Document:

Exhibit 10.43

 

LEASE EXTENSION AGREEMENT #6

 

This Agreement is made as of
the 12th day of December 2007
by and between UFP Technologies, Inc., a Delaware Corporation (hereinafter
referred to as TENANT) and 1235
National Avenue, LLC, an Illinois limited liability company (hereinafter
referred to as “LANDLORD”).

 

WITNESSETH:

 

WHEREAS, by lease dated September 24,
1996, Rothbart Realty Company as agent
for the Beneficiaries of Cole Taylor Bank, not personally but as Trustee under
the Trust Agreement dated the 21st day of June, 1977 and known as
Trust Number U/T 77-1263 leased to Foam Cutting Engineers, Inc. the
premises commonly known as 1235 National, in Addison, Illinois (hereinafter
referred to as the “PREMISES”), under certain terms, covenants, conditions and
agreements (hereinafter referred to as “LEASE”) and said LEASE is still in full
force and effect either under its original terms thereof, or by virtue of one
or more amendments, assignments and/or extensions to the LEASE as hereinafter
recited; and

 

WHEREAS, under a Lease
Extension Agreement #1 dated April 7, 1999; a Lease Extension Agreement #2
dated April 12, 2002; a Lease Extension Agreement #3 dated January 7,
2003; a Lease Extension #4 dated December 22, 2003, and a Lease Extension Agreement #5 dated January 4,
2006, Rothbart Realty Company as
agent for the Beneficiaries of Cole Taylor Bank, not personally but as Trustee
under the Trust Agreement dated the 21st day of June, 1977 and known
as Trust Number U/T 77-1263 and TENANT extended the Term of the LEASE,
under certain term, covenants, conditions and agreements (collectively, hereinafter referred to
as “Lease Extension Agreements”); and

 

WHEREAS, by an Assignment
and Assumption of LEASE, Foam Cutting Engineers, Inc., assigned all their
right title, and interest in the LEASE to FCE, a Division of UFP Technologies, Inc.,
a Delaware Corporation (hereinafter referred to as “Tenant Assignment”); and

 

WHEREAS, by an assignment dated January 1, 2006, Rothbart Realty
Company as agent for the Beneficiaries of Chicago Title Land Trust as successor
trustee of Cole Taylor Bank, not personally but as Trustee under the Trust
Agreement dated the 21st day of June, 1977 and known as Trust Number
U/T 77-1263 assigned all their right title, and interest
in the LEASE, Lease Extension Agreements, and Tenant Assignment to 1235 National
Avenue, LLC, an Illinois limited liability company (herein after referred to as “Assignee-Landlord”) which assignment shall
hereinafter be referred to as “Landlord 

 

1

 

Assignment”.
Both the Assignor-Landlord and the Assignee-Landlord individually or
collectively shall be referred to as “LANDLORD”; and

 

WHEREAS, the LEASE, Lease
Extension Agreements, Tenant Assignment,
Landlord Assignment, and this
Lease Extension Agreement #6 are all incorporated herein and shall collectively
hereinafter be referred to as “REVISED LEASE”; and

 

WHEREAS, LANDLORD, and
TENANT desire to herein make certain modifications, amendments and additions to
the REVISED LEASE.

 

NOW,
THEREFORE, LANDLORD and TENANT, in consideration of the mutual covenants and
agreements herein contained, and other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged by each of the parties
intending hereto to be legally bound hereby, covenant and agree that this
REVISED LEASE shall provide as follows:

 

1.             The above recitals are hereby incorporated
into this Agreement;

 

2.             The following modifications, amendments and
additions are made to the REVISED LEASE:

 

(A)          The Term of the REVISED LEASE is hereby
extended for an extended Term beginning on August 1, 2008, and terminating on July 31, 2010 (hereinafter referred to as “Extended Term”).

 

(B)           The monthly Base Rent during this Extended
Term shall be as follows:

 

	
  From: August 1, 2008

  	
   

  	
  To:  July 31, 2009

  	
   

  	
  $

  	
  161,796.00

  	
   

  	
  Annualized

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  13,483.00

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  From: August 1, 2009

  	
   

  	
  To:  July 31, 2010

  	
   

  	
  $

  	
  165,840.00

  	
   

  	
  Annualized

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
  13,820.00

  	
   

  	
  Monthly

  	
   

  

 

(C)           The Option to Extend as set forth in Section 2(D) of
Lease Extension Agreement #5 shall be deleted in its entirety.

 

(D)          TENANT shall have an option (“Option”)
exercisable by  written notice to
LANDLORD given no later than December 31, 2009 time being of the essence
for the giving of such notice to extend the Term of this REVISED LEASE for an
extended Term beginning on August 1, 2010 
and terminating on July 31, 2012. 
In the event TENANT fails to exercise this Option, TENANT’S rights
hereunder shall be null and void and be of no further force or effect. In the
event TENANT so exercises this Option, the Annual Base Rent for the first year
of the Extension Term shall be the prevailing Fair Market Rent or an agreed to
Base Rent, but in no event less than One Hundred Sixty-Five Thousand Eight
Hundred Forty ($165,840.00) Dollars, and the Base Rent for each succeeding 

 

2

 

year shall be
increased by two point five percent (2.5%). In the event said agreement as to
the Extension Term’s Base Rent is not obtained by March 1, 2010, then the
matter shall be determined by arbitration according to the Illinois Arbitration
Statute, and the expense of the arbitration shall be share equally by the
parties. One-Twelfth (1/12th) of the adjusted Annual Base Rent as determined in
the foregoing shall be the Monthly Base Rent, but in no event shall the
adjusted Monthly Base Rent be less than the Monthly Base Rent or adjusted
Monthly Base Rent in the immediately preceding month.

 

It
shall be a condition of TENANT’s right to exercise this Option that TENANT is
in substantial with all the terms and conditions of this REVISED LEASE both at
the time of TENANT’S exercise of this Option and at the time the Option Term is
scheduled to Commence.  This condition
may be waived by LANDLORD at its sole discretion and may not be used by TENANT
as a means to negate the effectiveness of TENANT’S exercise of this Option.
Except as provided in Section 16 of the LEASE, TENANT hereby acknowledges
that the within Option shall not be transferred or assigned.

 

(E)           An electronically transmitted facsimile copy of an original signature
shall be deemed valid and binding, and shall have the same legal effect as
manually executed original.

 

(F)           TENANT represents that TENANT has dealt directly
with and only with Rothbart Realty Company as broker in connection with this
REVISED LEASE and TENANT and LANDLORD each agree to indemnify and hold the
other harmless from all claims or demands of any other broker or brokers for
any commission alleged to be due such broker or brokers in connection with
either party participating in the negotiation of this REVISED LEASE. The
Principals of Rothbart Realty Company has an ownership interest in the
PROPERTY, which is the subject matter of this REVISED LEASE.

 

(G)           So long as TENANT is not in default, during
the Term of this REVISED LEASE, TENANT shall have an option to terminate this
REVISED LEASE (hereinafter referred to as “Termination Option”) effective at
any time after February 28, 2008 
This Termination Option is granted subject to the following terms and
conditions:

 

(i) TENANT
shall give LANDLORD at least Two Hundred Ten Days (210) prior irrevocable
written notice as to TENANT’S election to terminate this REVISED LEASE
(hereinafter referred to as “Tenant’s Notice”) time being of the essence for
the giving of such termination notice; provided that TENANT may only terminate
this 

 

3

 

REVISED
LEASE as of the last day of a month ( hereinafter referred to as “Termination
Date”);  that the Termination Date stated
in Tenant’s Notice shall not occur during the months of December, January and/or
February; and that the Termination Date shall be no less than Two Hundred Ten
Days (210) after Tenant’s Notice, but in no event shall the Termination Date be
prior to September 30, 2008.

 

(ii) It
shall be a condition of TENANT’S right to exercise this Termination Option that
TENANT is in compliance with all the terms and conditions of this LEASE both at
the time of TENANT’S exercise of this Termination Option and at the Termination
Date.  This condition may be waived by
LANDLORD at its sole discretion and may not be used by TENANT as a means to
negate the effectiveness of TENANT’S exercise of this Termination Option.

 

(iii)          If TENANT timely and
properly exercises this Termination Option, (i) all rent payable under
this REVISED LEASE shall be paid through and apportioned as of the Termination
Date and (ii) TENANT shall surrender and vacate the PREMISES and deliver
Possession thereof to LANDLORD on or before the Termination Date in the
condition required under the REVISED LEASE, as if the Termination Date were the
original termination date of this REVISED LEASE.  TENANT shall thereafter be relieved of all
their obligations under this REVISED LEASE, except for those obligations
accruing prior to the Termination Date or those obligations, which by their
terms expressly survive the Termination Date.

 

                                (v)           This Termination
Option shall automatically terminate and become null and void upon the earlier
to occur of (i) the termination of TENANT’S right to Possession of the
PREMISES; (ii) the assignment by TENANT of this REVISED LEASE, in whole or
in part; (iii) the sublease by TENANT of all or any part of the PREMISES
demised under this REVISED LEASE; (iv) the recapture by LANDLORD of any
space under Section 16 of the LEASE; (v) the failure of TENANT to
timely or properly exercise this Termination Option; or (vi) TENANT is in
default under this REVISED LEASE during the period of time from the date that
TENANT exercises this Termination Option or on the Termination Date.

 

It
shall be a condition of TENANT’S right to exercise this Option to Terminate
that TENANT is not in default of any of the terms and conditions of this
REVISED LEASE beyond applicable notice and cure periods both at the time of
TENANT’S exercise of such Option to Terminate and at the time such Option to Terminate
shall be effective.  This condition may
be waived by LANDLORD at its sole 

 

4

 

discretion
and may not be used by TENANT as a means to negate the effectiveness of TENANT’S
exercise of its Termination Option.

 

3.         All terms, covenant, conditions and agreements of this REVISED LEASE
shall remain unmodified and in full force and effect except as expressly herein
provided.

 

4.         All
defined terms contained in this Lease Extension Agreement #6 shall ascribe to
the definitions contained in LEASE.

 

5.         This
Lease Extension Agreement #6 shall be binding if executed by TENANT prior to January 15,
2008.

 

IN WITNESS WHEREOF, LANDLORD and TENANT have
caused this Lease Extension Agreement #6
to be duly executed as of the date and year first above-written.

 

 

	
  LANDLORD:

  
	
   

  
	
  1235 National Avenue, L.L.C.

  	
   

  
	
  an Illinois limited liability
  company

  	
   

  
	
   

  
	
  BY:

  	
  SLJ Properties, L.L.C., Manager

  
	
   

  	
   

  	
   

  
	
  BY:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Gary B. Rothbart, Operating
  Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  TENANT:

  	
  UFP Technologies Inc.,

  
	
   

  	
  a Delaware Corporation

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BY:

  	
   /s/ Ronald J. Lataille

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST

  	
   /s/ A.J. Hagan

  	
   

  
					

 

5Exhibit 10.44

 

FIRST
LEASE EXTENSION AGREEMENT AND

SECOND
AMENDMENT TO BUSINESS PROPERTY LEASE

 

This Agreement entered into
this          day of                         ,
2007 by and between QUADRATE DEVELOPMENT, L.L.C., a Michigan limited liability
company, whose office is located at 15801 23 Mile Road, Macomb, MI 48042
(hereinafter “Landlord”) and SIMCO AUTOMOTIVE TRIM, INC., a Michigan
corporation whose office is located at 51362 Quadrate Drive, Macomb Township,
MI 48042 (hereinafter “Tenant”).

 

RECITALS

 

WHEREAS, Tenant, pursuant to a
certain assignment, is the tenant’s assignee of the Business Property Lease
between Landlord and UFP Technologies, Inc. dated August 23, 2000 (“Lease”)
as amended by First Amendment to Business Property Lease dated September 1,
2000 (First Amendment) regarding the premises located at 51362 Quadrate Dr., Macomb,
MI 48042 (“leased premises”).  Copies of
the assignment, Lease and First Amendment are attached hereto as “Exhibit 1.”

 

WHEREAS, the term of the Lease began
on December 6, 2000 and will end on December 31, 2007.

 

WHEREAS, the parties desire to extend
the Lease term for an additional one-year term and to amend the Lease in
accordance with the terms and conditions set forth below.

 

NOW THEREFORE, in consideration
of the promises and mutual covenants contained herein, the parties agreed as
follows:

 

1.     Lease Extension.  The term of the Lease is extended from December 31,
2007 to December 31, 2008 (“extended term”).

 

2.     Base Rent.  Notwithstanding Section 46 of the Lease,
Tenant shall pay to Landlord as base rent during the extended term the sum of FOUR
HUNDRED THIRTY-ONE THOUSAND TWO HUNDRED EIGHTY-EIGHT AND 28/100 DOLLARS ($431,288.28)
in lawful money of the United States payable in monthly installments in
advance, each in the amount of THIRTY-FIVE THOUSAND NINE HUNDRED FORTY AND 69/100
DOLLARS ($35,940.69) beginning on January 1, 2008 and then on the first
day of each of the eleven consecutive months thereafter.

 

3.     Survival of Lease.  Landlord and Tenant affirm the recitals
stated above and acknowledge and agree that the terms, covenants and conditions
of the Lease, as amended by the First Amendment and by this Agreement, continue
in full force and effect and that each of them are bound thereby.

 

IN WITNESS WHEREOF, the parties have hereunto
set their hands as of the day and year first above written.

 

 

	
  WITNESSED
  BY:

  	
   

  	
  LANDLORD:

  
	
   

  	
   

  	
  QUADRATE
  DEVELOPMENT, L.L.C.,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  L. Robert D’Agostini

  
	
   

  	
   

  	
  Its:  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT:

  
	
   

  	
   

  	
  SIMCO AUTOMOTIVE TRIM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Ronald J. Lataille

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its: CFO

  	
   

  
						

 

ACKNOWLEDGEMENTS

 

 

	
  STATE OF MICHIGAN   )

  
	
   

  	
    )  ss

  
	
  COUNTY OF MACOMB)

  

 

The foregoing instrument was acknowledged before me this         
day of                         ,
2007, by L. Robert D’Agostini, a Member of QUADRATE DEVELOPMENT, L.L.C., a
Michigan limited liability company, on behalf of the company.

 

 

	
   

  	
   

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
  STATE OF MICHIGAN

  	
   )

  	
   

  
	
   

  	
   )  ss

  	
   

  
	
  COUNTY OF MACOMB

  	
  )

  	
   

  

 

The foregoing instrument was acknowledged before me this         
day of                           ,
2007, by                                                   ,
                                                
of SIMCO AUTOMOTIVE TRIM, INC., a Michigan corporation, on behalf of the
corporation.

 

 

	
   

  	
   

  
	
   

  	
   

  	
  Notary Public

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]