EX-10.8 3 ex108.htm EXHIBIT 10.8 ex108.htm
 
Exhibit 10.8
 
 
 
 
     
 
      International Business Machines Corporation
      Hudson Valley Research Park
     
2070 Route 52
Hopewell Junction, NY 12533-6531
 
 
 
Mr. Gary Jones
President and Chief Executive Officer
eMagin Corporation
Hudson Valley Research Park
2070 Route 52
Hopewell Junction, NY 12533-6531     May 28, 2002
 
Subject : Third Amendment to the Lease executed on May 28, 1999, between International Business Machines Corporation (IBM) and eMagin Corporation
 
Dear Mr. Jones:
 
This letter, upon your signed acceptance, amends the above referenced Lease between IBM and eMagin Corporation for space located at the Hudson 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/ Raymond J. Wagner
    By: 
/s/ Gary Jones
 
 
Raymond J. Wagner
     
Gary Jones
 
 
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