FIRST AMENDMENT TO LEASE
Exhibit 10.21A
FIRST AMENDMENT TO LEASE
THIS FIRST AMENDMENT TO LEASE (the “Amendment”) is entered into as of July 31, 2015 (the “Effective Date”), between IMPINJ, INC., a Delaware corporation (“Tenant”) and 400 FAIRVIEW LLC, a Delaware limited liability company (“Landlord”). If the blank for the Effective Date is not completed, the Effective Date shall be the date on which Landlord’s signature is notarized.
RECITALS
A. Landlord and Tenant are parties to that certain Office Lease dated as of December 10, 2014 (the “Lease”). Capitalized terms not defined herein shall have the meaning given in the Lease.
B. Tenant has utilized the entire Allowance and has elected to draw on the Additional Advance and the parties have agreed to omit the Storage Premises from the Lease, on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the parties hereto agree as follows:
1. Storage Premises. The Storage Premises shall be excluded from the Premises and Tenant shall have no rights or obligations with respect to the Storage Premises. All references in the Lease to the Storage Premises (including page A-2 of Exhibit A are hereby deleted and shall be of no further force or effect.
2. Square Footage. The Initial Premises shall consist of Floors 11 and 12 of the Building which are estimated to contain 51,375 square feet of Rentable Area. Landlord reserves all rights under the Lease to remeasure or confirm the Premises Rentable Area, the Building Rentable Area and Tenant’s Share as set forth in Sections 1.1 and 3.3.1 of the Lease. Until such remeasurement or confirmation occurs, all amounts due under the Lease based on square footage of the Initial Premises (including but not limited to the Allowance, the Additional Advance, and brokers fees) and the Tenant’s Share shall be calculated using the square footage set forth in this paragraph.
3. Additional Advance. The total amount of the Additional Advance pursuant to Section 3(h) of Exhibit C shall be Seven Hundred Seventy Thousand Six Hundred Twenty-five and 00/100 Dollars ($770,625.00). The Additional Advance shall be repaid in the form of additional Rent, with interest at the rate of 10% per annum pursuant to the amortization schedule attached as Exhibit A the “Additional TI Rent”). The Additional TI Rent shall be payable beginning on the Commencement Date monthly in advance together with the payment of Base Rent and shall be included in the definition of “Rent” for all purposes under the Lease. Tenant retains the right to prepay the Additional Advance at any time, as provided in Section 3(h) of Exhibit C of Lease. The amount of such prepayment shall be the amount set forth in the amortization schedule attached as Exhibit A.
4. Conflict. If there is any conflict between the terms, conditions and provisions of this Amendment and of the Lease, the terms, conditions and provisions of this Amendment shall prevail.
5. Authority. Each party represents and warrants that the person signing this Amendment on behalf of such party is authorized to execute and deliver this Amendment and that this Amendment will thereby become binding upon such party.
6. Miscellaneous. Except as expressly modified by this Amendment, all terms, covenants and provisions of the Lease shall remain unmodified and in full force and effect and are hereby expressly ratified and confirmed. This Amendment reflects the entire agreement of the parties with respect to amending the terms of the Lease and this Amendment supersedes all prior discussions and understandings regarding the amendment of the Lease. With respect to the subject matter hereof, neither party will be bound by any understanding, agreement, promise, representation or stipulation, express or implied, not specified herein.
7. Broker’s Commission; Costs. Landlord shall not be required to pay any commission or fees to Tenant’s broker in connection with this Amendment and Tenant shall indemnify, defend and hold Landlord harmless from and against any and all liabilities for any commissions or other compensation or charges claimed by any broker or agent based on dealings with Tenant in connection with this Amendment. Landlord and Tenant shall each bear their own costs and expenses with respect to the negotiation, preparation and execution of this Amendment.
8. Representation. Tenant acknowledges that it has been represented, or has had sufficient opportunity to obtain representation of counsel with respect to this Amendment. Tenant represents to Landlord that Tenant has read and understood the terms hereof and the consequences of executing this Amendment and that, except as expressly set forth herein, no representations have been made to Tenant to induce the execution of this Amendment. Tenant further waives any right it may have to require the provisions of this Amendment to be construed against the party who drafted it.
9. Counterparts. This Amendment may be executed in counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same document.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
LANDLORD | 400 FAIRVIEW LLC | |||||||||
By | /s/ Xxxx Xxxxxx | |||||||||
Name: | Xxxx Xxxxxx | |||||||||
Title: | Manager | |||||||||
TENANT | IMPINJ, INC. | |||||||||
By | /s/ Xxxx Xxxx | |||||||||
Name: | Xxxx Xxxx | |||||||||
Title: | CFO |
2
Landlord Notary
STATE OF WASHINGTON,
COUNTY OF KING, |
) ) ss. ) |
On this 31st day of July, 2015, before me, a Notary Public in and for the State of Washington, personally appeared Xxxx Xxxxxx, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed this instrument, on oath stated that she was authorized to execute the instrument, and acknowledged it as the Manager of 400 FAIRVIEW LLC to be the free and voluntary act and deed of said limited liability company for the uses and purposes mentioned in the instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written.
/s/ Xxxxxxx Xxxxxx | ||||||
NOTARY PUBLIC in and for the State of Washington, residing at Seattle WA | ||||||
My appointment expires 4/18/2016 | ||||||
Print Name Xxxxxxx Xxxxxx | ||||||
3
Tenant Notary
STATE OF WASHINGTON,
COUNTY OF KING, |
) ) ss. ) |
On this 31st day of July, 2015, before me, a Notary Public in and for the State of Washington, personally appeared Xxxx Xxxx, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed this instrument, on oath stated that she was authorized to execute the instrument, and acknowledged it as the CFO [title] of IMPINJ, INC., to be the free and voluntary act and deed of said corporation for the uses and purposes mentioned in the instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written.
/s/ Xxxxx Xxxxx | ||
Notary Public in and for the State of Washington, residing at Seattle | ||
My appointment expires 3/17/18 | ||
Print Name Xxxxx Xxxxx | ||
4
EXHIBIT A
AMORTIZATION SCHEDULE
$15.00 | $/SF | 10.00% | Interest | |||
51,375 | RSF | 10 | Term (years) | |||
770,625 | TI Loan $ | 120 | Term (month) | |||
770,625 | Principal |
Term (Months) |
Estimated Dates |
Principal Balance |
Monthly Interest Rate |
Monthly Interest |
Monthly Payment |
Principal Balance After Payment |
Annual | Year | ||||||||||||||||||||
1 |
Jan-16 | 770,625 | 0.83 | % | 6,422 | (10,184 | ) | 766,863 | ||||||||||||||||||||
2 |
Feb-16 | 766,863 | 0.83 | % | 6,391 | (10,184 | ) | 763,070 | ||||||||||||||||||||
3 |
Mar-16 | 763,070 | 0.83 | % | 6,359 | (10,184 | ) | 759,245 | ||||||||||||||||||||
4 |
Apr-16 | 759,245 | 0.83 | % | 6,327 | (10,184 | ) | 755,388 | ||||||||||||||||||||
5 |
May-16 | 755,388 | 0.83 | % | 6,295 | (10,184 | ) | 751,499 | ||||||||||||||||||||
6 |
Jun-16 | 751,499 | 0.83 | % | 6,262 | (10,184 | ) | 747,578 | ||||||||||||||||||||
7 |
Jul-16 | 747,578 | 0.83 | % | 6,230 | (10,184 | ) | 743,623 | ||||||||||||||||||||
8 |
Aug-16 | 743,623 | 0.83 | % | 6,197 | (10,184 | ) | 739,636 | ||||||||||||||||||||
9 |
Sep-16 | 739,636 | 0.83 | % | 6,164 | (10,184 | ) | 735,616 | ||||||||||||||||||||
10 |
Oct-16 | 735,616 | 0.83 | % | 6,130 | (10,184 | ) | 731,563 | ||||||||||||||||||||
11 |
Nov-16 | 731,563 | 0.83 | % | 6,096 | (10,184 | ) | 727,475 | ||||||||||||||||||||
12 |
Dec-16 | 727,475 | 0.83 | % | 6,062 | (10,184 | ) | 723,353 | (122,206.39 | ) | 1 | |||||||||||||||||
13 |
Jan-17 | 723,353 | 0.83 | % | 6,028 | (10,184 | ) | 719,198 | ||||||||||||||||||||
14 |
Feb-17 | 719,198 | 0.83 | % | 5,993 | (10,184 | ) | 715,007 | ||||||||||||||||||||
15 |
Mar-17 | 715,007 | 0.83 | % | 5,958 | (10,184 | ) | 710,781 | ||||||||||||||||||||
16 |
Apr-17 | 710,781 | 0.83 | % | 5,923 | (10,184 | ) | 706,521 | ||||||||||||||||||||
17 |
May-17 | 706,521 | 0.83 | % | 5,888 | (10,184 | ) | 702,225 | ||||||||||||||||||||
18 |
Jun-17 | 702,225 | 0.83 | % | 5,852 | (10,184 | ) | 697,893 | ||||||||||||||||||||
19 |
Jul-17 | 697,893 | 0.83 | % | 5,816 | (10,184 | ) | 693,525 | ||||||||||||||||||||
20 |
Aug-17 | 693,525 | 0.83 | % | 5,779 | (10,184 | ) | 689,120 | ||||||||||||||||||||
21 |
Sep-17 | 689,120 | 0.83 | % | 5,743 | (10,184 | ) | 684,679 | ||||||||||||||||||||
22 |
Oct-17 | 684,679 | 0.83 | % | 5,706 | (10,184 | ) | 680,201 | ||||||||||||||||||||
23 |
Nov-17 | 680,201 | 0.83 | % | 5,668 | (10,184 | ) | 675,685 | ||||||||||||||||||||
24 |
Dec-17 | 675,685 | 0.83 | % | 5,631 | (10,184 | ) | 671,132 | (122,206.39 | ) | 2 | |||||||||||||||||
25 |
Jan-18 | 671,132 | 0.83 | % | 5,593 | (10,184 | ) | 666,541 | ||||||||||||||||||||
26 |
Feb-18 | 666,541 | 0.83 | % | 5,555 | (10,184 | ) | 661,911 | ||||||||||||||||||||
27 |
Mar-18 | 661,911 | 0.83 | % | 5,516 | (10,184 | ) | 657,244 | ||||||||||||||||||||
28 |
Apr-18 | 657,244 | 0.83 | % | 5,477 | (10,184 | ) | 652,537 | ||||||||||||||||||||
29 |
May-18 | 652,537 | 0.83 | % | 5,438 | (10,184 | ) | 647,791 | ||||||||||||||||||||
30 |
Jun-18 | 647,791 | 0.83 | % | 5,398 | (10,184 | ) | 643,005 | ||||||||||||||||||||
31 |
Jul-18 | 643,005 | 0.83 | % | 5,358 | (10,184 | ) | 638,180 | ||||||||||||||||||||
32 |
Aug-18 | 638,180 | 0.83 | % | 5,318 | (10,184 | ) | 633,314 | ||||||||||||||||||||
33 |
Sep-18 | 633,314 | 0.83 | % | 5,278 | (10,184 | ) | 628,408 | ||||||||||||||||||||
34 |
Oct-18 | 628,408 | 0.83 | % | 5,237 | (10,184 | ) | 623,460 |
Term (Months) |
Estimated Dates |
Principal Balance |
Monthly Interest Rate |
Monthly Interest |
Monthly Payment |
Principal Balance After Payment |
Annual | Year | ||||||||||||||||||||
35 |
Nov-18 | 623,460 | 0.83 | % | 5,196 | (10,184 | ) | 618,472 | ||||||||||||||||||||
36 |
Dec-18 | 618,472 | 0.83 | % | 5,154 | (10,184 | ) | 613,442 | (122,206.39 | ) | 3 | |||||||||||||||||
37 |
Jan-19 | 613,442 | 0.83 | % | 5,112 | (10,184 | ) | 608,370 | ||||||||||||||||||||
38 |
Feb-19 | 608,370 | 0.83 | % | 5,070 | (10,184 | ) | 603,256 | ||||||||||||||||||||
39 |
Mar-19 | 603,256 | 0.83 | % | 5,027 | (10,184 | ) | 598,099 | ||||||||||||||||||||
40 |
Apr-19 | 598,099 | 0.83 | % | 4,984 | (10,184 | ) | 592,900 | ||||||||||||||||||||
41 |
May-19 | 592,900 | 0.83 | % | 4,941 | (10,184 | ) | 587,657 | ||||||||||||||||||||
42 |
Jun-19 | 587,657 | 0.83 | % | 4,897 | (10,184 | ) | 582,370 | ||||||||||||||||||||
43 |
Jul-19 | 582,370 | 0.83 | % | 4,853 | (10,184 | ) | 577,039 | ||||||||||||||||||||
44 |
Aug-19 | 577,039 | 0.83 | % | 4,809 | (10,184 | ) | 571,664 | ||||||||||||||||||||
45 |
Sep-19 | 571,664 | 0.83 | % | 4,764 | (10,184 | ) | 566,244 | ||||||||||||||||||||
46 |
Oct-19 | 566,244 | 0.83 | % | 4,719 | (10,184 | ) | 560,779 | ||||||||||||||||||||
47 |
Nov-19 | 560,779 | 0.83 | % | 4,673 | (10,184 | ) | 555,268 | ||||||||||||||||||||
48 |
Dec-19 | 555,268 | 0.83 | % | 4,627 | (10,184 | ) | 549,712 | (122,206.39 | ) | 4 | |||||||||||||||||
49 |
Jan-20 | 549,712 | 0.83 | % | 4,581 | (10,184 | ) | 544,109 | ||||||||||||||||||||
50 |
Feb-20 | 544,109 | 0.83 | % | 4,534 | (10,184 | ) | 538,459 | ||||||||||||||||||||
51 |
Mar-20 | 538,459 | 0.83 | % | 4,487 | (10,184 | ) | 532,762 | ||||||||||||||||||||
52 |
Apr-20 | 532,762 | 0.83 | % | 4,440 | (10,184 | ) | 527,018 | ||||||||||||||||||||
53 |
May-20 | 527,018 | 0.83 | % | 4,392 | (10,184 | ) | 521,226 | ||||||||||||||||||||
54 |
Jul-20 | 521,226 | 0.83 | % | 4,344 | (10,184 | ) | 515,386 | ||||||||||||||||||||
55 |
Aug-20 | 515,386 | 0.83 | % | 4,295 | (10,184 | ) | 509,497 | ||||||||||||||||||||
56 |
Aug-20 | 509,497 | 0.83 | % | 4,246 | (10,184 | ) | 503,559 | ||||||||||||||||||||
57 |
Oct-20 | 503,559 | 0.83 | % | 4,196 | (10,184 | ) | 497,571 | ||||||||||||||||||||
58 |
Oct-20 | 497,571 | 0.83 | % | 4,146 | (10,184 | ) | 491,534 | ||||||||||||||||||||
59 |
Nov-20 | 491,534 | 0.83 | % | 4,096 | (10,184 | ) | 485,446 | ||||||||||||||||||||
60 |
Dec-20 | 485,446 | 0.83 | % | 4,045 | (10,184 | ) | 479,307 | (122,206.39 | ) | 5 | |||||||||||||||||
61 |
Jan-21 | 479,307 | 0.83 | % | 3,994 | (10,184 | ) | 473,118 | ||||||||||||||||||||
62 |
Feb-21 | 473,118 | 0.83 | % | 3,943 | (10,184 | ) | 466,877 | ||||||||||||||||||||
63 |
Mar-21 | 466,877 | 0.83 | % | 3,891 | (10,184 | ) | 460,583 | ||||||||||||||||||||
64 |
Apr-21 | 460,583 | 0.83 | % | 3,838 | (10,184 | ) | 454,238 | ||||||||||||||||||||
65 |
May-21 | 454,238 | 0.83 | % | 3,785 | (10,184 | ) | 447,839 | ||||||||||||||||||||
66 |
Jun-21 | 447,839 | 0.83 | % | 3,732 | (10,184 | ) | 441,387 | ||||||||||||||||||||
67 |
Jul-21 | 441,387 | 0.83 | % | 3,678 | (10,184 | ) | 434,882 | ||||||||||||||||||||
68 |
Aug-21 | 434,882 | 0.83 | % | 3,624 | (10,184 | ) | 428,322 | ||||||||||||||||||||
69 |
Sep-21 | 428,322 | 0.83 | % | 3,569 | (10,184 | ) | 421,707 | ||||||||||||||||||||
70 |
Oct-21 | 421,707 | 0.83 | % | 3,514 | (10,184 | ) | 415,038 | ||||||||||||||||||||
71 |
Nov-21 | 415,038 | 0.83 | % | 3,459 | (10,184 | ) | 408,312 | ||||||||||||||||||||
72 |
Dec-21 | 408,312 | 0.83 | % | 3,403 | (10,184 | ) | 401,531 | (122,206.39 | ) | 6 | |||||||||||||||||
73 |
Jan-22 | 401,531 | 0.83 | % | 3,346 | (10,184 | ) | 394,693 | ||||||||||||||||||||
74 |
Feb-22 | 394,693 | 0.83 | % | 3,289 | (10,184 | ) | 387,799 | ||||||||||||||||||||
75 |
Mar-22 | 387,799 | 0.83 | % | 3,232 | (10,184 | ) | 380,846 | ||||||||||||||||||||
76 |
Apr-22 | 380,846 | 0.83 | % | 3,174 | (10,184 | ) | 373,836 | ||||||||||||||||||||
77 |
May-22 | 373,836 | 0.83 | % | 3,115 | (10,184 | ) | 366,768 | ||||||||||||||||||||
78 |
Jun-22 | 366,768 | 0.83 | % | 3,056 | (10,184 | ) | 359,640 | ||||||||||||||||||||
79 |
Jul-22 | 359,640 | 0.83 | % | 2,997 | (10,184 | ) | 352,453 |
6
Term (Months) |
Estimated Dates |
Principal Balance |
Monthly Interest Rate |
Monthly Interest |
Monthly Payment |
Principal Balance After Payment |
Annual | Year | ||||||||||||||||||||
80 |
Aug-22 | 352,453 | 0.83 | % | 2,937 | (10,184 | ) | 345,207 | ||||||||||||||||||||
81 |
Sep-22 | 345,207 | 0.83 | % | 2,877 | (10,184 | ) | 337,899 | ||||||||||||||||||||
82 |
Oct-22 | 337,899 | 0.83 | % | 2,816 | (10,184 | ) | 330,531 | ||||||||||||||||||||
83 |
Nov-22 | 330,531 | 0.83 | % | 2,754 | (10,184 | ) | 323,102 | ||||||||||||||||||||
84 |
Dec-22 | 323,102 | 0.83 | % | 2,693 | (10,184 | ) | 315,611 | (122,206.39 | ) | 7 | |||||||||||||||||
85 |
Jan-23 | 315,611 | 0.83 | % | 2,630 | (10,184 | ) | 308,057 | ||||||||||||||||||||
86 |
Feb-23 | 308,057 | 0.83 | % | 2,567 | (10,184 | ) | 300,440 | ||||||||||||||||||||
87 |
Mar-23 | 300,440 | 0.83 | % | 2,504 | (10,184 | ) | 292,760 | ||||||||||||||||||||
88 |
Apr-23 | 292,760 | 0.83 | % | 2,440 | (10,184 | ) | 285,016 | ||||||||||||||||||||
89 |
May-23 | 285,016 | 0.83 | % | 2,375 | (10,184 | ) | 277,207 | ||||||||||||||||||||
90 |
Jun-23 | 277,207 | 0.83 | % | 2,310 | (10,184 | ) | 269,333 | ||||||||||||||||||||
91 |
Jul-23 | 269,333 | 0.83 | % | 2,244 | (10,184 | ) | 261,394 | ||||||||||||||||||||
92 |
Aug-23 | 261,394 | 0.83 | % | 2,178 | (10,184 | ) | 253,388 | ||||||||||||||||||||
93 |
Sep-23 | 253,388 | 0.83 | % | 2,112 | (10,184 | ) | 245,316 | ||||||||||||||||||||
94 |
Oct-23 | 245,316 | 0.83 | % | 2,044 | (10,184 | ) | 237,176 | ||||||||||||||||||||
95 |
Nov-23 | 237,176 | 0.83 | % | 1,976 | (10,184 | ) | 228,969 | ||||||||||||||||||||
96 |
Dec-23 | 228,969 | 0.83 | % | 1,908 | (10,184 | ) | 220,693 | (122,206.39 | ) | 8 | |||||||||||||||||
97 |
Jan-24 | 220,693 | 0.83 | % | 1,839 | (10,184 | ) | 212,348 | ||||||||||||||||||||
98 |
Feb-24 | 212,348 | 0.83 | % | 1,770 | (10,184 | ) | 203,934 | ||||||||||||||||||||
99 |
Mar-24 | 203,934 | 0.83 | % | 1,699 | (10,184 | ) | 195,450 | ||||||||||||||||||||
100 |
Apr-24 | 195,450 | 0.83 | % | 1,629 | (10,184 | ) | 186,894 | ||||||||||||||||||||
101 |
May-24 | 186,894 | 0.83 | % | 1,557 | (10,184 | ) | 178,268 | ||||||||||||||||||||
102 |
Jun-24 | 178,268 | 0.83 | % | 1,486 | (10,184 | ) | 169,570 | ||||||||||||||||||||
103 |
Jul-24 | 169,570 | 0.83 | % | 1,413 | (10,184 | ) | 160,799 | ||||||||||||||||||||
104 |
Aug-24 | 160,799 | 0.83 | % | 1,340 | (10,184 | ) | 151,955 | ||||||||||||||||||||
105 |
Sep-24 | 151,955 | 0.83 | % | 1,266 | (10,184 | ) | 143,038 | ||||||||||||||||||||
106 |
Oct-24 | 143,038 | 0.83 | % | 1,192 | (10,184 | ) | 134,046 | ||||||||||||||||||||
107 |
Nov-24 | 134,046 | 0.83 | % | 1,117 | (10,184 | ) | 124,979 | ||||||||||||||||||||
108 |
Dec-24 | 124,979 | 0.83 | % | 1,041 | (10,184 | ) | 115,836 | (122,206.39 | ) | 9 | |||||||||||||||||
109 |
Jan-25 | 115,836 | 0.83 | % | 965 | (10,184 | ) | 106,618 | ||||||||||||||||||||
110 |
Feb-25 | 106,618 | 0.83 | % | 888 | (10,184 | ) | 97,323 | ||||||||||||||||||||
111 |
Mar-25 | 97,323 | 0.83 | % | 811 | (10,184 | ) | 87,950 | ||||||||||||||||||||
112 |
Apr-25 | 87,950 | 0.83 | % | 733 | (10,184 | ) | 78,499 | ||||||||||||||||||||
113 |
May-25 | 78,499 | 0.83 | % | 654 | (10,184 | ) | 68,969 | ||||||||||||||||||||
114 |
Jun-25 | 68,969 | 0.83 | % | 575 | (10,184 | ) | 59,360 | ||||||||||||||||||||
115 |
Jul-25 | 59,360 | 0.83 | % | 495 | (10,184 | ) | 49,671 | ||||||||||||||||||||
116 |
Aug-25 | 49,671 | 0.83 | % | 414 | (10,184 | ) | 39,901 | ||||||||||||||||||||
117 |
Sep-25 | 39,901 | 0.83 | % | 333 | (10,184 | ) | 30,049 | ||||||||||||||||||||
118 |
Oct-25 | 30,049 | 0.83 | % | 250 | (10,184 | ) | 20,116 | ||||||||||||||||||||
119 |
Nov-25 | 20,116 | 0.83 | % | 168 | (10,184 | ) | 10,100 | ||||||||||||||||||||
120 |
Dec-25 | 10,100 | 0.83 | % | 84 | (10,184 | ) | 0 | (122,206.39 | ) | 10 |
7