Document:

Exhibit

Exhibit 10.1

SIXTH AMENDMENT OF LEASE

THIS SIXTH AMENDMENT OF LEASE (the “Amendment”) is made this October 26, 2016, between Watsonville Freeholders, a California limited partnership (“Landlord”), and West Marine Products, Inc., a California corporation (hereinafter called “Tenant”).

RECITALS

		
	A.
	Landlord and Tenant are parties to that certain Lease Agreement dated June 26, 1997, as amended by (a) Landlord Subordination dated February 6, 2003; (b) First Amendment of Lease dated July 27, 2005; (c) Second Amendment of Lease dated December 22, 2005; (d) Third Amendment of Lease dated November 30, 2006; (e) Fourth Amendment of Lease dated July 29, 2009; (f) Fifth Amendment of Lease dated July 15, 2011 (collectively, the “Lease”).

		
	B.
	Per the Fifth Amendment of Lease, the Demised Premises consists of approximately eighty-nine thousand two hundred eleven (89,211) square feet (“Demised Premises”) and the Additional Premises consists of approximately nine thousand forty-two (9,042) square feet (“Additional Premises”) and both combined comprise the “New Premises” totaling approximately ninety-eight thousand, two hundred fifty-three (98,253) square feet located at 500 Westridge Drive, Watsonville, CA 95076. The Demised Premises, the Additional Premises and the New Premises are more particularly described in the Lease and the Amendments thereto.  The term “Premises” is used herein to describe Tenant’s then current total combined Lease space.

		
	C.
	The current Term of the Lease for the Demised Premises and the Additional Premises expires on October 31, 2016. 

		
	D.
	Landlord and Tenant now desire to amend and modify the Lease on the terms and conditions herein below. 

AGREEMENT

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant agree as follows:

		
	1.
	Defined Terms. Any capitalized term used in this Amendment that is not defined herein shall have the meaning given that term in the Lease. 

		
	2.
	Space Reduction. Notwithstanding how the New Premises is defined in the Lease and the Amendments thereto, Landlord and Tenant do hereby agree that Tenant may reconfigure and reduce the size of the New Premises by giving back certain portions of the New Premises to Landlord.  Tenant shall retain the entire second floor of the New Premises but may give back space on the first floor of the New Premises.  Premises space retained by Tenant may be referred to as “Retained Space” and portions of the Premises returned to Landlord pursuant to the terms hereof may be referred to as “Returned Space”.

		
	3.
	Renewal of Lease Term. Landlord and Tenant do hereby agree that the Term of the Lease for the Demised Premises and the Additional Premises is renewed following the expiration of the remaining Term for a period of five (5) years, commencing November 1, 2016 and continuing through October 31, 2021 (the “Renewal Term”). 

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	4.
	Rent. Notwithstanding anything to the contrary in the Lease, Landlord and Tenant do hereby agree that the base rent (“Rent”) for the Premises for the period from November 1, 2016-October 31, 2021 shall be as set forth below: 

	
		
	Period
	Monthly Rate Per Square Foot

	Demised Premises (Office)

	Year 1: 11/1/16-10/31/17
	$1.05/SF  (NNN)

	Year 2: 11/1/17-10/31/18
	$1.05/SF  (NNN)

	Year 3: 11/1/18-10/31/19
	$1.08/SF  (NNN)

	Year 4: 11/1/19-10/31/20
	$1.11/SF  (NNN)

	Year 5: 11/1/20-10/31/21
	$1.11/SF  (NNN)

	Additional Premises (Warehouse)

	Years 1-5: 11/1/16-10/31/21
	$0.72/SF  (Gross - All Inclusive)

		
	5.
	Calculation of Rent.  After Tenant gives back space pursuant to Section 6, Tenant’s Rent will be adjusted downward immediately to reflect the reduced footprint (by the amount of the Returned Space) of the Premises. Tenant will calculate the adjusted Rent amount (based only on Retained Space), prorating for any partial calendar month based upon the number of days in such month, and send Landlord notice of that amount with Tenant’s next Rent due. The new Premises Retained Space square footage shall be verified by Tenant and may be confirmed by Landlord.  

		
	6.
	Landlord’s Work.

		
	(A)
	Space to be Demised. Tenant shall identify the space to be demised over the course of the Renewal Term of the Lease. Tenant will propose various space plan reductions, each of which shall identify proposed Returned Space.  Upon Tenant’s identification of proposed Returned Space, Landlord may, at its reasonable discretion and in good faith, determine whether good cause exists to refuse the proposed Returned Space, or whether to approve it. Landlord’s consent shall not be unreasonably withheld, conditioned, or delayed. In the event that Landlord fails to respond to Tenant’s identification of the Returned Space to be demised within twenty (20)  calendar days after delivery of Tenant’s notice, Landlord shall be deemed to have accepted the Returned Space. Once Landlord has accepted or is deemed to have accepted the Returned Space, Landlord must proceed in demising the reconfigured Premises as follows in Section 6, Para (B). Once the Returned Space has been vacated and is in broom clean condition and free of all personal property, Tenant’s Rent shall be reduced according to Section 5. The cost of performing the space reduction, including the demise of the Returned Space, shall be paid by Landlord, at Landlord’s sole expense. Tenant shall surrender the Returned Space in broom clean condition and free of all personal property.  The cost associated with vacating and cleaning the Returned Space shall be Tenant’s sole responsibility. 

		
	(B)
	Demising Work. The Premises Retained Space will be demised to be completely functional, separate and independent from the Returned Space, including without limitation, installation of a demising wall and separation or sub metering of utilities whereby Tenant’s use of the utility can be measured and verified. Landlord shall proceed with diligence, at Landlord's sole cost and expense, in performing the demising work required to effectuate Tenant’s approved space reduction proposal within acceptable and reasonable timeframes.  All Landlord's Work shall be coordinated with Tenant's named representative to ensure that the Premises are at all times secure. Landlord and Tenant agree to coordinate architectural work to allow concurrent design of Tenant’s remaining space during the creation of Landlord’s demising plan.  Landlord shall keep Tenant apprised of the schedule and progress of the demising work weekly and as dictated by changes in work that affect the Tenant. The work required to reduce the Premises shall commence immediately after Landlord approves, or is deemed to approve, a Tenant space reduction proposal.  At all times, the demising work shall be performed in a good and workmanlike manner using techniques designed to minimize interference with Tenant’s use of the Premises and expedite completion of Tenant’s Retained Space.   

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	(C)
	Size of Premises. The Premises shall be demised to a reduced footprint, not to fall below approximately seventy-five thousand (75,000) square feet of Demised Premises and five thousand (5,000) square feet of Additional Premises thus providing the Tenant with a minimum total of 80,000 square feet, which shall comprise the Retained Space, as described above in Section 2. 

		
	(D)
	Building Signage.  Tenant will not be required to move any existing building sign or share the existing monument sign.  Future tenant building signage location will be approved by Tenant, (which approval shall not be unreasonably withheld, conditioned or delayed).

		
	7.
	Tenant Improvement Allowance. 

		
	(A)
	Upon the full execution of this Amendment, Landlord will provide Tenant, at no additional cost to Tenant, with a total Improvement Allowance of three hundred and fifty thousand dollars ($350,000). Tenant will use this Allowance for the construction of certain improvements, including but not limited to carpet replacement, painting, and wall modifications within the Retained Space. Tenant will apply no more than fifty thousand dollars ($50,000) of the Improvement Allowance to construction and improvement of cubicles.

		
	(B)
	Tenant may use this Improvement Allowance incrementally for one or more projects, at Tenant’s sole discretion. The Improvement Allowance will be available to Tenant from the date of this Amendment up to and including the date which is one year after Landlord’s delivery of written notification to Tenant that Landlord has completed the demising.  Landlord’s notification shall include a copy of the signed building permit from the City of Watsonville.   

		
	(C)
	Once Tenant has incurred expenses attributable to the Improvement Allowance, Tenant shall submit true and accurate paid invoices to Landlord.  Within twenty days, Landlord will choose and notify Tenant in writing if they will reimburse Tenant for cost incurred or if Tenant shall offset the costs incurred against Tenant’s next Rent due.

		
	8.
	Extension of Term. 

		
	(A)
	Option. Tenant is granted the right to extend the term of this Lease for one (1) period of five (5) years (the “Option Period”), on the terms and conditions set forth herein; provided, that said right to extend for such Option Period (the “Option”) may be exercised only in the event Tenant is not in default either at the time said Option right is exercised nor at the time such Option Period is to commence. The words “Lease Term” or “Term,” as used in this Lease, shall mean the term of this Lease as extended by Tenant pursuant to this Section, as applicable.

		
	(B)
	Exercise of Option. To exercise the Option described in this Section above, Tenant shall notify Landlord in writing (“Tenant’s Election”) no later than one hundred eighty (180) calendar days prior to the expiration of the Lease Term.

		
	(C)
	Continuing Effect. In the event Tenant properly exercises its Option right(s) as provided herein and the Term of the Lease and Amendments thereto are extended as provided herein, all of the terms and conditions of the Lease and Amendments thereto shall apply during the Option Period, except that rent will be determined as follows in Section 8, Paragraph (D). 

		
	(D)
	Rent during Option Period for the Retained Space of the Demised Premises.

		
	(1)
	In the event Tenant validly exercises its Option as herein provided, the Rent shall be adjusted to the then current market rate for the Retained Space of the Demised Premises, determined as of the Commencement Date of the Option Period, as follows: within thirty (30) days after Landlord receives Tenant’s Election, Landlord shall provide Tenant with Landlord's determination of the fair market Rent for the Option Period (“Landlord's Determination of Base Rent for Option Period”). Tenant shall provide notice to Landlord within ten (10) days after receipt of such notice from Landlord as to whether Tenant accepts Landlord's Determination of Base Rent for Option Period. In the event Tenant does not agree to Landlord's Determination of Base Rent for Option Period, Landlord and Tenant shall attempt to agree upon Rent for the Retained Space of the Demised Premises for the Option Period, such Rent to be the Fair Market Value of the Retained Space of the Demised Premises for the Option Period. 

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	(2)
	If the parties are not able to agree on Fair Market Value within twenty (20) days after delivery of Tenant’s notice of objection, then within ten (10) days thereafter each of Landlord and Tenant shall appoint a licensed commercial real estate broker with at least ten (10) years’ experience in the relevant market (and deliver written notice of same to the other party), and within ten (10) days after the later of the two appointments, the two real estate brokers shall agree upon a similarly qualified and completely impartial broker to serve as the “Decision Maker” (and shall notify the parties in writing). If one party fails to appoint a broker, then the other party’s properly appointed broker shall be the Decision Maker. Within ten (10) days after appointment, the Decision Maker shall confidentially accept and review one written set of materials, not to exceed twenty (20) pages, from each of Landlord and Tenant setting forth each party’s specific determination of the Fair Market Value of Rent. If either party fails to deliver a specific written statement of Fair Market Value of Rent within the time prescribed herein, then the other party’s properly delivered statement of Fair Market Value of Rent shall control. Within ten (10) days after receipt of the later of the two statements of Fair Market Value, the Decision Maker shall chose either the Landlord’s number or the Tenant’s number as most accurate without any compromise or adjustment. The Fair Market Value number selected by the Decision Maker shall be deemed to be the Rent for the Option Period. The parties shall pay the costs of their own broker, if any, themselves and shall evenly split the fee charged by the Decision Maker, if any. 

		
	(3)
	For purposes of the appraisal, the term Fair Market Value shall mean the price that a ready and willing tenant would pay, as of the Commencement Date of the Option Period, as base rent to a ready and willing landlord of premises comparable to the Demised Premises in the greater Watsonville area, if such premises were exposed for lease on the open market for a reasonable period of time; including any rent increases over the Option Period to the extent normal under then current market conditions. 

		
	(E)
	Rent During Option Period for the Additional Premises. At the beginning of the Option Period, Rent for the Additional Premises shall be adjusted by the same percentage factor as that used for the Demised Premises, as described above in Paragraph (D). Thereafter, Rent for the Additional Premises shall continue on a gross basis, and shall not increase further during the remainder of the five year Option Period.    

		
	9.
	Responsibility for Roof. Landlord shall continue to be solely responsible for all repairs and replacements of the roof of the Premises.

		
	10.
	Responsibility for HVAC. Tenant shall be responsible for the cost of HVAC servicing and repairs, but only to the extent that any single repair does not exceed twenty-five percent (25%) of the cost of replacement for the unit. Should the cost exceed this twenty-five percent (25%) threshold, then Landlord shall replace the defective unit. Landlord shall amortize the cost of the unit such that Tenant repays the cost over a fifteen year (180 month) period, with the Tenant required to pay no more than 1/180th of the cost of the unit in any given month of the lease term. 

		
	11.
	Ratification of Lease. The undersigned parties hereby ratify and reaffirm their rights and obligations under the Lease as modified by this Amendment. In the event of a conflict or ambiguity between the Lease and this Amendment, the terms and provisions of this Amendment shall control. Landlord and Tenant each represent and warrant to the other: (i) that the execution and delivery of this Amendment has been fully authorized by all necessary corporate actions; (ii) that the person signing this Amendment has requisite authority to do so and the authority and power to bind the company of whose behalf they have signed.

		
	12.
	Certified Access Inspection.  For purposes of section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges, that the Demised Premises have not undergone inspection by a certified access specialist.

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	13.
	Entire Agreement. The terms of this Amendment constitute the entire agreement of the parties and supersede all prior agreements or understandings between the parties with respect to the subject matter hereof. Except as herein otherwise provided, no subsequent alteration, amendment, change or addition, to the Lease shall be binding upon the Landlord or the Tenant except by written agreement signed and acknowledged by both parties.

(Signature Page Follows)

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

LANDLORD: 

WATSONVILLE FREEHOLDERS, a California limited partnership

By: __/s/ Randolph K. Repass_________________
Printed Name: _Randolph K. Repass___________
Title:  __General Partner_____________________

TENANT:

WEST MARINE PRODUCTS, INC., a California corporation

By: __/s/ Dean Iwata___________________________
Printed Name: _Dean Iwata___________________
Title:  Vice President - Store Development & Real Estate

6Exhibit

Exhibit 10.1

NINTH AMENDMENT TO AGREEMENT OF LEASE FOR PREMISES IN  
THE FEDERATED INVESTORS TOWER
THIS NINTH AMENDMENT TO AGREEMENT OF LEASE (this “Ninth Amendment”) is made and entered into as of the  9th day of September, 2016, by and between IX LIBERTY CENTER OWNER, L.P., a Delaware limited partnership (successor in interest to Liberty Center Venture, a Pennsylvania general partnership) (“Landlord”), and FEDERATED INVESTORS, INC. (“Tenant”).
WHEREAS, Landlord and Tenant are parties to an Agreement of Lease for certain premises in the Federated Investors Tower dated January 1, 1993 (the “Original Master Lease”) as amended by an Amendment to Agreement of Lease dated May 1, 1995 (the “Amendment”), a First Amendment to Agreement of Lease dated November 2, 1995 (the “First Amendment”), a Second Amendment to Agreement of Lease dated September 19, 1996 (the “Second Amendment”), a Third Amendment to Agreement of Lease dated February 10, 1999 (the “Third Amendment”), a Fourth Amendment to Agreement of Lease dated June 30, 2000 (the “Fourth Amendment”), a Fifth Amendment to Agreement of Lease dated November 10, 2000 (the “Fifth Amendment”), a Sixth Amendment to Agreement of Lease dated December 31, 2003 (the “Sixth Amendment”), a Seventh Amendment to Agreement of Lease dated August 15, 2007 (the “Seventh Amendment”), and an Eighth Amendment to Agreement of Lease dated September 9, 2011 (the “Eighth Amendment” and collectively, the “Master Lease”);
WHEREAS, the Master Lease will expire by its terms on December 31, 2021; and 
WHEREAS, Landlord and Tenant desire to amend the Master Lease for purposes of, among other matters: (i) extending the Initial Term of the Master Lease by nine (9) years for the period from January 1, 2022 to December 31, 2030; (ii) providing for new Basic Rent during the aforesaid extension of the Initial Term; (iii) establishing a new Base Year for the aforesaid extension of the Initial Term; (iv) granting Tenant an additional tenant improvement and refurbishment allowance; and (v) modifying certain other terms of the Master Lease, all in accordance with the terms and provisions hereof.
NOW THEREFORE, Landlord and Tenant, in consideration of the mutual covenants contained herein, and intending to be legally bound hereby, agree as follows:
1.Preamble. The foregoing preamble is incorporated by reference herein as if set forth at length. Capitalized terms not otherwise defined shall have the meaning given to such terms in the Master Lease. All references herein to the Master Lease shall include the Amendment, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, and the Eighth Amendment.
2.    Defined Terms. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Master Lease, as amended. The parties hereby confirm that the Premises leased under the Master Lease currently consist of 255,667 Square Feet located on Floor 8 and Floors 16 through 27 of the Building and in certain other areas of the Building designated as “Common Areas – Exhibit “G” Existing Lease” in Exhibit B to the Original Master Lease.  

PI-3944776 v3 

Landlord and Tenant acknowledge that Tenant’s Share (as defined in Paragraph 1.1(www) of the Master Lease) is 49.76%.
3.    Extension of Initial Term. The parties hereto acknowledge and agree that the expiration date of the Initial Term is currently December 31, 2021.  By this Ninth Amendment, the Initial Term of the Master Lease with respect to all of the Premises is hereby extended from January 1, 2022 through December 31, 2030.  For the avoidance of doubt, in Section 7 of the Eighth Amendment, the term “Initial Term’ shall refer to the Initial Term as extended by this Ninth Amendment and the terms “Renewal Options” and “Renewal Terms” shall be tied to the Initial Term as extended by this Ninth Amendment.
4.    Basic Rent.
The Basic Rent payable by Tenant for the Premises during the extension of the Initial Term for the period from January 1, 2022 through December 31, 2030 shall be as follows:
(a)    For the period beginning on January 1, 2022 and ending on December 31, 2022, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Eight and 00/100 Dollars ($28.00) per Square Foot per year, being the sum of Seven Million One Hundred Fifty-Eight Thousand Six Hundred Seventy-Six and 00/100 Dollars ($7,158,676.00) per calendar year, payable at the rate of Five Hundred Ninety-Six Thousand Five Hundred Fifty Six and 33/100 Dollars ($596,556.33) per month.
(b)    For the period beginning on January 1, 2023 and ending on December 31, 2023, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Eight and 42/100 Dollars ($28.42) per Square Foot per year, being the sum of Seven Million Two-Hundred Sixty-Six Thousand Fifty-Six and 14/100 Dollars ($7,266,056.14) per calendar year, payable at the rate of Six Hundred Five Thousand Five Hundred Four and 68/100 Dollars ($605,504.68) per month.
(c)    For the period beginning on January 1, 2024 and ending on December 31, 2024, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Eight and 85/100 Dollars ($28.85) per Square Foot per year, being the sum of Seven Million Three Hundred Seventy-Five Thousand Nine Hundred Ninety-Two and 95/100 Dollars ($7,375,992.95) per calendar year, payable at the rate of Six Hundred Fourteen Thousand Six Hundred Sixty-Six and 08/100 Dollars ($614,666.08) per month.
(d)    For the period beginning on January 1, 2025 and ending on December 31, 2025, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Nine and 28/100 Dollars ($29.28) per Square Foot per year, being the sum of Seven Million Four Hundred Eighty Five Thousand Nine-Hundred Twenty-Nine and 76/100 Dollars ($7,485,929.76) per calendar year, payable at the rate of Six Hundred Twenty-Three Thousand Eight Hundred Twenty-Seven and 48/100 Dollars ($623,827.48) per month.
(e)    For the period beginning on January 1, 2026 and ending on December 31, 2026, Tenant shall pay to Landlord Basic Rent in the amount of Twenty Nine and 72/100 Dollars ($29.72) per Square Foot per year, being the sum of Seven Million Five Hundred Ninety-Eight Thousand 

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Four Hundred Twenty-Three and 24/100 Dollars ($7,598,423.24) per calendar year payable at the rate of Six Hundred Thirty-Three Thousand Two Hundred One and 94/100 Dollars ($633,201.94) per month.
(f)    For the period beginning on January 1, 2027 and ending on December 31, 2027, Tenant shall pay to Landlord Basic Rent in the amount of Thirty and 17/100 Dollars ($30.17) per Square Foot per year, being the sum of Seven Million Seven Hundred Thirteen Thousand Four Hundred Seventy-Three and 39/100 Dollars ($7,713,473.39) per calendar year payable at the rate of Six Hundred Forty-Two Thousand Seven Hundred Eighty-Nine and 45/100 Dollars ($642,789.45) per month.
(g)    For the period beginning on January 1, 2028 and ending on December 31, 2028, Tenant shall pay to Landlord Basic Rent in the amount of Thirty and 62/100 Dollars ($30.62) per Square Foot per year, being the sum of Seven Million Eight Hundred Twenty-Eight Thousand Five Hundred Twenty-Three and 54/100 Dollars ($7,828,523.54) per calendar year payable at the rate of Six Hundred Fifty-Two Thousand Three Hundred Seventy-Six and 96/100 Dollars ($652,376.96) per month.
(h)    For the period beginning on January 1, 2029 and ending on December 31, 2029, Tenant shall pay to Landlord Basic Rent in the amount of Thirty-One and 9/100 Dollars ($31.08) per Square Foot per year, being the sum of Seven Million Nine Hundred Forty-Six Thousand One Hundred Thirty and 36/100 Dollars ($7,946,130.36) per calendar year payable at the rate of Six Hundred Sixty-Two Thousand One Hundred Seventy-Seven and 53/100 Dollars ($662,177.53) per month.
(i)    For the period beginning on January 1, 2030 and ending on December 31, 2030, Tenant shall pay to Landlord Basic Rent in the amount of Thirty-One and 55/100 Dollars ($31.55) per Square Foot per year, being the sum of Eight Million Sixty-Six Thousand Two Hundred Ninety-Three and 85/100 Dollars ($8,066,293.85) per calendar year payable at the rate of Six Hundred Seventy-Two Thousand One Hundred Ninety-One and 15/100 Dollars ($672,191.15) per month.
5.    Base Year. For the extension of the Initial Term of the Master Lease for the period from January 1, 2022 through December 31, 2030, the Base Year shall be 2022.  If Tenant exercises its first Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2031 through December 31, 2035, the Base Year shall be 2031.  If Tenant exercises its second Renewal Option under Section 2.3 of the Master Lease for the period from January 1, 2036 through December 31, 2040, the Base Year shall be 2036.
6.    Signage Rights.  Section 8 of the Fourth Amendment is hereby amended and restated as follows:
Tenant acknowledges that in the event Tenant’s occupancy level in the Building pursuant to the Master Lease and any other lease of space in the Building between Landlord and Tenant decreases below 200,000 Square Feet, Landlord may, at Landlord’s sole option and sole discretion require Tenant to pay commercially reasonable rent 

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for the space occupied by the Signs at a price to be mutually agreed upon by the parties acting in good faith at that time or if no agreement is reached, Tenant will remove the Signs.
7.    Existing Tenant Improvement and Refurbishment Allowances.  Landlord and Tenant acknowledge that, as of the date of this Ninth Amendment, the outstanding amount of the Tenant Improvement and Refurbishment Allowances is Three Million Three Hundred Eighty-Six Thousand Six Hundred Fifteen and 19/100 Dollars ($3,386,615.19).  Landlord and Tenant further agree that Section 6 of the Eighth Amendment is hereby amended as follows:
(a)    The first two sentences of Section 6(b) of the Eighth Amendment are hereby deleted and replaced with the following:  
Tenant may use the Tenant Improvement and Refurbishment Allowances for improvements to any Floor of the Premises.  In addition, the Tenant Improvement and Refurbishment Allowances amount for Floors 8, 16 and 17 in the amount of $513,872.00 (the “8th, 16th and 17th Floors TIA”) as set forth above may also be applied to the costs of purchasing furniture for use anywhere in the Premises.

(b)    The first sentence of Section 6(d)(i) of the Eighth Amendment is hereby amended and restated as follows:
If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment effective prior to December 31, 2021, Tenant shall reimburse Landlord for the unamortized portion of the Tenant Improvement and Refurbishment Allowances to the extent paid by Landlord to Tenant with respect to Floors 8, 16-27 in the maximum amount of $5,284,088.00 pursuant to this Eighth Amendment (the “Eighth Amendment TIA”).
(c)    Section 6(d)(iv) of the Eighth Amendment is hereby amended and restated as follows: 
If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment after December 31, 2021, Tenant shall not be obligated to make any reimbursement to Landlord under Section 10 of the Sixth Amendment or this paragraph (d).
8.    Additional Tenant Improvement and Refurbishment Allowance. Landlord and Tenant agree that, as of January 1, 2022, Tenant shall be entitled to an additional tenant improvement and refurbishment allowance in the amount of Four Million Three Hundred Forty-Six Thousand Three Hundred Thirty-Nine and 00/100 Dollars ($4,346,339.00) (the “Additional Tenant Improvement and Refurbishment Allowance”).  Any portion of the Additional Tenant Improvement and Refurbishment Allowance which is not requested for disbursement by Tenant or applied as a credit against payment of Basic Rent on or before December 31, 2025 shall be deemed to be waived by Tenant, and Landlord shall have no further obligation to pay or credit any such remaining 

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Additional Tenant Improvement and Refurbishment Allowance to Tenant, subject to Section 8(b)(y) below.  The Additional Tenant Improvement and Refurbishment Allowance will be paid and/or credited to Tenant in the following manner:
(a)    On or before September 1 of each calendar year beginning with the calendar year 2021 and continuing until September 1, 2024 with respect to calendar year 2025, Tenant will notify Landlord, in writing, of Tenant’s proposed annual spending plan of the Additional Tenant Improvement and Refurbishment Allowance for the following calendar year.  Tenant’s proposed annual spending plan shall set forth the maximum amount of the Additional Tenant Improvement and Refurbishment Allowance to be drawn by Tenant with respect to the following calendar year (“Maximum Draw”).  Landlord acknowledges that Tenant’s proposed spending plan is not subject to Landlord’s approval, and Tenant acknowledges that all alterations and improvements shall comply with Article 7 of the Master Lease.  Tenant’s proposed annual spending plan is subject to final approval and implementation by Tenant’s management and, after September 1 of each year, such proposed annual spending plan may change in scope (but any such change in scope delivered after September 1 will not increase the amount of the Maximum Draw), be delayed, or be cancelled by Tenant at any time thereafter.  
(b)    Tenant may use the Additional Tenant Improvement and Refurbishment Allowance at its discretion (i) for the improvement and refurbishment of any Floors (including furniture, fixtures and equipment) and (ii) up to fifty percent (50%) of the Additional Tenant Improvement and Refurbishment Allowance (i.e., up to a maximum amount of $2,173,169.50) may be applied as a credit against payment of Basic Rent, provided, however, that no monthly installment of Basic Rent shall be reduced by more than fifty percent (50%) of the amount which would otherwise be payable to Landlord with respect to such monthly installment.  With respect to any unused portion of the Maximum Draw which was included by Tenant in its proposed annual spending plan for a calendar year and was not actually used by Tenant during such calendar year:  (x) if Tenant did not undertake the improvements and refurbishments to which such amounts were to be allocated then such unused amounts may be carried forward by Tenant, and may be requested for disbursement by Tenant at any time through December 31, 2025 pursuant to an annual spending plan or applied as credits against Basic Rent as provided herein; and (y) if Tenant has undertaken the improvements and refurbishments to which such amounts were allocated but has not yet received and/or paid the invoices relating to such work, Tenant may draw such amounts from Landlord in the subsequent calendar year, including without limitation in calendar year 2026.
(c)    Landlord shall pay directly to Tenant the actual annual Additional Tenant Improvement and Refurbishment Allowance expended (but in no event greater than the applicable Maximum Draw) within forty-five (45) days following Landlord’s receipt of paid invoices and unconditional lien waivers from all contractors performing any of Tenant’s work in the Premises.  If the actual Tenant improvement and refurbishment expenditures by Tenant in any calendar year exceed the applicable Maximum Draw, then Tenant shall be responsible for payment of such excess expenditures but shall have the right to be reimbursed for such amounts in subsequent calendar years as may be set forth in the Tenant’s annual spending plan for such year(s) and to the extent of remaining available amounts of the Additional Tenant Improvement and Refurbishment Allowance.

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(d)    If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment effective after the date of this Ninth Amendment and prior to December 31, 2030, Tenant shall reimburse Landlord for the unamortized portion of the Additional Tenant Improvement and Refurbishment Allowance to the extent paid by Landlord to Tenant in the maximum amount of $4,346,339.00 pursuant to this Ninth Amendment (the “Ninth Amendment TIA”).  For purposes of determining such amortization, the parties shall assume that the full amount of the Ninth Amendment TIA was disbursed on January 1, 2022, and that Tenant is amortizing the full amount of the Ninth Amendment TIA in its payments of Basic Rent hereunder at the rate of 5% per annum over the period beginning on January 1, 2022 and ending on December 31, 2030.  The unamortized amounts of the Ninth Amendment TIA that have been disbursed by Landlord to Tenant prior to the effective date of such termination shall be equal to the aggregate amount of the Ninth Amendment TIA actually disbursed by Landlord to Tenant less the aggregate amount of principal amortized as of the effective date of such termination.  For example, if Tenant has received the sum of $3,000,000 as the Ninth Amendment TIA and Tenant subsequently terminates the Lease pursuant to Section 10 of the Sixth Amendment with such termination being effective as of December 31, 2026, then Tenant would owe to Landlord the remaining unamortized amount of $837,326.00 (being the $3,000,000 Ninth Amendment TIA actually received by Tenant less the total of the amortized principal sums of $392,288.00, $412,358.00, $433,455.00, $455,631.00 and $478,942 as shown on Exhibit A attached to this Ninth Amendment).  Such reimbursement by Tenant shall occur by no later than the expiration date of the Term as determined by the exercise of the foregoing termination right.  Landlord agrees that within sixty (60) days following the end of any calendar year in which amounts of the Ninth Amendment TIA are disbursed to Tenant, Landlord shall prepare and deliver to Tenant an annual statement reflecting the prior year’s disbursements of the Ninth Amendment TIA and the total aggregate disbursements of the Ninth Amendment TIA during the Initial Term as extended hereby.  Tenant acknowledges and agrees that in no event shall Tenant be entitled to any credit or otherwise have any claim against Landlord with respect to (x) any negative amortization amounts for the Ninth Amendment TIA which Tenant has not actually received pursuant to the amortization schedule attached as Exhibit A, or (y) amounts of the Ninth Amendment TIA that shall not have been properly requested by Tenant under and pursuant to this Section 8 to be disbursed by Landlord prior to the effective date of a termination of this Lease by Tenant.
(e)    If Tenant exercises its right to terminate the Master Lease pursuant to Section 10 of the Sixth Amendment after December 31, 2030 during a Renewal Term or other extension of the Master Lease, Tenant shall not be obligated to make any reimbursement to Landlord under paragraph (d) of this Section 8.
9.    Termination of Refurbishment Allowance.  Landlord and Tenant hereby agree that the obligation of Landlord to provide any Refurbishment Allowance to Tenant pursuant to Section 6.4 of the Original Master Lease is hereby terminated and all calculations and provisions related to such obligation described in Section 6.4 of the Original Master Lease shall be of no further force or effect; provided, however, that nothing in this Section 9 shall reduce or affect the existing balance of the Tenant Improvement and Refurbishment Allowances in the amount of $3,386,615.19.  
10.    Improvement Allowance with Respect to Expansion Space.  Section 6.5 of the Original Master Lease is hereby amended and restated in its entirety as follows:

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If Tenant elects to lease Expansion Space pursuant to Section 2.4 hereof and agrees, in writing, that such Expansion Space is to become part of the Premises leased by Tenant under the terms of this Lease, then in the event that at least five (5) years remain in the current Term (or if Tenant has exercised one or more Renewal Options as set forth in Section 2.3 so that at least five (5) years remain on such Renewal Term), Tenant shall receive a Tenant finish allowance (the “Tenant Finish Allowance”) in the year in which Tenant leases any of the Expansion Space, which Tenant Finish Allowance shall be equal to the sum of Twenty-Five Dollars ($25.00) per Square Foot (increased by two percent (2%) compounded per year from January 1, 2016).  In the event that less than five (5) years remain in the current Term or any Renewal Term with respect to such Expansion Space, then the Tenant Finish Allowance shall be an amount which would be equal to the sum of Five Dollars ($5.00) per Square Foot per year (increased by two percent (2%) compounded per year from January 1, 2016) for each full Lease Year remaining on the current Term or current Renewal Term; provided, however, that if Tenant subsequently exercises one or more Renewal Options such that at least five (5) years remain on such Term or Renewal Term, then Landlord shall pay to Tenant the difference between (i) the actual improvement allowance (calculated at Five Dollars ($5.00) per Square Foot per year and compounded as set forth hereinabove) received by Tenant with respect to such Expansion Space and (ii) the Tenant Finish Allowance calculated in accordance with the first sentence of this Section 6.5.

11.    Operating Rent.  For purposes of clarifying the revisions to Section 4.1 of the Original Master Lease effected by Section 7 of the Sixth Amendment, Landlord and Tenant agree that Section 7(a)(iv) of the Sixth Amendment is hereby amended and restated as follows:
There shall be no limitation on increases in Tenant’s Share of Non-Controllable Operating Expenses. There shall be no automatic or minimum increase in Non-Controllable Operating Expenses or in Controllable Operating Expenses, and the automatic increase in Remaining Operating Expenses by four percent (4%) per year on a compounded, cumulative basis under Section 4.1(a) of the Master Lease shall no longer apply to the determination of Operating Rent. 
12.    Applicable Law. The laws of the Commonwealth of Pennsylvania shall govern the validity, performance and enforcement of this Ninth Amendment. The invalidity or unenforceability of any provision of this Ninth Amendment shall not affect or impair any other provision.

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13.    Interpretation. In the event of any conflict between the provisions of the Master Lease and the provisions of this Ninth Amendment, the provisions of this Ninth Amendment shall control.
14.    Execution. This Ninth Amendment may be signed in counterparts, each of which shall be deemed an original, but all of which shall be deemed but one and the same instrument.
15.    Full Force and Effect. Except as specifically set forth herein, the terms, covenants and conditions of the Master Lease shall remain in full force and effect. Neither the Master Lease nor this Ninth Amendment may be further modified or amended, except in writing signed by both Landlord and Tenant.  This Ninth Amendment sets forth the entire understanding of the parties hereto with respect to the matters set forth herein. Landlord and Tenant each hereby ratify and reaffirm all of the remaining terms and conditions of the Master Lease, as amended.  Tenant hereby acknowledges that, to the best of Tenant’s knowledge as of the date of this Ninth Amendment, Landlord is not in default under the terms and conditions of the Master Lease, as amended. Landlord hereby acknowledges that, to the best of Landlord’s knowledge as of the date of this Ninth Amendment, Tenant is not in default under the terms and conditions of the Master Lease, as amended.
16.    Confidentiality of Terms. Landlord and Tenant covenant and agree to maintain the terms of this Ninth Amendment and all documents produced in connection therewith as strictly confidential.  In no event shall Landlord or Tenant disclose or publish such information to any third parties except: (i) either party may disclose the terms of this Ninth Amendment to its lenders, accountants, attorneys, employees or tax advisors to whom disclosure is necessary, provided that such individuals are advised of the confidentiality provisions hereof; or (ii) as may be agreed upon in writing by the other party.  Notwithstanding the foregoing, (i) Landlord, with Tenant’s prior written consent as to both form and content, may generate an announcement regarding Tenant’s extension of the Master Lease without divulging any specifics of the Ninth Amendment, and (ii) this Section 16 shall not apply to Tenant to the extent that Tenant is required by law to disclose this Ninth Amendment and/or to include a copy of this Ninth Amendment with a report filed by Tenant with the United States Securities and Exchange Commission.
17.    Lender Consent. This Ninth Amendment and the rights and obligations of the parties hereunder shall not become effective until Tenant and Landlord shall have received the written consent of Wells Fargo Bank, National Association, as Mortgagee, or its successor Mortgagee, to this Ninth Amendment, and Landlord agrees to use commercially reasonable efforts to obtain such consent as soon as possible following the mutual execution and delivery of this Ninth Amendment.
18.    Broker. Landlord hereby warrants to Tenant that, other than CBRE, no real estate broker has or will represent Landlord in this transaction.  Tenant hereby warrants to Landlord that no real estate broker other than Newmark Grubb Knight Frank and Avison Young (collectively together with CBRE, the “Brokers”) has or will represent Tenant in this transaction.  Landlord and Tenant shall indemnify each other against and hold the other harmless from all liabilities, claims, and expenses (including reasonable attorneys’ fees) arising out of the breach of their respective warranty.  Landlord shall compensate the Brokers pursuant to separate agreements between Landlord and the Brokers.

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[Remainder of Page Intentionally Left Blank; Signature Page Follows]

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IN WITNESS WHEREOF, this Ninth Amendment has been duly executed by the parties hereto as of the date first above written.
LANDLORD:
IX LIBERTY CENTER OWNER, L.P.,  
a Delaware limited partnership
By:    IX Liberty Center Owner GP, L.L.C.,  
    a Delaware limited liability company 
Its:     General Partner 

By:     /s/Mark Keatley
Name:        Mark Keatley 
Title:       Managing Director

TENANT:
FEDERATED INVESTORS, INC. 

By:     /s/Thomas R. Donahue
Name:        Thomas R. Donahue 
Title:       Chief Financial Officer

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Exhibit 10.1

EXHIBIT A

PI-3944776 v3

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