Document:

Exhibit 10.25

 

FIRST

AMENDMENT TO LEASE

 

THIS FIRST AMENDMENT TO LEASE

is dated for reference purposes only as July 31, 2002, and is part of that

Lease dated June 17, 1996 together with the Summary of Basic Lease Terms, the

First Addendum To Lease, the Acceptance Agreement thereto (collectively, the

“Lease”) by and between Orchard Moffett Investors, a California

general partnership, Successor-in-Interest to Kairos, LLC and Orchard Moffett

Investors, a California general partnership (“Landlord”), and QuickLogic

Corporation, a Delaware corporation (“Tenant”), and is made with

reference to the following facts:

 

A.            The

Premises currently leased by Tenant pursuant to the Lease consists of 42,624

rentable square feet commonly known as 1277 Orleans Drive, City of Sunnyvale,

California.

 

B.            The

Lease Term for said Premises currently expires on November 30, 2003.

 

C.            Tenant

and Landlord wish to amend the Lease on the Terms and Conditions set forth in

this First Amendment to Lease.

 

NOW, THEREFORE, Landlord and Tenant hereby

agree that the provisions of the Lease are amended as follows:

 

1.             Lease

Term:  Section J is hereby amended

to provide that the Lease Term shall be extended through and including March

31, 2009.

 

2.             Base

Monthly Rent:

 

A.            Commencing

August 1, 2002, Section K is hereby amended to provide for Base Monthly Rent as

follows:

 

August 1, 2002 through and including September 30,

2002:  $52,789.82 per month

 

These payments shall be subject to the provisions of Paragraph 3 below,

which shall apply for the period of August 1, 2002 through and including

September 30, 2002.

 

B.            Commencing

October 1, 2002, Section K is hereby amended to provide for the Base Monthly

Rent as follows:

 

October 1, 2002 through and including September 30,

2003:  $46,460.16 per month

October 1, 2003 through and including September 30,

2004:  $47,853.96 per month

October 1, 2004 through and including September 30,

2005:  $49,289.58 per month

October 1, 2005 through and including September 30,

2006:  $50,768.27 per month

October 1, 2006 through and including September 30,

2007:  $52,291.32 per month

October 1, 2007 through and including September 30,

2008:  $53,860.06 per month

October 1, 2008 through and including March 31,

2009:  $55,475.86 per month

 

These payments shall be subject to the provisions of Paragraph 3 below,

which shall apply for the period of October 1, 2002 through and including March

31, 2009.

 

3.             Rental

Abatement Relating to Sublease Space: 

The Premises contain approximately 7,927 sq. ft. (the “Sublease Space”)

which is leased by Tenant but which is currently not occupied by Tenant and

which may in the future not be occupied by Tenant.  With respect to this Sublease Space, Landlord and Tenant agree as

follows:

 

A.            During

any time during which the Sublease Space is not leased to a subtenant or not

occupied by Tenant for its own use, Landlord agrees to reduce the Base Monthly

Rent per square foot for the Sublease Space to an amount which is one-half of

the Base Monthly Rent per square foot for the Premises during that period (the

“Reduced Rental Rate”).  For example, if

the Sublease Space is not leased to a subtenant during any month in the period

from October 1, 2002 through September 30, 2003, the Base Monthly Rent payable

on the Sublease

 

 

Space would be

reduced to $.545 NNN per square foot during such time as the space is not

leased (one-half of $1.09 NNN).  The

total Base Monthly Rent payable during such a time when the Sublease Space is

not leased would thus be $42,139.95 (34,697 sq. ft. times $1.09 plus 7,927 sq.

ft. times $.545).

 

B.              At such time as the Sublease Space

is leased at fair market rates to a subtenant, any amounts received by Tenant

in excess of the Reduced Rental Rate shall be payable to Landlord until

Landlord receives the full Base Monthly Rent per square foot for the Sublease

space; provided, however, Tenant shall first be entitled to deduct any amounts

paid for reasonable leasing commissions and tenant improvements from amounts

received in excess of the Reduced Rental Rate. 

Any rents received in excess of the Base Monthly Rent per square foot

shall be split between Landlord and Tenant on a 50/50 basis.

 

C.              Tenant agrees to continue its best

efforts at all times to secure a subtenant for the Sublease space at the “then

current market rates” but not less than the Reduced Rental Rate as specified in

Paragraph 3.A. above. Tenant will be responsible for marketing the Sublease

Space and managing any Sublease Agreement, as approved by Landlord.  Landlord will have the right in its

reasonable judgment to approve or disapprove proposed subleases.

 

D.              Tenant shall be responsible for

payment of any sublease leasing commissions or tenant improvement amounts

relating to a sublease, with Tenant having the right to recover these costs as

described above.

 

4.             Replacement of HVAC Units:  Landlord, at Landlord’s sole cost and

expense, will replace all existing rooftop HVAC package units (with the

exception of Unit 20, which was installed in 1997) on a “kind-for-kind” basis.  Additionally, Landlord shall install an

energy management system.  Landlord and

Tenant shall coordinate a schedule for this work to be completed as soon as

reasonably possible after execution of a Lease Amendment documenting the lease

extension.

 

5.             Management Fee:  Article 8.2.C is hereby amended to state

that the total amount charged for management services shall not exceed the

monthly rate of three percent (3%) of the Base Monthly Rent.

 

6.             Retained Real Estate Brokers:  Section S is amended to provide that Tenant

warrants that it has not had any dealings with any real estate brokers or

salesmen or incurred any obligations for the payment of real estate brokerage

commissions or finder’s fees which would be earned or due and payable by reason

of the execution of this Lease Amendment. 

Tenant will hold Landlord harmless and defend and indemnify Landlord

against any claims made by brokers or finders in regard to this transaction.

 

7.             Condition of Premises:  Tenant is fully familiar with the Premises

by way of its occupancy and accepts the Premises for the extended term created

hereby in their as-is condition (except as provided in Paragraph 4 above).  Upon timely exercise of the option to

extend, Tenant shall take the Premises for the Extended Term on the same basis.

 

8.             Continuing Obligation:  Except as expressly set forth in this

Amendment, all terms and conditions of the Lease remain in full force and

effect, and all terms and conditions of the Lease are incorporated herein as

though set forth at length.

 

9.             Effect of Amendment:  This Amendment modifies the Lease.  In the event of any conflict or discrepancy

between the Lease and/or any other previous documents between the parties and

the provisions of this Amendment, then the provisions of this Amendment shall

control.  Except as modified herein, the

Lease shall remain in full force and effect.

 

10.           Authority:  Each individual executing this Amendment on

behalf of Tenant represents and warrants that he or she is duly authorized to

and does execute and deliver this Amendment pursuant to express authority from

Tenant pursuant to and in accordance with the By-Laws and the other organic

documents of the Tenant corporation.

 

2

 

11.           Entire Agreement:  The Lease, as modified by this Amendment,

constitutes and contains the entire agreement between the parties, and there

are no binding agreements or representations between the parties except as

expressed herein.  Tenant acknowledges

that neither Landlord nor Landlord’s Agents have made any legally binding

representations or warranties as to any matter except for such matters binding

representations or warranties as to any matter except for such matters which

are expressly set forth herein, including any representations or warranties

relating to the condition of the Premises or the improvements thereto or the

suitability of the Premises or the Project for Tenant’s business.

 

IN WITNESS WHEREOF,

Landlord and Tenant have executed this First Amendment to be effective as of

the date first set forth above.

 

	

  LANDLORD:

  	

  TENANT:

  
	

   

  	

   

  
	

  ORCHARD

  MOFFETT INVESTORS

  	

  QUICKLOGIC

  CORPORATION

  
	

   a California

  general partnership

  	

  a Delaware corporation

  
	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  Michael J. Biggar

  	

   

  	

  [Print Name and Title]

  
	

   

  	

  Manager

  	

   

  
	

   

  	

   

  
	

  Date:

  	

   

  	

   

  	

  Date:

  	

   

  
								

 

3EXHIBIT 4.1

 

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

 

THIS AMENDMENT

NO. 2 TO RIGHTS AGREEMENT (this “Agreement), dated as of July 31, 2002, is made

between Duke Realty Corporation, an Indiana corporation (the “Company”), and

American Stock Transfer & Trust Company, a New York corporation, as Rights

Agent (the “Rights Agent”).

 

WHEREAS, the Company

(formerly know as Duke Realty Investments, Inc.) and the Rights Agent entered

into a Rights Agreement, dated as of July 23, 1998, as amended as of November

21, 2001 (the “Rights Agreement”); and

 

WHEREAS, pursuant to

and in accordance with the provisions of Section 26 of the Rights Agreement,

the Company’s Board of Directors, with the approval of the Continuing Directors

(as defined in the Rights Agreement) has authorized the amendments to the

Rights Agreement set forth below.

 

NOW, THEREFORE, the

Rights Agreement is hereby amended as follows:

 

1.                                        Section 1 of

the Rights Agreement is amended by deleting the existing definition of “Final

Expiration Date” in its entirety and substituting in lieu thereof the following

new definition.

 

“Final

Expiration Date” shall mean the Close of Business on August 31, 2002.”

 

2.                                        This Amendment

shall be deemed effective as of July 31, 2002, as if executed by both parties

hereto on such date. Except as expressly amended and modified hereby, the

Rights Agreement shall remain unaltered and in full force and effect, and the

parties hereto expressly confirm the Rights Agreement as modified herein.

 

3.                                        Miscellaneous.   This Amendment shall be executed in any

number of counterparts, each of which counterpart shall for all purposes be

deemed to be an original, and all such counterparts shall together constitute

one and the same instrument.

 

IN WITNESS WHEREOF, that

parties hereby have caused this Amendment to be duly executed as of the date

and year first above written.

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