THIRD AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE

Exhibit 10.16

THIRD AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE

THIS THIRD AMENDMENT TO INDUSTRIAL REAL ESTATE LEASE is dated as of the 16th day of December, 2013, by and between PAGODA PARTNERS LLC, an Ohio limited liability company, having an address of 0000 X. Xxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxx 00000-0000 (“Landlord”), and HOMEWORKS, INC., an Ohio corporation, having an address of 0000 Xxxxxxxxxx Xxxx, Xxxxxx Xxxxx, Xxxx 00000 (“Tenant”).

RECITALS

A. Landlord and Tenant have entered into a certain Industrial Real Estate Lease, dated November 8, 2000, as amended by amendments dated as of September 22, 2004 and April 12, 2005 (as amended, the “Lease”), with respect to premises known as 0000 Xxxxxxxxxx Xxxx, Xxxxxx Xxxxx, Xxxx.

B. Upon Landlord and Tenant amending the Lease as set forth in this Amendment, Landlord has agreed to consent to (i) Homeworks, Inc., converting from a corporation to a limited liability company and changing its name to Arhaus, LLC, and (ii) Xxxx Xxxx transferring 25% of his interest in Tenant to affiliates of Xxxxxxx, Spogli & Co.

NOW THEREFORE, for good and valuable consideration, the Landlord and Tenant agree as follows:

1. The Lease is amended to add the following sentence to the end of Section 9.01: “If Tenant is a limited liability company, any cumulative transfer of more than twenty-five percent (25%) of the membership interests shall require Landlord’s consent.”

2. This Amendment may be executed in counterparts and, when all counterpart documents are executed, the counterparts shall constitute a single binding instrument.

PAGODA PARTNERS LLC,
an Ohio limited liability company
By:		/s/ Xxxx X. Xxxx
		Xxxx X. Xxxx, Manager
By:		/s/ Xxxxxxxxxxx X. Xxxxxx
		Name: Xxxxxxxxxxx X. Xxxxxx, Manager
HOMEWORKS, INC., an Ohio corporation
By:		/s/ Xxxx X. Xxxx
		Xxxx X. Xxxx, President

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