Document:

Exhibit 10.3.4

 

FOURTH ADDENDUM TO LEASE AGREEMENT

 

This Fourth Addendum to Lease Agreement is made this 25th day of May, 2012, by and between Can Company, LLC, a Maryland limited liability company (hereinafter the “Landlord”),  and Millennial Media, Inc., a Delaware corporation (hereinafter the “Tenant”).

 

Reference is made to the Lease and exhibits thereto dated July 11th, 2008, between Landlord and Tenant, as amended, (hereinafter collectively, the “Lease”) of a certain space having a rental area of approximately 16,057 sq. ft. of office space located on the third floor (plus additional space, per the amendments) and certain additional space on the fourth floor pursuant to the second and third addenda, in the property known as the Signature Building at the Can Company, located at 2400 Boston Street, Baltimore, Maryland.

 

WHEREAS, Tenant executed the foregoing Lease with the Landlord; and

 

WHEREAS, the parties desire to add additional space to be part of the “Premises” of the Lease, and to otherwise modify certain terms of the Lease; and

 

WHEREAS, the parties desire to memorialize the terms of the Lease modification in writing and this Addendum is being executed in connection therewith.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties do hereby agree as follows:

 

1.                                      That the definition of “Premises” is hereby modified, and the following shall be added to the current definition of same, just after the words “Exhibit B”, and before the word “provided”:

 

(i)                                     and also means that certain space having a rentable area of 940 square feet of rental space in Suite 404 on the 4th floor and located in the Signature Building at The Can Company, as more particularly depicted on Exhibit B -4;

 

2.                                      That the Term for the Premises being added under section 1 shall commence on June 1st, 2012 and shall terminate on September 30th, 2013.

 

3.  A.  Section 4.1 (a) of the Lease shall be modified by adding the following table to be applicable only for the portion of the Premises being added hereunder as depicted on Exhibit B-4, and therefore, Base Rent for such Premises being added hereunder shall be as follows:

 

	
Lease Years
    	
 
    	
Rent PSF
    	
 
    	
Annual Rent
    	
 
    	
Monthly Rent
    	
 
    
	
6/1/12 – 9/30/12
    	
 
    	
$
    	
21.86
    	
 
    	
$
    	
20,548.40
    	
 
    	
$
    	
1,712.37
    	
 
    
	
10/1/12 – 9/30/13
    	
 
    	
$
    	
22.52
    	
 
    	
$
    	
21,168.80
    	
 
    	
$
    	
1,764.07
    	
 
    

 

 

B.  Tenant shall pay unto Landlord, at the start of the Term for each of the respective Premises being added hereunder, a sum equal to one (1) months Rent to be held by Landlord for the faithful performance of Tenant’s obligations under this Lease.

 

4.                                      Landlord shall include, as part of the Base Rent set forth in paragraph 3 above, one (1) parking space leased by Tenant.  All other terms of section 4.1 of the Lease shall be applicable to the Premises being added hereunder.

 

5.                                      That the following is hereby added to the end of section 4.3.2, and is applicable only to the Premises being added hereunder, and this language shall control the Premises being added hereunder, rather than the existing language in section 4.3.2:

 

Tenant shall pay its proportionate share of increases in Operating Expenses and Real Estate Taxes over the Base Year.  The Base Year for Operating Expenses shall be 2009, grossed up to reflect a 95% occupied Building.  The Base Year for Real Estate Taxes shall be tax year 2009 — 2010.

 

6.                                      That the following section 8(b) shall replace the existing section 8(b) of the Lease, but only as to the Premises being added hereunder, and this language shall control the Premises being added hereunder, rather than the existing language in section 8(b):

 

(b)  Tenant shall be responsible for all electricity to the Premises, including lights, outlets, VAV boxes, and Tenant’s proportionate share of the air handling units on the floor, and after-hours HVAC service to the Premises.  Tenant shall pay for electric current supplied to or used in the Premises.  Landlord may calculate Tenant’s electric consumption, and calculate the amount due therefore, in any commercially reasonable manner, both parties acknowledging that there is not a separate electric meter for the Premises, nor can same be sub-metered.  Landlord shall not be liable for damages arising as a result of service interruptions caused by any electric service provider.

 

7.                                      The Premises being added hereunder are being delivered to the Tenant “where is, as is”.  In addition, Tenant may make improvements to the Premises, but only after submitting plans of same to Landlord, and obtaining Landlord’s prior written approval.  Landlord and Tenant must both agree to any such improvements, and both parties shall utilize commercial reasonableness and good-faith in seeking approval of any such plans.

 

8.                                      The parties hereto hereby acknowledge and agree that, in connection with the leasing of the Premises being added hereunder, Tenant has used the services of David Fields of CBRE.  Any and all commissions due such brokers shall be paid in accordance with the terms and conditions set forth in a separate written agreement or agreements between the Landlord and such broker.  Subject to the foregoing, each party hereto hereby represents and warrants to the other that, in connection with such leasing, the party so representing and warranting has not dealt with any real estate broker, agent or finder, and there is no commission, charge or other compensation due on account thereof.  Each party hereto shall indemnify and hold harmless the other against and from any inaccuracy in such party’s representation

 

9.                                      That all terms used in this Addendum to Lease Agreement shall have the meanings given unto them in the afore-referenced Lease.

 

10.                               This Addendum to Lease Agreement is effective as of the date set forth above.

 

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11.                               Waiver of Jury Trial.  Landlord and Tenant, (collectively, the “Parties”) hereby waive trial by jury in any action or proceeding to which they or any of them may be a party arising out of or in any way related to this Addendum to Lease Agreement.  It is understood that this waiver constitutes a waiver of trial by jury of all claims against all parties to such actions or proceedings.  This waiver is knowingly, willingly, and voluntarily made by the Parties, and each party represents that no representations of fact or opinion have been made by any individual to induce this waiver of trial by jury or to in anyway modify or nullify its effect.  The Parties acknowledge and agree that this provision is a specific and material aspect of this Addendum.  The Parties each represent that it has been represented in the signing of this Addendum to Lease Agreement and in the making of this waiver by independent legal counsel, and that it has had an opportunity to discuss this waiver with counsel.

 

12.                               Except as otherwise modified herein, all of the terms, covenants and conditions of the afore-referenced Lease shall remain unchanged.

 

IN WITNESS WHEREOF, the parties hereto have placed their hands and seals hereto the day and year first above written.

 

	
WITNESS   or ATTEST:
    	
LANDLORD:
    
	
 
    
	
 
    	
 
    	
THE   CAN COMPANY, LLC
    
	
 
    	
 
    	
By:
    	
Canton   Court, L.L.C., it’s managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Hudson   Street Real Estate Development, LLP,
    
	
 
    	
 
    	
 
    	
Its   managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Luzerne   Ave. LLC, its managing partner
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   [ILLEGIBLE]
    	
 
    	
By
    	
/s/   J. Martin Lastner
    	
 (Seal)
    
	
 
    	
 
    	
 
    	
Name:   J. Martin Lastner
    
	
 
    	
 
    	
 
    	
Title:   Authorized agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TENANT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
MILLENNIAL   MEDIA, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
/s/   Andrew Jeanneret
    	
(SEAL)
    
	
 
    	
 
    	
 
    	
 
    	
Name:   Andrew Jeanneret
    
	
 
    	
 
    	
 
    	
 
    	
Title:   SVP Accounting
    
									

 

3Exhibit 10.3.5

 

FIFTH ADDENDUM TO LEASE AGREEMENT

 

This Fifth Addendum to Lease Agreement is made this 28th day of December, 2012, by and between Can Company, LLC, a Maryland limited liability company (hereinafter the “Landlord”),  and Millennial Media, Inc., a Delaware corporation (hereinafter the “Tenant”).  In addition, joining as a party to this Addendum, as it relates to the portion of the Premises of 2,195 square feet described in greater detail below, is Can Company Tenant, LLC.

 

Reference is made to the following:

 

Lease dated July 11th, 2008 for 16,057 square feet, 1st Addendum to Lease dated December 12th, 2011 for 4,222 square feet,, 2nd Addendum to Lease dated January 30th, 2012 for 2,884 square feet and an additional 1,030 square feet,, 3rd Addendum to Lease dated May 8th, 2012, 4th Addendum to Lease dated, June 1st, 2012, for 940 square feet.  Each of the foregoing instruments have been entered into between Landlord and Tenant.  In addition, reference is made to a Sub-Lease dated September 27th, 2010 between Tenant and Can Company Tenant LLC for 2,195 square feet. All of the foregoing described six (6) instruments are hereby collectively referred to as the “Lease” and are for the Premises and Property described in greater detail in the Lease and located in the development generally known as The Can Company and located on Boston Street in Baltimore, Maryland.

 

WHEREAS, Tenant executed the foregoing Lease with the Landlord; and

 

WHEREAS, the tenancy established under the Lease (and under each individual addenda and the Sub Lease) all terminate as of September 30th, 2013, and

 

WHEREAS, the parties hereto are interested in continuing their business relationship and exploring the possibility of expanding Tenant’s operations at the Property and the parties hereto would like to ensure that while all such business possibilities are explored the current Lease term is extended to give the parties the necessary time to engage in due diligence and at the same time, to provide all parties with the security of ensuring that Tenant’s tenancy shall be extended, and

 

WHEREAS, the parties desire therefore to extend the Term of the existing Lease, and to otherwise modify certain terms of the Lease; and

 

WHEREAS, the parties desire to memorialize the terms of the Lease modification in writing and this Addendum is being executed in connection therewith.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties do hereby agree as follows:

 

1.              That the Term for the Lease is hereby extended from September 30th, 2013, up through and including March 31st, 2015. It is the intention of this provision that an additional Term is hereby established (the “New Term”) which shall be for the period of October 1st, 2013 through March 31st, 2015, and shall be applicable for all Premises identified in the introductory paragraph above, of this Fifth Addendum to Lease.

 

2.              That the Base Rent for the Premises for the New Term shall be as follows:

 

 

	
 
    	
Lease Years
    	
 
    	
Rent PSF
    	
 
    	
 
    
	
 
    	
Starting
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
10/1/13
    	
 
    	
$
    	
23.20
    	
 
    	
 
    
	
 
    	
10/1/14
    	
 
    	
$
    	
23.90
    	
 
    	
 
    

 

B.  Tenant shall continue, during the New Term, to pay all Additional Rent consistent with the terms of the Lease and based upon Tenant’s Proportionate Share.

 

3.    A.   For the balance of the Lease term and during the New Term, Landlord shall endeavor to make space available within the Property by relocating tenants that are currently situated adjacent to Tenant’s leased Premises on the 4th floor of the Signature Building as well as in other areas of the Property.  The spaces within the 4th Floor of the Signature Building that are being contemplated for Tenant’s short (and long-term) expansion consist of the following:

 

	
 
    	
Benexx
    	
1,542   RSF
    	
 
    
	
 
    	
M3   Financial
    	
1,197   RSF
    	
 
    
	
 
    	
RPI
    	
1,640   RSF
    	
 
    

 

In the event that Tenant expands into these spaces (pursuant to a subsequent Addendum or Lease with Landlord) and, as a result, the entire 4th floor of the Signature Building becomes Tenant’s leased Premises, then in that event, Tenant’s leased area (Premises) shall be adjusted accordingly and the common area factor (“CAF”) applied shall be four percent (4%), the Property’s current single tenant floor CAF, in lieu of the current twelve percent (12%) multi-tenant floor CAF.

 

In addition to the above summarized spaces, the following spaces are also being contemplated for Tenant’s short (and long) term expansion:

 

	
 
    	
Prudential   PenFed Realty
    	
1,220   RSF
    	
 
    
	
 
    	
Marriage   Equality
    	
3,620   RSF
    	
 
    
	
 
    	
Field   House
    	
6,524   RSF
    	
 
    

 

Upon Tenant’s notification that it desires any of the above spaces for Tenant expansion, Landlord (and, where appropriate, Can Company Tenant, LLC) shall endeavor to make the spaces available to Tenant.  To assist Landlord in this endeavor, Tenant shall provide an estimated time schedule of its anticipated expansion needs.

 

Because it is Landlord’s intent to accommodate Tenant’s long-term use and occupancy needs, both Landlord and Can Company Tenant, LLC will not lease any of the previously mentioned premises to parties other than Tenant during the course of Tenant’s current Lease term or during the New Term without first offering said spaces to Tenant (Tenant’s “Right of First Refusal”).  In return, for a period of six (6) months commencing on _January 1, 2013, Tenant shall pay an option fee (the “Option Fee”) to Landlord in the amount of five thousand and 00/100 Dollars ($5,000.00) per month, starting on June 30, 2013, and on the first of each month thereafter for six months, for a total of thirty thousand and 00/100 Dollars ($30,000.00).  In addition, during this same six (6) month period, Tenant shall be responsible for the direct costs (i.e., cleaning and utilities) of operating the premises previously occupied by the tenant Field House (approximately 6,524 square feet).  In the event of the execution of a new lease by Tenant and Landlord for sufficient amounts of the fore-referenced possible spaces, as determined by Landlord, the “Option

 

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Fee” shall be reimbursed to Tenant in the form of either a rent concession or pre-paid rent to be applied to the first month’s rent due under the new Lease.

 

B.                                    Regardless of when Tenant may exercises its Right of First Refusal, all direct space leases (or any future addenda to the current Lease) by and between Tenant and Landlord (or The Can Company Tenant, LLC, as the case may be) shall be co-terminus with respect to each such lease and new Premises so leased.

 

C.                                    Tenant shall be responsible for all costs necessary to improve any such spaces so leased for its use and occupancy, including, as necessary, any design fees, as well as all costs of the relocation of the existing tenants, provided that the tenants in question are relocated within The Can Company property.  Landlord shall use its best efforts to minimize such tenant relocation costs, and such costs shall be subject to Tenant’s approval, which shall not be unreasonably withheld.  Landlord shall not be entitled to a supervision or construction management fee as part of any such relocation costs to be paid by Tenant under this section 3(C).  Landlord shall cooperate with Tenant and execute any reasonable applications or documents to obtain all required permits and/or approvals for the improvement of any such expansion space, but all such permits and approval applications shall be at Tenant’s sole cost and expense.

 

4.  Nothing in this Fifth Addendum shall limit Tenant’s right to exercise its Renewal Term option in the Lease.  However, the term of the Renewal Term shall be ten (10) years (as opposed to the five-year renewal term in in the Lease).  The Renewal Term  shall be adjusted such that the term of the Renewal Term option shall commence upon termination of the 18-month New Term established under this Fifth Addendum (i.e., April 1, 2015), and the Renewal Term Option shall apply to all Premises occupied by Tenant.  In accordance with Section 4 of the Lease, the rent during the Renewal Term option shall be structured on the basis of market terms.  The Renewal Term option must be exercised 270 days prior to expiration of the 18-month New Term which has been established hereunder.

 

5.                                      Concurrent with the execution of this Fifth Addendum, Tenant shall be obligated to reimburse Cross Street Partners, LLC (an agent of Landlord) in the amount of fifty percent (50%) of the cost of a conceptual planning and design study to be completed by The Verve Partnership (“TVP”) in collaboration with Marks-Thomas Architects (“MTA”).  The purpose of this study shall be to develop design alternatives and an expansion plan to enable Tenant’s long-term occupancy of the Property.

 

As quoted in a proposal provided by TVP to Cross Street Partners, LLC on October 16, 2012, the cost of the design study will be twenty nine thousand and 00/100 Dollars ($29,000.00).  Tenant is not a party to that proposal, but nonetheless, is aware of same, concurs with the reasonableness of the cost, and shall reimburse Cross Street Partners, LLC for 50% of this cost, not to exceed fourteen thousand five hundred and 00/100 Dollars ($14,500.00).  Tenant shall pay this reimbursement within 30 days of its receipt of a copy of TVP’s invoice from Cross Street Partners, LLC.  Cross Street Partners, LLC shall not agree to an increase in the cost of the design study without the prior consent of Tenant.

 

Tenant shall be entitled to copies of all work product prepared by TVP and MTA in connection with the design study.

 

5.                                      The Can Company shall endeavor to accommodate Tenant’s parking needs, including those necessitated by any expansion.  Tenant shall use its reasonable efforts to cooperate with Landlord with respect to Landlord’s intent to adjust its current parking operation to comply with

 

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the City of Baltimore’s “green” parking policy, including implementation of unreserved and fee paid parking, however, Tenant’s right to utilize its current number of spaces (42) pursuant to its Lease, including its sublease, shall remain unchanged.

 

8.                                      That all terms used in this Fifth Addendum shall have the meanings given unto them in the afore-referenced Lease.

 

9.                                      This Addendum to Lease Agreement is effective as of the date set forth above.

 

10.                               Waiver of Jury Trial.   Landlord, The Can Company Tenant, LLC and Tenant, (collectively, the “Parties”) hereby waive trial by jury in any action or proceeding to which they or any of them may be a party arising out of or in any way related to this Addendum to Lease Agreement.  It is understood that this waiver constitutes a waiver of trial by jury of all claims against all parties to such actions or proceedings.  This waiver is knowingly, willingly, and voluntarily made by the Parties, and each party represents that no representations of fact or opinion have been made by any individual to induce this waiver of trial by jury or to in anyway modify or nullify its effect.  The Parties acknowledge and agree that this provision is a specific and material aspect of this Addendum.  The Parties each represent that it has been represented in the signing of this Addendum to Lease Agreement and in the making of this waiver by independent legal counsel, and that it has had an opportunity to discuss this waiver with counsel.

 

11.                               Except as otherwise modified herein, all of the terms, covenants and conditions of the afore-referenced Lease shall remain unchanged.

 

4

 

IN WITNESS WHEREOF, the parties hereto have placed their hands and seals hereto the day and year first above written.

 

	
WITNESS   or ATTEST:
    	
 
    	
 
    	
LANDLORD:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
THE   CAN COMPANY, LLC
    
	
 
    	
 
    	
 
    	
By:
    	
Canton   Court, L.L.C., it’s managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
Hudson   Street Real Estate Development, LLP, 
    
	
 
    	
 
    	
 
    	
 
    	
Its   managing member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
Luzerne   Ave. LLC, its managing partner
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   [ILLEGIBLE]              
    	
 
    	
By:
    	
/s/   Carl W. Streuver
    	
(SEAL)
    
	
 
    	
 
    	
 
    	
Name:   Carl W. Streuver
    
	
 
    	
 
    	
 
    	
Title:   Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
TENANT
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
MILLENNIAL   MEDIA, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
Ho Shin
    	
(SEAL)
    	
 
    
	
/s/   [ILLEGIBLE]
    	
 
    	
 
    	
 
    	
Name: Ho Shin
    
	
 
    	
 
    	
 
    	
 
    	
Title: General Counsel
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
THE   CAN COMPANY TENANT, LLC
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   [ILLEGIBLE]              
    	
 
    	
By:
    	
/s/   Carl W. Streuver
    	
(SEAL)
    
	
 
    	
 
    	
 
    	
Name: Carl W. Streuver
    
	
 
    	
 
    	
 
    	
Title: Managing Member
    
								

 

5

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