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Exhibit 10.11.2

FIRST AMENDMENT TO LEASE

THIS FIRST AMENDMENT TO LEASE (this “Amendment”) is made and entered into as of May 1, 2020, between 175 CREMONA TRAMCO, LLC, a California limited liability company, 175 CREMONA CANWOOD, LLC, a California limited liability company, and 175 CREMONA SIMONE, LLC, a California limited liability company (collectively “Landlord”), and RESONANT INC., a Delaware corporation (“Tenant”).

RECITALS

A.    Landlord (as successor in interest to UNIVERSITY BUSINESS CENTER ASSOCIATES, a California general partnership) and Tenant are parties to that certain Standard Commercial Lease dated May 14, 2018 (the “Original Lease”).  Pursuant to the Original Lease, Landlord has leased to Tenant space currently containing approximately 27,037 rentable square feet (the “Premises”) described as Suite No(s). 200, 220 and 240 on the second floor of the building located at 175 Cremona Drive, in Goleta, California.

B.    As a result of the COVID-19 virus outbreak and its impact on Tenant’s business, including Tenant’s restricted ability to use the Premises as contemplated by the Original Lease, Tenant has requested that Landlord agree to defer payment of rent and additional rent and provide for payment of the deferred amounts over an extended lease term.

C.    Landlord and Tenant desire to amend the Original Lease to, among other things, defer payment of rent and other charges due and owing by Tenant to Landlord under the Original Lease and extend the term of the Lease (the “Term”), in accordance with the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

1.    Extension of Term.

1.1    First Amendment Extended Term.  Notwithstanding any provision to the contrary contained in the Original Lease, the Term is hereby extended through and including November 30, 2024 (the “First Amendment Expiration Date”) on the terms and conditions set forth in this Amendment.  The period commencing on May 1, 2020 (the “First Amendment Commencement Date”) and ending on the First Amendment Expiration Date may be referred to herein as the “First Amendment Extended Term”.  Except as expressly provided to the contrary herein, for purposes of Tenant’s duties, obligations and liabilities under the Lease, the First Amendment Extended Term shall be part of the Term.

1.2    Base Rent and Additional Rent During the First Amendment Extended Term.  Effective as of the First Amendment Commencement Date and continuing throughout the First Amendment Extended Term, Tenant shall pay Base Rent 

Exhibit 10.11.2

with respect to the Premises for an applicable period in accordance with the first column of the Revised Rent Schedule (as defined in Section 2 below) for such period. Such Base Rent shall be payable in accordance with the terms and conditions of the Original Lease, as hereby amended. During the First Amendment Extended Term, Tenant shall pay Additional Rent as required under the Original Lease, as hereby amended.

2.    Base Rent. Tenant and Landlord agree that Tenant will defer payment of the Base Rent with respect to the Rent Relief Period (defined below), and that the Base Rent not paid by Tenant to Landlord during the Rent Relief Period (the “Deferred Base Rent”) shall be paid to Landlord on an amortized basis over the balance of the current Term (as extended pursuant to Section 1 above), commencing on August 1, 2020 in accordance with the updated rent schedule attached hereto as Exhibit A (the “Revised Rent Schedule”).  Such Revised Rent Schedule shall reflect the (i) amount of the Base Rent which was due and owing under the Lease prior to this Amendment (but taking into account additional payments due as a result of the extension of the Term pursuant to Section 1 above), (ii) the amortized amount of the Deferred Base Rent that is due and payable and (iii) the total of such amounts.  The “Rent Relief Period” shall mean the period from May 1, 2020 to July 31, 2020.

3.    Additional Rent. Tenant and Landlord agree that Tenant will defer payment of the estimated amounts of Operating Expenses due and owing under the Lease with respect to the Rent Relief Period (such unpaid amounts to be collectively herein referred to as the “Deferred Additional Rent”), and that Tenant shall nonetheless be responsible for paying to Landlord, in connection with the reconciliation of Operating Expenses in the calendar year 2021 (with respect to Operating Expenses incurred during the calendar year 2020), the amount by which Tenant’s share of the actual Operating Expenses for which Tenant would have been responsible under the Lease for the calendar year 2020 (absent such non-payment by Tenant) exceeds the amounts actually received by Landlord as estimated payments during the calendar year 2020.

4.    Repayment of Deferred Rent. Subject to applicable law, all Deferred Base Rent and Deferred Additional Rent shall immediately and automatically become due if and only if (i) Tenant defaults under the Lease beyond any applicable notice or cure period; (ii) Tenant breaches Section 5.2 below; (iii) the Lease is terminated before its scheduled expiration date; (iv) a prohibited assignment of the Lease or a sublease of all or any portion of the Premises occurs; (v) Tenant transfers all or substantially all of its assets to a third party in violation of the terms of the Lease; (vi) Tenant makes an assignment for the benefit of creditors; or (vii) a receiver, liquidator or trustee is appointed for Tenant, or Tenant is adjudicated a bankrupt or insolvent, or any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, is filed by or against, consented to, or acquiesced in by, Tenant, or any proceeding for the dissolution or liquidation of Tenant is instituted (and, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Tenant, the same is not discharged, stayed or dismissed within 30 days).  The determination of the amount of Deferred Base Rent and Deferred Additional Rent due and owing by Tenant to Landlord upon the occurrence of any of the items listed in the 

Exhibit 10.11.2

preceding sentence shall be made by Landlord in good faith and such good faith determination by Landlord shall be deemed final and binding on the parties, absent manifest error.
 
5.    Miscellaneous.

5.1    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. Tenant shall not be entitled, in connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided in this Amendment.

5.2    Tenant agrees that neither Tenant nor its agents or any other parties acting on behalf of Tenant shall disclose any matters set forth in this Amendment or disseminate or distribute any information concerning the terms, details or conditions hereof to any person, firm or entity without obtaining the express written consent of Landlord (to be given or withheld by Landlord in its sole discretion). There shall be excluded from this obligation any filing required by the Securities and Exchange Commission or any other disclosure required by law. 

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

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

5.5    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 it to Tenant.

5.6    Initially capitalized terms used but not defined in this Amendment shall have the meanings given in the Original Lease. The term “Lease” where used in the Original Lease and this Amendment shall refer to the Original Lease, as amended hereby.

5.7    Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment. Landlord shall indemnify and hold Tenant, its trustees, 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 claiming to have represented Landlord in connection with this Amendment.  Within fifteen (15) days following Landlord's written request 

Exhibit 10.11.2

therefor, Tenant shall reimburse Landlord for attorneys' fees incurred by Landlord in connection with the preparation and/or negotiation of this Amendment.  Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord, and not as agent for Tenant.

5.8    Tenant warrants, represents and certifies to Landlord that as of the date of this Amendment, (a) Landlord is not in default under the Lease, and (b) except as otherwise expressly provided in this Amendment, Tenant does not have any defenses or offsets to payment of rent and performance of its obligations under the Lease as and when same becomes due.

5.9    Subject to the terms of all applicable laws, Landlord reserves all rights and remedies under the Lease, at law or in equity, to collect all accrued and future rent due and owing under the Lease, including without limitation, Operating Expense reconciliation amounts billed to Tenant during the Rent Relief Period.

5.10    Each party hereto, and their respective successors and assigns shall be authorized to rely upon the signatures of all of the parties hereto on this Amendment which are delivered by facsimile or PDF as constituting a duly authorized, irrevocable, actual, current delivery of this Amendment with original ink signatures of each person and entity. This Amendment may be executed in counterparts, each of which shall be deemed an original part and all of which together shall constitute a single agreement.

[SIGNATURES ARE ON FOLLOWING PAGE]

Exhibit 10.11.2

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

LANDLORD:

175 CREMONA TRAMCO, LLC, 
a California limited liability company

By:         /S/ David Fradin                           
Name:    David Fradin 
Title:      Manager

175 CREMONA CANWOOD, LLC, 
a California limited liability company

By:         /S/ David Fradin                           
Name:    David Fradin 
Title:      Manager

175 CREMONA SIMONE, LLC, 
a California limited liability company

By:         /S/ David Fradin                           
Name:    David Fradin 
Title:      Manager

TENANT:

RESONANT INC., 
a Delaware corporation

By:          /S/ Martin S. McDermut             
Name:     Martin S. McDermut 
Title:       Chief Financial Officer

Exhibit 10.11.2

EXHIBIT A

Revised Rent Schedule

												
	Period
	Monthly Base Rent
	Monthly Deferred Base Rent
	Monthly Total Base Rent

	05/01/20 – 07/31/20
	$41,772.17
	($41,772.17)
	$0.00

	08/01/20 – 07/31/21
	$43,025.33
	$2,409.93
	$45,435.26

	08/01/21 – 07/31/22
	$44,316.09
	$2,409.93
	$46,726.02

	08/01/22 – 07/31/23
	$45,645.58
	$2,409.93
	$48,055.51

	08/01/23 – 11/30/24
	$47,014.94
	$2,408.93
	$49,424.87Exhibit 4.1
DESCRIPTION OF SIERRA BANCORP COMMON STOCK
General
The authorized capital stock of Sierra Bancorp consists of 24,000,000 shares of common stock, no par value, and 10,000,000 shares of serial preferred stock, no par value. The Sierra Bancorp preferred stock may be divided into such number of series as Sierra Bancorp’s board of directors may determine. Sierra Bancorp’s board of directors is authorized to determine and alter the rights, preferences, privileges and restrictions granted to and imposed upon any wholly unissued series of Sierra Bancorp preferred stock, and to fix the number of shares of any series of Sierra Bancorp preferred stock and the designation of any such series of Sierra Bancorp preferred stock. Sierra Bancorp’s board of directors, within the limits and restrictions stated in any resolution or resolutions of Sierra Bancorp’s board of directors originally fixing the number of shares constituting any series, may increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series subsequent to the issue of shares of that series.
Voting Rights
All voting rights are vested in the holders of Sierra Bancorp’s common stock. Each shareholder is entitled to one vote per share on any issue requiring a vote at any meeting, and will be entitled to participate in any liquidation, dissolution, or winding up on the basis of his or her pro rata share holdings. Shareholders are not entitled to cumulative voting in the election of directors.
Dividends
After the preferential dividends upon all other classes and series of stock entitled thereto shall have been paid or declared and set apart for payment and after Sierra Bancorp shall have complied with all requirements, if any, with respect to the setting aside of sums as a sinking fund or for a redemption account on any class of stock, then the holders of Sierra Bancorp’s common stock are entitled to such dividends as may be declared by Sierra Bancorp’s board of directors out of funds legally available therefore under the laws of the State of California.
Miscellaneous
Sierra Bancorp’s common stock has no conversion or redemption rights or sinking fund provisions applicable to it. The common stock does not have preemptive rights; therefore, future shares of common stock may be offered to the investing public or to existing shareholders, in the discretion of Sierra’s Board of Directors, and existing shareholders will not have the right to maintain their current percentage ownership in our common stock. In addition, the shares of common stock:
		●	are not deposit accounts and are subject to investment risk;

		●	are not insured or guaranteed by the FDIC or any other government agency; and

​

		●	are not guaranteed by Sierra Bancorp or Bank of the Sierra.

Anti-takeover Provisions
The California General Corporation Law does not provide for any specific anti-takeover provisions. Sierra Bancorp’s Articles of Incorporation provide for staggered terms of office for members of the board of directors; no cumulative voting in the election of directors; and the requirement that its board of directors consider the potential social and economic effects on our employees, depositors, customers and the communities we serve as well as certain other factors, when evaluating a possible tender offer, merger or other acquisition of Sierra Bancorp. These provisions make it more difficult for another company to acquire Sierra Bancorp, which could cause shareholders to lose an opportunity to be paid a premium for their shares in an acquisition transaction and reduce the current and future market price of Sierra Bancorp common stock.
Restrictions on Ownership
The Bank Holding Company Act generally prohibits any company that is not engaged in banking activities and activities that are permissible for a bank holding company or a financial holding company from acquiring control of a bank holding company, such as Sierra Bancorp. “Control” is generally defined as ownership of 25% or more of the voting stock or other exercise of a controlling influence. Any existing bank holding company would need the prior approval of the Federal Reserve before acquiring 5% or more of the voting stock of Sierra Bancorp. In addition, the Change in Bank Control Act of 1978, as amended, prohibits a person or group of persons from acquiring control of a bank holding company unless the Federal Reserve has been notified and has not objected to the transaction. Under a rebuttable presumption established by the Federal Reserve, the acquisition of 10% or more of a class of voting stock of a bank holding company with a class of securities registered under Section 12 of the Exchange Act, such as Sierra Bancorp, could constitute acquisition of control of the bank holding company.

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