Document:

Exhibit 10.12.2

FIRST AMENDMENT TO LEASE

(Crossroads Systems – Stonelake 6)

THIS FIRST AMENDMENT TO LEASE (“Amendment”) is dated effective and for identification purposes as of December 15, 2009, and is made by and between PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation (“Landlord”), and CROSSROADS SYSTEMS, INC., a Delaware corporation (“Tenant”).

RECITALS:

WHEREAS, Landlord and Tenant entered into that certain Lease Agreement dated on or about October 31, 2005 (“Lease”), pertaining to the premises currently comprised of a total of approximately 37,800 rentable square feet of space, commonly referred to as Suite 100 (“Premises”), of the building located at 11000 North Mopac Expressway, Austin, Texas 78749 (“Building”); and

WHEREAS, Landlord and Tenant desire to enter into this Amendment to adjust and extend the Term of the Lease and provide for certain other matters as more fully set forth herein;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, the parties agree that the Lease shall be amended in accordance with the terms and conditions set forth below.

1.           Definitions.  The capitalized terms used herein shall have the same definitions as set forth in the Lease, unless otherwise defined herein.

2.           Extension.  The parties hereby acknowledge and agree that the Term of the Lease expires on August 31, 2011.  However, Landlord and Tenant desire to adjust and extend the Term on the terms and conditions set forth herein.  Accordingly, subject to the terms and conditions set forth in this Amendment, the Term is hereby adjusted and extended for an additional period of sixty (60) months (“Extension Term”), commencing on March 1, 2010 and expiring on February 28, 2015. Tenant hereby accepts the Premises in its present “as-is” condition during the Extension Term.

 

3.           Base Rent.  During the Extension Term, Tenant shall pay to Landlord Base Rent in full and without offset or demand, provided that such Base Rent shall be payable monthly as follows:

	
Dates

	 	
Rate/RSF/mo.

	 	 	
Monthly Payment

	 
	  	 	 	 	 	 	 
	
03/01/10 – 05/31/10

	 	$	0.75	 	 	$	0.00	*
	
06/01/10 – 05/31/11

	 	$	0.75	 	 	$	28,350.00	 
	
06/01/11 – 05/31/12

	 	$	0.775	 	 	$	29,295.00	 
	
06/01/12 – 05/31/13

	 	$	0.80	 	 	$	30,240.00	 
	
06/01/13 – 05/31/14

	 	$	0.825	 	 	$	31,185.00	 
	
06/01/14 – 02/28/15

	 	$	0.85	 	 	$	32,130.00	 

 

  

1

 

 

Except as otherwise set forth herein, Base Rent shall be payable pursuant to Article 2 of the Lease.  During the Extension Term, Tenant shall continue to pay any and all Additional Rent (as defined in Section 2.3 of the Lease), including, without limitation, Tenant's Proportionate Share (as defined in the Basic Lease Terms of the Lease) of Operating Expenses (as defined in Section 2.3 of the Lease) and Taxes (as defined in Section 3.1 of the Lease), and other amounts due and payable under the Lease.

* Such abatement shall apply solely to payment of the monthly installments of Base Rent and shall not be applicable to any other charges, expenses or costs payable by Tenant under the Lease or this Amendment, including, without limitation, Tenant’s obligation to pay its utilities or Additional Rent.  Landlord and Tenant agree that the abatement of rental and other payments contained in this Section is conditional and is made by Landlord in reliance upon Tenant's faithful and continued performance of the terms, conditions and covenants of this Amendment and the Lease and the payment of all monies due Landlord hereunder.  In the event that Tenant’s right to possess the Premises is terminated due to a default under the terms and conditions of the Lease or this Amendment beyond any applicable notice and cure period, the unamortized portion of all conditionally abated rental shall become fully liquidated and immediately due and payable (without limitation and in addition to any and all other rights and remedies available to Landlord provided herein or at law and in equity).

4.           HVAC.  Tenant may replace any existing HVAC unit or install an additional HVAC unit in the Premises pursuant to Article 6 of the Lease at Tenant’s sole cost and expense (“HVAC Improvements”).   The exact specifications of the HVAC Improvements are subject to the prior written consent of Landlord, not to be unreasonably withheld, conditioned or delayed.  Landlord shall reimburse to Tenant the lesser of (i) Twelve Thousand and No/100ths Dollars ($12,000.00) or (ii) the actual cost of the HVAC Improvements (“HVAC Allowance”).  To qualify for reimbursement, such HVAC Improvements must be constructed and a written request for reimbursement must be delivered to Landlord no later than August 31, 2011.  Tenant must coordinate all HVAC Improvements with Landlord and Landlord’s roofing contractor, and ensure that the roof warranty is not impaired or voided in any manner whatsoever.  Landlord shall reimburse to Tenant the HVAC Allowance (or applicable portion thereof) within thirty (30) days following Landlord's receipt of a written request therefor, which request shall include applicable lien waivers, fully paid invoices, “as built” drawings (to the extent applicable) and any and all other documentation as Landlord may reasonably require.

5.           Extension Option.  The Extension Option set forth in Section 5 of the Rider to Lease shall continue to be effective through the remainder of the Term, as hereby extended.

6.           Expansion Option.  The Expansion Option set forth in Section 4 of the Rider to Lease shall continue to be effective through the remainder of the Term, as hereby extended.

7.           Waiver of Termination Option.  Tenant expressly waives the Termination Option set forth in Section 3 of the Rider to Lease.

8.           Brokers. Tenant hereby represents and warrants to Landlord that Tenant has not dealt with any real estate brokers or leasing agents, except Live Oak – Gottesman and Aquila Commercial (“Brokers”), in the negotiation of this Amendment, and that no commissions are payable to any party claiming through Tenant as a result of the consummation of the transaction contemplated by this Amendment, except to Brokers, if applicable.  Tenant hereby agrees to indemnify and hold Landlord harmless from any and all loss, costs, damages or expenses, including, without limitation, all attorneys' fees and disbursements by reason of any claim of or liability to any other broker, agent, entity or person claiming through Tenant (other than Brokers) and arising out of or in connection with the negotiation and execution of this Amendment.

  

2

 

 

9.           Hazardous Materials Disclosure.  Simultaneously with Tenant’s execution of this Amendment, Tenant shall complete, execute and deliver to Landlord the Hazardous Materials Disclosure Certificate in the form attached hereto as Exhibit A.

10.         Insurance.  The limit of the umbrella portion of Tenant’s commercial general liability policy as set forth in Article 9 of the Lease is hereby increased to $5,000,000. 

11.         Securitization.  The parties acknowledge that the letter of credit currently held by Landlord required under Section 2 of the Rider to Lease is currently in full force and shall remain in full force and effect until August 2011 when it is scheduled to be reduced to $0.00.

12.         Energy and Environmental Initiatives.  So long as Tenant does not incur any costs (other than as may be allowed as an Operating Expense under Section 2.3.1 of the Lease) or any interruption of business operations, Tenant shall fully cooperate with Landlord in any programs in which Landlord may elect to participate relating to the Building’s (i) energy efficiency, management, and conservation; (ii) water conservation and management; (iii) environmental standards and efficiency; (iv) recycling and reduction programs; and/or (v) safety, which participation may include, without limitation, the Leadership in Energy and Environmental Design (LEED) program and related Green Building Rating System promoted by the U.S. Green Building Council.

13.         Miscellaneous.  With the exception of those matters set forth in this Amendment, Tenant's leasing of the Premises shall be subject to all terms, covenants and conditions of the Lease.  In the event of any express conflict or inconsistency between the terms of this Amendment and the terms of the Lease, the terms of this Amendment shall control and govern.  Except as expressly modified by this Amendment, all other terms and conditions of the Lease are hereby ratified and affirmed.  The parties acknowledge that the Lease is a valid and enforceable agreement and that Tenant holds no claims against Landlord or its agents which might serve as the basis of any other set-off against accruing rent and other charges or any other remedy at law or in equity.

  

3

 

 

IN WITNESS WHEREOF, the foregoing First Amendment to Lease is dated effective as of the date and year first written above.

LANDLORD:

PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation, for its Principal U.S. Property Separate Account, formerly known as Principal Life Insurance Company, an Iowa corporation, for its Real Estate Separate Account

	
By:  

	
PRINCIPAL REAL ESTATE INVESTORS, LLC, a Delaware limited liability company, its authorized signatory

	
By:

	
_/s/ Joe Wanninger

	  	
Date:  

	
1/26/2010

	
Name:  

	
Joe Wanninger

	  	  	  
	
Title:

	
Investment Director

	  	  	  
	  	
Asset Management

	  	  	  

	
By:

	
/s/ Brian K. Sandfort

	  	
Date:  

	
1/26/2010

	
Name:  

	
Brian K Sandfort

	  	  	  
	
Title:

	
Managing Director

	  	  	  
	  	
Asset Management

	  	  	  

TENANT:

CROSSROADS SYSTEMS, INC.,

a Delaware corporation

	
By:

	
/s/ Rob Sims

	  	
Date:  

	
1/6/10

	
Name:  

	
Rob Sims

	  	  	  
	
Title:

	
President and CEO

	  	  	  

 

  

4EXHIBIT 10.1

SUPPLEMENT TO CONSULTING AGREEMENT

This Supplement to Consulting Agreement (collectively with the Consulting
Agreement, the “Agreement”) dated May 12, 2011 is made by and between Vycor Medical, Inc., a Delaware corporation (the “Company”) and
Fountainhead Capital Management Limited, an entity registered in Jersey  (“FCM”) (each a “Party” and collectively referred to hereafter
as the “Parties”).

W I T N E S S E T H:

WHEREAS, the Parties previously entered into a
Consulting Agreement on February 10, 2010 (amended September 29, 2010) (the “Consulting Agreement”).

WHEREAS, the Parties now wish to supplement the
Consulting Agreement to reflect FCM’s expanded responsibilities as a result of the acquisition by the Company of the assets of NovaVision, Inc.;

NOW, THEREFORE, in consideration of the premises
and the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties,
intending to be legally bound, hereby agree in good faith as follows:

1.

Consulting Agreement.  This
Supplement does not supersede the Consulting Agreement and relates only to these matters which are specifically the subject of this Supplement.  In all
respects other than as specifically stated in this Supplement, the Consulting Agreement (as amended) remains in full force and effect in accordance with its
terms. 

By this Supplement, the parties further confirm that FCM
will not have the authority to bind the Company. All of the services provided by FCM shall be performed outside of the United States and FCM will not have any
specific duties or role with respect to the day-to-day management of the Company or with respect to the Company’s Board of Directors. Any services
provided by individuals who may be related to FCM will be performed on an individual basis and not on behalf of FCM and shall be compensated, if any, separately
from the Consulting Agreement. 

This will further confirm that FCM is not a licensed broker-dealer
and under no circumstances will FCM engage in any activities which would require licensure as a broker-dealer or otherwise.

2.

Term. The term of this engagement shall
be for a period of two (2) years commencing with the date first written above and may be extended upon the mutual written agreement of the Parties.  

3.

Consideration.  In consideration for
the added activities and responsibilities of FCM in connection
with the expanded operations of the Company (including the NovaVision operations) and in addition to the $8,500 per month payable under the terms of the
Consulting Agreement, commencing January 1, 2011 the Company

will pay to
FCM an additional monthly retainer of $29,000. This additional monthly retainer shall be accrued and paid out to FCM at the option of FCM as follows: (i) in
Vycor stock at any time at $0.0225 per share; or (ii) in cash
following the closing of a fundraising of no less than $2.5 million or on the sale of the Company or a substantial part of the assets thereof at any time after
June 30, 2011. Notwithstanding, FCM shall have the option to
receive up to $5,000 of the additional monthly retainer in cash each month, commencing April 1, 2011. 

4.

Notices.  All notices, requests,
demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be
deemed duly delivered four business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after
it is sent for next business day delivery via a reputable overnight courier service, in each case to the intended recipient as set forth below:

		
	If to the Company:

Vycor Medical, Inc.

3651 FAU Boulevard

Suite 300

Boca Raton, FL 33431

	Copy to:

Law Offices of Robert Diener

56 Laenani Street

Haiku, HI 96708

Attention: Robert Diener

	If to FCM:

Fountainhead Capital Management Limited

Portman House

Hue Street, St. Helier

Jersey JE4 5RP

Attention: Carole Dodge

	 

Any Party may give any notice, request, demand, claim or other
communication hereunder using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail or electronic
mail), but no such notice, request, demand, claim or other communication shall be deemed to have been duly given unless and until it actually is received by the
party for whom it is intended.  Any party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be
delivered by giving the other party notice in the manner herein set forth.

5.

Miscellaneous.

(a) Entire Agreement.  This Agreement
constitutes the entire agreement among the Parties and supersedes any
prior understandings, agreements or

representations by or among the Parties, written or oral, with
respect to the subject matter hereof.

(b) Succession and Assignment.  This
Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns.  No Party may
assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other party.

(c) Counterparts and Facsimile Signature.
 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and
the same instrument.  This Agreement may be executed by facsimile signature.

(d) Headings.  The section headings
contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement.

(e) Governing Law.  This Agreement
shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law
provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of
the State of New York.  The Parties hereby consent to the exclusive jurisdiction of the courts of the State of New York located in the Borough of Manhattan
and the United States District Court for the Southern District of New York for all disputes arising under this Agreement.

(f) Amendments and Waivers.  The
Parties may mutually amend any provision of this Agreement at any time during the term of this Agreement prior to the termination of this Agreement.  No
amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by the Parties.  No waiver of any right or
remedy hereunder shall be valid unless the same shall be in writing and signed by the party giving such waiver.  No waiver by any party with respect to any
default, misrepresentation or breach of warranty or covenant hereunder shall be deemed to extend to any prior or subsequent default, misrepresentation or breach
of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

(g) Severability.  Any term or
provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the
remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
 If the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the Parties agree that
the court making the determination of invalidity or unenforceability shall have the power to limit the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

(h) Construction.  The language used in
this Agreement shall be deemed to be the language chosen
by the Parties to express their mutual intent, and no rule of

strict construction shall be applied against any party.  
Any reference to any federal, state, local or foreign statute or
law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.

(i) Remedies.  FCM shall be entitled to
enforce its rights under this Agreement specifically to recover damages by reason of any breach of any provision or term of this Agreement and to exercise all
other rights existing in its favor.  In the event of any dispute under this Agreement, the prevailing party shall be entitled to recover its costs incurred
in connection with the resolution thereof, including reasonable attorneys fees. 

[SIGNATURES ARE ON THE FOLLOWING PAGE]

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as an
instrument under seal as of the date first written above.  

Vycor Medical, Inc.

/s/ Kenneth T. Coviello

By:____________________________

Name:  Kenneth T. Coviello

Title:

Chief Executive

Fountainhead Capital Management Limited

/s/ Eileen O’Shea

By:____________________________

Name:  Eileen O’Shea

Title:

Director

/s/ Carole Dodge

By:____________________________

Name:  Carole Dodge

Title:

Director

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