
out of this Lease the unsuccessful party shall pay to the prevailing party
reasonable attorneys’ fees, which shall be payable whether or not any action is
prosecuted to judgment.  The term
“prevailing party” shall include, without limitation, a party who obtains legal
counsel or brings an action against the other by reason of the other’s breach
or default and obtains substantially the relief sought, whether by compromise,
settlement or judgment.

Section 18.6           Waiver.  No waiver of any condition or covenant of
this Lease by Lessor shall be deemed to imply or constitute a further waiver by
Lessor of any other condition of this Lease. 
The rights and remedies created by this Lease are cumulative and the use
of one remedy shall not be taken to exclude or waive the right to the use of
another.

Section 18.7           Severability.  If any provision of this Lease or the
application thereof to any person or circumstance shall be invalid or
unenforceable to any extent, the remainder of this Lease and the application of
such provisions to other persons or circumstances shall not be affected thereby
and shall be enforced to the greatest extent permitted by law.

Section 18.8           Addenda.  Clauses, additional conditions, plats and
riders, if any, signed by Lessor and Lessee and endorsed on or affixed to this
Lease are a part hereof, and in the event of variation or discrepancy the duplicate
original hereof, including such clauses, additional conditions, plats and
riders, if any, held by Lessor shall control.

Section 18.9           Entire
Agreement.  This Lease constitutes
the entire agreement between Lessor and Lessee and no representations, express
or implied, either written or oral, not herein set forth shall be binding upon
and inure to the benefit of Lessor or Lessee. 
This Lease shall not be modified by any oral agreement, either express
or implied, and all modifications shall be in writing and signed by both Lessor
and Lessee.  No surrender of the
Premises, or of the remainder of the term of this Lease shall be valid unless
accepted by Lessor in writing.

Section 18.10         No
Waiver.  Failure of Lessor to
insist, in any one or more instances, upon strict performance of any term,
covenant, or condition of this Lease, or to exercise any option herein
contained, shall not be construed as a waiver or relinquishment for the future
of such term, covenant, condition or option, but the same shall continue and
remain in full force and effect.  The
receipt by Lessor of rents with knowledge of a breach in any of the terms,
covenants or conditions of this Lease to be kept or performed by Lessee shall
not be deemed a waiver of such breach and Lessor shall not be deemed to have
waived any provisions of this Lease unless expressed in writing and signed by
Lessor.

Section 18.11         Heirs
and Assigns.  This Lease and all
provisions, covenants and conditions thereof shall be binding upon and inure to
the benefit to the heirs, legal representatives, successors and assigns of the
parties hereto, except that no person, firm, corporation or court officer
holding under or through Lessee in violation of any of the terms, provisions or
conditions of this Lease shall have any right, interest or equity in or to this
Lease, the terms of this Lease or the Premises covered by this Lease.

 

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Section 18.12         Sale
by Lessor.  In the event of a sale
or conveyance by Lessor of the Building, the same shall operate to release
Lessor from any future liability upon any of the covenants or conditions,
express or implied, herein contained in favor of Lessee, and in such event
Lessee agrees to look solely to the responsibility of the successor in interest
of Lessor in and to this Lease.  If any
security be given by Lessee to secure the faithful performance of all or any of
the covenants of this Lease on the part of Lessee, Lessor may transfer and/or
deliver the security, as such, to the successor in interest of Lessor, and
thereupon Lessor shall be discharged from any further liability in reference
thereto.  Except as set forth in this
Section 18.12 this Lease shall not be affected by any such sale or conveyance.

Section 18.13         Estoppel
Certificates.  At any time and from
time to time, upon not less than ten (10) days prior to request by Lessor,
Lessee shall execute, acknowledge and deliver to Lessor a statement certifying
the date of commencement of this Lease, stating without limitation that (a) this
Lease is unmodified and in full force and effect (or if there have been
modifications, that this Lease is in full force and effect as modified and the
date and nature of such modifications); (b) the dates to which the rent has
been paid; (c) Lessee has no claims against Lessor, (d) neither Lessor nor
Lessee is in default under this Lease; and (e) setting forth such other matters
as may reasonably be requested by Lessor. 
Lessor and Lessee intend that by such statement delivered pursuant to
this Section 18.13 may be relied upon any mortgagee or the beneficiary of
any Deed of Trust or by any purchaser as prospective purchaser of the Building.

Section 18.14         Defined
Terms:  Headings.  The words “Lessor” and “Lessee” as used
herein shall include the plural as well as the singular.  Words used in masculine gender include the
feminine and neuter.  If there be more
than one Lessee, the obligation hereunder imposed upon Lessee shall be joint
and several.  The headings to the
paragraphs of this Lease are not a part of this Lease and shall have no effect
upon the construction or interpretation of any part hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Lease as of
the day and year first above written.

	
  LESSOR:  HOLLADAY BUILDING EAST L.L.C.

  	
   

  	
   

  	
  LESSEE:  OVERSTOCK.COM

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By and through its
  Manager Holladay Building East Management Corporation

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jeff Peck

  	
   

  	
  By:

  	
  /s/ Doug Greene

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Vice President

  	
   

  	
   

  	
  Its:

  	
  Doug Greene

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  CTO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (Please print
  signature)

  

 

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ADDENDUM A

TENANT
IMPROVEMENTS:

Lessee accepts the
Premises in “as is” condition.  Any
additional tenant improvements shall be at the sole expense of Lessee and must
be pre-approved by Lessor.

SIGNAGE:

Lessee shall have the
option to install its name on the Property monument sign located at the
entrance of the property, the building lobby directory, and by Lessee’s main
suite door entrance.  All signage shall
conform to the building shall be at Lessee’s expense.

SECURITY
ACCESS CARDS:

Lessor shall provide
Lessee with the first 10 (ten) security access cards, for Lessee and its
employees, at no cost to Lessee.  Should
Lessee or its employees lose said access cards or should Lessee require
additional access cards, Lessee shall be responsible for the replacements cost
(approximately $11.00 each access card).

BROKERAGE:

Lessor and Lessee warrant
and represent that they have had no dealings with any outside real estate
broker or agent, and know of no one who is entitled to a commission for this
Lease.

FREE
RENT:

Lessor shall provide
Lessee with 12 (twelve) months of free rent (January 1, 2002 through
December 31, 2002).

 

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OLD MILL CORPORATE
CENTER

BUILDING RULES

I.              RENT

A.            Rent is due on the first (1st) of the month.

B.            Rent shall be paid to Beckstrand and Associates at P.O.
Box 712320, Salt Lake City, UT 84171-2320.

C.            Checks returned due to insufficient funds will be
assessed a $25 service fee.

II.            PROPERTY MANAGEMENT

A.            Old Mill Corporate Center is owned by Holladay Building
East L.L.C. (“Landlord”).

B.            Beckstrand & Associates is the Property Management
Company (“Property Manager”).  Should
you have any maintenance questions or concerns please call (801) 944-7722 and
give the information to whomever answers the phone and the message will be
relayed.

C.            In the event of an emergency after hours, please call
801-267-2054, which is a digital pager. 
Please reserve calls regarding normal repairs to the Property Manager’s
normal business hours, M-F 8:00 am — 5:00 pm.

III.           SIGNS

A.            Standard signs must be used on all office doors and
entrances.  The Property Manager will
order signs and bill the tenant for the purchase price.

B.            All signs are the property of the building and are not to
be removed without the express approval of the Landlord.

IV.           PARKING

A.            In order to leave the most convenient space for
customer’s parking, tenants and their employees are not to park directly in
front of the building or in reserved visitor parking stalls.

B.            Please refrain from parking in the spaces reserved for
the handicapped.  Unauthorized vehicles
parked in these spaces will be towed away at the owner’s expense.

C.            Vehicles should not be left in the parking lot
overnight.  Any vehicle left overnight
without prior consent will be towed away at the owner’s expense.

 

18

 

D.            Any vehicle parked on the premises for the purpose of
selling that vehicle will be towed away at the owner’s expense.

E.             The storage, repairs, or cleaning of vehicles will not
be permitted on the premises.

V.            SECURITY

A.            There is a “No Soliciting” sign posted on the
building.  Please notify the Property
Manager if there is any soliciting on the premises.

B.            The distribution or posting of handbills on the premises
is expressly prohibited.  We would
appreciate being notified if handbills are distributed or posted.

C.            All buildings are equipped with fire extinguishers.  Please familiarize yourself with the
location of them.

D.            When you leave at the end of the day please make sure
that all windows are closed and that all doors are locked.

E.             Please make sure you turn off your coffee makers and
misc. equipment each night to prevent fire. 
We strongly recommend that all coffee makers be equipped with an
automatic shutoff.

VI.           TRASH DISPOSAL

A.            Tenant may utilize available dumpsters for office trash
can waste only.  Packing skids, boxes,
or garbage from the office or home are not to be placed in or around dumpsters,
Landlord reserves the right to bill Tenant for extra trash pick-ups as a
result.  It is the sole responsibility
of the Tenant to dispose of excessive trash and packaging material somewhere
else.

VII.         SMOKING

A.            Due to the Utah Clean Air Act, tenants must refrain from
smoking in the building, or within 25 feet of the building.  Smoking is permitted only in the designated
smoking area(s) for the building.

VIII.        MISCELLANEOUS

A.            Chair mats are required under all rolling chairs to
protect the carpet.

B.            Any burning of candles is prohibited.

IX.           SECURITY ACCESS CARD

A.            Upon request from Tenant’s authorized representative,
security access cards will be individually programmed and given to Tenant and
its employees.  Tenant will be charged
$11.00 for each lost card or card that is not returned to Landlord.

 

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X.            REKEYING

A.            Tenant must obtain Landlord’s permission before rekeying
any lock(s).  Rekeying of locks shall be
to the building’s grand master system. 
Rekeying of locks will be at the expense of the Tenant.  Landlord reserves the right to rekey the
Premises and bill Tenant if Tenant rekeys lock(s) without Landlord’s consent,
or off of building’s grand master system.

XI.           ANIMALS, REFUSE

A.            Tenants shall not allow anything to be placed on the
window of the Premises or to be thrown out of any outside opening of the
Building.  Tenants shall not place or
permit to be placed any obstruction of refuse in any public part of the
Building.

B.            No animal shall be brought into the office, halls,
corridors, elevators or any other part of the Building by Tenants or the
agents, employees or invitees of the Tenants.

XII.         INVOICING

A.            Landlord does not invoice for monthly rents.  Tenant is responsible for keeping track of
annual increases.  As files are audited,
Tenant may be notified as a courtesy, but Landlord is not obligated to do so.

 

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21

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