Document:

ooma-ex1013_202.htm

Exhibit 10.13

 

Pursuant to 17 CFR 229.601, certain identified information marked “[***]” has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

FIRST AMENDMENT TO SUBLEASE

 

THIS FIRST AMENDMENT TO SUBLEASE (the “First Amendment”) is made and entered into as of April 6, 2021, (the “Effective Date”), by and between ALIBABA GROUP (U.S.) INC., a Delaware corporation (“Sublessor”) and OOMA, INC., a Delaware corporation (“Sublessee”).  

RECITALS

	
A.
	
Pursuant to that certain Sublease dated August 6, 2019 (the “Existing Sublease”) by and between Sublessor and Sublessee, Sublessor leases to Sublessee, and Sublessee leases from Sublessor, office space consisting of the entirety of the second (2nd) floor of the Building containing approximately 33,407 rentable square feet of space, as more particularly identified and described in the Existing Sublease (the “Sublease Premises”).

	
B.
	
The Existing Sublease by its terms expires on January 31, 2022 (“Prior Expiration Date”), and the parties wish to extend the Term of the Sublease on the terms and conditions of this First Amendment.  The Existing Sublease as amended by this First Amendment is herein referred to as the “Sublease”.

	
C.
	
Sublessor, as Licensor, and Sublessee, as Licensee, also are parties to a License Agreement dated September 13, 2019 (“License Agreement”), and to a Consent to Sublease Agreement and License Agreement dated October 24, 2019 (“Sublease Consent”).

NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sublessor and Sublessee hereby amend the Existing Sublease as follows:

	
1.
	
Extension.  The Term of the Existing Sublease is hereby extended through March 15, 2029 (“Extended Expiration Date”), unless sooner terminated in accordance with the terms of the Sublease.  That portion of the Term commencing the day immediately following the Prior Expiration Date (“Extension Date”) and ending on the Extended Expiration Date shall be referred to herein as the “Extended Term”.  On the Effective Date of this First Amendment, (i) the defined term “Term” as used in the Existing Sublease shall mean the Term as extended through the Extended Expiration Date and (ii) the defined term “Expiration Date” as used in the Existing Sublease shall mean the Extended Expiration Date.

	
2.
	
Base Rent.  Prior to the Extension Date, Sublessee shall continue to pay Base Rent in accordance with Section 4(a) of the Existing Sublease.  From and after the Extension Date, the Base Rent payable with respect to the Sublease Premises during the Extended Term shall be as follows:

[***]

 

 

 

Base Rent shall be paid in advance on the first day of each month of the Extended Term, and otherwise in accordance with Section 4(a) of the Existing Sublease.

	
3.
	
Additional Rent.  During the Extended Term, Sublessee’s share of Additional Rent shall remain the same and Sublessee shall pay such Additional Rent in accordance with Section 4(b) of the Existing Sublease. 

	
4.
	
Security Deposit. Sublessor is currently holding a Security Deposit from Sublessee in an amount equal to One Hundred Eighty Thousand Six Hundred Forty-Eight and 35/100ths Dollars ($180,648.35).  Concurrently with its execution of this First Amendment and as a condition to the effectiveness of this First Amendment, Sublessee shall deposit with Sublessor an additional [***], so that the total amount of the Security Deposit held by Sublessor shall equal [***].  The provisions of Paragraph 5 of the Existing Sublease shall continue to apply to the Security Deposit as so increased.

	
5.
	
No Improvements to Sublease Premises.  Sublessee acknowledges and agrees that the Sublease Premises are subleased for the Extended Term in their current, broom clean condition, “as is” and “with all faults”, without any agreements, representations, understandings or obligations on the part of Sublessor to perform any alterations, repairs or improvements.  Sublessee further acknowledges that Sublessor has never occupied the Sublease Premises, that Sublessee has occupied the Sublease Premises under both the Existing Sublease and the Prior Sublease, and that Sublessee is relying solely on its own knowledge of the Sublease Premises in determining the suitability thereof for Sublessee’s use.   

	
6.
	
No Option to Extend or Renew.  Sublessee shall have no right or option to extend or renew the Sublease beyond the Extended Term.  Paragraph 3.B of the Existing Sublease is hereby deleted and shall be of no further force or effect.

	
7.
	
Extension of License Agreement.  The License Agreement shall continue in effect during the Extended Term, subject to earlier termination if this Sublease terminates or as otherwise provided in the License Agreement.

	
8.
	
Miscellaneous.

	
 
	
(a)
	
Entire Agreement.  This First Amendment and the attached exhibits, which are hereby incorporated into and made a part of this First Amendment, together with the Existing Sublease and License Agreement, as amended by this First Amendment, set forth the entire agreement between the parties with respect to the matters set forth herein.  This First Amendment shall be binding upon and shall inure to the benefit of Sublessor and Sublessee and their respective legal representatives, successors and assigns. There have been no additional oral or written representations or agreements between the parties.  Under no circumstances shall Sublessee be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided to Sublessor in connection with entering into the Master Lease, unless specifically set forth in the Existing Sublease or this First Amendment.   

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(b)
	
Effect on Existing Sublease.  Except as herein modified or amended, or modified or amended by the Consent to Amendment (as defined below), the provisions, conditions and terms of the Existing Sublease shall remain unchanged and in full force and effect during the Extended Term.

	
 
	
(c)
	
Inconsistency.  In the case of any inconsistency between the provisions of the Existing Sublease and this First Amendment, the provisions of this First Amendment shall govern and control.  

	
 
	
(d)
	
Consent to Amendment.  This First Amendment is entered into with the express understanding that Master Lessor must grant its consent to this First Amendment (the “Consent to Amendment”) as a condition precedent to the amendment of the Sublease, including the extension of the Existing Sublease and the License Agreement for the Extended Term.  Sublessee and Sublessor shall provide all data reasonably requested by Master Lessor in connection with efforts to procure the Consent to Amendment.  If Master Lessor does not enter into a Consent to Amendment in a form reasonably acceptable to Sublessor and Sublessee within ninety (90) days after the full execution and delivery of this First Amendment by Sublessor and Sublessee, either Sublessor or Sublessee may terminate this First Amendment upon not less than ten (10) days written notice to the other, in which case such termination shall occur unless Master Lessor executes such a Consent to Amendment within the ten (10) day period.  The termination of this First Amendment shall relieve Sublessor and Sublessee of liability under this First Amendment, but shall in no way alter or otherwise affect the Existing Sublease.  Sublessor and Sublessee agree that the Consent to Amendment shall be reasonably acceptable insofar as the terms and conditions thereof are consistent with the Sublease Consent.

	
 
	
(e)
	
Definitions and Headings.  Capitalized words and terms used in this First Amendment and not otherwise defined herein shall have the same meanings as ascribed to them in the Existing Sublease.  The Section and paragraph headings herein are for convenience of reference and shall in no way define, increase, limit or describe the scope or intent of any provision of this First Amendment.

	
 
	
(f)
	
Brokers.  Sublessor and Sublessee represent and warrant to each other that, except for CBRE, Inc. as representative for both Sublessor and Sublessee (the “Broker”), they have had no conversation or negotiations with any broker concerning this First Amendment.  Sublessor shall compensate Broker pursuant to a separate contract between Sublessor and Broker.  Each of Sublessor and Sublessee agrees to protect, indemnify, save and keep harmless the other, against and from all liabilities, claims, losses, costs, damages and expenses, including attorneys' fees, arising out of, resulting from or in connection with their breach of the foregoing warranty and representation. 

	
 
	
(g)
	
Authority. Each party to this First Amendment represents that its signatory has the authority to execute and deliver this First Amendment (and all documents 

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reasonably required in connection herewith, including the Consent to Amendment) on behalf of the party hereto for which such signatory is acting.   

	
 
	
(h)
	
Counterpart Execution. This First Amendment may be executed in counterparts and shall constitute an agreement binding on all parties notwithstanding that all parties are not signatories to the original or the same counterpart provided all parties are furnished a copy or copies thereof reflecting the signature of all parties.  Transmission of a facsimile or by email of a pdf copy of the signed counterpart of this First Amendment shall be deemed the equivalent of the delivery of the original, and any party so delivering a facsimile or pdf copy of the signed counterpart of this First Amendment by email transmission shall in all events deliver to the other party an original signature promptly upon request.  

[SIGNATURES ARE ON FOLLOWING PAGE]

 

4

 

 

 

 

IN WITNESS WHEREOF, Sublessor and Sublessee have duly executed this First Amendment as of the date(s) set forth adjacent to their signatures below and such date (or the later date if there is more than one) shall be inserted at the beginning of this First Amendment as the Effective Date.

 

SUBLESSOR:  

 

ALIBABA GROUP (U.S.) INC., 

a Delaware corporation 

 

		
	
By:
	
/s/ Mona Yu

	
Print Name:
	
Mona Yu

	
Title:
	
RAM-NA

	
Date:
	
April 6, 2021

 

 

 

SUBLESSEE:

 

OOMA, INC.,

a Delaware Corporation

 

 

 

		
	
By:
	
/s/ Eric Stang

	
Print Name:
	
Eric Stang

	
Title:
	
CEO

	
Date:
	
April 1, 2021Exhibit 10.1

    

    

    CONSULTING AGREEMENT RELEASE

    

    

    THIS RELEASE AGREEMENT (this “Release”)

      is made as of the 9th day of June, 2021, by and between TCF Financial Corporation (collectively with all its affiliates, “TCF”), and Dennis Klaeser
      (the “Consultant”) (together, the “Parties”).

    

    

    WHEREAS, TCF and Consultant have entered into a Consulting Agreement, dated as of August 5, 2020 (the “Consulting Agreement”), pursuant to which Consultant is entitled to receive an Annual Fee and a Success Fee (each as defined in the Consulting Agreement); and

    

    

    WHEREAS, TCF and Consultant agreed that, in full satisfaction of all obligations under the Consulting Agreement, Consultant will receive
      a Success Fee equal to $4,250,000;

    

    

    WHEREAS, the Parties have agreed that Consultant’s receipt of the Success Fee under the Consulting Agreement is conditioned upon the
      execution of this Release that is mutually acceptable to the Parties; and

    

    

    WHEREAS, the Parties have agreed that in conjunction with the execution of this Release and payment of the Success Fee, the Consulting
      Agreement will terminate and be of no further force or effect (other than any sections of the Consulting Agreement which survive the termination of such agreement by their terms, including Section 8 thereof) as of the closing date of the merger
      contemplated by the Agreement and Plan of Merger, dated as of December 13, 2020, by and between Huntington Bancshares Incorporated (“Huntington”)
      and TCF, and Consultant will have no right to payment thereunder beyond the Success Fee described above.

    

    

    NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed between
      the Parties as follows:

    

    

    1.          Additional Compensation.  Subject to the terms and conditions hereof and in full satisfaction of all of TCF’s obligations under the Consulting Agreement, TCF shall pay Consultant
        the Success Fee described above as reasonably practicable following the closing of the merger (the “Merger”) contemplated by the Agreement and
        Plan of Merger, dated as of December 13, 2020, by and between Huntington Bancshares Incorporated and TCF and the effectiveness of this Release.  Consultant agrees and acknowledges that he will be solely responsible for the payment of all federal,
        state, local and foreign taxes that are required by applicable laws or regulations to be paid with respect to the Success Fee and any other compensation or benefits previously paid or provided to Consultant under the Consulting Agreement.

    

    

    2.            Release.

    

    

    (a)          

    In exchange for the good and valuable consideration set forth herein, Consultant agrees for
        himself, Consultant’s heirs, administrators, representatives, executors, successors and assigns (“Releasors”), to irrevocably and unconditionally
        release, waive and forever discharge any and all manner of action, causes of action, claims, rights, promises, charges, suits, damages, debts, lawsuits, liabilities, rights, due controversies, charges, complaints, remedies, losses, demands,
        obligations, costs, expenses, fees (including, without limitation attorneys’ fees), or any and all other liabilities or claims of whatsoever nature, whether arising in contract, tort, or any other theory of action, whether arising in law or in
        equity, whether known or unknown, choate or inchoate, matured or unmatured, contingent or fixed, liquidated or unliquidated, accrued or unaccrued, asserted or unasserted, including, but not limited to, any claim and/or claim of damages or other
        relief for tort, breach of contract, personal injury, negligence, employment or other discrimination prohibited by other federal, state or local laws including sex, race, national origin, marital status, age, handicap, height, weight, or religious
        discrimination, and any other claims of unlawful employment practices or any other unlawful criterion or circumstance which Consultant and Releasors had, now have, or may have in the future against each or any of TCF, Huntington, their parents,
        divisions, affiliates and related companies or entities, regardless of its or their form of business organization (the “TCF Entities”), any
        predecessors, successors, joint ventures, and parents of any TCF Entity, and any and all of their respective past or present directors, officers, shareholders, partners, employees, consultants, independent contractors, trustees, administrators,
        insurers, agents, attorneys, representative and fiduciaries, successors and assigns including without limitation all persons acting by, through, under or in concert with any of them (all collectively, the “Released Parties”) arising out of or relating to Consultant’s relationship with TCF, its predecessors, successors or affiliates and the termination thereof.  Notwithstanding the
        foregoing, Consultant does not waive rights of indemnification (and advancement of expenses) under TCF’s Articles of Incorporation or Bylaws, as applicable, or any indemnification agreement entered into between Consultant, TCF, or any other
        agreement or rights to directors and officers insurance coverage. This Release does not affect Consultant’s right to cooperate in an investigation by the Equal Employment Opportunity Commission or to seek or obtain a whistleblower award from the
        SEC under Section 21F of the Securities Exchange Act).  Consultant understands that Consultant does not waive rights or claims that may arise after the date of this Release.

    
      
        

    

    
    

    

    (b)          Consultant acknowledges
        that Consultant has read this Release carefully and understands all of its terms.

    

    

    (c)          Consultant understands
        and agrees that Consultant has been advised to consult with an attorney prior to executing this Release.

    

    

    (d)          In agreeing to sign this
        Release, Consultant is doing so voluntarily and agrees that Consultant has not relied on any oral statements or explanations made by TCF or its representatives.

    

    

    (e)          This Release shall not be
        construed as an admission of wrongdoing by either Consultant or TCF.

    

    

    3.          Notices. Every notice relating to this Release shall be in writing and if given by mail shall be given by registered or certified mail with return receipt requested.  All notices
        to TCF shall be delivered to TCF’s Chief Executive Officer (with a copy to the Chief Human Resources Officer) at TCF Financial Corporation, 333 W. Fort Street, Suite 1800, Detroit, Michigan 48226.  All notices by TCF to Consultant shall be
        delivered to Consultant personally or addressed to Consultant at Consultant’s last residence address as then contained in TCF’s records, or such other address as Consultant may designate.  Either party by notice to the other may designate a
        different address to which notices shall be addressed.  Any notice given by TCF to Consultant at Consultant’s last designated address shall be effective to bind any other person who shall acquire rights hereunder.

    
      2

      
        

    

    

    

    4.          Governing Law.  To the extent not preempted by Federal law, this Release shall be governed by and construed in accordance with the laws of the State of Michigan, without giving
        effect to conflicts of laws.

    

    

    5.          Counterparts. This Release may be executed in two (2) or more counterparts, all of which when taken together shall be considered one (1), and the same Release and shall become
        effective when the counterparts have been signed by each party and delivered to the other party; it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile or email
        transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or email signature page were an original
        thereof.

    

    

    6.          Entire Agreement. This Release contains the entire understanding of the Parties with respect to the subject matter hereof and together supersedes all prior agreements and
        understandings, oral or written, with respect to such matters, which the Parties acknowledge have been merged into this Release.  Other than the Success Fee, there are no further outstanding payments or obligations to the Consultant under the
        Consulting Agreement, and, notwithstanding anything in the Consulting Agreement, including Section 6 thereof, to the contrary, the Consulting Agreement will terminate and be of no further force or effect on the closing date of the Merger (other
        than Section 8 of the Consulting Agreement, which will survive the termination of such agreement).  If the closing of the Merger does not occur, this Release will be null and void ab initio and of no further force and effect.

    
      3

      
        

    

    

    

    IN WITNESS WHEREOF, the Parties hereto have executed this Release as of the day and year first written above.

    

    

    
      	 	
              /s/ Dennis Klaeser

            
	 	
              Dennis Klaeser, Consultant

            
	 	 	 
	 	 	 
	 	
              TCF FINANCIAL CORPORATION

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/ David T. Provost

            
	 	
              Name:

            	
              David T. Provost

            
	 	
              Title:

            	
              Chief Executive Officer

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