exv10w38






Exhibit 10.38



	 	 	 	 	 	 	 

	 
	 	LEASE	 	Lease no.	 	 
	 
	 	of Premises	 	01B6511	 	4800-62511






	 	 	 

	The undersigned have this day
	 	A checked box means the following text applies
	entered into the following Lease Agreement:
	 	 






	 	 	 	 	 	 	 	 	 	 	 
	Landlord	 	IDEON AB Scheelevägen 17 223 70 Lund	 	Company reg. no. 556239-8718
	 
	 	 	 	 	 	 	 	 	 	 
	Tenant	 	QlikTech International AB	 	Company reg. no.556472-2691
	 
	 	Address	 	 	 	 	 	 	 	 
	 	 	Ideon Science Park 223 70 Lund	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Address of
premises, etc.
	 	Municipality

Lund	 	Block

Vätet 1	 	Building

B6	 	 	 	 
	 
	 	Address	 	 	 	     Floor	 	Suite #	 	 
	 	 	Scheelevägen 17 223 70 Lund	 	 51	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Use of premises	 	Unless otherwise stated, the premises with associated spaces are leased
in existing condition to be used as:                     Office
	 
	 	 	 	 	 	 	 	 	 	 
	Size and extent of
	 	Retail area in	 	Office area in	 	Storage area in	 	Other area	 	 
	premises
	 	level/m2	 	level/m2	 	level/m2 	 	level / m2	 	 
	 
	 	 | 0	 	 2 &  3 | 2,466	 	 | 0	 	 | 0	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	þ Extent of the leased premises has been marked on appended drawing(s)
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Vehicle access for	 	Location	 	Location for	 	Parking	 	Engine heater
	 
	 	loading/unloading	 	for sign	 	vending machine	 	þ 50 car(s)	 	car(s)
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	Garage parking	 	Outbuilding	 	 	 	 	 	 
	 
	 	space(s)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Furnishings	 	The premises are leased
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	þ without furnishings specifically intended for business
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	o with furnishings specifically intended for business re: appendix
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Unless otherwise agreed upon, upon termination of the leasehold Tenant shall remove all property belonging to him and
surrender the premises in acceptable condition.
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Appendix
	 
	 	 	 	 	 	 	 	 	 	 
	Term of lease	 	Commencing	 	Up to and including	 	 	 	 
	 	 	October 1, 2007     September 30, 2010	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Terminations	 	Termination of this Agreement shall be made 9 months
before the end of the contractual term of the lease. In the absence thereof, this Agreement is extended by a term of 3
year(s)months






	 	 	 	 	 

	Rent	 	SEK 3,489,390 per year amounting to o total rent þ rent excl.
additions marked below
	 
	 	 	 	 
	Index Clause
	 	þ Changes to above-stated rent are made
per the appended index clause	 	Appendix

1
	 
	 	 	 	 
	Heating and hot water	 	Necessary heating of premises is responsibility of þ Landlord
o Tenant






 









 







	 	 	 	 	 

	 	 	Hot water is supplied þ throughout the year o not provided
	 
	 	 	 	 
	Cost
	 	þ Fuel/heating surcharge payable in accordance

with appended index clause
	 	Appendix

2
	 
	 	 	 	 
	Water and sewage costs
	 	þ Water/sewage surcharge made

in accordance with appended clause
	 	Appendix

2
	 
	 	 	 	 
	Cooling ventilation
	 	þ Expenses for operation of dedicated
cooling/ventilation system are reimbursed
in accordance with appended clause
	 	Appendix

2
	 
	 	 	 	 
	Electricity	 	o Included in rent           Tenant has own account           þ Reimbursed per App. 2
	 
	 	 	 	 
	Cleaning of stairwell	 	o Included in rent           þ Arranged for and paid for by tenant Reimbursed per
App. 2
	 
	 	 	 	 
	Refuse and waste removal	 	o Included in rent þ Arranged for and Reimbursed per App. 2
paid by tenant (however it is landlord’s responsibility to furnish waste
containers and required waste area)
	 
	 	 	 	 
	Snow removal and sanding	 	o Included in rent þ Arranged and paid Reimbursed per App. 2for by tenant
	 
	 	 	 	 
	Property taxes
	 	o Included in rent þ Reimbursement payable

as per separate agreement
	 	Appendix

1
	 
	 	 	 	 
	Unforeseen costs	 	Where, following the execution of this Agreement, unforeseen increases in
costs arise as a consequence of:
	 
	 	 	a) introduction of or increases in taxes, charges or duties levied
specifically on the property as a result of decisions made by Parliament,
Government, municipality or other relevant authorities;

	 
	 	 	 	 
	 	 	b) general rebuilding measures or the like on the property which do not
relate solely to the leased premises and which landlord is obliged to
execute as a consequence of decisions by Parliament, Government,
municipality or other relevant authorities

	 
	 	 	 	 
	 	 	Tenant shall, commencing at the time of the cost increase, reimburse
landlord in relation to that proportion of the total annual increase in
costs for the property represented by the premises.

	 
	 	 	 	 
	 	 	The proportion represented by the premises is                      percent (if percentage
not stated it will be calculated in relation to the rents paid to the
property at the time of the cost increase).



	 	 	“Taxes” in accordance with a) above do not refer to VAT and property taxes
to the extent that reimbursement in respect of this is paid as per
agreement. Reimbursement shall be paid in the same manner as set forth below
for payment of rent.

	 
	 	 	 	 
	Value-Added Tax (VAT)	 	þ The property owner/landlord is liable to pay VAT for leasing of the
premises. In addition to rent, tenant shall pay the currently applicable VAT.
	 
	 	 	 	 
	 	 	o Where, following a decision by the tax authorities, the property
owner/Landlord becomes liable to pay VAT for leasing of the premises, tenant
shall on each occasion in addition to the rent pay the VAT currently
applicable.
	 
	 	 	 	 
	 	 	The VAT paid together with rent shall be calculated on the stated rental
amount and where applicable on additional charges and other reimbursements
paid in accordance with the Agreement, in accordance with the rules
applicable at the time with respect to VAT payment on rent.





 









 





	 	 	 	 	 

	Payment of rent	 	Rent shall be paid in advance by invoice no later than the last business day

before each by deposit to
	 
	 	 	 	 
	 	 	þ calendar quarter___ calendar month ___ semi-annually ___ annually
	 
	 	 	 	 
	 

	 	Postal acc’t no.                     Bank acc’t no	 	 
	 

	 	493 69 01-0  
         
         
         5695-1387	 	 
	 
	 	 	 	 
	Interest, Payment reminders	 	Upon delay in the payment of rent, Tenant shall pay interest in accordance
with the Interest on Overdue Payments Act as well as reimbursement for
written payment reminders in accordance with the Debt Collection Act, etc.
Reimbursement for reminder shall be paid at an amount currently applicable
in accordance with the Debt Collection Ordinance, etc.
	 
	 	 	 	 
	Maintenance, etc.

	 	Tenant is however responsible for:
	 	Appendix 1
	 
	 	 	 	 
	 	 	þ Landlord shall execute and bear the cost, of necessary maintenance of
the premises and of furnishings supplied by him
	 
	 	 	 	 
	 

	 	Tenant is however responsible for:
	 	Appendix 1
	 
	 	 	 	 
	 	 	þ Tenant shall execute and bear the cost of necessary maintenance of the
surfaces maintenance of floors, walls and ceilings as well as furnishings
supplied by Landlord
	 
	 	 	 	 
	 

	 	Tenant is however responsible for:
	 	Appendix 1
	 
	 	 	 	 
	 	 	þ Allocation of maintenance obligations is set forth as per separate
appendix.
	 
	 	 	 	 
	 	 	The tenant does not have the right to reduction of rent for obstacles or
harm to right of use for time during which landlord has customary
maintenance of the property or leased premises done. Landlord is obliged
however to inform the tenant well in advance about the nature and extent of
the work as well as when and during what time the work will be performed.
	 
	 	 	 	 
	 	 	In cases where the lease concerns store/workshop premises with operation
dependent on an influx of customers, the clause shall be valid only if
particular agreement has been reached.
	 
	 	 	 	 
	 	 	It is the responsibility of at his own liability and expense to vouch for
the measures that may be demanded by insurance company or building
committee, environmental or health protection agency, fire department or
other authority for the use of the premises for its intended purpose. The
tenant shall consult with landlord before measures are taken.
	 
	 	 	 	 
	 

	 	þ landlord           þ tenant	 	 
	 
	 	 	 	 
	Signs, awngings, windows, doors, etc.	 	If the tenant undertakes alterations to the premises without necessary
building permit and as a result thereof the landlord is forced to pay
building fee or supplemental fee pursuant to the rules in PBL, tenant shall
pay a corresponding
amount to landlord.
	 
	 	 	 	 
	 	 	Following consultation with Landlord, Tenant shall be entitled to display a
customary business sign provided that Landlord has not reasonably denied the
same and that Tenant has obtained the necessary permit from the relevant
authority. Upon surrender of the premises, Tenant shall restore the facade
of the building to an acceptable condition.
	 
	 	 	 	 
	 	 	In conjunction with more extensive property maintenance, such as
exterior renovation, Tenant shall, at his own expense and without
compensation, dismantle and reassemble signs, awnings and antennas.






 









 








	 	 	 	 	 

	 	 	Landlord pledges not to set up vending machines and display cases in
exterior walls to the premises leased by Tenant without Tenant’s consent and
grants to the Tenant an option to set up vending machines and display cases
in the walls in question.
	 
	 	 	 	 
	 	 	o Landlord      þ Tenant is liable for damage due to negligence or malicious
intent to windows, display windows, entry doors and signs.
	 
	 	 	 	 
	 	 	Tenant shall purchase and maintain glass insurance with respect to all
display/shop windows and entrance doors appurtenant to the premises.
	 
	 	 	 	 
	Locking systems

	 	o Landlord       þ Tenant	 	 
	 	 	shall equip the premises with such locking and anti-theft systems as are
required to insure the validity of Tenant’s business insurance.
	 
	 	 	 	 
	Force majeure	 	Landlord is released from obligation to fulfill his part of the Agreement
and from obligation to pay damages where, as a consequence of war or civil
disturbance, work stoppages, blockades, fires, exposition or intervention by
public authorities over which Landlord has no control and could not have
foreseen, and Landlord is prevented entirely from performing his obligations
or may only be able to do so at abnormally high cost.
	 
	 	 	 	 
	Security	 	This Agreement is contingent upon the provision of security
in the form of a Appendix
	 

	 	o bank guarantee o personal guarantee
o to be provided no later than
	 
	 	 	 	 
	Special stipulations	 	Appendices 1-3 are part of this agreement. The tenant           Appendix
may not convey the premises to another party without the written consent of
the landlord. It is assumed that the tenant will sign an agreement with
Ideon Center AB for use of telephone switchboard, etc. (service agreement).







	 	 	 	 	 	 	 

	Signature	 	This Agreement, which may not be registered without special consent, has been prepared in two identical copies, of which each party has
received one. All prior agreements between the parties with respect to these premises shall cease to apply commencing on the date of
execution of this Agreement.
	 
	 	 	 	 	 	 
	 

	 	Place/date Lund 5/22/07
	 	Place/date Lund 5/22/07	 	 
	 
	 	 	 	 	 	 
	 

	 	Landlord
	 	Tenant	 	 
	 

	 	IDEON AB
	 	QlikTech International AB	 	 
	 

	 	/s/ Siv Holmberg
 

	 	/s/ Måns Hultman
 
	 	 
	 

	 	Siv Holmberg	 	 	 	 
	 
	 	 	 	 	 	 
	Agreement with
respect to
surrender of the
premises
 	 	On the basis of the agreement reached on this date the Agreement shall cease to apply as of                      at which time Tenant will
surrender the premises.


	 

	 	Place/date
	 	Landlord
	 	Tenant
	 
	 	 	 	 	 	 
	Assignment	 	The above Lease is hereby assigned to as of                     	 	 
	 
	 	 	 	 	 	 
	 

	 	at	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Outgoing tenant
	 	Incoming tenant ID #/
	 	Company reg. #
	 
	 	 	 	 	 	 
	Above assignment 

approved

	 	Place/date
	 	          Landlord	 	 





 









 






	 	 	 	 	 

	IDEON AB
	 	Appendix 1
	233 70 LUND
	 	 	1	(3)






SPECIAL STIPULATIONS




1. CONDITION AND USE OF THE PREMISES



Tenant alone shall ensure that provision to the premises of electricity, heat, water, ventilation
and other necessities fulfills his requirements as a consequence of his use of the premises.



The tenant is responsible for and pays for remedies, which may be required by insurance companies
or building committee, environmental and health protection committee, fire department or other
authority for use of the premises for its intended use. The tenant shall consult with landlord
before remedies are made. The tenant is responsible for and pays for corresponding remedies in
general areas, such as corridors, emergency exits, waste room, etc.



Tenant is authorized to undertake renovation work within the premises that are required in order to
fulfill the intended purposes. However, necessary permits from authorities and insurance companies
must be obtained. Such work or other work performed by Tenant may not be used by Landlord as a
basis for request for increase in rent for the premises. Tenant shall ensure that such renovation
work does not damage the building or occasion increased costs for Landlord. Tenant is obliged to
restore the premises to original condition, unless otherwise agreed.



The tenant is obliged to accept the provisional arrangements, adjustment work, complementary
measurements, etc. that can be considered normal in connection with taking occupancy and even after
the premises have been put to use. The tenant is aware that some degree of disturbance may arise in
connection with renovation work by other tenants.



Inspection shall take place at the start of the lease period as well as, if not otherwise agreed,
upon termination of the lease. A report from the inspection shall be prepared. If the tenant has
caused damage or exceptional wear and tear, the tenant shall compensate the landlord for expenses
in connection with repair work. Upon moving out the tenant shall arrange for the premises to be
cleaned.




2. GROSS AREA



The gross area consists of the net area plus share of common areas such as entryways, corridors,
coatrooms, waiting rooms, display areas, bicycle storage, telephone rooms, electricity, common
storage areas, boiler room, property service, etc. The stated areas are estimated and each area may
vary by ±10% in final condition.




3. FURNISHING



Tenant will acquire and pay for necessary furnishings such as partitions, cabinets, etc. as
required for the tenant’s operation.




[initial]






 









 








	 	 	 	 	 

	IDEON AB

	 	Appendix 1

	233 70 LUND

	 	 	2	 (3)






SPECIAL STIPULATIONS




4. RENT



The base rent of SEK 3,489,390 as of October 2007 shall be adjustable quarterly and increase or
decrease proportionally with the change in the consumer price index (total index), with the year
1980 as a basis.



For determination of the changes in the consumer price index the index for October 2007 is compared
with the same index for the third month before the date from which the amended rent shall apply.




5. LOCKING SYSTEMS



The landlord is responsible for the exterior protection of the property as well as for cylinder
locks in entry doors to the tenant’s premises. The tenant is responsible for equipping his own
premises with such locking and theft protection arrangements as are required for the validity of
the tenant’s business and company insurance.



Upon vacating the premises all pass cards and keys shall be returned. Otherwise the tenant will be
charged for a new locking system for the premises.




6. SECURITY GUARD



Security guard will be arranged for by the landlord and paid by tenant per Appendix 2.




7. INSURANCE



The landlord will keep the property insured to the customary extent and each tenant shall take out
necessary complementary insurance.




8. RULES OF ORDER



Tenant is obliged to follow the rules of order that the landlord and public authorities issue for
the establishment.




9. PROPERTY TAX



In addition to rent the tenant shall, during the duration of the lease without cancellation, along
with the rent pay the share of the amount due by the property of applicable property tax or similar
fee which the government or authorities decide at any time.




10. VALUE-ADDED TAX



If the tenant’s operation is not subject to VAT, the rent is payable at the total of the amount
stated on page one (1) of the lease and the value-added tax applicable at any given time (currently
25%). The amount obtained according to the above shall then apply as base rent.




[initial]






 









 








	 	 	 	 	 

	IDEON AB
	 	Appendix 1
	233 70 LUND
	 	 	3	 (3)






SPECIAL STIPULATIONS




11. FIRE ALARM



The tenant will have a general fire alarm system installed. Special fire alarms that are required
by the tenant will be installed and paid for by same.




12. PARKING



It is the obligation of the tenant to follow the parking stipulations issued by the landlord. Upon
termination of the lease badges that showed parking permission shall be returned.




	 	 	 

	Lund 2007-05-22
	 	Lund 2007-05-22
	 
	 	 
	Ideon AB
	 	QlikTech International AB
	 
	 	 
	/s/ Siv Holmberg
	 	/s/ Måns Hultman
	 
	 	 
	 
	 	 
	Siv Holmberg
	 	Signature
	 
	 	 
	 
	 	PRINT NAME






 









 






	 	 	 

	Ideon AB

	 	Appendix 2
	 223 70 Lund
	 	 





ALLOCATION OF OPERATING EXPENSES




Allocation of operating expenses for heating, ventilation, electricity, hot water, cold water,
sewage, etc.



Landlord has, in his cost of production and thereby in his rent, included connection fees and
installation expenses for heating, ventilation, electricity, hot water, cold water and sewage.



The landlord subscribes for electricity, water and sewage and in that way is charged for operating
expenses for the entire installation.



These operating expenses are not included in the rent. Instead these expenses, i.e. the landlord’s
own expenses, shall be calculated in part through direct metering, in part through allocation
according to the below and compensated by the tenant. This will occur after calculations have
passed an advance payment amount in connection with payment of rent as well as through annual final
accounting as of June 30.





	1	 	Heating and hot water plus district heating
	 
	 	 	Annual fixed fee, impact fee and energy usage:
	 
	 	 	Allocated among all tenants in relation to leased surface area.
	 
	2	 	Electricity
	 
	 	 	Annual fixed fee, network fees and impact fee:
	 
	 	 	Allocated among all tenants in relation to leased surface area.




Energy usage:
	 
	 	 	The usage for each tenant is metered if possible directly via sub-meter. In other cases the expense is allocated among all
tenants in relation to leased area.
	 
	3	 	Cold water and sewer
	 
	 	 	Annual water usage is allocated among all tenants in relation to leased area.
	 
	4	 	Cleaning of common areas, packaging and waste removal, snow removal, sanding, exterior
cleaning and security guard
	 
	 	 	Landlord’s own expenses are allocated among all tenants, in relation to leased surface area.





	 	 	 

	Lund 2007-05-22

	 	Lund 2007-05-22
	 
	 	 
	Ideon AB

	 	QlikTech International AB
	 
	 	 
	/s/ Siv Holmberg

	 	/s/ Måns Hultman
	 

	 	 
	 
	 	 
	Siv Holmberg

	 	Signature
	 
	 	 
	 

	 	PRINT NAME






 









 





	 	 	 	 	 	 	 	 	 	 	 

	 

	 	 	 	CONTRACT APPENDIX
	 	Contract
	 	 	01B6511	 
	 

	 	 	 	List of drawings, etc.
	 	Appendix
	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	Landlord

	 	IDEON AB
	 	 	 	Org. no.	 	 	 	 
	 

	 	 	 	 	 	556239-8718	 	 	 	 
	 	 	Scheelevägen17      223 70 LUND	 	
             Telephone #

	 	 	 	 
	Tenant(s)

	 	QlikTech International AB
	 	Civil reg. no./Org. no.

	 

	 	 	 	 	 	556472-2691	 	 	 	 
	 

	 	 	 	 	 	Civil reg. no./Org.no.







Ideon Science Park, Lund



Drawing no. A-03-70-201 (Appendix 3A) and A:03-70-301 (Appendix 3B), Beta 6, level 2 and level 3
west portion




Expenses for renovations and adaptations




  
            
           
            
           
           
        
         



The premises are being renovated according to plans from Peter Torudd dated November 29, 2006 with
changes marked in red (Appendix 3C and 3D).



The costs of moving walls on level 3 are paid by the tenant with an addition to the lease of SEK
388,000 per year during the term of the lease. Renovations on level 2 in QlikTech’s present
premises are paid by the tenant, as are changes in the kitchen fixtures on level 3. Other
renovations including stairway between levels 2 and 3 are being paid for by the landlord.



The investment must be approved by the Board of Wihlborgs Fastigheter AB.




Schedule




 
           
        



In the first stage the premises on level 3 will be completed, which is estimated to be ready for
occupancy before the vacation period. The stairway between levels 2 and 3 will be installed at the
end of July/beginning of August to cause the least disturbance. After the vacation period first the
middle part of level 2 will be finished, then the east part. The work is estimated to be done by
October 2007. Adjustments may occur. The schedule applies under the assumption that the lease is
signed during week 21 [week of May 21] and that all new contracts concerning the minor tenants on
level 2 are signed.



With the signing of this contract by both parties, contracts no. 01B6342 and 01B6451 no longer
apply, with the exception of Amendment 1 concerning storage rooms on the basement level plus
Amendments 4 and 6, which concern rent of garage spaces. The amendments are transferred to the new
contract. Division of the contract between QlikTech International AB and QlikTech Nordic AB will
occur later.




	 	 	 

	Lund 2007-05-22

	 	Lund 2007-05-22
	Ideon AB

	 	QlikTech International AB
	 
	 	 
	/s/ Siv Holmberg

	 	/s/ Måns Hultman
	 

	 	 
	 
	 	 
	Siv Holmberg

	 	Signature
	 
	 	 
	 

	 	PRINT NAME