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Exhibit 10.1    
  

LOAN AGREEMENT  

        THIS AGREEMENT, dated as of December 31, 2002, is between Gaiam, Inc. and
its 100% owned subsidiaries (the "Company"), 360 Interlocken Blvd., Suite 300, Broomfield, Colorado 80021 (address), and Wells Fargo Bank West,
N.A. (the "Bank"), 1242 Pearl Street, P.O. Box 227, Boulder, Colorado. 

ARTICLE I  

 DEFINITIONS  

        Section 1.1    The terms defined in this Article shall have the meanings specified for all purposes of this
Agreement. 

	(a)
	"Borrowing
Base" shall mean an amount equal to the sum of the following:

	(1)
	75%
of the Company's total accounts receivable which are less than 60 days past due according to their assigned selling terms; plus

	(2)
	50%
of the Company's total finished goods inventory, excluding any goods being manufactured, subject to further manufacturing processes
by the Company, and inventory considered obsolete. 

	(b)
	"Commitment
Expiration Date" shall mean December 31, 2005.

	(c)
	"Consolidated
Debt to Worth Ratio" shall mean the ratio of (i) the aggregate debt of the Company less cash or cash equivalents at the Bank, determined in accordance with
generally accepted accounting principles, less any debt formally subordinated by a creditor to the indebtedness of the Company to the Bank, to (ii) the Company's net equity, determined in
accordance with generally accepted accounting principles plus any debt formally subordinated by a creditor to the indebtedness of the Company to the Bank.

	(d)
	"Current
Ratio" shall mean the ratio of current assets of the Company to its current liabilities, determined in accordance with generally accepted accounting principles.

	(e)
	"Equity
Equivalent Investments" shall mean cash provided to the Company either by the purchase of common or preferred stock or by the making of Loans to the Company that are formally
subordinated to the indebtedness of the Company to the Bank.

	(f)
	"ERISA"
shall mean the Employment Retirement Income Security Act of 1974, as amended.

	(g)
	"Event
of Default" shall mean any of the events listed in Section 5.1 below.

	(h)
	"Loan"
or "Loans" mean all advances and draws on Letters of Credit that the Bank agrees to make or issue hereunder. 

ARTICLE II  

 THE COMMITMENT  

        Section 2.1    The Bank agrees, on the terms herein set forth, to make Loans to the Company under a Revolving Line of
Credit in an aggregate amount not exceeding the lesser of the Borrowing Base or $15,000,000.00. The Loans may be in the form of cash advances or Letters of Credit as requested by the Company on or
before the Commitment Expiration Date, when said Loans, together with interest thereon, shall be due and payable. The amount available for Loans at any time shall be the lesser of $15,000,000.00 or
the Borrowing Base, minus the aggregate principal amount of all outstanding cash advances and outstanding Letter of Credit issued hereunder.
Calculations of the

  
Borrowing Base shall be submitted to the Bank quarterly and with each Loan advance, on the basis of the information and certificates provided pursuant to Sections 4.1(a) and
(b) below; however, compliance with the Borrowing Base limitation is a continuing obligation. However, the Company may request advances under any given Borrowing Base Certificate for a period
of forty days without providing additional certificates. If any time the aggregate balance outstanding on the Loans exceeds the Borrowing Base, the excess shall become immediately due and
payable and shall be paid to the Bank within five business days after written notice to the Company. 

        Section 2.2    The Company may request the Bank to issue, or cause to have issued by a third party bank, Letters of
Credit. Maturing drafts drawn in accordance with the terms of the Letters of Credit shall be payable in full when due, either through the cash assets of the Company or by a draw against funds then
available under Section 2.1. The Letters of Credit will be priced on a fee basis, dependent on the costs of complying with the terms of each Letter of Credit or ensuing draft. Each Letter of
Credit shall have an expiration date as requested by the Company; however, with respect to any Letter of Credit for which an expiration date later than the Commitment Expiration Date is requested:
(a) such later date shall be consistent with the Company's usual and customary practice for Letter of Credit transactions during the immediately preceding 12 months, and (b) on or
before the Commitment Expiration Date the Company shall provide collateral reasonably acceptable to the Bank for any draws on such Letter of Credit after the Commitment Expiration Date. 

        Section 2.3    The Loan described in Section 2.1 shall be evidenced by a Promissory Note in the maximum
principal amount of $15,000,000.00, payable to the order of the Bank on or before January 31, 2005. 

        Section 2.4    The Loan described in Sections 2.1 shall bear interest at a rate equal to the lower of Wells Fargo
Bank West, N.A. Prime Rate (the "Prime Rate") minus 1/2% as in effect from time to time, which rate shall change, without notice, whenever the Prime Rate changes, to and including
maturity or the 30 day London Interbank Offered Rate (LIBOR) as quoted on the first business day of each calendar month plus 275 basis points.
Overdue principal and (to the extent legally enforceable)overdue interest, whether caused by acceleration of maturity or otherwise, shall bear interest at a rate four percentage points above the rate
in effect at the time such principal or interest becomes due. 

        Section 2.5    The Company shall have the right to repay the Loans in part or in whole at any time without penalty except
as noted below; however, prepayment in full must be accompanied by payment of all accrued interest then due. 

        Section 2.6    All payments made by the Company on account of principal and of interest shall be made in immediately
available funds to the Bank. 

        Section 2.7    The Bank's commitment to make the initial and all subsequent Loans hereunder shall be subject to the
following conditions: 

	(a)
	Prior
to the initial Loan on the Revolving Line of Credit described in Section 2.1, payment by the Company of a $3,000.00 loan commitment fee.

	(b)
	Prior
to the initial Loan, delivery to the Bank of the Note and all security agreements, financing statements and related documents necessary to confirm or create liens and
security interests in favor of the Bank on all the Company's accounts, equipment and inventory as security for the Loan.

	(c)
	As
of the dates of the initial and any subsequent Loans, all representations and warranties of the Company contained herein shall be true and no Event of Default shall have occurred
and be continuing. 

 

ARTICLE III  

 REPRESENTATION AND WARRANTIES  

        The Company represents and warrants to the Bank as follows: 

        Section 3.1    The Company is duly organized, validly existing, and in good standing under the laws of the State of
Colorado, and is duly qualified to do business wherever necessary to carry on its present operations. 

        Section 3.2    The making and performance of this Agreement is within the Company's corporate powers; has been duly
authorized by all necessary corporate action; does not require any stockholder consent; does not require the approval of any federal or state regulatory authority; does not contravene any law,
regulation or agreement to which the Company is a party or by which it or its assets may be bound;
and will not conflict with any provision of the articles of incorporation, bylaws or other governing documents of the Company. 

        Section 3.3    This Agreement is the legal, valid and binding obligation of the Company, enforceable in accordance with
its terms. 

        Section 3.4    There is no pending, nor to the best of the Company's knowledge threatened, action or proceedings before
any court or administrative agency that may materially adversely affect the Company's financial condition or operations as of the date of this Agreement. The Company hereby agrees to notify the Bank
in writing of any subsequent action or proceedings before any court or administrative agency that, in the judgment of the Company's management based on the advise of legal counsel, may materially
adversely affect the Company's financial condition or operations. Said notice shall be given to the Bank within 30 days of such determination. 

        Section 3.5    The Company has good and marketable title to all of its material properties or assets (except leased
assets), and none of such material properties or assets included in the Borrowing Base are subject to any mortgage, pledge, loan security interest, encumbrance or any other security agreement or
arrangement of any type whatsoever except the security interests, liens and encumbrances permitted by this Agreement and Permitted Liens permitted pursuant to Section 4.2(f). 

        Section 3.6    Except for any Tax Disputes permitted pursuant to Section 4.2(f), to the best of the Company's
knowledge and information no material claim for taxes, whether federal, state or local, are presently being assessed against the Company with respect to any past due taxes, nor are there any tax
disputes being litigated or determined by governmental proceedings at the present time that have not been reflected in the financial statements of the Company previously furnished to the Bank. 

        Section 3.7    The Company or property of the Company as of the date of this Agreement is not the subject of any ongoing
litigation, judgment, decree, order, citation, complaint, or notice of violation relating to or arising out of environmental laws or issues. For purposes of this Agreement, Contamination and
Contaminated shall mean the presence of solid or hazardous wastes, hazardous substances, pollutants or contaminants, petroleum, toxic or hazardous constituents, or similar materials, as such terms are
defined under any federal, state, or local statute, whether currently or subsequently enacted, or under common law. The Company hereby agrees to notify the Bank in writing of any subsequent action or
proceedings before any court or administrative agency that, in the judgment of the Company's management based on the advise of legal counsel, makes the Company the subject of litigation, judgment,
decree, order, citation, compliant, or notice of violation relating to or arising out of environmental laws or issues, which may materially adversely affect the Company's financial condition. Said
notice shall be given to the Bank within 30 days of such determination.

 

ARTICLE IV  

 COVENANTS OF THE COMPANY  

        SECTION 4.1    So long as the Company may borrow hereunder and until payment in full of the Note and performance of all
other obligations of the Company under this Agreement, the Company shall: 

	(a)
	(i) Furnish
to the Bank within 45 days after the end of each quarter during each fiscal year a consolidated balance sheet and income statement; (ii) furnish to
the Bank within 150 days after the end of each fiscal year of the Company an audited consolidated balance sheet and income statement; (iii) furnish to the Bank within 150 days
after the end of each fiscal year of the Company projections for the ensuing year; and(iv) permit or cause to permit the Bank at any reasonable time during normal business hours to have
access to the books and records of the Company and to inspect or otherwise check the properties of the Company, but only upon at least three (3) business days notice by the Bank.

	(b)
	Furnish
to the Bank within 30 days after the end of each calendar quarter and at the time of each request for an advance on the Loan (unless otherwise stated in
Section 2.1) a completed and signed Borrowing Base Certificate, a blank copy of which is attached as Exhibit A, accompanied by copies of the same month's end accounts receivable aging
and summary inventory lists. The inventory lists so provided shall include separate listings for inventory deemed discontinued or obsolete by the Company.

	(c)
	Maintain
a Current Ratio of at least 1.0 to 1 at the end of each calendar quarter. While the Company and the Bank acknowledge that this calculation need only be performed at the end
of each calendar quarter, the Company agrees in principle to maintain such financial covenant on an ongoing basis, and shall use reasonable efforts to insure compliance with same.

	(d)
	Maintain
a Consolidated Debt to Worth Ratio not to exceed 1.6 to 1 at the end of each calendar quarter. While the Company and the Bank acknowledge that this calculation need only be
performed at the end of each calendar quarter, the Company agrees in principle to maintain such financial covenant on an ongoing basis, and shall use reasonable efforts to insure compliance with same.

	(e)
	Maintain
a minimum Shareholder Equity position of $20,000,000.00, as defined under Generally Accepted Accounting Principles at the end of each calendar quarter. While the Company and
the Bank acknowledge that this calculation need only be performed at the end of each calendar quarter, the Company agrees in principle to maintain such financial covenant on an ongoing basis, and
shall use reasonable efforts to insure compliance with same.

	(f)
	Use
the Bank as its principal domestic depository for all demand and savings business accounts.

	(g)
	Allow
the Bank the opportunity to bid on all short-term investments held in the form of cash and / or cash equivalents including certificates of deposit and repurchase
agreements provided that this obligation to allow the Bank to bid shall only extend to short-term investments in excess of $1,000,000.00 and provided further that such obligation shall not
extend to other investments in connection with acquisitions owed to the seller or affiliates of the seller.

	(h)
	Maintain
insurance with responsible companies on such of its properties, in such amounts and against such amount and against such risks as is reasonable and customarily maintained by
similar businesses operating in the same vicinity, and file with the Bank evidence of such coverage which names the Bank as Loss Payee. 

  

	(i)
	Comply
in all material respects with all laws, ordinances, rules and regulations of all governmental authorities, now or hereafter in effect, applicable to the ownership, production,
disposition, or use of the assets included in the Borrowing Base if the failure to comply would have a material adverse affect on the Company. The Company may contest in good faith any such law,
ordinance or regulation and withhold compliance during any proceeding, including appropriate appeals.

	(j)
	Promptly
provide notice to the Bank of (i) the occurrence of an Event of Default; (ii) the occurrence of a "Reportable Event" (as defined in ERISA); or (iii) the
institution of steps by the Company to withdraw from or terminate any employee benefit plan as to which the Company may have any liability material to the Company's business and operations.

	(k)
	Permit
the Bank to perform inspections of the Company's accounts receivable, inventory, and other pertinent financial records, to be conducted during regular business hours and
by the Bank giving at least three business days' prior notice. Said inspections are to be limited to a maximum of three annually.

	(l)
	Promptly
furnish to the Bank copies of all documents filed by it with the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., any
securities exchange or any state securities commission, limited to all registration statements, annual reports on Form 10K, quarterly reports on Form 10Q, reports on Form 8K,
proxy statements and annual reports to shareholders, and all amendments there to. 

        Section 4.2    So long as the Company may borrow hereunder and until payment in full of the Note and performance
of all other obligations of the Company hereunder, the Company shall not: 

	(a)
	Pay
a cash dividend on capital stock now or hereafter outstanding, or redeem, retire, purchase or otherwise acquire directly or indirectly any shares of the debtor's stock now or
hereafter outstanding provided that the Company may redeem shares of the Company's stock owned by employees or former employees of the Company up to a maximum of $1,000,000 per year and provided
further that nothing in this Section 4.2(a) shall prevent the cashless exercise of stock options granted by the Company, or the purchase of its common stock up to the amount of 50% of
operating income earned during the prior twelve months plus any equity issued subsequent to the December 31, 2000. Any such purchase of common stock shall be in compliance with the terms
stated in Section 4.1.

	(b)
	Without
the written consent of the Bank, enter into any mergers, acquisitions or consolidations unless the Company is the surviving entity.

	(c)
	Without
providing prior notice to the Bank, sell, lease or otherwise dispose of all or any substantial part of its assets or operation other than in the ordinary course of the
Company's business; The sale of website codes and rights is expressly accepted and noted.

	(d)
	Without
providing prior notice to the Bank, make any loans or advances to another person or entity, enter into any direct borrowings other than purchase money security agreements for
equipment acquisitions or assume, guarantee or otherwise become contingently liable on any borrowings or indebtedness of another person or entity

	(i)
	Advances
not to exceed 2% of the total assets of the Company in the aggregate are expressly permitted.

	(ii)
	Advances
and borrowings between the Company and its subsidiaries are expressly permitted. 

	(e)
	Without
the prior written consent of the Bank, permit any Pension and/or Profit Sharing Plan maintained by it to:

	(i)
	Engage
in any "prohibited transaction" as such term is defined in section 4975 of the Internal Revenue Code of 12954, as amended; 

 

	(ii)
	Incur
any "accumulated funding deficiency" as such term is defined in section 302 of ERISA; or

	(iii)
	Terminate
in a manner that could result in the imposition of a lien on the property of the Company pursuant to section 4068 to ERISA. 

	(f)
	Without
the prior written consent of the Bank, create, incur or permit to exist any material lien, security interest or other encumbrance upon any of its properties or assets included
in the Borrowing
Base which ranks senior to or pari passu with the security interest of the Bank, except the following liens are expressly permitted(each a "Permitted
Lien")

	1)
	Liens
for taxes not yet due or which are being contested in good faith (a "Tax Dispute");

	2)
	pledges
and deposits made in the ordinary course of business and/or in compliance with workmen's compensation, unemployment insurance and other social security laws or regulations, as
applicable;

	3)
	zoning
restrictions, easements, rights-of-way, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business
which, in the aggregate, are not substantial in amount and do not materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the
Company or any of its subsidiaries;

	4)
	Liens
which arise in the ordinary course of business for sums not due or sums which the Company is contesting in good faith and by appropriate proceedings and with respect to which the
Company has made adequate reserves in accordance with GAAP, but which do not involve any deposits or advances or borrowed money or the deferred purchase price of property or services;

	5)
	purchase
money security interests incurred in connection with the Company's normal business activities;

	6)
	statutory
Liens securing the claims or demands of materialmen, mechanics, carriers, warehousemen, landlords and other like persons for labor, materials, supplies or rentals incurred in
the ordinary course of the Company's business; provided that the underlying obligations relating to such Liens are paid in the ordinary course of business or are being contested in good faith and by
appropriate proceedings and with respect to which the Company has made adequate reserves in accordance with GAAP;

	7)
	attachment,
judgment and other similar non-tax Liens with respect to which no Event of Default would exist pursuant to Article V;

	8)
	those
created under the documents creating and perfecting the Bank's security interests in the collateral hereunder;

	9)
	those
liens created to secure Debt owed by the Company's Real Goods Trading Corp. subsidiary to the California Statewide Certified Development Corporation dated June 17, 1996,
as amended, in the original principal amount of $604,000 and any guarantees of such Debt by the Company;

	10)
	Capital
Leases (defined in accordance with GAAP) in an aggregate annual amount less than $1,500,000.00, provided that notice of all Capital Lease transactions of $500,000.00 or
greater shall be provided to Bank prior to or concurrently with the such Debt transaction; and

	11)
	liens
that may exist on the assets or securities of acquired business that may be acquired by the Company in the future. 

 

ARTICLE V  

 EVENTS OF DEFAULT  

        Section 5.1    The occurrence of any of the following events shall be an "Event of Default", unless cured within ten
business days of written notice to the Company by the Bank: 

	(a)
	Any
payment of principal or interest owed to the Bank shall not be made when due and not be cured within ten business days thereafter; or

	(b)
	Any
representation or warranty made by the Company in connection with the execution and delivery of this Agreement, or in any certificate furnished pursuant hereto, shall prove to be
at any time incorrect in any material respect; or

	(c)
	The
Company shall fail to materially perform or observe any other term, covenant or agreement contained in this Agreement and such failure shall continue for a period of ten
business days after written notice to the Company from the Bank; which failure to perform or observe any covenant having occurred subsequent to review of the occasion with the Bank; or

	(d)
	Any
obligation of the Company to the Bank for the payment of borrowed money is not made at maturity, whether by acceleration or otherwise, or is declared to be due and payable prior
to the stated maturity thereof by reason of default or other violation of the terms thereof.

	(e)
	The
Company shall fail to exercise reasonable efforts to protect and preserve the collateral, liens, and security interests securing the Loans in all material respects. 

        Section 5.2    Upon the occurrence of an Event of Default, the obligation of the Bank to make advances under this
Agreement or any other loan commitment to the Company and to issue Letters of Credit shall terminate and the Bank may declare the principal balance, together with accrued interest thereon, to be
immediately due and payable, and the same shall forthwith become immediately due and payable without presentment, protest, notice or demand of any kind, all of which are hereby expressly waived by the
Company. Upon any such Event of Default, the Bank may proceed with each and every remedy provided for it in this Agreement, the Note, or security agreements and other instruments executed in
connection with the Loans, anything in said instruments to the contrary notwithstanding, and may pursue any other remedy available to the Bank, whether in law or equity, to enforce collection of all
sums due and owing to the Bank, all of such right and remedies being cumulative and not exclusive of all rights and remedies which the Bank has or may have against the Company. 

ARTICLE VI  

 MISCELLANEOUS  

        Section 6.1    No failure on the part of the Bank in exercising any power or right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise of any other right or power hereunder. No modification or
waiver of any provision of this Agreement nor consent to any departure by the Company therefrom shall in any event be effective unless the same shall be in writing and then such a waiver or consent
shall be effective only in the specific instance and for the purposes for which it was given. No notice or demand on the Company in any case shall entitle it to any other or further notice or demand
in similar or other circumstances. 

        Section 6.2    No modification of this Agreement shall be effective unless the same be in writing and mutually agreeable
between the two parties.

 

        Section 6.3    The Company agrees to pay all costs incurred by both parties in connection with the enforcement of any
provision of this Agreement, the collection of the Note or the foreclosure or realization upon any security therefor, except as otherwise ordered by a court or arbitrator. 

        Section 6.4    This Loan Agreement supercedes a document of the same name dated March 25,2002, as amended. 

        Section 6.5    The Company agrees to defend, indemnify, and hold harmless the Bank for, from, and against and to
reimburse the Bank with respect to any and all claims, actions, costs and expenses whatsoever (including, without limitation, attorneys fees and expenses and costs reasonably incurred), known or
unknown, asserted against or incurred by the Bank at any time by reason of or arising out of or relating to any actual or alleged violation of any existing or future environmental law or actual or
threatened Contamination relating to the property or activities of the Company, whether or not such contamination was in violation of any environmental statute. This indemnity shall last indefinitely
and is specifically intended to survive this Agreement. 

        Section 6.6    All notices or other communications required or permitted under this Agreement shall be in writing and
shall be deemed given when personally delivered or mailed to the respective parties' addresses as set forth above. On any matters dealing with Events of Default, the Bank shall deliver written notice
either in person or via registered mail at the address shown above to all of the following: the Company's Chairman, its President, and its Chief Financial Officer of record as of the date of said
notice. While notice shall be made to the people in all three positions, notice so given shall serve as notice to the Company when received by any one person in one or more of these positions. 

        Section 6.7    This Agreement and the rights and obligations of the parties hereunder shall be construed and interpreted
in accordance with the laws of the State of Colorado. 

	
Wells Fargo Bank West, N.A.	
 	

Gaiam, Inc.
	
By:	
 	

/s/  THOMAS H. STAUFFER      
 Thomas H. Stauffer

Vice President	
 	

By:	
 	

/s/  JIRKA RYSAVY      
 Jirka Rysavy

Chairman & C.E.O.

   EXHIBIT "A"

BORROWING BASE CERTIFICATE  

Wells Fargo Bank West, N. A.
  (hereinafter referred to as the Bank)

1242 Pearl Street, P.O. Box 227

Boulder, Colorado 80303-0227 

COMPANY
NAME: Gaiam, Inc.

	 COLLATERAL:	 	 
	

1.	
 	

Accounts Receivable as of	
 	

	

 	
 	

Total uncollected balances due on open book	
 	

 
	 	 	Accounts Receivable	 	

	

Less:	
 	

Assigned accounts which are more than sixty days past due according to the assigned selling terms or to which there exists a dispute with the debtor	
 	

	Less:	 	Receivables from affiliated companies	 	

	Less:	 	Receivables from officers and employees	 	

	Less:	 	Unassigned Receivables from Federal Govt.	 	

	

Total eligible amount of Accounts Receivable	
 	

	

75% of eligible Accounts Receivable	
 	

	

2.	
 	

Eligible inventory, as described in Section 1.1 (a) 50% of eligible amount of Merchandise Inventory allowed	
 	

	

3.	
 	

Total eligible collateral Assigned to the Bank (Accounts Receivable + Inventory)	
 	

	

BORROWINGS:	
 	

 
	

4.	
 	

Amount outstanding previous to this date	
 	

	

5.	
 	

Today's Borrowings	
 	

	

6.	
 	

Total Borrowings outstanding as of today	
 	

	

7.	
 	

Total Borrowing Availability under the Security Agreement	
 	

	

 	
 	

Amount Available for Borrowing after Today (subtract (6) from the lessor of (7) or (3)	
 	

        We
further certify that there have been no sales, returns, allowances or rebates, or other adjustments or credits in connection with the above mentioned assigned accounts and that the
above mentioned assigned accounts represent valid indebtedness which the respective debtors are under legal valid obligation to pay when due, and that none of such accounts is subject to any right of
deduction, set-off or counter-claim, and that we have not accepted any note, trade acceptance or other form of settlement of any of the above Accounts Receivable, except as above noted and
that the above merchandise inventory is unencumbered except to the Bank and that said inventory has been kept in good condition and repair.

 

        We
further certify that there is no default in the conditions set forth in the Security Agreement and Loan Agreement dated December 31, 2002. 

COMPANY:
Gaiam, Inc.

OFFICER
OF COMPANY: 

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Exhibit 10.4    
  

FIRST LEASE AMENDMENT  

        THIS FIRST LEASE AMENDMENT (the "Amendment") is executed this 12th day of April, 2000 (the "Execution Date"), effective as of the 1st day of March,
2000 (the "Effective Date"), by and between DUKE-WEEKS REALTY LIMITED PARTNERSHIP, an Indiana limited partnership ("Landlord"), and GAIAM, INC., a Colorado corporation ("Tenant"). 

W I T N E S S E T H:  

        WHEREAS, Landlord and Tenant entered into a certain lease dated December 16, 1999 (the "Lease"), whereby Tenant leased from Landlord certain premises
consisting of approximately 208,120 square feet of space (the "Leased Premises") located in a building commonly known as World Park at Union Centre, Building No. 8, located at 9107 Meridian
Way, Cincinnati, Ohio 45069; and 

        WHEREAS,
Tenant requested that Landlord make additional tenant finish improvements in the Leased Premises, and Landlord agreed to make such additional tenant finish improvements and to
amortize the cost of such tenant finish improvements into the rent; and 

        WHEREAS,
Landlord and Tenant desire to amend the Minimum Annual Rent and Monthly Rental Installments to include the costs of such tenant finish improvements; and 

        WHEREAS,
Landlord and Tenant desire to extend the Lease Term; and 

        WHEREAS,
Landlord and Tenant desire to amend certain provisions of the Lease to reflect such amortization, extension, changes and additions to the Lease; 

        NOW,
THEREFORE, in consideration of the foregoing premises, the mutual covenants herein contained and each act performed hereunder by the parties, Landlord and Tenant hereby agree that
the Lease is amended as follows: 

        1.    Incorporation of Recitals.    The above recitals are hereby incorporated into this Amendment as if fully set
forth herein. 

        2.    Extension of Lease Term.    The Lease Term is hereby extended through March 31, 2006. 

        3.    Amendment of Section 1.01. Basic Lease Provisions and Definitions.    Commencing on the Effective Date,  Section 1.01 of the Lease is hereby amended by deleting subsections D, E and G and substituting the following in lieu thereof:
 

	"D.
	Minimum
Annual Rent: 

	March 1, 2000—March 31, 2000	 	$0.00 (1 month)*
	April 1, 2000—February 28, 2001	 	$528,935.00 (11 months)*
	March 1, 2001—February 28, 2002	 	$769,632.00 per year
	March 1, 2002—February 28, 2003	 	$769,632.00 per year
	March 1, 2003—February 29, 2004	 	$769,632.00 per year
	March 1, 2004—February 28, 2005	 	$769,632.00 per year
	March 1, 2005—February 28, 2006	 	$769,632.00 per year
	March 1, 2006—March 31, 2006	 	$64,136.00 (1 month);

 

	E.
	Monthly
Rental Installments: 

	March 1, 2000—March 31, 2000	 	$0.00 (1 month)*
	April 1, 2000—February, 28 2001	 	$48,085.00 per month
	March 1, 2001—March 31, 2006	 	$64,136.00 per month;

	*
	Tenant's
Proportionate Share, Minimum Annual Rent and Monthly Rental Installments through February 28, 2001 (Year 1) are calculated based on 151,360 square feet of the
Leased Premises.

	G.
	Lease
Term: Though March 31, 2006;" 

        4.    Amendment of Section 2.02. Construction of Tenant
Improvements.    Section 2.02 of the Lease is hereby amended by substituting  Exhibit B-1, attached
hereto and incorporated herein by reference, in lieu of  Exhibit B attached to the Lease. 

        5.    Tenant's Representations and Warranties.    The undersigned represents and warrants to Landlord that
(i) Tenant is duly organized, validly existing and in good standing in accordance with the laws of the state under which it was organized; (ii) all action necessary to authorize the
execution of the Amendment has been taken by Tenant; and (iii) the individual executing and delivering this Amendment on behalf of Tenant has been authorized to do so, and such execution and
delivery shall bind Tenant. Tenant, at Landlord's request, shall provide Landlord with evidence of such authority. 

        6.    Examination of Amendment.    Submission of this instrument for examination or signature to Tenant does not
constitute a reservation or option, and it is not effective until execution by and delivery to both Landlord and Tenant. 

        7.    Definitions.    Except as otherwise provided herein, the capitalized terms used in the Amendment shall have the
definitions set forth in the Lease. 

        8.    Incorporation.    This Amendment shall be incorporated into and made a part of the Lease, and all provisions of
the Lease not expressly modified or amended hereby shall remain in full force and effect.

 

        IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed on the Execution Date, effective as of the Effective Date. 

	

WITNESSES:	
 	

LANDLORD:
	

/s/  STEVE DENISON      
 Steve Denison	
 	

DUKE-WEEKS REALTY LIMITED PARTNERSHIP, an Indiana limited partnership
	

/s/  ANGELA ARBINO      
 Angela Arbino	
 	

By:	
 	

Duke-Weeks Realty Corporation, its general partner
	

 	
 	

By:	
 	

/s/  ROBERT D. FESSLER      
 Robert D. Fessler

Senior Vice President
	

WITNESSES:	
 	

TENANT:
	

/s/  JANET MATHEWS      
 Janet Mathews	
 	

GAIAM, INC., a Colorado corporation
	

/s/  CARRIE ULRICH      
	
 	

By:	
 	

/s/  MARK LIPIEN      

	Carrie Ulrich	 	Printed:	 	Mark Lipien
	 	 	Title:	 	Vice President

 

	STATE OF OHIO	 	)	 	 
	 	 	) SS:	 	 
	COUNTY OF HAMILTON	 	)	 	 

        Before
me, a Notary Public in and for said County and State, personally appeared Robert D. Fessler, by me known and by me know to be the Senior Vice President of Duke-Weeks
Realty Corporation, an Indiana corporation, the general partner of Duke-Weeks Realty Limited Partnership, an Indiana limited partnership, who acknowledged and execution of the foregoing
"First Lease Amendment" on behalf of said partnership. 

        WITNESS
my hand Notarial Seal this 12th day of April, 2000. 

	(NOTARY SEAL)	 	/s/  ROSE ANDRIACCO      
 Notary Public

Rose Andriacco

Notary Public, State of Ohio

My Commission Expires March 8, 2005

My County of Residence: Clermont.

	STATE OF COLORADO	 	)	 	 
	 	 	) SS:	 	 
	COUNTY OF BOULDER	 	)	 	 

        Before
me, a Notary Public in and for said County and State, personally appeared Mark Lipien, by me known and by me known to be the Vice President of Gaiam, Inc., a Colorado
corporation, who acknowledged the execution of the foregoing "First Lease Amendment" on behalf of said corporation. 

        WITNESS
my hand Notarial Seal this 8th day of March, 2000. 

	 	 	/s/  CHELLI L. SMITH      
 Notary Public

Chelli L. Smith

Notary Public, State of Colorado

My Commission Expires April 12, 2000

My County of Residence: Boulder.

QuickLinks

Exhibit 10.4

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