Document:

Exhibit 10.2

 

FIFTH AMENDMENT TO LEASE

 

This FIFTH AMENDMENT TO LEASE (this “Fifth
Amendment”) is made this 20th day of October, 2004, by and between TIAA REALTY,
INC., a Delaware corporation (“Landlord”) and PROCYTE CORPORATION, a Washington
corporation (“Tenant”).

 

RECITALS

 

A.            Landlord
is the landlord and Tenant is the tenant under that certain Lease dated August
30, 1993 (the “Initial Lease”), as modified by First Amendment to Lease dated
for reference purposes January 17, 1994 (the “First Amendment”), Second
Amendment to Lease dated for reference purposes February 28, 1997 (the “Second
Amendment”), Third Amendment to Lease dated for reference purposes July 11,
2001 (the “Third Amendment”), and Fourth Amendment to Lease dated for reference
purposes October 28, 2002 (“Fourth Amendment”) (collectively the “Lease”).

 

B.            The
Lease is for premises located at 8511 154th Avenue NE, Redmond,
Washington 98052, Building A, Units 8511 (the “Initial Premises”) and 8525 (the
“Expansion Premises”) (collectively the “Premises”).  The legal description of the land on which
the Premises are located is attached hereto as Exhibit A.

 

C.            The
parties desire to amend the Lease to terminate the Lease with respect to that
portion of the Initial Premises shown in cross hatching on Exhibit B (the “Deleted
Area”) leaving the portion shaded on Exhibit B. 
The Initial Premises, the Expansion Premises and the Deleted Area are
designated on Exhibit B

 

D.            Except
as otherwise specifically defined herein all capitalized terms shall have the
meanings assigned in the Lease.

 

AGREEMENT

 

Now, therefore, for good and valuable
consideration, the receipt of which is hereby acknowledged, the parties
acknowledge and agree to the following:

 

 

1.             On the date on
which the contingency described in Section 12 has occurred (the “Fifth
Amendment Effective Date”), the Lease shall terminate with respect to the
Deleted Area as though the expiration date for the Deleted Area were the Fifth
Amendment Effective Date, and Tenant shall surrender the Deleted Area broom
clean and in the condition existing on October 15, 2004, except that Tenant
shall have removed from the Deleted Area the Hazardous Materials as set forth
in Section 2 below.  Except for the
obligation to remove Hazardous Materials as described in the preceding
sentence, Tenant shall not be bound by any of the obligations set forth in
Sections 6.04, 6.05 and 6.06 of the Lease with respect to the restoration or
the condition of the Deleted Area.

 

2.             Prior to the Fifth
Amendment Effective Date, Tenant shall at its sole cost and expense  remove from the Deleted Area all Hazardous Materials
(as defined below), except those materials which ICOS Corporation is purchasing
from Tenant in the asset purchase and sale transaction, in compliance with
applicable laws and regulations.  Upon
completion of such removal and in any event prior to the Fifth Amendment
Effective Date Tenant shall provide Landlord with a certification from Tenant
that it has completed all removal of Hazardous Materials required of it under
the preceding sentence.

 

3.             As used herein, the
term “Hazardous Materials” means and includes any substance, material, waste,
pollutant, or contaminant  that is or
could be regulated under any Environmental Requirement or that may adversely
affect human health or the environment, including, without limitation, any
solid or hazardous waste, hazardous substance, asbestos, petroleum (including
crude oil or any fraction thereof), natural gas, synthetic gas, polychlorinated
biphenyls (PCBs), radioactive material, viruses and bioengineered materials,
pharmaceuticals, Medical Waste as defined in 42 U.S.C. 6992 (1998) or any
comparable law, drugs and other medical or research items and substances and
any and all materials used in biomedical research for which special reporting,
handling (including special security measures to prevent theft or misuse)
and/or disposal is required.  The term “Environmental
Requirements” means all applicable present and future statutes, regulations,
ordinances, rules, codes, judgments, permits, authorizations, orders, policies
or other similar requirements of any governmental authority, agency or court
regulating or relating to health, safety, or environmental conditions on,
under, or about the Premises or the environment and all industry standards,
including, without limitation, the following: 
the Comprehensive Environmental Response, Compensation and Liability
Act; the Clean Air Act; the Clean Water Act; the Toxic Substances Control Act,
the Chemical Hazards Regulation, the Transportation of Dangerous Goods Control
Act and Regulation, and the Occupational Health and Safety Act and all state
and local counterparts thereto; including but not limited to all applicable
Washington requirements, including, but not limited to, the Washington Model
Toxics Control Act, the Washington Industrial Safety and Health Act, and any
policies or rules promulgated thereunder as well as any County or City
ordinances (including King County waste management ordinances and regulations)
that may operate independent of, or in conjunction with, the State programs, as
well as the

 

 

standards, policies and procedures set forth in the CDC/NIH publication
Biosafety in Microbiological and Biomedical
Laboratories.

 

4.             From and after the
Fifth Amendment Effective Date, the rentable square footage of the Initial
Premises shall be deemed to be 12,182 square feet, the rentable square footage
of the Expansion Premises shall be deemed to be 1,727 square feet, and the
rentable square footage of the Project shall be deemed to be 40,898 square
feet, and all calculations in the Lease based on square footages or Tenant’s
pro rata share shall be based on these square footages, except for Base Monthly
Rent which will be adjusted as set forth in Sections 5 and 6 below.

 

5.             From the Fifth
Amendment Effective Date through June 30, 2005, the Base Monthly Rent for the
Initial Premises shall be $14,462, and from July 1, 2005 through the expiration
date of the Lease, the Base Monthly Rent for the Initial Premises shall be
$15,240.  The parties confirm that the
Lease will expire with respect to the Initial Premises on June 30, 2007.

 

6.             The Base Monthly
Rent for the Expansion Premises shall be as set forth in the Fourth Amendment
(including January 1, 2005 adjustment). 
The parties confirm that the Lease will expire with respect to the
Expansion Premises on December 31, 2005.

 

7.             Upon full execution
of this Fifth Amendment, Landlord, at its sole expense, will promptly commence
and diligently pursue construction of a demising wall in the location shown as “Demising
Wall” on Exhibit B.  Landlord will
install one building-standard door between the office and the warehouse
premises of the newly-demised space as determined by Tenant and approved by
Landlord.  Landlord will construct the
demising wall in accordance with all applicable building codes and construction
standards commonly used for demising walls in similarly situated
office/warehouse space.  Landlord will
use reasonable best efforts to construct the demising wall in such a manner and
at such times as will minimize interference with Tenant’s normal business
activities.  The completion date of the
demising wall will not affect the Fifth Amendment Effective Date.

 

8.             From and after the
Fifth Amendment Effective Date, Tenant shall not be allowed to have any
exterior storage trailer or container on the Project, except in connection with
reasonable commercial use for loading and unloading.

 

9.             On the Fifth
Amendment Effective Date, Section 6.06(b) of the Initial Lease shall be deemed
deleted.

 

10.           Tenant will maintain
the current security deposit level of $38,277 throughout the remainder of the
term; however, should Tenant vacate the Expansion Premises, the security
deposit shall be lowered by $2,495 as described in paragraph 6 of the Fourth
Amendment.

 

 

11.           This Fifth Amendment
constitutes the entire agreement between Landlord and Tenant with respect to
the subject matter of this Fifth Amendment.

 

12.           This Fifth Amendment
is contingent on Landlord entering into a lease with ICOS Corporation for the Deleted
Area on terms and conditions satisfactory to Landlord in its discretion.  If Landlord has not entered into such a lease
by November 1, 2004, this Fifth Amendment shall be deemed null and void.

 

13.           From and after the
Fifth Amendment Effective Date, all references to the defined terms:  (a) “Initial Premises” and “Expansion
Premises” will exclude the Deleted Area, and (b) “Property” and “Premises” will
mean the Initial Premises and the Expansion Premises as defined in this Section
13.

 

14.           This Amendment may
be executed in counterparts, and, when all counterpart documents are executed,
the counterparts shall constitute a single binding instrument.  The delivery of this Amendment by Landlord to
Tenant shall not be deemed to be an offer and shall not be binding upon either
party until executed and delivered by both parties.

 

15.           Except as
specifically set forth herein, the Lease is and remains unmodified, in full
force and effect and binding on the parties.

 

 

	
  Landlord:

  	
  TIAA Realty,
  Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:  Teachers
  Insurance & Annuity Association,

  
	
   

  	
   

  	
  a New York
  corporation, as

  
	
   

  	
   

  	
  authorized
  representative

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Mario
  Mirabelli

  	
   

  
	
   

  	
   

  	
   

  	
  Mario
  Mirabelli

  
	
   

  	
   

  	
  Its:

  	
  Assistant
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Tenant:

  	
  ProCyte
  Corporation, a Washington corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  W. Benson

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Chief
  Financial Officer

  	
   

  
									

 

 

Landlord:

 

	
  STATE OF

  	
  New York

  	
  )

  
	
   

  	
   

  	
  ) ss.

  
	
  COUNTY OF

  	
  New York

  	
  )

  

 

I certify that I know or have
satisfactory evidence that Mario Mirabelli signed this instrument, on oath
stated that he was authorized to execute the instrument and acknowledged it in
his capacity as authorized signatory of Teachers Insurance & Annuity
Corporation, authorized representative of TIAA REALTY, INC., to be the free and
voluntary act of such party for the uses and purposes mentioned in the
instrument.

 

GIVEN under my
hand and official seal this 21st day of October, 2004.

 

	
   

  	
  /s/  Tekecia Reynolds

  	
   

  
	
   

  	
  NOTARY
  PUBLIC in and for the

  State of New York, residing

  at New York;

  
	
   

  	
  My
  commission expires: July 3, 2007 

  
	
   

  	
  Tekecia Reynolds

  	
   

  
	
   

  	
  [Type or
  Print Notary Name]

  

 

Tenant:

 

	
  STATE OF

  	
  Washington

  	
  )

  
	
   

  	
   

  	
  ) ss.

  
	
  COUNTY OF

  	
  King

  	
  )

  

 

I certify that I know or have
satisfactory evidence that Robert Benson signed this instrument, on oath stated
that he/she was authorized to execute the instrument and acknowledged it in
his/her capacity as CFO of ProCyte Corporation, to be the free and voluntary
act of such party for the uses and purposes mentioned in the instrument.

 

GIVEN under my
hand and official seal this 21st day of October, 2004.

 

	
   

  	
  /s/  Vicki A. Berry

  	
   

  
	
   

  	
  NOTARY
  PUBLIC in and for the

  State of Washington, residing

  at King County;

  
	
   

  	
  My
  commission expires:  December 11, 2007

  
	
   

  	
  Vicki A.
  Berry

  	
   

  
	
   

  	
  [Type or
  Print Notary Name]Exhibit
10.1

 

THE FIRST
MARBLEHEAD CORPORATION

 

Restricted Stock Unit Agreement

Granted Under 2003 Stock Incentive Plan

 

1.             Grant of Award.

 

This Agreement evidences the grant by The First
Marblehead Corporation, a Delaware corporation (the “Company”) on                       ,
200    (the “Grant Date”) to                           (the “Participant”) of                 
restricted stock units of the Company (individually, an “RSU” and collectively,
the “RSUs”).  Each RSU represents the
right to receive one share of the common stock, $0.01 par value per share, of
the Company (“Common Stock”) as provided in this Agreement.  The shares of Common Stock that are issuable
upon vesting of the RSUs are referred to in this Agreement as “Shares.”

 

2.             Vesting.

 

(a)           This award
shall vest as to one-third of the original number of RSUs on the third
anniversary of the Grant Date and as to an additional one-third of the original
number of RSUs on each succeeding anniversary of the Grant Date until the fifth
anniversary of the Grant Date.

 

(b)           In the
event that the Participant’s employment with the Company is terminated by
reason of death or disability, this award shall be fully vested.  For this purpose, “disability” shall mean the
inability of the Participant, due to a medical reason, to carry out his duties
as an employee of the Company for a period of six consecutive months.  In addition, if the Participant’s employment
with the Company is terminated by the Company for a reason other than “Cause”
(as defined in the following sentence), then the number of RSUs which shall be
vested shall be determined as though the Participant’s employment had
terminated on the anniversary of the Grant Date that next follows the date of
actual termination.  For purposes of this
Section 2, “Cause” shall mean unsatisfactory job performance (as determined by
the Company), willful misconduct, fraud, gross negligence, disobedience or
dishonesty.

 

(c)           For
purposes of this Agreement, employment with the Company shall include
employment with a parent or subsidiary of the Company.

 

3.             Distribution of Shares.

 

(a)           The
Company will distribute to the Participant (or to the Participant’s estate in
the event that his or her death occurs after a vesting date but before
distribution of the corresponding Shares), as soon as administratively
practicable after each vesting date, the Shares of Common Stock represented by
RSUs that vested on such vesting date. 
No fractional Shares will be issued.

 

(b)           The
Company shall not be obligated to issue to the Participant the Shares upon the
vesting of any RSU (or otherwise) unless the issuance and delivery of such
Shares shall comply with all relevant provisions of law and other legal requirements
including, without

 

 

limitation, any
applicable federal or state securities laws and the requirements of any stock
exchange upon which shares of Common Stock may then be listed.

 

4.             Restrictions on Transfer.

 

The Participant shall not sell, assign, transfer,
pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any RSUs, or any interest therein, except by will or
the laws of descent and distribution.

 

5.             Dividend and Other Shareholder Rights.

 

Except as set forth in the Plan, neither the
Participant nor any person claiming under or through the Participant shall be,
or have any rights or privileges of, a stockholder of the Company in respect of
the Shares issuable pursuant to the RSUs granted hereunder until the Shares
have been delivered to the Participant.

 

6.             Provisions of the Plan; Reorganization Event.

 

(a)           This
Agreement is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Agreement.

 

(b)           Upon the
occurrence of a Reorganization Event (as defined in the Plan), an RSU shall
become the right to receive the cash, securities or other property that a Share
was converted into or exchanged for pursuant to such Reorganization Event.  If, in connection with a Reorganization
Event, a portion of the cash, securities and/or other property received upon
the conversion or exchange of the Shares is to be placed into escrow to secure
indemnification or similar obligations, the mix between the vested and unvested
portion of such cash, securities and/or other property that is placed into
escrow shall be the same as the mix between the vested and unvested portion of
such cash, securities and/or other property that is not subject to escrow.  Notwithstanding the foregoing provisions,
this award shall be fully vested if, on or prior to the second anniversary of
the date of the consummation of the Reorganization Event, the Participant’s
employment with the Company or the Company’s successor is terminated for Good
Reason (as defined below) by the Participant or is terminated without Cause (as
defined below) by the Company or the Company’s successor.

 

(c)           For
purposes of this Section 6(b), (i) “Good Reason” shall mean any significant
diminution in the Participant’s title, authority, or responsibilities from and
after such Reorganization Event or any reduction in the annual cash
compensation payable to the Participant from and after such Reorganization
Event or the relocation of the place of business at which the Participant is
principally located to a location that is greater than 50 miles from its
location immediately prior to such Reorganization Event and (ii) “Cause” shall
mean any (i) willful failure by the Participant, which failure is not cured
within 30 days of written notice to the Participant from the Company, to
perform his or her material responsibilities to the Company or (ii)  willful misconduct by the Participant which
affects the business reputation of the Company.

 

2

 

7.             Withholding Taxes; Section 83(b) Election.

 

(a)           No Shares
will be delivered pursuant to the vesting of an RSU unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company
for payment of, any federal, state or local withholding taxes required by law
to be withheld in respect of this option.

 

(b)           The
Participant acknowledges that no election under Section 83(b) of the Internal
Revenue Code of 1986 may be filed with respect to this award.

 

8.             Miscellaneous.

 

(a)           No
Rights to Employment.  The
Participant acknowledges and agrees that the vesting of the RSUs pursuant to
Section 2 hereof is earned only by continuing service as an employee at the
will of the Company (not through the act of being hired or purchasing shares
hereunder).  The Participant further
acknowledges and agrees that the transactions contemplated hereunder and the
vesting schedule set forth herein do not constitute an express or implied
promise of continued engagement as an employee or consultant for the vesting
period, for any period, or at all.

 

(b)           Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, and each other provision of this
Agreement shall be severable and enforceable to the extent permitted by law.

 

(c)           Waiver.  Any provision for the benefit of the Company
contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company.

 

(d)           Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the Company and the Participant and
their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in
Sections 4 of this Agreement.

 

(e)           Notice.   All notices required or permitted hereunder
shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified
mail, postage prepaid, addressed to the other party hereto at the address shown
beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance
with this Section 9(e).

 

(f)            Pronouns.  Whenever the context may require, any pronouns
used in this Agreement shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural, and vice versa.

 

(g)           Entire
Agreement.  This Agreement and the
Plan constitute the entire agreement between the parties, and supersedes all
prior agreements and understandings, relating to the subject matter of this
Agreement.

 

3

 

(h)           Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Participant.

 

(i)            Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws.

 

(j)            Participant’s
Acknowledgments.  The Participant
acknowledges that he or she: (i) has read this Agreement; (ii) has been
represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of the Participant’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this
Agreement; (iv) is fully aware of the legal and binding effect of this
Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is
acting as counsel to the Company in connection with the transactions
contemplated by the Agreement, and is not acting as counsel for the
Participant.

 

(k)           Unfunded
Rights.  The right of the Participant
to receive Common Stock pursuant to this Agreement is an unfunded and unsecured
obligation of the Company.  The
Participant shall have no rights under this Agreement other than those of an
unsecured general creditor of the Company.

 

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

 

	
   

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Participant]

  
	
   

  	
   

  
	
   

  	
  Address:

  
					

 

4

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