Document:

Exhibit 10.3

 

FOURTH AMENDMENT TO
INDUSTRIAL COMPLEX LEASE

 

THIS FOURTH AMENDMENT TO INDUSTRIAL COMPLEX LEASE (this “Amendment”)  is made and entered into as of September 18,
2007, by and between BRCP CARIBBEAN
PORTFOLIO, LLC, a Delaware limited liability company (“Landlord”), and ACCURAY INCORPORATED, a Delaware corporation (“Tenant”).

 

RECITALS

 

A.                                   Landlord (as
successor in interest to MP Caribbean, Inc., a Delaware corporation) and
Tenant are parties to that certain Industrial Complex Lease, dated July 9,
2003 (the “Original Lease”), which
Original Lease has been previously amended by that certain First Amendment to
industrial Complex Lease (the “First Amendment”), dated December 9, 2004, that certain Second
Amendment to Industrial Complex Lease (the “Second Amendment”), dated September 25, 2006, and
that certain Third Amendment to Industrial Complex Lease (the “Third
Amendment”), dated
January 16, 2007 (collectively, the “Lease”). Pursuant to the Lease, Landlord
has leased to Tenant space currently containing approximately 125,568 rentable square feet (the “Premises”)  described as approximately 40,000
rentable square feet of space in that certain building located at 1310
Chesapeake Terrace, Sunnyvale, California, and approximately 32,576 rentable
square feet of space in that certain building located at 1314 Chesapeake
Terrace, Sunnyvale, California (collectively, the “Original Premises”), and approximately 52,992 rentable
square feet of space (the “Expansion Space”)  in that certain building located at 1315 Chesapeake
Terrace, Sunnyvale, California (each of the foregoing a “Building”  and together, collectively, the “Buildings”), which are a part of the
approximately 253,540 rentable square foot industrial complex commonly known as
Caribbean Corporate Center (the “Industrial Complex”).

 

B.                                     The Extended
Term (as defined in the First Amendment) of the Lease for the Original Premises
shall end, subject to the terms and conditions of the Lease, as
amended hereby, on February 29, 2008 (“Prior Termination Date”), and the parties desire to extend
the Term of the Lease, all on the following terms and conditions.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Landlord and Tenant agree as follows:

 

1.                                       Extension of term with respect to Original Premises. The term of the Lease for the Original Premises is
hereby extended for a period of fifteen (15) months and shall expire on May 31,
2009 (“Original Premises Extended Termination Date”), unless sooner terminated in
accordance with the terms of the Lease. That portion of the term of the Lease
for the Original Premises commencing the day immediately following the Prior
Termination Date (“Original Premises Extension Date”)  and ending on the Original Premises
Extended Termination Date shall be referred to herein as the “Original
Premises Fourth Amendment Extended Term”.

 

2.                                       Monthly Installment of Rent.  As of the
Original Premises Extension Date, the monthly installment of minimum guaranteed
rental payable with respect to the Original Premises during the Original
Premises Fourth Amendment Extended Term shall be $199,584.00. All such monthly
installments of minimum guaranteed rental for the Original Premises shall be
payable by Tenant in accordance with the terms of the Lease, as amended hereby.

 

1

 

3.                                       Additional
Security Deposit.  No additional
Security Deposit shall be required in connection with this Amendment.

 

4.                                       Expenses
and Taxes.  For the period commencing on
the Original Premises Extension Date and ending on the Original Premises
Extended Termination Date, Tenant shall pay for Tenant’s Proportionate Share of
“real estate charges” and “insurance expenses” (as defined in the Original
Lease) in accordance with the terms of the Lease.

 

5.                                       Improvements
to Premises.

 

5.1                                Condition of Premises. Tenant is in
possession of the Premises and accepts the same “as is” without any agreements,
representations, understandings or obligations on the part of Landlord to
perform any alterations, repairs or improvements, except for Landlord’s ongoing
repair obligations set forth in Section 10.1, Article 17 and Article 18
of the Original Lease and except as may be expressly provided otherwise in this
Amendment.

 

5.2                                Responsibility for
Improvements to Premises. Any construction,
alterations or improvements to the Premises during the Original Premises Fourth
Amendment Extended Term shall be performed by Tenant at its sole cost and
expense using contractors selected by Tenant and approved by Landlord and shall
be governed in all respects by the provisions of Article 11 of the Original
Lease.

 

6.                                       Miscellaneous.

 

6.1                                This Amendment
sets forth the entire agreement between the parties with respect to the matters
set forth herein. There have been no additional oral or written representations
or agreements. Under no circumstances shall Tenant be entitled to any rent
abatement, improvement allowance, leasehold improvements, or other work to the
Premises, or any similar economic incentives that may have been provided Tenant
in connection with entering into the Lease, unless specifically set forth in
this Amendment, the Second Amendment or the Third
Amendment.

 

6.2                                Except as
herein modified or amended, the provisions, conditions and terms of the Lease shall
remain unchanged and in full force and effect.

 

6.3                                In the case of
any inconsistency between the provisions of the Lease and this Amendment, the
provisions of this Amendment shall govern and control.

 

6.4                                Submission of
this Amendment by Landlord is not an offer to enter into this Amendment but
rather is a solicitation for such an offer by Tenant. Landlord shall not be
bound by this Amendment until Landlord has executed and delivered the same to
Tenant.

 

6.5                                The capitalized
terms used in this Amendment shall have the same definitions as set forth in
the Lease to the extent that such capitalized terms are defined therein and not
redefined in this Amendment.

 

6.6                                Tenant hereby represents
to Landlord that Tenant has dealt with no broker in connection with this
Amendment other than Wayne Mascia Associates (“Tenant’s Broker”). Tenant agrees
to indemnify and hold Landlord, its members, principals, beneficiaries,
partners, officers, managers, investors, directors, employees, mortgagee(s) and
agents, and the respective principals and members of any such agents harmless
from all claims of

 

2

 

any brokers, except Tenant’s Broker, claiming to have represented
Tenant in connection with this Amendment. Landlord hereby represents to Tenant
that Landlord has dealt with no broker in connection with this Amendment other
than Colliers International (“Landlord’s Broker”). Landlord agrees to indemnify
and hold Tenant, its members, principals, beneficiaries, partners, officers,
directors, employees, and agents, and the respective principals and members of
any such agents harmless from all claims of any brokers, except Landlord’s
Broker, claiming to have represented Landlord in connection with this
Amendment. Landlord shall pay broker leasing commissions to Landlord’s Broker
pursuant to a separate agreement, and it will be the responsibility of
Landlord’s Broker to pay commissions to Tenant’s Broker pursuant to their
agreement; and the parties hereto acknowledge and agree that this provision
shall supersede any provision to the contrary in the Lease.

 

6.7                                Each signatory
of this Amendment represents hereby that he or she has the authority to execute
and deliver the same on behalf of the party hereto for which such signatory is
acting. Tenant hereby represents and warrants that neither Tenant, nor any
persons or entities holding any legal or beneficial interest whatsoever in
Tenant, are (i) the target of any sanctions program that is established by
Executive Order of the President or published by the Office of Foreign Assets
Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the
President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. §
5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the
Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001)
or any Executive Order of the President issued pursuant to such statutes; or (iii) named
on the following list that is published by OFAC: “List of Specially Designated
Nationals and Blocked Persons.” If the foregoing representation is untrue at
any time during the Term, an uncured event of default under the Lease will be
deemed to have occurred, without the necessity of notice to Tenant.

 

6.8                                Redress for any
claim against Landlord under the Lease and this Amendment shall be limited to
and enforceable only against and to the extent of Landlord’s interest in the
Building. The obligations of Landlord under the Lease are not intended to and
shall not be personally binding on, nor shall any resort be had to the private
properties of, any of its trustees or board of directors and officers, as the
case may be, its investment manager, the general partners thereof, or any
beneficiaries, stockholders, employees, or agents of Landlord or the investment
manager.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

3

 

IN
WITNESS WHEREOF, Landlord and Tenant have entered into and executed
this Amendment as of the date first written above.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  BRCP
  CARIBBEAN PORTFOLIO, LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BRCP Realty, L.P.I,

  
	
   

  	
   

  	
  a Delaware limited partnership

  
	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BRCP Gen Par, LLC

  
	
   

  	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  John A. Foster

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John
  A. Foster

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  ACCURAY
  INCORPORATED,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Chris A. Raanes

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Chris
  A. Raanes

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Eric Lindquist

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Eric
  Lindquist

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  CMO

  

 

4Exhibit 10.4

 

FIFTH AMENDMENT TO
INDUSTRIAL COMPLEX LEASE

 

THIS FIFTH AMENDMENT TO INDUSTRIAL COMPLEX LEASE (this “Amendment”)  is
made and entered into as of April 1, 2008, by and between BRCP CARIBBEAN PORTFOLIO, LLC, a Delaware limited
liability company (“Landlord”),
and ACCURAY INCORPORATED, a
Delaware corporation (“Tenant”).

 

RECITALS

 

A.                                   Landlord (as
successor in interest to MP Caribbean, Inc., a Delaware corporation) and
Tenant are parties to that certain Industrial Complex Lease, dated July 9,
2003 (the “Original Lease”), which
Original Lease has been previously amended by that certain First Amendment to
Industrial Complex Lease, dated December 9, 2004, that certain Second
Amendment to Industrial Complex Lease, dated September 25, 2006, that
certain Third Amendment to Industrial Complex Lease, dated January 16,
2007 that certain Fourth Amendment to Industrial Complex Lease (the “Fourth Amendment”), dated September 18,
2007 (collectively, the “Lease”).
Pursuant to the Lease, Landlord has leased to Tenant space currently containing
approximately 125,568 rentable
square feet (the “Premises”)  described
as approximately 40,000 rentable
square feet of space in that certain building located at 1310 Chesapeake
Terrace, Sunnyvale, California, and approximately 32,576 rentable square feet of space in that certain building
located at 1314 Chesapeake Terrace, Sunnyvale, California (collectively, the “Original Premises”), and approximately
52,992 rentable square feet of
space in that certain building located at 1315 Chesapeake Terrace, Sunnyvale,
California (each of the foregoing a “Building”
and together, collectively, the “Buildings”), which
are a part of the approximately 253,540 rentable square foot industrial complex
commonly known as Caribbean Corporate Center.

 

B.                                     The Original
Premises Fourth Amendment Extended Term (as defined in the Fourth Amendment)
for the Original Premises shall expire, subject to the terms and conditions of
the Lease, as amended hereby, on May 31, 2009 (“Prior Termination Date”), and
the parties desire to extend the Original Premises Fourth Amendment Extended
Term, all on the following terms and conditions.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Landlord and Tenant agree as follows:

 

1.                                       Extension of Term with respect to Original Premises. The term of the Lease for the Original Premises is
hereby extended for a period of seven (7) months and shall expire on December 31,
2009 (“Original Premises Third Extended
Termination Date”), unless sooner terminated in
accordance with the terms of the Lease. That portion of the term of the Lease
for the Original Premises commencing the day immediately following the Prior
Termination Date (“Original Premises Third
Extension Date”)  and ending on the Original Premises
Third Extended Termination Date shall be referred to herein as the “Original Premises Third Extended Term”.

 

2.                                       Rent.  As of the Original Premises
Third Extension Date, the monthly installment of minimum guaranteed rental
payable with respect to the Original Premises during the Original Premises
Third Extended Term shall be $199,584.00. All such monthly installments of
minimum guaranteed rental for the Original Premises shall be payable by Tenant
in accordance with the terms of the Lease, as amended hereby.

 

1

 

3.                                  Security Deposit.  No additional
Security Deposit shall be required in connection with this Amendment.

 

4.                                  Real Estate Charges and
Insurance Expenses.  For the period commencing on
the Original Premises Third Extension Date and ending on the Original Premises
Third Extended Termination Date, Tenant shall pay for Tenant’s Proportionate
Share of “real estate charges” and “insurance expenses” (as defined in the
Original Lease) in accordance with the terms of the Lease.

 

5.                                  Improvements to Premises.

 

5.1                                Condition of Premises. Tenant is in
possession of the Premises and accepts the same “as is” without any agreements,
representations, understandings or obligations on the part of Landlord to
perform any alterations, repairs or improvements, except for Landlord’s ongoing
repair obligations set forth in Section 10.1, Article 17 and Article 18
of the Original Lease and except as may be expressly provided otherwise in this
Amendment.

 

5.2                                Responsibility for
Improvements to Premises. Any construction,
alterations or improvements to the Premises during the Original Premises Third
Extended Term shall be performed by Tenant at its sole cost and expense using
contractors selected by Tenant and approved by Landlord and shall be governed
in all respects by the provisions of Article 11 of the Original Lease.

 

6.                                  Miscellaneous.

 

6.1                                This Amendment
sets forth the entire agreement between the parties with respect to the matters
set forth herein. There have been no additional oral or written representations
or agreements. Under no circumstances shall Tenant be entitled to any rent
abatement, improvement allowance, leasehold improvements, or other work to the
Premises, or any similar economic incentives that may have been provided Tenant
in connection with entering into the Lease, unless specifically set forth in
this Amendment.

 

6.2                                Except as
herein modified or amended, the provisions, conditions and terms of the Lease shall
remain unchanged and in full force and effect.

 

6.3                                In the case of
any inconsistency between the provisions of the Lease and this Amendment, the
provisions of this Amendment shall govern and control.

 

6.4                                Submission of
this Amendment by Landlord is not an offer to enter into this Amendment but
rather is a solicitation for such an offer by Tenant. Landlord shall not be
bound by this Amendment until Landlord has executed and delivered the same to
Tenant.

 

6.5                                The capitalized
terms used in this Amendment shall have the same definitions as set forth in
the Lease to the extent that such capitalized terms are defined therein and not
redefined in this Amendment.

 

6.6                                Tenant hereby
represents to Landlord that Tenant has dealt with no broker in connection with
this Amendment other than Wayne Mascia Associates (“Tenant’s Broker”). Tenant agrees to indemnify and hold
Landlord, its members, principals, beneficiaries, partners, officers, managers,
investors, directors, employees, mortgagee (s) and agents, and the
respective principals and members of any such agents harmless from all claims

 

2

 

of any brokers, except Tenant’s Broker, claiming to have represented
Tenant in connection with this Amendment. Landlord hereby represents to Tenant
that Landlord has dealt with no broker in connection with this Amendment other
than Colliers International (“Landlord’s Broker”).
Landlord agrees to indemnify and hold Tenant, its members, principals,
beneficiaries, partners, officers, directors, employees, and agents, and the
respective principals and members of any such agents harmless from all claims
of any brokers, except Landlord’s Broker, claiming to have represented Landlord
in connection with this Amendment. Landlord shall pay broker leasing
commissions to Landlord’s Broker pursuant to a separate agreement, and it will
be the responsibility of Landlord’s Broker to pay commissions to Tenant’s
Broker pursuant to their agreement; and the parties hereto acknowledge and
agree that this provision shall supersede any provision to the contrary in the
Lease.

 

6.7                                Each signatory
of this Amendment represents hereby that he or she has the authority to execute
and deliver the same on behalf of the party hereto for which such signatory is
acting. Tenant hereby represents and warrants that neither Tenant, nor any
persons or entities holding any legal or beneficial interest whatsoever in
Tenant, are (i) the target of any sanctions program that is established by
Executive Order of the President or published by the Office of Foreign Assets
Control, U.S. Department of the Treasury (“OFAC”); (ii) designated
by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C.
App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§
1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23,
2001) or any Executive Order of the President issued pursuant to such statutes;
or (iii) named on the following list that is published by OFAC: “List of
Specially Designated Nationals and Blocked Persons.” If the foregoing
representation is untrue at any time during the Term, an uncured event of
default under the Lease will be deemed to have occurred, without the necessity
of notice to Tenant.

 

6.8                                Redress for any
claim against Landlord under the Lease and this Amendment shall be limited to
and enforceable only against and to the extent of Landlord’s interest in the
Buildings. The obligations of Landlord under the Lease are not intended to and
shall not be personally binding on, nor shall any resort be had to the private
properties of, any of its trustees or board of directors and officers, as the
case may be, its investment manager, the general partners thereof, or any beneficiaries,
stockholders, employees, or agents of Landlord or the investment manager.

 

[SIGNATURES ARE ON FOLLOWING
PAGE]

 

3

 

IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed
this Amendment as of the date first written above.

 

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  BRCP CARIBBEAN PORTFOLIO, LLC, 

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BRCP
  Realty, L.P. I,

  
	
   

  	
   

  	
  a
  Delaware limited partnership, 

  
	
   

  	
   

  	
  its
  sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  BRCP
  Gen-Par, LLC,

  
	
   

  	
   

  	
   

  	
  a
  Delaware limited liability company, 

  
	
   

  	
   

  	
   

  	
  its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Eli Khouri

  
	
   

  	
   

  	
  Name:

  	
  Marcum
  D. “Eli” Khouri

  
	
   

  	
   

  	
  Title

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  ACCURAY INCORPORATED,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Chris A. Raanes

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Chris
  A. Raanes

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  COO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Euan S. Thomson

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Euan
  S. Thomson

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  CEO

  

 

4

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