Document:

MASI-2015.01.03-10K EX 10.30

EXHIBIT 10.30

AMENDMENT NO. 3 TO LEASE AGREEMENT

THIS AMENDMENT NO. 3 TO LEASE is made and entered into as of July 24, 2014 by and between THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation (“Lessor”), and MASIMO CORPORATION, a Delaware corporation (“Lessee”), with respect to the following facts:
RECITALS
A. Lessor and Lessee have heretofore made and entered into Industrial/Commercial Single-Tenant Lease - Modified Net, dated, as amended by that certain Amendment No.1, dated November 12, 2009, and that certain Amendment to Lease Agreements dated August 29, 2012 (the “Lease”), with respect to those certain Premises located at 40 Parker, Irvine, California.
    
B. Lessee has informed Lessor that Lessee desires to extend the Term of said Lease, and Lessor has agreed to such extension on the terms and conditions set forth herein.
TERMS AND CONDITIONS
NOW THEREFORE, in consideration of the foregoing recitals, the mutual covenants contained herein, and other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Extension of Lease Term; Premises “AS-IS”. Lessor and Lessee agree that Paragraph 1.3 of the Lease shall be amended effective as of the date hereof by extending the Term of the Lease five (5) years commencing December 1, 2014, and expiring November 30, 2019 (the “Extended Term”). Lessee shall accept the Premises at the commencement of the Extended Term in its “As-Is” condition.
2. Extended Term Base Rent. Monthly Base Rent during the Extended Term shall be adjusted at the times and to the amounts set forth below:
	
				
	Month of Lease Term
	 
	Monthly Base Rent
	 

	1-12
	 
	$61,078.00 NNN
	 

	13-24
	 
	$63,251.00 NNN
	 

	25-36
	 
	$66,062.00 NNN
	 

	37-48
	 
	$68,705.00 NNN
	 

	49-60
	 
	$71,453.00 NNN
	 

All Base Rental Rates are “triple net”, and Lessee shall be responsible for its pro rata share of all Common Area Operating Expenses for the Project, including without limitation common area expenses, real property taxes and required insurance. 
3. Security Deposit. Lessor presently holds Lessee’s Security Deposit in the amount of $61,429.38. Contemporaneous with the mutual execution of this Amendment No.3, Lessor shall increase said Security Deposit by $31,079.75 to $92,509.13.

4. Brokers. The parties recognize that the only brokers involved in the negotiation of this Amendment No. 3 are Zuvich Corporate Advisors, Inc., on behalf of Lessee, and Voit Real Estate Services, on behalf of Lessor, and agree that Lessor shall be solely responsible for the payment of any “Brokerage Commission” to such brokers in connection with the negotiation and consummation of this Amendment. No. 3 Lessor and Lessee each know of no other real estate broker, agent or finder who is, or might be, entitled to a commission or compensation in connection with this Amendment No.3. Each
party agrees to indemnify and defend the other party against, and hold the other party harmless from, any and all claims, demands, losses, liabilities, damages, lawsuits, judgments, and costs and expenses (including, without limitation, reasonable attorneys’ fees and costs) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party’s dealings with any other real estate broker or agent.

5. Authoritv. Lessee, Lessee and each person executing this Amendment No. 3 on behalf of such executing party hereby covenant and represent to the other that (a) such party is in good standing under the laws of the States of California and its respective state of formation, (b) such party has full power and authority to enter into this Amendment No. 3 and to perform all its respective obligations under the Lease, as amended by this Amendment No.3, and (c) each person (and
    
6. No Other Changes. Except as expressly set forth herein, the Lease remains in full force and effect without any change or alteration of any nature whatsoever.
7. Miscellaneous Provisions.
7.1 Captions. Any titles or captions contained in this Amendment No. 3 are for convenience only and shall not be deemed to qualify the meaning of any provision herein.
7.3 Entire Agreement. This Amendment No. 3, together with any exhibits and any other documents necessary to effectuate the terms of this Amendment No. 3, contain the entire agreement among the parties hereto with respect to the transactions contemplated hereby and contains all of the terms and conditions thereof and supersedes all prior agreements and understandings relating to the subject matter hereof. No changes or modification of or additions to this Amendment No. 3 shall be valid unless the same shall be in writing and signed by all parties hereto.
7.4 Severability. The provisions of this Amendment No.3 shall be deemed severable and the invalidity and unenforceability of anyone or more of the provisions hereof shall not affect the validity and enforceability of the other provisions hereof.
7.5 Waiver. The failure of any party hereto to insist, in anyone or more instances, upon performance of the terms or conditions of this Amendment No.3 shall not be construed as a waiver of future performance of any such term, covenant or condition and the obligations of each party with respect thereto shall continue in full force and effect.
7.6 Fees and Expenses. The parties hereto shall each pay their own respective costs, fees and expenses, including, but not limited to, fees and expenses of counsel, accountants and other professionals, incurred in connection with the negotiation and execution of this Amendment No. 3 and the consummation of the transactions contemplated hereby.
7.7 Attorneys’ Fees. If any party hereto commences an action against any other party hereto to enforce any of the terms hereof or because of the breach by any party hereto of any of the terms hereof, the losing or defaulting party shall pay the prevailing party reasonable attorneys’ fees, costs and expenses 

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incurred in connection with the prosecution or defense of such action (whether by arbitration or in court of law), and in connection with any action to collect any judgment rendered thereunder.
7.8 Construction. This Amendment No. 3 has been reviewed by all parties hereto and their respective attorneys, and all parties have had a full opportunity to negotiate the contents hereof. The parties expressly waive any common law or statutory rule of construction that ambiguities be construed against the drafter of this Amendment No. 3.
7.9 Assignment. Except as otherwise expressly permitted hereunder, the rights and obligations of each party hereunder shall not be assignable without the prior written consent of the other parties hereto.
7.10 Governing Law. This Amendment No. 3 shall be governed by, and construed in accordance with, the laws of the State of California.
7.11 Counterparts. This Amendment No. 3 may be executed in multiple counterparts, each of which shall be deemed an original without production of the others and all of which shall constitute one and the same instrument.

[Signature Appear on Next Page.]

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IN WITNESS WHEREOF, this Amendment No. 3 has been entered into by the parties as of the date first above written.

THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY, a Wisconsin
corporation

By: Northwestern Mutual Real Estate
Investments, LLC, Delaware limited liability company, its wholly-owned affiliate and authorized representative

By: /s/ Don Morton                     
Printed Name: Don Morton         
Its: Director - Field Asset Mgmt 
Date: 7/24/2014                           

MASIMO CORPORATION, a Delaware
corporation

By: /s/ Yongsam Lee                   
Printed Name: Yongsam Lee      
Its: CIO                                       
Date: 07/11/2014                         

4MASI-2015.01.03-10K EX 10.32

EXHIBIT 10.32

AMENDMENT TO LEASE AGREEMENTS

THIS AMENDMENT TO LEASE AGREEMENTS is made and entered into as of November 11, 2014, by and between THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation (“Lessor”), and MASIMO CORPORATION, a Delaware corporation (“Lessee”), with respect to the following facts:
RECITALS
A. Lessor and Lessee have heretofore made and entered into that certain (i) California Standard Industrial/Commercial Single-Tenant Lease - Modified Net (the “50 Parker Lease”), dated February 8, 2006, with respect to those certain Premises located at 50 Parker, Irvine, California, and that certain (iii) Standard Industrial/Commercial Single-Tenant Lease - Modified Net (the “60 Parker Lease”), dated April 30, 2009, with respect to those certain Premises located at 60 Parker, Irvine, California. The 50 Parker Lease and the 60 Parker Lease are jointly referred to herein as the “Leases”. The Leases were amended by that certain Amendment to Lease Agreement, dated August 29, 2012, whereby the expiration date of said Leases was extended to November 30, 2014.
B. Lessee has informed Lessor that Lessee desires to remain in the 50 Parker Premises for an additional four (4) months following its November 30, 2014 expiration date, and in the 60 Parker Premises for an additional one (1) month following its November 30, 2014, expiration date. The Leases provide that occupancy of the Premises by Lessee following the expiration date thereof requires Lessor’s consent and will be treated as a holdover in accordance with the provisions of Paragraph 26 of each of the Leases. Lessor has agreed to such holdovers on the terms and conditions set forth in the Leases.
TERMS AND CONDITIONS
NOW THEREFORE, in consideration of the foregoing recitals, the mutual covenants contained herein, and other good and valuable consideration, receipt and sufficiency of which is hereby  acknowledged, the parties agree as follows: 
1.     50 Parker Holdover Period. Lessor and Lessee agree that Lessee may continue to occupy the 50 Parker Premises on an AS-IS basis under the terms of the 50 Parker Lease from December 1, 2014, through March 31, 2015 (the “50 Parker Holdover Term”), as a holdover lessee in accordance with the terms set forth in Paragraph 26 of the 50 Parker Lease, which includes an increase in monthly Base Rent, on all of the same terms and conditions as set forth in said Lease.
2.     60 Parker Holdover Period. Lessor and Lessee agree that Lessee may continue to occupy the 60 Parker Premises on an AS-IS basis under the terms of the 60 Parker Lease from December 1, 2014, through December 31,2014 (the “60 Parker Holdover Term”), as a holdover lessee in accordance with the terms set forth in Paragraph 26 of the 60 Parker Lease, which includes an increase in monthly Base Rent, on all of the same terms and conditions as set forth in said Lease.
3.    Holdover Term Base Rent. In accordance with the provisions of Paragraph 26 of each of the Leases, monthly Base Rent for Premises under each of the Leases shall be (i) 125% of the monthly Base Rent in effect on November 30, 2014 for the first sixty (60) days of the Holdover Term, and (ii) 150% of the monthly Base Rent in effect on November 30, 2014 for the remainder of the Holdover Term. 

The monthly Base Rents for 50 and 60 Parker, on November 30, 2014, are $45,231.95 and $26,067.64, respectively. Based on said monthly Base Rents, Base Rent during the Holdover Term shall be as
follows:
	
					
	Month of Holdover Term
	 
	50 Parker
	 
	60 Parker

	 
	 
	 
	 
	 

	December 2014
	 
	$56,540.00.00 NNN
	 
	$32,585.00 NNN

	 
	 
	(i.e. $45,231.95 x 125%)
	 
	(i.e. $26,067.64 x 125%)

	 
	 
	 
	 
	 

	January 2015
	 
	$56,540.00.00 NNN
	 
	Vacant; Lease Terminated

	 
	 
	(i.e. $45,231.95 x 125%)
	 
	 

	 
	 
	 
	 
	 

	February-March 2015
	 
	$67,850.00 NNN
	 
	Vacant; Lease Terminated

	 
	 
	(i.e. $45,231.95 x 125%)
	 
	 

4.     No Other Changes. Except as expressly set forth herein, the Leases remain in full force and effect without any change or alteration of any nature whatsoever. 
5.     Miscellaneous Provisions.
5.1     Captions. Any titles or captions contained in this Agreement are for convenience only and shall not be deemed to qualify the meaning of any provision herein.
5.2     Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, executors, administrators, successors and assigns.
5.3     Entire Agreement. This Agreement, together with any exhibits and any other documents necessary to effectuate the terms of this Agreement, contain the entire agreement among the parties hereto with respect to the transactions contemplated hereby and contains all of the terms and conditions thereof and supersedes all prior agreements and understandings relating to the subject matter hereof. No changes or modification of or additions to this Agreement shall be valid unless the same shall be in writing and signed by all parties hereto.
5.4     Severability. The prOVlSlOns of this Agreement shall be deemed severable and the invalidity and unenforceability of anyone or more of the provisions hereof shall not affect the validity and enforceability of the other provisions hereof.
5.5     Waiver. The failure of any party hereto to insist, in anyone or moreinstances, upon performance of the terms or conditions of this Agreement shall not be construed as a waiver of future performance of any such term, covenant or condition and the obligations of each party with respect thereto shall continue in full force and effect.
5.6     Fees and Expenses. The parties hereto shall each pay their own respective costs, fees and expenses, including, but not limited to, fees and expenses of counsel, accountants and other professionals, incurred in connection with the negotiation and execution of this Agreement and the consummation of the transactions contemplated hereby.
5.7     Attorneys’ Fees. If any party hereto commences an action against any other party hereto to enforce any of the terms hereof or because of the breach by any party hereto of any of the terms hereof, the losing or defaulting party shall pay the prevailing party reasonable attorneys’ fees, costs and expenses incurred in connection with the prosecution or defense of such action (whether by arbitration or in court of law), and in connection with any action to collect any judgment rendered thereunder.

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5.8     Construction. This Agreement has been reviewed by all parties hereto and their respective attorneys, and all parties have had a full opportunity to negotiate the contents hereof. The parties expressly waive any common law or statutory rule of construction that ambiguities be construed against the drafter of this Agreement.
5.9     Assignment. Except as otherwise expressly permitted hereunder, the rights and obligations of each party hereunder shall not be assignable without the prior written consent of the other parties hereto.
5.10     Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California.
5.11     Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original without production of the others and all of which shall constitute one and the same instrument.

[Signatures Appear on Next Page.]

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IN WITNESS WHEREOF, this Amendment has been entered into by the parties as of the date first above written.

THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY, a Wisconsin
corporation

By: Northwestern Mutual Real Estate
Investments, LLC, Delaware limited liability company, its wholly-owned affiliate and authorized representative

By: /s/ Don Morton                     
Printed Name: Don Morton         
Its: Director - Field Asset Mgmt 
Date: 12/8/2014                           

MASIMO CORPORATION, a Delaware
corporation

By: /s/ Yongsam Lee                   
Printed Name: Yongsam Lee      
Its: CIO                                       
Date: 11/26/2014                         

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