Document:

Exhibit 10.16(d)

 

Exhibit 10.16(d)

FOURTH AMENDMENT TO LEASE

     THIS AMENDMENT, dated this 10th day of November, 2007, between CLP INDUSTRIAL
PROPERTIES, LLC, a Delaware Limited Liability Company (“Lessor”) and SKECHERS USA, INC., a Delaware
corporation (“Lessee”), for the premises located in the City of Ontario, County of San Bernardino,
State of California, commonly known as 1777 S. Vintage Avenue (the “Premises”).

WITNESSETH:

     WHEREAS, Lessor and Lessee, entered into that certain Lease dated November 21, 1997, the First
Amendment to Lease dated April 26, 2002, the Second Amendment to Lease dated May 14, 2002, and the
Third Amendment to Lease dated May 7, 2007, (hereinafter collectively referred to as the “Lease”);
and

     WHEREAS, Lessor and Lessee desire to amend the Lease as more fully set forth below.

     NOW THEREFORE, in consideration of the mutual covenants and conditions contained herein and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

     1. Definitions. Unless otherwise specifically set forth herein, all capitalized terms
herein shall have the same meaning as set forth in the Lease.

     2. Renewal Option. Lessee shall, provided the Lease is in full force and effect and
Lessee is not in default under any of the other terms and conditions of the Lease at the time of
notification or commencement, have one (1) option to renew this Lease for a term of six (6) months,
for the portion of the Premises being leased by Lessee as of the date the renewal term is to
commence, on the same terms and conditions set forth in the Lease, except as modified by the terms,
covenants and conditions as set forth below:

	 	a.	 	If Lessee elects to exercise said option, then Lessee shall
provide Lessor with written notice no earlier than the date which is nine (9)
months prior to the expiration of the then current term of the Lease but no
later than the date which is six (6) months prior to the expiration of the
then current term of this Lease. If Lessee fails to provide such notice,
Lessee shall have no further or additional right to extend or renew the term
of the Lease.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

Page 1 of 3

 

	 	b.	 	The Annual Rent and Monthly Installment shall increase effective June 1, 2009 as
follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Period	 	Rentable Square	 	Annual Rent	 	Annual Rent	 	Monthly Installment
	from	 	through	 	Footage	 	Per Square Foot	 	Base Rent	 	of Base Rent
	6/1/2009

	 	11/30/2009
	 	 	284,559	 	 	$	5.40	 	 	$	1,536,618.60	 	 	$	128,051.55	 

	 	c.	 	This option is not transferable; the parties hereto acknowledge and agree that they
intend that the aforesaid option to renew this Lease shall be “personal” to Lessee as set
forth above and that in no event will any assignee or sublessee have any rights to
exercise the aforesaid option to renew.

	 	d.	 	As each renewal option provided for above is exercised, the number of renewal options
remaining to be exercised is reduced by one and upon exercise of the last remaining
renewal option Lessee shall have no further right to extend the term of the Lease.

     3. Broker Indemnification. Lessee represents and warrants to Lessor that no real
estate broker, agent, commissioned salesperson or other person has represented Lessee in the
negotiations of this Amendment, other than CB Richard Ellis and RREEF Management Company. In the
event Lessee exercises it Option to Renew as set forth herein, Lessor agrees to pay all commissions
due the foregoing broker. Lessee agrees to indemnify and hold Lessor harmless from and against any
claim for any such commissions, fees or other form of compensation by any such third party claiming
through the Lessee, including, without limitation, any and all claims, causes of action, damages,
costs and expenses, including attorneys’ fees associated therewith.

     4. Incorporation. Except as modified herein, all other terms and conditions of the
Lease between the parties above described, as attached hereto, shall continue in full force and
effect.

     5. Limitation of Lessor’s Liability. Redress for any claim against Lessor under this
Amendment and the Lease shall be limited to and enforceable only against and to the extent of
Lessor’s interest in the Building. The obligations of Lessor under this Amendment and the Lease are
not intended to be and shall not be personally binding on, nor shall any resort be had to the
private properties of, any of its or its investment manager’s trustees, directors, officers,
partners, beneficiaries, members, stockholders, employees, or agents, and in no case shall Lessor
be liable to Lessee hereunder for any lost profits, damage to business, or any form of special,
indirect or consequential damages.

Page 2 of 3

 

     IN WITNESS WHEREOF, Lessor and Lessee have executed the Amendment as of the day and year first
written above.

LESSOR:

CLP INDUSTRIAL PROPERTIES, LLC,

a Delaware limited liability company

BY: RREEF Management company, a

Delaware corporation, Authorized Agent

	 	 	 
	By:

	 	/s/ Elaine M. Seaholm
	 

	 	 
	 
	 	 
	Name:

	 	Elaine M. Seaholm
	 

	 	 
	 
	 	 
	Title:

	 	Vice President/District Manager
	 

	 	 
	 
	 	 
	Dated:

	 	2/5/08
	 

	 	 

LESSEE:

SKECHERS USA, INC., a Delaware

corporation

	 	 	 
	By:
	 	/s/ David Weinberg 
	 

	 	 
	 
	 	 
	Name:
	 	David Weinberg 
	 

	 	 
	 
	 	 
	Title:
	 	Chief Operating Officer 
	 

	 	 
	 
	 	 
	Dated:
	 	2-1-08 
	 

	 	 
	 
	 	 
	 
	By:

	 	/s/ Fred Schneider
	 

	 	 
	 
	 	 
	Name:

	 	Fred Schneider
	 

	 	 
	 
	 	 
	Title:

	 	Chief Financial Officer
	 

	 	 
	 
	 	 
	Dated:

	 	2-1-08
	 

	 	 

Page 3 of 3exv10w64

 

Exhibit 10.64

ITC HOLDINGS CORP.

EXECUTIVE GROUP SPECIAL BONUS

PLAN

Amended and Restated

Effective November 12, 2007

 

 

ARTICLE I

INTRODUCTION

          The Plan was established effective as of June 15, 2005 by ITC Holdings Corp. for the purpose
of providing special bonuses to executives of ITC Holdings Corp. and its Subsidiaries and
Affiliates. Effective November 12, 2007, the Plan is amended and restated in its entirety, to
reflect: (i) that all previously awarded bonuses that had heretofore been considered unvested under
the Plan will be considered fully vested as of such date, (ii) that all such vested amounts will be
paid to the Participants as soon as practicable after such date, and (iii) that any future bonus
amounts as determined hereunder after the effective date of this amended and restated Plan will be
fully vested and paid to Participants as soon as is practicable after being awarded.

          The Plan is intended to constitute a “bonus program,” and as such is not to be considered an
“employee pension benefit plan” under or in any manner subject to the provisions of the Employee
Retirement Income Security Act of 1974, as amended. Further, the Plan is not intended to provide
for any deferral of compensation, as that term is defined under Internal Revenue Code Section 409A
(“Section 409A”), and regulations issued thereunder, and as a result is not in any manner subject
to the provisions of Section 409A.

ARTICLE II

DEFINITIONS

          The following capitalized terms used in the Plan have the respective meanings set forth in
this Article II:

     2.1. “Affiliate” shall mean with respect to any Person, any entity directly or
indirectly controlling, controlled by or under common control with such Person.

     2.2. “Beneficiary” shall mean such person or legal entity as may be designated by a
Participant under Section 5.4 to receive benefits hereunder after such Participant’s death.

     2.3. “Committee” shall mean the compensation committee of the board of directors of
the Company (or any successor entity thereto).

     2.4. “Common Stock” or “Share” shall mean common stock of the Company.

     2.5. “Company” shall mean ITC Holdings Corp., its successors and assigns.

     2.6. “Eligible Employee” shall mean an active Employee who holds outstanding Options.

     2.7. “Employee” shall mean an executive, who is currently employed by the Company, or
any Subsidiary or Affiliate.

 

 

     2.8. “Employer” shall mean the Company and each Subsidiary or Affiliate of the Company
designated by the Company that employs one or more Eligible Employees who have become Participants
in accordance with Article III.

     2.9. “Option Plan” shall mean the Amended and Restated 2003 Stock Purchase and Option
Plan of ITC Holdings and Its Subsidiaries, as from time to time amended.

     2.10. “Options” shall mean those outstanding, unexercised options to purchase
Common Stock granted to any Participant under the Option Plan.

     2.11. “Participant” shall mean an Eligible Employee who is selected by the Committee
to participate in the Plan.

     2.12 “Person” shall mean a person as such term is used for purposes of Section 13(d)
or 14(d) of the Securities Exchange Act of 1934, as amended.

     2.13. “Plan” shall mean this ITC Holdings Corp. Executive Group Special Bonus Plan, as
amended from time to time.

     2.14. “Plan Year” shall mean the period beginning January 1 and ending December 31 of
each calendar year.

     2.15. “Special Bonus Amount” shall mean a special bonus awarded by the Committee to
the Participant, as described in Section 4.1.

     2.16. “Subsidiary” means any corporation in an unbroken chain of corporations
beginning with the Company if each of the corporations, or group of commonly controlled
corporations, other than the last corporation in the unbroken chain then owns stock possessing 50%
or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain.

ARTICLE III

PARTICIPATION BY ELIGIBLE EMPLOYEES

     3.1 Participation. Participation in the Plan is limited to Eligible Employees. An
Eligible Employee shall be selected to participate in the Plan as determined by the Committee in
its sole discretion. This Plan is intended to be limited to a select group of management or highly
compensated employees of the Employers. To the extent that the Committee determines that an
employee no longer qualifies as part of such a group, the Committee can provide that such employee
is ineligible for additional bonuses under the Plan.

     3.2 Continuity of Participation. A Participant who separates from service with all of
the Employers shall immediately cease active participation under the Plan. Unless otherwise
determined by the Committee, however, the separation from service of a Participant with one
Employer will not interrupt the continuity of the Participant’s active participation in the Plan
if, concurrently with such separation or as part of a coordinated transfer from one Employer to

 

 

another, the Participant is employed by one or more of the other Employers.

ARTICLE IV

AWARDS OF SPECIAL BONUS AMOUNTS

     4.1. Special Bonus Amounts. For each Plan Year, the Committee, in its sole
discretion, shall determine with respect to each Participant whether such Participant shall be
awarded a Special Bonus Amount for part or all of such Plan Year and, if so, in what amount. In
determining the amount of the Special Bonus Amount, the Committee shall among other factors give
consideration from time to time to dividends paid, or expected to be paid, on Common Stock during
such Plan Year and to the number of Options held and outstanding by each Participant during such
Plan Year. Neither of such factors, nor the fact that a Participant has been awarded a Special
Bonus Amount with respect to prior Plan Years shall in any way restrict the Committee’s discretion
with respect to the awarding of future Special Bonus Amounts. Further, the awarding and amount(s)
of such Special Bonus Amounts shall in no way, either directly or indirectly, be contingent upon or
otherwise payable on the exercise of any Option granted to any Participant under the Option Plan.

ARTICLE V

DISTRIBUTIONS

     5.1. Timing of Distribution of Special Bonus Amounts. On and after the effective date
of this amended and restated Plan, any Special Bonus Amount awarded under this Plan shall be
distributed in a lump sum payment, as soon as administratively feasible (but not later than fifteen
days), after such Special Bonus Amount becomes vested as otherwise provided in Section 6.1.

     5.2. Form of Distribution. All distributions shall be made in a single, lump sum cash
payment.

     5.3 No Deferral Election. The provisions of the prior version of the Plan, which
permitted Participants to make certain deferral elections with respect to Special Bonus Amounts,
are hereby deleted and no longer in effect, for all periods on and after the effective date of this
amended and restated Plan. It is further confirmed hereby that no Participant in fact, at any time
prior to the effective date of this amended and restated Plan, or in any manner made any type of
actual deferral election that was permitted under the prior version of the Plan.

     5.4. Beneficiary Designation. Each Participant shall have a right to designate
a Beneficiary with respect to amounts payable under the Plan. A Participant may from time to time
change his designated Beneficiary without the consent of such Beneficiary by filing a new
designation in writing with the Company or its designee. If no Beneficiary designation is in
effect at the time of the Participant’s death, or if the designated Beneficiary is missing or has
predeceased the Participant, distribution shall be made to the Participant’s estate.

 

 

ARTICLE VI

VESTING

     6.1 Vesting in Special Bonus Amounts. All Participants shall immediately be
considered 100% fully vested in any Special Bonus Amounts that are first determined and awarded
under Section 4.1 on or after the effective date of this amended and restated Plan. Further, any
Special Bonus Amounts awarded before the effective date of this amended and restated Plan that have
been credited to a Participant’s Special Bonus Account (as described in the provisions of the prior
version of the Plan; along with any interest thereon), shall become fully 100% vested as of the
effective date of this amended and restated Plan.

ARTICLE VII

FUNDING AND PARTICIPANT’S INTEREST

     7.1 The Plan shall be unfunded and the Company shall pay all distributions from its general
assets; and a Participant (or the Participant’s Beneficiary) shall have the rights of a general,
unsecured creditor against the Company for any distributions due hereunder.

ARTICLE VIII

ADMINISTRATION AND INTERPRETATION

     8.1. Administration. The Committee shall be responsible for administering the Plan.
However, the Committee may delegate its duties and powers in whole or in part as it determines. The
Committee has full discretionary authority to construe and interpret the terms and provisions of
the Plan; to adopt, alter and repeal administrative rules, guidelines and practices governing the
Plan; to perform all acts, including the delegation of its administrative responsibilities to
advisors or other persons who may or may not be employees of the Employers; and to rely upon the
information or opinions of legal counsel or experts selected to render advice with respect to the
Plan, as it shall deem advisable, with respect to the administration of the Plan.

     8.2. Interpretation. The Committee may take any action, correct any defect, supply
any omission or reconcile any inconsistency in the Plan or in any election hereunder, in the manner
and to the extent it shall deem necessary to carry the Plan into effect or to carry out the
Company’s purposes in adopting the Plan. Any decision, interpretation or other action made by the
Committee arising out of or in connection with the Plan, shall be final, binding and conclusive on
the Employers and all Eligible Employees, Participants and Beneficiaries and their respective
heirs, executors, successors and assigns. The Committee’s determinations hereunder need not be
uniform, and may be made selectively among Eligible Employees, Participants and Beneficiaries,
whether or not they are similarly situated.

 

 

ARTICLE IX

AMENDMENT AND TERMINATION

     9.1. Amendment and Termination. The Committee shall have the right, at any time, to
amend or terminate the Plan, in whole or in part, provided that such amendment or
termination shall not materially and adversely affect the accrued and vested rights of any
Participant or Beneficiary under the Plan. Notwithstanding the foregoing, the Committee shall have
the right to amend the Plan in such manner as it deems necessary to preserve all applicable laws
and/or favorable accounting treatment by the Company of the benefits provided under this Plan
(including, without limitation, to make any amendment to this Plan that would be necessary in order
to cause the Plan, in form and/or in operation, to be compliant with Section 409A, if and to the
extent it is determined that such provision applies to this Plan, and to avoid any tax thereunder
being imposed on any Participant). The Company reserves the right, in its sole discretion, to
discontinue the awarding of Special Bonus Amounts, or completely terminate the Plan at any time.

ARTICLE X

MISCELLANEOUS PROVISIONS

     10.1. Right to Employment. The adoption and maintenance of the Plan shall not be
deemed to constitute a contract between an Employer and any Eligible Employee, or to be a
consideration for, or an inducement or condition of, the employment of any individual. Nothing
herein contained, or any action hereunder, shall be deemed to give any Eligible Employee the right
to be retained in the employ of an Employer or to interfere with the right of any Employer to
terminate any Eligible Employee at any time.

     10.2. Alienation or Assignment of Benefits. Other than by will, the laws of descent
and distribution, or by appointing a Beneficiary, a Participant’s rights and interest under the
Plan shall not be assigned or transferred except as otherwise permitted by the Committee, and a
Participant’s rights to benefit payments under the Plan shall not be subject to alienation, pledge
or garnishment by or on behalf of creditors (including heirs, beneficiaries, or dependents) of the
Participant or of a Beneficiary. The Company may assign its rights and obligations under the Plan
to a Person or entity, which is a Subsidiary, Affiliate or a successor in interest to substantially
all of the business operations of the Company.

     10.3. Severability. In the event that any provision of the Plan shall be declared
illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
provisions of the Plan but shall be fully severable, and the Plan shall be construed and enforced
as if said illegal or invalid provision had never been inserted herein.

     10.4. Right to Withhold. To the extent required by applicable law in effect at the
time a distribution is made from the Plan, the Company, any Employer or their respective agents
shall have the right to withhold or deduct from any distributions or payments hereunder any taxes
required to be withheld by federal, state or local governments prior to making any such
distributions or payments.

 

 

     10.5. Governing Law. The validity, construction, and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the laws of the State
of Michigan, without giving effect to principles of conflicts of laws to the extent not pre-empted
by federal law.

     10.6. Effective Date. The original effective date of the Plan is June 15, 2005. The
effective date of this amended and restated version of the Plan is November 12, 2007.

	 	 	 	 	 
	Date: November 12, 2007 	

ITC HOLDINGS CORP.

 	 
	 	By:  	/s/ Linda H. Blair
 	 
	 	 	Linda H. Blair 	 
	 	 	Its: 	Executive Vice President and Chief Business
Officer

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