Document:

CRAY-12.31.2014- Ex 10.31

Exhibit 10.31
FOURTH AMENDMENT TO LEASE
THIS FOURTH AMENDMENT TO LEASE (“Fourth Amendment”) is entered into effective as of the 1st day of April, 2012 (“Amendment Date”), by and between NEA GALTIER, LLC, a Delaware limited liability company (“Landlord”), and CRAY INC., a Washington corporation (“Tenant”).
RECITALS
A.    Landlord and Tenant are parties to that certain Office Lease Agreement dated July 2, 2009, and amended the Lease via three previous lease Amendments dated October, 2009, April 21, 2011 and August 31, 2011 (collectively, the “Lease”) concerning the leasing of premises in the property commonly known as Galtier Plaza located in the City of St. Paul, County of Ramsey, State of Minnesota, as more fully described in the Lease; and
B.    The parties wish to amend the Lease as set forth in this Fourth Amendment.
AGREEMENT
In consideration of the covenants of the parties’ contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Capitalized terms not defined herein shall have the meaning ascribed to them in the Lease.

2.Partial Surrender of Current Premises. The Current Premises currently consists of 62,219 rentable square feet. Landlord and Tenant agree that, effective on April 1, 2012 (the “Partial Surrender Date”), a portion of the Current Premises (Suite B-2A), approximately 320 rentable square feet (the “Relinquished Space”) shall be released from the Current Premises and surrendered by Tenant to Landlord. From and after the Partial Surrender Date, (a) the term “Premises” as used in the Lease (as amended hereby) shall mean and refer to the Premises containing a total of 61,899 rentable square feet as follows:

First Floor    Suite B-1:    4,840 Rentable Square Feet
Second Floor    Suite Al:    13,993 Rentable Square Feet
Second Floor    Suite A2:    8,463 Rentable Square Feet
Second Floor    Suite A3:    5,714 Rentable Square Feet
Second Floor    Suite A4:    13,575 Rentable Square Feet
Third Floor    Suite 310:    4,996 Rentable Square Feet
Fifth Floor    Suite 550:    5,787 Rentable Square Feet
Fifth Floor    Suite 560:    4,531 Rentable Square Feet

3.Base Rent. The current Gross Full Service Rent schedule is hereby deleted in its entirety and replaced instead with the following:
Gross Full Service Rent for the Premises shall be the amounts set forth on the rent chart set forth on attached and incorporated Schedule 1 (for the time periods reflected therein) (the “Rent Chart”).
4.Surrender of Relinquished Space. Tenant hereby gives, grants and surrenders unto Landlord, and Landlord hereby accepts such grant and surrender of, all of Tenant’s right, title, property, claim, term of years and interest in the Relinquished Space with the same force and effect as if such date 

were the date initially set forth in the Lease as the expiration date, time being of the essence as to Tenant’s obligation so to do. Tenant shall surrender and deliver vacant possession of the Relinquished Space free and clear of all tenants, subtenants, other occupants, leases, subleases and rights of possession no later than March 31, 2012. Upon delivery to Landlord of the Relinquished Space, Tenant shall be relieved of all liabilities and obligations under the Lease with respect to the Relinquished Space. Tenant hereby covenants that nothing has been or will be done or suffered whereby the leasehold estate granted in the Relinquished Space or any part thereof, including the alterations, decorations, installations, additional and improvements have been or will be assigned, encumbered or subleased in any way whatsoever; and that Tenant has and will have good and unencumbered right to surrender the same. Landlord hereby accepts such surrender of the Relinquished Space, and except for any further damage resulting from Tenant’s vacating the Relinquished Premises or Building and removing its personal property therefrom, accepts the Relinquished Space in its “as-is” with all faults condition on the Amendment Date. Landlord hereby waives any rights it may have under the Lease to: (i) require Tenant to remove Tenant’s Alterations (Sec. 8(a)), if any, located within the Relinquished Space; and (ii) claim that Tenant may have failed to maintain or repair the Relinquished Space (Secs. 8(b) and 15).

5.Floor Plan. Exhibit A to the Lease is deleted in its entirety and replaced instead with the attached and incorporated Exhibit A.

6.Landlord is duly authorized to do so by all necessary action, and this Fourth Amendment is enforceable against Landlord in accordance with its terms.

7.Conflict of Terms. In the event of a conflict between the terms of this Fourth Amendment and the terms of the Lease, the terms of this Fourth Amendment shall govern.

8.No Further Modification of Lease. Except to the extent modified herein, all other terms and provisions of the Lease shall remain in full force and effect.

9.Entire Agreement. This Fourth Amendment supersedes all prior negotiations, representations, understandings and agreements of, by or between Landlord and Tenant with respect to the subject matter hereof, all of which shall be deemed fully merged herein.

10.Invalidity. If any provision of this Fourth Amendment shall be invalid or unenforceable, the remainder of this Fourth Amendment or the application of such provision other than to the extent that it is invalid or unenforceable shall not be affected, and each provision of this Fourth Amendment shall remain in full force and effect notwithstanding the invalidity or unenforceability of such provision, but only to the extent that application and/or enforcement, as the case may be, would be equitable and consistent with the intent of the parties in entering into this Third Amendment.

11.Counterparts; Facsimile/Electronic Mail. This Fourth Amendment may be signed in several counterparts, each of which shall be deemed an original, and all such counterparts shall constitute one and the same instrument. A facsimile or electronic copy of this Fourth Amendment and any signatures thereon will be considered for all purposes as originals.

IN WITNESS WHEREOF, this Fourth Amendment to Lease has been executed as of the Amendment Date.
	
		
	LANDLORD:
NEA GALTIER, LLC,
a Delaware limited liability company
By: National Exchange Advisors Galtier, LLC,
a Delaware limited liability company, 
its sole member
By: National Exchange Advisors, LLC,
a California limited liability company, 
its manager
By:/s/ Steven M. Resnick                               
Steven M. Resnick, Managing Member
	TENANT:
CRAY INC.
By: /s/ Michael C. Piraino
       Name: Michael C. Piraino
       Title:   VP Administration &   
                   General  Counsel

        

SCHEDULE 1
Rent Chart
	
														
	 
	 
	First Floor
	Second Floor
	Third Floor
	Fifth Floor
	 
	Total Monthly

	Lease Term
	B1
	B2-A
	A-1
	A-2
	A-3
	A-4
	Suite 310
	Suite 550
	Suite 560
	560 Expansion
	Less: Lab
	 

	 
	 
	 
	4,467
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Start Date
	End Date
	4,840
	320
	13,993
	8,463
	5,714
	13,575
	4,996
	5,787
	4,147
	384
	(320)
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	11/1/2010
	6/30/2011
	$7,619.46
	$7,032.26
	$22,028.75
	$13,323.04
	$8,995.37
	$21,370.70
	$8,302.02
	$0.00
	$0.00
	$0.00
	 
	$88,671.60

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	8/1/2011
	10/31/2011
	$7,619.46
	$503.77
	$22,028.75
	$13,323.04
	$8,995.37
	$21,370.70
	$8,302.02
	$9,616.45
	$6,528.49
	$638.11
	 
	$98,926.16

	11/1/2011
	3/31/2012
	$7,848.05
	$518.88
	$22,689.63
	$13,722.74
	$9,265.24
	$22,011.84
	$8,551.08
	$9,904.94
	$6,724.35
	$657.25
	 
	$101,894.02

	4/1/2012
	10/31/2012
	$7,848.05
	$518.88
	$22,689.63
	$13,722.74
	$9,265.24
	$22,011.84
	$8,551.08
	$9,904.94
	$6,724.35
	$657.25
	($518.88)
	$101,375.14

	11/1/2012
	10/31/2013
	$8,083.49
	$534.45
	$23,370.32
	$14,134.43
	$9,543.20
	$22,672.20
	$8,807.67
	$10,202.16
	$6,926.09
	$676.97
	($534.45)
	$104,416.52

	11/1/2013
	10/31/2014
	$8,326.00
	$550.48
	$24,071.42
	$14,558.46
	$9,829.49
	$23,352.36
	$9,071.84
	$10,508.15
	$7,133.87
	$697.28
	($550.48)
	$107,548.87

	11/1/2014
	10/31/2015
	$8,575.78
	$566.99
	$24,793.57
	$14,995.21
	$10,124.38
	$24,052.93
	$9,344.00
	$10,823.40
	$7,347.88
	$718.19
	($566.99)
	$110,775.35

	11/1/2015
	10/31/2016
	$8,833.05
	$584.00
	$25,537.37
	$15,445.06
	$10,428.11
	$24,774.51
	$9,624.32
	$11,148.11
	$7,568.32
	$739.74
	($584.00)
	$114,098.58

	11/1/2016
	10/31/2017
	$9,098.04
	$601.52
	$26,303.48
	$15,908.41
	$10,740.95
	$25,517.74
	$9,913.05
	$11,482.55
	$7,795.36
	$761.93
	($601.52)
	$117,521.51

	11/1/2017
	10/31/2018
	$9,370.98
	$619.57
	$27,092.59
	$16,385.67
	$11,063.18
	$26,283.28
	$10,210.44
	$11,827.02
	$8,029.23
	$784.79
	($619.57)
	$121,047.19

	11/1/2018
	10/31/2019
	$9,652.11
	$638.16
	$27,905.37
	$16,877.23
	$11,395.07
	$27,071.78
	$10,516.75
	$12,181.83
	$8,270.10
	$808.33
	($638.16)
	$124,678.59

	11/1/2019
	4/30/2020
	$9,941.68
	$657.30
	$28,742.54
	$17,383.56
	$11,736.93
	$27,883.94
	$10,832.25
	$12,547.28
	$8,518.21
	$832.58
	($657.30)
	$128,418.98

Schedule 1, Page 1CRAY-12.31.2014- Ex 10.32

Exhibit 10.32
FIFTH AMENDMENT TO LEASE
THIS FIFTH AMENDMENT TO LEASE (“Fifth Amendment”) is entered into effective as of the 31st day of March, 2014 (“Amendment Date”), by and between NEA GALTIER, LLC, a Delaware limited liability company (“Landlord”), and CRAY INC., a Washington corporation (“Tenant”).
RECITALS
A.    Landlord and Tenant are parties to that certain Office Lease Agreement dated July 2, 2009, as amended by an October, 2009 First Amendment, an April 21, 2011 Second Amendment, an August 31, 2011 Third Amendment and an April 1, 2012 Fourth Amendment (collectively, the “Lease”) concerning the leasing of premises in the property commonly known as Cray Plaza located in the City of St. Paul, County of Ramsey, State of Minnesota, as more fully described in the Lease; and
B.    The parties wish to amend the Lease as set forth in this Fifth Amendment.
AGREEMENT
In consideration of the covenants of the parties’ contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1.Capitalized terms not defined herein shall have the meaning ascribed to them in the Lease.

2.Premises. Landlord leases to Tenant and Tenant leases from Landlord Suite 530, consisting of approximately 3,789 rentable square feet on the 5th Floor of the Building (the “Suite 530 Space”). The Actual Commencement Date for the Suite 530 Space shall be April 1, 2014 and shall expire contemporaneously with the existing Lease.

Therefore, the premises will contain a total of 65,688 rentable square feet, consisting of the following:
First Floor    Suite B-1    4,840 RSF
Second Floor    Suite Al    13,993 RSF
Second Floor    Suite A2    8,463 RSF
Second Floor    Suite A3    5,714 RSF
Second Floor    Suite A4    13,575 RSF
Third Floor    Suite 310    4,996 RSF
Fifth Floor    Suite 530    3,789 RSF
Fifth Floor    Suite 550    5,787 RSF
Fifth Floor    Suite 560    4,531 RSF

3.Base Rent. The current Gross Full Service Rent schedule is hereby deleted in its entirety and replaced instead with the following: Gross Full Service Rent for the Premises shall be the amount set forth on the rent chart set forth on attached and incorporated Schedule 1 (for the time periods reflected therein) (the “Rent Chart”).

4.Floor Plan. As of the Actual Commencement Date for the Suite 530 Space, Exhibit A to the Lease is deleted in its entirety and replaced instead with attached and incorporated Exhibit A.

5.Condition of the Suite 530 Space. Except as set forth in the Fifth Amendment, Tenant accepts the Suite 530 Space in its “AS-IS” as of the Amendment Date. All terms, covenants, conditions and obligations with respect to the design, construction and delivery of the Suite 530 Space are set forth in the attached workletter (the “Workletter”), which replaces Exhibit D to the Lease in its entirety as it relates to the Suite 530 Space.

6.Parking. Additional parking shall be available to Tenant at the then current market parking rates in the Building,

7.Tenant’s Representations and Warranties. Tenant represents and warrants that: (a) the Lease is in full force and effect; (b) the Lease has not been assigned or encumbered by Tenant and the Premises have not been sublet in whole or in part; (c) Tenant has no defense or counterclaim to the enforcement of the Lease, as amended hereby; (d) Landlord is not in default under any of its obligations under the Lease; (e) to Tenant’s actual knowledge, Tenant is not in default under any of its obligations under the Lease; and (f) the person executing this Fifth Amendment on behalf of Tenant is duly authorized to do so by all necessary action and this Fifth Amendment enforceable against Tenant in accordance with its terms.

8.Landlord’s Representations and Warranties. Landlord represents and warrants that: (a) the Lease is in full force and effect; (b) Landlord has not served Tenant with a notice alleging defaults of Tenant’s obligations under the Lease which remain uncured, and Landlord is not aware of any default by Tenant in its obligation to pay rent; (c) to Landlord’s actual knowledge, Landlord is not in default under any of its obligations under the Lease; and (d) the person executing this Fifth Amendment on behalf of Landlord is duly authorized to do so by all necessary action, and this Fifth Amendment is enforceable against Landlord in accordance with its terms.

9.Conflict of Terms. In the event of a conflict between the terms of this Fifth Amendment and the terms of the Lease, the terms of this Fifth Amendment shall govern.

10.No Further Modification of Lease. Except to the extent modified herein, all other terms and provisions of the Lease shall remain in full force and effect.

11.Entire Agreement. This Fifth Amendment supersedes all prior negotiations, representations, understandings and agreements of, by or between Landlord and Tenant with respect to the subject matter hereof, all of which shall be deemed fully merged herein.

12.Invalidity. If any provision of this Fifth Amendment shall be invalid or unenforceable, the remainder of this Fifth Amendment or the application of such provision other than to the extent that it is invalid or unenforceable shall not be affected, and each provision of this Fifth Amendment shall remain in full force and effect notwithstanding the invalidity or unenforceability of such provision, but only to the extent that application and/or enforcement, as the case may be, would be equitable and consistent with the intent of the parties in entering into this Fifth Amendment.

13.Counterparts; Facsimile/Electronic Mail. This Fifth Amendment may be signed in several counterparts, each of which shall be deemed an original, and all such counterparts shall constitute one and the same instrument. A facsimile or electronic copy of this Fifth Amendment and any signatures thereon will be considered for all purposes as originals.

IN WITNESS WHEREOF, this Fifth Amendment to Lease has been executed effective as of the Amendment Date.
	
		
	LANDLORD:
NEA GALTIER, LLC,
a Delaware limited liability company
By: National Exchange Advisors Galtier, LLC,
a Delaware limited liability company, 
Its:  Sole Member
By: National Exchange Advisors, LLC,
a California limited liability company, 
Its:  Manager
By:/s/ Steven M. Resnick 
Steven M. Resnick,
Its:  Managing Member
	TENANT:
CRAY INC.
By: /s/ Michael C. Piraino
       Name: Michael C. Piraino
       Title:   VP Administration & 
                   General Counsel
              

SCHEDULE 1
Rent Chart
	
											
	 
	 
	 
	Suite 530
	 
	 
	 
	Combined Total

	Lease Term
	Monthly
	 
	 
	 
	 
	Combined
	 
	Annualized
	 

	Start Date
	End Date
	61,899
	 
	3,789
	Monthly
	 
	Monthly Total
	 
	12 Months
	65,688

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	11/1/2011
	12/31/2011
	$101,894.02
	 
	 
	 
	 
	 
	 
	 
	 

	1/1/2012
	3/31/2012
	$101,894.02
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	4/1/2012
	10/31/2012
	$101,375.14
	 
	 
	 
	 
	 
	 
	 
	 

	11/1/2012
	10/31/2013
	$104,416.52
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	11/1/2013
	3/31/2014
	$107,548.87
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	4/1/2014
	10/31/2014
	$107,548.87
	 
	$20.85
	$6,583.39
	 
	$114,132.26
	 
	$1,369,587.09
	$20.85

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	11/1/2014
	10/31/2015
	$110,775,35
	 
	$21.48
	$6,782.31
	 
	$117,557.66
	 
	$1,410,691.92
	$21.48

	11/1/2015
	10/31/2016
	$114,098.58
	 
	$22.12
	$6,984.39
	 
	$121,082.97
	 
	$1,452,995,64
	$22.12

	11/1/2016
	10/31/2017
	$117,521.51
	 
	$22.78
	$7,192.79
	 
	$124,714.30
	 
	$1,496,571.54
	$22.78

	11/1/2017
	10/31/2018
	$121,047.19
	 
	$23.47
	$7,410.65
	 
	$128,457.84
	 
	$1,541,494.11
	$23.47

	11/1/2018
	10/31/2019
	$124,678.59
	 
	$24.17
	$7,631.68
	 
	$132,310.27
	 
	$1,587,723.21
	$24.17

	11/1/2019
	4/30/2020
	$128,418.98
	 
	$24.90
	$7,862.18
	 
	$136,281.16
	 
	$1,635,373.86
	$24.90

Schedule 1, Page 1

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