Document:

ex10-47.htm

    Exhibit
10.47

     

     

    
      LEASE
TERMINATION AGREEMENT AND RELEASE

      

      
        This
Lease Termination Agreement and Release ("Agreement") is entered into as
of February __, 2009, by and between The Realty Associates Fund VII, L.P., a
Delaware limited partnership ("Landlord"), and Puredepth,
Inc., a Delaware corporation ("Tenant”).

      

       

      F A C T S

      

      A.           On
or about October 31, 2007, Landlord and Tenant entered into a Standard Office
Lease (the "Lease")
pursuant to which Landlord agreed to lease certain premises to Tenant commonly
known as Suite 350, 3 Twin Dolphin, Redwood City, California (the "Premises").

      

      B.           Landlord
and Tenant have agreed to terminate the Lease on the terms and conditions set
forth below.

      

      NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

      

      1.           Execution of New
Lease.  Landlord’s obligations under this Agreement are
conditioned and contingent upon Landlord entering into a new lease (the “New Lease”) with Precise
Software Solutions, Inc.  (the “New Tenant”) for the
Premises.  The terms of the New Lease shall be satisfactory to
Landlord in Landlord’s sole and absolute discretion.  Landlord makes
no representation or warranty to Tenant that a New Lease will be entered into
with a New Tenant.  If a New Lease has not been entered into with a
New Tenant on or before February 28, 2009, Landlord shall have the option, in
Landlord’s sole and absolute discretion, to elect upon written notice to Tenant
to terminate this Agreement.  In the event that Landlord elects to
terminate this Agreement, from and after the date of Landlord’s election, this
Agreement shall be of no further force and effect and the Lease shall remain in
full force and effect as if this Agreement had never been entered
into.

      

      2.           Delivery of
Possession. Tenant shall deliver possession of the Premises to Landlord
in its “as is” condition one (1) business day after Landlord gives Tenant
written notice of Landlord’s desire to take possession of the Premises, time
being of the essence.  At the time Tenant delivers possession of the
Premises to Landlord, Tenant shall no longer have the right to possession of the
Premises or to have access to the Premises.  Tenant may deliver
possession of the Premises to Landlord with Precise Software Solutions, Inc. in
possession of the Premises.

      

      3.           Termination of
Lease.  The Lease shall be deemed terminated on the date Tenant
delivers possession of the Premises to Landlord pursuant to Section 2 above (the
"Termination
Date").  Prior to the Termination Date, the Lease shall remain
in full force and effect and Tenant shall pay all Base Rent, Operating Expenses,
Real Property Taxes and other amounts payable by Tenant under the Lease for
periods accruing prior to the Termination Date.  Tenant’s obligation
to pay such amounts shall survive the termination of the Lease.

      

      4.           Termination
Payment.  In consideration for Landlord's agreement to
terminate the Lease, Tenant shall pay to Landlord the sum of $40,000.00 (the
"Termination Payment").
The Termination Payment is in addition to, and shall not be credited against,
all other amounts payable by Tenant under the Lease prior to the Termination
Date.

      

      5.           Security
Deposit.  Landlord acknowledges that Tenant has provided it
with a security deposit of $40,000.00, and the security deposit shall be
retained by Landlord as payment of, and in full satisfaction of, the Termination
Payment.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.           Indemnity.  Notwithstanding
the termination of the Lease and Section 9 below, Tenant shall indemnify, defend
and hold harmless Landlord from all demands, expenses, claims, losses, causes of
action and damages or suits of any nature whatsoever which arise out of the acts
or omissions of Tenant prior to the termination of the Lease which were Tenant's
responsibility under the Lease. Tenant's obligations under Section 21 of the
Lease shall survive the termination of the Lease, and Tenant's obligations under
Section 21 of the Lease shall not be released pursuant to Section 9 of this
Agreement.

      

      7.           No
Subtenancies.  Tenant represents and warrants that Tenant has
not subleased all or any portion of the Premises to any person or entity other
than Precise Software Solutions, Inc., and that Tenant has not assigned the
Lease.

      

      8.           Release of
Landlord.  As of the Termination Date, Tenant, for itself and
for its affiliated corporations, limited liability companies and partnerships,
officers, directors, shareholders, agents, representatives, employees,
attorneys, shareholders, successors in interest, personal representatives,
heirs, assigns and each of them, absolutely, fully and forever releases and
discharges Landlord and Landlord’s property manager and their respective
members, officers, partners, agents, representatives, employees, servants,
attorneys, successors in interest, assigns and each of them, whether past,
present or future, of and from any and all claims, demands, liabilities,
obligations, losses, controversies, costs, expenses, attorneys' fees and damages
of every kind, nature, character or description whatsoever, whether in law or in
equity, and whether known or unknown, suspected or unsuspected, arising out of,
connected with, or in any way related to the Lease or Tenant's occupation of the
Premises.  Tenant acknowledges and agrees that the release set forth
above applies to all claims relating to the Lease whether those claims are known
or unknown, foreseen or unforeseen. Tenant hereby waives application of
California Civil Code Section 1542 which reads as follows:

      

      "A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him, must have materially affected his settlement with the
debtor."

      

      9.           Release of
Tenant.  Subject to the performance by Tenant of all of its
obligations under this Agreement (none of which are released by this section),
as of the Termination Date, Landlord, for itself and for its affiliated
corporations, limited liability companies and partnerships, members, officers,
agents, representatives, employees, attorneys, shareholders, successors in
interest, personal representatives, heirs, assigns and each of them, absolutely,
fully and forever releases and discharges Tenant and its officers, directors,
shareholders, agents, representatives, employees, servants, attorneys,
successors in interest, assigns and each of them, whether past, present or
future, of and from any and all claims, demands, liabilities, obligations,
losses, controversies, costs, expenses, attorneys' fees and damages of every
kind, nature, character or description whatsoever, whether in law or in equity,
and whether known or unknown, suspected or unsuspected, arising out of,
connected with, or in any way related to the Lease and Tenant's occupation of
the Premises. Subject to the performance by Tenant of all of its obligations
under this Agreement, Landlord acknowledges and agrees that the release set
forth above applies to all claims relating to the Lease whether those claims are
known or unknown, foreseen or unforeseen. Landlord hereby waives application of
California Civil Code Section 1542 which reads as follows:

      

      "A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him, must have materially affected his settlement with the
debtor."

      

      10.           Confidentiality.  Tenant
agrees not to disclose the terms and conditions of this Agreement to any person
or entity other than its attorney, including, but not limited to, the other
tenants of the Building identified in the Lease.  Nothing contained in
this section shall prevent Tenant from producing this Agreement in a legal
proceeding if such production is legally required of Tenant, or otherwise
disclosing the terms of this Agreement as may be required by any regulatory
agency or rule making body, or disclosing same to Tenant’s
shareholders.  Tenant acknowledges and agrees that it shall be
responsible to Landlord for any damages Landlord may incur due to Tenant's
breach of this section.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      11.           General.  The
persons executing this Agreement on behalf of the parties hereto represent and
warrant that they have the authority to execute this Agreement on behalf of said
parties and that said parties have authority to enter into this
Agreement.  Landlord's obligations under this Agreement are
conditioned and contingent upon the performance by Tenant of all of its
obligations under this Agreement.  This condition is for the sole
benefit of Landlord and may be waived by Landlord at any time upon written
notice to Tenant.  Landlord and Tenant acknowledge that they have
received independent legal advice from their attorneys with respect to the
advisability of executing this Agreement.  If a party files a legal
action to enforce this Agreement, the prevailing party in such action shall be
entitled to recover all of its reasonable attorneys' fees and costs. This
Agreement contains the entire agreement between the parties and may only be
modified or amended by a writing signed by all parties. This Agreement is
entered into and shall be construed and interpreted in accordance with the laws
of the State of California. The parties hereto represent and warrant that they
have not transferred or otherwise assigned, either by contract or operation of
law, any of the claims released under this Agreement.  Preparation of
this Agreement by Landlord or Landlord's agent and submission of same to Tenant
shall not be deemed an offer by Landlord to enter into this
Agreement.  This Agreement shall become binding upon Landlord only
when fully executed by all parties and when Landlord has delivered a fully
executed copy of this Agreement to Tenant.

      

      12.           Counterparts and
Facsimiles.  This Agreement may be executed in one or more
counterparts, which shall be deemed effective upon full execution of this
Agreement by all parties.  Each counterpart shall be deemed an
original, but all of which together shall constitute one and the same instrument
and agreement.  In addition, a copy of this Agreement executed by a
party hereto and telecopied to the other party shall be deemed to constitute
delivery of an originally executed copy of this Agreement to the other
party.  A facsimile signature shall be enforceable to the same extent
as an original signature.

       

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereby execute this Agreement.

      

      LANDLORD:

      

      The
Realty Associates Fund VII, L.P.,

      a
Delaware limited partnership

      

      
        	
                By: 

              	
                Realty
      Associates Fund VII, LLC

              

      

      its General Partner

      

      
        
          	
                	
                  By: 

                	
                  Realty
      Associates Advisors LLC, its
Manager

                

        

      

      

      
        	
              	
                By: 

              	
                Realty
      Associates Advisors Trust,

              

      

      its
Manager

      

      
        	
              	
                By: 

              	
                /s/ Scott W. Amling ,
      Regional Director

              

      

      Officer

      

      TENANT*:

      

      Puredepth,
Inc., a Delaware corporation

      

      

      
        	
                By: 

              	
                /s/ Jonathan
      McCaman

              

      

      

      Jonathan J.
McCaman

      (print
name)

      

      
        	
                Its: 

              	
                CFO

              

      

      (print
title)

      

      
        	
                By: 

              	
                /s/ Martin
      McCarthy

              

      

      

      Martin
McCarthy

      (print
name)

      

      
        	
                Its: 

              	
                Controller and
      Assistant Secretary

              

      

      (print
title)

      

      *Authorized
officers must sign on behalf of the corporation and indicate the capacity in
which they are signing.  The agreement must be executed by the
president or vice president and the secretary or
assistant secretary, unless the bylaws or
a resolution of the board of directors shall otherwise provide, in which event,
the bylaws or a certified copy of the resolution, as the case may be, must be
attached to this agreement.

      

      

      4ex10-48.htm

    Exhibit
10.48

     

    
      SUB-LEASE TERMINATION AGREEMENT AND
RELEASE

       

      
        This
Sub-Lease Termination Agreement and Release ("Agreement") is entered into as
of February 19, 2009, by and between PureDepth, Inc., a Delaware corporation
("Sublessor”) and
Precise Software Solutions, Inc., a Delaware corporation ("Sublessee”).

         

      

      F A C T S

       

      A.        
On or about March 24, 2008, Sublessor and Sublessee entered into a Sublease (the
"Sublease") pursuant to which
Sublessor agreed to sublease certain premises to Sublessee commonly known as
Suite 350, 3 Twin Dolphin, Redwood City, California (the "Premises").  

       

      B.        
Sublessor and Sublessee have agreed to terminate the Sublease on the terms and
conditions set forth below.

       

      NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

       

      1.        
Execution of New
Lease.  Sublessor’s obligations under this Agreement are conditioned
and contingent upon the termination of Sublessor’s Lease (the “Master Lease”) with the
Landlord on the “Termination Date” specified in the separate Lease Termination
Agreement executed by and between Sublessor and the Landlord. Sublessor makes no
representation or warranty to Sublessee that the Lease Termination Agreement
executed by and between Sublessor and the Landlord will become effective. 
If the Lease Termination Agreement executed by and between Sublessor and the
Landlord does not become effective, Sublessor shall have the option, in
Sublessor’s sole and absolute discretion, to elect upon written notice to
Sublessee to terminate this Agreement.  In the event that Sublessor elects
to terminate this Agreement, from and after the date of Sublessor’s election,
this Agreement shall be of no further force and effect and the Sublease shall
remain in full force and effect as if this Agreement had never been entered
into.

       

      2.        
Delivery of
Possession. Sublessee, as it may be instructed by Sublessor, shall
deliver possession of the Premises to either Landlord or Sublessor in its “as
is” condition one (1) business day after Sublessor gives Sublessee written
notice that the Lease Termination Agreement executed by and between Sublessor
and the Landlord has become effective. 

       

      3.        
Termination of
Sublease.  The Sublease shall be deemed terminated on the date
Sublessee delivers possession of the Premises to Sublessor or Landlord pursuant
to Section 2 above (the "Sublease Termination
Date").  Prior to the Sublease Termination Date, the Sublease shall
remain in full force and effect and Sublessee shall pay all Rent and other
amounts payable by Sublessee under the Sublease for periods accruing prior to
the Sublease Termination Date.  Sublessee’s obligation to pay such amounts
shall survive the termination of the Sublease.

       

      4.        
Section  4 is intentionally left blank

       

      5.        
Indemnity.  Notwithstanding the
termination of the Sublease and Section 8 below, Sublessee shall indemnify,
defend and hold harmless Sublessor from all demands, expenses, claims, losses,
causes of action and damages or suits of any nature whatsoever which arise out
of the acts or omissions of Sublessee prior to the termination of the Sublease
which were Sublessee's responsibility under the Sublease. Sublessee's
obligations under Section 11 of the Sublease shall survive the termination of
the Lease, and Sublessee's obligations under Section 11 of the Sublease shall
not be released pursuant to Section 8 of this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.        
No
Subtenancies.  Sublessee represents and warrants that Sublessee has
not subleased all or any portion of the Premises to any person or entity and
that Sublessee has not assigned the Sublease.

       

      7.        
Release of
Sublessor.  As of the Sublease Termination Date, Sublessee, for
itself and for its affiliated corporations, limited liability companies and
partnerships, officers, directors, shareholders, agents, representatives,
employees, attorneys, shareholders, successors in interest, personal
representatives, heirs, assigns and each of them, absolutely, fully and forever
releases and discharges Sublessor and its respective, officers, directors,
shareholders, agents, representatives, employees, servants, attorneys,
successors in interest, assigns and each of them, whether past, present or
future, of and from any and all claims, demands, liabilities, obligations,
losses, controversies, costs, expenses, attorneys' fees and damages of every
kind, nature, character or description whatsoever, whether in law or in equity,
and whether known or unknown, suspected or unsuspected, arising out of,
connected with, or in any way related to the Sublease or Sublessee's occupation
of the Premises.  Sublessee acknowledges and agrees that the release set
forth above applies to all claims relating to the Sublease whether those claims
are known or unknown, foreseen or unforeseen. Sublessee hereby waives
application of California Civil Code Section 1542 which reads as
follows:

       

      "A general release does
not extend to claims which the creditor does not know or suspect to exist in his
or her favor at the time of executing the release, which if known by him or her,
must have materially affected his or her settlement with the debtor."

       

      8.        
Release of
Sublessee.  Subject to the performance by Sublessee of all of its
obligations under this Agreement (none of which are released by this section),
as of the Sublease Termination Date, Sublessor, for itself and for its
affiliated corporations, officers, agents, representatives, employees,
attorneys, shareholders, successors in interest, personal representatives,
heirs, assigns and each of them, absolutely, fully and forever releases and
discharges Sublessee and its officers, directors, shareholders, agents,
representatives, employees, servants, attorneys, successors in interest, assigns
and each of them, whether past, present or future, of and from any and all
claims, demands, liabilities, obligations, losses, controversies, costs,
expenses, attorneys' fees and damages of every kind, nature, character or
description whatsoever, whether in law or in equity, and whether known or
unknown, suspected or unsuspected, arising out of, connected with, or in any way
related to the Sublease and Sublessee's occupation of the Premises. Subject to
the performance by Sublessee of all of its obligations under this Agreement,
Sublessor acknowledges and agrees that the release set forth above applies to
all claims relating to the Sublease whether those claims are known or unknown,
foreseen or unforeseen. Sublessor hereby waives application of California Civil
Code Section 1542 which reads as follows:

       

      "A general release does
not extend to claims which the creditor does not know or suspect to exist in his
or her favor at the time of executing the release, which if known by him or her,
must have materially affected his or her settlement with the debtor."

       

      9.        
Confidentiality.  Sublessee
agrees not to disclose the terms and conditions of this Agreement to any person
or entity other than its attorney, including, but not limited to, the other
tenants of the Building.  Nothing contained in this section shall prevent
Sublessee from producing this Agreement in a legal proceeding if such production
is legally required of Sublessee.  Sublessee acknowledges and agrees that
it shall be responsible to Sublessor for any damages Sublessor may incur due to
Sublessee's breach of this section.

       

      10.      
General.  The persons executing
this Agreement on behalf of the parties hereto represent and warrant that they
have the authority to execute this Agreement on behalf of said parties and that
said parties have authority to enter into this Agreement.  Sublessor's
obligations under this Agreement are conditioned and contingent upon the
performance by Sublessee of all of its obligations under this Agreement. 
This condition is for the sole benefit of Sublessor and may be waived by
Sublessor at any time upon written notice to Sublessee.  Sublessor and
Sublessee acknowledge that they have received independent legal advice from
their attorneys with respect to the advisability of executing this
Agreement.  If a party files a legal action to enforce this Agreement, the
prevailing party in such action shall be entitled to recover all of its
attorneys' fees and costs. This Agreement contains the entire agreement between
the parties and may only be modified or amended by a writing signed by all
parties. This Agreement is entered into and shall be construed and interpreted
in accordance with the laws of the State of California. The parties hereto
represent and warrant that they have not transferred or otherwise assigned,
either by contract or operation of law, any of the claims released under this
Agreement.  Preparation of this Agreement by Sublessor and submission of
same to Sublessee shall not be deemed an offer by Sublessor to enter into this
Agreement.  This Agreement shall become binding upon Sublessor only when
fully executed by all parties and when Sublessor has delivered a fully executed
copy of this Agreement to Sublessee.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      11.      
Counterparts and
Facsimiles.  This Agreement may be executed in one or more
counterparts, which shall be deemed effective upon full execution of this
Agreement by all parties.  Each counterpart shall be deemed an original,
but all of which together shall constitute one and the same instrument and
agreement.  In addition, a copy of this Agreement executed by a party
hereto and telecopied to the other party shall be deemed to constitute delivery
of an originally executed copy of this Agreement to the other party.  A
facsimile signature shall be enforceable to the same extent as an original
signature.

       

      IN
WITNESS WHEREOF, the parties hereby execute this Agreement.

       

       

      SUBLESSOR:

       

      PUREDEPTH, INC.

       

       

      By:   /s/ Jonathan J.
McCaman

      JONATHAN
J. McCAMAN

      President  &
Chief Financial Officer

       

       

      SUBLESSEE:

       

      PRECISE
SOFTWARE SOLUTIONS, INC.

       

       

      By:  /s/ Kevin A Wion

       

      Kevin A. Wion

      (print
name)

       

      Its:  Director of Corporate
Services

      (print
title)

       

       

       

      3

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