Document:

Prepared by MERRILL CORPORATION

 

 

 

 

Capital Corp of the West

 

1992

Stock Option Plan

 

 

Table of Contents

 

	

  ARTICLE

  	

  1.0

  	

  INTRODUCTION

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  2.0

  	

  ADMINISTRATION

  
	

   

  	

  2.1

  	

  The Committee

  
	

   

  	

  2.2

  	

  Disinterested Directors

  
	

   

  	

  2.3

  	

  Committee Responsibilities

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  3.0

  	

  LIMITATION ON AWARDS

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  4.0

  	

  ELIGIBILITY

  
	

   

  	

  4.1

  	

  General Rule

  
	

   

  	

  4.2

  	

  Non-employee Directors

  
	

   

  	

  4.3

  	

  Ten-Percent Shareholders

  
	

   

  	

  4.4

  	

  Attribution Rules

  
	

   

  	

  4.5

  	

  Outstanding Stock

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  5.0

  	

  TERMS OF OPTIONS

  
	

   

  	

  5.1

  	

  Stock Option Agreement

  
	

   

  	

  5.2

  	

  Options Non-transferable

  
	

   

  	

  5.3

  	

  Number of Shares; Tax

  Status

  
	

   

  	

  5.4

  	

  Exercise Price

  
	

   

  	

  5.5

  	

  Exercisability and Term

  
	

   

  	

  5.6

  	

  Modification,

  Extension and Assumption of Options

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  6.0

  	

  PAYMENT FOR OPTION

  SHARES

  
	

   

  	

  6.1

  	

  General Rule

  
	

   

  	

  6.2

  	

  Surrender by Stock

  
	

   

  	

  6.3

  	

  Exercise / Sale

  
	

   

  	

  6.4

  	

  Other Forms of Payment

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  7.0

  	

  PROTECTION

  AGAINST DILUTION

  
	

   

  	

   

  	

   

  
	

   

  	

  7.1

  	

  General

  
	

   

  	

  7.2

  	

  Reorganization

  
	

   

  	

  7.3

  	

  Reservation of Rights

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  8.0

  	

  LIMITATION OF RIGHTS

  
	

   

  	

  8.1

  	

  Employment Rights

  
	

   

  	

  8.2

  	

  Shareholder’s rights

  
	

   

  	

  8.3

  	

  Government Regulations

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  9.0

  	

  WITHHOLDING TAXES

  
	

   

  	

  9.1

  	

  General

  
	

   

  	

  9.2

  	

  Shares Withholding

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  10.0

  	

  FUTURE OF THE PLAN

  
	

   

  	

  10.1

  	

  Term of the Plan

  
	

   

  	

  10.2

  	

  Amendment or Termination

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  11.0

  	

  DEFINITION

  
	

   

  	

   

  	

   

  
	

  ARTICLE

  	

  12.0

  	

  EXECUTION

  

 

 

CAPITAL

CORP OF THE WEST

1992 STOCK OPTION PLAN

 

ARTICLE 1. 

INTRODUCTION

 

                The

Plan was adopted by the Board on march 26, 1992 subject to approval by the

Company’s shareholders at the 1992 annual meeting of shareholders.  The purpose of the Plan is to promote the

long-term success of the Company in the creation of shareholder value by (a)

encouraging Nonemployee Directors and Key Employees to focus on critical

long-range objectives, (b) encouraging the attraction and retention of

Non-employee Directors and Key Employees with exceptional qualifications and

(c) linking Nonemployee Directors and Key Employees directly to shareholder

interest through increased stock ownership. 

The Plan seeks to achieve this purpose by providing for awards in the

form of Options, which may constitute incentive stock options or non-statutory

stock options.

 

                The Plan shall be

governed by, and construed in accordance with, the laws of the State of

California.

 

 

ARTICLE 2.  ADMINISTRATION.

 

2.1           The

Committee.  The

Plan shall be administered by the Committee. 

The Committee shall consist only of two or more disinterested directors

of the Company, who shall be appointed by the Board.

 

2.2           Disinterested Directors.  A person shall be deemed to be

“disinterested” even if he or she, during the twelve months before serving on

the Committee, has been granted or awarded equity securities under this Plan or

under any other plan of the Company or an affiliate of the Company.

 

2.3           Committee Responsibilities.  The Committee shall select the Non-employee

Directors and Key Employees who are to receive Option under the Plan, determine

the number, vesting requirements and other conditions of such Options,

interpret the Plan, and make all other decisions related to the operation of

the Plan.  The committee may adopt such

rules or guidelines as it deems appropriate to implement the Plan.  The Committee’s determinations under the

Plan shall be binding on all persons.

 

 

ARTICLE 3. 

LIMITATION ON AWARDS.

 

 

The aggregate number of Options awarded under the Plan

shall not exceed 597,002.  If any

Options are forfeited, lapse, or terminate for any reason before being

exercised, then such Options shall again become available for award under the

Plan.  The limitation of this Article 3

shall be subject to adjustment pursuant to Article 7.

 

ARTICLE 4.

ELIGIBILITY.

 

4.1           General

Rule.  Only

Non-employee Directors and Key Employees shall be eligible for designation as

Optionees by the Committee.  In addition,

only Key Employees shall be eligible for the grant of ISOs.

 

4.2           Nonemployee Directors.  Any other provision of the Plan

notwithstanding, the participation of Non-employee Directors in the Plan shall

be subject to the following restrictions provided, however, that the Company

may vary any of the following restrictions, either at the time at Option is

granted or subsequently, on a case-by-case basis, as the Committee deems

appropriate in its discretion:

 

(a)           Nonemployee Directors shall receive

no grants other than NSOs described in this Section 4.2.

	

  (b)

  	

  (i)

  	

  Each Nonemployee

  Director shall receive an NSO covering 7,000 Common Shares on May 12, 1992,

  if he or she is serving as a member of the Board on that date;

  
	

   

  	

  (ii)

  	

  each Nonemployee

  Director who first joins the Board after May 12, 1992, shall receive an NSO

  covering 3,000 Common Shares on the first business day after his or her

  initial election or appointment to the Board and shall receive an NSO

  covering an additional 3,000 Common Shares on the first business day after

  the fifth anniversary of his or her initial election or appointment to the

  Board; and

  
	

   

  	

  (iii)

  	

  each Nonemployee

  Director shall receive an annual NSO grant covering 3,000 Common Shares each

  year beginning in January 2001 and until such time as the Board shall alter

  the Board Compensation Plan

  
	

   

  	

  (The number of

  Common Shares included in an NSO granted under this Subsection (b) shall be

  subject to adjustment under Artivle 7.)

  

(c)           Fifty percent of each NSO granted

under Subsection (b)  above shall become

exercisable immediately upon the date of grant and the remaining fifty percent

shall become exercisable in equal annual installments on the first and second

anniversaries of the date of grant.

(d)           All NSOs granted to a Nonemployee

Director under this Section 4.2 shall also become exercisable in full in the

event of (i) the termination of such Nonemployee Director’s service because of

death, total and permanent disability or retirement at or after age 70 or (ii)

a Change in Control with respect to the Company.

(e)           The Exercise Price under all NSOs

granted to all Nonemployee Directors under this Section 4.2 shall be equal to

100 percent of the Fair Market Value of a Common Share on the date of grant,

payable in cash or in one of the forms described in Sections 6.2 or 6.3.

(f)            All NSOs granted to a Nonemployee

Director under this Section 4.2 shall terminate on the earliest of (i) the 10th

anniversary of the date of grant, (ii) the date three months after the

termination of such Nonemployee Director’s service for any reason other that

death or total and permanent disability or (iii) the date 12 months after the

termination of such Nonemployee Director’s service because of death or total

and permanent disability.

 

4.3           Ten-Percent Shareholders. 

A Key Employee who owns more than 10 percent of the total combined

voting power of all classes of outstanding stock of the Company or any of its

Subsidiaries shall not be eligible for the grant of an ISO unless (a) the

Exercise Price under such ISO is at least 110 percent of the Fair Market Value

of a Common Share on the date of grant and (b) such ISO by its terms is not

exercisable after the expiration of five years from the date of grant.

 

4.4           Arbitration

Rules.  For purposes of Section 4.3, in determining

stock ownership, a Key Employee shall be deemed to own the stock (directly or

indirectly) by or for his or her brothers, sisters, a spouse, ancestors and

lineal descendents.  Stock owned

(directly or indirectly) by or for a corporation, partnership, estate or trust

shall be deemed to be owned proportionately by or for its shareholders,

partners or beneficiaries.  Stock with

respect to which Key Employee holds an option shall not be counted.

 

4.5           Outstanding

Stock. 

For purposes of Section 4.3, “outstanding stock” shall include all stock

actually issued and outstanding immediately after the grant of the ISO to the

Key Employee.  “Outstanding stock” shall

not include shares authorized for issuance under outstanding options held by

the Key Employee or by any other person.

 

ARTICLE 5. 

TERMS OF OPTIONS.

 

5.1           Stock Option Agreement.  Each grant of

an Option under the Plan shall be evidenced by a Stock Option Agreement between

the Optionee and the Company.  Such

Option shall be subject to all applicable terms and conditions of the Plan and

may be subject to any other terms and conditions which are not inconsistent

with the Plan and which the Committee deems appropriate for inclusion in a

Stock Option Agreement.  The Provisions

of the various Stock Option Agreements entered into under the Plan need not be

identical.  If the Optionee is a Key

employee, the Committee may designate all or any part of the Option as an ISO.

 

5.2           Options Non-transferable.  No Option

granted under the Plan shall be transferable by the Optionee other than by

will, by a beneficiary designation executed by the Optionee and delivered to

the Company or by the laws of descent and distribution.  An Option may be exercised during the

lifetime of the Optionee only by him or her or by his or her legal representative.  No Option or interest therein may be

transferred, assigned, pledged or hypothecated by the Optionee during his or

her lifetime, whether by operation of law or otherwise, or be made subject to

execution, attachment or similar process.

 

5.3           Number of Shares; Tax Status.  Each Stock

Option Agreement shall specify the number of Shares subject to the Option and

shall provide for the adjustment of such number in accordance with Article

7.  The Stock Option Agreement shall

also specify whether the Option is an ISO or an NSO.

 

                5.4           Exercise

Price.  Each Stock Option

Agreement shall specify the Exercise Price. 

The Exercise Price under an ISO shall not be less than 100 percent of

the Fair Market Value of a Common Share on the date of grant, except as otherwise

provided in Section 4.3.  The Exercise

Price under an NSO shall not be less than 100 percent of the Fair Market Value

of a Common Share on the date of grant. 

Subject to the preceding two sentences, the Exercise Price under any

Option shall be determined by the Committee. 

The Exercise Price shall be payable in accordance with Article 6.

 

5.5           Exercisablility

and Term. 

Each Stock Option Agreement shall specify the date when all or any

installments of the Option is to become exercisable and shall provide for

immediate exercisability of the entire Option in the event of any Change in

Control with respect to the Company. 

The Stock Option Agreement shall also specify the term of the Option.  The term of an Option shall in no event

exceed 10 years from the date of grant, and Section 4.3 may require a shorter

term for an ISO.  Subject to this

Section 5.5, the Committee shall determine when all or any part of an Option is

to become exercisable and when such Option is to expire.  A Stock Option Agreement may provide for

accelerated exercisability upon the Optionee’s death, disability or retirement

or other events and may provide for expiration prior to the end of its term in

the event of termination of the Optionee’s service.

 

                5.6           

Modification, Extension and Assumption of Options.  Within the limitations of the Plan, the

Committee may modify, extend or assume outstanding options or may accept the

cancellation of outstanding options (whether granted by the Company or by

another issuer) in return for the grant of new options for the same or a

different number of shares and at the same or different exercise price.  The foregoing notwithstanding, no

modification of an Option shall, without the consent of the Optionee, alter or

impair his or her rights or obligations under such Option.

 

ARTICLE 6. 

PAYMENT FOR SHARES.

 

                6.1           General

Rule.  The entire

Exercise Price of Common Shares issued upon exercise of Options shall be

payable in cash at the time when such Common Shares are purchased, except as

follows:

 

                                (a)           In the case of an ISO, granted under

the Plan, payment shall be made only pursuant to the express provisions of the

applicable Stock Option Agreement. 

However, the Committee may specify in the Stock Option Agreement that

payment may be made pursuant to Section 6.2, 6.3 or 6.4.

 

(b)           In the case of an NSO, the Committee

may at any time accept payment pursuant to Section 6.2, 6.3 or 6.4.

 

                6.2           Surrender

of Stock.  To the extent

that this Section 6.2 if applicable, payment for all or any part of the

Exercise Price may be made with Common Shares which have already been owned by

the Optionee for more than six months and which are surrendered to the

Company.  Such Common Shares shall be

valued at  Fair Market Value on the date

when the new Common Shares are purchased under the Plan.

 

                6.3           Exercise/Sale.  To the extent that this Section 6.3 is

applicable, payment may be made by the delivery (on a form prescribed by the

Company) of an irrevocable direction to a securities broker approved by the

Company to sell Common Shares and to deliver all or part of the sales proceeds

to the Company in payment for all or part of the Exercise Price and any

withholding taxes.

 

                6.4           Other

Forms of Payment.  To the

extent that this Section 6.4 is applicable, payment may be made in any other

form approved by the Committee, consistent with applicable laws, regulations

and rules.

 

ARTICLE 7. 

PROTECTION AGAINST DILUTION.

 

7.1           General.    In the event of a subdivision of the

outstanding Common Shares, the declaration of a dividend payable in Common

Shares, the declaration of a dividend payable in a form other than Common

Shares in an amount that has a material effect on the price of the Common

Shares, a combination or consolidation of the outstanding Common Shares (by

reclassification or otherwise) into a lesser number of Common Shares, the

recapitalization, a spinoff or a similar occurrence, the Committee shall make

appropriate adjustments in one or more of (a) the number of Options available

for future awards under Article 3, (b) the number of Options included in awards

to Non-employee Directors under Section 4.2, (c) the number of Common Shares

covered by each outstanding Option or, (d) the Exercise Price under each

outstanding Option.

 

                7.2           Reorganizations.  In the event that the Company is a party to

a merger or other reorganization, outstanding Options shall be subject to the

agreement of merger or reorganization. 

Such agreement may provide, without limitation, for the assumption of

the outstanding Options by the surviving corporation or its parent, for their

continuation by the Company (if the Company is a surviving corporation), for

accelerated vesting or for settlement in cash.

 

7.3           Reservation

of Rights.  Except

as provided in this Article 7, a Participant shall have no rights by reason of

any subdivision or consolidation of shares of stock of any class, the payment

of any stock dividend or any other increase or decrease in the number of shares

of stock of any class.  Any issue by the

Company of shares of stock of any class, or securities convertible into shares

of stock of any class, shall not affect, and no adjustment by reason thereof

shall be made with respect to, the number or Exercise Price of Common Shares

subject to an Option.  The grant of an

Option pursuant to the Plan shall not affect in any way the right or power of

the Company to make adjustments, reclassifications, reorganizations or changes

of its capital or business structure, to merge or consolidate or to dissolve,

liquidate, sell or transfer all or any part of its business or assets.

 

ARTICLE 8. 

LIMITATION OF RIGHTS.

 

                8.1           Employment

Rights.  Neither the Plan nor

any Option granted under the Plan shall be deemed to give any individual a

right to remain an employee or director of the Company or a Subsidiary.  The Company and its Subsidiaries reserve the

right to terminate the service of any employee or director at any time, with or

without cause, subject only to a written employment agreement (if any).

 

8.2           Shareholders’

Rights.  An

Optionee shall have no dividend rights, voting rights or other rights as a

shareholder with respect to any Common Shares covered by his or her Option

prior to the issuance of a stock certificate for such Common Shares.  No adjustment shall be made for cash

dividends or other rights for which the record date is prior to the date when

such certificate is issued, except as expressly provided in Article 7.

 

8.3           Government

Regulations.  

Any other provision of the Plan notwithstanding, the   obligations of the Company with respect to

Common Shares to be issued pursuant to the Plan shall be subject to all

applicable laws, rules and regulations and such approvals by any governmental

agencies or stock exchanges as may be required.  The Company reserves the right to restrict, in whole or in part, the

delivery of Common Shares pursuant to any Option until such time as any legal

requirements or regulations have been met relating to the issuance of such

Common Shares, to their registration or qualification (or exemption from

registration or qualification) under the Securities Act, 1933, as amended, or

any applicable state securities laws, or to their listing on any stock

exchange.

 

ARTICLE 9. 

WITHHOLDING TAXES.

 

                9.1            General.  To the extent required by applicable

federal, state, local or foreign law, an Optionee shall make arrangements

satisfactory to the Company for the satisfaction of any withholding tax

obligations that arise by reason of an Option. 

The Company shall not be required to issue any Common Shares under the

Plan until such obligations are satisfied.

 

                9.2            Shares

Withholding.   

The Committee may permit an Optionee to satisfy all or part of his or

her withholding tax obligations by having the Company withhold a portion of any

Common Shares that otherwise would be issued to him or her by surrendering a

portion of any Common Shares that previously were issued to him or her.  Such Common Shares shall be valued at their

Fair Market Value on the date when taxes otherwise would be withheld in cash.  The payment of withholding taxes by assigning

Common Shares to the Company, if permitted by the Committee, shall be subject

to such restrictions as the Committee may impose.

 

ARTICLE 10. 

FUTURE OF THE PLAN.

 

                10.1          Term

of the Plan.  The Plan, as set

forth herein, shall become effective on March 26, 1992, subject to the approval

of the Company’s shareholders.  In the

event that the shareholders failed to approve the Plan at the 1992 annual

meeting, or any adjournment thereof, any Options granted prior to such meeting

shall be null and void, and no additional Options shall be granted after such

meeting.  Any other provision of the

Plan notwithstanding, no Option shall be exercisable prior to such

meeting.  The Plan shall remain in

effect until it is terminated under Section 10.2, except that no new Options

shall be granted after March 25, 2002.

 

10.2         Amendment

or Termination.  

The Board may, at any time and for any reason, amend or terminate the

Plan, except that the provisions of Section 4.2 relating to the amount, Price

and timing of Option grants to Non-employee Directors shall not be amended more

than once in any six-month period. An amendment of the Plan shall be subject to

the approval of the Company’s shareholders only to the extent required by

applicable laws, regulations or rules.

 

                10.3         Effect

of Amendment or Termination. 

No Options shall be granted under the Plan after the termination

thereof.  The termination of the Plan,

or any amendment thereof, shall not affect any Option previously granted under

the Plan.

 

ARTICLE 11.  DEFINITIONS.

 

                11.1          “Board” means the Company’s Board of Directors, as

constituted from time to time.

 

                11.2         "Change in Control” means

the occurrence of either of the following events:

 

(a)           A change in the

composition of the Board, as a result of which fewer than  one- half of the incumbent directors are

directors who either:

 

	

   

  	

  (i)

  	

  Had been

  directors of the Company twenty-four months prior to the change; or

  
	

   

  	

  (ii)

  	

  Were elected, or

  nominated for election, to the Board with the affirmative  votes of at least a majority of the

  directors who had been directors of the Company 24 months prior to such

  change and who were still in office at the time of the election or

  nominations; or

  

 

(b)           Any “person” (as such term is used in

Section 13 (d) and 14 (d) of the 

Securities Exchange Act of 1934, as amended) by the acquisition or

aggregation of securities is or become the beneficial owner, directly or

indirectly, of securities of the Company representing 20 percent or more of the

combined voting power of the Company’s then outstanding securities ordinarily

(and apart from rights accruing under special circumstances) having the right

to vote at elections of directors (the “Base Capital Stock”); except that any

change in the relative beneficial ownership of the Company’s securities by any

person resulting solely from a reduction in the aggregate number of outstanding

shares of Base Capital Stock, and any decrease thereafter in such person’s

ownership of securities, shall be disregarded until such person increases in

any manner, directly or indirectly, such person’s beneficial ownership of any

securities of the Company.

 

                11.3          “Code” means the Internal Revenue Code of 1986, as

amended.

 

                11.4          “Committee” means a committee of the Board, as

described in Article 2.

 

                11.5         “Common Share” means one share of the common stock of

the Company.

 

                11.6          “Company” means Capital Corp of the West/County Bank

a California banking corporation.

 

                11.7          “ Exercise in Price” means the amount for which one

Common Share may be purchased upon exercise of an Option, as specified by the

Committee in the applicable Stock Option Agreement.

 

                11.8          “Fair Market Value” shall mean the fair market value

of a Common Share, as determined by the Committee in good faith.

 

                11.9         “ISO” means an incentive stock

option described in Section 422 (b) of the Code.

 

                11.10        “Key Employee” means a key common-law employee of the

Company or of a Subsidiary, as determined by the Committee.

 

                11.11        “Non-employee Director” means a member of the Board

who is not a common-law employee of the Company or of a Subsidiary.

 

                11.12        “NSO” means an employee stock option not described in

Section 422 or 423 of the Code.

 

                11.13        “Option” means an ISO or NSO

granted under the Plan and entitling the holder to purchase one Common Share.

 

                11.14        “Optionee” means an individual or estate who holds an

Option.

 

                11.15       “Plan” means this Capital Corp of the West/County Bank

1992 Stock Option Plan, as it may be amended from time to time.

 

                11.16        “Stock Option Agreement” means the agreement between

the Company and an Optionee which contains the terms, conditions and

restrictions pertaining to his or her Option.

 

                11.17        “Subsidiary” means any corporation, if the Company

and/or one or more other Subsidiaries own not less than 50 percent of the total

combined voting power of all classes of outstanding stock of such

corporation.  A corporation that attains

the status of a Subsidiary on a date after the adoption of the Plan shall be

considered a Subsidiary commencing as of such date.

 

ARTICLE 12.  EXECUTION.

 

                 To record the adoption of the Plan by the

Board, the Company has caused its duly authorized officer to affix the

corporate name and seal hereto.

 

 

 

	

  CAPITAL CORP OF THE WEST/ COUNTY BANK

  
	

   

  
	

   

  
	

  By

  	

   

  
	

   

  
	

  As its Corporate SecretaryPrepared by MERRILL CORPORATION

EXHIBIT  10.5.1

SURRENDER

AGREEMENT

 

THIS

SURRENDER AGREEMENT (this "Agreement"), is made as of

the 20th day of September, 2001, by and between VORNADO 330 WEST 34TH STREET

L.L.C.,  a Delaware limited

liability company, having an office c/o Vornado Office Management LLC, 330

Madison Avenue, New York, New York 10017 ("Landlord"), and LIVEPERSON

INC., a Delaware corporation, having an office at 330 West 34th

Street, New York, New York 10001 ("Tenant").

 

W I T N E S S E T H:

 

 

WHEREAS, by Agreement

of Lease, dated as of March 10, 2000 (the "Lease"), Landlord

did demise and let unto Tenant, and Tenant did hire and take from Landlord, the

Seventh Floor Space and the Tenth Floor Space (the Seventh Floor Space and the

Tenth Floor Space are sometimes collectively referred to herein as the "Premises"),

as more particularly identified in the Lease, of the building known as and by

the street address of 330 West 34th Street, New York, New York; and

 

WHEREAS, Tenant desires

to surrender to Landlord the Lease and the Premises and Landlord agrees to

accept such surrender, all upon the terms and conditions as set forth herein.

 

NOW,

THEREFORE, in consideration of the mutual covenants contained

herein, and of the sum of Ten Dollars ($10) paid by Tenant to Landlord, and for

other good and valuable consideration, the mutual receipt and legal sufficiency

of which are hereby acknowledged, the parties hereto, for themselves, their

legal representatives, successors and assigns, hereby agree as follows:

 

1.                Definitions.   All capitalized terms used herein shall

have the meanings ascribed to them in the Lease, unless otherwise defined

herein.

 

2.                Surrender.  (a)  

Effective as of the date hereof 

(the "Surrender Date"), Tenant shall vacate, quit and

surrender possession of the Premises to Landlord, and to the intent and purpose

that the remainder of the term of the Lease be wholly merged and extinguished

effective as of the Surrender Date, Tenant hereby gives, grants and surrenders

to Landlord all of Tenant's right, title and interest in, to and under the

Lease.  As of the Surrender Date, the

Lease and the term thereof and all rights of Tenant thereunder shall expire and

terminate with the same effect as if the Surrender Date was the Expiration Date

as set forth in the Lease.  The Tenth Floor

Space shall be surrendered in “as is” condition, except for the requirements

that Tenant leave the Tenth Floor Space in broom clean condition and that

Tenant leave all of its furniture (excluding ten (10) six foot (6') high filing

cabinets) in the Tenth Floor Space.  The

Seventh Floor Space shall be surrendered in its “as is” condition as of the

Surrender Date.

 

(b)  Tenant represents and

warrants to Landlord that:  (1) Tenant

is the present tenant under the Lease and Tenant has not assigned, conveyed,

encumbered, pledged, sublet or otherwise transferred, in whole or in part, its

interest in the Lease, nor shall Tenant do any of the foregoing prior to the

Surrender Date, (2) there are no persons or entities claiming under Tenant, or

who or which may claim under Tenant, any rights of possession with respect to

the Premises, and (3) Tenant has the right, power and authority to execute and

deliver this Agreement and to perform Tenant's obligations hereunder, and this

Agreement is a valid and binding obligation of Tenant enforceable against

Tenant in accordance with the terms hereof. 

The foregoing representations and warranties shall survive the Surrender

Date.

 

(c)  Effective as of the

Surrender Date, Tenant shall release Landlord and its successors and assigns

from all claims, obligations and liabilities of every kind and nature

whatsoever, arising out of, or in connection with, the Premises or the

Lease.  Notwithstanding the foregoing,

Landlord shall not be released from any obligation, covenant, representation or

warranty contained in this Agreement and the Lease, which by the terms of this

Agreement or the Lease is specifically stated to survive the surrender of the

Lease.

 

(d)  Effective as of the

Surrender Date, Landlord shall release Tenant and its successors and assigns

from all claims, obligations and liabilities of every kind and nature

whatsoever arising out of, or in connection with, the Premises or the Lease

relating to the period from and after the Surrender Date.  Notwithstanding the foregoing, Tenant shall

not be released from any obligation, covenant, representation or warranty

contained in this Agreement and the Lease, which by the terms of this Agreement

or the Lease is specifically stated to survive the surrender of the Premises

and the termination of the Lease.

 

(e)  Tenant shall pay to

Landlord on the Surrender Date (1) an amount equal to Fifteen Thousand Dollars

($15,000), in the form of a bank check or by wire, as consideration for

Landlord’s execution of this Agreement and acceptance of the Premises, and (2)

Tenant hereby waives and hereby disclaims any right, title and interest Tenant

may have for any and all sums remaining in the Tenth Floor Space Tenant Fund,

which the parties agree is approximately One Hundred Forty Thousand and 00/100

Dollars ($140,000.00).  If, at any time

after the Surrender Date, it shall be determined that any Fixed Rent,

additional rent, all other items of rental or other sums and charges shall have

been due and payable for any period prior to the Surrender Date, Tenant shall

pay such amounts to Landlord within ten (10) days after rendition of a bill

therefor.  In addition, the obligation

of Tenant under the Lease to pay escalations of any sort with respect to the

Premises (including, but not limited to the Tax Payment, the Operating Expense

Payment and payments on account of electricity, whether or not such payments

are called additional rent), which shall have accrued prior to the Surrender

Date, shall survive the Surrender Date. 

Tenant acknowledges that it has paid Rental through September 30, 2001,

and that even though Tenant is surrendering the Premises as of the Surrender

Date, there shall be no apportionment of Rental for the month of September

2001, nor shall any prepaid portion of Rental be refunded to Tenant.  The terms and provisions of this Paragraph

2(e) shall survive the surrender of the Premises.  Notwithstanding the foregoing, Landlord and Tenant acknowledge

that if this Agreement is executed and delivered after September 30, 2001, then

for any period commencing on October 1, 2001, and continuing through and until

the date this Agreement is executed and delivered, Fixed Rent and additional

rent shall be adjourned, and Tenant shall only be obligated for the payment of

electricity and other similar charges for other utilities; provided however, if

the Condition is not satisfied or waived by Landlord and this Agreement becomes

null and void, Tenant agrees to pay to Landlord within two (2) days of the

termination of this Agreement, any Fixed Rent and additional rent due for the

period commencing October 1, 2001, through and including the date this

Agreement terminates.  In such event

Tenant’s obligation to pay Fixed Rent, additional rent and other charges shall

continue from and after the date this Agreement terminates, through and

including the end of the Term.

 

(f)             Tenant (1) shall

pay all transfer taxes, if any, imposed by any governmental authority in

connection with the surrender of the Premises, including, without limitation,

any City Transfer Tax and State Transfer Tax (each as hereinafter defined), and

(2) does hereby agree to indemnify and hold Landlord harmless of and from any

transfer taxes imposed by any governmental authority by reason of the surrender

of the Premises including, without limitation, the City Transfer Tax and State

Transfer Tax, if any, and all expenses related thereto, including, without

limitation, reasonable attorneys' fees and disbursements.  Landlord and Tenant shall each complete, execute

and deliver, within seven (7) days after request by either party of the other

party, any questionnaire, affidavit or document with respect to the tax imposed

by Title 11, Chapter 21 of the New York City Administrative Code (the "City

Transfer Tax") and Article 31 of the Tax Law of the State of New York

(the "State Transfer Tax"), required to be completed, executed

and delivered by Landlord and Tenant with respect to the transactions

contemplated by this Amendment, and the taxes, if any, shown thereby to be due

shall be paid by Tenant when required by applicable law or regulation.  The provisions of this Paragraph 2(f) shall

survive the Surrender Date.

 

(g)            If as of the

Surrender Date Tenant has (i) fully satisfied its obligations under section

2(e) hereof, and (ii) delivered a Bill of Sale for all of the furniture located

in the Premises to Bank of New York, then on the Surrender Date, Landlord shall

deliver to Tenant the Letters of Credit securing  the Seventh Floor Space Security Amount and the Tenth Floor Space

Security Amount and a letter to the institution issuing the Letters of Credit

stating that Landlord has no further right, title or interest in the Letters of

Credit.

 

(h)            Landlord and

Tenant, each upon the request of the other, at any time and from time to time

hereafter and without further consideration, shall execute, acknowledge and

deliver to the other any instruments or documents, or take such further action,

as shall be reasonably requested or as may be necessary to more effectively

assure the surrender of the Premises, and the full benefits intended to be

created by this Agreement.

 

3.                Conditions.  Landlord and Tenant hereby expressly

acknowledge and agree that this Agreement is conditioned upon the unconditional

execution and delivery by Landlord and Bank of New York (“BONY") of

a license agreement between Landlord and BONY with respect to the Premises and

the seventeenth (17th) and eighteenth (18th) floors of the Building on terms

and conditions acceptable to Landlord in its sole discretion, (the aforesaid

event being hereinafter referred to as the "Condition"), and

shall be of no force and effect unless and until the Condition is satisfied; it

being understood and agreed however, that if for any reason whatsoever, the

Condition is not satisfied or waived by Landlord on or before the date which is

seven (7) days after the date hereof, this Agreement shall be void ab initio,

and be of no force and effect, and Landlord and Tenant shall have no

obligations or liability to the other respective parties under this Agreement.

 

4.               Broker.  Tenant represents and warrants to Landlord

that it has not dealt with any broker, finder or like agent in connection with

this Agreement other than Cushman & Wakefield, Inc. (“Broker”).  Tenant does hereby indemnify and hold

Landlord harmless of and from any and all losses, costs, damages or expenses

(including, without limitation, attorneys fees and disbursements) incurred by

reason of any claim of or liability to any broker, finder or like agent

(including Broker), who shall claim to have dealt with Tenant in connection

herewith.  Tenant shall pay Broker all

commissions, fees and other compensation in connection with this Agreement (but

not in connection with the license agreement more particularly described in Paragraph

3 hereof) pursuant to a separate agreement between Tenant and Broker.  The provisions of this Paragraph 4 shall

survive the surrender of the Premises and the termination of the Lease.

 

5.                Authorization.  Each party represents and warrants to the

other party that its execution and delivery of this Agreement has been duly

authorized and that the person executing this Agreement on behalf of such party

has been duly authorized to do so, and that no other action or approval is

required with respect to this transaction.

 

6.               Prior

Agreement.  The parties agree that

this Agreement supercedes the Partial Surrender and Amendment of Lease between

Landlord and Tenant dated June 14, 2001.

 

7.                Counterparts.  This Surrender Agreement may be executed in

two or more counterparts, each of which, when so executed and delivered shall

be deemed to be an original, but in all such counterparts shall constitute one

and the same agreement.

 

8.               Binding Effect.  This Surrender Agreement shall not be

binding upon or enforceable against Landlord unless and until Landlord, it its

sole discretion, shall have executed and unconditionally delivered to Tenant an

executed counterpart of this Agreement.

 

(THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK)

 

IN WITNESS

WHEREOF, the parties hereto have executed this Surrender Agreement as of the

date first above written.

 

	

   

  	

  VORNADO 330 WEST 34TH

  STREET L.L.C., Landlord

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

           Vornado Realty L.P., sole

  member

  
	

   

  	

   

  	

   

  
	

   

  	

                  By:  Vornado Realty Trust, general partner

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

                  /s/ JOSEPH MACNOW

  
	

   

  	

   

  	

  Joseph

  Macnow

  
	

   

  	

   

  	

  Executive

  Vice President - Finance and

  
	

   

  	

   

  	

  Administration

  and Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

  LIVEPERSON, INC., Tenant

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

                  /s/ TIMOTHY E. BIXBY

  
	

   

  	

   

  	

  Name:     Timothy Bixby

  
	

   

  	

   

  	

  Title:       President and Chief Financial Officer

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Fed.

  I.D. No.: 13-3861628

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