LIONBRIDGE TECHNOLOGIES INC /DE/
SUBLEASE
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>dex102.htm
<DESCRIPTION>SUBLEASE
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<TITLE>SUBLEASE</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.2 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>SUBLEASE AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Madrid, January&nbsp;5, 2006 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>BETWEEN</U></B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;William Newton, of age, a US
national, with Residence Permit No. X0103078S and business address in Madrid, calle Orense no. 69. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">And Mr.&nbsp;John Joseph Slater, with Residence Permit
No. X-0612789-T, a US national, with residence in Madrid, calle Prado del Rey, 4 Chalet 56 Pozuelo de Alarc&oacute;n 28223 </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>ON BEHALF
OF </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On behalf of the business corporation <B>LIONBRIDGE ESPA&Ntilde;A, S.L. </B>with Tax Id No. B81673063 and registered offices in Madrid, Calle
Orense 69 &#150; 1&ordm;, established for an indefinite period of time as per deed of incorporation executed before the Notary Public Mr.&nbsp;Garc&iacute;a-Ramos Iturralde on December&nbsp;29, 1998, with record number 4.322. The company has been
registered in the Business Registry of the Province of Madrid, in Volume 12,031, Book 0, Folio 103, Section&nbsp;8, Page No. M-189404, Entry No.&nbsp;1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Acting as agent, as duly certified in the appointment agreed upon at the meeting of the Board of Directors held on January&nbsp;30, 2004 and recorded in a public deed executed before the Notary Public of Madrid, Mr.&nbsp;Miguel &Aacute;ngel
Garc&iacute;a-Ramos Iturralde, on February&nbsp;19, 2004 with record number 378, and registered in the Business Registry of Madrid, Volume 13.551, Book 0, Folio 196, Section&nbsp;8, Page No. M-189404, Entry 20. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On behalf of the business corporation &#147;SlaterLabs S.A.&#148;, with Tax Id No. A-84117688 and registered offices in Madrid, Paseo de la Castellana 121 1&ordm;-D,
established for an indefinite period of time as per deed of incorporation before the Notary Public Mr.&nbsp;Lu&iacute;s de la Fuente O&#146;Connor, on the date October&nbsp;1, 2004, with record number 2,854 and registered in the Business Registry of
Madrid, Volume 21,001, Book 0, Folio 31, Section&nbsp;8, Page No M-372489, Entry no.1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Acting according to appointment in the deed of incorporation,
executed before the Notary of Madrid, Mr.&nbsp;Lu&iacute;s de la Fuente O&#146;Connor, registered in the Business Registry of Madrid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">Both parties acknowledge their mutual legal capacity to enter into this agreement freely and voluntarily. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>AND DECLARE AS FOLLOWS: </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B>That on July&nbsp;18, 2003, the business corporation <B>LIONBRIDGE ESPA&Ntilde;A, S.L. </B>(in the following the SUBLESSOR) signed a lease agreement with the business
corporation &#147;<B>RENTA ANTIGUA G.O. S.L.</B>&#148; for the lease of the following real estate located in the building Eurobuilding II, in Calle Orense number 69 in Madrid: </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Office premises letters E and F</U> located on the first floor. The first office has an approximate area of 2,133.72 m</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> (registered building no. 9,531, cadastral reference 900 1190501 VK4719A 0040 OT), and the second has an approximate area of 1,464.18 m</FONT><FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>2</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> (registered building no. 9,529, cadastral reference 1190501 VK4719A 0041 PY). Both are registered in the Property Registry no.
7 of Madrid. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">66 parking spaces, with the numbers 3 to 18, 21 to 30, 34 to 39, 44, 45, 47, 48, 50, 51, and 53 to 74 located in the first basement of the building (registered building no. 8232),
and with the numbers 250, 252, 255, 257, 288, and 289 located in the second basement of the building (registered building no. 8231) both registered in the Property Registry no. 7 of Madrid. </FONT></TD></TR></TABLE>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B>That the business corporation SlaterLabs S.A. (in the following the SUBLESSEE) is interested in subleasing the properties described in Section I, to be considered as the
object. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The drawings attached in <B><U>Annex no. 1</U></B> identify the area and the parking spaces that are the object of
the sublease. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">In the following, the area and the parking spaces that are the object of this sublease agreement will be referred to as the
PREMISES. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE declares to have visited and to know the mentioned PREMISES, and he can therefore not formulate any claim regarding
the area and the condition of same. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>III.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B></B>That, according to all of the above, both parties sign the present <B>SUBLEASE AGREEMENT</B> in accordance with the following </FONT></TD></TR></TABLE> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>TERMS AND CONDITIONS </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>One &#150; Legal
System </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In accordance with article 4 in the Act of Urban Leases (LAU) 29/1994 of November&nbsp;24, this sublease agreement shall be governed by the will
of the parties as stated in this agreement, and otherwise, regarding matters that are not foreseen herein, and on condition that they do not contradict the agreements recorded herein, the agreement shall be governed in accordance with Chapter III of
the mentioned Act and additionally, in accordance with the Civil Code. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This sublease agreement is also signed in accordance with the terms and conditions
contained in the document dated November&nbsp;20, 2003, in which the owner expressly authorizes the sublease of these premises. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Two.- Duration
</U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The duration of this agreement is 2 years from the date of signature, and the contracting parties are under the obligation to fulfill the mentioned
period of duration. When the previously established period of 2 years has finished, this agreement shall be automatically and tacitly extended for successive periods of one year, with a maximum limit of 2 annual extensions, unless one of the parties
informs the other party in a satisfactory manner of his intention to cancel it at least 6 months in advance of the expiration of the agreement or any of the successive extension periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Notwithstanding the above paragraph and in the event of an extension of the sublease agreement between the SUBLESSOR and the owner, the parties expressly agree to the <B>automatic and tacit extension</B> of this
agreement for the same periods of time that the mentioned agreement is extended, unless one of the parties informs the other party of his intention to cancel it at least 6 months in advance of the expiration of the initial term of validity or any
other of the consecutive extension periods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This agreement will expire when the normal duration foreseen in this condition has elapsed, or, in any case,
in the event that the lease agreement referred to in paragraph I is cancelled, in which case the subleased PREMISES shall be vacated by the said date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Consequently, after informing of the decision to cancel the agreement, the SUBLESSEE undertakes to vacate the PREMISES that are the object of the sublease, and place them at the disposal of the SUBLESSOR. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Likewise, the parties expressly agree that under no circumstances shall the compensation indicated in article 34 of the Act of Urban Leases currently in force apply.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B><U>Three.- Object of the Sublease Physical Location</U></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The object of the sublease is solely made up of the area and the parking spaces described in the drawing enclosed as Annex I to this document, and thus excludes the
facade, the sides of the entrance and the lobby of the stairs. The SUBLESSEE is therefore not permitted to place signs or advertisements in the said places, balconies, or windows. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE can affix his nameplate in the place designated for this purpose in the lobby of the building. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE declares that he has knowledge of the current urban rating of the subleased object, as well as the regulations that apply regarding the permitted uses,
expressly discharging the SUBLESSOR from any claim or compensation in case the corresponding competent administrative authorities should refuse to give or revoke the necessary permits, licenses or authorizations. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The object is leased in the present condition of the existing main power connections and branches or line voltages that
affect the utilities with which it is equipped, and the SUBLESSEE cannot require different installations or modify them without the express consent in writing by the SUBLESSOR and the owner. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In case it should be necessary to carry out modifications in the general building installations as well as in the installations of the subleased object that have been
authorized by the SUBLESSOR and the owner, the complete cost of the said modifications shall be for the account of the SUBLESSEE, if he should wish to continue using the utility in question. However, prior to this he shall submit the report and the
project for the modifications, which must be carried out in each case as required by the corresponding utility company, to the SUBLESSOR and the owner for their approval. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">If the SUBLESSEE should modify the utility installations of the subleased object without the mandatory authorization of the SUBLESSOR and the owner, the SUBLESSOR can cancel the agreement, and the SUBLESSOR or the
owner can claim damages. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The purchase, maintenance, repair, and possible replacement of the utility meters as well as the consumption amount are
exclusively for the account of the SUBLESSEE. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE is required to contract directly with the corresponding utility companies, and the SUBLESSOR
or the owner can terminate the contract for supplies in their name as from today&#146;s date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSOR, the owner or the administrator are exempt
from all responsibility if, at any moment, the utilities used by the subleased premises should fail or be reduced. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE acknowledges to receive
the object of the present agreement in a perfect state of preservation and to his entire satisfaction; consequently all wear and tear caused to the object are for his account. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Four.-Rent </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The agreed rent comes to the monthly amount of 19.080 EUROS (nineteen thousand eighty Euros), plus
the corresponding Value Added Tax rate. This sum includes the office space, 12 parking spaces and the general building expenses that apply to the subleased PREMISES. The mentioned expenses include the insurance of the premises, cleaning, mandatory
municipal property tax (IBI), etc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The rent and other amounts for the account of the SUBLESSEE shall be payable in monthly advance payments from the
1</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>st</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> to the 7</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> day of each month. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Payment shall be made by a direct debit order from
the bank account indicated by the SUBLESSEE for this purpose. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">In case the mentioned account is closed or cancelled, the
SUBLESSEE shall pay the rent at the domicile of the SUBLESSOR. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Five.- Rent Adjustment </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The contracting parties agree that during the term negotiated in this agreement and its possible extensions, the rent shall be adjusted each year according to the changes
in the Cost of Living (at present the Consumer Price Index), as established by the Spanish National Statistics Institute or an organization that replaces it for the whole Spanish nation. The mentioned adjustment shall be made by modifying, at each
annual due date, the current rent in the same proportion as the variation of the mentioned index during the immediately preceding twelve-month period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">If
the Spanish General Consumer Price Index should not be a valid index for regulating the rent up or down in the future, the index to be used shall be the one indicated by the management. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">In the event that the definitive indices have not been published on the date for adjusting the rent, the temporary indices, if known, can be applied, and the corresponding adjustments shall take place when the indices
are known. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In any case, the effect of the rent adjustment, whether an increase or a decrease, shall take place on the foreseen date. In case of an
increase the SUBLESSEE shall pay the corresponding amount from this date in the first receipt issued, and in case of a decrease the LESSEE shall pay back the corresponding amount from this date in the first receipt issued. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Six. &#150; Tax on Garbage or Waste Materials </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The SUBLESSEE is under the obligation to pay the Garbage Collection Tax in the proportion that corresponds to the subleased premises, as it is understood that this service is carried out by the municipality for the
exclusive benefit of the user. Although the owner and the SUBLESSOR have subsidiary or joint responsibility for the payment, the mentioned amount can be paid to the SUBLESSOR by the SUBLESSEE, independently of the agreed rent, and entirely, as a
separate item, but contained in the rent receipt. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE is likewise under the obligation to pay, in the proportion that corresponds to the
subleased object, any tax, duty or similar fees that are levied by the national, local or autonomous government, for the collection or disposal of waste materials, and that are drawn on the owner or the SUBLESSOR. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Seven.- Return of the Subleased Object </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">When, for any reason,
the sublease agreement, the SUBLESSEE shall return the subleased object and its installations in a good state of maintenance to the SUBLESSOR. The equipment and installations that correspond to the activity of the SUBLESSEE and which can be removed
without causing any damage, shall be removed by the SUBLESSEE. As to improvements or installations that cannot be removed without causing damage, the SUBLESSOR or the owner can choose between removing them at the cost of the SUBLESSEE or leave them
to the benefit of the subleased premises, in which case the SUBLESSEE shall not be entitled to receive any compensation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Any installations for water,
electricity, air conditioning, and heating that the SUBLESSEE may have carried out, shall remain in the subleased object, and the SUBLESSEE shall not be entitled to remove them unless so required by the SUBLESSOR or the owner. In none of the above
cases shall the SUBLESSEE be entitled to receive any compensation for any improvements or installations he has carried out. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Eight.- Purpose and Use
of the Subleased Premises </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The PREMISES that are the object of the sublease shall solely and exclusively be used by
the SUBLESSEE for offices. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE declares to know the PREMISES which are the object of the sublease, and that he considers them to be suitable for
the mentioned use. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">If other activities should be carried out, the SUBLESSOR can cancel the agreement due to non-fulfillment of this condition by the
SUBLESSEE. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSOR can also cancel the agreement if the PREMISES remain closed for more than six months of the
year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">It is not permitted to have machines at the PREMISES which produce vibrations or noise that are disturbing the other occupants of the building or of
the adjoining buildings. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Nine.- Entry by the SUBLESSOR in the Subleased Premises </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE authorizes the SUBLESSOR, or any other person authorized or named by the SUBLESSOR for that purpose, to enter the subleased premises any number of times
necessary to inspect the exact fulfillment of all the terms and conditions of the this agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Ten.- Security Deposit </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Upon signature of this agreement, the SUBLESSEE shall hand over a safety deposit to the SUBLESSOR for the amount of 38.160 Euros (thirty-eight thousand one hundred and
sixty Euros), which corresponds to two months&#146; rent, and the use of which shall be the one determined by the law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The safety deposit shall not
produce any interest for the SUBLESSEE and shall be revised every seven years in order to adjust it to the equivalent sum of two months&#146; current rent. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">It is agreed that at the expiry or cancellation of this agreement, the SUBLESSOR can withhold the safety deposit as
partial or full compensation for the amounts owed to him by the SUBLESSEE, as well as for the damages caused due to contractual non-fulfillment or non-contractual responsibility derived from the use of the PREMISES. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Eleven.-Repair or Improvement Works in the Building </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Expressly
waiving article 30 in connection with articles 22 and 26 in the Act of Urban Leases, the contracting parties agree that if the owner or the SUBLESSOR should wish to carry out repairs, renovations or improvements in the object of the sublease, the
SUBLESSEE cannot object to same and shall agree to them, although this does not affect his right, to be exercised within a period of one month after the notification, to cancel the agreement if the work affects him in any relevant way. The SUBLESSEE
also waives all rights to receive a rent reduction because he is deprived of part the subleased object due to the refurbishment, and to receive a compensation for the costs caused by the renovation works or for the damage caused. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twelve.-Repair Works in the Subleased Object </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Based on his
knowledge of the object of this agreement, the SUBLESSEE declares that it is in a perfect state of conservation, and that the damage and wear caused to it, as well as the necessary repair works to maintain the object in a condition that makes it
possible to be used for the agreed purpose, shall be for his account; excepting any repairs that affect the building structure, as he expressly waives article 30 in connection with article 21 in the Act of Urban Leases, and therefore does not have
the right to cancel the agreement or to give it up, to receive any compensation, nor to reduce or stop paying the rent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Thirteen.-Non-Authorized Work </U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Except for the work indicated in the condition above, the SUBLESSEE cannot carry out work in the
subleased object without previous permission in writing from the SUBLESSOR and the owner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The execution of work without the written authorization of the
SUBLESSOR and the owner shall be considered cause for cancellation of this agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Furthermore, the SUBLESSEE shall be under the obligation to
compensate the SUBLESSOR for damages, not only for the cost of the work necessary for the object to return to its original state and shape, but also for the lost profits due to the impossibility of subleasing it until the last works have been
completed. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Fourteen.- Waiver of the Right of Preferential Purchase </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The parties expressly waive the right indicated in article 31 of the Act of Urban Leases and agree that in case of sale of the subleased premises or in case of transfer of title to same, the SUBLESSEE shall not have
the right of preferential purchase hereof. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Fifteen. &#150; Waiver of the Right to Transfer and Sublease </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE cannot transfer or sublease the subleased premises completely or in part. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">If the SUBLESSEE should violate this condition, the SUBLESSOR can cancel the agreement. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Sixteen. Application of VAT </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE is under the
obligation to pay the Value Added Tax rate that corresponds at all times, and which is applied to the total of the items that make up the rent receipt. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Seventeen.- Insurance </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">During the duration of this agreement, the SUBLESSEE is under the obligation, at his own expense, to take out
and maintain an insurance policy for civil liability that covers the risk of damages that can be inflicted on persons or things, or on the object itself, as a result of the use of same, be they acts or omissions by the SUBLESSEE or his personnel, or
be they due to the installations of same. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Eighteen.- Cancellation due to Ruinous State </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The ruinous state of the object as declared in an administrative record as well as the loss or destruction of the object shall be cause for cancellation. It is considered that the object is in a ruinous state when it
is necessary to carry out repair works with a cost equal to or above 50 percent of the construction value, not counting the value of the land. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Nineteen.- Cancellation due to Expropriation </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The expropriation of the object of the agreement by the corresponding competent
government administration shall be cause for cancellation of this agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twenty.-Causes for Cancellation of the Agreement </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In addition to the non-fulfillment of the agreed conditions, the causes foreseen in the current Act of Urban Leases and the legislation for the lease agreements that
should replace it, shall also be considered reasons for cancellation. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twenty-one. &#150; Penalty </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The SUBLESSEE is under the obligation to vacate the object of the present agreement, leaving it unoccupied, empty, and clear to the disposal of the LESSEE, and to appear
at the business premises of the LESSEE to hand over the keys to indicate that the premises have been vacated when the agreed term has come to an end or if the agreement has been cancelled for any reason. If this is not done punctually, the SUBLESSEE
shall be under the obligation to pay a compensation to the SUBLESSOR for each day of delay that the premises are not vacated and the keys have not been handed over. The mentioned compensation shall be the equivalent of a thirtieth part of the last
monthly rent paid. The mentioned penalty shall be made independently of the exercise by the SUBLESSOR of the necessary actions to obtain the eviction. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Twenty-two. - Guarantee for Fulfillment of the Agreement.</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As an additional guarantee for the fulfillment of
all the terms and conditions in this agreement, at the signature, the SUBLESSEE hands over a bank guarantee to the SUBLESSOR with the following characteristics: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">A bank guarantee that provides a guarantee to the SUBLESSOR, at the <B>first request</B>, from the time of signature of this agreement and during its complete validity, for an amount equivalent to <B>SIX MONTHLY PAYMENTS </B>of the current
rent, and which at the beginning is established at <B>114.480 EUROS PLUS VAT (one hundred and fourteen thousand four hundred and eighty Euros PLUS V.A.T). </B> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The said guarantee shall have a validity of <B>ONE YEAR (1 year)</B> starting from the conclusion of this agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">During the complete validity of this agreement, the SUBLESSEE shall be under the obligation to renew the bank guarantee and hand it over to the SUBLESSOR two months
before the expiry of the previous guarantee, and it shall be revised so that it always covers the amount of twelve monthly payments of the subleased rent. The absence of the said bank guarantee will be cause for the cancellation of this agreement at
the request of the SUBLESSOR. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The mentioned bank guarantee shall assure the SUBLESSOR of the fulfillment of each and all of the obligations agreed upon in
this agreement by the SUBLESSEE. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twenty-three.- Notifications </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">In order to receive any notification in connection with the rights and obligations of this agreement, as well as the effects of summons or subpoena, the address of the LESSEE is the one indicated in the introduction
to this document, and the address of the SUBLESSEE is that of the office premises which are the object of the agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twenty-four. Jurisdiction
</U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The parties agree to submit disputes, disagreements or claims regarding this agreement to the courts of the city of Madrid. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twenty-five.- Costs related to Converting this Agreement into a Public Deed and Registration </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This agreement can be converted into a public deed in order to register it in the Property Registry at the request of any of the parties provided that the lease
agreement, from which it is derived, is registered in the Registry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">In this case, all costs related to the above,
including fiscal costs, shall be for the account of the requesting party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In witness whereof, the parties sign two copies of this document to one sole
effect at the place and on the date indicated above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">THE SUBLESSOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">THE SUBLESSEE</FONT></TD></TR>
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