Document:

Form of Notice of Grant of Stock Options and Option Agreement for Peter Harris

 Exhibit 10.3.3 
  
 NOTICE OF GRANT OF STOCK OPTIONS AND OPTION AGREEMENT 
  

									
	Non-Qualified Stock Option Agreement	 	                    West Marine, Inc.	 	 	 	 
	 	 	                    ID: 94-2374523	 	 	 	 
	Under the Omnibus Equity Incentive Plan	 	                    500 Westridge Drive	 	 	 	 
	 	 	                    Watsonville, GA 95076	 	 	 	 

  

							
	Employee:	 	  

	  	Option Number:	 	  

	 	 	 	  	Effective Date:	 	  

	ID #:	 	  

	  	Number of Shares:	 	  

	 	 	 	  	Exercise Price/Share:	 	  

  
  
 As of the effective date specified above, you have been granted a Non-Qualified Stock Option to buy the number of shares of West Marine, Inc. (the “Company”)
common stock specified above at the exercise price per share specified above. All of the options will expire no later than the tenth anniversary of the effective date. The options will vest as follows, assuming continuous employment: 
  
 options for 20% of the shares shall become exercisable on the day prior to
the first anniversary of the date of this agreement; and 
  
 options for the remaining 80% of the shares shall become exercisable a rate of 1/48th per month commencing [date] 
  
 By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the
Company’s Omnibus Equity Incentive Plan, as amended, and Appendix A hereto, Terms and Conditions of Non-Qualified Stock Option, all of which are incorporated herein and made a part of this document. 
  
 West Marine, Inc. 
  

							
	By:	 	  

	 	Date:	 	

	Employee:	 	  

	 	Date:	 	

	Address:	 	  

	  

					
	Employee’s Non-Qualified	 	 	 	Option No.:                         
	Stock Option (monthly vest)	 	 	 	ID No.:
                              

  
 Exhibit A

  
 West Marine, Inc. 
 Omnibus Equity Incentive Plan 
 Nonqualified Stock Option Agreement 
  
 1. GRANT OF OPTION.
West Marine, Inc. (the “Company”) hereby grants to the Associate named in the “Notice of Grant of Stock Options and Option Agreement” under the West Marine, Inc. Omnibus Equity Incentive Plan (the “Plan”), as a separate
incentive in connection with his or her employment and not in lieu of any salary or other compensation for his or her services, a nonqualified stock option to purchase, on the terms and conditions set forth in this Agreement and the Plan, all or any
part of an aggregate of the number of shares, as stated in the Notice of Grant, of the Common Stock, at the purchase price set forth in the Notice of Grant. The option granted hereby is not intended to be an Incentive Stock Option within the meaning
of Section 422 of the Internal Revenue Code of 1986, as amended. 
  
 2.
EXERCISE PRICE. The purchase price per share (the “Option Price”) shall be as set forth in the Notice of Grant of Stock Options and Option Agreement, which is the fair market value per share of Common Stock on the effective date
specified in the Notice of Grant of Stock Options and Option Agreement. The Option Price shall be payable in the legal tender of the United States or, in the discretion of the Committee, in shares of the Common stock of the Company or in a
combination of such legal tender and such shares. 
  
 3. NUMBER OF SHARES.
The number and class of shares specified in the Notice of Grant of Stock Options, and/or the Option Price, are subject to appropriate adjustment in the event of changes in the capital stock of the Company by reason of stock dividends, split-ups or
combinations of shares, reclassifications, mergers, consolidations, reorganizations or liquidations. Subject to any required action of the stockholders of the Company, if the Company shall be the surviving corporation in any merger or consolidation,
the option granted hereunder (to the extent that it is still outstanding) shall pertain to and apply to the securities to which a holder of the same number of shares of Common Stock that are then subject to the option would have been entitled. To
the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. 
  
 4. COMMENCEMENT OF EXERCISABILITY. Except as otherwise provided in this Agreement, the
right to exercise the option awarded by this Agreement shall accrue: 
  

	 	(a)	as to 20% of the shares subject to such option on the day prior to the first anniversary of the effective date of this agreement; and 

  

	 	(b)	as to the remaining 80%, the option shall vest at a rate of 1/48th per month commencing after the first anniversary of the effective date of this agreement. 

  
 In the event of termination of the Associate’s employment with the Company and its Subsidiaries for any reason, the Associate will accrue no further entitlement in
the Plan, and all options which are not vested as of the earlier of the date the Associate’s employment is terminated or the date the Associate receives notice of such termination shall lapse and expire immediately. That is, the Associate will
not continue to accrue any benefits in the Plan during any actual or deemed reasonable notice of termination period. 
  
 5. TERMINATION OF OPTION. In the event of termination of employment, the option shall be governed by and in accordance with the terms of that certain employment
letter agreement dated December 6, 2004 between the Associate and the Company. In the event the Associate shall die, the option may be exercised, by the Associate’s transferee, as hereinafter provided, to the same extent that the right to
exercise the option had accrued immediately prior to the Associate’s death, for a period of three (3) months after the date of the Associate’s death. 
  

6. PERSONS ELIGIBLE TO EXERCISE. The option shall be exercisable during the Associate’s lifetime only by the Associate. The option shall be
non-transferable by the Associate other than by a beneficiary designation made in a form and manner acceptable to the Committee, or by will or the applicable laws of descent and distribution. 

 7. AFTER THE DEATH OF ASSOCIATE. To the extent exercisable after the Associate’s death, the option shall be
exercised only by the Associate’s designated beneficiary or beneficiaries, or if no beneficiary survives the Associate, by the person or persons entitled to the option under the Associate’s will, or if the Associate shall fail to make
testamentary disposition of the option, by his or her legal representative. Any transferee exercising the option must furnish the Company (a) written notice of his or her status as transferee, (b) evidence satisfactory to the Company to establish
the validity of the transfer of the option and compliance with any laws or regulations pertaining to said transfer, and (c) written acceptance of the terms and conditions of the option as prescribed in this Agreement. 
  
 8. EXERCISE OF OPTION. The option may be exercised by the person then entitled to do
so as to any shares which may then be purchased (a) by giving written notice of exercise to the Company, specifying the number of full shares to be purchased and accompanied by full payment of the purchase price thereof (and the amount of any income
tax the Company is required by law to withhold by reason of such exercise), and (b) by giving satisfactory assurances in writing if requested by the Company, signed by the person exercising the option, that the shares to be purchased upon such
exercise are being purchased for investment and not with a view to the distribution thereof. 
  
 9. SUSPENSION OF EXERCISABILITY. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of the shares covered by the option on any securities exchange or
under any state or federal law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of the purchase of shares hereunder, the option may not be exercised, in whole or in part, unless and until
such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company. The Company shall make reasonable efforts to meet the requirements of any such state or federal
law or securities exchange and to obtain any such consent or approval of any such governmental authority. 
  
 10. NO RIGHTS OF STOCKHOLDER. Neither the Associate nor any person claiming under or through said Associate shall be or have any of the rights or privileges of a stockholder of the Company in respect of any of
the shares issuable upon the exercise of the option, unless and until certificates representing such shares shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Associate.

  
 11. OPTION HAS NO EFFECT ON EMPLOYMENT. The terms of Associate’s
employment shall be determined from time to time by the Company, or the Subsidiary employing the Associate, as the case may be, and the Company, or the Subsidiary employing the Associate, as the case may be, shall have the right, which is hereby
expressly reserved, to terminate or change the terms of the employment of the Associate at any time for any reason whatsoever, with or without good cause. 
  
 12. ADDRESSES FOR NOTICES. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its Secretary, at
West Marine, Inc., 500 Westridge Drive, Watsonville, CA 95076, or at such other address as the Company may hereafter designate in writing. Any notice to be given to the Associate shall be addressed to the Associate at the address set forth below the
Associate’s signature in the Notice of Grant of Stock Options, or at such other address as the Associate may hereafter designate in writing. Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed
envelope, addressed as aforesaid, registered or certified and deposited, postage and registry fee prepaid, in a United States post office. 
  
 13. NON-TRANSFERABILITY OF OPTION. Except as otherwise herein provided, the option herein granted and the rights and privileges conferred hereby shall not be
transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or
otherwise dispose of said option, or of any right or privilege conferred hereby, contrary to the provisions hereof, or upon any attempted sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, said
option and the rights and privileges conferred hereby shall immediately become null and void. 
  
 14. MAXIMUM TERM OF OPTION. Notwithstanding any other provision of this Agreement, this option is not exercisable after the expiration of ten (10) years from the effective date of this Agreement. 
  

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 15. BINDING AGREEMENT. Subject to the limitation on the transferability of the option contained herein, this
Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
  
 16. PLAN GOVERNS. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions off this Agreement
and one or more provisions of the Plan, the provisions of the Plan shall govern. Terms used and not defined in this Agreement shall have the meaning set forth in the Plan. 
  
 17. COMMITTEE AUTHORITY. The Committee shall have the discretionary power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith shall be
final and binding upon Associate, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.

  
 18. CAPTIONS. Captions provided herein are for convenience only and are
not to serve as a basis for interpretation or construction of this Agreement. 
  
 19. AGREEMENT SEVERABLE. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any
effect on, the remaining provisions of this Agreement. 
  
 20. FURTHER
ASSURANCES. At any time, and from time to time after executing this Agreement, the Associate will execute such additional instruments and take such actions as may be reasonably requested by the Company to confirm or perfect or otherwise to carry
out the intent and purpose of this Agreement. 
  
 IN WITNESS WHEREOF, the parties
have executed this Agreement, in duplicate, effective as of the day and year specified in paragraph 2 of this Agreement. 
  
 West Marine, Inc. 
  

 4Lease Agreement, dated December 1, 1986 between SCP Green Hagerstown

 Exhibit 10.8 
  
 LEASE AGREEMENT 
  
 THIS LEASE AGREEMENT (“Lease”) is made this 1st day of December, 1986, by and between Indian Creek Company, a Virginia general partnership
(“Landlord”), and Boat America Corporation, a Virginia corporation (“Tenant”). 
  
 WHEREAS, Landlord is the owner of certain real property and improvements located at Long Meadow and Porter Chemical Road, Hagerstown, Maryland, such
improvements presently consisting of warehouse and office space containing approximately 287,300 square feet, more particularly described in Exhibit A attached hereto (“Premises”); and 
  
 WHEREAS, Landlord desires to lease the Premises to Tenant, and Tenant desires
to lease the premises from Landlord, upon the terms, conditions, covenants, and agreements set forth herein; 
  
 NOW, THEREFORE, Landlord and Tenant, do hereby covenant and agree as follows: 
  
 I. Premises, Term and Surrender 
  
 A. Premises. Landlord hereby leases the Premises to Tenant, for the “Term” and upon the conditions,
covenants and agreements hereinafter provided. 
  
 B. Term.
The term of this Lease shall be for a period commencing on even date herewith and expiring at midnight on November 30, 1996, (the “Term”), unless sooner terminated in accordance with the provisions hereof. At the option of the Tenant, the
Lease may be renewed for two (2) additional five-year periods. 
  
 C. Surrender. Tenant shall, upon expiration of the Term hereof, quit and surrender the Premises to Landlord in good order and condition, reasonable wear and tear excepted. In the event that Tenant is prevented from quitting and
surrendering the Premises upon the expiration of the Term due to any cause beyond the control of Tenant, then Tenant shall be allowed to remain at and in the Premises as a month-to-month Tenant, upon the same terms, conditions, covenants and
agreements as are set forth herein and at a monthly rent derived by dividing the annual rent set forth in paragraph II-A by twelve (12), until such time as Tenant shall be able to quit and surrender the Premises to Landlord. 
  
 II. Rent, Impositions and Liens. 
  
 A. Rent. Tenant covenants and agrees to pay to Landlord rent in the
following amounts (“Base Rent”); 
  
 (1) Upon
commencement of this Lease, and continuing on the first day of each subsequent month during the Term of this Lease, Tenant shall pay to Landlord, in advance, rent in the amount of $46,000 per month. 
  
 (2) If the first and last month during the Term of this Lease is less than a
full calendar month, the rent due in such month(s) shall be proportionately reduced by 

 
multiplying the rent that would otherwise be due for the full month by a fraction, the numerator of which is the number of days in the month during the Term,
and the denominator of which is the number of days in such month. 
  
 (3) All rent shall be paid to Landlord at the Premises, unless Landlord gives Tenant notice of a different address in accordance with paragraph XIII-C below. 
  
 B. Rental Adjustments. On the first day of the sixty-first (61st) month after the commencement of this Lease, and at
the beginning of each renewal option period, the then Base Rent shall be adjusted upwards by the increase, if any, in the U.S. Consumer Price Index, or in any interest adjustment by First National Bank of Maryland (“Bank”), whichever is
greater, by multiplying the Base Rent then due each month by a fraction, the numerator of which shall be the Consumer Price Index or Bank interest rate, as of the most recent date prior to such adjustment, and the denominator of which shall be the
Consumer Price Index as of the commencement date of this Lease. 
  
 C. Liens. Tenant shall pay all workmen and materialmen providing services or materials to the Premises at the request of Tenant and shall not allow any mechanic’s or materialmen’s lien to attach to or become a lien against
the Premises. If any such lien attaches to or becomes a lien against the Premises, Tenant agrees to discharge such lien within ten (10) days after written notice thereof from Landlord to Tenant or to provide a satisfactory bond against any such
lien. 
  
 D. Impositions. 
  
 (1) Tenant covenants and agrees to pay all lawful real estate taxes,
assessments, general or special, sewer and water charges and any other governmental charges, levied, imposed or which become a lien against the Premises allocable to the Term of this Lease (all or any of which are hereinafter referred to as the
“Imposition” or “Impositions”). 
  
 (2) If
any Imposition may, at the election of Tenant, be paid in installments (whether or note interest shall be imposed as a condition of payment in installments), Landlord hereby authorizes and permits Tenant to pay such Imposition in such installments
as Tenant and the imposing authority may agree upon. 
  
 (3) If
any such Imposition payable by Landlord prior to the commencement of this Lease or after termination of this Lease covers a period during he Term of this Lease, or if any such Imposition payable by Tenant covers a period prior to the commencement of
this Lease or subsequent to the termination of this Lease, such Imposition (including interest thereon, if any) shall be prorated between Landlord and Tenant as of the date of commencement or termination of this Lease, as the case may be, and paid
to the appropriate party at such time. 
  
 (4) Tenant shall have
the right to protest and/or contest any Imposition which is required to be paid by Tenant hereunder by appropriate administrative or legal proceedings, provided, however: 
  
 (i) Such protest or contest shall not cause or result in a sale or foreclosure of the Premises which cannot
be terminated by payment of said protested or contested Imposition; 
  

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 (ii) Tenant shall diligently prosecute such protest and/or contest; and 
  
 (iii) Tenant shall be responsible for the payment of any
penalties, interest or fees with respect to the Imposition protested or contested. 
  
 E. Right of Landlord. If Tenant shall fail to pay any liens in accordance with paragraph II-C; or fail to discharge or bond any lien, or, if Tenant shall fail to pay any Imposition in accordance with paragraph
II-D, Landlord shall have the right, after prior written notice thereof to Tenant, to pay or discharge such lien or Imposition on behalf of Tenant. Any amount so paid by Landlord on behalf of Tenant shall be deemed additional rent hereunder and
shall be paid by Tenant within ten (10) days of written demand thereof by Landlord. 
  
 III. Use, Maintenance and Alterations. 
  
 A. Use. 
  
 (1) Tenant
shall have the exclusive right to use and occupy the Premises for its business operations, together with activities related thereto including any storage of Tenant’s line of products. 
  
 (2) Tenant agrees to comply with all lawful governmental requirements in
connection with the use and occupancy of the Premises. It is expressly understood that if any present or future law, ordinance, regulation or order requires an occupancy permit for the Premises, Tenant will obtain such permit at Tenant’s own
expense. 
  
 B. Repairs. Tenant agrees to maintain the
Premises in good condition and repair, reasonable wear and tear excepted, at its sole cost and expense. 
  
 C. Alterations. Tenant will not make or permit anyone to make any material alterations, additions or improvements, structural or otherwise, in or
to the Premises without the prior written consent of Landlord. 
  
 IV. Assignment and Subletting. Tenant shall have the right, with the prior written approval of Landlord, not to be unreasonably withheld, to assign this Lease and/or to sublet all or any portion or portions of the Premises at any
time, Tenant to remain obligated for the rent in the event of any default by the assignee or subtenant. 
  
 V. Insurance. Tenant shall obtain and maintain insurance in accordance with the requirements set forth in Exhibit B attached hereto and made a part
hereof. 
  
 VI. Default. 
  
 A. Default. Tenant shall be in default hereunder if Tenant shall fail
to timely pay rent hereunder or comply with any of Tenant’s obligations hereunder where such failure to comply shall continue for a period of ten (10) days after the due date or required date of 

  

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performance; provided, however, that Tenant shall not be deemed in default if any such default may be reasonably cured within thirty (30) days and Tenant is
diligently proceeding with the curing of such default. 
  
 B.
Remedies. In the event that Tenant is in default, Landlord, upon ten (10) days prior written notice to Tenant, may terminate this Lease and reenter the Premises. In addition, Landlord shall have the right to pursue any claim or action against
Tenant for damages or equitable relief, and/or the right to cure such default on behalf of tenant (which shall not constitute a waiver of such default) and charge Tenant the cost of effecting such cure as additional rent hereunder. 
  
 VII. Title. 
  
 A. Warranty. Landlord represents, warrants and covenants that it has
good and marketable title to the Premises and that it has the full right, power and authority to enter into this Lease. 
  
 B. Quite Enjoyment. Landlord represents, warrants and covenants that for so long as Tenant complies fully with the terms of this Lease, Tenant
shall have, occupy and hold and use the Premises lawfully and for its quiet enjoyment during the term of this Lease. 
  
 VIII. Casualty and Condemnation. 
  
 A. Condemnation. If, during the Term of this Lease, the whole or any part of the Premises or the improvements located thereon shall be taken as a
result of the exercise of any power or condemnation or eminent domain (or by private purchase in lieu thereof), Landlord shall be entitled to retain the entire condemnation award and Tenant shall have no claim or rights with respect thereto. In the
event of any partial taking as aforesaid, Tenant shall have the right of either (1) accepting an equitable reduction in the rent or (2) terminating this Lease, in which case Tenant shall be relieved of any further obligation to Landlord. In the
event that the Premises are wholly taken as a result of any condemnation of eminent domain (or private purchase in lieu thereof), this Lease shall immediately terminate and be automatically cancelled. 
  
 B. Casualty. In the event that the Premises or any substantial part
thereof or any buildings or other improvements to the Premises or any substantial part thereof (greater than fifty (50%) percent) are destroyed by fire or other casualty, Landlord shall have the option in its sole discretion of (1) terminating this
Lease as of the date of such casualty or destruction or (2) applying the proceeds of any existing insurance policies, if any, to the restoration of the Premises and/or any buildings or other improvements thereon. In the event that Landlord elects to
restore the Premises, the rent payable pursuant to this Lease shall abate in whole or in part, as the case may be, (any rent reduction based upon the percentage destruction of the Premises) during the period commencing on the date of such damage or
destruction and ending on the date upon which Landlord finishes restoring the Premises. 
  
 IX. Bankruptcy or Insolvency of Tenant. In the event of the adjudication of bankruptcy or insolvency of Tenant or in the event that Tenant makes an assignment for the benefit of its creditors or enters into any
composition or similar arrangement with creditors, this Lease shall automatically terminate and the provisions hereof shall be of no further force of effect. 
  

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 X. Inspection. Tenant will permit Landlord, or its agents or other representatives, to enter the
Premises, without charge therefore to Landlord and without diminution of the rent payable by Tenant, to examine, inspect and protect the Premises throughout the Term or to exhibit the same to prospective tenants or purchasers during the last one
hundred eighty (180) days of the Term of this Lease. 
  
 XI.
Subordination and Attornment. 
  
 A. Subordination.
This Lease is subject and subordinate to the lien of a first Deed of Trust dated                      (the “Deed of Trust”) between
Indian Creek Company and Patricia A. Brion and Laura J. Russell (the “Trustees”), which secures First National Bank of Maryland, and to all and any renewals, extensions, modifications, recasting or refinancings thereof. In confirmation of
such subordination, Tenant shall, at Landlord’s request, promptly execute, acknowledge and deliver to Landlord any requisite or appropriate certificate or other document. Tenant hereby constitutes and appoints Landlord as Tenant’s
attorney-in-fact to execute any such certificate or certificates for or on behalf of Tenant if Tenant does not execute said certificate within five (5) days of receipt thereof. 
  
 B. Attornment. 
  
 (1) Tenant agrees that in the event of such a foreclosure pursuant to the Deed of Trust, Tenant shall attorn to the Bank or its successors in interest,
if requested to do so by such successor and to recognize such successor as the Landlord under this Lease, and Tenant waives the provisions of any statute or rule of law, now or hereafter in effect, which may give or purport to give Tenant any right
to terminate or otherwise adversely affect this Lease and the obligations of Tenant hereunder in the event that any such foreclosure proceeding is prosecuted or completed. 
  
 (2) Provided Trustees have given Tenant written notice of where such notices are to be sent, Tenant shall not terminate
this Lease for any default on the part of the Landlord without first giving thirty (30) days written notice by certified or registered mail, return receipt requested, to the Trustees, specifying the default in reasonable detail, and affording the
Trustees a reasonable opportunity to make performance within the time period specified in such notice, at their election, for and on behalf of the Landlord. 
  
 XII. Utilities. Tenant shall pay all costs and charges for all utilities and services provided or used in or at the Premises. 
  
 XIII. Other Provisions. 
  
 A. No Broker. Landlord and Tenant each represent and warrant to the
other that they have not authorized any broker, agent or finder to act on their behalf nor do they have any knowledge of any broker, agent or finder purporting to act on their behalf in respect to this transaction, and Landlord and Tenant hereby
agree to indemnify and hold harmless the other from and against any cost, expense, claim, liability or damage resulting from a breach of the representation and warranty contained herein. 
  
 B. No Partnership or Joint Venture Created. Nothing contained in this Lease shall be deemed or construed to create a
partnership or joint venture of or between Landlord and Tenant, or to create any relationship between the parties hereto other than that of Landlord and Tenant. 
  

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 C. Notice. Any and all notices, requests or other communications hereunder shall be deemed to have
been duly given if in writing and if transmitted by hand delivery with receipt therefor, or by registered or certified mail, return receipt requested, and first class postage prepaid, as follows: (i) To Landlord, at the Premises; or (ii) to Tenant,
at the Premises; or to such other address as either party may furnish to the other by notice in accordance with this paragraph XIII-C. Notice shall be deemed effective when received. 
  
 D. Governing Law. This Lease shall be construed and enforced in accordance with the laws of the State of Maryland.

  
 E. Invalidity of Particular Provisions. If any
provision of this Lease or the application thereof to any person or circumstances shall to any extent be invalid or unenforceable, the remainder of this Lease, or the application of such provision to persons or circumstances other than those as to
which it is invalid or unenforceable, shall not be affected thereby, and each provision of this Lease shall be valid an be enforced to the fullest extent permitted by law. 
  
 F. Headings. The captions and headings herein are for convenience of reference only and in no way define or limit the
scope or content of this Lease or in any way affect its provisions. 
  
 G. Binding Effect. This Lease shall be binding upon, and inure to the benefit of, the parties hereto and their respective legal representatives, heirs, executors, administrators, successors and assigns. 
  
 H. Entire Lease. This Lease contains the final and entire agreement
between the parties hereto and is intended to be an integration of all prior negotiations and understandings. Landlord, Tenant and their respective agents shall not be bound by any terms, conditions, statements, warranties or representations, oral
or written, not contained herein. No change or modification of this Lease shall be valid unless the same is in writing and is signed by the party against which it is sought to be enforced. 
  

 - 6 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Lease under seal on the day and year set forth
below. 
  

											
	 	 	 	 	 LANDLORD:

			
	 WITNESS:
	 	 	 	 INDIAN CREEK COMPANY,

	 	 	 	 	 a Virginia general partnership

					
	 /s/ Richard Ellison

	 	 	 	 By:
	 	 /s/ Richard Schwartz

	 	 (SEAL)

	 	 	 	 	 	 	 Richard Schwartz, Partner
	 	 
	 Dated: November 25, 1986
	 	 	 	 	 	 	 	 	 	 
			
	 	 	 	 	 TENANT:

			
	 WITNESS:
	 	 	 	 BOAT AMERICA CORPORATION,

	 	 	 	 	 A Virginia corporation

						
	 /s/ Steven G. Schwartz

	 	 	 	 	 	 By:
	 	 /s/ Thomas J. Petrash

	 	 (SEAL)

	 (SEAL)
	 	 	 	 	 	 	 	 Thomas J. Petrash,
	 	 
	 	 	 	 	 	 	 	 	 Vice President
	 	 
	 Dated: November 25, 1986
	 	 	 	 	 	 	 	 	 	 

  

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 EXHIBIT “B” 
  
 INSURANCE COVERAGE 
  
 A. Property Insurance. Tenant shall, at all times during the term hereof, insure the premises against loss or damage from fire, smoke, lightning,
windstorm, explosion, vandalism, malicious mischief and the other hazards ordinarily included under standard broad form extended coverage endorsements in amounts equal to the full replacement cost of the Premises (that amount having been determined
to be $7,000,000.00). 
  
 B. Public Liability, Workman’s
Compensation, and Property Damage Insurance. Tenant shall, at all times during the term hereof, maintain general public liability insurance coverage of $5,000,000.00 and workmen’s compensation as required by law insuring against claims for
bodily injury or death occurring upon, in or about, or resulting from the use of, the Premises with the insurance (other than workmen’s compensation) to afford protection to the limit of not less than $500,000.00 in respect of bodily injury or
death to any one person and to the limit of no less than $1,000,000.00 in respect of any one accident. 
  
 C. Loss of Rents. Landlord shall maintain insurance with respect to loss of rents for a period equal to one year. 
  
 D. Insurance Companies. All required insurance shall be carried with
responsible insurance companies selected by the party responsible for obtaining such insurance, and approved by Landlord on even date herewith (which approval shall not be unreasonably withheld), and may be effected by endorsement of blanket
insurance policies; provided, however, that all policies of insurance shall be written by companies authorized to do business in the State of Maryland. 
  
 E. Certificates of Insurance. Each party shall deliver to the other (i) promptly upon the execution and delivery of this Lease, original policies
or duplicates, or certificates or binders, evidencing that all required insurance is in full force and effect, and (ii) at least twenty (20) business days prior to the expiration of any insurance, additional policies or duplicates, or certificates
or binders, evidencing the renewal of the insurance and the payment of the premiums. 
  
 F. Named Insureds. All policies shall name Landlord, its partners, Tenant, and the Trustees as additional insureds as their interests may appear, if any. 

 G. Mortgage Clauses. The property insurance policy required by (A) and all renewals of its shall
contain standard clauses naming First National Bank of Maryland (“Holder”) as mortgages and requiring that all proceeds payable under the policy (other than proceeds for claims of less than $1,000.00, which shall be payable to Landlord) be
paid to Holder and Landlord. Accordingly, the policy shall have attached to it standard non-contributing, non-reporting mortgagee clauses in form acceptable to the Holder, in favor of and entitling the Holder without contribution, to collect any and
all proceeds payable under that insurance as its interest may appear. 
  
 H. Cancellation. Each insurance policy required by this exhibit shall contain an agreement by the issuer that it will not cancel the policy or modify it in a manner which is adverse to the interests of Landlord, Tenant, or the
Holder, except upon prior written notice to all named insureds, in accordance with law (but not less than fifteen (15) days), and that any loss otherwise payable under the policy shall be payable notwithstanding any act of negligence by the
Landlord, or Tenant, which might, absent that agreement, result in forfeiture of all or part of the insurance payment. Either party shall immediately notify the other of any cancellation of or change in any insurance policy. 
  
 I. Failure to Effect Insurance. In the event that either party fails
to effect, maintain or renew any of the insurance required of it, then the other party shall have the right, but not the obligation, to procure said insurance, and the premium therefore shall be immediately reimbursed by the defaulting party;
provided, however, it is expressly understood that procurement of the insurance shall not be deemed to waive or release such default. 
  
 J. Umbrella Policies. In lieu of separate policies, either party may maintain or cause to be maintained blanket or umbrella policies if those
policies provide the coverage required by this Exhibit. 
  
 K.
Revised Limits. Landlord shall have the right to require different limits for the insurance required hereunder if, in Landlord’s sole discretion, the limits are necessary to adequately protect the interests of the Landlord; provided,
however, that the revised limits are (i) readily available in the market and (ii) obtainable at standard premium rates. 
  

 B-2

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