Document:

Exhibit

        Exhibit 10.02
FIRST AMENDMENT
THIS FIRST AMENDMENT (this “Amendment”) is made and entered into as of August 12, 2016, by and between RAR2-CLEARVIEW BUSINESS PARK OWNER, LLC, a Delaware limited liability company (“Landlord”), and GOPRO, INC., a Delaware corporation (“Tenant”).
RECITALS
		
	A.
	Landlord (as successor in interest to Locon San Mateo, LLC, a Delaware limited liability company) and Tenant (formerly known as Woodman Labs, Inc., a Delaware corporation, successor in interest to Woodman Labs, Inc., a California corporation) are parties to that certain Lease Agreement dated September 10, 2013 (the “Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 2,067 rentable square feet (the “Premises”) described as the larger of the two outbuildings located north of 3000E Clearview Way, San Mateo, California (the “Building”).

		
	B.
	In addition, Landlord and Tenant are parties to that certain Office Lease Agreement dated November 1, 2011, as amended.

		
	C.
	In addition, Tenant is a party to that certain Sublease dated June__ [sic], 2013. between Akamai Technologies. Inc., a Delaware corporation, and Tenant.

		
	D.
	The Lease by its terms shall expire on February 15, 2019 (“Prior Termination Date”), and the parties desire to extend the Term of the Lease, all on the following terms and conditions.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. Landlord and Tenant agree as follows:
		
	1.
	Extension.  The Term of the Lease is hereby extended for a period of sixty (60) months commencing on February 16, 2019 and expiring on February 15, 2024 (“Extended Termination Date”), unless sooner terminated in accordance with the terms of the Lease. That portion of the Term commencing the day immediately following the Prior Termination Date (“Extension Date”) and ending on the Extended Termination Date shall be referred to herein as the “Extended Term”. 

    

		
	2.
	Monthly Base Rent. For the period beginning February 16, 2019 (the “Adjustment Date”) and continuing through the Extended Termination Date, the Monthly Base Rent shall be adjusted to reflect any increase in the CPI (defined below) (the “Base Rent Adjustment”). Such Base Rent Adjustment shall be accomplished by multiplying the Base Rent for the immediately preceding twelve (12) month period prior to the Adjustment Date (which shall not be diminished by any credits or abatements granted in the Lease, as amended hereby) by a fraction, the numerator of which shall be the most recently published CPI index number prior to Adjustment Date and the denominator of which shall be the most recently published CPI Index number prior the reporting period immediately preceding the Extension Date, provided that notwithstanding anything to the contrary set forth herein, in no event shall the Monthly Base Rent so calculated be less than 103% of the Monthly Base Rent in effect during the immediately proceeding twelve (12) month period prior to the Adjustment Date. For purposes hereof, “CPI” shall mean the Revised Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, for San Francisco-Oakland-San Jose, California - All Urban Consumers. If the manner in which the CPI is calculated shall be substantially revised, Landlord and Tenant shall select a means to adjust such revised Index which would produce results equivalent, as practicable, to those which would have been obtained if the CPI had not been so revised. If the CPI shall become unavailable to the public because publication is discontinued, or otherwise. Landlord and Tenant shall select a comparable substitute index based upon changes in the cost of living or purchasing power of the consumer dollar published by any other governmental agency, or if no such index shall then be available, a comparable index published by a major bank or other financial institution or by a university or a recognized financial publication. In the event the U.S. Department of Labor, Bureau of Labor Statistics changes the publication frequency of the CPI so that a CPI is not available to make an adjustment for the period in question, the adjustment shall be based on the percentage increase in the CPI for the twelve (12) month period beginning with the closest month preceding the period in question for which a CPI is available.

		
	3.
	Additional Security Deposit. No Security Deposit shall be required in connection with this Amendment.

		
	4.
	Improvements to Premises. 

		
	4.1
	Condition of Premises. Tenant is in possession of the Premises and accepts the same “as is” without any agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except as may be expressly provided otherwise in this Amendment.  Tenant hereby acknowledges and agrees that Landlord has fulfilled all of its obligations pursuant to Exhibit “C” to the Lease.

		
	 4.2
	Responsibility for Improvements to Premises. Any construction, alterations or improvements to the Premises shall be performed by Tenant at its sole cost and expense using contractors selected by Tenant and approved by Landlord in accordance with the terms and conditions of the Lease and shall be further governed in all respects by the provisions of Article IX (Repairs and Alterations) of the Lease.

    

		
	5.
	Lease Modifications. 

		
	5.1
	Insurance. As of the date hereof, Article XV (Insurance) is hereby revised to delete the 4th to last sentence and replace the same with the following: “All policies of Tenant’s insurance shall contain endorsements that the insurer(s) shall give Landlord and its designee no less than ten (10) days written notice prior to cancellation for failure to pay premiums. Tenant shall provide to Landlord no less than ten (10) days written notice prior to: (i) cancellation of any of Tenant’s insurance carried hereunder for any reason whatsoever, and (ii) material adverse change in any such coverage.”  

		
	5.2
	Event of Default. Article XIX(E) of the Lease is hereby deleted in its entirety and shall be of no further force or effect. 

		
	5.3
	Holding Over. Article XXIV (Holding Over) of the Lease is hereby modified by deleting the second sentence and replacing the following language therefor: “Tenant’s occupancy of the Premises during the holdover shall be subject to all the terms and provision of this Lease and Tenant shall pay an amount (on a per month basis without reduction for partial months during the holdover) equal to one hundred fifty percent (150%) of the Monthly Base Rent due for the period immediately preceding the holdover”.

		
	6.
	Other Pertinent Provisions.  Landlord and Tenant agree that, effective as of the date of this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended in the following additional respects: 

		
	6.1       
	Landlord Notice Address.  Landlord's address set forth in Section I of the Basic Lease Information of the Lease is hereby deleted in its entirety and replaced with the following:

 	
	
	“RAR2-Clearview Business Park Owner, LLC

	c/o Deutsche Asset & Wealth Management

	101 California Street, 24th Floor

	San Francisco, CA 94111

	Attn: Asset Manager

	 

	with a copy to:

	 

	c/o Embarcadero Capital Partners LLC

	1301 Shoreway Road, Suite250

	Belmont, CA 94002”

		
	6.2     
	Landlord's Address for Payment of Rent. Landlord's address for payment of Rent set forth in Section J of the Basic Lease Information of the Lease is hereby deleted in its entirety and replaced with the following:

	
	
	RAR2-Clearview Business Park Owner, LLC

	P.O. Box 209238

	Austin, TX 78720-9238

    

		
	6.3  
	Tenant Notice Address. Tenant's address for all notices under the Lease are as follows:

	
	
	GoPro, Inc.

	3000 Clearview Way

	San Mateo, CA 94402

	Attn: General Counsel

	 

	with a copy to:

	 

	GoPro, Inc.

	3000 Clearview Way

	San Mateo, CA 94402

	Attn: Vice President, Workplace

	 

	with a copy to:

	 

	Jones Lang LaSalle

	4085 Campbell Avenue, Suite 150

	Menlo Park, CA 94025

	Attn: Rich Branning, Managing Director

    
7.    Miscellaneous.

    

		
	7.1     
	This Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements. Under no circumstances shall Tenant 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 Tenant in connection with entering into the Lease, unless specifically set forth in this Amendment.

		
	7.2      
	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect. In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions of this Amendment shall govern and control. The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.

		
	7.3 
	Tenant shall reasonably comply with Landlord's recycling policy for the Building, including, without limitation, Tenant shall sort and separate its trash into separate recycling containers as required by law or which may be furnished by Landlord and located in the Premises. Tenant shall comply with all laws regarding the collection, sorting, separation, and recycling of garbage, waste products, trash and other refuse at the Building. Landlord reserves the right to refuse to collect or accept from Tenant any trash that is not separated and sorted as required by law or pursuant to Landlord's recycling policy, and to require Tenant to arrange for such collection at Tenant's cost, utilizing a contractor reasonably satisfactory to Landlord.

		
	7.4       
	Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered the same to Tenant.

		
	7.5       
	Tenant hereby represents to Landlord that Tenant has dealt with no broker in connection with this Amendment. Tenant agrees to indemnify and hold Landlord and the Landlord Related Parties harmless from all claims of any brokers claiming to have represented Tenant in connection with this Amendment.

		
	7.6       
	Tenant hereby represents and warrants that neither Tenant, nor any persons or entities holding any legal or beneficial interest whatsoever in Tenant, are (i) the target of any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act. 50 U.S.C. App. § 5, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or (iii) named on the following list that is published by OFAC: “List of Specially   Designated Nationals and Blocked Persons.” If the foregoing representation is untrue at any time during the Term, an event of default under the Lease will be deemed to have occurred, without the necessity of notice to Tenant.

    

		
	7.7       
	Pursuant to California Civil Code Section 1938, Landlord hereby notifies Tenant that as of the date of this Amendment, the Premises have not undergone inspection by a “Certified Access Specialist” to determine whether the Premises meet all applicable construction-related accessibility standards under California Civil Code Section 55.53. To allow for compliance with building performance benchmarking and disclosure regulations, and to facilitate implementation of sustainable improvements to the Building, Tenant shall: (a) retain copies of its “utility data, which includes, but is not limited to, Tenant's utility bills and invoices pertaining to Tenant's energy, water, and trash usage at the Building during the Term (as the same may be further extended) , and (b) upon request, provide Landlord with copies of such “utility data”. Tenant further agrees, upon Landlord’s request to execute utility release forms provided by the applicable utility or municipality to expedite the data collection process.

		
	7.8       
	Redress for any claim against Landlord under the Lease and this Amendment shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Buildings. The obligations of Landlord under the Lease are not intended to and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its trustees or board of directors and officers, as the case may be, its investment manager, the general partners thereof, or any beneficiaries, stockholders, employees, or agents of Landlord or the investment manager, and in no case shall Landlord be liable to Tenant hereunder for any lost profits, damage to business, or any form of special, indirect or consequential damage.

IN WITNESS WHEREOF, Landlord and Tenant have entered into and executed this Amendment as of the date first written above.

    

	
			
	LANDLORD:

	 
	 
	 

	RAR2-CLEARVIEW BUSINESS PARK OWNER, LLC,

	a Delaware limited liability company

	 
	 
	 

	By: RAR2-Clearview Business Park Member 

	      QRS, LLC, a Delaware limited liability company,

	       its Investor Member and Manager

	 
	 
	 

	       By: 
	RREEF America, L.L.C., 

	 
	a Delaware limited liability company, 

	 
	its Authorized Agent

	 
	 
	 

	 
	By:
	/s/ Stephen J. George

	 
	Name:
	Stephen J. George

	 
	Title:
	Vice President

	 
	Dated:
	9/2, 2016

	 
	 
	 

	 
	 
	 

	TENANT:
	 

	 
	 
	 

	GOPRO, INC.,

	a Delaware corporation

	 
	 
	 

	 
	By:
	/s/ Charles Lafrades

	 
	Name: 
	Charles Lafrades

	 
	Title:
	VP, Finance

	 
	Dated: 
	8/19/2016pkg-ex101_300.htm

Exhibit 10.1

 

Packaging Corporation of America

Amended and Restated 1999 Long-Term Equity Incentive Plan

Executive Officer Restricted Stock Award Agreement

 

By this agreement, Packaging Corporation of America (“PCA” or the “Company”) grants to you the following restricted shares of the Company’s common stock, $.01 par value, subject to the terms and conditions set forth below, in the attached Plan Prospectus, and in the Amended and Restated 1999 Long-Term Equity Incentive Plan, as may from time to time be amended and/or restated (the “Plan”), all of which are an integral part of this Agreement. A copy of the Amended and Restated 1999 Long-Term Equity Incentive Plan may be obtained from the Company upon request.  Capitalized terms used and not defined herein have the meanings given to them in the Plan.

 

	
Grant Date: June 21, 2017

	
Number of Restricted Shares Awarded :

	
Fair Market Value at Grant:

	
Restriction expires: June 21, 2021

 

The shares of restricted stock granted under the Plan will be held in escrow by the Company on the participant’s behalf during any period of restriction and will bear an appropriate legend specifying the applicable restrictions thereon, and, if requested, the participant will be required to execute a blank stock power therefor. During the period of restriction the participant shall have all of the rights of a holder of Common Stock, including but not limited to the rights to receive dividends and to vote, and any stock or other securities received as a distribution with respect to such participant’s restricted stock shall be subject to the same restrictions as then in effect for the restricted stock.

 

This award is subject to the “Performance-Based Award Pool for Executive Officers” provisions (the “Pool Provisions”) adopted by the Section 162(m) Subcommittee of the Compensation Committee on June 21, 2017.  If the number of shares of restricted stock available to be awarded to you under the Pool Provisions (as certified by the Compensation Committee or the Section 162(m) Subcommittee) is less than the number of restricted shares awarded hereby, then the excess number of shares (i.e. the number by which this award exceeds the number certified by the Compensation Committee or the Section 162(m) Subcommittee) will be forfeited at the time of such certification, and only the number certified by the Compensation Committee or the Section 162(m) Subcommittee will vest at the time the restrictions herein expire.  

 

This award is further subject to the Company’s compensation recovery policy in effect from time to time.

 

Except as otherwise provided by the Board of Directors:

 

(1) at such time as a Participant ceases to be a director, officer, or employee of, or to otherwise perform services for, the Company and its Subsidiaries due to death or 

Disability, during any period of restriction, all restrictions on the shares granted to the Participant shall lapse;

 

(2) at such time as a Participant ceases to be, or in the event a participant does not become, a director, officer, or employee of, or otherwise perform services for, the Company or its Subsidiaries for any other reason, all shares of restricted stock granted to such Participant on which the restrictions have not lapsed shall be immediately forfeited to the Company.

 

If a Change in Control occurs prior to the fourth anniversary of the Date of Grant, then all restrictions on the shares granted to the Participant will lapse on the date of such Change in Control.  Notwithstanding the foregoing, the restrictions will not lapse upon a Change in Control if an award meeting the following requirements (the “Replacement Award”) is provided in substitution hereof:  

 

(i) it relates to equity securities of the Company or its successor following the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control and such equity securities are publicly traded and registered under the Securities Exchange Act of 1934;  

 

(ii)it has a value at least equal to the value of this award as of the date of the Change in Control as determined by the Committee; 

 

(iii)it does not contain any performance goals and vesting is subject only to continued service with the Company or its successor following the Change in Control through the fourth anniversary of the original Grant Date.  If a Change of Control occurs prior to certification of the number of shares available for this award pursuant to the Pool Provisions, then the Pool Provisions shall not be applicable and this award shall cover the full number of shares identified on the first page hereof.  

 

(iv)its forfeiture provisions, transfer restrictions and any other restrictions lapse upon the fourth anniversary of the original Date of Grant; provided, however, that such restrictions will lapse, and the shares will fully vest, if within two years after the date of the Change in Control, the Participant’s employment is terminated by the Company without Cause or the Participant resigns for Good Reason; and

 

(v)the terms and conditions of the Replacement Award with respect to dividends and a subsequent change in control are not less favorable to the Participant than the terms and conditions of this award. 

 

Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of this award or such other form approved by the Committee provided that the preceding requirements of this subsection are satisfied. The determination of whether the requirements are satisfied shall be made by the Committee, as constituted immediately prior to the Change in Control, in its sole discretion. In the event of a Change in Control, Participant agrees to accept a Replacement Award meeting the above conditions in substitution of this award.

 

 

"Good Reason" means:  (i) a change in the Participant’s job title or position, which results in a material diminution in authority, duties or responsibilities; (ii) any material breach of this agreement by the Company of any material obligation of the Company for the payment or provision of compensation or other benefits to the Participant; (iii) a material diminution in Participant’s compensation or a failure by the Company to provide an arrangement for the Participant for any fiscal year of the Company giving the Participant the opportunity to earn an incentive award for such year; or (iv) the Company requires Participant to materially change the location of Participant’s principal office; provided such new location is one in excess of 35 miles from the location of Participant’s principal office before such change.  

 

 

Please indicate your acceptance of this Agreement by signing in the space provided below and returning this page to Halane Young, Executive Director, Total Rewards & HRIS, located in Lake Forest.

 

	
 
	
Packaging Corporation of America

	
 
	
 

	
 
	
By:

	
Accepted and Agreed:
	
 

	
 
	
Title:

	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
Date:

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