Document:

Lease Addendum No. 1

 Exhibit 10.9 
 LEASE ADDENDUM NO. 1 
 THIS LEASE ADDENDUM NO. 1
(“Addendum No. 1”) is made and executed as of this 18 day of June, 2008, by and between COTTONWOOD NEWPARK ONE, L.C., a Utah limited liability company (“Landlord”), and SKULLCANDY, INC., a Delaware corporation
(“Tenant”), as an addendum to that certain Lease Agreement between Landlord and Tenant dated the
27th day of August, 2007, (the “Lease”).
Landlord and Tenant are sometimes collectively referred to below as the “parties.” 
 RECITALS: 

A. Pursuant to the Lease, Tenant leased from Landlord certain commercial office space in a building (the “Building”)
constructed on real property owned by Landlord located at 1441 West Ute Boulevard, Park City, Utah, as more particularly described in the Lease. 
 B. The parties desire to further expand the Premises and to otherwise modify and amend the Lease, subject to the terms and conditions of this Addendum No. 1. 

NOW, THEREFORE, for and in consideration of the parties’ covenants and agreements contained herein and in the Lease, Landlord and
Tenant covenant and agree as follows: 
 AGREEMENT: 
 1. Recitals. The recitals to this Addendum No. 1 are an integral part of the agreement and understanding of the parties, and are incorporated by reference in this Addendum No. 1.

 2. Definitions. The definitions of certain of the capitalized terms used in this Addendum No. 1 not
expressly defined in this Addendum No. 1 will have the respective meanings set forth in the Glossary of Defined Terms attached as Exhibit A to the Lease or elsewhere in the Lease. 

3. Revised Lease Expiration Date; Duration; Extended Term. The parties hereby acknowledge and agree that the current Term
of the Lease is set to expire on October 31, 2012 (the “Lease Expiration Date”). As of the date of this Addendum No. 1, the Term of the Lease is hereby extended through February 28, 2013 (the “Revised Lease Expiration
Date”) and, unless terminated earlier under the terms of the Lease or this Addendum No. 1, the Term of the Lease will expire on the Revised Lease Expiration Date. The period of time beginning on the day following the Lease Expiration Date
and continuing through the Revised Lease Expiration Date is referred to herein as the “Extended Term.” 
 4. Expanded Premises. Effective as of August 1, 2008 (the “Effective Date”), the Premises (as described in Section A of Part I of the Lease) shall be increased by
approximately 4,647 square feet of Rentable Area (4,041 usable square feet) on the second (2nd) floor of the Building known as Suite 260 (the “Expansion Space”), so that the increased Premises totals 

 
approximately 11, 005 square feet of Rentable Area (9,570 usable square feet) (the original Premises and the Expansion Space shall be collectively referred to herein as the “Expanded
Premises”). The location of the Expansion Space is shown on the Floor Plan attached as Exhibit “A” to this Addendum No. 1. Tenant hereby accepts the Expanded Premises in its current “AS-IS” condition, without any
additional modification, improvement or refurbishing by Landlord. The description of the Premises contained in Section A of Part I of the Lease is amended accordingly. Notwithstanding the above, the increase in the Rentable Area to include the
Expansion Space is expressly contingent upon the termination of the lease for the current occupant of the Expansion Space (the “Prior Lease”). Landlord shall not be liable for a delay in Tenant’s occupancy of the Expansion Space due
to Landlord’s inability to terminate the Prior Lease and to deliver possession of the Expansion Space by the Effective Date. The Landlord shall not be subject to any liability, including, without limitation, lost profits or incidental or
consequential damages for any delay or inability to deliver possession of the Expansion Space to the Tenant. 
 5. Base
Rent for Expansion Space. From and after the Effective Date, Section C of Part I of the Lease is hereby amended to include the Base Rent for the Expansion Space as follows: 

C. Base Rent (Lease Provisions, Paragraph 5): 

 

									
	 Lease Year
	  	 Monthly Base Rent
	 	  	 Annual Base Rent
	 
			
	 Effective Date through 2/28/09
	  	$	8,403.33	  	  	$	100,839.90	  
			
	 3/1/09 - 2/28/10
	  	$	8,635.68	  	  	$	103,628.10	  
			
	 3/1/10 - 2/28/11
	  	$	8,868.03	  	  	$	106,416.30	  
			
	 3/1/11 - 2/28/12
	  	$	9,100.38	  	  	$	109,204.50	  
			
	 3/1/12 - 2/28/13
	  	$	9,332.73	  	  	$	111,992.70	  

 The above Base Rent for the Expansion
Space shall be in addition to the Base Rent for the original Premises as currently set forth in Section C of Part I of the Lease. The Base Rent for the original Premises for the Extended Term shall be the rate set forth in Section C of Part I of the
Lease for Year 5. 
 6. Tenant’s Share. From and after the Effective Date, Section D of Part I of the Lease
is deleted and the following language substituted therefor: 
 D. ADDITIONAL RENT (Lease Provisions, Paragraph 5.3):

 Tenant’s Share (Lease Provisions, Paragraph 5.3.1): Tenant’s Share for
Tenant’s payment of Operating Expenses for the Premises means Seventeen and  78/100 percent (17.78%). 
 7. Parking Charge. From and after the
Effective Date, Section F of Part I of the Lease is deleted in its entirety and the following language substituted therefor: 

  
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 F. PARKING CHARGE (Lease Provisions, Paragraph 5.5): 

Tenant shall throughout the Lease Term, lease from Landlord up to a total of forty-two (42) unassigned automobile parking spaces at a
cost of Zero Dollars ($0.00) per month per space for the Term of the Lease, including any extensions. 
 8. Security
Deposit. Upon the execution of this Addendum No. 1, Tenant shall deposit with Landlord an additional Security Deposit in the amount of $8,403.33 for a total of $19,496.50 and Section E of Part I of the Lease and Section 5.8 of Part
II of the Lease shall be amended accordingly. 
 9. Existing Furniture. Landlord and Tenant acknowledge that
Tenant shall be purchasing from the current tenant of the Expansion Space, the furniture located currently located within the Expansion Space per a separate agreement between Tenant and the current tenant of the Expansion Space. 

10. Broker. Landlord and Tenant each represent to the other that it has had no dealings with any real estate broker, agent
or finder in connection with the negotiation of this Addendum No. 1, except for Janet G. Vise of Commerce CRG, and that they know of no other real estate broker, agent or finder who is entitled to a commission or finder’s fee in connection
with this Addendum No. 1. Each party shall indemnify, protect, defend and hold harmless the other party against all claims, demands, losses, liabilities, lawsuits, judgments, and costs and expenses (including reasonable attorney fees) for any
leasing commission, finder’s fee, equivalent compensation alleged to be owing on account of the indemnifying parties’ dealings with any real estate broker, agent or finder other than the Broker. The terms of this Section 10 will
survive the expiration or earlier termination of the Lease Term. 
 11. Other Provisions. 

Tenant represents, warrants and agrees with Landlord as follows: 

(a) The Lease and this Addendum No. 1 embody the entire agreement now existing with Landlord related to the Premises;
and 
 (b) The Lease, as modified hereby, is in full force and effect; and 

(c) The Lease, or any interest therein, has not been previously transferred, subleased, assigned or pledged by Tenant; and

 (d) Tenant is not aware of any default by Tenant or Landlord under either the Lease or this Addendum
No. 1. 
 Landlord represents, warrants and agrees with Tenant as follows: 

(a) The Lease and this Addendum No. 1 embody the entire agreement now existing with Tenant related to the Premises;
and 

  
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 (b) The Lease, as modified hereby, is in full force and effect; and

 (c) Landlord is not aware of any default by Tenant or Landlord under either the Lease or this Addendum
No. 1. 
 11. General. Without limiting any provision respecting assignment or transfer as contained in the
Lease, this Addendum No. 1 shall be binding upon and inure to the benefit of the respective legal representatives, and any authorized successors and assigns of the parties. This Addendum No. 1 shall be governed by, and construed in
accordance with, the laws of the State of Utah. All notices and other communications given pursuant to the Lease, as modified hereby, shall be made as provided in the Lease. Except as modified in this Addendum No. 1, the Lease is, and shall
remain, in full force and effect. The Lease, as amended by this Addendum No. 1, shall not be further amended or modified except by a written instrument signed by the parties. In the event of any conflict between the terms of the Lease and this
Addendum No. 1, this Addendum No. 1 shall control. The person executing this Addendum No. 1 on behalf of Tenant warrants and represents that Tenant has full right and authority to execute, deliver and perform this Addendum No. 1
and no approval or consent of any third party (other than the parties to this Addendum No. 1) is necessary to make such Addendum No. 1 effectual or otherwise valid and binding. The person executing this Addendum No. 1 on behalf of
Landlord warrants and represents that: (a) Landlord is a duly organized and existing legal entity, in good standing in the State of Utah; (b) Landlord has full right and authority to execute, deliver and perform this Addendum No. 1
and no approval or consent of any third party (other than the parties to this Addendum No. 1) is necessary to make this Addendum No. 1 effectual or otherwise valid and binding; and (c) the person executing this Addendum No. 1 on
behalf of Landlord was authorized to do so. This Addendum No. 1 shall not be effective or binding unless and until it is fully executed and delivered by Landlord and Tenant. This Addendum No. 1 may be executed in multiple counterparts,
each of which shall constitute an original and all of which taken together shall constitute one and the same instrument. 

  
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 DATED and effective as of the date first written above. 

 

							
		  	TENANT:	  	 SKULLCANDY, INC a Delaware corporation

				
		  		  	By:	  	 /s/ Jeremy Andrus

				
		  		  	Name:	  	 Jeremy Andrus

				
		  		  	Title:	  	 President

				
		  		  	Date:	  	 6/18/08

			
		  	LANDLORD:	  	COTTONWOOD NEWPARK ONE, L.C., a Utah limited liability company, by its manager

 

							
		  		  	CPM NEWPARK, L.C., a Utah limited liability company, by its manager
			
		  		  	COTTONWOOD PARTNERS MANAGEMENT, LTD., a Utah limited liability company, by its following general partner, COTNET MANAGEMENT, INC., a Utah corporation
				
		  		  	By:	  	 /s/ John L. West

		  		  		  	JOHN L. WEST, President

  
 5Lease Addendum No. 2

 Exhibit 10.10 
 LEASE ADDENDUM NO. 2 
 THIS
LEASE ADDENDUM NO. 2 (“Addendum No. 2”) is made and executed as of this 21 day of July, 2010, by and between COTTONWOOD NEWPARK ONE, L. C., a Utah limited liability company (“Landlord”), and SKULLCANDY, INC., a Delaware
corporation (“Tenant”), as an addendum to that certain Lease Agreement between Landlord and Tenant dated the
27t
h day of August, 2007, as amended by that certain Lease Addendum No. 1 dated the 18th day of June, 2008 (collectively, the “Lease”). Landlord and Tenant are sometimes collectively referred to
below as the “parties.” 
 RECITALS: 

A.        Pursuant to the Lease, Tenant leased from Landlord certain commercial
office space in a building (the “Building”) constructed on real property owned by Landlord located at 1441 West Ute Boulevard. Park City, Utah, as more particularly described in the Lease. 

B.        The parties desire to further expand the Premises and to otherwise
modify and amend the Lease, subject to the terms and conditions of this Addendum No. 2. 
 NOW, THEREFORE,
for and in consideration of the parties’ covenants and agreements contained herein and in the Lease, Landlord and Tenant covenant and agree as follows: 
 AGREEMENT: 

1.        Recitals. The recitals to this Addendum No. 2 are an
integral part of the agreement and understanding of the parties, and are incorporated by reference in this Addendum No. 2. 
 2.        Definitions. The definitions of certain of the capitalized terms used in this Addendum No. 2 not expressly defined in this Addendum
No. 2 will have the respective meanings set forth in the Glossary of Defined Terms attached as Exhibit A to the Lease or elsewhere in the Lease. 

3.        Expanded Premises. Effective as of
September 1, 2010 (the “Initial Effective Date”), the Premises (as described in Section A of Part I of the Lease) shall be increased by approximately 2,908 square feet of Rentable Area (2,529 usable square feet) on the second
(2nd) floor of the Building known as Suite 280 (the
“Second Expansion Space”), so that the increased Premises totals approximately 13,913 square feet of Rentable Area (12,099 usable square feet). The location of the Second Expansion Space is shown on the Floor Plan attached as Exhibit
“A” to this Addendum No. 2. Effective as of January 1, 2011 (the “Second Effective Date”), the Premises shall be increased again by approximately 2,624 square feet of Rentable Area (2,282 usable square feet) on the
second (2nd) floor of the Building known as Suite 240
(the “Third Expansion Space”), so that the increased Premises totals approximately 16,537 square feet of Rentable Area (14,381 usable square feet). The location of the Third Expansion Space is shown on the Floor Plan attached as Exhibit
“A” to this Addendum No. 2 (the original Premises, the Second Expansion Space and the 

 
Third Expansion Space shall be collectively referred to herein as the “Expanded Premises”). Tenant hereby accepts the Expanded Premises in its current “AS-IS” condition,
without any additional modification, improvement or refurbishing by Landlord. The description of the Premises contained in Section A of Part I of the Lease is amended accordingly, Notwithstanding the above, the increase in the Rentable Area to
include the Second Expansion Space and the Third Expansion Space is expressly contingent upon the termination of the lease for the current occupant of the Second Expansion Space and the Third Expansion Space, respectively (the “Prior
Leases”). Landlord shall not be liable for a delay in Tenant’s occupancy of the Second Expansion Space or the Third Expansion Space, as applicable, due to Landlord’s inability to terminate the Prior Leases and to deliver possession of
the Second Expansion Space and the Third Expansion Space by the dates set forth above. The Landlord shall not be subject to any liability, including, without limitation, lost profits or incidental or consequential damages for any delay or inability
to deliver possession of the Second Expansion Space or the Third Expansion Space, as applicable, to the Tenant. 

4.        Base Rent for Second Expansion Space. From and after the
Initial Effective Date, Section C of Part I of the Lease is hereby amended to include the Base Rent for the Second Expansion Space as follows: 
  

	 	C.	 Base Rent (Lease Provisions, Paragraph 5): 

 

					
	 Lease Year
	  	Monthly Base Rent	  	Annual Base Rent
			
	 Initial Effective Date

 through 1/31/11
	  	$5,258.23	  	$63,103.60
			
	2/1/11 - 2/28/12	  	$4,362.00	  	$52,344.00
			
	3/1/12 - 2/28/13	  	$4,492.86	  	$53,914.32

 The above Base
Rent for the Second Expansion Space shall be in addition to the Base Rent for the original Premises as currently set forth in Section C of Part I of the Lease 
 5.        Base Rent for Third Expansion Space. From and after the Second Effective Date, Section C of Part I of the Lease is hereby amended to include
the Base Rent for the Third Expansion Space as follows: 
  

	 	C.	 Base Rent (Lease Provisions, Paragraph 5): 

 

					
	 Lease Year
	  	Monthly Base Rent	  	Annual Base Rent
			
	 Second Effective Date
through 2/28/12
	  	$3,936.00	  	$47,232.00
			
	 3/1/12 - 2/28/13
	  	$4,054.08	  	$48,648.96

 The above Base
Rent for the Third Expansion Space shall be in addition to the Base Rent for the original Premises as currently set forth in Section C of Part I of the Lease and the Base Rent for the 

  
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Second Expansion Space as set forth above. 

6.        Tenant’s Share. From and after the Initial Effective
Date, Section D of Part I of the Lease is deleted and the following language substituted therefor: 
  

	 	D.	 ADDITIONAL RENT (Lease Provisions, Paragraph 5.3): 

Tenant’s Share (Lease Provisions, Paragraph 5.3.1): Tenant’s Share for Tenant’s payment of
Operating Expenses for the Premises means Twenty-two and 48/100 percent (22.48%). 
 From and after the Second
Effective Date, Section D of Part I of the Lease is deleted and the following language substituted therefor: 
  

	 	D.	 ADDITIONAL RENT (Lease Provisions, Paragraph 5.3): 

Tenant’s Share (Lease Provisions, Paragraph 5.3.1): Tenant’s Share for Tenant’s payment of
Operating Expenses for the Premises means Twenty-six and 71/100 percent (26.71%). 

7.        Parking Charge. From and after the Initial Effective
Date, Section F of Part I of the Lease is deleted in its entirety and the following language substituted therefor: 
  

	 	F.	 PARKING CHARGE (Lease Provisions, Paragraph 5.5): 

Tenant shall throughout the Lease Term, lease from Landlord up to a total of fifty-two (52) unassigned automobile
parking spaces at a cost of Zero Dollars ($0.00) per month per space for the Term of the Lease, including any extensions. 
 From and after the Second Effective Date, Section F of Part I of the Lease is deleted in its entirety and the following language substituted therefor: 

 

	 	F.	 PARKING CHARGE (Lease Provisions, Paragraph 5.5): 

Tenant shall throughout the Lease Term, lease from Landlord up to a total of sixty-one (61) unassigned automobile
parking spaces at a cost of Zero Dollars ($0.00) per month per space for the Term of the Lease, including any extensions. 
 8.        Broker. Landlord and Tenant each represent to the other that it has had no dealings with any real estate broker, agent or finder in
connection with the negotiation of this Addendum No. 2, except for Janet G. Vise of Sage Realty Services, L.C. (“Broker”), and that they know of no other real estate broker, agent or finder who is entitled to a commission or
finder’s fee in connection with this Addendum No. 2. Each party shall indemnify, protect, defend and hold harmless the other party against all claims, demands, losses, liabilities, lawsuits, judgments, and costs and expenses (including
reasonable attorney fees) for any leasing commission, finder’s fee, equivalent compensation alleged to be owing on account of the indemnifying parties’ dealings with any real 

  
 3 

 
estate broker, agent or finder other than the Broker. The terms of this Section 8 will survive the expiration or earlier termination of the Lease Term. 

9.        Other Provisions. 

Tenant represents, warrants and agrees with Landlord as follows: 

(a)        The Lease and this Addendum No. 2 embody the
entire agreement now existing with Landlord related to the Premises; and 

(b)        The Lease, as modified hereby, is in full force and
effect; and 
 (c)        The Lease, or any interest
therein, has not been previously transferred, subleased, assigned or pledged by Tenant; and 

(d)        Tenant is not aware of any default by Tenant or
Landlord under either the Lease or this Addendum No. 2. 
 Landlord represents, warrants and
agrees with Tenant as follows: 
 (a)        The Lease
and this Addendum No. 2 embody the entire agreement now existing with Tenant related to the Premises; and 
 (b)        The Lease, as modified hereby, is in full force and effect; and 

(c)        Landlord is not aware of any default by Tenant or
Landlord under either the Lease or this Addendum No. 2. 

11.        General. Without limiting any provision respecting
assignment or transfer as contained in the Lease, this Addendum No. 2 shall be binding upon and inure to the benefit of the respective legal representatives, and any authorized successors and assigns of the parties. This Addendum No. 2
shall be governed by, and construed in accordance with, the laws of the State of Utah. All notices and other communications given pursuant to the Lease, as modified hereby, shall be made as provided in the Lease. Except as modified in this Addendum
No. 2, the Lease is, and shall remain, in full force and effect. The Lease, as amended by this Addendum No. 2, shall not be further amended or modified except by a written instrument signed by the parties. In the event of any conflict
between the terms of the Lease and this Addendum No. 2, this Addendum No. 2 shall control. The person executing this Addendum No. 2 on behalf of Tenant warrants and represents that Tenant has full right and authority to execute,
deliver and perform this Addendum No. 2 and no approval or consent of any third party (other than the parties to this Addendum No. 2) is necessary to make such Addendum No. 2 effectual or otherwise valid and binding. The person
executing this Addendum No. 2 on behalf of Landlord warrants and represents that: (a) Landlord is a duly organized and existing legal entity, in good standing in the State of Utah; (b) Landlord has full right and authority to execute,
deliver and perform this Addendum No. 2 and no approval or consent of any third party (other than the parties to this Addendum No. 2) is necessary to make this Addendum No. 2 effectual or otherwise valid and binding; and (c) the
person executing this Addendum No. 2 on behalf of Landlord was authorized to do so. This Addendum No. 2 shall not be effective or binding 

  
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unless and until it is fully executed and delivered by Landlord and Tenant. This Addendum No. 2 may be executed in multiple counterparts, each of which shall constitute an original and all
of which taken together shall constitute one and the same instrument. 
 DATED and effective as of the date first written above.

  

							
		 	TENANT:	 	SKULLCANDY, INC., a Delaware corporation
				
		 		 	By:	 	 /s/ Jeremy Andrus

				
		 		 	Name:	 	 Jeremy Andrus

				
		 		 	Title:	 	 President

				
		 		 	Date:	 	 July 21, 2010

			
		 	LANDLORD:	 	 COTTONWOOD NEWPARK ONE, L.C., a Utah
 limited liability company, by its manager

			
		 		 	 CPM NEWPARK, L.C., a Utah limited liability

company, by its manager

			
		 		 	 COTTONWOOD PARTNERS MANAGEMENT,

LTD., a Utah limited liability company, by its
 following general partner, COTNET
 MANAGEMENT, INC., a Utah
corporation

							
				
		 		 	     By:	 	 /s/ JOHN L. WEST

		 		 		 	    JOHN L. WEST, President

  
 5

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