FOURTH AMENDMENT TO LEASE
Exhibit 10.8
FOURTH AMENDMENT TO LEASE
This Fourth Amendment to Lease (“Amendment”) dated November 20, 2023 is made by and between SILICON VALLEY CENTER OFFICE LLC, a Delaware limited liability company (“Landlord”), and TECHPOINT, INC., a Delaware corporation, (“Tenant”).
Landlord and Tenant (as successor in interest to Techpoint, Inc., a California corporation) entered into an office space lease dated September 22, 2014, which lease was amended by a First Amendment to Lease dated October 31, 2016, a Second Amendment to Lease dated October 7, 2019, and a Third Amendment to Lease dated August 9, 2021 (as amended, the “Lease”) for space consisting of 8,512 rentable square feet located at 0000 X. Xxxxx Xxxxxx, Xxxxx 000, Xxx Xxxx, Xxxxxxxxxx (the “Premises”).
Landlord and Tenant each desire to modify the Lease to extend the Term, adjust the Basic Rent, and make such other modifications as are set forth in “III. MODIFICATIONS” next below.
thereof:
“5. Lease Term: The Term of this Lease shall expire on May 31, 2026.”
Months of Term or Period |
Monthly Rate Per Rentable Square Foot |
Monthly Basic Rent |
4/1/24 to 3/31/25 |
$3.50 |
$30,117.50 |
4/1/25 to 3/31/26 |
$3.61 |
$31,064.05 |
4/1/26 to 5/31/26 |
$3.72 |
$32,010.60 |
Notwithstanding the above schedule of Basic Rent to the contrary, as long as Tenant is not in Default (as defined in Section 14.1) under the Lease, Tenant shall be entitled to an abatement of 2 full calendar months of Basic Rent in the aggregate amount of $60,235 (i.e., $30,117.50 per month) (the “Fourth Amendment Abated Basic Rent”) for the period commencing April 1, 2024 and ending May 31, 2024
(the “Fourth Amendment Abatement Period”). In the event Tenant Defaults at any time during the Term, as extended herein, all Fourth Amendment Abated Basic Rent shall immediately become due and payable. The payment by Tenant of the Fourth Amendment Abated Basic Rent in the event of a Default shall not limit or affect any of Landlord's other rights, pursuant to the Lease or at law or in equity. Only Basic Rent shall be abated during the Fourth Amendment Abatement Period and all other additional rent and other costs and charges specified in the Lease shall remain as due and payable pursuant to the provisions of the Lease.
substituted in lieu thereof:
“7. Property Tax Base: The Property Taxes per rentable square foot incurred by Landlord and attributable to the twelve month period ending June 30, 2024 (the
“Base Year”).
Project Cost Base: The Project Costs per rentable square foot incurred by Landlord and attributable to the Base Year.
Expense Recovery Period: Every 12-month period during the Term (or portion thereof during the first and last Lease years) ending June 30.”
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substituted in lieu thereof:
“8. Floor Area of Premises: approximately 8,605 rentable square feet
Floor Area of Building: approximately 72,058 rentable square feet”
that it is modified by this Amendment.
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Landlord and Xxxxxx executed this Amendment on the date as set forth in “I. PARTIES AND DATE.”
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above.
LANDLORD:
SILICON VALLEY CENTER OFFICE LLC,
a Delaware limited liability company
By: /s/ Xxxxxx X. Case |
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By: /s/ Xxxxxxxx Xxxxxx |
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Xxxxxx X. Case |
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Xxxxxxxx Xxxxxx |
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Executive Vice President, Leasing |
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President and CEO |
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& Marketing Office Properties |
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By: /s/ Xxxxx XxXxxxx |
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Xxxxx XxXxxxx |
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Vice President, Operations |
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Office Properties |
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EXHIBIT X
WORK LETTER
Landlord shall cause its contractor to make the following improvements to the Premises: Repair damaged millwork and wall in the bathroom due to a water leak (“2023 Tenant Improvements”). Unless otherwise agreed in writing by Xxxxxxxx, all materials and finishes utilized in constructing the 2023 Tenant Improvements shall be Landlord's building standard. Should Landlord submit any additional plans, equipment specification sheets, or other matters to Tenant for approval or completion, Tenant shall respond in writing, as appropriate, within 3 business days unless a shorter period is provided herein. Tenant shall not unreasonably withhold its approval of any matter, and any disapproval shall be with reasons specified. Landlord may require that one or more designated subtrades be union contractors.
In the event that Tenant requests any changes or additional work (“Changes”), then provided such Change is acceptable to Landlord, Landlord shall advise Tenant by written change order of any additional cost such change would cause. Tenant shall approve or disapprove such change order in writing within 2 business days following its receipt. Tenant's approval of a change order shall not be effective unless accompanied by payment in full of the additional cost of the 2023 Tenant Improvement work resulting from the change order. It is understood that Landlord shall have no obligation to interrupt or modify the 2023 Tenant Improvement work pending Tenant's approval of a change order.
It is understood that some or all of the 2023 Tenant Improvements shall be done during Tenant’s occupancy of the Premises. In this regard, Xxxxxx agrees to assume any risk of injury, loss or damage which may result. Tenant further agrees that it shall be solely responsible for relocating its office equipment and furniture in the Premises in order for Landlord to complete the work in the Premises and that no rental abatement shall result while the 2023 Tenant Improvements are completed in the Premises.
Tenant hereby designates Xxxxxx Xxxxxx, Telephone No. (000) 000-0000, e-mail xxxxxxx@xxxxxxxxxxxx.xxx, as its representative, agent and attorney-in-fact for the purpose of receiving notices, approving submittals and issuing requests for Changes, and Landlord shall be entitled to rely upon authorizations and directives of such person(s) as if given by Xxxxxx. Tenant may amend the designation of its construction representative(s) at any time upon delivery of written notice to Landlord.
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