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SECOND AMENDMENT TO INDUSTRIAL LEASE    
  

        This SECOND AMENDMENT TO INDUSTRIAL LEASE ("Amendment") is entered into as of this 16th day of May, 2001, by and between ZELMAN RENTON, LLC, a
Delaware limited liability company ("Landlord"), and CUTTER & BUCK, INC., a Washington corporation ("Tenant"), with respect to the following: 

 
 

R E C I T A L S:    
  

        A.    Landlord
and Tenant are parties to that certain Industrial Lease [Single Tenant-Triple Net] dated May 27, 1999 (the "Original Lease"),
amended by that certain First Amendment to Lease (the "First Amendment") dated October 6, 1999 (as amended, the "Lease"), pursuant to which Tenant currently leases from Landlord that certain
building ("Building") located at 4001 Oakesdale Avenue SW, which Building contains approximately 170,500 square feet (the "Premises"), more particularly described in the Lease. 

        B.    Concurrently
with the execution of this Amendment, Tenant is entering into an industrial lease (the "Building C Lease") covering that certain industrial space more
particularly described in the Building C Lease. 

        C.    Capitalized
terms not defined herein have the meanings given to such terms in the Lease. 

        D.    Landlord
and Tenant now desire to extend the term of the Lease and otherwise modify and amend the Lease as hereinafter set forth. 

 
 

A G R E E M E N T:    
  

        NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants and agreements contained in this Amendment and other good and valuable
consideration, the receipt and sufficiency of such are hereby acknowledged, Landlord and Tenant hereby agree as follows: 

        1.    Term and Commencement Date.    Landlord and Tenant agree that the existing Term of the Lease (presently
scheduled to expire on November 30, 2006) shall be extended for an additional five (5) year period, commencing on December 1, 2006, and expiring on November 30, 2011 (the
"Extended Term"). 

        2.    Improvements.    As Tenant is in occupancy of the Premises, Tenant accepts the Premises in its existing "As Is"
condition. 

        3.    Lease Terms.    With the exception of Monthly Base Rent (as described in Paragraph 4 below) and except as
otherwise provided in this Amendment, all non-economic and economic terms of the Lease shall continue the same during the Extended Term as during the initial Term of the Lease. 

        4.    Monthly Base Rent.    Monthly Base Rent for the Premises during the Extended Term shall be due and payable in
accordance with the following schedule:

	Term
 
	 	Rate Per Square

Foot of the

Building Per

Month
	 	Additional Rate Per

Square Foot of

Office Space Per

Month
	 	Monthly Base

Rent
	 
	12/1/06 - 5/31/09	 	$	0.400	*	$	0.75	**	$	75,987.25	***
	6/1/09 - 11/30/11	 	$	0.431	*	$	0.80	**	$	81,791.90	***

	*
	Based
upon the entire 170,500 Building footprint

	**
	Based
upon the 10,380 square feet of office space in the Building

	***
	In
addition to the foregoing, Tenant acknowledges that during the entire Extended Term, Tenant shall continue to pay to Landlord an additional $5,026.76
per month with respect to the Above Standard Allowance granted to Tenant under Paragraph 5(b) of the Work Letter Agreement 

 

attached
to the Original Lease as Exhibit "C"; Landlord acknowledges that, provided Tenant makes all amortization payments in accordance with
the terms of Paragraph 9 of the First Amendment (i.e., $            per month), the Above Standard Office Allowance granted to Tenant under said Paragraph 9 shall be paid in full
as
of the commencement of the Extended Term. 

        5.    Broker.    Landlord and Tenant each represent and warrant to the other that it is not aware of any brokers or
finders who may claim a fee or commission in connection with the consummation of the transactions contemplated by this Amendment other than Kidder, Mathews & Segner, whose commission, if any,
shall be payable by Landlord in accordance with Landlord's separate agreement with said broker. If any additional claims for brokers' or finders' fees in connection with the transactions contemplated
by this Amendment arise, then Tenant agrees to indemnify, protect, hold harmless and defend Landlord (with counsel satisfactory to Landlord) from and against any such claims if they shall be based
upon any statement, representation or agreement made by Tenant, and Landlord agrees to indemnify, protect, hold harmless and defend Tenant (with counsel satisfactory to Tenant) if such claims are
based upon any statement, representation or agreement made by Landlord. 

        6.    Other Modifications.    Paragraphs 41 and 42 of the Original Lease, entitled "Option to Extend" and
"Expansion Option" respectively are hereby deleted and rendered of no further force or effect. Except as expressly modified herein, the Lease shall remain in full force and effect. To the extent of a
conflict between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall prevail. 

        7.    Options to Extend    

        (a)    Extension Options.    Subject to the terms of this Paragraph 7 and Paragraph 8 below, Landlord hereby grants to
Tenant two (2) options (the "Extension Options") to extend the Extended Term with respect to the entire Premises each for an additional period of five (5) years (each, and "Option Term"), on the same
terms, covenants and conditions as provided for in the Lease during the Extended Term, except that (i) Tenant shall have no further extension rights, and (ii) Monthly Base Rent shall be established
based on the "fair market rental rate" for the Premises for the applicable Option Term as defined and determined in accordance with the provisions of this Paragraph 7 below. 

        (b)    Exercise of Extension Options.    The Extension Options must be exercised, if at all, by written notice
("Extension Notice") delivered by Tenant to Landlord no later than the date which is two hundred ten (210) days, and no earlier than the date which is one (1) year, prior to the expiration of the then
current Term of the Lease. 

        (c)    Fair Market Rental Rate.    The term "fair market rental rate" as used in this Amendment shall mean the annual
amount per rentable square foot, projected during the relevant period, that a willing, financially comparable, non-equity, renewal tenant (excluding sublease and assignment transactions) would pay,
and a willing, institutional landlord of a comparable quality industrial building located in the Renton, Tukwila and North Kent, Washington area North of 212th Street ("Comparison Area") would accept,
at arm's length (what Landlord is accepting in current transactions for other buildings within the Development may be considered), for space comparable in size and quality as the leased area at issue
taking into account the age, quality and layout of the existing improvements in the leased area at issue and taking into account items that professional real estate brokers customarily consider,
including, but not limited to, rental rates, industrial space availability, tenant size, tenant improvement allowances, parking, loading, power, ceiling height, sprinkler capacity, and any other
economic matters then being charged by Landlord or the lessors of such similar industrial buildings. In no event will Monthly Base Rent decrease from that payable in the last year of the immediately
preceding Term as a result of the fair market rental rate determination provided for in this Paragraph 7. 

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        (d)    Tenant's Review Period.    Landlord's determination of fair market rental rate shall be delivered in writing
not later than thirty (30) days following Landlord's receipt of Tenant's Extension Notice. Tenant will have thirty (30) days ("Tenant's Review Period") after receipt of Landlord's notice of the fair
market rental rate within which to accept such fair market rental rate or to object thereto in writing. Tenant's failure to object to the fair market rental rate submitted by Landlord in writing
within Tenant's Review Period will conclusively be deemed Tenant's approval and acceptance thereof. If Tenant objects to the fair market rental rate submitted by Landlord within Tenant's Review
Period, then Landlord and Tenant will attempt in good faith to agree upon such fair market rental rate using their best good faith efforts. If Landlord and Tenant fail to reach agreement on such fair
market rental rate within fifteen (15) days following the expiration of Tenant's Review Period (the "Outside Agreement Date"), then each party's determination will be submitted to appraisal in
accordance with the provisions below. 

        (e)    Appraisal    

        (i)    Landlord
and Tenant shall each appoint one independent, unaffiliated real estate broker (referred to herein as an "appraiser" even though only a broker) who has been
active over the five (5) year period ending on the date of such appointment in the leasing of industrial space in the Comparison Area. Each such appraiser will be appointed within thirty (30) days
after the Outside Agreement Date. 

        (ii)  The
two (2) appraisers so appointed will within fifteen (15) days of the date of the appointment of the last appointed appraiser agree upon and appoint a third
appraiser who shall be qualified under the same criteria set forth herein above for qualification of the initial two (2) appraisers. 

        (iii)  The
determination of the appraisers shall be limited solely to the issue of whether Landlord's or Tenant's last proposed (as of the Outside Agreement Date) new Monthly
Base Rent for the Premises is the closest to the actual new Monthly Base Rent for the Premises as determined by the appraisers, taking into account the requirements of Paragraph 7(c) and this
Paragraph 7(e) regarding same. 

        (iv)  The
three (3) appraisers shall within thirty (30) days of the appointment of the third appraiser reach a decision as to whether the parties shall use Landlord's or
Tenant's submitted new Monthly Base Rent, and shall notify Landlord and Tenant thereof. 

        (v)  The
decision of the majority of the three (3) appraisers shall be binding upon Landlord and Tenant and neither party will have the right to reject the determination or
undo the exercise of the Extension Option. The cost of each party's appraiser shall be the responsibility of the party selecting such appraiser, and the cost of the third appraiser (or arbitration, if
necessary) shall be shared equally by Landlord and Tenant. 

        (vi)  If
either Landlord or Tenant fails to appoint an appraiser within the time period in Paragraph 7(e)(i) herein above, the appraiser appointed by one of them shall reach
a decision, notify Landlord and Tenant thereof and such appraiser's decision shall be biding upon Landlord and Tenant and neither party will have the right to reject the determination or undo the
exercise of the Extension Option. 

        (vii) If
the two (2) appraisers fail to agree upon and appoint a third appraiser, both appraisers shall be dismissed and the matter to be decided shall be forthwith
submitted to binding arbitration under the provisions of the American Arbitration Association. 

        (viii)  In
the event that the new Monthly Base Rent is not established prior to end of the initial Term of the Lease, the Monthly Base Rent immediately payable
at the commencement of the Option Term shall be based on $0.46 per square foot of Building footprint (which 

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includes office and non-office portions of the Building) plus $0.85 per square foot of office space then in the Premises (which rates shall not be
considered a factor in determining the new Monthly Base Rent). Notwithstanding the above, once the fair market rental rate is determined in accordance with this section, the parties shall settle any
under or overpayment on the next Monthly Base Rent payment date falling not less than thirty (30) days after such determination. 

        8.    Options.    

        (a)  As
used in this Paragraph 8, the word "Options" means the Extension Options pursuant to Paragraph 7 herein (the "Options"). 

        (b)  The
Options are personal to the original Tenant executing this Amendment and may be exercised only by the original Tenant executing this Amendment while occupying the
entire Premises and without the intent of thereafter assigning the Lease as amended hereby or subletting the Premises and may not be exercised or be assigned, voluntarily or involuntarily, by any
person or entity other than the original Tenant executing this Amendment; provided, that the Options may be exercised by the assignee (but not sublessee) of the Lease as amended hereby pursuant to a
Permitted Transfer in accordance with Paragraph 24(c) of the Original Lease. The Options are not assignable separate and apart from the Lease as amended hereby, nor may any Option be separated
from the Lease as amended hereby in any manner, either by reservation or otherwise. 

        (c)  Tenant
shall have no right to exercise any Option, notwithstanding any provision of the grant of either Option to the contrary, and Tenant's exercise of either Option
may be nullified by Landlord and deemed of no further force or effect, if (i) Tenant shall be in default of any monetary obligation or material non-monetary obligation under the terms of the
Lease as amended hereby as of Tenant's exercise of the applicable Option or at the commencement of any Option event or (ii) Tenant fails to concurrently exercise, as the case may be, the first
and/or second option to extend granted to Tenant under the Building C Lease concurrently with Tenant's exercise of the corresponding Option granted hereunder. 

[No Further Text On This Page]

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        9.    Miscellaneous.    This Amendment embodies the entire understanding between Landlord and Tenant with respect to
its subject matter and can be changed only by an instrument in writing signed by Landlord and Tenant. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all
of which, together, shall constitute one in the same Amendment. Each individual executing this Amendment on behalf of Tenant represents that he or she is duly authorized to execute and deliver this
Amendment on behalf of the corporation, and that this Amendment is binding upon Tenant in accordance with its terms. 

5

 

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

	TENANT:	 	LANDLORD:
	

CUTTER & BUCK, INC.,

a Washington corporation	
 	

ZELMAN RENTON, LLC,

a Delaware limited liability company
	

By:	
 	

/s/  MARTIN MARKS      
	
 	

By:	
 	

Zelman Industrial Partners, Inc.,

a California corporation,
	 	 	Print Name:	Martin Marks
	 	 	 	Its:	 	Managing Member
	 	 	Title:	President
	 	 	 	 	 	 	 	 	 	 
	

By:	
 	

/s/  S. LOWBER      
	
 	

 	
 	

 	
 	

By:	
 	

/s/  BEN REILING      

	 	 	Print Name:	S. Lowber	 	 	 	 	 	 	 	Ben Reiling
	 	 	 	
	 	 	 	 	 	 	 	Its:	 	President
	 	 	Title:	CFO
	 	 	 	 	 	 	 	 	 	 

6

  

	STATE OF WA	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF KING	 	)	 	 

        I
certify that I now or have satisfactory evidence that Martin J. Marks is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the President of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	[NOTARY PUBLIC SEAL]

  

(Use this space for notarial stamp/seal)	 	Dated:	 	May 15, 2001

	 	 	 	 	/s/ SUSAN M. CANNON

	 	 	 	 	Notary Public
	 	 	 	 	Print Name:	Susan M. Cannon

	 	 	 	 	My commission expires 04/06/03

	STATE OF WA	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF KING	 	)	 	 

        I
certify that I now or have satisfactory evidence that Steve Lowber (S. Lowber) is the person who appeared before me, and said person acknowledged that he/she was authorized to execute
the instrument and acknowledged it as the CFO of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	[NOTARY PUBLIC SEAL]

  

(Use this space for notarial stamp/seal)	 	Dated:	 	May 15, 2001

	 	 	 	 	/s/ SUSAN M. CANNON

	 	 	 	 	Notary Public
	 	 	 	 	Print Name:	Susan M. Cannon

	 	 	 	 	My commission expires 04/06/03

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	STATE OF CALIFORNIA	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF LOS ANGELES	 	)	 	 

        I
certify that I now or have satisfactory evidence that Ben Reiling is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the President of Zelman Renton, LLC to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	[NOTARY PUBLIC SEAL]

  

(Use this space for notarial stamp/seal)	 	Dated:	 	May 16, 2001

	 	 	 	 	/s/ Sandra L. Garay

	 	 	 	 	Notary Public
	 	 	 	 	Print Name:	SANDRA L. GARAY

	 	 	 	 	My commission expires 7-1-04

8

 
 

NOTICE OF LEASE TERM DATES AND TENANT'S PERCENTAGE    
  

	To:	 	Zelman Renton L.L.C., a Delaware limited liability company
	

Date:	
 	

January 6, 2000
	

RE:	
 	

Lease dated May 27, 1999 amended by First Amendment to Lease dated October 6, 1999 (the "Lease"), between Zelman Renton L.L.C., a Delaware limited liability company (Landlord), and Cutter & Buck Inc., a Washington corporation (Tenant),
concerning the building located at 4001 Oakesdale Avenue SW Renton, WA 98005 (the "Premises").

To
Whom It May Concern: 

        In
accordance with the subject Lease, we wish to advise and/or confirm as follows: 

        1.    That
the Premises have been accepted by the Tenant as being substantially complete in accordance with the subject Lease and that there is no deficiency in construction
except as may be indicated on the "Punch-List" prepared by Landlord and Tenant, a copy of which is attached hereto. 

        2.    That
the Tenant has possession of the subject Premises and acknowledges that under the provisions of the Lease the Commencement Date is November 23, 1999, and the
Term of the Lease will expire on November 30, 2006. 

        3.    That
in accordance with the Lease, rent commenced to accrue on November 23, 1999. 

        4.    If
the Commencement Date of the Lease is other than the first day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter will be for
the full amount of the monthly installment as provided for in the Lease. 

        5.    Rent
is due and payable in advance on the first day of each and every month during the Term of the Lease. Your rent checks should be made payable to Zelman Renton L.L.C.
at Dept 619—P.O. Box 34935 Seattle, WA 93124-1935. 

        6.    The
number of square feet within the Premises is 170,500 square feet with 10,383  square feet of office as determined by Landlord's architect in accordance with
the terms of the Lease. 

        7.    Tenant's
Percentage, as adjusted based upon the number of square feet within the Premises, is 100%. 

IN
WITNESS WHEREOF, the undersigned Landlord and Tenant have caused this Work Letter Agreement to be duly executed by their duly authorized representatives as of the date of the Lease. 

	TENANT:	 	LANDLORD:
	

CUTTER & BUCK, INC.,

a Washington corporation	
 	

ZELMAN RENTON, LLC,

a Delaware limited liability company
	

By:	
 	

/s/  PHILIP DAVIS      
	
 	

By:	
 	

ZIP Renton, LLC,

a Delaware limited liability company
	 	 	Print Name:	Philip Davis
	 	 	 	 	 	 	 	 	 	 
	 	 	Print Title:	VP Operations
	 	 	 	By:	 	Zelman Industrial Partners, Inc.,

a California corporation
	

By:	
 	

    
	
 	

 	
 	

 	
 	

By:	
 	

/s/  PAUL T. CASEY      

	 	 	Print Name:	    	 	 	 	 	 	 	 	Paul T. Casey
	 	 	 	
	 	 	 	 	 	 	 	Vice President
	 	 	Print Title:	    
	 	 	 	 	 	 	 	 	 	 

  

 
 

FIRST AMENDMENT TO LEASE    
  

        This FIRST AMENDMENT TO LEASE ("Amendment") is entered into as of this 6th day of October, 1999, by and between ZELMAN RENTON, LLC, a Delaware limited liability
company ("Landlord"), and CUTTER & BUCK, INC., a Washington corporation ("Tenant"), with respect to the facts set forth in the Recitals below. 

 
 

R E C I T A L S:    
  

        A.    Landlord
and Tenant are parties to that certain Industrial Lease dated May 27, 1999 (the "Lease"), whereby Tenant currently leases from Landlord those certain
premises (the "Premises"), in Oakesdale Business Campus located at 4001 Oakesdale Avenue SW, Renton, Washington and containing approximately 170,500 square feet. 

        B.    Capitalized
terms which are not defined in this Amendment have the meanings given to them in the Lease. 

        C.    Landlord
and Tenant desire to modify the Lease as follows with regard to the construction of office improvements. 

 
 

A G R E E M E N T:    
  

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

        1.    Initial Monthly Base Rent.    The entire second sentence of Paragraph l(j) of the Lease, beginning with
"By way of example,...", is hereby deleted in its entirety and replaced by the following: 

"By
way of example, if the Building contains 170,500 square feet, of which 10,383 square feet comprise office space, the initial Monthly Base Rent shall be equal to the sum of (A)
$.3325 × 170,500 (i.e. $56,691.25) plus (B) $.65 × 10,383 (i.e. $6,748.95), for a total initial Monthly Base Rent of $63,440.20." 

        2.    Early Entry.    The first sentence of Paragraph 4(c) of the Lease is deleted in its entirety. The entire
second sentence of Paragraph 4(c) of the Lease, beginning with "Tenant may elect...," is hereby deleted and replaced by the following: 

"Tenant
may elect to enter upon the Premises commencing on October 4, 1999 (the "Early Entry Date") in order to install communications cable, fixtures and racking and the like, at Tenant's sole
cost and expense (collectively, "Tenant's Work")." 

        3.    Building Shell; Tenant Improvements.    The entire second sentence of Paragraph 1 of Exhibit C,
beginning with "As used in the Lease...," is hereby deleted and replaced by the following: 

"As
used in the Lease and this Work Letter Agreement, the term "Tenant Improvements" or "Tenant Improvement Work" means collectively those items of tenant improvement construction relating to the
office portion of the Premises ("Office Improvements") shown on the Tenant's Final Plans (described in Paragraph 4 below), the Above-Standard Improvements (described in Paragraph 5(b)
below) and the Above Standard Office Improvements (described in Paragraph 5(g) below)." 

        4.    Work Cost Estimate and Statement.    The first three (3) sentences of Paragraph 4(f) of Exhibit C
are hereby deleted and replaced by the following: 

"Prior
to the commencement of construction of any of the Office Improvements and/or the Above-Standard Improvements and/or the Above Standard Office Improvements shown on Tenant's Final 

1

 

Plans, Landlord will submit to Tenant a written estimate of the cost to complete the Tenant Improvement Work, which written estimate will be based on the Tenant's Final Plans taking into account any
modifications which may be required to reflect changes in the Tenant's Final Plans required by the City or County in which the Premises are located (the "Work Cost Estimate"). Tenant acknowledges that
it has approved the Work Cost Estimate submitted by Landlord." 

        5.    Office Allowance.    The "$210,000" figure set forth in Paragraph 5(a) of Exhibit C is hereby
deleted and replaced with "$363,405." 

        6.    Excess Costs.    The entire first and second sentences of Paragraph 5(c) of Exhibit C are hereby
deleted and replaced with the following: 

"The
cost of each item referenced in Paragraphs 5(a) and 5(b) above and Paragraph 5(g) below shall be charged against the respective Allowance. If the Work Cost for either the Office
Improvements or the Above-Standard Improvements or the Above Standard Office Improvements exceeds the respective Allowance, Tenant agrees to pay to Landlord such excess including reasonable fees for
the contractor prior to the commencement of construction (less any sums previously paid by Tenant for such excess pursuant to the Work Cost Estimate)." 

        7.    Unused Allowance Amounts.    Paragraph 5(e) of Exhibit C is hereby deleted and replaced with the
following: 

"Except
as provided in the following sentence, any unused portion of any Allowance upon completion of the Tenant Improvements will not be refunded to Tenant or be available to Tenant as a credit
against any obligations of Tenant under the Lease. The unused portion of any Allowance, if any, shall be credited against the excess costs, if any, associated with improvements made with respect to
any of the other Allowances." 

        8.    Amendment to Lease.    Paragraph 5(f) of Exhibit C is hereby deleted in its entirety and replaced
with the following: 

"Within
fifteen (15) business days following the Commencement Date (as defined in Paragraph 8(a) below), Landlord and Tenant shall execute an amendment to the Lease setting forth a new rent
schedule which incorporates the amortization of any costs funded by Landlord with respect to the Above Standard Allowance or the Above Standard Office Allowance." 

        9.    Above Standard Office Allowance.    Paragraph 5(g) is hereby added to Exhibit C as follows: 

"Above Standard Office Allowance.    In addition to the Above Standard Allowance described in Paragraph 5(b) above, Landlord hereby
grants to Tenant an allowance of $70,000 ("Above Standard Office Allowance") for the purchase, construction and installation of the above-standard office improvements described on  Schedule "2" to
this Exhibit "C" ("Above Standard Office Improvements"). The Office Allowance, the Above Standard Allowance and the Above
Standard Office Allowance are
sometimes each individually referred to as an "Allowance" and sometimes collectively referred to as the "Allowances." All costs disbursed or expended by Landlord as part of the Above Standard Office
Allowance shall be fully amortized over the original seven (7) years of the Term, plus interest at a rate of eleven percent (11%) per year, and the annual amortized amount shall be paid by Tenant
monthly, as additional rent under the Lease, in equal installments throughout such seven (7) year period until such excess costs have been fully repaid." 

        10.    Commencement Date.    The term "Shell Delivery Date" set forth in Paragraph 8(a) of Exhibit C is
hereby deleted and replaced with the term "Early Entry Date." Therefore, if the Early Entry Date is actually October 4, 1999, then the Commencement Date will not occur earlier than
November 15, 1999. 

2

 

        11.    Schedule "2" to Exhibit C.    The attached Schedule "2", entitled "Above Standard Office Improvements,"
is hereby added to Exhibit C of the Lease. 

        12.    No Other Modification.    Except as specifically modified in this Amendment, the Lease remains in full force
and effect between the parties hereto, as modified by this Amendment. To the extent of any inconsistency or conflict between the terms and conditions of the Lease and the terms and conditions of this
Amendment, the terms and conditions of this Amendment shall prevail and control. 

3

 

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

	TENANT:	 	LANDLORD:
	

CUTTER & BUCK, INC.,

a Washington corporation	
 	

ZELMAN RENTON, LLC,

a Delaware limited liability company
	

By:	
 	

/s/  PHILIP DAVIS      
	
 	

By:	
 	

ZIP Renton, LLC, A Delaware LLC
	 	 	Print Name:	Philip Davis
	 	 	 	 	 	 	 	 	 	 
	 	 	Print Title:	VP Operations
	 	 	 	By:	 	Zelman Industrial Partners, Inc.,

a California corporation,
	 	 	 	 	 	 	 	 	 	Its:	 	Managing Member
	

 	
 	

 	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  PAUL T. CASEY      

	 	 	 	 	 	 	 	 	 	 	 	Print Name: Paul T. Casey
	 	 	 	 	 	 	 	 	 	 	 	Print Title: V.P.

4

  

	STATE OF WASHINGTON	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF KING	 	)	 	 

        I
certify that I now or have satisfactory evidence that Philip Davis is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Operations of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	[NOTARY PUBLIC SEAL]

  

(Use this space for notarial stamp/seal)	 	Dated:	 	10/6/99

	 	 	 	 	/s/ BARBARA J. GELLING

	 	 	 	 	Notary Public	 
	 	 	 	 	Print Name:	Barbara J. Gelling

	 	 	 	 	My commission expires 11/29/99

	STATE OF CALIFORNIA	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF LOS ANGELES	 	)	 	 

        I
certify that I now or have satisfactory evidence that Paul T. Casey is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Zelman Industrial Partners, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	[NOTARY PUBLIC SEAL]

  

(Use this space for notarial stamp/seal)	 	Dated:	 	Oct. 11, 1999

	 	 	 	 	/s/ LINDA KAREN WILLIAMS

	 	 	 	 	Notary Public	 
	 	 	 	 	Print Name:	Linda Karen Williams

	 	 	 	 	My commission expires Oct. 11, 2002

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ABOVE STANDARD OFFICE IMPROVEMENTS    
  

	Item
 
	 	Estimated Additional Cost

	    	 	 
	
	 	

	    	 	 
	
	 	

	    	 	 
	
	 	

	Total	 	$70,000
	 	 	

6

 

	STATE OF WASHINGTON	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF KING	 	)	 	 

        I
certify that I now or have satisfactory evidence that Philip Davis is the person who appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as the Vice President of Operations of Cutter & Buck, Inc. to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. 

	  

  

(Use this space for notarial stamp/seal)	 	Dated:	 	1/7/00

	 	 	 	 	/s/ CONNIE L. DOBBS

	 	 	 	 	Notary Public	 
	 	 	 	 	Print Name:	Connie L. Dobbs

	 	 	 	 	My commission expires 6/19/07

	STATE OF WASHINGTON	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF	 	)	 	 

        I
certify that I now or have satisfactory evidence that                              is the person who
appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as
the                                        of 
                                       to be the free
and voluntary act of such party for the uses and purposes mentioned in the instrument.
 

	  

  

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	 	 	 	 	Notary Public	 
	 	 	 	 	Print Name:	    

	 	 	 	 	My commission expires

	STATE OF	 	)	 	 
	 	 	) ss.	 	 
	COUNTY OF	 	)	 	 

        I
certify that I now or have satisfactory evidence that                              is the person who
appeared before me, and said person acknowledged that he/she was authorized to execute the
instrument and acknowledged it as
the                                        of 
                                       to be the free
and voluntary act of such party for the uses and purposes mentioned in the instrument.
 

	  

  

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Exhibit 10.25    
  

TRANSITION AND RELEASE AGREEMENT  

        This Transition and Release Agreement is entered into as of April 25, 2002 by and among Cutter and Buck, Inc., a Washington corporation
("Cutter & Buck" or the "Company"), Harvey N. Jones ("Jones") and, solely for the purposes of Sections 6 and 9, Nancy Iannucci ("Iannucci"). 

RECITALS 

        WHEREAS,
the Board of Directors of Cutter & Buck, Inc. (the "Board") has accepted Jones' resignation as Chairman and Chief Executive Officer of Cutter & Buck and as
a member of the Board with both resignations effective as of April 18, 2002; 

        AND
WHEREAS, the Company wishes to recognize Jones' history of service to Cutter & Buck, to continue certain employment relationships with Jones, to ensure a smooth and amicable
transition of his prior duties and responsibilities, and to obtain a release of all claims from him; 

        AND
WHEREAS, Jones wishes to obtain from Cutter & Buck benefits to which he would otherwise not be entitled by entering into this Agreement; 

        NOW,
THEREFORE, in consideration of the above recitals and the mutual promises of the parties as set forth below, the sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 

AGREEMENT 

        1.    Employment Status.    Jones hereby acknowledges that he has resigned all offices and duties as Chairman and
Chief Executive Officer of the Company and has also resigned his position as a member of the Board. Jones has been and will continue to be employed by Cutter & Buck in accordance with and
subject to the terms hereof. During the Term (as defined below), Jones will have the non-officer title of "Founder and Brand Strategist." Jones' duties during the Term will be as set forth
in this Agreement, and Jones will continue to cooperate with the Board by: (a) providing information as and when reasonably requested by the Board or by the interim or any successor Chief
Executive Officer of the Company, and (b) assisting in the transition of his former duties to the interim or any successor Chief Executive Officer. 

        2.    Nature of Duties.    During the Term, Jones will, as and when requested by the Board or by the Chief Executive
Officer of the Company (including any Interim Chief Executive Officer of the Company) or its, his or her designee, perform duties generally as follows: 

	a.
	Attending
trade shows;

	b.
	Meeting
with major customers;

	c.
	Reviewing
and advising on product lines;

	d.
	Presenting
ideas for new business strategies and new customers;

	e.
	Participating
in branding strategies; and

	f.
	Performing
such other tasks and completing other assignments as so designated. 

During
the Term, Jones shall perform his obligations hereunder faithfully and to the best of his ability, under the direction of the Board and the interim or any successor Chief Executive Officer, and
shall abide by all reasonable rules, customs and usages from time to time established by the Company. Cutter & Buck shall reimburse Jones for all reasonable and customary expenses incurred by
him in performing his duties, including but not limited to travel expenses. 

        3.    Compensation.    During the Term, Jones shall be paid a salary of One Hundred Forty Eight Thousand Dollars
($148,000) per year, in accordance with Cutter & Buck's normal payroll practices. 

 

Jones shall also be provided the usual and customary benefits normally made available to Cutter & Buck employees on the same terms and conditions as other employees. In addition, Jones shall
be paid a cash bonus of $39,000 on or before April 30, 2002. Upon completion of the Term, Jones shall be entitled to the same COBRA rights as any other separating employee. 

        4.    Acknowledgment of Stock Option and Grant Rights.    Jones hereby acknowledges that, except as set forth in
Exhibit A, he has no other options or rights to purchase or acquire Cutter & Buck stock. Effective as of the date of this Agreement, Jones hereby cancels and relinquishes half of each of
the following previously granted stock options (total 50,000 shares) with respect to the last two vesting years of such options: 

	a.	 	50,000 share option

granted April 21, 2001	 	12,500 shares—Vesting Date 4/21/04

12,500 shares—Vesting Date 4/21/05
	

b.	
 	

50,000 share option

granted May 10, 2001	
 	

12,500 shares—Vesting Date 5/10/04

12,500 shares—Vesting Date 5/10/05

        5.    Term.    

        a.    The
"Term" shall commence on the Effective Date of this Agreement (as defined below) and shall continue through May 11, 2003; provided, however, that if Jones'
engagement by Cutter & Buck is earlier terminated as provided below, the Term shall end on the date of such earlier termination. 

        b.    The
Term may be earlier terminated by Cutter & Buck: (i) upon the death of Jones; (ii) in the event that, because of any physical or mental
disability, Jones is unable, with or without reasonable accommodation to perform, and does not perform for a continuous period of ninety (90) days, his duties hereunder; or (iii) for
Cause (as defined in Section 5.c below). A termination of the Term pursuant to Section 5.b(i) shall become effective upon the death of Jones; a termination of the Term pursuant to
Section 5.b(ii) shall become effective ten (10) days after delivery to Jones of written notice specifying such termination; a termination of the Term pursuant to
Section 5.b(iii) which allows for a cure period shall become effective upon expiration of the period of cure and if no cure period is so provided ten (10) days after delivery to
Jones of written notice specifying such termination. A termination of the Term shall not affect any parties' continuing obligations provided herein. 

        c.    For
the purposes of this Section 5, "Cause" shall mean any of the following: (i) Jones' material failure, neglect, or refusal to perform his duties,
responsibilities or obligations hereunder which failure, neglect or refusal has not been cured within fifteen (15) days' after written notice regarding any such failure, neglect or refusal
including, without limitation, Jones' breach of any noncompetition, nonsolicitation, nondisparagement, intellectual property or confidentiality obligations to Cutter & Buck; (ii) the
willful misappropriation of funds or property of Cutter & Buck; (iii) excessive use of alcohol or drugs which interferes with Jones' performance of his obligations under this Agreement,
continuing after at least fifteen (15) days' prior written notice; (iv) conviction of a felony or of any crime involving moral turpitude, fraud or misrepresentation; (v) the
commission by Jones of any willful or intentional act in disregard of the interests of Cutter & Buck which could reasonably be expected to materially injure the reputation, business or business
relationships of Cutter & Buck, provided, however, that a good faith mistake in the normal course of business shall not be considered "Cause" under this subsection (v); or (vi) any other
breach of this Agreement which has not been cured within fifteen (15) days after written notice. 

2

 

        6.    Stock Voting and Management Support Provisions.    

        a.    During
the Term and through December 31, 2003, Jones and Iannucci agree that they shall take such action as may be required so that, in any election of directors
of Cutter & Buck, all shares of Cutter & Buck stock held, directly or indirectly, by either of them are voted for nominees of the Board and in support of any stock option or benefit plan
recommended by the Board. 

        b.    Jones
and Iannucci further agree that they will not at any time solicit proxies or become a "participant" in a "solicitation" (as such terms are defined in
Regulation 14A under the Securities Exchange Act of 1934 (the "Exchange Act")) in opposition to the recommendation of the majority of directors of Cutter & Buck with respect to any
matter. 

        c.    Jones
and Iannucci further agree that they will not at any time join a partnership, limited partnership, syndicate or other group, or otherwise act in concert with any
other person, for the purpose of
acquiring, holding, voting or disposing of Voting Securities, or otherwise become a "person" within the meaning of Section 13(d)(3) of the Exchange Act. 

        d.    Nothing
in this Section 6 shall preclude Jones and Iannucci from selling, pledging or encumbering any shares of Cutter & Buck Stock which are not subject to
the provisions of the Stock Pledge Agreement. The Company agrees to authorize transfers of shares of Cutter & Buck Common Stock held by Jones and Iannucci made in compliance with applicable
laws, and agrees to cause any restrictive legends to be removed from those shares at such time as permitted by federal and state securities laws. 

        7.    Loan.    Contemporaneous with the execution hereof, Jones is executing two promissory notes in the forms of
Exhibits B and C hereto and a Stock Pledge Agreement in the form of Exhibit D hereto to document the terms of an outstanding loan from the Company to Jones. Subject to compliance with the terms
hereof, including any applicable cure periods set forth in Section 5(c), and to his compliance, in all material respects, to the terms of the two promissory notes, Cutter & Buck hereby
agrees to cancel and forgive the $80,000 of indebtedness together with all accrued and unpaid interest represented by the promissory note in the form of Exhibit B hereto on May 11, 2003.
Upon cancellation and forgiveness, the $80,000 promissory note, in the form of Exhibit B hereto, shall be voided and returned to Jones. 

        8.    Payment of Jones' Legal Fees.    Cutter & Buck will pay all of the reasonable costs and attorneys' fees
incurred by Jones in connection with negotiating and documenting this Agreement. 

        9.    Release of Claims.    

        a.    In
exchange for the continued employment relationship under this Agreement and other consideration set forth herein, and except for the obligations assumed by
Cutter & Buck herein, Jones and Iannucci, individually and on behalf of their marital community, (collectively herein "Jones") release and forever discharge Cutter & Buck, its successors
and assigns, along with all of its directors, trustees, officers, shareholders, employees, corporate affiliates, attorneys or agents from any and all claims, demands or causes of action of any nature
whatsoever, whether known or unknown, arising from or in any way connected with Harvey Jones' status as an officer, Board member, shareholder, founder, employee or other relationship with the Company,
whether based in tort, contract, or any federal, state or local law, statute or regulation. The parties represent and warrant that no promise or inducement has been offered except as set forth in this
Agreement; that this Agreement is executed without reliance upon any statement or representation by either party to the other regarding the nature and extent of any liability of one to the other.
JONES SPECIFICALLY UNDERSTANDS THAT BY EXECUTING THIS AGREEMENT, THEY ARE GIVING UP ANY AND ALL RIGHTS AND CLAIMS THEY MAY HAVE AGAINST CUTTER & BUCK WITH RESPECT TO EVENTS OCCURRING ON OR
BEFORE THE 

3

 

EXECUTION OF THIS AGREEMENT, INCLUDING UNKNOWN CLAIMS. Jones specifically understands that he is not entitled to any other compensation, benefit or payment from Cutter & Buck
other than that expressly set forth in this Agreement. Jones acknowledge that they have had an opportunity to consult with counsel prior to signing this Agreement and that they signed this Agreement
only after full reflection and analysis. Specifically included in this release, but not by way of limitation, is any claim for wrongful discharge, breach of contract, defamation, mental distress, or
employment discrimination, including but not limited to claims arising under the Age Discrimination in Employment Act ("ADEA"), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991,
the Americans With Disabilities Act, the Family Medical Leave Act or the Washington Law Against Discrimination, based on age, gender, disability or any other protected category, as well as any claims
under the Employee Retirement Income Security Act. Jones warrants and agrees that he has not and will not file any claim for damages, lawsuit or any other action against the Company, Board of
Directors, its members or any Cutter & Buck officer or employee with respect to the foregoing, and that he has not assigned any such claim or cause of action to any other person.
Notwithstanding the foregoing, Jones hereby reserves and retains: (i) any and all rights afforded to Jones under this Agreement or any Exhibit hereto, (ii) any and all rights under the
options and restricted stock awards shown on Exhibit A hereto, and (iii) any and all rights of indemnification with respect to his prior position as an officer, director or employee of
Cutter & Buck, including any such right under the Company's Articles, Bylaws or any insurance policy with respect thereto. 

        b.    In
exchange for the Jones' release, and except for the obligations assumed by Jones herein, Cutter & Buck, its successors and assigns, along with all of its
directors, officers, corporate parents, subsidiaries and affiliates (collectively "Cutter & Buck") releases and forever discharges Jones from any and all claims or cause of action of any nature
whatsoever, whether known or unknown, arising from or in any way connected with Jones' employment with Cutter & Buck whether based in tort, contract, or any federal, state or local law, statute
or regulation, arising through the date of this Agreement. 

        10.    ADEA Release.    Jones acknowledges that he is knowingly and voluntarily waiving and releasing any rights he
may have under the ADEA. Jones also acknowledges that the consideration given for his waiver and release of claims, specifically including without limitation this Agreement, is in addition to anything
of value to which he was already entitled. Jones further acknowledges that he has been advised by this writing, as required by the ADEA, that: (a) his waiver and release does not apply to any
rights or claims that may arise after the execution date of this Agreement; (b) he should consult with an attorney prior to executing this Agreement; (c) he has twenty-one
(21) days to consider this Agreement (but by his signature below, Jones acknowledges that he has chosen to voluntarily execute this Agreement earlier and to waive such period of consideration);
(d) he has seven (7) days following the execution of this Agreement to revoke the Agreement; and (e) this Agreement will not be effective until the date upon which the revocation
period has expired, which will be the eighth day after this Agreement is executed by Jones ("Effective Date"). Nothing in this Agreement prevents or precludes Jones from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. 

        11.    Disclaimer of Liability.    In obtaining the Releases set forth above, neither party is admitting any liability
to the other and expressly disclaims any such liability. 

        12.    Noncompetition and Nonsolicitation.    

        a.    Jones
agrees that both during the Term and through May 11, 2003, Jones will not in any capacity, directly or indirectly, engage or invest in, own, manage, operate,
finance, control or participate in the ownership, management, operation, financing or control of, be employed by, 

4

 

associated with, or in any manner connected with, lend his name or any similar name to, lend his credit to, render services or advice to, or assist others to engage in or own a material interest in
any business or activity that is, or is preparing to be, in competition with Cutter & Buck, its subsidiaries or licensees with respect to any product or any service sold or provided by
Cutter & Buck directly or through a subsidiary or a licensee of the Cutter & Buck brand in any geographical area in which such product or service is sold or is actively engaged in. 

        b.    Jones
further agrees that both during the Term of this Agreement and through May 11, 2003, except as contemplated by this Agreement, he will not directly or
indirectly solicit, accept business from or attempt to entice away from Cutter & Buck or its subsidiaries any actual or identified potential customer of Cutter & Buck or its
subsidiaries, nor will he assist others in doing so. Notwithstanding the foregoing, Jones may call on actual or identified customers of Cutter & Buck or its subsidiaries so long as he does not
violate the provisions of Section 12 or Section 13 of this Agreement. Jones further agrees that during the Term of this Agreement and through May 11, 2003, he will not induce or
attempt to induce any customer, supplier, licensee, shareholder, investor, or business relation of Cutter & Buck to sever or diminish its relationship with the Company, or refrain from doing
business with the Company, its subsidiaries, or its licensees or in any way interfere with the relationship between Cutter & Buck and any customer, supplier, licensee, shareholder, investor or
business relation of Cutter & Buck. 

        c.    Jones
further agrees that during the Term of this Agreement and through May 11, 2004 (a period of 12 months following the stated initial Term), he will not,
directly or indirectly, for himself or any other person or entity: (i) induce or attempt to induce any employee, consultant, independent sales representative or independent contractor of
Cutter & Buck to leave the employ of or terminate his, her or its contract with Cutter & Buck; (ii) in any way interfere with the relationship between Cutter & Buck and any
employee, consultant, independent sales representative or independent contractor of Cutter & Buck; or (iii) employ, or otherwise engage as an employee, consultant, independent sales
representative or independent contractor, or otherwise, any employee, consultant, independent sales representative or independent contractor of Cutter & Buck or its subsidiaries.
Notwithstanding the foregoing, Jones may engage independent sales representatives and independent contractors by their addition of product lines associated with Jones as long as such addition would
not violate (i) or (ii) above and Jones is not and would not otherwise be in breach of this Section 12. 

        d.    Jones
acknowledges that the covenants in this Section 12 are necessary and reasonable to protect Cutter & Buck in the conduct of its business and that
compliance with such covenants will not prevent him from pursuing his livelihood. However, should any court find that any provision of such covenants is unreasonable, invalid or unenforceable, whether
in period of time, geographical area, or otherwise, then in that event the parties hereby agree that such covenants shall be interpreted and enforced to the maximum extent which the court deems
reasonable. 

        13.    Trade Secrets and Confidential Information.    

        a.    Jones
represents that he has kept and that both during and after the Term of this Agreement he will continue to keep confidential and not disclose or use confidential
information related to Cutter & Buck's customers, personnel, designs, pricing, sourcing, manufacturing and distribution policies, methods of doing of business, sales volume information,
business prospects or plans, and any other proprietary information which is not otherwise available to the general public, including but not limited to information covered under the Uniform Trade
Secrets Act, RCW 19.108 et seq. except in furtherance of the interests of Cutter & Buck. 

        b.    Jones
acknowledges that Cutter & Buck's business and future success depend upon the preservation of the trade secrets and other confidential information of
Cutter & Buck, its subsidiaries and their suppliers and customers (the "Secrets"). The Secrets may include, without 

5

 

limitation, existing and to-be-developed or acquired product designs, new product plans or ideas, market surveys, the identities of past, present or potential customers,
business and financial information, pricing methods or data, terms of contracts with present or past customers, proposals or bids, marketing plans, personnel information, procedural and technical
manuals and practices, servicing routines, and parts and supplier lists proprietary to Cutter & Buck, its subsidiaries or their customers or suppliers, and any other sorts of items or
information of Cutter & Buck or its subsidiaries or their customers or suppliers which are not generally known to the public at large. Jones agrees to protect and to preserve as confidential
during and after the Term all of the Secrets at any time known to Jones or in his possession or control (whether wholly or partially developed by Jones or provided to Jones, and whether embodied in a
tangible medium or merely remembered). 

        c.    Jones
shall neither use nor allow any other person to use any of the Secrets in any way, except for the benefit of Cutter & Buck and as directed by Jones'
supervisor. All material containing or disclosing any portion of the Secrets shall be and remain the property of Cutter & Buck, shall not be removed from Cutter & Buck's premises without
specific consent from an officer of Cutter & Buck, and shall be returned to Cutter & Buck upon the termination of Jones' employment or at the earlier request of the Board of Directors or
Chief Executive Officer. At such time, Jones shall also assemble all materials in his possession or control that contain any of the Secrets, and promptly deliver such items to Cutter & Buck. 

        14.    Intellectual Properties.    

        a.    All
ownership, copyright, patent, trade secrecy and other rights in all works, designs, inventions, ideas, manuals, improvements, discoveries, processes, customer lists
or other properties (the "Intellectual Properties") made or conceived by Jones during the Term of and in connection with his current or former employment with Cutter & Buck shall be the rights
and property solely of Cutter & Buck,
whether developed independently by Jones or jointly with others, and whether or not developed or conceived during regular working hours or at Cutter & Buck's facilities, and whether or not
Cutter & Buck uses, registers, or markets the same. 

        b.    In
accordance with Cutter & Buck's policy and Washington law, Section 14.a above does not apply to, and Jones has no obligation to assign to Cutter &
Buck, any invention for which no Cutter & Buck trade secrets and no equipment, supplies, or facilities of Cutter & Buck were used and which was developed entirely on Jones' own time,
unless: (i) the invention relates directly to the business of Cutter & Buck, (ii) the invention relates to actual or demonstrably anticipated research or development work of
Cutter & Buck, or (iii) the invention results from any work performed by Jones for Cutter & Buck. 

        15.    Authority and Non-Infringement.    Jones warrants that to the best of his knowledge any and all
items, technology, and Intellectual Properties of any nature developed or provided by Jones under this Agreement and in any way for or related to Cutter & Buck will be original to Jones and
will not, as provided to Cutter & Buck or when used and exploited by Cutter & Buck and its contractors and customers and its and their successors and assigns, infringe in any respect on
the rights or property of Jones or any third party. Jones will not, without the prior written approval of Cutter & Buck, use any equipment, supplies, facilities, or proprietary information of
any other party. Jones warrants that Jones is fully authorized to enter into employment with Cutter & Buck and to perform under this Agreement, without conflicting with any of Jones' other
commitments, agreements, understandings or duties, whether to prior employers or otherwise. Jones will indemnify Cutter & Buck for all losses, claims, and expenses (including reasonable
attorneys' fees) arising from any claims brought against Cutter & Buck as a result of any breach of by him of this Section 15. 

6

 

        16.    Nondisparagement.    Jones agrees not to make any statements that are defamatory in nature or in any way
disparaging of Cutter & Buck, its officers, directors, employees or agents. Cutter & Buck agrees not to make any statements that are defamatory in nature or in any way disparaging of
Jones. 

        17.    Remedies.    The harm to Cutter & Buck from any breach of Jones' obligations under this Agreement may be
wholly or partially irreparable, and Jones agrees that such obligations may be enforced by injunctive relief and other appropriate remedies, as well as by damages. If any bond from Cutter &
Buck is required in connection with such enforcement, the parties agree that such bond shall be set at an amount no greater than $5,000. The remedies available to Jones and Cutter & Buck
hereunder are cumulative and not alternative. 

        18.    Notices.    All notices and other communications called for or required by this Agreement shall be in writing
and shall be addressed to the parties at their respective addresses stated below or to such other address as a party may subsequently specify by written notice and shall be deemed to have been
received (i) upon delivery in person, (ii) five days after mailing it by U.S. certified or registered mail,
return receipt requested and postage prepaid, or (iii) two days after depositing it with a commercial overnight carrier which provides written verification of delivery: 

	To Jones:	 	Harvey N. Jones

1415 East Roy Street

Seattle, Washington 98112
	

With a copy to:	
 	

Robert Sulkin

McNaul Ebel Nawrot Helgren & Vance, P.L.L.C.

One Union Square, 27th Floor

600 University Street

Seattle, WA 98101-3143
	

To Cutter & Buck:	
 	

2701 First Avenue

Seattle, Washington 98121

Attention: Chairman
	

With a copy to:	
 	

Michael M. Morgan

Lane Powell Spears Lubersky LLP

1420 Fifth Avenue, Suite 4100

Seattle, WA 98101

        19.    Assignment.    Jones' rights and duties hereunder are personal to Jones
and are not assignable to others, but Jones' obligations hereunder will bind his heirs, successors, and assigns. Cutter & Buck may assign its rights under this Agreement in connection with any
merger or consolidation of Cutter & Buck or any sale of all or any portion of Cutter & Buck's assets (including, without limitation, any division or product line), provided that any such
successor or assignee expressly assumes in writing Cutter & Buck's obligations under this Agreement. 

        20.    Governing Law.    This Agreement will be governed by the local laws of the State of Washington without regard
to its conflicts of laws rules to the contrary. The parties hereby consent to the exclusive jurisdiction and venue of the state and federal courts residing in King County, Washington for all matters
and actions arising under this Agreement. 

        21.    Attorneys' Fees.    The prevailing party in any action or proceeding with respect to this Agreement shall be
entitled to reasonable attorneys' fees and costs incurred in connection with any such action or proceeding. 

        22.    Further Assurances.    Subject to the terms hereof, the parties shall use their best efforts and shall
cooperate fully with each other to carry out the provisions of this Agreement. From time to time at the request of a party, without further consideration, the other party shall execute such documents
and take
such action as may reasonably be requested in order to facilitate the transition of Jones' prior duties or to carry out the provisions of this Agreement. 

7

 

        23.    Entire Agreement.    This Agreement may not be changed orally but only by an agreement in writing agreed to by
the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. This Agreement, including all exhibits hereto, contains the entire agreements of the parties
relating to the subject matter hereof and supercedes all prior agreements and understandings with respect to such subject matter, and the parties hereto have no agreement, representations, or
warranties relating to the subject matter of the Agreement which are not set forth herein. 

        24.    Validity.    If for any reason any provision hereof shall be determined to be invalid or unenforceable, the
validity and effect of the other provisions hereof shall not be affected thereby. 

        25.    Waiver of Breach; Specific Performance.    The waiver by the Company or Jones of a breach of any provision of
this Agreement by the other party shall not operate, or be construed, as a waiver of any other breach by such other party. Each of the parties to this Agreement will be entitled to enforce his or its
rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in his or its favor. The parties
hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in his or its sole discretion apply to any court
of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 

        26.    Captions.    The section headings in this Agreement are intended solely for conveninece of reference and shall
be given no effect in the construction or interpretation of this Agreement. 

        27.    Counterparts.    This Agreement may be signed in counterparts, each such counterpart being as fully effective
as if a single original had been signed. A facsimile signature shall be binding on the party so signing, but the original signature shall be forwarded within three working days. 

        28.    Removal of Guaranty.    The Company agrees to remove Jones' as guarantor, indemnitor or the like from any and
all obligations incurred on behalf of the Company prior to the date of this Agreement. 

	CUTTER & BUCK, INC.	 	 
	

By	
 	

 	
 	

 	
 	

 
	 	 	
 Its:	 	
 Harvey N. Jones, individually and on
	 	 	 	 	
	 	behalf of his marital community
	

 	
 	

 	
 	

 	
 	

 Nancy Iannucci, solely for the purposes of Sections 6 and 9

8

   EXHIBIT A 

HARVEY N. JONES—Options Summary as of April 22, 2002*  

	Grant Date
 
	 	Options

Granted
	 	Exercise Price
	 	Amount Exercisable

as of 4/22/02

	9/16/99	 	31,500	 	13.75	 	15,750
	

7/1/94	
 	

69,379	
 	

1.44	
 	

30,000
	

3/12/96	
 	

45,000	
 	

7.17	
 	

22,500
	

6/11/97	
 	

23,688	
 	

10.00	
 	

17,766
	

9/26/97	
 	

11,250	
 	

13.67	
 	

8,437
	

9/26/97	
 	

10,062	
 	

13.67	
 	

7,546
	

6/2/98	
 	

22,500	
 	

13.79	
 	

11,250
	

8/31/98	
 	

9,000	
 	

14.09	
 	

6,750
	

4/23/01	
 	

50,000	
 	

5.00	
 	

0
	

5/10/01	
 	

50,000	
 	

5.78	
 	

0

HARVEY N. JONES—Restricted Shares Summary as of April 22, 2002*  

	Granted
 
	 	Full Vest Date

	4,891	 	August 5, 2000 (Held by Company as security for payment of tax)
	4,132	 	August 13, 2001 (Held by Company as security for payment of tax)
	5,793	 	June 30, 2002 (1,449 unvested, 4,344 held by Company as security for payment of tax)
	12,801	 	June 30, 2002 (3,201 unvested, 9,600 held by Company as security for payment of tax)
	28,000	 	November 2, 2002 (14,000 to vest on May 2, 2002)
	
	 	 
	55,623	 	 
	
	 	 

	*
	This
Exhibit A fairly and accurately reflects the status of options and grants to the best of the parties' knowledge. The parties agree to conform this Exhibit A to
correct any inaccuracies or scrivener's errors. This exhibit is illustrative only and shall not in any manner diminish Jones' rights or entitlement to options or shares. 

A-1

   EXHIBIT B 

PROMISSORY NOTE  

	$80,000	 	Seattle, Washington

April 25, 2002

The undersigned, Harvey N. Jones ("Maker"), promises to pay to Cutter & Buck, Inc. or order (collectively,
"Holder"), the principal sum of Eighty Thousand Dollars ($80,000), in lawful money of the United States of America, all as hereinafter provided and upon
the following agreements, terms and conditions. 

        Interest Rate.    The entire principal balance of this Note shall bear interest at a rate equivalent to Prime rate as that rate
may be published from time to time by the Wall Street Journal (4.75% as of the date of this Note) plus three percent (3%) per annum. The interest rate shall be adjusted in accordance with such
periodic movements in the Prime rate as shall occur during the term of this Note. 

        Maturity.    The entire principal balance of this Note and all accrued interest shall be due and payable on or before
May 11, 2003 or such earlier date as Maker's employment with Cutter & Buck, Inc. shall be terminated for Cause as that term is defined in the Transition and Release Agreement
between Maker and Cutter & Buck, Inc. dated April 25, 2002. The entire principal balance of this Note may be prepaid at any time without penalty. 

        Place of Payment.    All payments pursuant to this Note shall be made to Holder at 2701 First Avenue, Suite 500, Seattle,
Washington 98121, or such other address as Holder may hereafter designate from time to time. 

        Default; Default Interest.    If Maker fails to pay this Note in strict accordance with its terms, or if Maker otherwise
defaults under this Note, this Note shall bear interest from the date of default by Maker until the default is fully cured at a default interest rate ("Default Rate") equal to the Prime rate plus
eight percent (8%) per annum. Notwithstanding the foregoing, if Maker defaults as described in this paragraph, at the option of Holder, this entire Note shall become immediately due and payable. After
acceleration, this Note shall bear interest at the Default Rate. Notwithstanding the provisions of this paragraph, Holder shall retain the right to waive any term of this Note or any isolated event of
default, which waiver shall not be deemed to apply to any subsequent default under the terms of this Note. 

        Security.    This Note and the amounts due hereunder are secured by a Stock Pledge Agreement of even date herewith (the "Pledge
Agreement"), executed and delivered by Maker to Holder. Maker agrees to perform and comply with all of the agreements, terms and conditions of the Pledge Agreement. 

        Applicable Law.    This Note shall be construed in accordance with and governed by the laws of the State
of Washington. 

        Successors and Assigns.    This Note shall inure to the benefit of Holder and any successor or assignee of Holder, provided,
however, that this Note shall be non-negotiable unless otherwise consented to in writing by Maker, except in connection with any sale, transfer or assignment of a majority of the assets or
stock of Holder (regardless of the form of such transaction) to an entity which assumes Holder's obligations under that certain Transition and Release Agreement between Holder and Maker dated as of
April 25, 2002 (the "Agreement"). This Note shall be binding upon Maker and Maker's successors, assignees, personal representatives and heirs. 

        Costs and Expenses.    Maker shall pay all costs and expenses which Holder may incur in connection with this Note because of
Maker's default, including, without limitation, the following costs: 

B-1

 

(a) reasonable attorneys' fees for legal services incurred by Holder in connection with any default by Maker relating to any determination of any rights or remedies of Holder; and
(b) reasonable attorneys' fees for any actions, proceedings, reviews or appeals therefrom which Holder may institute or in which Holder may appear or participate. 

        Cancellation.    This Note is subject to cancellation in accordance with Section 7 of the Agreement. 

        Liability.    Maker hereby waives demand, presentment for payment, notice of intention to accelerate the maturity, protest and
notice of protest and nonpayment. Maker hereby further agrees that none of the following events (with or without notice) shall diminish, impair or otherwise affect his liability with respect to this
Note: (a) any modification or extension of the terms of this Note; or (b) any release of any party liable pursuant to this Note. 

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

	

	
 	

 
	 	 	
 Harvey N. Jones, Maker

B-2

   EXHIBIT C 

PROMISSORY NOTE  

	$165,222.73	 	Seattle, Washington

April 25, 2002

The undersigned, Harvey N. Jones ("Maker"), promises to pay to Cutter & Buck Inc. or order (collectively,
"Holder"), the principal sum of One Hundred Sixty-five Thousand Two Hundred Twenty-two and 73/100 Dollars ($165,222.73),
in lawful money of the United States of America, all as hereinafter provided and upon the following agreements, terms and conditions. 

        Interest Rate.    The entire principal balance of this Note shall bear interest at a rate equivalent to the Prime rate as that
rate may be published from time to time by the Wall Street Journal (4.75% as of the date of this Note) plus three percent (3%) per annum. The interest rate shall be adjusted in accordance with such
periodic movements in the Prime rate as shall occur during the term of this Note. 

        Maturity.    The entire principal balance of this Note and all accrued but unpaid interest shall be due and payable on or before
October 31, 2005 or such earlier date as Maker's employment with Cutter & Buck, Inc. shall be terminated for Cause as that term is defined in the Transition and Release Agreement
between Maker and Cutter & Buck, Inc. dated April 25, 2002. The entire principal balance of this Note may be prepaid at any time without penalty. 

        Quarterly Payments.    Subject to any payment changes resulting from a change in the Prime rate, Maker will make payments under
this Note in accordance with the following schedule: All accrued interest hereunder shall be due and payable on October 31, 2002, and all additional accrued interest hereunder (approximately
Three Thousand Two Hundred and no/100 Dollars ($3,200.00) at the current interest rate) shall then be payable quarterly thereafter on each subsequent January 31, April 30,
July 31 and October 31 until October 31, 2005, at which time the entire principal balance together with all accrued and unpaid interest shall be due in full. 

        Place of Payment.    All payments pursuant to this Note shall be made to Holder at 2701 First Avenue, Suite 500, Seattle,
Washington 98121, or such other address as Holder may hereafter designate from time to time. 

        Default; Default Interest.    If Maker fails to pay this Note in strict accordance with its terms, or if Maker otherwise
defaults under this Note, this Note shall bear interest from the date of default by Maker until the default is fully cured at a default interest rate ("Default Rate") equal to the Prime rate plus
eight percent (8%) per annum. Notwithstanding the foregoing, if Maker defaults as described in this paragraph, at the option of Holder, this entire Note shall become immediately due and payable. After
acceleration, this Note shall bear interest at the Default Rate. Notwithstanding the provisions of this paragraph, Holder shall retain the right to waive any term of this Note or any isolated event of
default, which waiver shall not be deemed to apply to any subsequent default under the terms of this Note. 

        Security.    This Note and the amounts due hereunder are secured by a Stock Pledge Agreement of even date herewith (the "Pledge
Agreement"), executed and delivered by Maker to Holder. Maker agrees to perform and comply with all of the agreements, terms and conditions of the Pledge Agreement. 

        Applicable Law.    This Note shall be construed in accordance with and governed by the laws of the State of Washington. 

C-1

 

        Successors and Assigns.    This Note shall inure to the benefit of Holder and any successor or assignee of Holder. This Note
shall be binding upon Maker and Maker's successors, assignees, personal representatives and heirs. 

        Costs and Expenses.    Maker shall pay all costs and expenses which Holder may incur in connection with this Note because of
Maker's default, including, without limitation, the following costs: (a) reasonable attorneys' fees for legal services incurred by Holder in connection with any default by Maker relating to any
determination of any rights or remedies of Holder; and (b) reasonable attorneys' fees for any actions, proceedings, reviews or appeals therefrom which Holder may institute or in which Holder
may appear or participate. 

        Liability.    Maker hereby waives demand, presentment for payment, notice of intention to accelerate the maturity, protest and
notice of protest and nonpayment. Maker hereby further agrees that none of the following events (with or without notice) shall diminish, impair or otherwise affect his liability with respect to this
Note: (a) any modification or extension of the terms of this Note; or (b) any release of any party liable pursuant to this Note. 

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

	

	
 	

 
	 	 	
 Harvey N. Jones, Maker

C-2

   EXHIBIT D 

STOCK PLEDGE AGREEMENT  

        This Stock Pledge Agreement (the "Agreement") is dated April 25, 2002 and is between Harvey N. Jones ("Pledgor") and Cutter & Buck, Inc.
("Secured Party"). 

RECITALS 

        A.    During
the course of Pledgor's employment with Secured Party, Pledgor received grants of restricted shares of Common Stock (collectively the "Share Grant"), in the amount
of Thirty-two Thousand Six Hundred Fifty (32,650) shares. These shares will vest as follows: Fourteen Thousand (14,000) shares on May 2, 2002; Four Thousand Six Hundred Fifty
(4,650) shares on June 30, 2002 (pursuant to two distinct grants); and Fourteen Thousand (14,000) shares on November 2, 2002. 

        B.    At
the time of execution of this Agreement, Secured Party accepted two promissory notes dated April 25, 2002, one having a principal balance of One Hundred
Sixty-five Thousand Two Hundred Twenty-two and 73/100 Dollars ($165,222.73) and the other having a principal balance of Eighty Thousand and no/100 Dollars ($80,000.00)
(collectively, the "Notes") from Pledgor. To induce Secured Party to accept the Notes, Pledgor agrees to pledge the shares to be received upon vesting of the Share Grant to Secured Party as security
for payment. 

AGREEMENT 

        Therefore,
the parties agree as follows: 

        1.    Pledgor
hereby pledges and assigns to Secured Party all shares of Common Stock to be issued upon vesting of the Share Grant (the "Shares"). Pledgor agrees that the Shares
shall be retained by Secured Party upon issuance. Upon execution of this Pledge Agreement, Pledgor will execute in blank and deliver to Secured Party Assignments Separate from Certificate in the forms
attached hereto as Exhibit A, Exhibit B, Exhibit C and Exhibit D.

        2.    Secured
Party agrees to hold the Shares as security for full payment and performance when due of all Pledgor's obligations under the Notes ("Obligations"). 

        3.    Pledgor
covenants that, until all Obligations have been satisfied in full or released, Pledgor will not sell, convey or otherwise dispose of any of the Shares or any
interest therein or create, incur or permit to exist any pledge, mortgage, lien, charge, encumbrance or any other security interest in or with respect to any of the Shares or their proceeds, other
than as created by this Pledge Agreement. 

        4.    So
long as Pledgor is not in default on any Obligation, Pledgor will have the right to exercise all voting rights and receive any dividends or other sums paid with
respect to the Shares. 

        5.    In
the event of merger, consolidation, reorganization, dissolution or liquidation of the Secured Party, or if any redemption, reclassification, readjustment or other
change is made or declared in the capital structure of the Secured Party or the Shares, Secured Party agrees to retain in lieu of the Shares such other securities or physical assets as are issued or
paid in exchange for the Shares. That substitute collateral will be held by Secured Party under the terms of this Pledge Agreement in the same manner as the original Shares (and will hereinafter be
included in the term "Shares"). 

        6.    For
the purpose of assisting Pledgor with tax planning, Pledgor shall have the right to pledge additional shares of Cutter & Buck Common Stock to Secured Party in
exchange for the release of that same number of shares from this Pledge Agreement. 

        7.    In
the event of any default under the Notes, Secured Party may foreclose or otherwise enforce Secured Party's security interest in the Shares in any manner permitted by
law. Pledgor agrees that ten 

D-1

 

days from the time notice is given, by mail or otherwise, is a reasonable period of notification of a sale or other disposition of the Shares. At any private or public sale, Secured Party may
purchase any part of the Shares, free of any right of redemption on the part of Pledgor, whether by canceling any or all of the Obligations of Pledgor to the Secured Party, or otherwise. 

        8.    No
delay or omission to exercise any right, remedy or power will impair the same or be construed to be a waiver of any default under the Notes, or any acquiescence
therein, nor will any such delay or omission affect Secured Party's right to the Shares. 

        9.    Upon
release or satisfaction of Pledgor's Obligations, Secured Party will endorse and transfer to Pledgor all of the Shares (or substitute collateral, as the case may be)
and all rights received by Secured Party, if any, as a result of the pledge. 

        10.  Any
notice or communication under this Pledge Agreement will be effective only if in writing and delivered in person, by overnight courier service, facsimile
transmission, or mailed by registered or certified mail return receipt requested postage prepaid to the addressee's address below or to any other address the addressee may have notified the sender
beforehand referring to this Pledge Agreement. All notices and communications will be deemed given when delivered in person or overnight courier service, three days after mailing if mailed, or when
sent by facsimile transmission if confirmation is received. 

        11.  This
Pledge Agreement is binding upon the parties, their heirs, personal representatives, successors and assigns, and may not be modified except in writing signed by all
parties. No consent or waiver, express or implied, by Secured Party will be deemed to be a consent or waiver to any other breach or default of the same or any other provision of this Pledge Agreement.
This Pledge Agreement shall be governed by, and enforced in accordance with, the laws of the State of Washington. 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

	PLEDGOR:	 	SECURED PARTY:

Cutter & Buck, Inc.
	

 Harvey N. Jones

1415 E. Roy Street

Seattle, Washington 98112	
 	

 Fran Conley, CEO

2701 First Avenue

Seattle, Washington 98121

D-2

 
EXHIBIT A  

 ASSIGNMENT SEPARATE FROM CERTIFICATE

(COMMON STOCK)  

        For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on May 2, 2002 pursuant to that certain Restricted Stock Award Number 292 dated April 21, 2001, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement. 

        Dated
this 25th day of April 2002. 

	

	
 	

 
	 	 	
 Harvey N. Jones

D-3

 
EXHIBIT B  

 ASSIGNMENT SEPARATE FROM CERTIFICATE

(COMMON STOCK)  

        For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on June 30, 2002 pursuant to that certain Restricted Stock Award Number 307 dated June 30, 2000, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement. 

        Dated
this 25th day of April 2002. 

	

	
 	

 
	 	 	
 Harvey N. Jones

D-4

 
EXHIBIT C  

 ASSIGNMENT SEPARATE FROM CERTIFICATE

(COMMON STOCK)  

        For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on June 30, 2002 pursuant to that certain Restricted Stock Award Number 314 dated June 30, 2000, and
does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the
premises. This Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in
accordance with Section 9 of the Agreement. 

        Dated
this 25th day of April 2002. 

	

	
 	

 
	 	 	
 Harvey N. Jones

D-5

 
EXHIBIT D  

 ASSIGNMENT SEPARATE FROM CERTIFICATE

(COMMON STOCK)  

        For value received, the undersigned hereby sells, assigns and transfers
unto                        the undersigned's rights and interests in those shares of Common
Stock of Cutter & Buck, Inc. (the "Company") to be vested and acquired on November 2, 2002 pursuant to that certain Restricted Stock Award Number 292 dated April 21, 2001,
and does hereby irrevocably constitute and appoint any officer of the Company as his attorney to transfer the same on the books of the Company with full power of substitution in the premises. This
Assignment Separate from Certificate is executed in accordance with that certain Stock Pledge Agreement dated April 25, 2002 (the "Agreement"), and is subject to termination in accordance with
Section 9 of the Agreement. 

        Dated
this 25th day of April 2002. 

	

	
 	

 
	 	 	
 Harvey N. Jones

D-6

QuickLinks

Exhibit 10.25

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