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Exhibit 10.28    
  

 
  LEASE AMENDMENT #6    
  

        This Amendment is dated for referenced purposes only December 23, 2002, by and between,  Marvin L. Oates,
as Trustee of the Marvin L. Oates Trust Dated March 7, 1995, as Amended and Restated December 20, 2001 as
Lessor, and overstock.com, a Utah corporation, as Lessee. 

RECITALS  

	1.
	The
Parties hereto have entered into a certain Lease ("LEASE") dated March 15,
2000, regarding premises described therein as 955 South 3800 West, Suite 100, Salt Lake City, Utah 84104, consisting of
approximately 109,725, square feet of warehouse space, including approximately 1,500 square feet of office space.

	2.
	The
Parties amended the Lease with Lease Amendment #1 dated August 28, 2000 providing for temporary space and exercising tenant's option to lease the adjacent space. Tenant's
space was increased by 109,725 square feet, from 109,725 to 219,450 square feet, for a total of 175,560 square feet of termed space and 43,890 of month-to-month space.

	3.
	The
Parties amended the Lease with Lease Amendment #2 dated November 12, 2001 converting the 43,890 square feet of month-to-month space to termed space
and voiding Lessee's right of first refusal.

	4.
	The
Parties amended the Lease with Lease Amendment #3 dated July 23, 2002 to expand the Premises by 43,890 square feet for one (1) year.

	5.
	The
Parties amended the Lease with Lease Amendment #4 dated August 19, 2002 to expand the Premises by 43,890 square feet from August 20, 2002 through September 30,
2002. 

        The
Parties amended the Lease with Lease Amendment #5 dated October 11, 2002 to expand the Premises by 90,915 square feet from November 1, 2002 through December 31,
2002. 

        The
Parties now desire to amend the Lease to extend the term on the 90,915 square feet which was originally leased from November 1, 2002 through December 31, 2002. 

AGREEMENT  

        The parties agree as follows: 

        EXPANSION SPACE:    The term on the 90,915 square feet originally leased from November 1, 2002 to December 31,
2002, shall be extended from January 1, 2003 through July 31, 2002 and in accordance with the following terms and conditions: 

	A.
	Expansion
Space Expiration Date: July 31, 2003

	B.
	Rent
Schedule: Monthly rent will remain at $24,547.05 per month ($0.27 p.s.f.) NNN for the Expansion space, making the total rent due under the Lease $102,232.35 per month. 

 

Rent
Schedule Breakdown: 

	Component
 
	 	Size
	 	Rent
	 	Expiration
	 
	Base Lease	 	354,255 SF	 	$
$
$	65,835.00

68,029.50

70,224.00	 	8/19/03

8/16/04

8/20/05	 
	Amendment #3	 	43,890 SF	 	$	11,850.30	 	7/31/03	*
	Amendment #5	 	90,915 SF	 	$	24,547.05	 	7/31/03	*
	 	 	 	 	
	 	 	 
	Total Rent Currently Due Per Month	 	 	 	$	102,232.35	 	 	 

	*
	Rent
for the Expansion Spaces considered in Amendments #3 and #5 shall continue after July 31, 2003 and be subject to Paragraph 26 of the Lease until Lessee vacates the
Expansion Space and completes a walk-thru with the property manager.

	C.
	Tenant
Improvements. Lessor is not required to complete any tenant improvements in the expansion space. Lessee shall be responsible for moving the fence which demises the Premises and
replacing it after Lessee vacates the Expansion Space.

	D.
	Rent
Credit: Lessee shall receive a Rent Credit in the amount of $3,185.00, which will be applied to the next installment of rent due.

	E.
	Gas
Heaters: Lessee shall be responsible for payment of all gas heaters in the building. 

        All
other terms and conditions of the Lease shall remain the same in full force and effect. 

        IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of the day and year written below. 

	LESSOR:	 	LESSEE:

overstock.com

a Utah corporation
	

By:	
 	

/s/  MARVIN L. OATES      
 Marvin L. Oates
 Trustee of the Marvin L. Oates Trust

dated March 7, 1995, As Amended and

Restated December 20, 2001	
 	

By:	
 	

/s/  JIM HYDE      
 Jim Hyde
 Chief Operating Officer
	

Date:	
 	

December 23, 2002	
 	

Date:	
 	

12/23/02
	 	 	
	 	 	 	

2

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Exhibit 10.28

LEASE AMENDMENT #6QuickLinks
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  Exhibit 10.29    
  

 
  OLD MILL CORPORATE CENTER
  FIRST AMENDMENT TO THE LEASE AGREEMENT    
  

        THIS AGREEMENT MADE and entered into this 1st day of  September, 2002, by and between Holladay Building East L.L.C. ("Lessor") and  Overstock.com DE ("Lessee"). 

RECITALS:  

	A.
	Beckstrand &
Associates, as Lessor, and Lessee previously entered into a Lease Agreement dated January 23, 2002, for the
premises located at 6322 South 3000 East, Suite 100, consisting of approximately  19,444 rentable square feet
("the Lease").

	B.
	Lessor
is the present owner of the building in which the leased premises are located.

	C.
	Under
the terms of the Lease, Lessee has an option to extend the Lease.

	D.
	Lessee
desire to exercise its option to extend the Lease. 

        NOW,
THEREFORE, the parties agree as follows: 

	1.
	Expansion.
Commencing on September 1, 2002, or upon occupancy, whichever shall occur first (the "commencement date"), Lessee
shall expand its facilities into Suite 110, consisting of approximately  1,919 rentable square feet and
1,627 useable square feet (the "new space").

	2.
	Term.
Lessee shall be entitled to occupy the new space for a term of Four (4) Years and Five (5) Months, commencing on the
commencement date and terminating on the 31st day of January, 2007.

	3.
	Base
Rent / Operating Expenses. Upon the commencement date, Lessee shall pay Lessor $2,398.75 per month for the base rent associated
with the new space. Should commencement occur on any date other than the first day of the month, rent shall be prorated. Lessee shall also be obligated to pay its share of operating expenses for the
Building, which Lessor estimates will be $5.75 per rentable square foot. The estimated monthly payment for operating expenses shall be $919.52 per
month.

	4.
	Escalation.
Rent shall escalate by three percent (3%) on February 1st of each year during the extended Lease Term.

	5.
	Tenant
Improvements. Lessor shall, at its sole expense, clean carpets, install a door leading into the break room, re-key the main door lock, and remove the furniture
currently in the Premises. Any additional tenant improvements shall be at the sole expense of Lessee and must be pre-approved by Lessor prior to the commencement of any work in the
Premises.

	6.
	Free
Rent. Lessor shall provide Lessee with one (1) month of free base rent and operating expenses to be used during the month of September, 2002.

	7.
	Signage:
Lessor will allow Lessee's name on one sign by the Lessee's entrance to Suite 110. All signage shall conform to the building standard and shall be pre-approved by
the Lessor. All signage shall be at the sole expense of Lessee.

	8.
	Provisions
of Lease. During the term of the Lease, all terms and conditions of the Lease shall apply except as modified by this First Amendment to Lease. 

        IN
WITNESS WHEREOF, the parties have executed this First Amendment to Lease Agreement as of the day and year first above written. 

	LESSOR:	 	LESSEE:
	Holladay Building East L.L.C.	 	Overstock.com DE
	

By	
 	

/s/  JEFF PECK      	
 	

By	
 	

/s/  JAMES HYDE      
	 	 	
 Jeff Peck	 	 	 	

	

 	
 	

Its:	
 	

Vice President	
 	

Its:	
 	

Chief Operating Officer
	 	 	 	 	
	 	 	 	 	 	

  

	TENANT:	 	Overstock.com DE
	Monthly Rent Summary per Lease
	OLD MILL CORPORATE CENTER
	Building:	 	6322 South 3000 East
	Suite:	 	110

Square Footage Breakdown:  

	 
	 	USF
	 	RSF

	Office	 	1,579	 	1,863
	Kitchen	 	48	 	56
	 	 	
	 	

	Total	 	1,627	 	1,919

	Term:	 	Four (4) Years and Five (5) Months
	To/From:	 	Sep 1, 2002 - Jan 31, 2007
	Annual Increase:	 	3.0% on 2/1 of each year
	Usable SF:	 	1,627
	Rentable SF:	 	1,919
	Load Factor:	 	17.95%
	Security Dep.:	 	$0.00
	Non-Refundable:	 	$0.00

**BASE RENTAL AND OPERATING EXPENSE PAYMENT DUE ON THE FIRST OF THE MONTH**

** OPERATING EXPENSES ARE ESTIMATED TO BE $919.52 PER MONTH ** 

	 
	 	2002
	 	2003
	 	2004
	 	2005
	 	2006
	 	2007

	JAN	 	 	 	 	$	2,398.75	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81
	FEB	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	MAR	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	APR	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	MAY	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	JUN	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	JUL	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	AUG	 	 	 	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	SEP	 	$	0.00	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	OCT	 	$	2,398.75	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	NOV	 	$	2,398.75	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	DEC	 	$	2,398.75	 	$	2,470.71	 	$	2,544.83	 	$	2,621.18	 	$	2,699.81	 	 	 
	 	 	
	 	
	 	
	 	
	 	
	 	

	 	 	 	7,196.25	 	 	29,576.56	 	 	30,463.85	 	 	31,377.77	 	 	32,319.10	 	 	2,699.81
	NUMBER OF MONTHS:	 	 	53.00	 	 	 	 	 	 
	TOTAL RENT PER TERM OF LEASE:	 	$	133,633.35	 	 	 	 	 	 

ADDITIONAL NOTES:  

	Total Complex:	 	150,233	 	1.28% of complex:	 	(Triple Net Lease)

        OPERATING
EXPENSES    Tenant shall pay as additional rent, its proportionate share of operating expenses for the Building, which Landlord estimates will be $5.75 per rentable
square foot per year, $919.52 per month. 

        TENANT
IMPROVEMENTS: See Addendum "A" 

        FREE
RENT: See Addendum "A" 

        Signage:
See Addendum "A" 

	 
	 	Total SF

1919
	 	Cost

Per SF

	Rent/Mo.	 	 	2,398.75	 	 	15.00
	T.I. ÷ # Mo.*	 	 	28.92	 	 	0.18
	Other/Mo.	 	 	0.00	 	 	0.00
	 	 	
	 	

	Net Rates:	 	$	2,369.83	 	$	14.82
	

*    Estimated Cost of Tenant Improvements
	

T.I.	
 	
 	

1,300.00	
 	
 	

 
	 	 	
	 	 	 
	 	 	$	1,300.00	 	 	 
	

Interest Rate:	
 	
 	

12.00	
%	
 	

 

	MGMT	 	 	 	ACCOUNTING
	

M. Milner	
 	

 	
 	

 

E:
Leasing\Old Mill C.C Leases[Overstock 1st Amend to #100.xls]A 

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Exhibit 10.29

OLD MILL CORPORATE CENTER FIRST AMENDMENT TO THE LEASE AGREEMENT

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