Document:

ENPH-2014.12.31-10K-EX10.15

Exhibit 10.15

THIRD AMENDMENT TO LEASE

 (1420 N. McDowell Blvd.)

THIS THIRD AMENDMENT TO LEASE (this "Amendment") dated as of May 14, 2014, is entered into between SEQUOIACENTERLLC, a California limited liability company ("Landlord") and ENPHASE ENERGY, INC., a Delaware corporation ("Tenant").

THE PARTIES ENTER INTO THIS AMENDMENT based upon the following facts, understandings and intentions:

A.    Landlord and Tenant previously entered into that certain Redwood Business Park NNN Lease  dated as of June 3, 2011, as amended by that certain First Amendment to Lease dated as of January 12, 2012 and that certain Second Amendment to Lease dated as of July 3, 2012 (together with all exhibits thereto, the "Lease") pursuant to which Tenant leases from Landlord the entire building commonly known as 1420 N. McDowell Boulevard, Petaluma, California. Capitalized terms used herein and not defined herein shall have the meanings set forth in the Lease (including the Work Letter Agreement attached as Exhibit B thereto) in connection therewith.

B.    Tenant desires to install solar panels on the majority of the roof space of the Building, and Landlord is willing to consent to such installation on the terms and conditions set forth in this Amendment.

C.    Landlord and Tenant desire to make certain changes to the Lease as further provided herein.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.   Grid-Tied Photovoltaic System. Tenant wishes to install a Grid-Tied Photovoltaic System consisting of two (2) arrays totaling 262 solar modules and related equipment (collectively, the "Photovoltaic System"), as more fully described in (i) the plans prepared by Realgoods Solar dated April 2, 2014 containing sheets PV-000, PVA01,PV• A01A,PV-A02,PV-A03,PV-A04,PV-E01,PV-E02,(System Placards), PV-E02 (Electrical Cales) and PV-G01,and (ii) the plans from ZFA Structural Engineers dated May 4, 2014 containing 5 pages (collectively, the "Specifications").

2.   Landlord Approval. Landlord hereby consents the installation of the Photovoltaic System and the Roof Coating (defined below) on the roof of the Building on the terms and conditions set forth in this Amendment.

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3.  Terms and Conditions.  The following terms and conditions shall apply to the work contemplated in this Amendment:

3.1.  Permits. Tenant shall obtain all permits required for the work contemplated in this Amendment; provided that Landlord shall reasonably cooperate in procuring such permits at no cost to Landlord.

3.2.  Silicone Roof Coating. In connection with the installation of the
Photovoltaic System, Tenant shall install a silicone roof coating (the "Roof Coating") over
the entire roof of the Building in accordance with the specifications set forth in the proposal from Petersen Dean contractors dated March 11, 2014 containing14 pages, plus walking pads for the protection of the Roof Coating (the "Walking Pads") in locations and with specifications to be approved by Landlord, which approval shall not be unreasonably withheld. Such coating and Walking Pads are required to (i) prevent leaks in the roof of the Building following numerous penetrations to the roof membrane that will occur in connection with the installation of the Photovoltaic System and (ii) extend the life of the roof system which after the Photovoltaic System installation would be very expensive to replace. Tenant shall use best effort to limit its activities on the roof to the Walking Pads to protect the Roof Coating.

3.3.  Maintenance. Tenant shall maintain the Photovoltaic System in good condition and repair at its sole cost and expense. By installing the Photovoltaic System, Tenant will be: (i) creating numerous penetrations of the roof membrane, [ii) adding substantial weight on the roof of the Building and (iii) accessing the roof on a more frequent basis to monitor, adjust. maintain or modify the Photovoltaic System. Tenant acknowledges that all maintenance, repair and replacement costs with respect to the roof, the Roof Coating, the roof membrane and the roof structure incurred by Landlord in connection with the installation, use, modification or removal of the Photovoltaic System will constitute Operating Expenses under the Lease. The foregoing is not intended to and shall not limit Tenant's indemnity under Section 25 of the Lease.

3.4.  Costs. Landlord has not agreed to provide any funding in connection with the work contemplated in this Amendment, and Tenant shall be responsible for 100% of the cost of the work performed pursuant to or in connection with this Amendment, including without limitation all design, permitting, construction, maintenance, repair and replacement costs.

3.5.  Applicability of Lease Section 10.2. Section 10.2 of the Lease shall apply to the work contemplated in this Amendment. Without limiting the foregoing, Tenant shall remove the Photovoltaic System and the Roof Coating at the end of the Term in accordance with Section 10.2.6 of the Lease.

3.6. Applicability of Lease Section 25. Section 25 of the Lease, including without limitation the indemnity set forth therein, shall apply to the work contemplated in

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this Amendment. The Photovoltaic System and the Roof Coating shall constitute "Equipment" under Section 25 of the Lease; provided that maintenance of the Roof Coating shall be performed by Landlord pursuant to Section 3.3 above.

3.7. Changes. Any changes to the Photovoltaic System, the Roof Coating or the Specifications shall require the prior written approval of Landlord, which approval may be withheld in Landlord's sole and absolute discretion.  Without limiting the foregoing, no Equipment (except for the Roof Coating) shall be permitted within six (6) feet of the edge of the roof of the Building.

4. Entire Agreement. This Amendment represents the entire understanding between Landlord and Tenant concerning the subject matter hereof, and there are no understandings  or agreements between them relating to the Lease or the Premises not set forth in writing and signed by the parties hereto. No party hereto has relied upon any representation, warranty or understanding not set forth herein, either oral or written, as an inducement to enter into this Amendment.

5. Continuing Obligations. Except as expressly set forth to the contrary in this Amendment, the Lease remains unmodified and in full force and effect To the extent of any conflict between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall control.

[SIGNATURES ON FOLLOWING PAGE]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written.

	
						
	"LANDLORD"
	"TENANT"
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	SEQUOIA CENTER LLC,
	ENPHASE ENERGY, INC.,

	 
	 

	a California limited liability company
	a Delaware corporation

	 
	 
	 

	By:
	G&W Ventures, LLC,
	By:
	/s/ Paul Nahi

	 
	a California limited liability company,
	 
	Name: Paul Nahi

	 
	its Manager
	 
	Its: President/CEO

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	By:
	/s/ Matthew T. White
	 
	 
	 

	 
	 
	Matthew T. White, Manager
	 
	 
	 

4SunOpta Inc.: Exhibit 10.13 - Filed by newsfilecorp.com

Exhibit 10.13 

 

October 2, 2011 

John Ruelle 
[Address omitted] 

Dear John, 

As per our discussions, I am very pleased to offer you the new
position of Vice President & Chief Administration Officer, SunOpta
Inc. I am extremely confident that you will be very successful in this
role and I look forward to working closely with you as you assume the
responsibilities of this position and well into the future. I am that sure this
will be a most rewarding and challenging position for you as we continue to
build and position SunOpta as the global leader in natural and organic foods
that drive sustainable well- being.

While we will work together to finalize a number of
organizational and operating objectives and priorities, the key aspects of the
Vice President and Chief Administration Officer role will be: 

	 	i. 	
      Member of SunOpta Inc. Senior Management Committee,
  reporting to me as President and Chief Executive Officer.

	 	 	 
	 	ii. 	
      Ongoing oversight of key functions including Human
      Resources & Organization Development, Information Technology, Shared
      Services, Operational Legal and Insurance management and
  administration.

	 	 	 
	 	iii. 	
      Direct participation in strategic planning, assessment of
      internal growth projects and acquisition assessment including due
      diligence and post-acquisition integration and
  monitoring.

Reporting directly to you will be VP Information Technology, VP
Human Resources (currently vacant and to be filled), Manager of Shared Services,
plus their support staff. A final allocation of personnel involved in the
administration of insurance will be required. 

	LOCATION: 	5850 Opus Parkway, Suite 150, Minnetonka,
      Minnesota 55343 
	  	  
		As part of this role, you will be required to
      travel to SunOpta’s Corporate Office in Norval, Ontario on a regular
      basis. 

	STARTING DATE: 	To be determined (likely mid-October)
  

COMPENSATION: 

Salary: $285,000.00 USD per annum. Effective
October 1, 2011 salaried employees will be paid bi-weekly (every other Friday).
Your salary and related compensation package will be reviewed April 1, 2012.

Bonus/Short-Term Incentive: You will be entitled to a
target bonus of 50% of your base salary. The short-term incentive plan is
administered in line with the fiscal reporting calendar and as such you will be
eligible for bonus based on the SunOpta Corporate Office Bonus Plan, which is
based on a combination of return on net assets results in each of the operating
groups, corporate return on equity and net earnings at the corporate level. This
plan has a minimum threshold of 90% for all parameters and an upside payable at
1% of target bonus overachievement for each metric. For net earnings at a
corporate level the over-achievement starts at 100% of the budget before any
allowance. Bonus for 2011 will be pro-rated based on the starting date of your
new position with SunOpta (January to mid-October will remain at 45% and the
balance of the year at 50%. The terms of this plan are reviewed on an annual
basis by the Board of Directors and are subject to change. 

Long-Term Incentive: In addition to the one-time grant
of employee stock options detailed below, you will be entitled to an annual
long-term incentive. Currently the incentive is awarded via an annual grant of
stock options which will be targeted to be equivalent to 50% of your base
salary, rounded to the nearest 100 shares. The calculation of the value of the
options toward the amount equivalent to 50% of your base salary will be based on
the “Black-Scholes” method for determining stock option value. The actual amount
of the annual options grant is at the sole discretion of the Board of Directors
after considering current business performance, current share price,
availability of options in the Stock Option Plan, and other factors as deemed
appropriate by the Board. 

One-Time Stock Option Grant: In acknowledgment of
your appointment to this position, 50,000 Stock Options will be granted to you
at the first scheduled Board of Directors meeting following your commencement
date, the exercise price of which shall be the closing price of the Company’s
common shares on the last trading day prior to this meeting. These options will
vest 20% per annum on the anniversary date of the grant. For greater clarity,
all terms and conditions relating to these options shall be in accordance with
the Company’s Stock Option Plan. 

401(k): You continue to be eligible to participate in
the US SunOpta 401(k) plan for a maximum of $16,500 (IRS maximum) with employer
match up to 3.5% with 6% or higher employee contribution. 

Auto Benefit: You are currently operating a company
owned vehicle and this will remain in place. 

Professional Fees: The Company will pay reasonable
annual professional fees related to your employment. 

Employee Stock Purchase Plan: You may elect to
contribute between 1% and 10% of their compensation (to a max of $25,000 USD)
into the Employee Stock Purchase Plan. Stock will be issued at the end of each
quarterly offering period at a 15% discount to the average share price
immediately before the end of the offering period.

Benefits: You will remain on the SunOpta U.S. Benefits
Package. 

The Company may change, add or delete benefits or coverage in
the future and no such change will be considered as a substantial change to the
terms of your employment or a breach of contract. 

Vacation: You will be entitled to four weeks vacation
per annum. SunOpta’s vacation period runs from January to December and all
vacation must be taken in the year it is earned. No carry forward of vacation to
the following year is permitted unless previously approved. We will come to a
mutually acceptable solution on how to deal with your existing PTO carry-over.

Vacation time must be scheduled in accordance with the business
needs of the Company.

Membership Fees: You will be entitled to reimbursement
of annual membership fees up to a maximum of $2,000. 

Travel: You will be reimbursed for all authorized travel
and other out-of-pocket expenses actually and properly incurred by you in
connection with your duties of employment. For all such expenses you will
furnish to the Company statements and vouchers as and when required by the
Company. 

Reviews: Your next formal performance and compensation
review will be scheduled for April 1, 2012. 

Change of Control and Termination without Cause: In the
event of a Change of Control of the Company (defined as 50% or more of the
common shares owned by one investor group) all unvested options will immediately
vest.

In addition, should material changes be proposed to your
position, you will have the option to receive a lump sum severance payment equal
to twelve (12) months of the total of your then annual base salary and annual
bonus, plus the continuation of the auto benefits and medical, dental and
insurance benefits, with the exception of short and long term disability
insurance, for a period of twelve (12) months following the date that employment
is terminated. 

In the event of termination of your employment without cause,
you will receive severance benefits of twelve months base salary, bonus plus an
allowance for the continuation of the auto benefit and allowable medical and
insurance benefits during the severance period. 

For the purposes of calculating severance under Change of
Control or Termination Without Cause above, the bonus will be based on the
higher of the average of the prorated year to date results, assuming a minimum
of six (6) months have elapsed for that current fiscal year plus the preceding
year bonus payout or the average bonus payout of your previous two years of
employment. 

SUNOPTA POLICIES 

Practices & Policies: You continue to agree to be
bound by and comply with all Company practices and policies whether written or
not, of which you are aware, or of which you ought to be aware and such
practices and policies form part of this contract of employment. 

You confirm that you have read, signed and agree to abide by
the terms and conditions of the attached documents, which form part of this
contract of employment. 

Termination of Employment: You may resign your
employment with the Company upon providing at least twelve weeks advance notice
of your expected last day of work. The Company has the right to waive all or
part of your resignation notice in which case you will be paid salary only to
your last day of work and the Company will have no liability for termination
severance pay, payment in lieu therefore or damages whether at common law equity
or otherwise. 

The agreement arising from your acceptance of this offer will
be governed by and constructed in accordance with the laws of the State of
Minnesota and the laws of the USA applicable therein. 

Terms of Employment: By signing this letter you confirm
your understanding and acceptance of the terms of employment. 

John, I am very excited to have you join the SunOpta Senior
Management Committee in this role and to work together to achieve the potential
of SunOpta.

Yours sincerely, 

	/s/ Steven Bromley 
	  
	Steven Bromley 
	President and Chief Executive Officer 
	SunOpta Inc. 

I hereby agree to and accept the above. 

	/s/ John Ruelle 	October 11, 2011 
	John Ruelle 	Date

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