Document:

Document

March 13, 2021

Liren Chen

Dear Liren:

On behalf of InterDigital, Inc. (“InterDigital”), I am pleased to offer you the opportunity to join InterDigital as President & Chief Executive Officer.  You will be a member of the InterDigital Board of Directors.  You will report to our Board of Directors.  

Start Date:  Your start date will be April 5, 2021. You agree to devote your full business time, attention and best efforts to the performance of your duties and to the furtherance of InterDigital’s interest.   

Location:  You will be primarily based in an InterDigital facility to be mutually agreed upon; subject, however, to reasonable business travel to or work in other countries or regions consistent with your duties as President & Chief Executive Officer of InterDigital.

Remuneration:  Your annual base salary will be $690,000, which will be paid in bi-weekly installments, less taxes and other deductions as required by law or elected by you for benefits coverage, 401(k) participation, etc.   You have been identified as an exempt employee and you will be paid in accordance with InterDigital’s standard payroll cycle, which occurs every other Friday.

Sign-on Cash Bonus:  You will receive a sign-on cash bonus in the amount of $1,500,000, less taxes and other deductions as required by law, payable in three (3) equal installments as follows:
1/3 upon Start Date (with first paycheck)
1/3 upon 6-month anniversary of Start Date 
1/3 upon 1-year anniversary of Start Date

You must be employed at the time of payment to receive the installment, provided, however, that if you are involuntarily terminated without Cause (as defined in the Term Sheet attached hereto as Appendix A), resign for Good Reason (as defined in the attached Term Sheet), die or become disabled, then payment of the remaining installment(s), as applicable, shall be made as soon as practicable (but in no event later than 14 days) following your termination.
Annual Incentive:  You will be eligible to participate in InterDigital’s annual bonus plan (currently referred to as the InterDigital Short-Term Incentive Plan (“STIP”))1.  Your target STIP amount will be 100% of your annual base salary and your maximum STIP payout will be 200% of your annual base salary.  Payouts under the STIP are determined based upon a combination of personal and company performance and are contingent upon your continued employment through the end of the calendar year to which the bonus relates.  The STIP performance goals and payouts for the 2021 calendar year are set forth on Appendix B hereto.

Long Term Incentive:  You will be eligible to participate in InterDigital’s Long Term Compensation Program (“LTCP”), pursuant to the terms and conditions of the 2017 InterDigital Stock Plan, as amended.  For the 2021 

1 InterDigital reserves complete and sole discretion to determine whether any bonuses will be paid and if so, to set any eligibility criteria, the amount of bonuses (if any) and the timing of bonus payments (if any).
1

LTCP Cycle2, you will receive equity awards with a target value of $3,300,000, allocated as follows and as further detailed (including as to vesting schedule and treatment on termination of employment) in the attached Term Sheet:

1/3 granted in time-based Restricted Stock Units (“RSUs”) 
1/3 granted in performance based Restricted Stock Units (“PSUs”)
1/3 granted in performance-based options

The number of RSUs and PSUs will each be determined by dividing $1,100,000 by the 10 trading-day average closing price of InterDigital’s common stock for the period that ends on the last trading day before the date of this offer letter (the “Conversion Price”).  The number of performance-based options will be determined in accordance with InterDigital’s usual equity award valuation methodology, but assuming for this purpose a fair market value per share of InterDigital common stock equal to the Conversion Price.

New Hire Equity Award:  You will receive a new hire equity award pursuant to the terms and conditions of the 2017 InterDigital Stock Plan, as amended, with a value of $7,500,000, allocated as follows:

$3,500,000 time-based RSUs, that will vest in 3 equal installments on the anniversary of the Start Date, subject to continued employment through the vest date and as further described in the attached Term Sheet; 

$2,000,000 performance based RSUs vesting, if at all, based on achievement of the Diversified Revenue Platform Goals, as described in the attached Term Sheet and Appendix C hereto (the “Diversified Revenue Platform Goals”), and continued employment through the vest date and as further described in the attached Term Sheet;  

$2,000,000 in performance-based options with a 10 year term, vesting, if at all, based on the achievement of the Diversified Revenue Platform Goals, and continued employment through the vest date and as further described in the attached Term Sheet.

New hire equity awards will be granted the later of the 15th of the month of commencement of employment or 3 days post-employment commencement.  The attached Term Sheet describes additional terms of the sign-on equity award, including relating to treatment on termination of employment. The number of time-based RSUs will be determined by dividing $3,500,000 by the Conversion Price, the number of performance-based RSUs will be determined by dividing $2,000,000 by the Conversion Price, and the number of performance-based options will be determined in accordance with InterDigital’s usual equity award valuation methodology, but assuming a fair market value per share of InterDigital common stock equal to the Conversion Price.

Relocation:  You will receive relocation assistance through InterDigital’s relocation service provider, Global Mobility Solutions, when needed to have your primary place of residence located within commuting distance of an agreed InterDigital facility.

Severance:  You will be eligible to participate in Executive Severance & Change in Control Plan pursuant to the terms and conditions thereof, with such modified terms as further described in the attached Term Sheet.  

2 LTCP participation target and allocation among components is approved annually by the Compensation Committee of InterDigital, Inc.  
2

InterDigital Deferred Compensation Plan:  InterDigital will make a discretionary Company contribution to the InterDigital Deferred Compensation Plan within 10 days of your start date in the amount of $3,000,000, which will vest $1,500,000 on your start date, and $500,000 on each of January 1, 2022, January 1, 2023, and January 1, 2024, subject to accelerated vesting as outlined on the attached Term Sheet.  
Documentation confirming distribution from current employer’s deferred compensation program upon separation required prior to contribution by InterDigital.
Employee Benefits:  As a regular, full-time employee, you will be eligible to participate in the company’s health and welfare benefit programs in effect from time to time as are made available to other similarly situated employees of InterDigital, and in accordance with and subject to the terms and conditions of such plans and programs.    

Paid Time Off:  In addition, you will be eligible to accrue 25 days of paid time off (PTO) per year (exclusive of regular holidays). Accrued but unused PTO will carry over from year-to-year and will be cashed out in full upon your termination for any reason.

Employment at Will:  Your employment with InterDigital is “at-will” and may be terminated by you or InterDigital at any time, for any reason or for no reason at all, and with or without prior notice, subject, if applicable, to the terms of the InterDigital Executive Severance and Change of Control Plan and the attached Term Sheet.  An Executive Severance and Change in Control Policy Participation Agreement will be provided for your execution.  

Pre-Employment Requirements:  This offer of employment is contingent upon the following:

1.Verification of your right to work in the United States, as demonstrated by your completion of the I-9 form upon hire and your submission of acceptable documentation (as noted on the I-9 form) verifying your identity and work authorization within three days of starting employment. 
2.Your completion of the attached Export Control Questionnaire.
3.Your execution of our Non-Disclosure and Assignment of Ideas Agreement (“NDAIA”).  During your employment with InterDigital, you will have access to confidential and proprietary information, therefore, in order to have access to such information, you are required to sign our NDAIA.  A copy of the NDAIA is enclosed for your review.
4.Your acknowledgment of InterDigital’s Code of Ethics. A copy of the Code of Ethics is enclosed for your review. 
This offer will be withdrawn if any of the above conditions are not satisfied.

The appendices hereto are incorporated herein by reference in their entirety and made a part hereof.

By accepting this offer, you confirm that you (i) are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as restrictions imposed by a current or former employee, and (ii) have not taken any actions which could give rise to any claims by your current or any former employer against InterDigital. You also confirm that you will inform InterDigital about any such restrictions and provide InterDigital with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities.
3

InterDigital does not want to benefit from any proprietary or other information, in any form, that you are under a duty not to use or divulge, whether it be from your current employer or any other person or entity.  Therefore, you further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to InterDigital without written authorization from your current or former employer, nor will you use or disclose any such confidential information during the course and scope of your employment with InterDigital. Therefore, if you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.  We further urge you to contact the appropriate officials at your current employer as soon as possible in order that they can determine the appropriate security measures pertaining to your access to company information (if they so desire) to assure themselves regarding any unauthorized use or disclosure of information.

We are excited at the prospect of you joining our organization and look forward to your acceptance of this offer.  If you accept the terms of this offer, please sign below.  

Sincerely,

/s/ Melissa Leneis

InterDigital, Inc.
Melissa Leneis
Chief Human Resources Officer

I have read and understood the provisions of this offer of employment, and I accept the above offer. 

SIGNED:  /s/ Liren Chen                                     Date: 3/13/2021

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Appendix A

Term Sheet

{Attached}

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	Chief Executive Officer
Terms of Employment

	Name	Liren Chen (“Executive”)
	Employing Entity	InterDigital, Inc.
	Title	President and Chief Executive Officer
	Board of Directors	Member of Board of Directors of InterDigital, Inc.
	Start Date	April 5, 2021
	Principal Place of Employment	An InterDigital facility to be mutually agreed upon.
	Base Salary	$690,000
	Short Term Incentive Plan (“STIP”)	Annual Bonus (“STIP”) target of at least 100% annual base salary; payouts under the STIP are determined based upon a combination of personal and company performance and are contingent upon your continued employment through the end of the calendar year.  Maximum bonus payout is 200% of target based on superior achievement.
	Sign-on Cash Bonus	$1,500,000 payable in three (3) equal installments as follows:

1/3 upon start date (with first paycheck)
1/3 upon 6-month anniversary of start date
1/3 1-year anniversary of start date

Must be employed at time of payment to receive installment, provided, however, that if Executive is involuntarily terminated without Cause (defined below), resigns for Good Reason (defined below), dies or becomes disabled, then payment of the remaining installment (if applicable) shall be made upon Executive’s termination.

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	Participation in the Long-Term Compensation Plan (“LTCP”)	A 2021 Long Term Incentive target of $3,300,000, allocated as follows*:

1/3 granted in time-based RSUs that will vest in three (3) equal installments, on the anniversary of grant date; 

1/3 granted in performance-based RSUs, vesting, if at all, based on achievement of the 2021 LTCP Goal(s) and continued employment with InterDigital through vest date; and 

1/3 granted in performance-based stock options with a 10-year term, vesting, if at all, based on achievement of the 2021 LTCP Goal(s) and continued employment with InterDigital through vest date; additionally, shares acquired upon exercise must be held for a period of 2 years following the date of vesting. 

Goal achievement for performance based RSUs and options at threshold will result in 50% payout;  at target will result in 100% payout; and at maximum will result in 200% payout;  achievement between the threshold and target or target and maximum will result in a payout determined by linear interpolation.  

2021 LTCP Goal(s) will be finalized in Q1-2021 and will measure achievement of performance goals on December 31, 2023 and/or December 31, 2025; long-term compensation goals typically  have a 3 to 5 year performance period and vest by March 15 of the year following the end of the performance period.

In the event of termination without Cause (defined below), for Good Reason (defined below), death or disability, annual LTCP awards will vest as follows3:

Time-based RSUs will vest on a pro-rated basis; and 

Performance-based RSUs and options will vest on a pro-rated basis, if termination without Cause, resignation for Good Reason, death or disability occurs during the last year of the performance period, based on actual achievement.

In the event of termination without Cause (defined below), for Good Reason (defined below), death or disability, in connection with or during 24 months following a change in control, annual LTCP awards will vest as follows:

Time-based RSUs will vest in full; and 

Performance-based RSUs and options will vest in full, with performance deemed satisfied at the greater of “target” or actual achievement (as measured on the date of termination).

	3 Each grant is subject to the terms and conditions of the accompanying Award Agreement and 2017 InterDigital Stock Plan. 

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	InterDigital Deferred Compensation Plan	Discretionary Company Contribution to the InterDigital Deferred Compensation Plan in the amount of $3,000,000, which will vest $1,500,000 on your start date, and $500,000 on each of January 1, 2022, January 1, 2023, and January 1, 2024; provided, however that vesting will accelerate in full the event of termination without Cause (defined below), for Good Reason (defined below), death or disability.
Contribution invested in investment options eligible as part of the InterDigital Deferred Compensation Program which are similar to those under our 401(k) plan and subject to the terms and conditions of the InterDigital Deferred Compensation Program. 
Company stock is not an available investment option included in the Deferred Compensation Program. 

	New Hire Equity Award	Equity award of $7,500,000, allocated as follows:

$3,500,000 time-based RSUs, that will vest in 3 equal installments on the anniversary of start date;

$2,000,000 performance based RSUs vesting, if at all, based on achievement of the Diversified Revenue Platform Goals (as described in the attached) and continued employment through the vest date;

$2,000,000 in performance-based options with a 10-year term, vesting, if at all, based on the achievement of the Diversified Revenue Platform Goals and continued employment through the vest date; additionally, shares acquired upon exercise must be held for a period of 2 years following the date of vesting. 

New Hire equity awards will be granted the later of the 15th of the month of commencement of employment or 3 days post-employment commencement.  

In the event of termination without Cause (defined below), for Good Reason (defined below), death or disability, new hire time-based RSUs will vest in full upon termination date.

In the event of termination without Cause (defined below), for Good Reason (defined below), death or disability, in connection with or during 24 months following a change in control, New Hire equity awards will vest as follows:

Time-based RSUs will vest in full; and 

Performance-based RSUs and options will vest in full, with performance deemed satisfied at the greater of “target” or actual achievement (as measured on the date of termination).

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	Relocation	You will receive relocation assistance through InterDigital’s relocation service provider, Global Mobility Solutions, when needed to have your primary place of residence located within commuting distance of an agreed upon InterDigital facility.
	Benefits	You will be eligible to participate in health and welfare benefit programs in effect from time to time as are made available to other similarly situated employees of InterDigital and in accordance with and subject to the terms and conditions of such plans or programs.
	Severance	Participation in Executive Severance & Change in Control Plan with the following modified terms:

If your employment is terminated without Cause or for Good Reason during the first twelve (12) months of employment with InterDigital, you will receive:

•Lump sum payment equal to 300% (300% if such termination occurs within 24 months following Change in Control) of sum of base salary and STIP Target;
•18 months (24 months if such termination occurs within 24 months following Change in Control) COBRA premium reimbursement for self and family;
•Accelerated vesting of outstanding equity awards as provided in individual award agreements.

If your employment is terminated without Cause or for Good Reason between the first and second anniversary of your start date, you will receive:

•Lump sum payment equal to 200% (250% if such termination occurs within 24 months following Change in Control) of sum of base salary and STIP Target;
•18 months (24 months if such termination occurs within 24 months following Change in Control) COBRA premium reimbursement for self and family;
•Accelerated vesting of outstanding equity awards as provided in individual award agreements.

If your employment is terminated without Cause or for Good Reason after the second anniversary of your start date, you will receive:
•Lump sum payment equal to 200% (250% if such termination occurs within 24 months following Change in Control) of base salary;
•18 months (24 months if such termination occurs within 24 months following Change in Control) COBRA premium reimbursement for self and family;
•Accelerated vesting of outstanding equity awards as provided in individual award agreements.

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	Definitions:	For purposes of this term sheet:

“Cause” means (i) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s obligations to the Company, in each case which results in material harm to the business or reputation of the Company; (ii) Executive’s willful and material breach of his Nondisclosure and Assignment of Ideas Agreement (“NDAIA”); or (iii) Executive’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement, any felony, or any crime of moral turpitude; or (iv) the Executive’s willful neglect of duties as determined in the sole and exclusive discretion of the Board of Directors.

“Good Reason” means Executive’s termination of his employment in accordance with the next sentence after the occurrence of one or more of the following events without Executive’s express written consent: (i) a material diminution in Executive’s base salary or target bonus opportunity under the incentive plan as in effect for the year in which the termination occurs; (ii) a material diminution in Executive’s title, authority, duties or responsibilities; (iii) a material failure to comply with payment of Executive’s compensation; (iv) relocation of Executive’s primary office more than 50 miles from Executive’s then-current office; or (v) any other action or inaction that constitutes a material breach by the Company of the Executive Severance Policy or NDAIA Good Reason shall only exist if Executive provides a notice of termination for Good Reason to the Company within ninety (90) days after the initial existence of such grounds and the Company has had thirty (60) days from the date on which such notice is provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason within ninety (60) days following the end of such sixty (60) day period within which the Company was entitled to remedy the course of conduct constituting Good Reason but failed to do so, then Executive shall be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

* InterDigital LTCP awards are discretionary and require annual approval from the Compensation Committee. Each grant is subject   to the terms and conditions of the accompanying Award Agreement and 2017 InterDigital Stock Plan.  
10Document

EXHIBIT 10.1

FIRST AMENDMENT TO LEASE
FIRST AMENDMENT TO LEASE, dated as of March 12, 2021 (this “Amendment”), between LEGACY YARDS TENANT LP, a Delaware limited partnership whose address is c/o Related Companies, 60 Columbus Circle, New York, New York 10023 (“Landlord”), and Tapestry, Inc. (f/k/a Coach, Inc.), a Maryland corporation whose address is 10 Hudson Yards, New York, New York 10001 (“Tenant”).  
WITNESSETH:
WHEREAS, pursuant to a Lease, dated as of August 1, 2016 (the “Lease”), between Landlord and Tenant, Tenant is leasing from Landlord certain space in the building known as 10 Hudson Yards, New York, New York, as is more particularly described in the Lease (the “Building”); and
WHEREAS, Landlord and Tenant desire to amend the Lease on the terms and conditions hereinafter set forth.
NOW, THEREFORE, Landlord and Tenant agree as follows:
1.Defined Terms.  All capitalized terms used herein but not defined shall have the meanings ascribed to them in the Lease.
2.Rent Credit.  Provided this Lease has not been terminated at such time, Tenant shall receive a one-time credit against the Fixed Rent payable for the month of March 2021 in an amount equal to $250,000.00.
3.Lease Modifications.  (a)  Each of Landlord and Tenant acknowledges and agrees that Tenant did not exercise the First Expansion Option and, accordingly, the First Expansion Option is expired.
(b)    Section 10.02 of the Lease is hereby deleted in its entirety and replaced with the following:
“10.02    Second Expansion Option.  (a)  Provided that on the date Tenant exercises the Second Expansion Option (i) this Lease has not been terminated, (ii) Landlord has not delivered to Tenant a notice electing to terminate this Lease in accordance with Section 6.05 which remains in effect and (iii) Tenant is a Coach Tenant or a successor of a Coach Tenant by assignment of this Lease in accordance with Article 5, Tenant shall have the option (the “Second Expansion Option”) to lease the entire 25th floor of the Building (the “Second Expansion Space”).  The Second Expansion Option shall be exercisable by Tenant giving Landlord notice thereof (the “Second Expansion Notice”) on or prior to June 29, 2025 (time being of the essence).
    (b)    If Tenant timely gives the Second Expansion Notice, then (i) on or before the later of (x) the date that is 90 days after the giving of the Second Expansion Notice and (y) the date that is 270 days before the first day of the Second ES Delivery Period, Landlord 
23085973.5

EXHIBIT 10.1

shall give to Tenant a notice designating (A) the date during the Second ES Delivery Period on which Landlord expects that the Second Expansion Space will become Available, subject to holdover by the existing occupant and Unavoidable Delay (such date, the “Anticipated Second ES Inclusion Date”) and (B) the rentable square footage of the Second Expansion Space and (ii) subject to Section 10.02(d) below, on the Second ES Inclusion Date, the Second Expansion Space shall become part of the Office Premises and the Premises, without any further act on the part of Landlord or Tenant and upon all of the terms and conditions of this Lease applicable to the Office Premises, except that, from and after the Second ES Inclusion Date:
(i)    Fixed Rent shall be increased by the Second ES Fair Market Rent for the Second Expansion Space and the rentable square footage of the Premises shall be adjusted by adding the rentable square footage of the Second Expansion Space (which shall be determined in accordance with the Measurement Standard);
(ii)    Each of Tenant’s Tax Share and Tenant’s Operating Share shall be appropriately increased (provided that the method of calculating the numerator shall be the same as the method of calculating the denominator at such time of calculation);
(iii)    Tenant shall be entitled to any rent abatement and/or work allowance determined in accordance with Section 10.02(f) below; and
(iv)    Other than as expressly set forth in Section 10.02(a) and this Section 10.02(b), Landlord shall not be required to perform any work, to pay any other work allowance or any other amount, or to render any services to make the Building or the Second Expansion Space ready for Tenant’s use or occupancy or to provide any abatement of Fixed Rent or Additional Charges, and Tenant shall accept the Second Expansion Space in its “as is” condition on the Second ES Inclusion Date; provided, that the Second Expansion Space shall be delivered in the condition to be negotiated in good faith by Landlord and Tenant, which shall include, at a minimum, the core bathroom finishes and all foundations, columns, girders, beams, supports, and all support and other features necessary for the installation of raised flooring, as constructed and existing therein on the date hereof.
(c)    The “Second ES Delivery Period” means the 12-month period commencing July 1, 2026 and ending on June 30, 2027.
(d)    The “Second ES Inclusion Date” means the date upon which Landlord delivers to Tenant vacant possession of the Second Expansion Space (vacant and free and clear of any and all tenancies and other rights of occupancy or possession), which date shall not be prior to the first day of the Second ES Delivery Period, and upon such date the Second Expansion Space shall become part of the Office Premises and the Premises, upon all of the terms and conditions set forth in Section 10.02.  Notwithstanding the foregoing, if Landlord reasonably anticipates that the Second Expansion Space will become vacant sooner than the first day of the Second ES Delivery Period due to a default by the existing tenant of the Second Expansion Space or Landlord’s acceptance of an early surrender of the Second Expansion Space from the existing tenant as a result of such tenant’s bankruptcy or default, then the Second ES Inclusion Date may be up to six (6) months earlier than the first day of the Second ES Delivery 
23085973.5

EXHIBIT 10.1

Period, provided that Landlord delivers at least one hundred twenty (120) days prior notice of such earlier date to Tenant.  Landlord shall use reasonable efforts to deliver possession of the Second Expansion Space to Tenant on or before the Anticipated Second ES Inclusion Date, including the institution and prosecution of holdover or other appropriate proceedings against any occupant of the applicable portion of the Second Expansion Space.  If Landlord is unable to deliver possession of the Second Expansion Space to Tenant for any reason on or before the Anticipated Second ES Inclusion Date, Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be impaired (unless such inability is due to a voluntary agreement by Landlord to let the existing occupant remain in the applicable portion of the Second Expansion Space for any period on or after the Anticipated Second ES Inclusion Date); provided, that if Landlord is unable to deliver possession of the Second Expansion Space to Tenant on or prior to the date which is 270 days after the Anticipated Second ES Inclusion Date, then, as Tenant’s sole and exclusive remedy therefor, Tenant may thereafter cancel the Second Expansion Notice by giving notice to Landlord of Tenant’s intention to cancel the Second Expansion Notice on the date set forth in Tenant’s notice, which date for cancellation shall be no later than 30 days after Tenant’s delivery of such notice and which Tenant’s notice shall be given not less than 270 days nor more than 300 days after the Anticipated Second ES Inclusion Date and, if the Second ES Inclusion Date shall not occur on or before the date set forth in Tenant’s notice for such cancellation, then upon the date so set forth for such cancellation, the Second Expansion Notice with respect to the Second Expansion Space shall be deemed canceled and terminated and neither party shall have any further liabilities or obligations to the other with respect to the Second Expansion Option or Second Expansion Notice with respect to the Second Expansion Space.  This Section 10.02(d) constitutes “an express provision to the contrary” within the meaning of said Section 223-a of the New York Real Property Law and any other law of like import now or hereafter in effect.
(e)    Promptly after the occurrence of the Second ES Inclusion Date, Landlord and Tenant shall confirm the occurrence thereof, the inclusion of the Second Expansion Space in the Premises and the rentable square footage of the Second Expansion Space by executing an instrument reasonably satisfactory to Landlord and Tenant; provided, that failure by Landlord or Tenant to execute such instrument shall not affect the inclusion of the applicable portion of the Second Expansion Space in the Premises in accordance with this Section 10.02.
(f)    “Second ES Fair Market Rent” means 95% of the fixed annual rent that a willing lessee would pay and a willing lessor would accept for the Second Expansion Space on the date that is one (1) year prior to the first day of the Second ES Delivery Period, taking into account all relevant factors (including, without limitation, the location of the Second Expansion Space, the Class A classification of the Building and the date on which construction thereof was completed, any additional rent that would be payable by Tenant in respect of PILOT Payments, Impositions, Taxes (taking into account any burn-off or loss of any tax abatements and any reset of real estate taxes occurring during the Renewal Term) and Operating Expenses in respect of the Second Expansion Space, the applicable delivery condition of the Second Expansion Space and the cost (if any) to Tenant of demolishing any existing leasehold improvements therein, and all other relevant terms and conditions of this Lease).  If Tenant timely exercises the Second Expansion Option, the Second ES Fair Market Rent shall be 
23085973.5

EXHIBIT 10.1

determined in accordance with the provisions of Sections 9.02(c) and 9.02(d) hereof; provided, that (i) all references in said Sections 9.02(c) and 9.02(d) to “Fair Market Rent” shall be deemed to refer to “Second ES Fair Market Rent” and (ii) in conjunction with, and as a component of, the determination of Second ES Fair Market Rent, Landlord and Tenant shall establish the amount of any rent abatement or work allowance to which Tenant shall be entitled for the Second Expansion Space, if any, based on the amount of any rent abatement or work allowance that a willing lessee and a willing lessor would accept for the Second Expansion Space, taking into account all relevant factors (including, without limitation, the amount of the Second ES Fair Market Rent and the terms set forth in Sections 10.02(a) and 10.02(b) and this Section 10.02(f)).  Each party shall indicate its determination of the amount of any rent abatement and/or work allowance to which Tenant should be entitled in connection with the leasing of the Second Expansion Space in Landlord’s Determination or Tenant’s Determination, as applicable.
(g)    If the final determination of the Second ES Fair Market Rent shall not be made on or before the applicable Second ES Inclusion Date, then, pending such final determination, Tenant shall pay, as Fixed Rent for the Second Expansion Space, an amount equal to the average of Landlord’s Determination and Tenant’s Determination.  If, based upon the final determination of Second ES Fair Market Rent, the Fixed Rent payments made by Tenant for the Second Expansion Space were (x) greater than the Second ES Fair Market Rent, Landlord shall credit (i) the amount of such excess and (ii) interest on such excess at the Base Rate from the date paid until credited, against future installments of Fixed Rent and/or Additional Charges payable by Tenant under this Lease and (y) less than the Second ES Fair Market Rent, Tenant shall pay to Landlord within thirty (30) days after such final determination an amount equal to (i) the deficiency and (ii) interest on such deficiency at the Base Rate from the date such unpaid amount should have been paid until paid by Tenant.
    (h)    “Second Expansion Space Work Allowance” means any work allowance that Tenant is entitled to pursuant to Section 10.02(f).
10.03    Third Expansion Option.  (a)  Provided that on the date Tenant exercises the Third Expansion Option (i) this Lease has not been terminated, (ii) Landlord has not delivered to Tenant a notice electing to terminate this Lease in accordance with Section 6.05 which remains in effect and (iii) Tenant is a Coach Tenant or a successor of a Coach Tenant by assignment of this Lease in accordance with Article 5, Tenant shall have the option (the “Third Expansion Option”) to lease a single portion of the 24th floor of the Building designated by Landlord in the Third ES Response Notice (as defined below) which shall consist of approximately 50% of the rentable square footage of such floor (the “Third Expansion Space”).  The approximately 50% of the rentable square footage of the 24th floor of the Building designated by Landlord in the Third ES Response Notice to be included in the Third Expansion Space shall (A) be configured in a commercially reasonable manner, (B) constitute a marketable unit of space, (C) have entry doors at the elevator lobby and (D) be a continuous unit of space without any barriers or partitions within such space; the remaining rentable square footage of such floor shall be configured in a commercially reasonable manner, constitute a marketable unit of space and have entry doors at the elevator lobby.  The Third Expansion Option shall be 
23085973.5

EXHIBIT 10.1

exercisable by Tenant giving Landlord notice thereof (the “Third Expansion Notice”) on or prior to December 1, 2029 (time being of the essence).
    (b)    If Tenant timely gives the Third Expansion Notice, then (i) on or before the later of (x) the date that is 90 days after the giving of the Third Expansion Notice and (y) the date that is 270 days before the first day of the Third ES Delivery Period, Landlord shall give to Tenant a notice (the “Third ES Response Notice”) designating (A) the date during the Third ES Delivery Period on which Landlord expects that the Third Expansion Space will become Available, subject to holdover by the existing occupant and Unavoidable Delay (such date, the “Anticipated Third ES Inclusion Date”) and (B) the rentable square footage and location on the 24th floor of the Building of the Third Expansion Space and (ii) subject to Section 10.03(d) below, on the Third ES Inclusion Date, the Third Expansion Space shall become part of the Office Premises and the Premises, without any further act on the part of Landlord or Tenant and upon all of the terms and conditions of this Lease applicable to the Office Premises, except that, from and after the Third ES Inclusion Date:
        (i)    Fixed Rent shall be increased by the Third ES Fair Market Rent for the Third Expansion Space and the rentable square footage of the Premises shall be adjusted by adding the rentable square footage of the Third Expansion Space (which shall be determined in accordance with the Measurement Standard);
(ii)    Each of Tenant’s Tax Share and Tenant’s Operating Share shall be appropriately increased (provided that the method of calculating the numerator shall be the same as the method of calculating the denominator at such time of calculation);
(iii)    Tenant shall be entitled to any rent abatement and/or work allowance determined in accordance with Section 10.03(f) below; and
(iv)    Other than as expressly set forth in Section 10.03(a) and this Section 10.03(b), Landlord shall not be required to perform any work, to pay any other work allowance or any other amount, or to render any services to make the Building or the Third Expansion Space ready for Tenant’s use or occupancy or to provide any abatement of Fixed Rent or Additional Charges, provided that, unless otherwise agreed by Tenant, Landlord shall deliver such space in shell-and-core form and such space shall include, at a minimum, the core bathroom finishes and all foundations, columns, girders, beams, supports, and all support and other features necessary for the installation of raised flooring, as constructed and existing therein on the date hereof.
            (c)    The “Third ES Delivery Period” means the 12-month period commencing February 1, 2031 and ending on January 31, 2032.
            (d)    The “Third ES Inclusion Date” means the date upon which Landlord delivers to Tenant vacant possession of the Third Expansion Space (vacant and free and clear of any and all tenancies and other rights of occupancy or possession), which date shall not be prior to the first day of the Third ES Delivery Period, and upon such date the Third Expansion Space shall become part of the Office Premises and the Premises, upon all of the 
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terms and conditions set forth in Section 10.03.  Notwithstanding the foregoing, if Landlord reasonably anticipates that the Third Expansion Space will become vacant sooner than the first day of the Third ES Delivery Period due to a default by the existing tenant of the Third Expansion Space or Landlord’s acceptance of an early surrender of the Third Expansion Space from the existing tenant as a result of such tenant’s bankruptcy or default, then the Third ES Inclusion Date may be up to six (6) months earlier than the first day of the Third ES Delivery Period, provided that Landlord delivers at least one hundred twenty (120) days prior notice of such earlier date to Tenant.  Landlord shall use reasonable efforts to deliver possession of the Third Expansion Space to Tenant on or before the Anticipated Third ES Inclusion Date, including the institution and prosecution of holdover or other appropriate proceedings against any occupant of the applicable portion of the Third Expansion Space.  If Landlord is unable to deliver possession of the Third Expansion Space to Tenant for any reason on or before the Anticipated Third ES Inclusion Date, Landlord shall have no liability to Tenant therefor and this Lease shall not in any way be impaired (unless such inability is due to a voluntary agreement by Landlord to let the existing occupant remain in the applicable portion of the Third Expansion Space for any period on or after the Anticipated Third ES Inclusion Date); provided, that if Landlord is unable to deliver possession of the Third Expansion Space to Tenant on or prior to the date which is 270 days after the Anticipated Third ES Inclusion Date, then, as Tenant’s sole and exclusive remedy therefor, Tenant may thereafter cancel the Third Expansion Notice by giving notice to Landlord of Tenant’s intention to cancel the Third Expansion Notice on the date set forth in Tenant’s notice, which date for cancellation shall be no later than 30 days after Tenant’s delivery of such notice and which Tenant’s notice shall be given not less than 270 days nor more than 300 days after the Anticipated Third ES Inclusion Date and, if the Third ES Inclusion Date shall not occur on or before the date set forth in Tenant’s notice for such cancellation, then upon the date so set forth for such cancellation, the Third Expansion Notice with respect to the Third Expansion Space shall be deemed canceled and terminated and neither party shall have any further liabilities or obligations to the other with respect to the Third Expansion Option or Third Expansion Notice with respect to the Third Expansion Space.  This Section 10.03(d) constitutes “an express provision to the contrary” within the meaning of said Section 223-a of the New York Real Property Law and any other law of like import now or hereafter in effect.
            (e)    Promptly after the occurrence of the Third ES Inclusion Date, Landlord and Tenant shall confirm the occurrence thereof, the inclusion of the Third Expansion Space in the Premises and the rentable square footage of the Third Expansion Space by executing an instrument reasonably satisfactory to Landlord and Tenant; provided, that failure by Landlord or Tenant to execute such instrument shall not affect the inclusion of the applicable portion of the Third Expansion Space in the Premises in accordance with this Section 10.03.
            (f)    “Third ES Fair Market Rent” means 95% of the fixed annual rent that a willing lessee would pay and a willing lessor would accept for the Third Expansion Space on the date that is one (1) year prior to the first day of the Third ES Delivery Period, taking into account all relevant factors (including, without limitation, the location of the Third Expansion Space, the Class A classification of the Building and the date on which construction thereof was completed, any additional rent that would be payable by Tenant in respect of PILOT Payments, 
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Impositions, Taxes (taking into account any burn-off or loss of any tax abatements and any reset of real estate taxes occurring during the Renewal Term) and Operating Expenses in respect of the Third Expansion Space, the applicable delivery condition of the Third Expansion Space and the cost (if any) to Tenant of demolishing any existing leasehold improvements therein, and all other relevant terms and conditions of this Lease).  If Tenant timely exercises the Third Expansion Option, the Third ES Fair Market Rent shall be determined in accordance with the provisions of Sections 9.02(c) and 9.02(d) hereof; provided, that (i) all references in said Sections 9.02(c) and 9.02(d) to “Fair Market Rent” shall be deemed to refer to “Third ES Fair Market Rent” and (ii) in conjunction with, and as a component of, the determination of Third ES Fair Market Rent, Landlord and Tenant shall establish the amount of any rent abatement or work allowance to which Tenant shall be entitled for the Third Expansion Space, if any, based on the amount of any rent abatement or work allowance that a willing lessee and a willing lessor would accept for the Third Expansion Space, taking into account all relevant factors (including, without limitation, the amount of the Third ES Fair Market Rent and the terms set forth in Sections 10.03(a) and 10.03(b) and this Section 10.03(f)).  Each party shall indicate its determination of the amount of any rent abatement and/or work allowance to which Tenant should be entitled in connection with the leasing of the Third Expansion Space in Landlord’s Determination or Tenant’s Determination, as applicable.
            (g)    If the final determination of the Third ES Fair Market Rent shall not be made on or before the applicable Third ES Inclusion Date, then, pending such final determination, Tenant shall pay, as Fixed Rent for the Third Expansion Space, an amount equal to the average of Landlord’s Determination and Tenant’s Determination.  If, based upon the final determination of Third ES Fair Market Rent, the Fixed Rent payments made by Tenant for the Third Expansion Space were (x) greater than the Third ES Fair Market Rent, Landlord shall credit (i) the amount of such excess and (ii) interest on such excess at the Base Rate from the date paid until credited, against future installments of Fixed Rent and/or Additional Charges payable by Tenant under this Lease and (y) less than the Third ES Fair Market Rent, Tenant shall pay to Landlord within thirty (30) days after such final determination an amount equal to (i) the deficiency and (ii) interest on such deficiency at the Base Rate from the date such unpaid amount should have been paid until paid by Tenant.
            (h)    “Third Expansion Space Work Allowance” means any work allowance that Tenant is entitled to pursuant to Section 10.03(f).  “Expansion Space Work Allowance” means the Second Expansion Space Work Allowance and the Third Expansion Space Work Allowance, as applicable.”
4.Notices.  Each of Landlord’s and Tenant’s addresses for notices under Section 8.01 of the Lease are hereby modified such that from and after the date hereof all Notices to each of Landlord and Tenant under the Lease shall be delivered to:
If to Landlord:
c/o The Related Companies, L.P.
30 Hudson Yards, 72nd Floor
New York, New York 10001
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Attention: Jeff T. Blau and Andrew Rosen
with a copy to each of the following:
c/o The Related Companies, L.P.
30 Hudson Yards, 72nd Floor
New York, New York 10001
Attention: Hudson Yards Legal Department
c/o Related Hudson Yards Manager LLC
10 Hudson Yards
New York, New York 10001
Attention: Senior General Manager
c/o Related Hudson Yards Manager LLC
423 55th Street
New York, New York 10019
Attention: Lease Administration
Oxford Hudson Yards LLC
450 Park Avenue, Suite 900
New York, New York 10022
Attention: Dean J. Shapiro
Oxford Properties Group
EY Tower
100 Adelaide Street West, Suite 900
Toronto, Ontario M5H 0E2, Canada
Attention: Chief Legal Officer

Fried, Frank, Harris, Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004
Attention: Robert J. Sorin, Esq.

and
DLA Piper LLP
1251 Avenue of the Americas, 27th Floor
New York, New York 10020-1104
Attention: Fonda Duvanel
If to Tenant:

Tapestry, Inc.
10 Hudson Yards
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EXHIBIT 10.1

New York, NY 10001
Attention: Todd Kahn

with copy to:
Tapestry, Inc.
10 Hudson Yards
New York, NY 10001
Attention: Mitchell L. Feinberg
with copy to:
Tapestry, Inc.
10 Hudson Yards
New York, NY 10001
Attention: Law Department
and with copy to:
Fried, Frank, Harris, Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004
Attention: Jonathan L. Mechanic, Esq. and Ross Z. Silver, Esq.
5.No Broker.  Each party represents to the other that such party has dealt with no broker in connection with this Amendment and each party shall indemnify and hold the other harmless from and against all loss, cost, liability and expense (including, without limitation, reasonable attorneys’ fees and disbursements) arising out of any claim for a commission or other compensation by any broker who alleges that it has dealt with the indemnifying party in connection with this Amendment.  The provisions of this Section 5 shall survive the Expiration Date or sooner termination of the Lease.
6.No Other Changes.  Except as expressly set forth in this Amendment, the Lease shall remain unmodified and in full force and effect, and the Lease as modified herein is ratified and confirmed.  All references in the Lease to “this Lease” shall hereafter be deemed to refer to the Lease as amended by this Amendment.
7.Miscellaneous.  This Amendment contains the entire agreement of the parties with respect to the subject matter hereof and all prior negotiations, understandings or agreements between the parties with respect to the subject matter hereof are merged herein.  This Amendment may be executed in counterparts each of which shall be an original and all of which counterparts taken together shall constitute one and the same agreement.  An executed counterpart delivered by “.pdf”, facsimile or email shall be binding upon the parties.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any principles of conflicts of laws.
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    IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.

LANDLORD:
LEGACY YARDS TENANT LP

By:  Legacy Yards Tenant GP LLC, 
    its general partner
By:_/s/ Andrew Rosen______________________    
    Name: Andrew Rosen
    Title: Chief Operating Officer

TENANT:
TAPESTRY, INC.

By:_/s/ Todd Kahn_________________________
    Name: Todd Kahn
    Title: President & Chief Administrative Officer

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