Document:

Unassociated Document

  
    Exhibit
10.1

    

    Form
of Grant

     

     

    EV
Energy Partners, L.P.

     

    Long-Term
Incentive Plan

     

    Grant
of Incentive Units

     

    Grantee                              
 

     

    Grant
Date                             

     

    
      	
              1.

            	
              Grant of
      Incentive Units.  EV Management, LLC (the “Company”)
      hereby grants to you ____
      Incentive Units under the EV Energy Partners, L.P. Long-Term
      Incentive Plan (the “Plan”)
      on the terms and conditions set forth herein and in the Plan, which is
      incorporated herein by reference as a part of this Agreement. Each
      Incentive Unit is comprised of three Units which shall be earned and vest
      as set forth below. The Incentive Units granted hereunder expire five
      years from the date of grant.

            

    

     

    
      	
              2.

            	
              Earning and
      Vesting of Units. Subject to the terms of this Grant, you shall be
      entitled to receive Units or a cash payment in lieu of Units upon each
      Incentive Unit vesting and being earned as provided
  herein.

            

    

     

    
      	
               
      

            	
              a.   
      Units
      Earned. Except as otherwise provided in Paragraph 3 below, the
      Incentive Units granted hereunder shall be earned as follows (with such
      Units being earned under each Tranche only upon the first occurrence of
      the achievement of the relevant closing price
  threshold):

            

    

     

    
      	
               
      

            	
              Tranche A: For
      each Incentive Unit granted, a Unit is earned if trading in the Units on
      the Nasdaq Global Market or such other national securities exchange on
      which the Units are then trading closes at greater than $20 per Unit for
      three consecutive days; and

            

    

     

    
      	
               
      

            	
              Tranche B: For
      each Incentive Unit granted, an additional Unit is earned if trading in
      the Units on the Nasdaq Global Market or such other national securities
      exchange on which the Units are then trading closes at greater than $30
      per Unit for three consecutive days;
and

            

    

     

    
      	
               
      

            	
              Tranche C: For
      each Incentive Unit granted, an additional Unit is earned if trading in
      the Units on the Nasdaq Global Market or such other national securities
      exchange on which the Units are then trading closes at greater than $40
      per Unit for three consecutive
days.

            

    

     

    
      	
               
      

            	
              b.   
      Units
      Vested.  Except as otherwise provided in Paragraph 3
      below, the Incentive Units granted hereunder shall vest as
      follows:

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Vesting
      Date

                                                	
                                                  Cumulative
      

                                                  Vested
      

                                                  Percentage

                                                
	                                
    	 	 
	
                                                  January
      15, 20__

                                                	
                                                  25

                                                	%	 	 	 	 
	
                                                  January
      15, 20__

                                                	
                                                  50

                                                	%	 	 	 	 
	
                                                  January
      15, 20__

                                                	
                                                  75

                                                	%	 	 	 	 
	
                                                  January
      15, 20__

                                                	
                                                  100

                                                	%	 	 	 	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      	
               
      

            	
              c.

            	
              Phantom
      Units.  Subject to Paragraph 3, to the extent any
      Incentive Unit vests and then is earned as set forth in paragraph 3.a
      above, you are deemed to have a vested Phantom Unit until the next
      Designated Vesting Date whereupon such vested Phantom Unit shall be
      automatically converted into a Unit. To the extent any Incentive Unit is
      earned prior to vesting, you are deemed to have a Phantom Unit until such
      Incentive Unit vests whereupon such Phantom Unit shall be automatically
      converted into a Unit.

            

    

     

    
      	
               
      

            	
              d.

            	
              Forfeiture
      of Incentive Units Not Earned. To the extent Incentive Units are
      not earned under Tranche A, Tranche B, or Tranche C as set forth in
      paragraph (a) within the five year term of this Agreement, such unearned
      Units will be forfeited even if they have vested at the end of such five
      year term.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.

            	
              Events
      Occurring Prior to Regular
Vesting.

            

    

     

    
      	
               
      

            	
              a.

            	
              Death or
      Disability.  If your employment with the Company
      terminates as a result of your death or a Disability, all Incentive Units
      then held by you that have been earned shall automatically become fully
      vested on the Designated Vesting Date that coincides with or immediately
      follows such termination and will be paid in accordance with Paragraph 4.
      All Incentive Units then held by you but which have not been earned as of
      your date of death or Disability shall be forfeited. Except as otherwise
      provided by the Committee, you shall be considered to have a “Disability”
      during the period in which you are unable, by reason of a medically
      determinable physical or mental impairment, to engage in any substantial
      gainful activity, which condition, in the opinion of a physician selected
      by the Committee, is expected to have a duration of not less than 120
      days.

            

    

     

    
      	
               
      

            	
              b.

            	
              Termination by the Company
      other than for Cause.  If your employment is terminated
      by the Company for any reason other than “Cause,” as determined by the
      Company in accordance with its employment policies, all Incentive Units
      then held by you and earned shall automatically become fully vested on the
      Designated Vesting Date that coincides with or immediately follows such
      termination. All Incentive Units then held by you but not earned shall be
      forfeited.

            

    

     

    
      	
               
      

            	
              c.

            	
              Other
      Terminations.  Except as provided in Paragraph 2
      hereof, if you terminate from the Company for any reason other than as
      provided in Paragraphs 3.a and 3.b above, all Incentive Units then
      held by you that are either unvested or unearned shall automatically be
      forfeited without payment upon such
termination.

            

    

     

    
      	
               
      

            	
              d.

            	
              Change of
      Control.  All outstanding Incentive Units held by you
      shall become fully vested upon a Change of Control. If the price per Unit
      in the Change of Control is greater than $20, the Units shall be
      considered earned on the closing date at level A, B or C, depending on the
      price. All Unites that are vested and earned as of the date of closing
      shall be paid to you on such closing date. If the price per Unit in the
      Change of Control is below $20, the Incentive Units are not considered
      earned and you will not receive Units in the Change of Control
      transaction. For purposes of determining the price per Unit received in
      the Change of Control, where the consideration received is other than
      cash, its value shall be determined in good faith by the Board of
      Directors of the Company.

            

    

     

    
      	
               
      

            	
              e.

            	
              Phantom
      Units.  Notwithstanding anything to the contrary in this
      Paragraph 3, all vested Phantom Units held by you upon a termination from
      employment for any reason shall not be forfeited and on the next
      Designated Vesting Date shall automatically convert into the corresponding
      number of Units.

            

    

     

    For
purposes of this Paragraph 3, “employment with the Company” shall include
being an employee of or a consultant to the Company or an
Affiliate.

     

    
      	
              4.

            	
              Payment.
      As soon as administratively practicable after any Designated Vesting Date
      you shall be entitled to receive the applicable number of Units to which
      you may be entitled as set forth in Paragraph 2 above; provided, however, the Company
      has the right in its sole discretion, to pay you an amount of cash equal
      to the Fair Market Value of the Units on the day immediately preceding the
      vesting date (the “Cash-Out
      Price”) in lieu of
      issuing such Units to you (the “Cash-Out
      Right”).  In the event the
      Company elects to exercise its Cash-Out right with respect to any of the
      Incentive Units upon vesting, it shall notify you of its intent to do so
      within five business days prior to the applicable vesting date and shall
      pay the Cash-Out Price (less any amounts required by the Company or an
      Affiliate to meet withholding obligations under applicable law) to you
      within five business days following such vesting
    date.

            

    

     

    
      	
              5.

            	
              Limitations
      Upon Transfer. All rights under this Agreement shall belong to you
      alone and may not be transferred, assigned, pledged, or hypothecated by
      you in any way (whether by operation of law or otherwise), other than by
      will or the laws of descent and distribution and shall not be subject to
      execution, attachment, or similar process.  Upon any attempt by
      you to transfer, assign, pledge, hypothecate, or otherwise dispose of such
      rights contrary to the provisions in this Agreement or the Plan, or upon
      the levy of any attachment or similar process upon such rights, such
      rights shall immediately become null and
void.

            

    

     

    
      	
              6.

            	
              Restrictions.  By
      accepting this grant, you agree that any Units or Phantom Units which you
      may acquire pursuant to this award will not be sold or otherwise disposed
      of in any manner which would constitute a violation of any applicable
      federal or state securities laws. You also agree that (i) the
      certificates representing the Units acquired under this award may bear
      such legend or legends as the Committee deems appropriate in order to
      assure compliance with applicable securities laws, (ii) the Company
      may refuse to register the transfer of the Units acquired under this award
      on the transfer records of the Partnership if such proposed transfer would
      in the opinion of counsel satisfactory to the Partnership constitute a
      violation of any applicable securities law, and (iii) the Partnership
      may give related instructions to its transfer agent, if any, to stop
      registration of the transfer of the Units to be acquired under this
      award.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              Withholding
      of Tax.  To the extent that the grant, earning, vesting
      or payment of an Incentive Unit results in the receipt of compensation by
      you with respect to which the Company or an Affiliate has a tax
      withholding obligation pursuant to applicable law, unless other
      arrangements have been made by you that are acceptable to the Company or
      such Affiliate, you shall deliver to the Company or the Affiliate such
      amount of money as the Company or the Affiliate may require to meet its
      withholding obligations under such applicable law.  No issuance
      of an unrestricted Unit shall be made pursuant to this Agreement until you
      have paid or made arrangements approved by the Company or the Affiliate to
      satisfy in full the applicable tax withholding requirements of the Company
      or Affiliate with respect to such event. You may elect to satisfy in
      advance any anticipated tax payments in connection with this Grant by
      authorizing the Company to withhold from the Units otherwise to be
      delivered pursuant to the Award, a number of Units having a Fair Market
      Value, determined as of the Designated Vesting Date, equal to or less than
      such anticipated tax payments. To the extent any Incentive Unit
      vests and then is earned as set forth in paragraph 3.a above, and you are
      deemed to have a vested Phantom Unit, you may elect to satisfy in advance
      any anticipated tax payment by authorizing the Company to withhold from
      the Phantom Units otherwise attributable to you, a number of Phantom Units
      having a Fair Market Value determined as of the date such Phantom Units
      are earned, equal to or less than such anticipated tax payments, and to
      pay such amount to you.

            

    

     

    
      	
              8.

            	
              Change of
      Control.  Change of Control means (i) a merger of the
      Partnership in which the Partnership is not the surviving entity, (ii)
      upon the sale of all or substantially all of the assets of the Partnership
      and its consolidated subsidiaries (taken as one entity) in one transaction
      or a series of related transactions; (iii) a corporation, person, or group
      acting in concert (other than the Company, or any savings, pension, or
      other benefit  for the benefit of employees of the Company, or
      the subsidiaries thereof) (a “Person”)
      as described in Section 14(d)(2) of the Securities Exchange Act of 1934,
      as amended  (the “Exchange
      Act”), other than the current beneficial owners (within the meaning
      of Rule 13d-3 promulgated under the Exchange Act) of and equity interest
      in the profits and losses of EnerVest Management Partners, Ltd., a Texas
      limited partnership, acquires, directly or indirectly, beneficial
      ownership (within the meaning of such Rule 13d-3) of more than 50% of the
      equity interests in the Company then entitled to vote generally in the
      election of the Board of Directors; or (iv) the withdrawal, removal or
      resignation of the Company as the general partner of EV Energy GP. L.P., a
      Delaware limited partnership, or the withdrawal, removal or resignation of
      EV Energy GP, L.P. as the general partner of EV Energy Partners, L.P., a
      Delaware limited partnership.

            

    

     

    
      	
              9.

            	
              Designated
      Vesting Dates.  For purposes of this Agreement the
      “Designated Vesting Dates” shall be each January 15th
      as set forth in Paragraph 2.b.

            

    

     

    
      	
              10.

            	
              Rights as
      Unitholder.  You, or your executor, administrator, heirs,
      or legatees shall have the right to vote and receive distributions on
      Units and all the other privileges of a unitholder of the Partnership only
      from the date of issuance of a Unit certificate in your
    name.

            

    

     

    
      	
              11.

            	
              Binding
      Effect.  This Agreement shall be binding upon and inure
      to the benefit of any successor or successors of the Company and upon any
      person lawfully claiming under you.

            

    

     

    
      	
              12.

            	
              Modifications.  Except
      as provided below, any modification of this Agreement shall be effective
      only if it is in writing and signed by both you and an authorized officer
      of the Company.  Notwithstanding anything in the Plan or this
      Agreement to the contrary, (a) if the Committee determines that the terms
      of this grant do not, in whole or in part, satisfy the requirements of new
      Section 409A of the Internal Revenue Code, the Committee, in its sole
      discretion, may unilaterally modify this Agreement in such manner as it
      deems appropriate to comply with such section and any regulations or
      guidance issued thereunder, and (b) the Committee, in its sole discretion,
      may unilaterally modify this Agreement in any manner that does not
      materially reduce your benefit.

            

    

     

    
      	
              13.

            	
              Plan
      Governs.  Notwithstanding anything in this Agreement to
      the contrary, the terms of this Agreement shall be subject to the terms of
      the Plan, a copy of which may be obtained by you from the office of the
      Secretary of the Company. Except where the context clearly implies or
      indicates the contrary, capitalized words used herein are as defined in
      the Plan.

            

    

     

    
      	
              14.

            	
              Governing
      Law.  This grant shall be governed by, and construed in
      accordance with, the laws of the State of Delaware, without regard to
      conflicts of laws principles
thereof.

            

    

     

    

    
      
        	 	EV
      Management, LLC	 
	 	 	 	 
	
              	
                By:
      

              	       	 
	 	Name: 	
              	 
	 	Title:Exhibit
10.10

    
 

    FIRST AMENDMENT TO
LEASE

     

    This First Amendment to Lease (this
“Amendment”) is made as of the 8th day of August, 2007, by and between BROOKWOOD
MIDDLETOWN TECH, LLC, a Delaware limited liability company, successor in
interest to TECH PLAZA 2, 3 & 4, LLC, a Rhode Island limited liability
company (the “Landlord”) and TOWERSTREAM I, INC., f/k/a TOWERSTREAM CORPORATION,
a Delaware corporation (the “Tenant”), in the following
circumstances:

    

    A.           Landlord
and Tenant are parties to the Lease dated March 21, 2007 (the “Lease”) for the
lease of 17,137 rentable square feet of space in the building located in the
Tech 2 Plaza Office Building located at 55 Hammarlund Way, Middletown, Rhode
Island, and as further described in the Lease (the “Phase I, II and III
Premises”).  The parties acknowledge that they are in Phase II of the
Lease and that the Phase II Commencement Date and the Phase II Rent Commencement
Date have passed.

    

    B.           Tenant
has requested that Landlord modify certain of the terms and conditions of the
Lease, to expand the premises leased from Landlord to include approximately
25,000 rentable square feet of space in the building located in the Tech 4 Plaza
Office Building located at 88 Silva Lane, Middletown, Rhode Island (the
“Expansion Premises”), and to allow Tenant to extend the term of the Lease, and
Landlord has agreed to modify such terms and conditions, but only upon the terms
and conditions set forth below.

    

    NOW, THEREFORE, the undersigned, for
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, hereby agree as follows:

    

    1.          
 The definition of “Premises” contained in Section 1.3 of the
Lease is hereby amended to include the Expansion Premises, which Expansion
Premises is shown on Exhibit A attached
hereto.  If the Expansion Premises Commencement Date (as hereinafter
defined) occurs during Phase II of the Lease, the definition of Premises
Rentable Area during Phase II contained in Section 1.3 of the
Lease is hereby amended to be 37,874 rentable square feet.  If the
Expansion Premises Commencement Date (as hereinafter defined) occurs during
Phase III of the Lease, the definition of Premises Rentable Area during Phase
IIII contained in Section 1.3 of the
Lease is hereby amended to be 42,137 rentable square feet.  Exhibit A to this
Amendment is hereby incorporated by reference into the Lease.  All
references in the Lease to the Premises shall mean the Premises as increased by
the Expansion Premises.  All references in the Lease to the “Building”
shall mean the Tech 2 Office Building, as it applies to the Phase I, II and III
Premises, and the Tech 4 Office Building as it applies to the Expansion
Premises.  The Expansion Premises are being leased in AS IS condition,
without warranty or representation by Landlord.  Tenant’s access to
and improvements to the Expansion Premises shall be subject to the terms of the
Lease.

    

    2.           
The definition of “Building Rentable Area” contained in Section 1.3 of the
Lease is hereby deleted in its entirety and the following definition of
“Building Rentable Area” is hereby substituted therefore and inserted in place
thereof:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Building
Rentable Area:

    Tech 2
Plaza Office Building:  44,404 rentable square feet, as measured in
accordance with BOMA.

    Tech 4
Plaza Office Building:  151,924 rentable square feet, as measured in
accordance with BOMA”

     

    3.           
The definition of “Escalation Factor” contained in Section 1.3 of the
Lease is hereby deleted in its entirety and the following definition of
“Escalation Factor” is hereby substituted therefore and inserted in place
thereof:

    

    “Escalation
Factor Phase I, II and III Premises:  During Phase I the Escalation
Factor or “Proportionate Share” shall be 13.07%.  During Phase II the
Escalation Factor or “Proportionate Share” shall be 28.99%.  During
Phase III, the Escalation Factor or “Proportionate Share” shall be
38.59%.

    

    Escalation
Factor Expansion Premises:  The Escalation Factor or “Proportionate
Share” for the Expansion Premises shall be 16.46%.”

    

    4.           
The definition of “Basic Rent” contained in Section 1.3 of the
Lease is hereby deleted in its entirety and the following definition of “Basic
Rent” is hereby substituted therefore and inserted in place
thereof:

     

    
      	
              “

            	 	
              Phase
      I

            	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 
	 
      	 	
               

            	 	 	
               

            	 	 	
              Per

            	 
	 
      	 	
              Annual Rent

            	 	 	
              Monthly Rent

            	 	 	
              RSF

            	 
	 
      	 	 	 	 	 	 	 	 	 
	
              Month
      1 through May 12, 2007

            	 	$	72,550.00	 	 	$	6,045.83	 	 	$	12.50	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	
              Phase
      II

            	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	
               

            	 	 	
               

            	 	 	
              Per

            	 
	 
      	 	
              
                Annual
      Rent

              

            	 	 	
              
                Monthly
      Rent

              

            	 	 	
              RSF

            	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              May
      13, 2007 through 

                Phase
      III Commencement Date

              

            	 	$	160,925.00	 	 	$	13,410.42	 	 	$	12.50	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	
              Phase
      III

            	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	
               

            	 	 	
               

            	 	 	
              Per

            	 
	 
      	 	
              
                Annual
      Rent

              

            	 	 	
              
                Monthly
      Rent

              

            	 	 	
              RSF

            	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Phase
      III Commencement Date 

                Through
      February 28, 2010

              

            	 	$	214,212.50	 	 	$	17,851.04	 	 	$	12.50	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              March
      1, 2010 through 

                May
      12, 2012

              

            	 	$	227,065.25	 	 	$	18,922.10	 	 	$	13.25	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              May
      13, 2012 through 

                Termination
      Date

              

            	 	$	239,918.00	 	 	$	19,993.17	 	 	$	14.00	 

    

    
       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Expansion
Premises (in addition to Phase II or Phase III Basic Rent as
applicable)

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                  	 	
                                     

                                  	 	 	
                                     

                                  	 	 	
                                    Per

                                  	 
	 
      	 	
                                    Annual Rent

                                  	 	 	
                                    
                                      Monthly
      Rent 

                                    

                                  	 	 	
                                    RSF

                                  	 
	 
      	 	 	 	 	 	 	 	 	 
	
                                    Expansion
      Premises Commencement

                                  	 	$	312,500.00	 	 	$	26,041.67	 	 	$	12.50	 
	
                                    Date
      through February 28, 2010

                                  	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                                    March
      1, 2010 through 

                                      May
      12, 2012

                                    

                                  	 	$	331,250.00	 	 	$	27,604.17	 	 	$	13.25	 
	
                                     

                                  	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
                                    May 13, 2012 through  

                                      Termination
      Date”

                                    

                                  	 	$	350,000.00	 	 	$	29,166.67	 	 	$	14.00	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    Notwithstanding anything to the
contrary contained herein, the Basic Rent due from Tenant under the Lease for
the Expansion Premises shall not be due and payable on 12,500 rentable square
feet of the Expansion Premises (the “Free Rent Premises”) for a six (6) month
period (the “Free Rent Period”), so that the Basic Rent due from Tenant under
the Lease shall be reduced for such six (6) month period by the amount of
$156,250.00 (12,500 rentable square feet at $12.50 per square foot), beginning
with the month beginning as of the Expansion Commencement Date and continuing
for five (5) additional months thereafter.

    

    5.           
Tenant shall have, as appurtenant to the Premises and during the Term of this
Lease, the right to use any and all furniture, including but not limited to
cubicles and desks, within the Expansion Premises.  Landlord makes no
representations or warranties regarding the condition of such furniture, and
such right to use such furniture is granted in as is condition, where is, with
all faults.  Any and all furniture that tenant elects to use will
become the personal property of tenant and shall be subject to Section 5.6 of
the Lease.

    

    6.          
 The definition of “Security Deposit” contained in Section 1.3 of the
Lease is hereby deleted in its entirety and the following definition of
“Security Deposit” is hereby substituted therefore and inserted in place
thereof:

    

    “Security
Deposit:  As follows:  $105,351.05”

    

    7.           
The definition of “Commencement Date” contained in Section 4.1 of the
Lease is hereby deleted in its entirety and the following definition of
“Commencement Date” is hereby substituted therefore and inserted in place
thereof:

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    “Commencement
Date:  The Commencement Date of this Lease is March 1,
2007.  The Phase II Commencement Date is May 13, 2007.  The
Phase III Commencement Date shall be the first to occur of the
following:  (i) the day following the date Landlord delivers the Phase
III Premises to Tenant with Landlord’s Work (as defined in Section 5.5 of the
Lease) substantially completed; or (ii) the date on which Tenant occupies all or
any part of the Phase III Premises for the conduct of Tenant’s normal business
operations; or (iii) the Expansion Premises Commencement Date (as hereinafter
defined).  The Expansion Premises Commencement Date is the earlier of
(i) the date on which Tenant occupies all or any part of the Expansion Premises
for the conduct of Tenant’s normal business operations, or (ii) October 1,
2007.  Landlord and Tenant each hereby agree to execute and deliver a
Memorandum of Lease confirming the Phase III Commencement Date and the Expansion
Premises Commencement Date once such dates are determined.”

    

    8.           
The definition of “Term of this Lease” contained in Section 1.3 of the
Lease is hereby deleted in its entirety and the following definition of “Term of
this Lease” is hereby substituted therefore and inserted in place
thereof:

    

    “Term of this
Lease:  Term of this Lease shall be for the period from the
Commencement Date through the Expansion Premises Date plus six (6) years,
expiring, unless sooner terminated pursuant to the provisions of this Lease, at
11:59 p.m. on the day immediately preceding the sixth (6th)
anniversary of the Expansion Premises Commencement Date (“Termination
Date”).  Tenant has an option to extend this Lease for one five-year
term as set forth below.”

    

    9.            The
following terms are herein defined and added and inserted into Section 1.3 of the
Lease and made a part thereof:

    

    “Base
Taxes: for purposes of Section 8.1 of the
Lease, the term “Base Taxes” shall be the amount of Taxes incurred by Landlord
for the Calendar Year 2006 for The Phase I, II and III Premises and the Calendar
Year 2007 for the Expansion Premises.

    

    Base
Operating Expenses: for purposes of Section 9.1 of the
Lease, the term “Base Operating Expenses” shall be the amount of Operating
Expenses incurred by Landlord in Calendar Year 2007.

    

    Base
Utility Expenses: for purposes of Section 9.2 of the
Lease, the term “Base Utility Expenses” shall be the amount of Utility Expenses
incurred by Landlord in Calendar Year 2007.”

    

    10.          Landlord
and Landlord’s Address (for rent payment) in Section 1.2 of the
Lease is hereby deleted in its entirety and the following is hereby substituted
therefore and inserted in place thereof:

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      
        
           

        

      

    

    
      	
              “Landlord:

            	 
      	
              Brookwood
      Middletown Tech, LLC

            
	
              Landlord’s
      Address (for rent payment):

            	 
      	
              Brookwood
      Middletown Tech, LLC

            
	 
      	 
      	
              50
      Dunham Road

            
	 
      	 
      	
              Beverly,
      MA 01915”

            

    

     

    11.         The
last clause in Section
9.2(a) of the Lease is hereby deleted in its entirety and the following
is hereby substituted therefore and inserted in place thereof:

    

    “provided,
however, that Operating Expenses for purposes of this calculation, will not
include the portion of Operating Expenses under the sole control of the Landlord
(“Controllable Operating Expenses”), if any, that represent a cumulative
increase of more than 5% per annum over the level of Controllable Operating
Expenses in  the Base Year (Calendar 2007), as adjusted for the
extrapolation referenced herein to account for changes in
occupancy.”

    

    12.         Tenant
shall be entitled to a tenant improvement allowance for the Expansion Premises
of $10.00 per rentable square foot, or $250,000.00, towards the cost of any
improvements to the Expansion Premises (the “Expansion
Allowance”).  Any and all costs for improvements to the Expansion
Premises which exceed the Expansion Allowance shall be paid for by
Tenant.  Tenant shall not be entitled to payment of that portion of
the Expansion Allowance that is attributable to the Free Rent
Premises  until the Free Rent Period has expired.  Up to
$50,000 of the Expansion Allowance may be allocated by Tenant to work in
Tenant’s leased space in the Tech Plaza 2 Office Building.  All tenant
improvements (“Expansion Tenant Improvements”) will be completed in accordance
with the Tenant Work Letter attached hereto as Exhibit
B.

    

    13.         Section 16.17 of the
Lease is hereby deleted in its entirety and the following Section 16.17
inserted in place thereof and substituted therefor:

    

    “SECURITY
DEPOSIT.            Security
Deposit shall be $105,351.05.”

    

    Such
Security Deposit shall be due and payable as of the date of execution of this
Amendment.

    

    14.         Upon
reasonable notice, Tenant shall provide to the occupants of the Tech 2 Plaza
Office Building access to the loading dock within the Premises.

    

    15.         Except
as otherwise defined herein or as capitalized in ordinary usage, all capitalized
terms used herein shall have the same meaning as set forth for such terms in the
Lease.

    

    16.         Except
as expressly provided herein all of the terms provisions and conditions of the
Lease herein shall remain in full force and effect.  In the event that
any of the provisions of the Lease are inconsistent with this Amendment or the
state of facts contemplated hereby, the provisions of this Amendment shall
control.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    17.         The
terms and conditions of this Amendment shall be binding upon and shall inure to
the benefit of Landlord and Tenant and their respective successors and
assigns.

    

    18.         Tenant
shall have the same rights afforded to it by and obligations contained in
Section 5.9 of the Lease at the Expansion Premises as it does at the Phase I, II
and III Premises.  Specifically, Tenant may install up to four (4) 10
inch non-penetrating dish antennae and four (4) 24-inch non-penetrating dish
antennae on the roof of the Expansion Premises.  These antennae are in
addition to the antennae installed at the Phase I, II and III
Premises.

    

          [Signature
page follows]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the undersigned
have duly executed this Amendment as of the date first above
written.

    

    
      
        
          
            
              
                	
                        LANDLORD:

                      
	 
      
	
                        BROOKWOOD
      MIDDLETOWN TECH, LLC

                      
	 
      	 
      
	
                        By:
      Brookwood Real Estate Partners II, LLC

                      
	
                        its
      sole member

                      
	 
      	 
      
	    
      By:Brookwood
      Real Estate Co., II, LLC
	   
       its
      Manager
	 
      	 
      
	
                        By:

                      	
                        /s/ Eve M. Trilla

                      
	 
      	
                        Eve
      M. Trilla

                      
	 
      	
                        Chief
      Financial Officer

                      
	 
      	 
      
	
                        TENANT:

                      
	 
      
	
                        TOWERSTREAM
      I, INC.

                      
	 
      	 
      
	
                        By:

                      	
                        /s/ George E. Kilguss
III

                      
	 
      	
                        George E. Kilguss III

                      
	 
      	
                        Chief
      Financial
Officer

                      

              

            

          

        

      

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    The
Expansion Premises

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    Tenant
Work Letter

    

    It is
agreed that Tenant will complete all improvements in accordance with the
following terms:

    

    1.             Tenant
Improvements.Tenant shall be responsible for the design and construction of all
improvements to the Expansion Premises (“Expansion Tenant
Improvements”).  Tenant shall submit tenant improvement plans to
Landlord for Landlord’s review no later than ten (10) days from the date
hereof.  The Expansion Tenant Improvement Plans shall be designed and
detailed so that the Expansion Tenant Improvements will comply with applicable
laws and building codes.  Within seven (7) days after Landlord’s
receipt of the Expansion Tenant Improvement Plans, Landlord shall either approve
the Expansion Tenant Improvement Plans (with Landlord’s approval not to be
unreasonably withheld) or disapprove the Expansion Tenant Improvement
Plans.  Any disapproval shall include a detailed explanation of the
rejected components of the Expansion Tenant Improvement Plans.  If
Landlord fails to respond in the established timeframe, the Expansion Tenant
Improvement Plans shall be deemed to be approved by Landlord.  If
Landlord disapproves the Expansion Tenant Improvement Plans, tenant may submit a
revised version of the Expansion Tenant Improvement Plans to Landlord for its
review in the same manner described above.  Tenant may continue such
approval procedure until Landlord’s approval of the Expansion Tenant Improvement
Plans is obtained or is deemed obtained.  Once the Expansion Tenant
Improvement Plans have been approved by Landlord, Tenant shall submit the
Expansion Tenant Improvement Plans to the appropriate governmental agency(ies)
for the necessary permits to construct the Expansion Tenant
Improvements.  Any nonmaterial change to the Expansion Tenant
Improvement Plans required by a governmental agency shall be deemed approved by
Landlord.  Tenant shall submit any material changes to the Expansion
Tenant Improvement Plans required by a governmental agency to Landlord for its
review in the manner described above, except that the timeframe in such event
shall be five (5) business days.  Once the Expansion Tenant
Improvement Plans are approved (or deemed approved) by Landlord and Tenant has
obtained the necessary construction permits, Tenant shall retain a reputable
licensed and insured contractor(s), of Tenant’s choice but subject to Landlord’s
prior written approval, not to be unreasonably withheld or delayed, to perform
the construction of the Expansion Tenant Improvements.  Such
construction shall be performed in substantial compliance with the approved
Expansion Tenant Improvement Plans. Tenant shall have the Expansion Tenant
Improvements constructed in a professional, workmanlike
manner.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    2.             Payment
of Expansion Allowance.  Landlord shall pay to Tenant the Expansion
Allowance in accordance with the terms hereof.  The Expansion
Allowance shall be used to pay for costs associated with Tenant’s design and
construction of the Expansion Tenant Improvements, which costs may include, but
shall not be limited to: (a) all costs charged to Tenant by contractors,
subcontractors and suppliers for construction of the Expansion Tenant
Improvements and installation of Tenant’s equipment; (b) fees, assessments and
costs associated with securing approvals, permits and licenses; (c) costs of
construction insurance (including, without limitation, casualty, liability,
theft and workers’ compensation insurance); (d) utility hook-up fees; (e)
premiums for any bonds required by Tenant; (f) architectural, design and
engineering fees related to the Tenant Improvements; and (g) construction
management fees incurred by Landlord for supervision of the Expansion
Improvements.  The Expansion Allowance shall not be used towards the
purchase of any items of personal property.  Landlord shall pay the
amount of the Expansion Allowance in progress payments (payable no more
frequently than monthly) after the date Tenant obtains a building permit
covering construction of the Expansion Tenant Improvements.  Such
progress payments shall be made by Landlord not later than ten (10) days after
receipt by Landlord from Tenant of copies of invoices evidencing completed work
and/or services provided.  Each invoice shall be accompanied by a
written statement verifying that the work evidenced by such invoice has been
completed, and/or that services evidenced by such invoice have been performed;
such verification shall be rendered by Tenant’s architect, except that with
regard to costs, fees and assessments not charged by contractors,
subcontractors, or suppliers, such verification may be rendered by Tenant’s
Representative, George Kilguss, III. Further, each invoice shall be accompanied
by a conditional construction lien waiver, pertaining to such invoiced work,
from the general contractor and each subcontractor, laborer or materialman, and
by an unconditional construction lien waiver, pertaining to previous work for
which payment has already been made, from the general contractor and each
subcontractor, laborer or materialman.  Completion of the Expansion
Tenant Improvements will be confirmed upon Landlord’s receipt of a Certificate
of Completion for the Expansion Premises issued by the Town of Middletown
Building Inspector and delivered to Landlord by Tenant.  Landlord
shall have no obligation to make any progress payment while an uncured default
in the Lease is continuing and the total of all such progress payments will in
no event exceed the amount of the Expansion Allowance.  To the extent
Expansion Tenant Improvements have been paid for by the Expansion Allowance,
such Expansion Tenant Improvements shall be deemed at all times to be Landlord’s
property.

    

    3.             As
Is.     Except for the work described in this Work
Letter, Tenant accepts the Expansion Premises in its “as is”
condition.

    

    4.             Defined
Terms.     All terms herein used shall have the same
meaning as when used in the Lease and this First Amendment to
Lease.

     

    
      
         

      

      
        10

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