First Amendment

POS Agreement #003786

Washington Maritime Blue

11/6/2026

FIRST AMENDMENT TO LEASE

BETWEEN

PORT OF SEATTLE

AND

WASHINGTON MARITIME BLUE

FISHERMEN’S TERMINAL

THIS FIRST AMENDMENT TO LEASE (the “Amendment”) is made by and between the

PORT OF SEATTLE, a Washington municipal corporation (the “Port”), and Washington

Maritime Blue, a Washington nonprofit corporation (the “Lessee”), and shall be effective as of

the date it has been mutually executed by both parties to the Amendment.

WITNESSETH:

WHEREAS, the parties entered into a Term Lease agreement dated March 21, 2025, hereinafter

called “Basic Lease,” covering certain premises and activities by Lessee at Fishermen’s

Terminal, Seattle, Washington; and

WHEREAS, in accordance with the Basic Lease terms and conditions a notice dated March 23,

2026, established the Commencement Date as June 16, 2026, the “Rent Commencement Date”

as December 17, 2026, and the Tenant Improvement “Outside Completion Date” as March 18,

2027, which shall be superseded by this First Amendment as agreed to by the parties; and

WHEREAS, the Lessee has agreed to complete the installation of the remaining solar panels in

connection with the Living Building solar requirements as a part of their Tenant Improvement

work relieving the Port of its obligation to install the remaining solar panels as part of Lessor’s

Work under the Basic Lease terms and conditions; and

WHEREAS, the parties now wish to amend the Basic Lease to incorporate an additional six (6)

months to the initial term for a total initial lease term of ten (10) years and six (6) months;

confirm the Commencement Date under Section 2.1; revise and establish the “Outside

Completion Date” for the Tenant Improvements under Section 2.2, revise and establish the “Rent

Commencement Date” and Base Rent provisions under Section 3.1; and amend the Tenant

Improvement Allowance total for the solar panel installation, payment terms, and limits under

Section 7.1.

NOW, THEREFOR, in consideration of the mutual covenants contained herein, the parties agree

as follows:

1. Amendment to Section 2.1 (Lease Term). Section 2.1 of the Original Lease is hereby

deleted in its entirety and replaced with the following:

Item No.

8m_Attach

Meeting Date: November 17, 2026

First Amendment

POS Agreement #003786

Washington Maritime Blue

11/6/2026

“2.1. Lease Term. This Lease shall be for a term ("Term") of ten (10) years and six

(6) months. The Lease Term shall officially commence on June 16, 2026 (the "Commencement

Date"), and, unless sooner terminated in accordance with the provisions of this Lease, shall

expire at midnight on December 15, 2036. Lessee acknowledges and agrees that substantial

completion of the Port’s MInC redevelopment project described in Exhibits D and E attached

hereto (the “Port’s Work”) occurred March 6, 2026 (“Substantial Completion”) and the date the

Port delivered the Premises to Lessee occurred March 18, 2026 (“Delivery Date”).”

2. Amendment to Section 2.2 (Early Termination). Section 2.2 of the Original Lease is

hereby deleted in its entirety and replaced with the following:

"2.2. Early Termination. If Lessee does not complete its Tenant Improvements as

described in Exhibit C and Exhibit D by September 18, 2027 (the "Outside Completion

Date"), the Port may terminate this Lease by providing at least ninety (90) days prior

written notice, which notice shall state the date the Lease will terminate (the notice being

the "TI Early Termination Notice" and the date being the "TI Early Termination Date").

Upon such termination, this Lease will terminate and be of no further force or effect

(except as explicitly provided herein) and the Port shall retain the Security, and Lessee

shall pay a penalty in an amount equal to six (6) months' of Base Rent (the "Tenant

Improvement Early Termination Penalty"). By accepting the Tenant Improvement Early

Termination Penalty the Port does not forego or waive any other of the Port's rights under

the terms and conditions of this Lease. The Tenant Improvement Early Termination

Penalty shall become due immediately on the TI Early Termination Date and shall be

considered Rent for the purposes of the accrual of late charges. Notwithstanding the

foregoing, if, after receipt of the TI Early Termination Notice, Lessee completes the

Tenant Improvements prior to the TI Early Termination Date, then the Tenant

Improvement Early Termination Penalty shall not be payable and this Lease shall not

terminate and shall remain in full force and effect. Notwithstanding the foregoing, the

Outside Completion Date shall be extended (on a day for day basis) for each day of (i) a

Force Majeure event or (ii) a Port Delay (as defined in Exhibit D), or as may be mutually

agreed by Lessee and the Port."

3. Amendment to Section 3.1 (Base Rent). Section 3.1 of the Original Lease is hereby

deleted in its entirety and replaced with the following:

"3.1. Base Rent. Base Rent (defined below) shall commence June 16, 2027 ("Rent

Commencement Date") Lessee agrees to pay as rent (the "Base Rent") for the Premises the

initial sum of THIRTY-NINE THOUSAND TWO HUNDRED FIFTY AND NO/100

DOLLARS ($39,250.00) per month, plus applicable taxes, which sum shall be escalated

pursuant to Section 3.2, with Base Rent escalations throughout the initial ten (10) years and

additional six (6) months of the Term and any Option Term illustrated on Addendum 1 as

amended herein.

Base Rent is generally computed as follows:

15,700 sf of office workspace @ $30.00/sf/yr. = $471,000/yr. ÷ 12 = $39,250.00/mo.

First Amendment

POS Agreement #003786

Washington Maritime Blue

11/6/2026

In addition to Base Rent, Lessee shall pay to the Port as additional Rent, leasehold excise

tax ("LET") on all "Taxable Rent" as determined and required under R.C.W. 82.29A and

the Department of Revenue's implementing regulations, and any subsequent amendments

thereto. Notwithstanding any provision of this Lease to the contrary, following an

assignment or other transfer by the Port of its interest in the Premises (including an

assignment of its interest under this Lease), leasehold excise tax shall not be payable on

Taxable Rent if the assignee is not the State of Washington, a county, city, port district,

municipal corporation, public development authority, or other entity which is exempt from

payment of ad valorem property taxes under Article 7, Section 1 of the Washington State

Constitution or other Legal Requirements (as defined below), or is not required to collect

leasehold excise tax under RCW Chapter 82.29A, as amended from time to time, in which

case, Lessee shall be responsible for payment of all real and personal property taxes

assessed against the Premises as provided in Section 9 of this Lease.

Base Rent for the initial month of the Term shall be paid to the Port in advance on or before

the Rent Commencement Date and, thereafter, on or before the first day of each and every

calendar month during the Term, at such place as the Port may designate, without any prior

demand, and without any abatement, deduction or setoff whatsoever. If the Term

commences on any day other than the first day of a calendar month, Base Rent for any

fractional month shall be escalated or prorated based upon the actual number of days in

such fractional month."

4. Amendment to Section 7.1 (Limitation on Alterations). Section 7.1 of the Original

Lease is hereby deleted in its entirety and replaced with the following:

"7.1. Limitation on Alterations. Other than the Tenant Improvements, Lessee shall make

no changes, alterations, additions, substitutions or improvements (collectively referred to as

"Alterations") to the Premises, unless Lessee shall first deliver to the Port plans and

specifications for, and obtain the Port's prior written approval of, such Alterations. The Port

shall not unreasonably withhold, condition, or delay its approval of any Alterations. All

such Alterations shall be done at Lessee's sole cost and expense and at such times and

subject to such reasonable conditions as the Port may from time to time designate. The Port

shall contribute a "Tenant Improvement Allowance" toward a portion of the Lessee's costs

and expenses associated with Lessee's design and construction of the Tenant Improvements

(defined in Exhibit D). The Tenant Improvement Allowance shall consist of (a) an amount

not to exceed $63.00 per square foot equal to NINE HUNDRED EIGHTY-NINE

THOUSAND ONE HUNDRED AND NO/100 DOLLARS ($989,100.00) for standard

Tenant Improvements, plus (b) an additional reimbursement amount not to exceed THREE

HUNDRED THOUSAND AND NO/100 DOLLARS ($300,000.00), which $300,000

shall be used solely for the solar panel installation and any associated ancillary work

associated with the solar panel installation to meet the Living Building requirements. The

Tenant Improvement Allowance shall be reimbursable progressively subject to the

terms and conditions provided herein, provided that the total reimbursements do not

exceed the total set forth above. The Port shall process and pay each progressive

reimbursement allocation within forty-five (45) days after Lessee has submitted a

First Amendment

POS Agreement #003786

Washington Maritime Blue

11/6/2026

"Disbursement Package" consisting of: (i) a written request for disbursement detailing

the work completed to date, (ii) invoices showing such amounts were paid, (iii) executed

mechanics' lien releases from all constructors, subcontractors and suppliers for both the

work and the materials for which reimbursement from the Tenant Improvement Allowance

is requested, (iv) Affidavits of Wages paid required pursuant to Section 7.4.3 below, and

(v) such other items which may be reasonably requested by the Port. In any case, Lessee

must submit any final Disbursement Package within ninety (90) days from substantial

completion of the Tenant Improvements, with the Port's progressive and final

reimbursements subject to review and approval, which shall not be unreasonably withheld,

conditioned or delayed. The Tenant Improvement work shall be performed in accordance

with both Exhibit D (the "Work Agreement") and LBC Requirements (defined in Section

8.3)."

5. Except as expressly amended herein, all provisions of the Basic Lease shall remain in

full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this FIRST Amendment effective as

of the date it has been mutually executed by both parties.

LESSOR LESSEE

PORT OF SEATTLE Washington Maritime Blue

By: _________________________________ By: _________________________________

Its: ______________________________ Its: ______________________________

Date: ____________________________ Date: ____________________________

First Amendment

POS Agreement #003786

Washington Maritime Blue

11/6/2026

ADDENDUM 1

BASE RENT SCHEDULE

Term Time Period Monthly Base Ren

Annual Base Rent/RSF

Months 1-12 $0.00 $0.00

Months 13-18 $39,250.00 $30.00

Months 19-30 $40,427.00 $30.90

Months 31-42 $41,640.00 $31.83

Months 43-54 $42,889.00 $32.78

Months 55-66 $44,176.00 $33.77

Months 67-78 $45,501.00 $34.78

Months 79-90 $46,866.00 $35.82

Months 91-102 $48,272.00 $36.90

Months 103-114 $49,720.00 $38.00

Months 115-126 $51,212.00 $39.14

First Option Period

Months 127-138 $52,748.00 $40.32

Months 139-150 $54,331.00 $41.53

Months 151-162 $55,961.00 $42.77

Months 163-174 $57,639.00 $44.06

Months 175-186 $59,369.00 $45.38

Second Option Period

Months 187-198 $61,150.00 $46.74

Months 199-210 $62,984.00 $48.14

Months 211-222 $64,874.00 $49.59

Months 223-234 $66,820.00 $51.07

Months 235-246 $68,825.00 $52.61