Exhibit 10.1
First Amendment to Lease Agreement
This
First Amendment to Lease Agreement (the “Amendment”) is
made and entered into to be effective as of July 30, 2007, by
and between SUNNYVALE BUSINESS PARK I, LLC, a Delaware limited
liability company, and SUNNYVALE BUSINESS PARK SUB, LLC, a Delaware
limited liability company (collectively, “Landlord”),
and LEADIS TECHNOLOGY, INC., a Delaware corporation
(“Tenant”), with reference to the following
facts:
Recitals
A. Sunnyvale Business Park, a California limited
partnership (the “Original Landlord”), and Tenant have
entered into that certain Lease Agreement dated as of
December 23, 2004 (the “Lease”), for the leasing
of certain premises consisting of approximately 11,840 rentable
square feet located at 800 West California Avenue, Suite 200,
Sunnyvale, California (the “Original Premises”) as such
Original Premises are more fully described in the Lease.
B. In June 2005, Original Landlord transferred
its interest to Sunnyvale Park II, LLC, Sunnyvale Park III, LLC and
Sunnyvale Park IV, LLC, as tenants in common (“Interim
Landlord”) and Interim Landlord assumed the obligations of
Original Landlord under the Lease to the extent such obligations
first arose after June 30, 2005. In December 2005,
Interim Landlord transferred their interests in the real property
of which the Premises is a part, and said interests are now owned
and held by Landlord and Landlord assumed the obligations of
Interim Landlord under the Lease to the extent such obligations
first arise and accrue on or after December 12, 2005.
C. Landlord and Tenant now wish to amend the Lease to
provide for, among other things, the expansion of the Original
Premises to include those certain premises consisting of
approximately 2,999 rentable square feet located at 800 West
California Avenue, Suite 220, Sunnyvale, California (the
“Expansion Premises”), which Expansion Premises are
depicted on the floor plan attached hereto and made a part hereof
as Exhibit A , all upon and subject to each of the
terms, conditions, and provisions set forth herein.
NOW,
THEREFORE , in consideration of the foregoing and for other
good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, Landlord and Tenant agree as
follows:
1.
Recitals : Landlord and Tenant agree that the
above recitals are true and correct and are hereby incorporated
herein as though set forth in full.
2. Term
: Landlord and Tenant acknowledge and agree that the Lease
Commencement Date is March 1, 2005 and the Expiration Date is
May 31, 2010.
3.
Premises :
3.1 Commencing on the later of: (a) August 1,
2007, or (b) the date Landlord substantially completes the
tenant improvements described in Paragraph 6 below (the
“EP Commencement Date”) the Original Premises shall be
expanded to include the Expansion Premises.
3.2 Tenant hereby acknowledges that the Expansion Premises
are presently being occupied by Kenati Technologies, Inc. (the
“Existing Tenant”). Notwithstanding anything to the
contrary in this Amendment, Landlord’s obligation to deliver
possession of the Expansion Premises to Tenant by the EP
Commencement Date is contingent upon the Existing Tenant vacating
the Expansion Premises and surrendering possession thereof to
Landlord by August 20, 2007. In the event Existing Tenant
fails to timely vacate the Expansion Premises and Landlord is
unable to complete the tenant improvements described in
Paragraph 6 by August 31, 2007 as a result thereof, each
of Landlord and Tenant shall have the right, in Landlord’s
and Tenant’s sole discretion, to terminate this Amendment, in
which event the parties shall be relieved of all obligations under
this Amendment except for those obligations which expressly survive
the expiration or sooner termination of this Amendment. If Landlord
cannot deliver to Tenant possession of the Expansion Premises with
the tenant improvements described in Paragraph 6 below
substantially complete by August 31, 2007 due to no fault of
its own, Landlord shall neither be subject to any liability nor
shall the validity of the Lease or this Amendment be affected.
Landlord shall promptly notify Tenant in writing if the Existing
Tenant fails to timely vacate the Expansion Premises and Landlord
reasonably believes that it will not be able to substantially
complete the tenant improvements by August 31, 2007. From and
after the EP Commencement Date, the Base Rent for both the Original
Premises and the Expansion Premises shall be as set forth in
Paragraph 4 below.
3.3 For purposes of the Lease, from and after the EP
Commencement Date, the “Premises” as defined in
Section 1.1 of the Lease and the Summary shall mean and refer
to the aggregate of the Original Premises and the Expansion
Premises consisting of a combined total of approximately 14,839
rentable square feet. Accordingly, from and after the EP
Commencement Date, all references in this Amendment and in the
Lease to the term “Premises” shall mean and refer to
the Original Premises and the Expansion Premises. Landlord and
Tenant hereby agree that for purposes of the Lease, from and after
the EP Commencement Date, the rentable square footage area of the
Premises shall be conclusively deemed to be 14,839 rentable square
feet. In addition to the foregoing, it is the parties express
intention that the balance of the Term of the Lease for the
Original Premises and the Expansion Premises be coterminous with
the Expiration Date of the initial Term as specified in the Lease
and that any option or renewal term described in the Lease shall be
applicable to both the Premises and the Expansion Premises.
1
4. Base
Rent : The Summary and Article 3 of the Lease
are hereby modified to provide that during the Term of the Lease
the monthly Base Rent payable by Tenant to Landlord, in accordance
with the provisions of Article 3 of the Lease shall be as
follows:
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Original Premises |
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Expansion
Premises |
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Aggregate Amount of |
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|
Period |
|
Monthly Base Rent |
|
|
Monthly Base Rent |
|
Monthly Base Rent |
|
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3/1/05 –
5/31/05
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
0.00 |
|
|
6/1/05 –
5/31/06
|
|
$ |
12,195.20 |
|
|
$ |
0.00 |
|
|
$ |
12,195.20 |
|
|
6/1/06 –
5/31/07
|
|
$ |
12,668.80 |
|
|
$ |
0.00 |
|
|
$ |
12,668.80 |
|
|
6/1/07 –
7/31/07
|
|
$ |
13,142.40 |
|
|
$ |
0.00 |
|
|
$ |
13,142.40 |
|
|
8/1/07 –
8/31/07
|
|
$ |
13,142.40 |
|
|
$ |
0.00 |
|
|
$ |
13,142.40 |
|
|
9/1/07 –
5/31/08
|
|
$ |
13,142.40 |
|
|
$ |
7,197.60 |
|
|
$ |
20,340.00 |
|
|
6/1/08 –
5/31/09
|
|
$ |
13,616.00 |
|
|
$ |
7,497.50 |
|
|
$ |
21,113.50 |
|
|
6/1/09 –
4/30/10
|
|
$ |
14,089.60 |
|
|
$ |
7,797.40 |
|
|
$ |
21,887.00 |
|
|
5/1/10 –
5/31/10
|
|
$ |
14,089.60 |
|
|
$ |
7,197.40 |
|
|
$ |
21,287.00 |
|
Landlord hereby agrees to waive the
requirement that Tenant pay Landlord Base Rent as specified herein
for the Expansion Premises for the first (1 st ) month
following the EP Commencement Date. Notwithstanding the provisions
of this Paragraph 4, Tenant’s obligation to pay Rent
with respect to the Expansion Premises shall not commence until the
EP Commencement Date. Promptly after the EP Commencement Date,
Landlord and Tenant shall execute a written amendment to the Lease,
wherein the parties shall specify the actual EP Commencement Date.
Tenant shall execute and return such amendment to Landlord within
fifteen (15) days after Tenant’s receipt thereof. If, at
any time, Tenant is in default of any term, condition or provision
of the Lease or this Amendment, to the fullest extent permitted by
law, any express or implicit waiver by Landlord of Tenant’s
requirement to pay Base Rent during any period of time from and
after the Lease Commencement Date shall be null and void and Tenant
shall immediately pay to Landlord all Base Rent so expressly or
implicitly waived by Landlord.
5. Advance
Rent : Concurrently with Tenant’s execution of
this Amendment, Tenant shall pay to Landlord the amount of Nine
Thousand Two Hundred Thirty-Six and 92/100 Dollars ($9,236.92),
which shall represent Tenant’s first monthly installment of
Base Rent and Additional Rent payable for the Expansion
Premises.
6. Condition of
the Expansion Premises : Subject to the provisions
of Paragraph 3 above, on the EP Commencement Date Landlord
shall deliver to Tenant possession of the Expansion Premises in its
then existing condition and state of repair, “AS IS”,
an
