Document:

Third Amendment of Lease - Watsonville Freeholders, L.P.

 Exhibit 10.4 
 THIRD AMENDMENT OF LEASE 
 THIS THIRD AMENDMENT OF LEASE (hereinafter called
“Amendment”) is made and entered into November 30, 2006, by and between Watsonville Freeholders, a California limited partnership (hereinafter called “Landlord”) and West Marine Products, Inc., a California
corporation (hereinafter called “Tenant”). 
 RECITALS 
 A. By lease agreement dated June 26, 1997, as amended by (a) Landlord Subordination dated February 6, 2003, (b) First Amendment of
Lease dated July 27, 2005, and (c) Second Amendment of Lease dated December 21, 2005 (hereinafter collectively “Lease”), Landlord leased to Tenant an approximately eighty-nine thousand, two hundred eleven
(89,211) square-foot premises located at 500 Westridge Drive, Watsonville, CA 95076 (the “Demised Premises”). The Demised Premises is more particularly described in the Lease. 
 B. Landlord and Tenant now desire to further amend the Lease in certain respects. 
 AGREEMENT 
 For and in consideration of the recitals above made and the promises
and agreements that follow, and other good and valuable consideration, the parties agree as follows: 
 1. Expansion. The Demised
Premises shall be increased by the adjacent space (the “Additional Premises”), shown on Exhibit A attached hereto, consisting of approximately eleven thousand, six hundred (11,600) square feet, including access to one exterior door
and the ramp to the rollup door as shown on Exhibit A-1 hereto. The resultant premises, consisting of the Demises and the Additional Premises, being all the premises shown on the attached Exhibit A-1 hereto (the “New Premises”), will be a
total of approximately one-hundred eight thousand and eleven (100,811) square feet. The Additional Premises may be used by Tenant only for storage space of Tenant’s personal property and may not be used for office or other purposes than
storage. The Additional Premises does not include the mezzanine about the Additional Premises. 
 2. Term for the Additional Premises.
The term for the Additional Premises shall begin on the later of the date Landlord delivers to Tenant the Additional Premises in the condition required by Paragraph 5, below (“Landlord’s Work”) and December 1, 2006 (the
“Additional Premises Commencement Date”). Upon the Additional Premises Commencement Date, the Demised Premises and the Additional Premises shall form the New Premises, and thereafter all references in the Lease and herein to the
“Demised Premises” shall be the same as the New Premises. 

 3. Rent for the Additional Premises. The Additional Premises are leased on a gross basis, and the
rental rate set forth in this paragraph is inclusive of common area maintenance, insurance and real estate tax expenses. Commencing on the Delivery Date, Tenant shall pay Fixed Rent for the Additional Premises in the monthly amount of seven
thousand, eight hundred eighty-eight and no/100 Dollars ($7,888.00) ($94,656.00 annually). 
 4. Alterations to the Additional
Premises. (A) Upon the full execution of this Amendment, Landlord shall proceed with diligence, at Landlord’s sole cost and expense, in making the to the Additional Premises ready to enable Landlord to deliver the Additional Premises
to Tenant, free of Hazardous Materials (as defined in the Lease), in broom clean condition, free of all personal property and other tenants or occupants, with demising wall in place as described below in this Section (all of which shall be
collectively referred to as the “Landlord’s Work”). 
 (B) Landlord shall, at Landlord’s sole cost and expense, prior to
the Delivery Date, install a chain-link fence to demise the Additional Premises from the remainder of Landlord’s space adjacent to the Additional Premises, a minimum of twelve (12) feet high, containing at the top of such fence a
bifurcated three (3)-strand barbwire cap, for security purpose of Tenant’s property to be stored in the Additional Premises. Any other improvements and fixturization desired by Tenant shall be installed by Tenant at Tenant’s sole cost and
expense. 
 (C) If the Additional Premises shall not be delivered to Tenant in accordance with this Section entitled “Alterations to the
Additional Premises” by December 1, 2006 (the “Delivery Date”) and all other provisions of this Amendment for any reason whatsoever on the Delivery Date, Tenant may, at Tenant’s option, terminate this Amendment by written
notice to Landlord; whereupon this Amendment shall thenceforth be null and void and of no further effect. The foregoing rights of termination and cancellation shall not be exclusive of any other rights or remedies of Tenant for the enforcement of
the obligations of Landlord under this Amendment. 
 5. Shared Costs. The Additional Premises and Landlord’s adjacent space share
one electric meter, for which Tenant shall pay invoices for all electric consumption for the Additional Premises. Should Landlord allow another occupant of Landlord’s space adjacent to the Additional Premises, whose use is also storage or
warehouse, the electric consumption invoices for the Additional Premises and Landlord’s adjacent space will be divided between Tenant and such other occupant on the basis of the level of consumption by each; and if there is no difference, on
the basis of square feet occupied. There shall be no other shared costs; and the rental rate for the Additional Premises is gross and includes any and all Tenant liability for Common Area, Insurance and Tax charges (“NNN Charges”) under
Subparagraph 3.03 of the Lease. 
  

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 6. Commencement Letter. Promptly after the Additional Premises Commencement Date, Landlord and
Tenant will execute a commencement letter setting forth the exact Additional Premises Commencement Date, and exact square footage of the New Premises, Fixed Rent for the New Premises, and other usual and customary provisions. Tenant may remeasure
the New Premises at its election. Rent shall be adjusted proportionately depending on the exact square footage of the New Premises. 
 7.
Tenant’s Work Prior to Rent Commencement Date. Tenant shall have the right to enter into the Additional Premises upon the Delivery Date and prior to the Rent Commencement Date, free from payment of Fixed Rent, to install alterations,
additions and leasehold improvements (“Tenant’s Work”) after Landlord has obtained a Certificate of Occupancy therefor, if required by local Building Codes. Tenant agrees to restrict access by its employees to the best of
Tenant’s ability to the construction area until the Delivery Date. Tenant’s Work will be constructed and installed in a good and workmanlike manner, in accordance with all laws, ordinances and regulations relating thereto, and in
accordance with plans and specifications approved by Landlord (the “Approved Tenant Plans”). Tenant shall be entitled to make any changes in the Approved Tenant Plans that may be required by any governmental agency having jurisdiction over
Tenant’s Work without first obtaining Landlord’s prior written consent thereto. The cost of any such changes shall be borne by Tenant, unless the work in question is related to a Landlord repair responsibility under the Lease. If the
construction of any Tenant’s Work requires penetration of the roof of the Building in which the Additional Premises is situated, then (at Tenant’s option and upon written request from Tenant to Landlord) Landlord shall perform such
penetration and shall install any of such Tenant’s Work to be constructed on the roof, and Tenant shall reimburse Landlord the reasonable cost of such work. Tenant need not restore the New Premises to its original condition upon surrender of
the New Premises at the expiration of the Term of the Lease or any renewal term, if exercised. 
 9. Renewal Options. Landlord and
Tenant do hereby further agree that the Term for the Additional Premises shall be coterminous with the term for the Demised Premises, including any renewal options, if exercised by Tenant. 
 10. Intentionally Omitted. 
 11.
Cooperation. Landlord and Tenant shall cooperate to assure, to the greatest extent reasonably possible, that the Delivery Date occurs prior to December 1, 2006, and that Tenant’s Work as described herein be completed in a timely
manner. If Tenant desires to lease the mezzanine above the Demised Premises, the parties covenant with each other in good faith to cooperate to negotiate a further Amendment to the Lease to add such mezzanine space to the Demised Premises, at a
rental rate not exceeding twenty-five cents ($0.25) per square foot. 
  

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 12. Defined Terms. Unless otherwise defined in this Amendment, all capitalized terms and phrases
used in this Amendment shall have the same meaning attributed to them in the Lease. 
 13. Affirmation. Except as modified by this
Amendment, the Lease remains unchanged. 
 IN WITNESS WHEREOF, the parties have executed this Amendment. 
  

											
	LANDLORD:	 		 		 	TENANT:
				
	Watsonville Freeholders	 		 		 	West Marine Products, Inc.
						
	By:	 	 /s/    Randolph K. Repass
	 		 		 	By:	 	 /s/    Peter Harris

		 	Randolph K. Repass	 		 		 		 	Peter Harris
		 	General Partner	 		 		 		 	President and C.E.O.

  

 4Fourth Amendment of Lease - Watsonville Freeholders, L.P.

 Exhibit 10.5 
 FOURTH AMENDMENT OF LEASE 
 THIS FOURTH AMENDMENT OF LEASE
(hereinafter called “Amendment”) is made and entered into on this 29th day
of July 2009, by and between Watsonville Freeholders, a California limited partnership (hereinafter called “Landlord”) and West Marine Products, Inc., a California corporation (hereinafter called “Tenant”).

 RECITALS 
 A. By Lease
Agreement dated June 26, 1997, as amended by (a) Landlord Subordination dated February 6, 2003, (b) First Amendment of Lease dated July 27, 2005, and (c) Second Amendment of Lease dated December 21, 2005, Landlord
leased to Tenant an approximately eighty-nine thousand, two hundred eleven (89,211) square-foot premises located at 500 Westridge Drive, Watsonville, California 95076 (the “Demised Premises”) and by (d) Third Amendment of Lease
dated November 30, 2006, the Demised Premises was increased by an adjacent space comprised of an approximately eleven thousand, six hundred (11,600) square foot of premises (the “Additional Premises”). Per the Third Amendment of
the Lease, the Demised Premises and the Additional Premises became the “New Premises” totaling approximately one-hundred thousand, eight hundred eleven (100,811) square feet located at 500 Westridge Drive, Watsonville, California
95076. The Lease Agreement, and all amendments thereto are collectively referred to herein as the “Lease.” The Demised Premises, the Additional Premises and the New Premises are more particularly described in the Lease and amendments
thereto. 
 B. Landlord and Tenant now desire to further amend the Lease in certain respects. 
 AGREEMENT 
 For and in consideration
of the recitals above made and the promises and agreements that follow, and other good and valuable consideration, the parties agree as follows: 
 1. New Premises. The New Premises shall be designated and distinguished by this Amendment as two independent premises comprised of the following: 
 A. The Demised Premises consisting of an approximately eighty-nine thousand, two hundred eleven (89,211) square-foot premises located at 500 Westridge Drive, Watsonville, California 95076; and 
 B. The Additional Premises consisting of an approximately eleven thousand, six hundred (11,600) square foot of premises also located at 500
Westridge Drive, Watsonville, California 95076 and adjacent to the Demised Premises. 

 2. Rent and Term for the Additional Premises. The Rent, Term and other terms and conditions
for the Additional Premises is unchanged by this Amendment and remain in effect as specified in the Lease. 
 3. Rent for the Demised
Premises During the Current Term. Landlord and Tenant do hereby agree that the base rent (“Rent”) for the Demised Premises for the balance of the current Term commencing May 1, 2009 and continuing through October 31, 2011
(“Remaining Term”) shall be reduced and fixed as follows: 
  

							
	 Annual Rate
	 	 Period
	 	 Monthly Amount
	 	 Annual Amount

	 $11.88
	 	5/1/2009 - 10/31/2011	 	$88,318.89	 	$1,059,826.68

 4. Renewal of Lease Term for the Demised Premises. Landlord and Tenant do hereby
further agree to renew the Term of the Lease following the expiration of the Remaining Term solely for the Demised Premises for a period of five (5) years, commencing November 1, 2011 and continuing through October 31, 2016 (the
“Renewal Term”). 
 5. Base Rent During Renewal Term for the Demised Premises. Landlord and Tenant do hereby further
agree that the Rent for the Demised Premises during the Renewal Term shall be fixed at the following rate: 
  

							
	 Annual Rate
	 	 Period
	 	 Monthly Amount
	 	 Annual Amount

	 $13.08
	 	11/1/2011 - 10/31/2016	 	$97,240.00	 	$1,166,880.00

 6. Renewal Options. Landlord hereby agrees to provide Tenant with three additional
separate and successive five year options (each a “Successive Term”), at Tenant’s sole election, to extend the term of the Lease for the Demised Premises following the expiration of the Renewal Term and each applicable Successive
Term, under the same terms and conditions contained in the Lease, except that the Rent shall be at the then fair market value for space that is substantially similar in type, size and quality. 
 7. Defined Terms. Unless otherwise defined in this Amendment, all capitalized terms and phrases used in this Amendment shall have
the same meaning attributed to them in the Lease. 
  

			
	WSC Fourth Amendment of Lease	  	Page 2 of 3

 8. Affirmation. Except as modified by this Amendment, the Lease remains unchanged.

 IN WITNESS WHEREOF, the parties have executed this Amendment. 
  

											
	LANDLORD:	 		 		 	TENANT:
				
	Watsonville Freeholders	 		 		 	West Marine Products, Inc.
						
	By:	 	 /s/    Randolph K. Repass
	 		 		 	By:	 	 /s/    Christopher Bolling

		 	Randolph K. Repass	 		 		 		 	Christopher Bolling
		 	General Partner	 		 		 		 	SVP Business Development

  

			
	WSC Fourth Amendment of Lease	  	Page 3 of 3

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