International Business Machines Corporation Hudson Valley Research Park
Exhibit
10.8
 |
|||
| International Business Machines Corporation | |||
| Xxxxxx Valley Research Park | |||
|
0000
Xxxxx 00
Xxxxxxxx
Xxxxxxxx, XX 00000-0000
|
Mr. Xxxx
Xxxxx
President
and Chief Executive Officer
eMagin
Corporation
Xxxxxx
Valley Research Park
0000
Xxxxx 00
| Xxxxxxxx Xxxxxxxx, XX 00000-0000 | May 28, 2002 |
Subject :
Third Amendment to the Lease executed on May 28, 1999, between International
Business Machines Corporation (IBM) and eMagin Corporation
Dear Xx.
Xxxxx:
This
letter, upon your signed acceptance, amends the above referenced Lease between
IBM and eMagin Corporation for space located at the Xxxxxx Valley Research Park
in Hopewell Junction, New York. The Lease shall be amended as
follows:
Replace
"EXHIBIT Al", dated 07-02-99 in its entirety with "EXHIBIT Al," effective date
06-01-02.
Replace
"EXHIBIT A2', dated 01-15-99 in its entirety with "EXHIBIT A2," effective date
06-01-02.
Replace
"EXHIBIT A3", dated 01-15-99 in its entirety with "EXHIBIT A3," effective date
06-01-02.
Replace
"SCHEDULE A", dated 06-01-99 in its entirety with "SCHEDULE A" effective date
06-01-02.
Replace
"SCHEDULE B", dated 06-01-99 in its entirety with "SCHEDULE Et" effective date
06-02-02.
Except as
amended herein, all the terms and conditions of the Lease shall remain in full
force and in effect. Please indicate your acceptance by signing two (2) copies
of this letter and returning them to IBM for counter signature. Thank
you.
Accepted and agreed to:
| INTERNATIONAL BUSINESS | eMagin CORPORATION | |||||
| MACHINES CORPORATION | ||||||
| By: |
/s/
Xxxxxxx X. Xxxxxx
|
By: |
/s/ Xxxx
Xxxxx
|
|||
|
Xxxxxxx
X. Xxxxxx
|
Xxxx
Xxxxx
|
|||||
|
Senior
Program Manager
|
President
and Chief Executive Officer
|
|||||
| Date: | 06/05/02 | Date: | June 5, 2002 | |||
SCHEDULE
A
eMagin
CORPORATION
BASE
RENT COMPUTATION SCHEDULE
|
|
Effective
06/01/02
|
||||
|
Space
Type
|
Net
Productive
Sq. Ft.
|
This
Amendment |
Rate
$/NPSF
|
Annual
Base Rent
|
|
|
Wet
|
3004
|
-3004
|
$22.00
|
$0.00
|
|
|
Dry
|
7691
|
0
|
$18.00
|
$138,438.00
|
|
|
|
|||||
|
Office
|
11209
|
-1997
|
$15.00
|
$138,180.00
|
|
|
Clean
|
16316
|
0
|
$30.00
|
$489,480.00
|
|
|
|
|||||
|
Storage
|
9727
|
5001
|
$5.00
|
$73,640.00
|
|
|
|
Net Prod.
Rent
|
||||
|
Total Sq.
Ft.
|
47,947.00
|
0
|
$839,738.00
|
$ per
Year
|
|
|
|
|||||
|
New Total Sq.
Ft
|
47,947.00
|
||||
| Amortized Loan Payment |
$47,231.76
|
||||
|
$155,000
Fit-up cost at 18.0% at a 5 yr term7
( See Schedule-E )
|
$888,969.76
|
Total Rent Charge | |||
|
$73,914.15
|
Rent $ per Mo. | ||||
|
$18.50:
|
per Sq.
Ft. per Yr.
Avg.
Rent
|
||||
Deriving
Net Rentable Basis
|
Building
Number
|
Net
Productive
Sq. Ft.
|
NP
to NR
Factor
|
Net
Rentable
Sq. Ft.
|
Net
Rentable
Delta
(Sq.Ft.)
|
|
|
310
|
10352
|
1.26
|
13043.52
|
2692
|
|
|
320
|
0
|
1.27
|
0
|
0
|
|
|
321
|
0
|
0
|
0
|
||
|
330
|
28991
|
1.26
|
36528.66
|
7538
|
|
|
334
|
8604
|
1.47
|
12647.88
|
4044
|
|
| 640 | 0 |
0
|
0
|
||
| Total |
47,947.00
|
62,220
|
14,273
|
| BOMA Formula for Net Productive to Net Rentable | Date 05/24/02 | |||
|
Building
Rentable
|
= Bulding Net Rentable |
Example
|
475000
|
= 1.55 |
|
Building Net Productive
|
308300
|
|||
SCHEDULE
B
eMagin
CORPORATION
BASE
RENT PAYMENT SCHEDULE
Effective
Date
06/01/02
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
|||
|
January
|
$70,589.25
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
||
|
February
|
$70,589.25
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
||
|
March
|
$70,589.25
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
||
|
April
|
$70,589.25
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$0.00
|
||
|
May
|
1
|
$70,589.25
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$0.00
|
|
|
June
|
1
|
$71,308.31
|
$79,833.98
|
$79,833.98
|
2
|
$73,914.15
|
$73,914.15
|
$0.00
|
|
July
|
$71,308.31
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73914.15
|
$0.00
|
||
|
Aug
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
$0.00
|
||
|
September
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
$0.00
|
||
|
October
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
$0.00
|
||
|
November
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
$0.00
|
||
|
December
|
$79,833.98
|
$79,833.98
|
$79,833.98
|
$73,914.15
|
$73,914.15
|
$0.00
|
||
|
Total
|
$894,732.77
|
$958,007.76
|
$958,007.76
|
$916,568.93
|
$886,969.76
|
$221,742.44
|
Notes:
1. $8,525.67
Per Mo., credit for 6,254 S/F in B/310, under consturciotn &
unabavaible7
2. Reclassified
office and lab (5,000 s.f.) to storage space
