Document:

Exhibit 10.69

 

AMENDMENT NO. 15 TO LEASE

This Amendment No. 15 to Lease ("Amendment No. 15") is entered into as of the 31st day of October 2012 between TPF Partners, a California general partnership ("Landlord") and Autobytel Inc., a Delaware corporation ("Tenant").

RECITALS

	
A.

	
Tenant is a party to that certain Lease dated April 3, 1997, as amended in Amendment No. 1 to Lease dated July 9, 1998, Amendment No. 2 to Lease dated May 16, 2001, Amendment No. 3 to Lease dated May 16, 2001, Amendment No. 4 to Lease dated August 8, 2002, Amendment No. 5 to Lease dated September 12, 2003, Amendment No. 6 to Lease dated January 6, 2005, Amendment No. 7 to Lease dated March 14, 2005, Amendment No. 8 to Lease dated July 7, 2005, Amendment No. 9 to Lease dated July 26, 2005, Amendment No. 10 to Lease dated December 1, 2005, Notice of Lease Term Dates dated January 11, 2006, Amendment No. 11 to Lease dated January 19, 2006, Lease Surrender and Termination Agreement dated March 31, 2008, Amendment No. 12 to Lease dated February 6, 2009, Amendment No. 13 to Lease dated March 5, 2009, and Amendment No. 14 to Lease dated November 29, 2010 (collectively the "Lease") covering certain Premises located at the second (2nd) and third (3rd) floors at 18872 MacArthur Blvd., City of Irvine, County of Orange, State of California (collectively, the "Current Leased Premises") consisting of approximately 26,156 rentable square feet, all as more particularly set forth in the Lease.

	
B.

	
Landlord and Tenant mutually agree to further amend the Lease on the terms and conditions set forth here in this Amendment No. 15.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows (capitalized terms used and not otherwise defined herein shall have the meanings given in the Lease):

AGREEMENT

	
1.

	
Options to Renew. Provided Tenant is not in default or breach under any of the terms, covenants, or conditions of this Lease, Tenant shall have one (1) option (the "Option to Renew") to renew this Lease for a period of three (3) years (the "Renewal Term") upon written notice to Landlord not less than two hundred seventy (270) days prior to the expiration of the existing term, upon the same terms and conditions of this Lease existing at the expiration of the existing term.  The Base Rent for year one (1) of the extension shall be $41,849.60 per month, the Base Rent for year two (2) of the extension shall be $43,157.40 per month, and Base Rent for year three (3) of the extension shall be $44,465.20 per month.  The Tenant shall take the Premises "as-is" during the Renewal Term, subject to Landlord's continuing repair and maintenance obligations under the Lease.  Landlord shall not be responsible for any Tenant broker representative commission if Tenant exercises the Option to Renew.  All other terms and conditions of the Lease shall continue to apply.  Should Tenant decide to exercise this Option to Renew, the Base Year shall be amended to 2014.  This Option to Renew shall be personal to Tenant.

Additionally Landlord shall grant Tenant the right to terminate the Lease on either July 31, 2015 or July 31, 2016 provided that the following minimum conditions are met:

	
(a)

	
Tenant is not in default of the Lease and has no financial responsibility owed to Landlord;

	
(b)

	
This Right to Terminate is for the entire Leased Premises, not a portion thereof;

	
(c)

	
Tenant provides Landlord with prior written notice on or before January 31, 2015 to terminate the lease on July 31, 2015 and on or before January 31, 2016 to terminate the lease on July 31, 2016 of its intent to exercise this termination option ("Termination Notice Date");

	
(d)

	
There is no fee or cost to terminate the Lease pursuant to this Section; and

	
(e)

	
This right to terminate the Lease shall be personal to Tenant, and shall be void in the event of an assignment, transfer or sublease; provided, however, that this right to terminate the Lease may be exercised by any acquiror of Tenant in a change in control of Tenant or by any acquiror of all or substantially all of Tenant's assets.

 

Page 1 of 3

	
2.

	
Condition of Premises.  Tenant acknowledges that Landlord has made no representation and has given no warranty to Tenant regarding the fitness of the Leased Premises for Tenant's continued use.  Tenant shall continue its tenancy in the Leased Premises in its "AS-IS" condition and "WITH ALL FAULTS," subject to Landlord's continuing repair and maintenance obligations under the Lease.

	
3.

	
Parking.  The parking pursuant to the Lease shall be at no cost through the Renewal Term.

	
4.

	
Authority.  Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in California and that Tenant has full right and authority to execute and deliver this Amendment No. 15 and that each person signing on behalf of Tenant is authorized to do so.

	
5.

	
Attorneys' Fees.  If either party commences litigation against the other for the specific performance of this Amendment No. 15 for damages for the breach hereof or otherwise for enforcement of any remedy hereunder, the parties hereto agree to and hereby do waive any right to a trial by jury and, in the event of any such commencement of litigation, the prevailing party shall be entitled to recover from the other party such costs and reasonable attorneys' fees as may have been incurred, including any and all costs incurred in enforcing, perfecting and executing such judgment.

	
6.

	
Confirmations.  Tenant hereby certifies and confirms to Landlord that as of Tenant's execution and delivery hereof, to Tenant's knowledge Landlord is not in material default under the Lease, as amended.  Landlord hereby certifies and confirms to Tenant that as of Landlord's execution and delivery hereof, to Landlord's knowledge neither Landlord nor Tenant is in material default under the Lease, as amended.

	
7.

	
Brokers.  Tenant represents and warrants to Landlord that Tenant has not dealt with any real estate broker or agent in connection with this Amendment No. 15 or its negotiation except Colton Capital Corporation.  Tenant shall indemnify, defend, protect and hold Landlord harmless from and against any and all cost, expenses, claims and liabilities (including costs of suit and reasonable attorneys' fees) for any compensation, commission or fees claimed by any other real estate broker or agent in connection with this Amendment or its negotiation by reason of any act of Tenant.  Landlord shall be solely responsible for payment of a Broker's commission to the Broker identified above, under the terms of a separate agreement.

	
8.

	
Confidentiality.  Tenant shall keep confidential and shall not disclose the terms and conditions set forth in this Lease, including, without limitation, the basic rent and additional rent, the term of the Lease and any extensions, and all other financial terms, without the prior written consent of the Landlord except: (1) to Tenant's directors, officers, partners, legal counsel, accountants, financial advisors and similar professionals and consultants to the extent that Tenant deems it necessary or appropriate in connection with the Lease transaction contemplated hereunder (and Tenant shall inform each of the foregoing parties of Tenant's obligations under this Section and shall secure the agreement of such parties to be bound by the confidentiality terms hereof) or (2) as otherwise required by law, rule, regulation or order of any court or administrative or regulatory agency, including any disclosures or filings required by applicable state or federal securities laws, rules, regulations or orders.

	
9.

	
Entire Agreement.  It is understood and acknowledged that there are no oral agreements between the parties hereto affecting the Lease, as amended, and the Lease, as amended, supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter thereof, and none thereof shall be used to interpret or construe the Lease, as amended.  The Lease and any amendments or side letters or separate agreements executed by Landlord and Tenant in connection with the Lease, as amended and dated of even date herewith contain all of the terms, covenants, conditions, warranties and agreements of the parties relating in any manner to the rental, use and occupancy of the Premises, shall be considered to be the only agreement between the parties hereto and their representatives and agents, none of the terms, covenants, conditions or provisions of the Lease, as amended, can be modified, deleted or added to except in writing signed by the parties hereto.  All negotiations and oral agreements acceptable to both parties have been merged into and are included herein.  Any deletion of language from the Lease, as amended prior to its execution by Landlord and Tenant shall not be construed to raise any presumption, canon of construction or implication, including, without limitation, any implication that the parties intended thereby to state the converse of the deleted language.

 

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10.

	
Further Assurances.  Tenant shall, upon request by Landlord, execute and deliver such documentation and information and take such other action as may be reasonably necessary to effectuate the intent of this Amendment or to implement the provisions hereof.

Except as modified by this Amendment No. 15, all terms set forth in the Lease, as amended, continue to be in full force and effect.

IN WITNESS WHEREOF, the parties have entered into this Amendment No. 15 as of the day and year first written above.

	
LANDLORD:

	
TENANT:

	
TPF Partners,

	
Autobytel Inc.,

	
a California general partnership

	
a Delaware corporation

	
By:  Colton Real Estate Group,

	
 

	
        a California corporation

	
 

	
Its:            General Partner

	
 

	
 

	
 

	
By:  /s/ Jon W. McClintock

	
By:  /s/ Glenn E. Fuller

	
Jon W. McClintock, Chief Financial Officer

	
Glenn E. Fuller, Executive Vice President, Chief

	
 

	
Legal and Administrative Officer and Secretary

	
 

	
 

	
Date: 11/4/12

	
Date: November 1, 2012

Page 3 of 3Exhibit 10.70

AUTOBYTEL INC.

AMENDMENT NO. 1

 TO

SEVERANCE BENEFITS AGREEMENT

This Amendment No. 1 to Severance Benefits Agreement ("Amendment") is entered into effective as of November 14, 2012 ("Amendment Effective Date") between Autobytel Inc., a Delaware corporation ("Autobytel" or "Company") and Kimberly S. Boren ("Employee").

Background

Autobytel and Employee have previously entered into an Amended and Restated Severance Benefits Agreement dated as of February 25, 2011 ("Severance Benefits Agreement").  The Internal Revenue Service ("IRS") has issued new guidance regarding interpretation of Section 409A of the Code and the IRS' rules and regulations thereunder relating to release contingencies in agreements providing for payment of severance benefits upon a termination of employment. The IRS has provided guidance permitting corrective amendments to agreements with release contingencies to comply with Section 409A and the rules and regulations thereunder. The parties desire to amend the Severance Benefits Agreement to take advantage of such corrective amendments.

Since the date of the Severance Benefits Agreement, Employee has been promoted to Senior Vice President, Analytics and Advertising Operations, and the Company has determined that it is in its best interests to provide Employee with additional incentives and comfort regarding Employee's position with the Company to encourage Employee's continued employment with, and dedication to the business of, the Company.  Therefore, Employee's severance term is being increased from nine months to twelve months.

The parties have also identified a drafting error in the definition of Change in Control. The second paragraph of such definition should reference to individuals who were on the Company's board of directors as of the Effective Date of the Severance Benefits Agreement.  The Severance Benefits Agreement incorrectly refers to individuals who were on the Company's board of directors as of the "Date of Grant of this option award."

In addition, the parties have identified a drafting error in the form of Separation Agreement and Release attached as an exhibit to the Severance Benefits Agreement ("Release"). Section 9 of the Release incorrectly provides that the Employee is releasing the Company from claims for the Company's failure to make some payments to Employee under the Severance Benefits Agreement and, if applicable, claims under the ADEA. The parties acknowledge that this is not the intent of the parties and that the intent of the parties was to have Employee release the Company from all claims, including claims under the ADEA, but excluding claims relating to enforcement of the Release.  The parties desire to amend the form of Release to correctly reflect their intent.

Finally, the parties acknowledge that under the ADEA, for persons age 40 and over at the time of termination of employment who are releasing ADEA claims, the ADEA and the rules and regulations thereunder provide for extended consideration periods of either 21 or 45 days for the employee to consider executing the Release and may require the delivery of additional information to the terminated employee, depending on the circumstances of the termination (i.e., if the termination was in connection with a "group" termination). The form of Release attached to the Severance Benefits Agreement does not provide for the extended consideration period or the delivery of additional information in the case of a group termination. The parties desire to provide Employee with the extended consideration period and additional information delivery in the event Employee is age 40 or over at the time of termination and the termination is in connection with a "group" termination.

In order to implement the foregoing and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows. Capitalized terms not otherwise defined in this Amendment shall have the meanings set forth in the Severance Benefits Agreement.

1.            Amendments to Severance Benefits Agreement.

(a)            The second paragraph of the definition of Change in Control in Section 1(e) of the Severance Benefits Agreement is hereby amended in its entirety to read as follows:

(ii)        When the individuals who, as of the Effective Date, constitute the Board ("Incumbent Board"), cease for any reason to constitute at least a majority of the Board; provided however, that any individual becoming a director subsequent to such date, whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall, for purposes of this section, be counted as a member of the Incumbent Board in determining whether the Incumbent Board constitutes a majority of the Board.

(b)            Section 1(j) of the Severance Benefits Agreement is hereby amended in its entirety to read as follows:

(j) "Employee's Position" means Employee's position as the Senior Vice President, Analytics and Advertising Operations of the Company.

(c)            Section 1(n) of the Severance Benefits Agreement is hereby amended in its entirety to read as follows:

(n) "Severance Period" shall equal twelve (12) months.

(d)            Sections 2(c) and 2(d) of the Severance Benefits Agreement are hereby amended in their entirety to read as follows:

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(c)            The payments and benefits set forth in Sections 2(a) and 2(b) are conditioned upon and shall be provided to Employee only if (i) Employee has executed and delivered to the Company a Separation and Release Agreement in favor of the Company and Releasees, which agreement shall be substantially in the form attached hereto as Exhibit A ("Release") no later than the expiration of the applicable period of time allowed for Employee to consider the Release as set forth in Section 13 of the Release ("Release Consideration Period"); (ii) Employee has not revoked the Release prior to the expiration of the applicable revocation period set forth in Section 13 of the Release ("Release Revocation Period"); and (iii) the Release has become effective and non-revocable no later than the cumulative period of time represented by the sum of the maximum Release Consideration Period and the maximum Release Revocation Period. No payments or benefits set forth in Sections 2(a) or 2(b) shall be due or payable to, or provided to, Employee if the Release has not become effective and non-revocable in accordance with the requirements of this Section 2(c).

(d)            Upon satisfaction of the conditions set forth in Section 2(c), but subject to the last sentence of this Section 2(d), all payments under Section 2(a)(A) shall be made to Employee within five (5) business days after the Release becomes effective and non-revocable in accordance with its terms. In any case, the payment under Section 2(a)(A) shall be made no later than two and one-half months after the end of the calendar year in which Employee's Separation from Service occurs, provided that the Release shall have become effective and non-revocable in compliance with Section 2(c) prior to expiration of such two and one-half month period. If the period of time covered by the entire allowed Release Consideration Period, the entire Release Revocation Period and the entire five business day period described above in this Section 2(d) (considering such periods consecutively) begins in one calendar year and ends in the following calendar year, all payments under Section 2(a)(A) shall be made to Employee on the first business day of such following calendar year which is five (5) or more business days after the date on which the Release became effective and non-revocable in accordance with its terms.

(e)            Section 3 of the Severance Benefits Agreement is hereby amended in its entirety to read as follows:

3.            Taxes.  All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. Notwithstanding the foregoing, and except as otherwise specifically provided elsewhere in this Agreement, Employee is solely responsible and liable for the satisfaction of any federal, state, province or local taxes that may arise with respect to this Agreement (including any taxes and interest arising under Section 409A of the Code).  Neither the Company nor any of its employees, directors, or service providers shall have any obligation whatsoever to pay such taxes or interest, to prevent Employee from incurring them, or to mitigate or protect Employee from any such tax or interest liabilities.

3

Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under this Agreement on account of Employee's termination of employment constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code, payment of such amounts shall not commence until Employee incurs a Separation from Service.  If, at the time of Employee's Separation from Service under this Agreement, Employee is a "specified employee" (within the meaning of Section 409A of the Code), any amounts that constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code that become payable to Employee on account of Employee's Separation from Service (including any amounts payable pursuant to the preceding sentence) will not be paid until after the end of the sixth calendar month beginning after Employee's Separation from Service ("409A Suspension Period").  Within 14 calendar days after the end of the 409A Suspension Period, Employee shall be paid a lump sum payment, without interest, in cash equal to any payments delayed because of the preceding sentence.  Thereafter, Employee shall receive any remaining benefits as if there had not been an earlier delay.  With respect to the reimbursement of expenses to which Employee is entitled under this Agreement, if any, or the provision of in-kind benefits to Employee as specified under this Agreement, if any, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions:  (i) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code, solely to the extent that the arrangement provides for a limit on the amount of expenses that may be reimbursed under such arrangement over some or all of the period in which the reimbursement arrangement remains in effect; (ii) the reimbursement of an eligible expense shall be made no later than the end of the calendar year after the calendar year in which such expense was incurred; (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (iv) the right to reimbursement or provision of in-kind benefits shall not apply to any expenses incurred or benefits to be provided beyond the last day of the second taxable year following the year in which Employee's Separation from Service occurred.

2.            Release Corrections.

(a)  Section 9 of the Release is hereby amended in its entirety to read as follows:

In consideration for the payments provided for in Paragraph 3, you unconditionally release and forever discharge the Company, and the Company's current, former, and future controlling shareholders, subsidiaries, affiliates, related companies, predecessor companies, divisions, directors, trustees, officers, employees, agents, attorneys, successors, and assigns (and the current, former, and future controlling shareholders, directors, trustees, officers, employees, agents, and attorneys of such

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subsidiaries, affiliates, related companies, predecessor companies, and divisions) (referred to collectively as "Releasees"), from any and all known and unknown claims, demands, actions, suits, causes of action, obligations, damages and liabilities of whatever kind or nature and regardless of whether the knowledge thereof would have materially affected your agreement to release the Company hereunder, based on any act, omission, event, occurrence, or nonoccurrence from the beginning of time to the date of execution of this Release, including, but not limited to, claims that arise out of or in any way relate to your employment or your separation from employment with the Company, including those rights or claims arising under the Age Discrimination in Employment Act ("ADEA").  The Release will not (i) waive the Employee's rights to indemnification under the Company's certificate of incorporation or by-laws or, if applicable, any written agreement between the Company and the Employee, or under applicable law; or (ii) constitute a release of any claims to enforce this Release.

With respect to the various rights and claims under the ADEA being waived by you in this Agreement, you specifically acknowledge that you have read and understand the provisions of paragraphs 13, 14, and 15 below before signing this Agreement. This general release does not cover rights or claims under the ADEA arising after you sign this Agreement.

(b)  Section 13 of the Release is hereby amended in its entirety to read as follows:

[Alternative 1 for Section 13 if Employee is NOT age 40 or over at time of separation from employment]

You understand that You have seven (7) days after this Release has been delivered to You by the Company to decide whether to sign this Release, although You may sign this Release at any time within the seven (7) day period.  If You do sign it, You also understand that You will have an additional three (3) days after the date You deliver this signed Release to the Company and to change your mind and revoke this Release, in which case a written notice of revocation must be delivered to the Company's Chief Legal Officer, Autobytel Inc., 18872 MacArthur Blvd. Suite 200, Irvine, California 92612-1400, on or before the third (3rd) day after your delivery of this signed Release to the Company (or on the next business day if the third calendar day is not a business day).  You understand that this Release will not become effective or enforceable until after that three (3) day period has passed.  If You revoke this Release, this Release shall not be effective or enforceable as to any rights You may have under this Release.  In the event that You revoke this Release, You will not be entitled to the payments and benefits specified in Paragraph 2.

[Alternative 2 for Section 13 if Employee is age 40 or over at time of separation from employment, separation from employment is NOT in connection with a group separation under ADEA]

You understand that You have twenty-one (21) days after this Release has been delivered to You by the Company to decide whether to sign this Release, although You may sign

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this Release at any time within the twenty-one (21) day period.  If You do sign it, You also understand that You will have an additional seven (7) days after the date You deliver this signed Release to the Company and to change your mind and revoke this Release, in which case a written notice of revocation must be delivered to the Company's Chief Legal Officer, Autobytel Inc., 18872 MacArthur Blvd. Suite 200, Irvine, California 92612-1400, on or before the seventh (7th) day after your delivery of this signed Release to the Company (or on the next business day if the seventh calendar day is not a business day).  You understand that this Release will not become effective or enforceable until after that seven (7) day period has passed.  If You revoke this Release, this Release shall not be effective or enforceable as to any rights You may have under this Release.  In the event that You revoke this Release, You will not be entitled to the payments and benefits specified in Paragraph 2.

[Alternative 3 for Section 13 if Employee is age 40 or over at time of separation from employment, separation from employment IS in connection with a group termination under ADEA]

(a)            You understand that You have forty-five (45) days after this Release has been delivered to You by the Company to decide whether to sign this Release, although You may sign this Release at any time within the forty-five (45) day period.  If You do sign it, You also understand that You will have an additional seven (7) days after You sign to change your mind and revoke this Release, in which case a written notice of revocation must be delivered to the Company's Chief Legal Officer, Autobytel Inc., 18872 MacArthur Blvd. Suite 200, Irvine, California 92612-1400, on or before the seventh (7th) day after your delivery of this signed Release to the Company (or on the next business day if the seventh calendar day is not a business day).  You understand that this Release will not become effective or enforceable until after that seven (7) day period has passed.  If You revoke this Release, this Release shall not be effective or enforceable as to any rights You may have under this Release.  In the event that You revoke this Release, You will not be entitled to the payments and benefits specified in Paragraph 2.

(b)            You acknowledge that You have received the group information of employees included in the Company's ____________ [If this Alternative 3 is applicable to the circumstances of termination, then this blank will be filled in at the time] group termination program, the eligibility factors for participation in the program, and the time limits for participation in the program.  You also acknowledge that You have received lists of the ages and job titles of employees eligible or selected for the program and employees not eligible or selected for the group termination program.  This information is set forth on Appendix A attached hereto and incorporated herein by reference.

3.            No Other Changes. Except as set forth above, all other terms and conditions of the Severance Benefits Agreement remain unchanged and in full force and effect.

EMPLOYEE ACKNOWLEDGES THAT: (I) THE COMPANY HAS ADVISED EMPLOYEE TO CONSULT WITH AN ATTORNEY AND/OR TAX ADVISOR OF 

6

Employee's choosing (and at Employee's own cost and expense) before executing this amendment, and (ii) Employee is not relying upon the Company for, and the Company has not provided, legal or tax advice to Employee in connection with this amendment.  It is the responsibility of Employee to seek independent tax and legal advice with regard to the tax treatment of this amendment and the payments and benefits that may be made or provided under the severance benefits agreement, as amended by this amendment and any other related matters. Employee acknowledges that Employee has had a reasonable opportunity to seek and consider advice from Employee's attorney and tax advisors.

IN WITNESS WHEREOF, the Company and Employee have executed and entered into this Amendment effective as of the date first shown above. 

AUTOBYTEL INC.

By:            /s/ Glenn E. Fuller

Glenn E. Fuller

Executive Vice President, Chief Legal and Administrative Office and Secretary

EMPLOYEE

                          /s/ Kimberly S. Boren  

Kimberly S. Boren

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