Document:

China Advanced Construction Materials Group, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 

This Amendment No. 1 (the “Amendment”) to that certain
Employment Agreement (the "Agreement"), dated as of February 23, 2010, is
entered into as of  March 30, 2011, by and between China Advanced
Construction Materials Group, Inc., a Delaware corporation (the "Company") and
Jeremy Goodwin (the “Executive”) (collectively, the “Parties”). This amendment
is effective for the duration of the Additional Term as defined in Section 2 of
the Agreement, i.e. from Jan. 4, 2011 to Jan. 4, 2012. 

WHEREAS, Section 17 of the Agreement provides that no provision
of the Agreement may be modified, amended, waived or discharged unless such
waiver, modification, amendment or discharge is agreed to in writing and signed
by the Executive and such officer or director as may be designated by the Board
of Directors; 

WHEREAS, the undersigned officer has been designated by the
Board of Directors to execute this Amendment; and 

WHEREAS, the Company and the Executive have agreed to amend the
Agreement as set forth in this Amendment; 

NOW, THEREFORE, in consideration of the foregoing, of the
mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties,
intending to be legally bound, hereby agree as follows: 

1.            POSITION/DUTIES. Section 1 of the
Agreement is hereby amended and restated as follows: 

“1.         
POSITION/DUTIES. 

(a)     During the Employment Term (as defined in Section 2 below),
the Executive shall serve as the President of the Company and, subject to
Section 1(b) below, as the Chief Financial Officer of the Company. 

(i)     In this capacity the Executive shall be responsible for
leading the Company’s efforts in obtaining financing for the Company by way of
one or more public offerings in the amounts and on the schedules requested by
the Chief Executive Officer of the Company, including but not limited to
overseeing underwriters, counsels and auditors, and preparing and/or reviewing
requisite documentations in connection with such transactions, and shall perform
certain investor relations activities as requested by the Chief Executive
Officer. 

(ii)     During the Additional Term (as defined in Section 2 of the
Agreement): 

(A)     On or before June 30, 2011, the Executive shall obtain at
least one concrete project for the Company, as evidenced by a written agreement enforceable in the Peoples’ Republic of China and all
applicable jurisdictions with terms reasonably acceptable to the Chief Executive
Officer, that shall either (1) generate gross revenues to the Company of at
least $5,000,000, or (2) provide for sale and delivery of at least 93,572 cubic
meters of concrete. All concrete contracts derived from the Chen Lie
relationship will be attributed toward fulfillment of this duty of the Executive
and any cubic meter signed which exceeds the minimum requirement stated in this
Amendment shall carry forward towards the fulfilling of any future annual
minimums of the Executive.

(B)     In addition to the project referenced in subsection (A)
above, the Executive shall obtain at least one additional concrete project for
the Company, as evidenced by a written agreement enforceable in the Peoples’
Republic of China and all applicable jurisdictions with on terms reasonably
acceptable to the Chief Executive Officer, that shall either (1) generate gross
revenues to the Company of at least $5,500,000, or (2) provide for sale and
delivery of at least 102,929 cubic meters of concrete. All concrete contracts
derived from the Chen Lie relationship will be attributed toward fulfillment of
this duty of the Executive and any cubic meter signed which exceeds the minimum
requirement stated in this Amendment shall carry forward towards the fulfilling
of any future annual minimums of the Executive. 

(iii)     During the Term of Employment, the Executive shall be
responsible for overseeing the Company’s interaction with outside legal counsel
and overseeing Human Resource activities. 

(iv)     The Executive shall establish and monitor the Company’s
operating budget. For any Company contract to be signed on behalf of the
Company, the Executive shall follow the written approval procedures agreed
between the Executive and the CEO, as well as Company policy. The Executive
shall be personally liable for signing any service contract binding the
financial obligation of the company which has not first been pre-approved by the
company in writing from the CEO. 

(v)     The Executive shall provide a brief weekly report and a
detailed monthly report to the CEO in form and content reasonably acceptable to
the CEO. The Executive shall also provide a monthly work plan to the CEO in form
and content reasonably acceptable to the CEO. 

(vi)     Likewise, the Executive shall receive a brief weekly
report and a detailed monthly report from the company Finance Department,
Investor Relations Department, Internal Controls Department and Human Resources
Department in form and content reasonably acceptable to the Executive. The
company Finance Department, Investor Relations Department, Internal Controls
Department and Human Resources Department shall also provide a monthly work plan
to the Executive in form and content reasonably acceptable to the Executive.

(b)     During such time as the Executive serves as the Chief
Financial Officer of the Company, the Executive’s duties shall include, in
addition to the Executive’s duties as President: 

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(i)     working with the Company’s U.S. legal counsel and auditors
to implement, monitor and oversee the Company’s accounting, reporting and
financial controls, ongoing compliance with the requirements of the
Sarbanes-Oxley Act, the Securities Act of 1933, the Securities Exchange Act of
1934, and the listing rules of the NASDAQ Global Market; and 

(ii)     advising the Board of the Directors with respect to the
Company’s internal controls and procedures, including disclosure controls and
procedures. 

Notwithstanding anything to the contrary herein, the Executive
acknowledges that any termination of his position as Chief Financial Officer
during the term hereof shall not, in any way, constitute a breach of this
Agreement by the Company; provided that any such termination shall not reduce
the compensation described in Section 3 hereof. 

(c)     During the Employment Term, the Executive shall report
directly to the Chief Executive Officer and the Board of Directors of the
Company. The Executive shall obey the lawful directions of the Chief Executive
Officer and the Board of Directors to whom the Executive reports and shall use
his diligent efforts to promote the interests of the Company and to maintain and
promote the reputation thereof. 

(d)     During the Employment Term, the Executive shall maintain
his residence in the United States or Hong Kong and shall be expected to travel
extensively between and within China, Hong Kong and the United States and to
spend significant time in Beijing, China as directed by the Chief Executive
Officer. In the event that the Executive is required by the Chief Executive
Officer to relocate his residence to Beijing, China at any time during the
Employment Term, the Company shall provide the Executive with necessary
allowance and full coverage of all the costs in connection with the relocation.

(e)     During the Employment Term, the Executive shall use his
best efforts to perform his duties under this Agreement and shall devote all of
his business time, energy and skill in the performance of his duties with the
Company. The Executive shall not during the Employment Term (except as a
representative of the Company) be directly or indirectly engaged or concerned in
any other business activity, unless Executive notifies the Board in advance of
Executive’s intent to engage in other paid or unpaid work, and receives the
Board’s express written consent to do so. Notwithstanding the foregoing, it is
understood that Executive shall be entitled to serve on the Board of Directors
of other business organizations so long as such service does not constitute an
actual or apparent conflict of interest, and so long as the consent of the Board
(which shall not unreasonably be withheld) is obtained for such service; and
provided further that the Board has consented to Executive’s continued service
on the Boards of Directors and advisory boards set forth on Schedule 1(e)
hereof. Nothing in this Section shall prohibit Executive from participating in
social, civic or professional associations or engaging in passive outside
investment activities which may require a limited portion of time and effort to
manage, so long as such activities do not interfere with the performance of
Executive’s duties hereunder nor compete, in any way, with the products or
services offered by the Company.” 

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2.            COMPENSATION. Section 3 of the
Agreement is hereby amended and restated as follows: 

“3.           COMPENSATION. 

(a)       Base Salary. In consideration of the services to be
rendered hereunder, the Company hereby agrees to pay the Executive an initial
annual base salary of $180,000 payable in equal semimonthly installments in
accordance with the usual practice of the Company (the “Base Salary”). The
Executive shall be entitled to an extra base salary of $18,000 upon the
completion of the duties set forth in Sections 1(a)(ii) above. The Executive
will be responsible for his own income tax payable to relevant federal and state
authorities in the United States. 

(b)       Restricted Stock Award. 

(i)       Subject to the terms and conditions provided in this
Agreement and the Restricted Stock Agreement between the Company and the
Executive, during the Initial Term the Company agrees to grant the Executive,
pursuant to the Company’s 2009 Equity Incentive Plan, 50,000 restricted shares
of the common stock of the Company. The restricted shares granted hereby shall
vest as follows: 

  
    
      
        
(1)       12,500 shares shall vest on April 4, 2010;

(2)       12,500
shares shall vest on July 4, 2010; 

(3)       12,500 shares shall vest on October 4,
2010; and 

(4)       12,500 shares shall vest on January 4, 2011. 

        

      

    

  

(ii)       Subject to the terms and conditions provided in this
Agreement and the Restricted Stock Agreement between the Company and the
Executive, during the Additional Term the Company agrees to grant the Executive,
pursuant to the Company’s 2009 Equity Incentive Plan, 25,000 restricted shares
of the common stock of the Company. The restricted shares granted hereby shall
vest as follows: 

  
    
      
        
(1)       12,500 shares shall vest on April 4, 2011; and (2)

(2)       12,500 shares shall vest on July 4, 2011. 

        

      

    

  

In addition, the Executive shall be eligible for an additional
award of up to 25,000 shares at the end of the Additional Term to be awarded at
the discretion of the Board of Directors. 

(c)       Stock Option Grant. 

(i)        During the Initial Term, subject to the terms and
conditions provided in this Agreement and the Stock Option Agreement between the
Company and the Executive, the Company agrees to grant the Executive, pursuant
to the Company’s 2009 Equity Incentive Plan, a stock option to purchase up to
100,000 shares of the common stock of the Company. The option shall have an
exercise price of $5.38 and shall be exercisable on a cashless, or net exercise
basis. The option granted hereby shall vest as follows: 

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(A)       35,000 shares shall vest on March 5, 2010 and 15,000 shares
shall vest on March 31, 2010; provided, that the Board, or the Compensation
Committee, may terminate or postpone the vesting with respect to such option
shares if the Company fails to close public offerings during the first calendar
quarter of 2010 in the amounts and on the schedule and terms reasonably
requested by the Chief Executive Officer pursuant to Section 1(a)(i) hereof
(“First Quarter Financings”); and 

(B)       Up to 50,000 shares shall vest on July 15, 2010 as follows

(1)       10,000 of such shares shall vest if the Company closes
public offerings during the second calendar quarter of 2010 of at least 20% of
any target amount reasonably requested, on the schedules and terms reasonably
requested by, the Chief Executive Officer pursuant to Section 1(a)(i) hereof,
excluding the First Quarter Financings (the “Second Quarter Financings”); 

(2)       20,000 of such shares shall vest if the Company closes at
least 40% of the Second Quarter Financings; 

(3)       30,000 of such shares shall vest if the Company closes at
least 60% of the Second Quarter Financings; 

(4)       40,000 of such shares shall vest if the Company closes at
least 80% of the Second Quarter Financings; and 

(5)       all 50,000 of such shares shall vest if the Company closes
all of the Second Quarter Financings. 

(ii)       During the Additional Term, subject to the terms and
conditions provided in this Agreement and the Stock Option Agreement between the
Company and the Executive, the Company agrees to grant the Executive, pursuant
to the Company’s 2009 Equity Incentive Plan, a stock option to purchase up to
100,000 shares of the common stock of the Company. The option shall have an
exercise price of $5.38 and shall be exercisable on a cashless, or net exercise
basis. The option granted hereby shall vest as follows: 

(A)       50,000 shares shall vest on April 30, 2011, subject to that
the Company closes public offerings on or before April 15, 2011 in the amounts
and on the schedule and terms reasonably requested by the Chief Executive
Officer pursuant to Section 1(a)(i) hereof (“Initial 2011 Financing”); and

(B)       Up to 50,000 shares shall vest on November 15, 2011 as
follows 

(1)       10,000 of such shares shall vest if the Company closes
public offerings on or before November 15, 2011 of at least 20% of any target
amount reasonably requested, on the schedules and terms reasonably requested by,
the Chief Executive Officer pursuant to Section 1(a)(i) hereof, excluding the Initial 2011 Financing
(the “Secondary 2011 Financing”); 

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(2)       20,000 of such shares shall vest if the Company closes at
least 40% of the Secondary 2011 Financing; 

(3)       30,000 of such shares shall vest if the Company closes at
least 60% of the Secondary 2011 Financing; 

(4)       40,000 of such shares shall vest if the Company closes at
least 80% of the Secondary 2011 Financing; and 

(5)       all 50,000 of such shares shall vest if the Company closes
all of the Secondary 2011 Financing. 

(iii)       Notwithstanding the foregoing, if (A) the Executive
obtains reasonable commitments of investment banks, placement agents and/or
investors to provide financing by way of one or more securities offerings in the
amounts and on the schedules and terms reasonably requested by the Chief
Executive Officer, and such arrangements are rejected by the Chief Executive
Officer or the Board, or (B) the Company fails to close such financings
voluntarily, (C) any such financing is terminated as a result of a material
breach of a material agreement by the Company or (D) or the Company does not
meet the earnings or earnings per share milestones set by the Chief Executive
Officer as conditions precedent for any such financings, then the vesting for
such shares set forth above shall not be terminated or postponed. Any
termination or deferral of vesting as set forth herein shall not be deemed to be
“Good Reason” as defined below.” 

3.        EMPLOYEE BENEFITS. Section 4(c) of the
Agreement is hereby amended and restated as follows: 

“(c)      Business and Entertainment Expenses. Upon
presentation of appropriate documentation, the Executive shall be reimbursed
(not to be reasonably withheld) for all reasonable and necessary business and
entertainment expenses, including business related travel, lodging and meal
expenses, incurred in connection with the performance of his duties hereunder,
all in accordance with the Company's expense reimbursement policy applicable to
senior executives whereby invoice or other reasonable proof of expenditure will
be presented at time of reimbursement. Subject to the submission of a detailed
expenditure plan, the Company may provide a cash advance to the Executive for
travel expense. The Executive shall be personally liable for any expense spent
in violation of this provision.” 

4.        NO OTHER CHANGES. Except as expressly
amended, modified or superseded hereby, the terms of the Agreement shall remain
in full force and effect. 

5.       SECTION HEADINGS AND INTERPRETATION.
The section headings used in this Amendment are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of
this Amendment. Expressions of inclusion used in this Amendment are to be
understood as being without limitation. 

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6.       SEVERABILITY. The provisions of this
Amendment shall be deemed severable and the invalidity of unenforceability of
any provision shall not affect the validity or enforceability of the other
provisions hereof. 

7.       COUNTERPARTS. This Amendment may be
executed in several counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same Amendment.

8.       
GOVERNING LAW AND VENUE. The validity,
interpretation, construction and performance of this Amendment shall be governed
by the laws of the State of New York without regard to its conflicts of law
principles. The Parties agree irrevocably to submit to the exclusive
jurisdiction of the courts located in New York, New York, for the purposes of
any suit, action or other proceeding brought by any Party arising out of any
breach of any of the provisions of this Amendment and hereby waive, and agree
not to assert by way of motion, as a defense or otherwise, in any such suit,
action, or proceeding, any claim that it is not personally subject to the
jurisdiction of the above-named courts, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper, or that the provisions of this Amendment may not be
enforced in or by such courts. 

9.       ENTIRE AGREEMENT. This Amendment and
the documents referred to herein constitute the entire agreement among the
parties with respect to the subject matter and no party shall be liable or bound
to any other party in any manner by any written or oral representations,
warranties or covenants except as specifically set forth herein or therein. 

10.       WAIVER AND AMENDMENT. No provision of
this Amendment may be modified, amended, waived or discharged unless such
waiver, modification, amendment or discharge is agreed to in writing and signed
by the Executive and such officer or director as may be designated by the Board.
No waiver by either Party at any time of any breach by the other Party hereto
of, or compliance with, any condition or provision of this Amendment to be
performed by such other Party shall be deemed a waiver or similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. 

11.       AUTHORITY AND NON-CONTRAVENTION. The
Executive represents and warrants to the Company that he has the legal right to
enter into this Amendment and to perform all of the obligations on his part to
be performed hereunder in accordance with its terms and that he is not a party
to any agreement or understanding, written or oral, which could prevent him form
entering into this Amendment or performing all of his obligations hereunder.

[Signature Page Follows] 

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

		CHINA ADVANCED CONSTRUCTION MATERIALS
      GROUP, INC. 
	 	  
	 	  
	 	  
	 	/s/ Xianfu Han 
	 	By: Xianfu Han 
	 	Title: Chief Executive Officer 
	 	  
		EXECUTIVE 
	 	  
	 	/s/ Jeremy Goodwin 
	 	By: Jeremy Goodwin 

 8

SCHEDULE 1(e) 
Boards of Directors and Advisory Boards

Sino Green Land Corporation (OTCBB: SGLA.OB) 

L&L Energy Inc. (Nasdaq: LLEN) 

S - 1exhibit10-1.htm

Exhibit 10.1 

 

EIGHTH AMENDMENT TO LEASE 

 

     THIS EIGHTH AMENDMENT TO LEASE (this “Eighth Amendment”) is entered into as of this 1st day of August, 2011 (the “Execution Date”), by and between BMR-LANDMARK AT EASTVIEW LLC, a Delaware limited liability company (“Landlord”), and REGENERON PHARMACEUTICALS, INC., a New York corporation (“Tenant”).

 

RECITALS 

 

     A. WHEREAS, Landlord and Tenant entered into that certain Lease dated as of December 21, 2006 (the “Original Lease”), as amended by that certain First Amendment to Lease dated as of October 24, 2007 (the “First Amendment”), that certain Second Amendment to Lease dated as of September 30, 2008 (the “Second Amendment”), that certain Third Amendment to Lease dated as of April 29, 2009 (the “Third Amendment”), that certain Fourth Amendment to Lease dated as of December 3, 2009 (the “Fourth Amendment”), that certain Fifth Amendment to Lease dated as of February 11, 2010 (the “Fifth Amendment”), that certain Sixth Amendment to Lease dated as of June 4, 2010 (the “Sixth Amendment”), and that certain Seventh Amendment to Lease dated as of December 22, 2010 (the “Seventh Amendment” and, collectively with the Original Lease and the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment and Sixth Amendment, and as the same may have been further amended, supplemented or otherwise modified from time to time, the “Lease”), whereby Tenant leases certain premises (the “Premises”) from Landlord at 735, 745, 755, 765 and 777 Old Saw Mill River Road in Tarrytown, New York (collectively, the “Buildings”, and each a “Building”); 

 

     B. WHEREAS, Landlord and Tenant are parties to that certain Space License Agreement (“Space License”) dated as of the December 3, 2009 whereby Tenant licenses from Landlord approximately Six Thousand Five Hundred Sixty-Eight (6,568) square feet of Rentable Area on the S-Level of the building located at 777 Old Saw Mill River Road in Tarrytown, New York (the “777 License Area Premises”);

 

     C. WHEREAS, Tenant desires to exercise the option set forth in Article 25 of the Space License to lease from Landlord the 777 License Area Premises, as shown on Exhibit A attached hereto, and Landlord desires to lease to Tenant the 777 License Area Premises;

 

     D. WHEREAS, Tenant desires to lease from Landlord and Landlord desires to lease to Tenant approximately Four Hundred Forty-Nine (449) square feet of Rentable Area on the third (3rd) floor of the building located at 765 Old Saw Mill River Road in Tarrytown, New York, as shown on Exhibit B attached hereto (the “765 Elevator Lobby Premises”); and 

 

     E. WHEREAS, Landlord and Tenant desire to modify and amend the Lease only in the respects and on the conditions hereinafter stated. 

 

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AGREEMENT 

 

     NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 

 

     1. Definitions. For purposes of this Eighth Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein. The Lease, as amended by this Eighth Amendment, is referred to herein as the “Amended Lease.” 

 

     2. Additions to Premises. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the following space on the following terms:

 

          (a) the 777 License Area Premises, effective as of the Execution Date. The parties acknowledge that Tenant has been licensing the 777 License Area Premises pursuant to the Space License. Effective as of the Execution Date, the 777 License Area Premises shall be included in the Amended Lease as a part of the Premises and the 777 License Area Premises shall be governed in all respects by the Amended Lease. The Term for the 777 License Area Premises shall expire on the Term Expiration Date for the New Premises, subject to (i) Tenant’s option to extend the Term of the Lease as provided in Article 44 of the Amended Lease and (ii) Tenant’s termination option set forth in Section 5(a) below. Commencing as of the date Landlord delivers the 777 License Area Premises to Tenant and continuing through the Term, and subject to the provisions of Section 5 hereof, Tenant shall pay to Landlord Basic Annual Rent for the 777 License Area Premises at an initial rate equal to Thirty-Four and 85/100 Dollars ($34.85) per square foot of Rentable Area per year in accordance with the terms for payment of Basic Annual Rent set forth in the Lease. Basic Annual Rent for the 777 License Area Premises shall increase annually every July 1st by two and one-half percent (2.5%) of the then-current applicable Basic Annual Rent, commencing as of July 1, 2012. In addition to Basic Annual Rent, commencing as of the date that Landlord delivers the 777 License Area Premises to Tenant, Tenant shall pay to Landlord as Additional Rent, at times specified in the Amended Lease, Tenant’s Pro Rata Share of Operating Expenses with respect to the 777 License Area Premises. For the avoidance of doubt, HVAC for the 777 License Area Premises shall be calculated in the same manner as provided in the Amended Lease with respect to the Retained Premises, and the 777 License Area Premises shall be treated as Retained Premises for the purposes of allocation of the CAM Pool Charges in accordance with Exhibit O of the Amended Lease (as of the Term commencement date for the 777 License Area Premises); and 

 

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          (b) the 765 Elevator Lobby Premises, effective as of the “765 Elevator Lobby Premises Commencement Date,” which shall be the earlier of (i) fifteen (15) business days following the Execution Date and (ii) the date that Tenant completes construction of a demising wall (“Demising Wall”), in approximately the location depicted in Exhibit B, at Tenant’s sole cost and expense. No construction management fee shall be paid to Landlord based upon the cost of installing the Demising Wall. The Term for the 765 Elevator Lobby Premises shall expire on the Term Expiration Date for the New Premises, subject to (A) Tenant’s option to extend the Term of the Lease as provided in Article 44 of the Amended Lease, (B) Tenant’s termination option set forth in Section 5(b) below and (C) the provisions of Section 5(d) below. Commencing as of the 765 Elevator Lobby Premises Commencement Date and continuing through the Term, and subject to the provisions of Section 5 hereof, Tenant shall pay to Landlord Basic Annual Rent for the 765 Elevator Lobby Premises at an initial rate equal to Five and 00/100 Dollars ($5.00) per square foot of Rentable Area per year in accordance with the terms for payment of Basic Annual Rent set forth in the Lease. Basic Annual Rent for the 765 Elevator Lobby Premises shall increase annually every July 1st by two and one-half percent (2.5%) of the then-current applicable Basic Annual Rent, commencing as of July 1, 2012. In addition to Basic Annual Rent, commencing as of the 765 Elevator Lobby Premises Commencement Date, Tenant shall pay to Landlord as Additional Rent, at times specified in the Amended Lease, Tenant’s Pro Rata Share of Operating Expenses with respect to the 765 Elevator Lobby Premises. For the avoidance of doubt, HVAC for the 765 Elevator Lobby Premises shall be calculated in the same manner as provided in the Amended Lease with respect to the Retained Premises, and the 765 Elevator Lobby Premises shall be treated as Retained Premises for the purposes of allocation of the CAM Pool Charges in accordance with Exhibit O of the Amended Lease (as of the 765 Elevator Lobby Premises Commencement Date). 

 

     3. Tenant’s Pro Rata Shares. From and after (a) the Execution Date, with respect to the 777 License Area Premises, and (b) the 765 Elevator Lobby Premises Commencement Date with respect to the 765 Elevator Lobby Premises, the Premises shall thereafter be deemed to include the premises so delivered and Tenant’s Pro Rata Shares of the Building, Existing Project, New Project and Entire Project shall be incrementally increased by the amounts set forth in Exhibit C attached hereto. As of each such date, the defined terms in Section 2.2 of the Lease shall be automatically amended to reflect the adjustments set forth in this Section. Rentable Area and Tenant’s Pro Rata Shares are all subject to adjustment under the Amended Lease, including pursuant to Section 9.2. 

 

     4. Parking. The parties acknowledge that, in accordance with the Lease, Tenant shall be entitled to its pro rata share of unreserved parking spaces with respect to each portion of the Premises leased to Tenant hereunder. 

 

     5. Termination Options.

 

          (a) Tenant shall be entitled to terminate the Lease with respect to the 777 License Area Premises on June 30, 2014, December 31, 2015, or December 31, 2016; provided that (x) Tenant provides Landlord with no less than eighteen (18) months’ prior written notice and (y) on or before the date of such termination, Tenant pays to Landlord an amount equal to, if terminated on (i) June 30, 2014, One Hundred Ninety-Three Thousand Four Hundred Twenty-Seven and 60/100 Dollars ($193,427.60) (based on Twenty-Nine and 45/100 Dollars ($29.45) per square foot of Rentable Area of the applicable portion of the Premises), (ii) December 31, 2015, One Hundred Thirty-One Thousand Four Hundred Ninety-One and 36/100 Dollars ($131,491.36)(based on Twenty and 02/100 Dollars ($20.02) per square foot of Rentable Area of the applicable portion of the Premises), and (iii) December 31, 2016, Sixty-Eight Thousand Nine Hundred Sixty-Four and 00/100 Dollars ($68,964.00)(based on Ten and 50/100 Dollars ($10.50) per square foot of Rentable Area of the applicable portion of the Premises). If Tenant timely exercises its option to terminate the Lease with respect to the 777 License Area Premises, then Tenant shall surrender the 777 License Area Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon the expiration.

 

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          (b) Tenant shall be entitled to terminate the Lease with respect to the 765 Elevator Lobby Premises on June 30, 2014, December 31, 2015, or December 31, 2016; provided that Tenant provides Landlord with no less than eighteen (18) months’ prior written notice. If Tenant timely exercises its option to terminate the Lease with respect to the 765 Elevator Lobby Premises or Tenant’s lease of the 765 Elevator Lobby Premises expires or is terminated early, then Tenant shall surrender the 765 Elevator Lobby Premises to Landlord on the applicable surrender date in the condition required by the Amended Lease for surrendering Premises upon expiration. 

 

          (c) Time is of the essence with respect to the exercise of the termination options granted in this Section 5. 

 

          (d) In the event that (i) Tenant exercises its Quad I and II Termination Option as set forth in Section 13(b) of the Third Amendment or (ii) Tenant’s lease of any portion of the Quad I or Quad II Premises (as defined in the Third Amendment) expires or is terminated early (each of (i) and (ii), a “Quad I and II Premises Termination” and, collectively, “Quad I and II Premises Terminations”), then Tenant’s lease of the 765 Elevator Lobby Premises shall also terminate effective as of the date of such Quad I and II Premises Termination(s). Upon termination of the 765 Elevator Lobby Premises due to a Quad I and II Premises Termination(s), the 765 Elevator Lobby Premises shall be considered a Common Area under the Amended Lease and shall no longer be included as part of Tenant’s Pro Rata Share.

 

     6. Lease Extension Options. From and after the Execution Date, the first paragraph of Article 44 of the Lease is hereby deleted and replaced with the following: 

 

44. Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor Space, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises and 765 Elevator Lobby Premises, (f) each full floor of the 755 Premises, (g) the 765 Expansion Premises, (h) the 765 Expansion Premises II, (i) C-Level Storage Spaces and (j) the 777 License Area Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or a termination pursuant to a Swap Premises Termination Option has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises for which it failed to exercise an Option. Tenant’s Options for the remaining Premises shall remain in full force and effect. 

 

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     7. Condition of Premises. Except as otherwise provided herein (including Section 2 hereof), Tenant acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of the 777 License Area Premises or the 765 Elevator Lobby Premises with respect to the suitability of the same for the conduct of Tenant’s business. Tenant acknowledges that it is generally familiar with the condition of the 777 License Area Premises and the 765 Elevator Lobby Premises and, notwithstanding anything contained in the Amended Lease to the contrary, agrees to take the same in its condition “as is” as of the applicable delivery date. Tenant’s taking possession of the 777 License Area Premises and the 765 Elevator Lobby Premises, except as otherwise agreed to in writing by Landlord and Tenant, shall conclusively establish that the same were at such time in good, sanitary and satisfactory condition and repair. Notwithstanding the foregoing, Landlord represents and warrants that the Building Systems (including the HVAC systems) in the 777 License Area Premises and the 765 Elevator Lobby Premises are, and will be, in good working condition and that the same are, subject to the provisions of Section 17 of the Original Lease, currently serviced by Utilities and other base building services. Subject to Landlord’s reasonable prior approval, Tenant shall have the right, at its sole cost and expense, to convert the Johnson Controls building controls serving the 777 License Area Premises and the 765 Elevator Lobby Premises from Landlord’s network to Tenant’s network. 

 

     8. Alterations. At Tenant’s sole cost and expense, Tenant shall be permitted to install a card reader on the freight elevator serving the 765 Elevator Lobby Premises (“Card Reader”). No construction management fee shall be paid to Landlord based upon the cost of installing the Card Reader. At Landlord’s request, Tenant shall remove the Card Reader upon the expiration or earlier termination of the Lease and shall promptly repair any damage caused thereby. 

 

     9. Termination of Space License. Landlord and Tenant acknowledge that, concurrent with the execution and delivery of this Eighth Amendment, Landlord and Tenant are executing the Space License Termination Agreement attached hereto as Exhibit D. 

 

     10. Broker. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this Eighth Amendment, other than Studley (“Broker”), and agrees to indemnify, defend and hold Landlord harmless from any and all cost or liability for compensation claimed by any such broker or agent, other than Broker, employed or engaged by it or claiming to have been employed or engaged by it. Broker is entitled to a leasing commission in connection with the making of this Eighth Amendment, and Landlord shall pay such commission to Broker pursuant to a separate agreement between Landlord and Broker. 

 

     11. No Default. Tenant represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder. 

 

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     12. Effect of Amendment. Except as modified by this Eighth Amendment, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The covenants, agreements, terms, provisions and conditions contained in this Eighth Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective assigns. In the event of any conflict between the terms contained in this Eighth Amendment and the Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties. From and after the date hereof, the term “Lease” as used in the Lease shall mean the Lease, as modified by this Eighth Amendment. 

 

     13. Miscellaneous. This Eighth Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Eighth Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant. 

 

     14. Counterparts. This Eighth Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document. 

 

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     IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and year first above written, and acknowledge that they possess the requisite authority to enter into this transaction and to execute this Eighth Amendment. 

 

LANDLORD: 

 

BMR-LANDMARK AT EASTVIEW LLC,

a Delaware limited liability company 

 

 

By:      /s/ Kevin M. Simonsen

Name: Kevin M. Simonsen

Title:   VP, Real Estate Counsel 

 

 

TENANT: 

 

REGENERON PHARMACEUTICALS, INC.,

a New York corporation 

 

 

By:      /s/ Murray A. Goldberg

Name: Murray A. Goldberg

Title:   Senior Vice President, Finance & Administration and Chief Financial Officer 

 

 

EXHIBIT A 

 

777 LICENSE AREA PREMISES 

 

[IMAGE]

 

A-1 

 

 

EXHIBIT B 

 

765 ELEVATOR LOBBY PREMISES AND DEMISING WALL 

 

[IMAGE]

 

B-1 

 

 

EXHIBIT C 

 

TENANT’S PRO RATA SHARES 

 

	Definition or

Provision	Means the

Following:	Square

Feet of

Rentable

Area	Tenant’s Pro

Rata Share

of Applicable

Building	Tenant’s

Pro Rata

Share of

Existing

Project

(827,790)	Tenant’s

Pro Rata

Share of

the Entire

Project

(1,188,310)
	Portion of added “Premises” and corresponding Rentable Area	777 License

Area Premises	6,568	1.80%	0.79%	0.55%
	765 Elevator

Lobby Premises	449	0.22%	0.05%	0.04%

C-1 

 

 

EXHIBIT D 

 

SPACE LICENSE TERMINATION AGREEMENT 

 

[IMAGE] 

 

D-1 

 

 

SPACE LICENSE TERMINATION AGREEMENT 

 

     THIS SPACE LICENSE TERMINATION AGREEMENT (this “Agreement”) is entered into as of this 1st day of August, 2011 (“Execution Date”), by and between BMR-LANDMARK AT EASTVIEW LLC, a Delaware limited liability company (“Owner”), and REGENERON PHARMACEUTICALS, INC., a New York corporation (“User”).

 

RECITALS 

 

     F. WHEREAS, Owner and User entered into that certain Space License Agreement (“Space License”) dated as of the December 3, 2009 whereby User licenses from Owner approximately Six Thousand Five Hundred Sixty-Eight (6,568) square feet of rentable area on the S-Level of the building located at 777 Old Saw Mill River Road in Tarrytown, New York (the “License Area”); 

 

     G. WHEREAS, the Term of the Space License continues through August 31, 2011; 

 

     H. WHEREAS, User desires to lease the License Area pursuant to an amendment to the Original Lease (as defined in the Space License); and 

 

     I. WHEREAS, Owner and User desire to terminate the Space License in accordance with the following provisions. 

 

AGREEMENT 

 

     NOW, THEREFORE, Owner and User, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 

 

     1. Termination of Space License Agreement. The parties hereby terminate the Space License as of the Execution Date, and on the Execution Date the Space License shall be fully and finally surrendered and terminated and shall no longer be of any force or effect, except for those provisions that, by their express terms, survive the expiration or earlier termination thereof.

 

     2. Representation of Parties. Each party represents that it has not made any assignment, sublease, transfer, conveyance or other disposition of the Space License or any interest therein, nor made or entered into any agreement that would result in any mechanic’s lien or other claim, demand, obligation, liability, action or cause of action arising from or with respect to the Space License or the License Area. 

 

     3. Miscellaneous. 

 

          a. Voluntary Agreement. The parties have read this Agreement and have freely and voluntarily entered into this Agreement. 

 

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          b. Attorneys’ Fees. If either party commences an action against the other party arising out of or in connection with this Agreement, then the substantially prevailing party shall be reimbursed by the other party for all reasonable costs and expenses, including reasonable attorneys’ fees and expenses, incurred by the substantially prevailing party in such action or proceeding and in any appeal in connection therewith. 

 

          c. Successors. This Agreement shall be binding on and inure to the benefit of the parties and their successors and assigns. 

 

          d. Counterparts. This Agreement may be executed in one or more counterparts that, when taken together, shall constitute one original. 

 

          e. Defined Terms. Capitalized terms not otherwise defined herein shall have the meanings given them in the Space License. 

 

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2 

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day hereinabove first written. 

 

OWNER: 

 

BMR-LANDMARK AT EASTVIEW LLC,

a Delaware limited liability company 

 

By:      /s/ Kevin M. Simonsen

Name: Kevin M. Simonsen

Title:   VP, Real Estate Counsel 

 

USER: 

 

REGENERON PHARMACEUTICALS, INC.,

a New York corporation 

 

By:      /s/ Murray A. Goldberg

Name: Murray A. Goldberg 

Title:   Senior Vice President, Finance & Administration and Chief Financial Officer

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