Document:

Exhibit 10.33

 

OMNIVISION TECHNOLOGIES,
INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement
(the “Agreement”) is made effective as of September 30, 2008 (the “Effective Date”) by and between OmniVision
Technologies, Inc. and its
affiliates (together, the “Company”) and Peter V. Leigh, (“Consultant”).

 

RECITALS

 

WHEREAS, the Consultant has tendered his resignation as the Company’s Chief
Financial Officer effective as of September 30, 2008 (the ‘Resignation
Date”);

 

WHEREAS, the Company and the Consultant have agreed to enter into a
consulting arrangement whereby the Consultant will be available to assist in
the new Chief Financial Officer’s transition into such position; and

 

WHEREAS, immediately following the Resignation Date until April 30,
2009, the Consultant will serve as a consultant to the Company, subject to the
terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual
promises set forth herein, and intending to be legally bound hereby, the
parties hereby agree as follows:

 

1.                                      SERVICES.

 

1.1                                 The Company hereby retains Consultant and
Consultant agrees to perform for the Company the services described in Exhibit A
(the “Services”).  The Company may amend Exhibit A
at any time to reflect the development and/or production needs of the
Company.  Consultant will keep the
Company advised as to Consultant’s progress in performing the Services and
will, as requested by the Company from time to time, promptly prepare written notes and/or
reports regarding such progress.

 

1.2                                 The Company and Consultant agree that the
compensation for the Services shall be set forth in Exhibit B.

 

2.                                      CONFIDENTIALITY.

 

2.1                                 “Confidential Information” means any
proprietary information, technical data, trade secrets or know-how, including research,
product ideas, product plans, products, services, customers, customer lists,
markets, software, developments, inventions, processes, formulas, technology,
designs, drawings, hardware configuration information, marketing, finances or
other business information disclosed by the Company, either directly or
indirectly in writing, orally or by drawings or inspection of parts or
equipment. Confidential Information does not include information which (i) is
known to Consultant at the time of disclosure by the Company as evidenced by
written records of Consultant, (ii) has become publicly known and made
generally available through no wrongful act or non-act of Consultant, or (iii) has
been rightfully received by Consultant from a third party who is authorized to
make such disclosure.

 

2.2                                 Consultant recognizes and acknowledges that
in the course of performing the Services, Consultant will have access to
Confidential Information.  Consultant
will not use Confidential Information for any purpose whatsoever other than the
performance of the Services on behalf of the Company or disclose the Company’s
Confidential Information to any third party. The Confidential Information shall
remain the sole property of the Company. Consultant further agrees to take all
reasonable 

 

 

precautions to prevent any unauthorized
disclosure of such Confidential Information. Without the Company’s prior
written approval, Consultant will not directly or indirectly disclose to anyone
the existence of this Agreement or the fact that Consultant has this
arrangement with the Company.

 

2.3                                 Consultant will not, during the term of this
Agreement, (i) improperly use or disclose any proprietary information or
trade secrets of any former or current employer or other person or entity which
Consultant is obligated to keep confidential; or (ii) improperly use work
time or facilities of the current employer to do any work related to the
performance of the Services. Consultant will indemnify the Company and hold it
free and harmless from and against all claims, liabilities, damages and
expenses, including reasonable attorneys fees and costs of suit, arising out of
or in connection with any violation or claimed violation of a third party’s
rights resulting in whole or in part from the Company’s use of the work product
of Consultant under this Agreement.

 

2.4                                 Consultant recognizes that the Company may
from time to time receive confidential or proprietary information from third
parties.  Consultant is obligated to the
Company and such third parties, to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person,
firm or corporation or to use it except as necessary in carrying out the
Services for the Company consistent with the Company’s agreement with such
third party.

 

2.5                                 Upon the termination of this Agreement, or
upon Company’s earlier request, Consultant will promptly deliver to the Company
all of the Company’s property and Confidential Information in tangible form in
Consultant’s possession or control.

 

3.                                      INVENTION ASSIGNMENT AND
OWNERSHIP.

 

3.1                                 Consultant agrees that all copyrightable
works, notes, records, drawings, designs, compositions, inventions (whether
patentable or not), improvements, developments, discoveries and trade secrets
(collectively, “Works”) conceived, made or discovered by Consultant, either
solely or in collaboration with others and either on or off the Company’s
premises, during the period of this Agreement which relate in any manner to the
business of the Company that Consultant may become associated with in
performing the Services hereunder, are the sole property of the Company. Any
Works which constitute copyrightable subject matter shall be considered “works
made for hire” as that term is defined in the United States Copyright Act.  Consultant further hereby assigns fully to
the Company all right, title and interest in such Works and any copyrights,
patents, mask work rights or other intellectual property rights relating to
such Works.

 

3.2                                 Consultant agrees to assist Company, or its
designee, at the Company’s expense, to secure the Company’s rights in the Works
and any copyrights, patents, mask work rights or other intellectual property
rights relating such Works, in any and all countries.  Consultant’s obligations under this Section may
include disclosing to the Company all pertinent information and data with
respect the Works, executing all applications, specifications, oaths,
assignments and all other instruments which the Company deems necessary in
order to obtain such rights and to assign to the Company, its successors,
assigns and nominees the sole and exclusive rights, title and interest in and
to such Works, and any copyrights, patents, mask work rights or other
intellectual property rights relating to such Works.  In the event that Consultant fails to execute
any such instruments within a reasonable time, Consultant hereby irrevocably
appoints the Company and its duly authorized officers and agents as Consultant’s
agent and attorney in fact to execute any such instruments and take all other
action necessary to effectuate the intent of this Section.

 

3.3                                 Consultant hereby attaches, as Exhibit C
hereto, a list describing all inventions, original works of authorship,
developments, improvements, trademarks, discoveries, formulae, trade secret

 

2

 

and proprietary information which were made
by Consultant prior to his or her retention by the Company. Except as set forth
on Exhibit C, if in the course of performing the Services, Consultant
incorporates into any Work developed hereunder any invention, improvement,
development, concept, discovery or other proprietary information owned by
Consultant or in which Consultant has an interest, the Company is hereby
granted a nonexclusive, royalty-free, irrevocable, worldwide, perpetual license
to make, have made, modify, use and sell such items as part of or in connection
with such Work.

 

3.4                                 Even though Consultant is not an employee,
Consultant understands that the provisions hereof requiring invention
assignment to the Company may not apply to an invention which qualifies fully
under the provisions of California Labor Code Section 2870, attached
hereto as Exhibit D. However, Consultant shall promptly advise the Company
in writing of any inventions that Consultant reasonably believes meet the
criteria in the aforesaid Labor Code Section.

 

4.                                      CONFLICTING OBLIGATIONS.

 

Consultant represents and
certifies that Consultant has no outstanding agreement or obligation that is in
conflict with any of the provisions of this Agreement and Consultant will not
enter into any such conflicting agreement during the term of this Agreement.
Consultant agrees to diligently adhere to the Conflict of Interest Guidelines,
attached hereto as Exhibit E. Consultant further agrees not to engage in
any other consulting or business activity directly related to the business in
which the Company is now involved or becomes involved during the term of this
Agreement, if such engagement would in any manner damage the Company.

 

5.                                      TERM AND TERMINATION.

 

5.1                                 This Agreement will commence on the Effective
Date and remain in effect until the earlier of:

 

(a)                                  April 30, 2009;

 

(b)                                 the date that Consultant terminates this
Agreement upon thirty (30) days prior written notice to the Company; or

 

(c)                                  the date that Consultant is terminated for
Cause (as such term is defined below).

 

For purposes of this
Agreement, “Cause” shall mean (i) the Consultant’s failure to perform his
assigned duties or responsibilities under this Agreement (other than a failure
resulting from the Consultant’s disability (as defined in Section 22(e)(3) of
the Internal Revenue Code of 1986, as amended)) after notice thereof from the
Company describing the Consultant’s failure to perform such duties or
responsibilities; (ii) the Consultant engaging in any act of dishonesty,
fraud or misrepresentation; (iii) the Consultant’s violation of any
federal or state law or regulation applicable to the business of the Company or
its affiliates; (iv) the Consultant’s breach of any confidentiality
agreement or invention assignment agreement between the Consultant and the
Company (or any affiliate of the Company); (v) the Consultant being
convicted of, or entering a plea of nolo contendere to,
any crime or committing any act of moral turpitude; (vi) the Consultant
providing services to a third party in any capacity on a full-time basis (40 or more hours per week);
or (vii) the Consultant providing services to a competitor of the Company
in any capacity on a full-time, part-time or any other basis.

 

5.2                                 Upon such termination all rights and duties
of the parties toward each other shall cease to exist.

 

3

 

(a)                                  the Company shall be obligated to pay, within
thirty (30) days after termination, all amounts owing to Consultant for
Services performed and related expenses, if any, up to the date of termination;
and

 

(b)                                 Sections 2 (Confidentiality), 3 (Ownership),
and 6-12 (General Provisions) shall survive termination of this Agreement.

 

6.                                      NOTICES.

 

Any notices given under this
Agreement shall be in writing, addressed as shown below or at such other
address specified by written notice. 
Notices shall be deemed given upon delivery if personally delivered,
three days after deposited in the United States mail, postage prepaid,
registered or certified mail, return receipt requested or within forty-eight
(48) hours after delivery to an overnight courier service.

 

7.                                      ASSIGNMENT; SUCCESSORS
AND ASSIGNS.

 

Neither this Agreement nor
any rights or obligations under this Agreement may be assigned or transferred
by Consultant without the express written consent of the Company.  This Agreement shall inure to the benefit of
successors and assigns of the Company, and shall be binding upon the heirs,
legal representatives, successors and assigns of Consultant.

 

8.                                      INDEPENDENT CONTRACTOR.

 

Nothing in this Agreement
shall be construed to constitute Consultant as an agent, employee or
representative of the Company. 
Consultant is an independent contractor. 
Consultant shall not be entitled to any Company employment rights or
benefits.  Consultant shall bear all
expenses associated with performing the Services except as expressly provided
on Exhibit B of this Agreement. 
Consultant is obligated to report as income all compensation received by
Consultant pursuant to this Agreement, and to pay all self-employment and other
taxes.  The Company and Consultant
acknowledge and agree that this Agreement is intended to create a bona fide
consulting arrangement between the Company and Consultant.  The Company has no reason to believe that the
consulting arrangement created hereby is not a bona fide consulting
arrangement.

 

9.                                      ARBITRATION AND EQUITABLE
RELIEF.

 

9.1                                 Except as provided in Section 9.2 below,
the Company and Consultant agree that any dispute or controversy arising out of
or relating to this Agreement shall be settled by binding arbitration to be
held in , California, in accordance with the rules then in effect of the
American Arbitration Association.  The
arbitrator may grant injunctions or other relief in such dispute or
controversy.  The Company and Consultant
shall each pay one-half of the costs and expenses of such arbitration, and each
shall separately pay its respective counsel fees and expenses.

 

9.2                                 Consultant acknowledges that any breach of
Sections 2, 3 and 4 will give rise to irreparable harm to the Company, and that
it would be impossible or inadequate to measure the Company’s damages from any
such breach. Accordingly, Consultant agrees that if Consultant breaches
Sections 2, 3 or 4 the Company will have the right to obtain from any court of
competent jurisdiction an injunction restraining such breach or threatened
breach and specific performance of any such provision.  Consultant further agrees that no bond or
other security shall be required in obtaining such equitable relief.

 

4

 

10.                               GOVERNING LAW;
JURISDICTION AND VENUE.

 

This Agreement shall be
governed by the laws of the State of California without reference to its
conflict of laws provisions.  Consultant
submits to the jurisdiction and venue of the state and federal courts in the
Northern District of California.

 

11.                               SEVERABILITY.

 

If any Section of this
Agreement is found by competent authority to be invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such Section in every other respect and the
remainder of this Agreement shall continue in effect so long as the Agreement
still expresses the intent of the parties. 
If the intent of the parties cannot be preserved, this Agreement shall
be either renegotiated or terminated.

 

12.                               ENTIRE AGREEMENT.

 

This Agreement is the entire
agreement of the parties and supersedes any prior agreements between them with
respect to the subject matter of this Agreement.

 

IN WITNESS WHEREOF, the
Company and Consultant have caused this Agreement to be signed and delivered,
all as of the date first above written.

 

	
  CONSULTANT

  	
   

  	
  OMNIVISION TECHNOLOGIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Peter V. Leigh

  	
   

  	
  By: 

  	
  /s/ Shaw Hong

  
	
   

  	
   

  	
   

  
	
  Name: 

  	
  Peter V. Leigh

  	
   

  	
  Name: 

  	
  Shaw Hong

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  President
  & CFO

  
								

 

Address:

 

 

 

5

 

EXHIBIT A

 

SERVICES

 

1.                                       Contact.  Consultant’s principal Company
contacts:

 

Shaw Hong, the Company’s President and Chief
Executive Officer and Vicky Chou, the Company’s Vice President of Legal and
General Counsel

 

2.                                       Services.  Consultant will render the
following Services to the Company:

 

All services, if any,
that may be reasonably requested by Mr. Hong or Ms. Chou from time to
time, including, without limitation, assisting with the Company’s finance and
investor relation duties and responsibilities and services related to the
transition of the new Chief Financial Officer. 
Such services shall be reasonable in scope and duration and shall be
performed by Consultant at reasonable times and under reasonable circumstances.

 

 

EXHIBIT B

 

COMPENSATION

 

1.                                       Services.  Consultant shall perform the
Services described in Exhibit A and as shall further be described to
Consultant by the Contacts named on Exhibit A and such Contacts shall
serve as Consultant’s supervisors with regard to the services and work.

 

2.                                       Compensation. As consideration for all services to be
rendered and performed under the Agreement and for assigning the rights to the
Company set forth in Section 3 of the Agreement, if any, the Company shall pay Consultant the fees as set forth below:

 

                                                                                                (A) To the extent that the Consultant is
requested to perform Services by Mr. Hong or Ms. Chou on behalf of
the Company, Consultant will be paid on an hourly basis at the rate of $250.00 per
hour for such Services, subject to a daily maximum amount of $3,000.

 

                                                                                                (B)                                All stock options granted to Consultant under the Company’s equity
plans prior to the date of this Agreement shall continue to vest pursuant to
the terms of such stock options and such equity plans.

 

(C)                                The Company shall reimburse Consultant for
all reasonable travel and living expenses incurred by Consultant in performing
the Services pursuant to this Agreement, provided Consultant receives prior
written consent from Company Contact prior to incurring such expenses.

 

                                                                                                (D) Consultant shall submit all
statements for services and expenses in a form prescribed by the Company and
such statement shall be approved by the Company Contact listed above.  Invoices shall payable in full within 15 days
after receipt by Company of an invoice from Consultant to be rendered monthly
after the end of each calendar month in which Consultant has rendered services.

 

 

EXHIBIT C

 

LIST OF PRIOR INVENTIONS AND ORIGINAL WORKS OF
AUTHORSHIP

 

	
  Title

  	
   

  	
  Date

  	
   

  	
  Identifying Number

  or Brief Description

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

x          No inventions or improvements

 

o            Additional sheets attached

 

	
  Signature of Consultant: 

  	
  /s/ Peter V. Leigh

  
	
   

  
	
  Printed Name of
  Consultant: 

  	
   

  	
   

  
	
   

  
	
  Date: 

  	
   

  
					

 

 

EXHIBIT D

 

CALIFORNIA LABOR CODE SECTION 2870

 

EMPLOYMENT AGREEMENTS; ASSIGNMENT OF RIGHTS

 

“(a)                            Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or
her rights in an invention to his or her employer shall not apply to an
invention that the employee developed entirely on his or her own time without
using the employer’s equipment, supplies, facilities, or trade secret information
except for those inventions that either:

 

(1)                                  Relate at the time of conception or reduction
to practice of the invention to the employer’s business, or actual or
demonstrably anticipated research or development of the employer.

 

(2)                                  Result from any work performed by the
employee for the employer.

 

(b)                                 To the extent a provision in an employment
agreement purports to require an employee to assign an invention otherwise
excluded from being required to be assigned under subdivision (a), the
provision is against the public policy of this state and is unenforceable.”

 

 

EXHIBIT E

 

CONFLICT OF INTEREST GUIDELINES

 

It is the policy of OmniVision
Technologies, Inc. (the “Company”)
to conduct its affairs in strict compliance with the letter and spirit of the
law and to adhere to the highest principles of business ethics. Accordingly,
all officers, employees and independent contractors must avoid activities which
are in conflict, or give the appearance of being in conflict, with these
principles and with the interests of the Company.  The following are potentially compromising
situations which must be avoided. Any exceptions must be reported to the
President of the Company and
written approval for continuation must be obtained from the President.

 

1.                                       Revealing confidential information to
outsiders or misusing confidential information. Unauthorized divulging of
information is a violation of this policy whether or not for personal gain and
whether or not harm to the Company is intended.

 

2.                                       Accepting or offering substantial gifts,
excessive entertainment, favors or payments which may be deemed to constitute
undue influence or otherwise be improper or embarrassing to the Company.

 

3.                                       Participating in civic or professional
organizations that might involve divulging confidential information of the
Company.

 

4.                                       Initiating or approving personnel actions
affecting reward or punishment of employees or applicants where there is a
family relationship or is or appears to be a personal or social involvement.

 

5.                                       Initiating or approving any form of personal
or social harassment of employees.

 

6.                                       Investing or holding outside directorships in
suppliers, customers or competing companies, including financial speculation,
where such investment or directorship might influence in any manner a decision
or course of action of the Company.

 

7.                                       Borrowing from or lending to employees,
customers or suppliers.

 

8.                                       Acquiring real estate of interest to the
Company.

 

9.                                       Improperly using or disclosing to the Company
any proprietary information or trade secrets of any former or concurrent
employer or other person or entity with whom obligations of confidentiality
exist.

 

10.                                 Unlawfully discussing prices, costs,
customers, sales or markets with competing companies or their employees.

 

11.                                 Making any unlawful agreements with
distributors with respect to prices.

 

12.                                 Improperly using or authorizing the use of
any inventions which are the subject of patent claims of any other person or
entity.

 

13.                                 Engaging in any conduct which is not in the
best interest of the Company.

 

 

14.                                 Each officer, employee and independent
contractor must take every necessary action to ensure compliance with these
guidelines and to bring problem areas to the attention of higher management for
review. Violations of this conflict of interest policy may result in immediate
discharge.

 

2Exhibit 10.1

 

AMENDMENT TO
LOAN AGREEMENT

 

This Amendment to Loan
Agreement (this “Amendment”), dated as of August 22, 2008 (the “Effective
Date”), by and among GOLDMAN SACHS MORTGAGE COMPANY, a New York limited
partnership (“GSMC”) and successor-in-interest to Goldman Sachs
Commercial Mortgage Capital, L.P., CITICORP NORTH AMERICA, INC., a New York
corporation (“Citigroup”), and SL GREEN REALTY CORP., a Maryland
corporation (“SL Green”, and together with GSMC, Citigroup and their
respective successors and assigns, collectively, “Lender”), as lender,
and each of the entities listed as a “Borrower” on the signature pages hereto,
collectively, jointly and severally, together with their respective permitted
successors and assigns, “Borrower”), amends that certain Loan Agreement,
dated as of April 1, 2008 (the “Loan Agreement”; all capitalized
terms used but not defined herein shall have the respective meanings given such
terms in the Loan Agreement).

 

WHEREAS, pursuant to the Loan
Agreement and that certain Mortgage Loan Cooperation Agreement, dated as of April 1,
2008, by and among Lender and Borrower (the “Cooperation Agreement”),
Borrower has agreed to cooperate with Lender’s efforts to create additional
mezzanine loans; and

 

WHEREAS, Lender and Borrower
desire to amend the Loan Agreement to reflect the bifurcation of the Mezzanine
Loan into two separate mezzanine loans, a senior mezzanine loan with an
original principal balance of $500,000,000, and a junior mezzanine loan with an
original principal balance of $99,329,673.13.

 

NOW THEREFORE, in consideration
of the mutual premises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby represent, warrant, covenant and agree as follows:

 

Section 1.       Amendments of Loan Agreement.  Lender and Borrower hereby agree to amend the
terms of the Loan Agreement as hereinafter set forth:

 

(a)  The
defined term “Change of Control” is hereby deleted in its entirety and the
following is inserted in lieu thereof:

 

““Change of
Control” means the occurrence of either or both of the following: (i) except
as a result of a Permitted Joint Venture, the failure of any individual
Borrower to be directly or indirectly 100% owned and controlled by Sponsor or a
mezzanine lender that acquires a direct or indirect equity interest in Borrower
through foreclosure or a transfer in lieu of foreclosure, in each case in
accordance with the intercreditor agreement between Lender and such mezzanine
lender, or (ii) except as a result of a Permitted Joint Venture, the
failure of any Single-Purpose Equityholder (if any) to be directly or
indirectly 100% owned and controlled by Sponsor or a mezzanine lender that
acquires a direct or indirect equity interest in Borrower through foreclosure
or a transfer in lieu of foreclosure, in each case in accordance with the
intercreditor agreement between Lender and such mezzanine lender.”

 

(b)  The
defined term “Loan Documents” is hereby amended by inserting the words “the
Whole Loan Guaranty,” after the words “the Guaranty”

 

1

 

(c)  The
defined term “Mezzanine Borrower” is hereby deleted in its entirety and the
following is inserted in lieu thereof:

 

““Mezzanine
Borrower” means the “Borrower” as described in the Amended and Restated
Senior Mezzanine Loan Agreement.”

 

(d)  The
defined term “Mezzanine Lender” is hereby deleted in its entirety and the
following is inserted in lieu thereof:

 

““Mezzanine
Lender” means, collectively, Goldman Sachs Mortgage Company, a New York
limited partnership and Citicorp North America, Inc., a New York
corporation, or their respective successors and/or assigns identified to Lender
in writing.”

 

(e)   The defined term “Mezzanine Loan Agreement”
is hereby deleted in its entirety and the following is inserted in lieu
thereof:

 

““Mezzanine
Loan Agreement” means that certain Amended and Restated Senior Mezzanine
Loan Agreement, dated as of April 1, 2008 and amended as of August 22,
2008, by and between Mezzanine Lender and Mezzanine Borrower pursuant to which
the Mezzanine Loan is made.”

 

(f)    The defined term “Mezzanine Loan Event of
Default” is hereby deleted in its entirety and the following is inserted in
lieu thereof:

 

““Mezzanine
Loan Event of Default” means the occurrence of any one or more events which
constitute an “Event of Default” under and as defined in the Mezzanine Loan
Documents and/or the Junior Mezzanine Loan, with respect to which Lender shall
have received written notice from Borrower or the applicable Mezzanine Lender
and/or Junior Mezzanine Lender.”

 

 (g)  The
defined term “Mezzanine Loan Principal Indebtedness” is hereby deleted in its
entirety and the following is inserted in lieu thereof:

 

““Mezzanine
Loan Principal Indebtedness” means the sum of (x) principal balance of
the Mezzanine Loan outstanding from time to time, plus (y) the principal
amount of the Junior Mezzanine Loan 
outstanding from time to time.”

 

(h)  The
defined term “Mortgage Loan Percentage” is hereby deleted in its entirety and
the following is inserted in lieu thereof:

 

““Mortgage
Loan Percentage” means 86.628%.”

 

(i)    The defined term “Spread” is hereby deleted
in its entirety and the following is inserted in lieu thereof:

 

““Spread” means:

 

(i)            initially, 1.98790426724%; and

 

2

 

(ii)           following the bifurcation of the Note into multiple Note
Components pursuant to Section 1.3(c), the weighted average of the
Component Spreads at the time of determination, weighted on the basis of the
corresponding Component Balances.”

 

(j)  The
following defined terms are added to the “DEFINITIONS” section of the Loan
Agreement, immediately following the defined term “Interest Rate Cap Agreements”:

 

“Junior Mezzanine Borrower”
means the “Borrower” as described in the Junior Mezzanine Loan Agreement.

 

“Junior Mezzanine Lender”
means, collectively, Goldman Sachs Mortgage Company, a New York limited
partnership, Citicorp North America, Inc., a New York corporation, and SL
Green Realty Corp., a Maryland corporation, or their respective successors
and/or assigns identified to Lender in writing.

 

“Junior Mezzanine Loan”
means that certain mezzanine loan made on the date hereof by Junior Mezzanine
Lender to Junior Mezzanine Borrower.

 

“Junior Mezzanine Loan
Agreement” means that certain Junior Mezzanine Loan Agreement, dated as of August 22,
2008 and effective as of the date hereof, by and between Junior Mezzanine
Lender and Junior Mezzanine Borrower pursuant to which the Junior Mezzanine
Loan is made.

 

“Junior Mezzanine Loan
Documents” means the “Loan Documents” as defined in the Junior Mezzanine
Loan Agreement.

 

“Whole Loan Guarantor”
means GKK Stars Junior Mezz 1 LLC.

 

“Whole Loan Guaranty”
means that certain Guaranty Agreement, dated as of August 22, 2008, by
Whole Loan Guarantor for the benefit of Lender.

 

(k)   Section 1.2(b)(iv) of the
Loan Agreement is hereby amended by inserting the words “and Junior Mezzanine
Loan” immediately after the words “Mezzanine Loan”.

 

(l)  Section 1.3(c) of
the Loan Agreement is hereby amended by (i) inserting the words “(x) all
payments of interest and principal hereunder shall be applied to the Note
Components on a pro rata basis and (y)” immediately after the words “Casualty
or Condemnation” in the second sentence thereof, and (ii) inserting the
parenthetical  “(and subject to any
intercreditor agreement among Lender, Junior Mezzanine Lender and/or any
Encumbered Property Lender, and/or any co-lender agreement among the Lenders
hereunder, all payments of interest and principal hereunder shall be applied to
the Notes on a pro rata basis)” immediately after the words “separate physical
Note” in the third sentence thereof.

 

(m)  Section 2.1(b) of
the Loan Agreement is hereby amended by (i) inserting the words “and
Junior Mezzanine Loan” immediately after the words “a prepayment of the
Mezzanine Loan” in the first sentence of such Section, (ii) inserting the
words “and Junior Mezzanine Borrower” immediately after the words “Mezzanine
Borrower” in the third sentence 

 

3

 

of such Section and
(iii) inserting the words “and Junior Mezzanine Loan” immediately after
the words “Mezzanine Loan” in the third sentence of such Section.

 

(n)  Section 3.2(d) of
the Loan Agreement is hereby amended by inserting the words “and/or Junior
Mezzanine Lender” immediately after the words “Mezzanine Lender” in the first
sentence of such Section.

 

(o)  Section 5.12
is hereby amended and restated in its entirety to read:

 

“5.12.  Annual Financial Statements.  As soon as available, and in any event within
120 days after the close of each Fiscal Year, beginning with the 2008 Fiscal
Year, Borrower shall furnish to Lender, in an Excel spreadsheet file in
electronic format (which may be via an intralinks site at Borrower’s sole cost
and expense), or, in the case of predominantly text documents, in Adobe pdf
format, a balance sheet of Borrower and (except to the extent stock in Sponsor
is publicly traded on a major stock exchange) Sponsor as of the end of such
year, which statements with respect to Borrower shall be on a consolidated
basis with respect to the Properties as a whole, together with related
consolidated statements of income for such Fiscal Year, which statements shall
include an attached schedule of Net Operating Income, gross carrying value and
accumulated depreciation, each on an individual property basis, audited by an
Approved Accounting Firm whose opinion shall be to the effect that such
financial statements have been prepared in accordance with GAAP applied on a
consistent basis and shall not be qualified as to the scope of the audit or as
to the status of Borrower as a going concern. 
Together with Borrower’s annual financial statements, Borrower shall
furnish to Lender, in hard copy and electronic format:

 

	
  (i)

  	
   

  	
  then current
  rent roll and occupancy reports of the Properties; and

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  such other
  information as Lender shall reasonably request, to the extent readily
  available to Borrower or Sponsor without material cost or expense.”

  

 

(p) Section 5.13 is hereby
amended and restated in its entirety to read:

 

“5.13.  Quarterly Financial Statements.  As soon as available, and in any event within
60 days after the end of each Fiscal Quarter (including year-end), Borrower
shall furnish to Lender, in an Excel spreadsheet file in electronic format
(which may be via an intralinks site at Borrower’s sole cost and expense), or,
in the case of predominantly text documents, in Adobe .pdf format, quarterly
and year-to-date an unaudited balance sheet for such Fiscal Quarter with
respect to Borrower and (except to the extent stock in Sponsor is publicly
traded on a major stock exchange) Sponsor, which statements with respect to
Borrower shall be on a consolidated basis with respect to the Properties as a
whole,  together with related
consolidated statements of income and cash flows for such Fiscal Quarter and
for the portion of the Fiscal Year ending with such Fiscal Quarter, which
statements shall include an attached schedule of Net Operating Income, gross
carrying value and accumulated depreciation, each on an individual property
basis, which statements shall be accompanied by an Officer’s Certificate
certifying that the same are true and correct and were prepared in accordance
with GAAP applied on a consistent basis, 

 

4

 

subject to changes resulting from audit and normal year-end audit
adjustments.  Each such quarterly report
shall be accompanied by the following, in hard copy and electronic format:

 

	
  (i)

  	
   

  	
  a statement
  which calculates Net Operating Income for each of the Fiscal Quarters in the
  Test Period ending in such Fiscal Quarter, in the case of each such Fiscal
  Quarter, ending at the end thereof;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  copies of
  each of the Major Leases signed during such quarter and each other Lease
  signed during such quarter that is requested by Lender, and a summary of each
  material Lease (and, to the extent prepared by Borrower or Approved Property
  Manager in the ordinary course of business, each other Lease) signed during
  such quarter, which shall include the Tenant’s name, lease term, base rent,
  Tenant Improvements, leasing commissions paid, free rent and other material
  tenant concessions;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  then current
  rent roll and occupancy reports;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  a copy of AFRT’s
  business plan, to the extent updated after the date hereof; and

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  such other
  information as Lender shall reasonably request, to the extent readily
  available to Borrower or Sponsor without material cost or expense.”

  

 

(o)  Section 6.3
of the Loan Agreement is hereby amended by inserting the following sentence
immediately after the existing sentence in such section: “Whole Loan Guarantor
shall, for so long as the Obligations remain outstanding, directly own 100% of
the equity interests in Junior Mezzanine Borrower and shall not pledge, sell or
convey all or any portion thereof or any direct interest therein, or grant any
purchase options, rights of first refusal, rights of first offer or similar
rights in respect of any portion of the equity interests in Junior Mezzanine
Borrower.”

 

(p)  Section 7.1(f)(iv) of
the Loan Agreement is hereby amended by inserting the words “and/or the Junior
Mezzanine Loan” immediately after the words “Mezzanine Loan”.

 

(q)  Section 7.1(i) of
the Loan Agreement is hereby deleted in its entirety.

 

(r)  Section 9.4
of the Loan Agreement is hereby amended by replacing the notice addresses
contained therein with the following:

 

“If to Lender:

 

Goldman Sachs Mortgage Company

85 Broad Street, 11th Floor

New York, New York 10004

Attention:  Daniel Ottensoser and Rene
Theriault

 

5

 

with copy to:

 

Goldman
Sachs Commercial Mortgage Capital, L.P.

6011 Connection Drive, Suite 550

Irving, Texas 75039

Attention:  Michael Forbes

 

with copy to

 

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 10006

Attention: Michael Weinberger, Esq.

 

and

 

Citicorp North America, Inc.

388 Greenwich Street

New York, New York 10013

Attention:  Mr. David Bouton

 

with copy to

 

Weil, Gotshal & Manges
LLP

767 Fifth Avenue

New York, New York  10153

Attention:  Samuel M. Zylberberg, Esq.
(EG)

 

If to Borrower:

 

c/o Gramercy Capital Corp.

420 Lexington Avenue, 19th Floor

New York, New York 10170

Attention:  Robert R. Foley, Chief
Operating Officer

 

with copies to:

 

c/o Gramercy Capital Corp.

420 Lexington Avenue, 19th Floor

New York, New York  10170

Attention:  Office of the General Counsel

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004-1980

Attention:  Jonathan L. Mechanic, Esq.”

 

6

 

(s)  Section 9.19(b)(v) of
the Loan Agreement is hereby amended by inserting the words “or Whole Loan
Guarantor” immediately after the words “the failure of any Borrower”.

 

(t)  Section 9.19(b) of
the Loan Agreement is hereby amended by inserting the words “(or Whole Loan
Guarantor’s equity interests in Junior Mezzanine Borrower)” immediately after
each of the two occurrences of the word “Collateral” in the final sentence of
such section.

 

Section 2.       Miscellaneous.

 

(a)   All of the terms and conditions of the Loan
Agreement are incorporated herein by reference with the same force and effect
as if fully set forth herein.  Except as
expressly amended hereby, the Loan Agreement remains in full force and effect
in accordance with its terms.

 

(b)   This Amendment shall be governed by and
construed and interpreted in accordance with the laws of the State of New York
without regard to principles of conflicts of law.

 

(c)   Borrower hereby (1) unconditionally
ratifies and confirms, renews and reaffirms all of its obligations under the
Loan Agreement, (2) acknowledges and agrees that such obligations remain
in full force and effect, binding on and
enforceable against it in accordance with the terms, covenants and
conditions of the Loan Agreement, without impairment, and (3) represents,
warrants and covenants that it is not in default under the Loan Agreement or
any of the other Loan Documents beyond any applicable notice and cure periods,
and there are no defenses, offsets or counterclaims against the Indebtedness.

 

[Signatures appear on following page]

 

7

 

IN WITNESS WHEREOF, for good and valuable
consideration, the sufficiency of which is hereby acknowledged and agreed, the
parties hereto have executed and delivered this Amendment as of the date first
hereinabove set forth.

 

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  GOLDMAN SACHS MORTGAGE COMPANY, a 

  New York limited partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Buono

  
	
   

  	
   

  	
  Name: Mark Buono

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  CITICORP NORTH AMERICA, INC., a New York

  
	
   

  	
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Angelica
  Sukiennik

  
	
   

  	
   

  	
  Name:
  Angelica Sukiennik

  
	
   

  	
   

  	
  Title:
  Authorized Signatory

  
	
   

  	
   

  
	
   

  	
  SL GREEN
  REALTY CORP., a Maryland 

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory F. Hughes

  
	
   

  	
   

  	
  Name: Gregory F. Hughes

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  

 

[Signatures continue on following page]

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  The entities listed on Schedule A to this

  
	
   

  	
  signature page

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward J. Matey, Jr.

  	 

	
   

  	
   

  	
  Name: Edward J. Matey, Jr.

  	 

	
   

  	
   

  	
  Title: General Counsel and Vice President

  	 

 

 

Schedule A to Signature Page

 

Dresher
Court Realty, L.P.

First
States Investors 105, LLC (PA)

First
States Investors 107, LLC (AR)

First
States Investors 117, LLC (FL)

First
States Investors 118, LLC (FL)

First
States Investors 147, LLC (IA)

First
States Investors 154, LLC (NJ)

First
States Investors 157, LLC (NJ)

First
States Investors 2017, LLC

First
States Investors 2100, L.P. (NC)

First
States Investors 2102, L.P. (NC)

First
States Investors 2103, L.P. (NC)

First
States Investors 2104, L.P. (NC)

First
States Investors 2105, L.P. (NC)

First
States Investors 2106, L.P. (NC)

First
States Investors 2107, L.P. (NC)

First
States Investors 2108, L.P. (NC)

First
States Investors 2110, LLC (VA)

First
States Investors 2208, LLC (DE)

First
States Investors 230, L.P. (NC)

First
States Investors 2550A, LLC (DE)

First
States Investors 3004, Limited Partnership (FL)

First
States Investors 3014, LLC (GA)

First
States Investors 3022, L.P. (NC)

First
States Investors 3024, L.P. (NC)

First
States Investors 3028, L.P. (NC)

First
States Investors 3033, L.P. (NC)

First
States Investors 3034, LLC (SC)

First
States Investors 3035, LLC (SC)

First
States Investors 3043, LLC (SC)

First
States Investors 3048, LLC (VA)

First
States Investors 3061, LLC (NJ)

First
States Investors 3067, LLC (VA)

First
States Investors 3076, LLC (GA)

First
States Investors 3077, LLC (GA)

First
States Investors 3081, Limited Partnership

First
States Investors 3086, LLC (PA)

First
States Investors 3087, LLC (VA)

First
States Investors 3089, LLC (VA)

First
States Investors 3090, LLC (FL)

First
States Investors 3091, LLC (GA)

First
States Investors 3093, LLC (VA)

First
States Investors 3098, LLC (VA)

First
States Investors 3099, LLC (VA)

First
States Investors 3103, LLC (GA)

First
States Investors 3108, LLC (NJ)

First
States Investors 3114, LLC (TN)

First
States Investors 3151, LLC (FL)

First
States Investors 3179, Limited Partnership (DE)

First
States Investors 3187, Limited Partnership (DE)

First
States Investors 3195, L.P. (TX)

First
States Investors 3300, LLC

First
States Investors 3601, LLC (FL)

First
States Investors 3632, LLC (FL)

 

 

First
States Investors 3642, LLC (NJ)

First
States Investors 3647, L.P. (PA)

First
States Investors 40, LLC (MO)

First
States Investors 4000C, LLC (DE)

First
States Investors 4029, LLC (DE)

First
States Investors 4043, LLC (GA)

First
States Investors 4044, LLC (DE)

First
States Investors 4048, LLC (DE)

First
States Investors 4055, LLC (DE)

First
States Investors 4062, LLC (DE)

First
States Investors 4067, LLC (DE)

First
States Investors 4081, LLC (DE)

First
States Investors 4085, LLC (DE)

First
States Investors 4100B, L.P. (DE)

First
States Investors 4150, LLC (DE)

First
States Investors 4413, LLC (DE)

First
States Investors 4499, LLC (DE)

First
States Investors 4500, LLC (DE)

First
States Investors 5000B, LLC (DE)

First
States Investors 77, L.P. (FL)

First
States Investors 922, LLC (IL)

First
States Investors 923, L.P. (DE)

First
States Investors 926 L.P.

First
States Investors 927, LLC (DE)

First
States Investors Branch One, L.P. (DE)

First
States Investors GS Pool A, L.P. (DE)

First
States Investors GS Pool B, L.P. (DE)

First
States Investors GS Pool C, L.P.

First
States Investors Realty, LLC (DE)

First
States Partners No. 201, L.P.

First
States Partners No. 203, LLC (NJ)

First
States Partners No. 213, LLC (NJ)

First
States Partners No. 216, L.P. (PA)

First
States Partners No. 236 L.P. (PA)

First
States Properties No. 12, LLC (PA)

First
States Properties No. 15, LLC (PA)

First
States Properties No. 19, LLC (PA)

First
States Properties No. 34, LLC (PA)

First
States Properties No. 35, LLC (PA)

First
States Properties No. 37, LLC (PA)

First
States Properties No. 41, LLC (PA)

First
States Properties No. 43, LLC (PA)

First
States Properties No. 49, LLC (PA)

First
States Properties No. 51, LLC (PA)

First
States Properties No. 52, LLC (PA)

First
States Properties No. 56, LLC (PA)

First
States Properties No. 59, LLC (PA)

First
States Properties No. 62, LLC (PA)

First
States Properties No. 67, LLC (PA)

First
States Properties No. 71, LLC (PA)

First
States Properties No. 73, LLC (PA)

First
States Properties No. 75, LLC (PA)

First
States Properties No. 9, LLC (PA)

First
States Realty Corp., LLC

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