Document:

Exh 10.1 Third Amendment to Lease Agreement between FUND XIII AND FUND XIV ASSOCIATES and Siemens Real Estate

Exhibit 10.1

THIRD AMENDMENT TO LEASE AGREEMENT

THIS THIRD AMENDMENT TO LEASE AGREEMENT (the "Third Amendment"), is made this 23 day of August, 2011, by and between FUND XIII AND FUND XIV ASSOCIATES, a Georgia joint venture (as "Landlord") and Siemens Real Estate, a Division of Siemens Corporation (as "Tenant").

W I T N E S S E T H:

WHEREAS, NBS Orlando Quad 14, LLC ("NBS") and the Tenant's predecessor-in-interest, Siemens Shared Services, LLC, did enter into that certain Lease Agreement (the "Original Lease"), dated as of April 23, 2002, for space in that certain building (the "3500 Building") at 3500 Quadrangle Boulevard, Orlando, Florida, as more particularly described in the Original Lease (the "Premises).

WHEREAS, NBS did convey its interest in the Building and Original Lease to Landlord.

WHEREAS, the Lease was amended by that certain First Amendment to Lease Agreement (the "First Amendment"), dated as of August 27, 2007, for space at 3626 Quadrangle Boulevard, Orlando, Florida.

WHEREAS, the Lease was further amended by that certain Second Amendment to Lease Agreement (the "Second Amendment"), dated as of May 20, 2009.

WHEREAS, the Original Lease as modified by the First and Second Amendments, is herein sometimes collectively referred to as the "Lease".

WHEREAS, Landlord and Tenant desire to modify and amend the Lease, in the manner and for the purposes herein set forth.

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, and for Ten and No/100 Dollars ($10.00) and other good and valuable consideration, paid by the parties to one another, the receipt and sufficiency of which are acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows:

1.Effective Date.  The effective date of this Third Amendment (the "Effective Date") shall be October 1, 2011.  This Third Amendment shall be binding on the parties hereto upon the execution and delivery of this Third Amendment by all parties hereto, notwithstanding that the Effective Date shall be a later date.

2.Premises.  Tenant hereby leases and rents from Landlord, and Landlord hereby leases and rents to Tenant, the same space as leased by Tenant under the Lease, being 7,076 rentable square feet, in that certain building located at 3626 Quadrangle Square (which building is adjacent to the 3500 Building and which building is owned by the same owner as the 3500 Building), as well as 52,125 rentable square feet in the 3500 building, for a total of 59,201 rentable square feet leased by Tenant (collectively, the "Premises").

3.Lease Extension Term.  The term of lease for the Premises shall be extended by five (5) months (the "Extension Term"), through February 29, 2012, unless sooner terminated in accordance with the Lease.  Tenant has no further rights to extend or renew the term of the Lease.      

4.Base Rent.  The Premises shall be leased at the rate of Base Rent on a per square foot per annum basis for the Extension Term, and Tenant hereby covenants and agrees to pay Landlord, the amounts as follow:

	
			
	Period
	Annual Base Rent (per square foot, per annum)
	Monthly 
Base Rent

	October 1, 2011 - 
February 29, 2012
	$16.50
	$82,401.38

Such Base Rent, together with any applicable sales tax due or payable on Base Rent, shall be payable by Tenant at the times and in the manner that Rent is paid under the Original Lease, from and after the Effective Date.  Upon request of either Landlord or Tenant, Landlord will forward to Tenant, Landlord's account information and wire transfer instructions so that Tenant can pay all Base Rent and Additional Rent by wire transfer of immediately available federal funds.  

5.Operating Costs and Taxes.  (a) Tenant's Share of Operating Costs, as defined in the Original Lease, shall be due from Tenant with respect to the Premises for the Short Extension Term, in the same manner and at the same time as such Operating Costs are due with respect to the Premises, under the Original Lease.

(b)    Tenant's Share of Taxes, as defined in the Original Lease, shall be due from Tenant with respect to the Premises for the Short Extension Term, in the same manner and at the same time as such Taxes are due with respect to the Premises, under the Original Lease.

6.No Tenant Improvement Allowance.  Tenant has been in occupancy of and shall take and accept the Premises in its current, "as is" condition.  Work in the Premises, if any, shall be performed under Tenant's supervision and direction (and Landlord shall not be responsible for such work).  Work shall take place while Tenant is in occupancy of the Premises.  Work shall be performed based upon plans approved by Landlord, in Landlord's reasonable discretion, at reasonable times, using contractors and subcontractors consented to by Landlord, in Landlord's reasonable judgment.  

7.Landlord Access.  (a) Landlord and its agents shall have the right to enter the Premises at all reasonable times (upon reasonable notice except in cases of emergency) for the purpose of examining or inspecting the same, provided, however, that Landlord shall not inspect the Premises more often than is commercially reasonable unless Landlord has given written notice to Tenant of a specific issue or problem with the Premises which Landlord knows or suspects to be present which, if not cured, would constitute a default under this Lease, to supply any service to be provided by Landlord to Tenant hereunder or any other tenants, to show the same to prospective purchasers of the Property, to show the same to prospective tenants 

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for the Building, and make such alterations, repairs, improvements, or additions, whether structural or otherwise, to the Premises or to the Building as may be required of Landlord pursuant to this Lease or as Tenant and Landlord may otherwise agree. Landlord's entry to the Premises shall be subject to Tenant's reasonable security procedures in effect from time to time, and may require Landlord and its invitees to be accompanied by a Tenant representative, but the unavailability of a representative of Tenant (during normal business hours) may not be used to limit the entry rights of Landlord or its agents hereunder and, in commercially reasonable secure areas Tenant may require execution of commercially customary nondisclosure agreements or security clearance. Landlord shall use reasonable efforts on any such entry not to unreasonably interrupt or interfere with Tenant's use and occupancy of the Premises.

(b)  Tenant acknowledges and accepts that signs and displays advertising the Premises for lease, may be placed at reasonable locations outside the Premises and around the 3500 Building by Landlord and its agents, and that there will also be created and distributed electronic and paper-based marketing materials, in support of such leasing efforts by Landlord and its agents.

8.Broker Disclosure.  Jones Lang LaSalle, a real estate broker licensed in the State of Florida, has acted for Landlord in this transaction and is to be paid a commission by Landlord pursuant to a separate agreement.  The Princeton Group (Leo Orsi), a real estate broker licensed in the State of Florida, has acted as agent for Tenant in this transaction and is to be paid a commission by Landlord pursuant to a separate agreement.  Landlord represents that it has dealt with no other broker other than the broker(s) identified herein. Landlord agrees that, if any other broker makes a claim for a commission based upon the actions of Landlord, Landlord shall indemnify, defend and hold Tenant harmless from any such claim.  Tenant represents that it has dealt with no broker other than the broker(s) identified herein. Tenant agrees that, if any other broker makes a claim for a commission based upon the actions of Tenant, Tenant shall indemnify, defend and hold Landlord harmless from any such claim. If the State of Florida provides for broker liens, Tenant will cause its broker to execute a customary lien waiver, adequate under the law of the state where the Building is located, to extinguish any lien claims such broker may have in connection with this Third Amendment.

9.Tenant Entity. For the avoidance of doubt and notwithstanding the title of the Tenant as set forth in the first paragraph of this First Amendment, the Tenant entity under this Lease is Siemens Corporation, a Delaware corporation.

10.Defined Terms.  Capitalized terms not defined herein shall have the same meaning as set forth in the Original Lease.

11.No Other Modifications.  Except as expressly modified by this Third Amendment, the Lease remains unmodified and in full force and effect.

12.Transfer, Successors and Assigns.  This Third Amendment shall inure to the benefit of and shall be binding upon Landlord, Tenant, and their respective transfers, successors and assigns.

13.Time of Essence.  Time is of the essence of this Third Amendment.

14.Florida Law.  This Third Amendment shall be construed and interpreted under the laws of the State of Florida.

[SIGNATURES ON THE FOLLOWING PAGES]

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IN WITNESS WHEREOF, the undersigned have caused this Third Amendment to be executed under seal and delivered, on the day and year first above written.

"Landlord"

FUND XIII AND FUND XIV ASSOCIATES, a Georgia joint venture

		
	By:
	Wells Real Estate Fund XIII, L.P., a Georgia limited partnership

		
	By:
	Wells Capital, Inc., a Georgia corporation, its general partner

By: /s/ Randall D. Fretz                        
Name:    Randall D. Fretz                
Title: Sr. Vice President                    

		
	By:
	Wells Real Estate Fund XIV, L.P., a Georgia limited partnership

		
	By:
	Wells Capital, Inc., a Georgia corporation, its general partner

By: /s/ Randall D. Fretz                        
Name:    Randall D. Fretz                
Title: Sr. Vice President                    

[TENANT'S SIGNATURE ON FOLLOWING PAGE]

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[TENANT SIGNATURE PAGE FOR THIRD AMENDMENT TO LEASE AGREEMENT]

"Tenant"

Siemens Real Estate, a Division of Siemens Corporation, a Delaware corporation

By: /s/ Jeffrey S. Scholl
Name: Jeffrey S. Scholl
Title: Finance Executive                            
                               
Attest:    /s/ A. Tuzzolo
Name: A. Tuzzolo    

By: /s/ Alex Robertson
Name: Alex Robertson
Title: General Manager

Attest: /s/ Dana Dorsey
Name: Dana Dorsey                
                               

5Unassociated Document

Exhibit 10.3

September 8, 2011

Bradford Matson

c/o Bluefly, Inc.

42 West 39th Street

New York, New York 10018

Dear Brad:

This Letter Agreement will formalize our understanding with regard to your employment with the Company:

1.  You will continue your employment with the Company through November 1, 2011 at your current base salary, subject to the terms and conditions of your Employment Agreement.  Your employment with the Company will terminate as of November 1, 2011, unless you and the Company agree in writing to extend the term of your employment beyond that date.  You will automatically be deemed to have resigned from all positions held with the Company and its subsidiaries (including, without limitation, your position as Chief Marketing Officer of the Company and a Manager of Eyefly LLC) as of the date of the termination of your employment.

2.  Upon the termination of your employment with the Company, you will execute a release in the form attached hereto as Exhibit A.  Following the execution of the release and the expiration of the seven-day revocation period provided for therein, you will be paid 180 days of severance pay ($175,000.00) in periodic installments in accordance with the Company’s payroll schedule and the terms of your Employment Agreement, and subject to all applicable tax, social security and other governmental or other required withholdings.  In addition, the 10,000 stock options granted to you in August 2009 will deemed to be vested in their entirety as of the termination of your employment in accordance with the terms of your Employment Agreement.  The 225,000 stock options granted to you in March 2010 will continue to vest through the date of termination of your employment, and all vesting will cease upon such date.  Assuming that your last day of employment is November 2011, a total of 93,750 of these 225,000 options will have vested.

3.  As set forth in your Employment Agreement, certain provisions thereof shall survive the termination of your employment, including (without limitation) Section 6 (Non-Competition; Non-Solicitation), Section 8 (Confidentiality) and Section 10 (Indemnification).  You agree that the payments and benefits described above are the only payments and benefits that you will receive in connection with the termination of your employment.  In addition, you agree to refrain from making any disparaging or derogatory comments or statements, whether written or oral, about the Company or any of its officers, directors, employees or shareholders.

 

  

  

  

 

In connection with this letter agreement, the following capitalized terms shall have the following meanings:  the “Company” shall mean Bluefly, Inc. and any successor corporation thereto; and “Employment Agreement” shall mean the Second Amended and Restated Employment Agreement by and between you and the Company, dated as of May 3, 2011.

Please sign below to indicate your agreement with the foregoing.

 

	 	 
Very truly yours,

BLUEFLY, INC.

By:       /s/ Kara B. Jenny                       

Name:  Kara B. Jenny

Title:    CFO

	 	 
	 	 

 

ACCEPTED AND AGREED

/s/ Bradford Matson                           

Bradford Matson

 

  

  

  

 

EXHIBIT A

RELEASE

Reference is made to that certain Letter Agreement, dated as of September 8, 2011, by and between me and Bluefly, Inc., a Delaware corporation (the “Company”).  For and in consideration of the special benefits provided under the Letter Agreement, the receipt and sufficiency of which are hereby acknowledged, I, my attorneys, heirs, executors, administrators and assigns do hereby fully, finally and forever release and discharge the Company, and its subsidiaries and related companies, and their respective successors, assigns, officers, directors, agents and employees, of and from all claims, demands, actions, causes of actions, suits, damages, losses, expenses, attorneys' fees and controversies of any and every nature whatsoever arising from the beginning of time until the date of this Release, including, but not limited to, any claims arising from, or relating in any way to, my employment and the termination of my employment with the Company.  This general release includes an agreement not to sue or otherwise pursue any claim against the Company or the other released parties, and it covers, among others, any claims arising under the Age Discrimination in Employment Act of 1967, as amended; the Fair Labor Standards Act; Title VII of the Civil Rights Act of 1964, as amended; The Civil Rights Act of 1991; the Equal Pay Act; the Americans With Disabilities Act of 1990, as amended; the Family and Medical Leave Act of 1993; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; The Employee Retirement Income Security Act of 1974, as amended; The Immigration Reform and Control Acts, as amended; The Workers Adjustment and Retraining Notification Act, as amended; The Occupational Safety and Health Act, as amended; The Sarbanes-Oxley Act of 2002; The New York Human Rights Law, as amended; The New York Executive Law Section 290 et seq; The New York State Labor Relations Act; The New York Labor Law; The New York Equals Rights Law; The New York Wage Hour and Wage Payment Laws; The New York Minimum Wage Law, as amended; The New York City Administrative Code; Equal Pay Law for New York, as amended;  any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or  ordinance;  any public policy, contract, tort, or common law; or any allegation for costs, fees, or other expenses including attorney’s fees incurred in these matters.  This Release does not prevent you from filing or participating in any legal action before the Equal Employment Opportunity Commission or any other federal or state agency; provided, however, that you agree that you will not seek, accept or receive any monetary damages or payments arising from or related to any such action.

I acknowledge that:  (a) I have been given at least twenty-one (21) days to consider all the provisions of this Release and I do hereby knowingly and voluntarily waive said twenty-one (21) day period; and (b) I have seven (7) days from the date hereof to revoke this Release.  I understand that, if I revoke this Release, I will not be entitled to the payments and benefits provided for in the Letter Agreement.

I affirm and represent that I have not filed or caused to be filed and am not a party to a claim, charge, complaint, or action against the Company in any forum or form.  I further affirm and represent that I have no known workplace injuries or occupational diseases.  I further affirm and represent that I have received all leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits which I may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions and/or benefits are due you, except as specifically provided in the Letter Agreement.

If I sue the Company or any other released party for any claims released herein, or otherwise violate the release and covenants set forth above, then I shall pay all costs and expenses of defending against the suit or claim incurred by the Company and/or such other released party, including reasonable attorneys' fees.

 

	
Dated:  September 8, 2011

	 
/s/ Bradford Matson                                

Bradford Matson

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