Document:

exv4w135

Exhibit 4.135

(English Translation)

LOAN AGREEMENT

This Loan Agreement (hereinafter the “Agreement”) is entered into on 24th, January 2011.
between the following contractual parties:

	1.	 	Telvent Energia S.A., a Joint Company organized and existing under the laws of Spain, with
registered office at Valgrande 6, Alcobendas 28108, Madrid, Spain, with V.A.T/Taxpayer’s
Number [***], entered in the Companies’ Register of Madrid, in volume 1612 general, 1036 of
section 3 of the Companies Book, sheet 1, sheet number 7367, registration 1, represented by
Mr. Victor José Hidalgo Vega, with Personal [***], passport number: [***], by virtue of a
power of attorney dated November 25, 2010 before the Notary Public Mr. Ignacio Paz-Ares
Rodriguez, with protocol number [***] (hereinafter the “Lender”)

	 	 	And

	2.	 	DMS Group LLC for power engineering Novi Sad, a company organized and existing in accordance
with the laws and regulations of the Republic of Serbia, with its registered seat at Sremska
Street No. 4, Novi Sad, Serbia, registration number [***], herein represented by the Chairman
of the Board, Prof. dr Dragan Popovic, Personal ID: [***], as the borrower (hereinafter the
“Borrower”),

	 	 	Whereas,

1. The Parties are the only 2 members of the company Telvent DMS LLC for power engineering Novi
Sad, a limited liability company organized and existing in accordance with the laws and regulations
of the Republic of Serbia, with its registered seat at Sremska No. 4, Novi Sad, registration number
[***] (hereinafter the “Company”);

2. The Parties entered into a Joint Venture Agreement dated May 8, 2008 (hereinafter referred to as
the “JV Agreement”) for establishing the Company and the respective capital contributions of the
parties.

3. The Parties have entered into the First Amendment to the JV Agreement concurrently with the
signing of this Agreement for the purpose of increasing the Company’s basic capital by the amount
of EUR 24,000,000.00 (the “Additional Capital Contributions”) which shall be paid by the Parties in
proportion to their respective Contribution Percentages in the Company (i.e. the Borrower 43% (EUR
10,320,000.00) and the Lender 57% (EUR 13,680,000.00));

4. Pursuant to the Stake Transfer Agreement entered into between the parties concurrently with the
signing of this Agreement (the “STA”) the Lender shall receive 8% of the total capital of

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the Company from the Borrower upon payment of the Fixed Purchase Price in full, and under the STA,
the stakes of the Parties shall be as follows:

	(a)	 	The Borrower shall be the owner of a stake amounting to 43% of the total basic capital of the
Company, which consists of the registered and invested non-monetary capital in rights and
tangibles in the amount of EUR 5,265,350.00, (in letters: five million two hundred sixty five
thousand three hundred fifty euros).

	(b)	 	The Lender shall be the owner of a stake amounting to 57% of the total basic capital of the
Company, which consists of the registered and invested monetary capital in the amount of EUR
4,135,000.00 (in letters: four million one hundred thirty five thousand euros and the
registered and invested non-monetary capital in rights and tangibles in the amount of EUR
2,844,600.00 (in letters: two million eight hundred fourty four thousand six hundred euros).

5. The Parties enter into this Agreement for the purpose of financing the payment by the Borrower
of the Borrower’s Additional Capital Contributions.

Certain definitions and rules

In this Agreement capitalized terms shall have the meanings set out below:

“Additional Capital Contributions” has the meaning set out in the third recital of this Agreement;

“Applicable Law” — means the laws of the Republic of Serbia;

“Cause” — means any one or more of the following actions or conducts performed by Dragan Popovic:

	a)	 	which constitute a criminal offense from the following group of criminal offenses determined
by the CL RS:

	 	•	 	criminal offences against the commercial activity including only the most
serious forms of the following criminal offenses:
	 
	 	•	 	forging the securities
	 
	 	•	 	professional negligence at commercial work
	 
	 	•	 	causing bankruptcy
	 
	 	•	 	causing false bankruptcy
	 
	 	•	 	causing damage to creditors
	 
	 	•	 	abuse of power in commercial activities
	 
	 	•	 	disclosure of business secret

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	 	•	 	criminal offences against property punishable by CL RS for which suspended
sentence cannot be imposed,

under the following conditions: (i) that a final court verdict was determined by a court of
competent jurisdiction against Dragan Popovic, due to the aforementioned offenses, and (ii)
that damage has been done to the Company and the mentioned damage being an element of the
crime.

	b)	 	actions by Dragan Popovic, in carrying out his duties, or failure to take actions, that
constitute gross negligence or willful misconduct which continues for more than 30 days after
written notice given by Lender and which results in significant loss which results
in material change in the results of operation of the Company (defined in the Employment
Agreement as the breaches of work duty). The significant loss shall be confirmed by one of the
Big four independent auditors (Deloitte, Pricewaterhouse Coopers, Ernst & Young, KPMG);

	c)	 	breach of any non-competition covenant of Dragan Popovic under his employment agreement
with the Company (defined in the Annex to the Employment Agreement as the breaches of work
duty) or under JV Agreement as determined by a decision made in arbitration proceedings in
accordance with the rules and procedures set out in the Shareholders Agreement, if possible,
and if not possible, as determined by a final court verdict by a court of competent
jurisdiction;

“Closing” means the completion of the actions to be done on the Closing Date and receipt of
the payment of the Fixed Component of the Purchase Price under the STA by DMS GROUP on its bank
account;

“Closing Date” means the date which is 15 days after the Signature Date, or at such other time as
the parties may agree in writing on which the following actions shall be completed:

(a) The execution and delivery by the parties to the Transaction Documents of the Closing
Documents;

(b) The satisfaction or waiver of all of the closing conditions set out in the Transaction
Documents;

(c) Telvent shall give wire transfer instruction to its bank to transfer the Fixed Component of
the Purchase Price payable under the STA to the bank account specified by DMS GROUP.

“Closing Documents” means all of the documents to be signed and/or delivered by the parties to the
Transaction Documents on the Closing in accordance with the terms of the Transaction Documents

“CL RS” — means Criminal Law of the Republic of Serbia (“Official Gazette of the RS” No. 85/05,
88/05, 107/05, 72/09 and 111/09);

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“Dragan
Popović” — means Prof. Dr Dragan Popović, as the Chairman of the Board or the Executive
Director of the Company, personal identification number unique/personal identification number:
[***], with his place of residence in [***];

“Employment Agreement” — means the Employment agreement of Dragan Popovic with the Company dated
July 7, 2008. with its annex entered into between Dragan Popovic and the Company concurrently with
the signing of this Agreement ;

“Good Reason” means any of the following breaches by the Lender or any Affiliated Company of the
Lender which occurs on or after the date of conclusion of this Agreement and the First Amendment to
the JV Agreement without the consent of Dragan Popovic:

	 	(a)	 	any material decrease in the title, responsibilities, authorities, powers or duties of
Prof. Dr. Dragan Popovic as described in Appendix 3 to the First Amendment to the JV
Agreement or in the Management Agreement with the Lender or in the Employment Agreement
with the Company and the Annex to that Employment Agreement that continues for more than
thirty (30) days after Dragan Popovic has given written notice to the Lender of such
decrease; or
	 
	 	(b)	 	If the Lender or any Affiliated Company of the Lender breaches any of the Articles
from the Transaction Documents relating to Dragan Popovic’s title, responsibilities,
authorities, powers or duties or breaches its obligations to pay its Additional Capital
Contribution or the Installments of the Loan in accordance with the First Amendment to the
JV Agreement and this Agreement and such breach is not remedied within thirty (30) days
after Dragan Popovic has given written notice to the Lender of such breach.
	 
	 	(c)	 	Breach as described in Article XIII, point 13.16 of the JV Agreement, as amended
	 
	 	(d)	 	Articles of the Reseller and Service Agreement — VAR Agreement dated May 8, 2008, and
of its annexes, with regard to the maximum mark up on the mutually agreed prices for
Company services and licenses which are contrary to notification from Dragan Popovic that
such mark-up will be in breach up to the maximum mark-up agreed to in the First Annex to
the Reseller and Services Agreement.

“Facilities” — means Facility A, Facility B and Facility C jointly;

“Facility” — means Facility A, Facility B or Facility C individually;

“Financial Indebtedness” means indebtedness of the Borrower in respect of:

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	(a)	 	money borrowed from banks, financial institutions or third parties;

	(b)	 	any amount outstanding under any credit facility;

	(c)	 	any amount arising from the issuing of securities, promissory notes or similar instruments;

	(d)	 	any lease, hire purchase or sale and lease-back that is characterized as a finance or capital
lease in accordance with Serbian accounting principles;

	(e)	 	factoring/forfeiting and reverse factoring programs, unless performed on a non-recourse
basis;

	(f)	 	deferred payments for acquisitions or similar transactions which include an interest charge
in the payment terms;

“First Amendment to the JV Agreement” — means the amendment to the JV Agreement entered into
between the parties concurrently with the signing of this Agreement;

“First Amendment to the Shareholders Agreement” — means the First Amendment to the Shareholders
Agreement entered into between the parties concurrently with the signing of this Agreement;

“Fixed Purchase Price” — means the fixed Purchase Price in the amount of EUR 9,600,000.00 to be
paid to the Borrower by the Lender in accordance with the STA;

“Foundation Agreement” — means the Company’s Foundation Agreement dated 8 May 2008 with its first
amendments of 4 July 2008;

“Grace period” — means period in which the Borrower is not obliged to make principal payments of
the Loan, but is obliged to pay the interest under this Agreement;

“JV Agreement” — means the JV Agreement entered into between the Parties dated 8 May 2008;

“Law on Foreign Exchange Transactions” — means the Law on Foreign Exchange Transactions (Zakon o
deviznom poslovanju, “Službeni glasnik RS” No. 62/06);

“Law
on Mortgage” — means the Law on Mortgage (Zakon o hipoteci, “Službeni glasnik RS” No.
115/05);

“Law on Registered Movables Pledges” — means the Law on Registered Movables Pledges (Zakon o
založnom pravu na pokretnim stvarima upisanim u registar,
“Službeni glasnik RS” No. 57/03, 61/05
and 64/06);

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“Management Agreement” means the agreement entered into between the Lender and Dragan Popovic, as a
non-resident employee in the position of the Executive Vice President for Smart Grid IT.

“Material Adverse Change” means an event or change affecting the Company which occurs after the
date of signing of this Agreement which causes or will result in a decrease of assets of the
Company of at least 30%, unless this decrease is caused by:

	(a)	 	effects of changes in the exchange rate between Serbian dinars and Euros on the financial
statement (provided to Lender in EUR) for a part of the assets which refers to the
non-material investments, basic assets and stock;

	(b)	 	general market conditions; or

	(c)	 	failure or delay in fulfillment of obligations by Telvent Energia or Telvent Sweden under the
contracts entered into with the Company.

“Maturity Date” has the meaning set out in Article 5.1.

“Mortgage” — has the meaning of means of security for the Lender’s claims determined in the
Mortgage Agreement;

“Mortgage Agreement” — means the form of mortgage agreement attached to this Agreement as the
Appendixes No. 2;

“Mortgage Escrow Agreement” — means the form of escrow agreement which is attached to this
Agreement as Appendix 3 to be entered into by the Borrower, the Lender and the escrow agent under
which the signed Mortgage Agreement will be held in escrow;

“Parties” — means the Borrower and the Lender jointly;

“Party” — means the Borrower or the Lender individually;

“Pledged Stake” — means a percentage of the Borrower’s stake in the Company, over which the pledge
is established in favor of the Lender pursuant to the Stake Pledge Agreement;

“Real Property” — has the meaning assigned to this term in the Mortgage Agreement;

“Resignation” — means the voluntary and unilateral termination by Dragan Popovic of his Employment
Agreement with the Company and does not include situations of termination due to illness or injury
of Dragan Popovic or resignation for Good Reason;

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“Signature Date” means the date on which the Transaction Documents are signed and confirmed by the
parties thereto as complete for the Closing.

“Security Agreements” — means the Stake Pledge Agreement, the Mortgage Agreement and the Escrow
Mortgage Agreement jointly;

“Shareholders Agreement” — means the Company’s Shareholders Agreement dated 8 May 2008.;

“Stake Pledge Agreement” — means the Stake pledge agreement entered into between the parties
concurrently with the signing of this Agreement;

“Transaction Documents” means all the agreements and documents signed concurrently with the signing
of this Agreement and sprecifically listed in the First Amendment to the JV Agreement.

“Variable Payments” — means variable payments to be paid to the Borrower by the Lender in
accordance with the STA;

Gender — In this Agreement, words importing the singular number shall include the plural and vice
versa, and words importing the use of any gender shall include the masculine, feminine and neuter
genders;

Calculation of time — When calculating the period of time within which or following which any act
is to be done or step taken pursuant to this Agreement, the date which is the reference date in
calculating such period shall be excluded. The term determined in days starts on the first day
after the event from which the term is to be counted, and ends by expiry of the last day of the
term.

Term determined in weeks, months or years ends on the day that by the name and number corresponds
with term starting day, and if such a day does not exist in the last month, term ends on the last
day of that month (e.g. term of one year commencing on January 1, 2011. will end on January 1,
2012)

If the last day of the term occurs on the day which is determined by law as non-working day, the
last day of the term is the next working day;

Legislation references — Any references in this Agreement to any law, by-law, rule, regulation,
order or act of any government, governmental body or other regulatory body shall be construed as a
reference thereto as amended or re-enacted from time to time or as a reference to any successor
thereto;

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Headings for convenience only — The division of this Agreement into articles and sections is for
convenience of reference only and shall not affect the interpretation or construction of this
Agreement.

The following documents are attached to this Agreement and form a part hereof:

	 	•	 	Appendix 1- Schedule of advances and repayments
	 
	 	•	 	Appendix 2- Form of the Mortgage Agreement
	 
	 	•	 	Appendix 3- Form of the Escrow Mortgage Agreement
	 
	 	•	 	Appendix 4- Forms of Borrower’s and Company’s certificates
	 
	 	•	 	Appendix 5- Draft Stake transfer Agreement (Article 9.3, clause (2))

Having in mind the aforementioned, the Parties agree as follows:

1. Loan

	1.1	 	The subject of this Agreement is a loan in the amount of EUR 10,320,000.00 (in letters: ten
million three hundred twenty thousand EUR) (hereinafter the “Loan”).

The Lender is obliged to make the Loan to the Borrower subject to the terms and conditions
described in this Agreement.

The Borrower is obliged to repay the Loan within the agreed deadline along with the agreed interest
in accordance with this Agreement and in the manner determined in Appendix 1 to this Agreement.

2. Purpose of the Loan

	2.1	 	The Borrower shall use the Loan only for the purpose of financing the Borrower’s Additional
Capital Contributions in accordance with the provisions of Article 1 of the First Amendment to
the JV Agreement, and shall not use the Loan for any other purpose.

	2.2	 	The Borrower shall register this Agreement before the National Bank of Serbia (hereinafter
referred to as the “NBS”), and shall notify the Lender in writing upon completion of the
registration.

3. Facilities of the Loan

	3.1	 	The Loan shall be available and will be advanced to the Borrower by wire transfer to the bank
account of the Borrower stipulated by notice in writing to the Lender, in accordance with the
schedule set out in Appendix 1 attached to this Agreement. The Loan shall have the following
facilities:

	1)	 	first facility in the amount of EUR 3,440,000.00 (hereinafter the “Facility A”),

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	2)	 	second facility in the amount of EUR 3,440,000.00 (hereinafter the “Facility B”), and

	3)	 	third facility in the amount of EUR 3,440,000.00 (hereinafter the “Facility C”).

	 	 	The Lender shall advance each Facility in four quarterly instalments, in accordance with Appendix
1 to this Agreement.

	 	 	The date for advancing the quarterly installments shall be the first day of the month in each
calendar quarter, as shown in Appendix 1.
	 
	 	 	Date for advancing the first installment of Facility A shall be April 1st, 2011.

The date when the amount of the installment is deposited in the Borrower’s bank account is the date
of advancing the installment.

3.2 The Parties agree with the following:

1) If the Borrower decides not to receive one or more installments of the Loan, it shall send a
written notice to the Lender at least 30 days prior to advancing the installment (hereinafter
referred to as “Notice”), but it shall pay from their own financial resources the installment of
the Additional Capital Contributions payable on the date that the advance was scheduled to be made.

Upon the Lender receiving the Notice from the Borrower, it shall not advance the installment of the
Loan set out in the Notice.

After receiving the Notice, the Lender is not obliged to advance the installment of the Loan to the
Borrower, but it is obliged to pay its installment of the Additional Capital Contribution payable
on the date that the advance of that installment of the Loan would have been made, and the same
shall not represent a breach of the Lender`s or the Borrower’s obligation, and Article V point 5.13
of the Joint Venture Agreement shall not apply.

2) If the Borrower decides not to receive an installment of the Loan and not to pay the
corresponding installment of the Additional Capital Contribution, due to market conditions, it
shall send a written notice to the Lender asking for consent of the Lender at least 30 days prior
to the date for the advance of the installment of the Loan and payment of the installment of
Additional Capital Contribution.

	 	 	Upon giving the consent, the Lender shall not advance the said installment of the Loan to the
Borrower, and neither Party shall be obliged to pay its corresponding installment of the

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	 	 	Additional Capital Contribution payable on the date that the advance of that installment of the
Loan would have been made, and the same shall not represent a breach of the Lender`s or the
Borrower’s obligations, and Article V point 5.13 of the the Joint Venture Agreement shall not
apply.

3) If the Lender decides not to advance an installment of the Loan or not to pay the corresponding
Installment of the Additional Capital Contribution, due to market conditions, it shall send a
written notice to the Borrower asking for consent of the Borrower at least 30 days prior to the
date for the advance of the installment of the Loan and payment of the Installment of Additional
Capital Contribution.

	 	 	Upon receiving the consent, the Lender shall not advance the said installment of the Loan to the
Borrower, and neither Party shall be obliged to pay its corresponding installment of the
Additional Capital Contribution payable on the date that the advance of that installment of the
Loan would have been made, and the same shall not represent a breach of the Lender`s or the
Borrower’s obligations, and Article V point 5.13 of the the Joint Venture Agreement shall not
apply.

	 	 	If the Lender does not get consent from the Borrower, the Lender shall have the obligation to
advance that Installment of the Loan to the Borrower and to pay its Installment of the
Additional Capital Contribution.

3.3 The Lender shall be obliged to advance the Loan in accordance with the provisions of this
Agreement only in case that the following conditions precedent (hereinafter the “Conditions
Precedent”) are entirely met:

	 	1)	 	This Agreement shall have been registered by the Borrower with the NBS and the
Borrower shall have provided notice in writing to the Lender of the completion of the
registration.
	 
	 	2)	 	all Borrower’s representations and warranties in Article 6 of this Agreement are
true and correct starting from the date of conclusion of this Agreement at the latest;
	 
	 	3)	 	No Event of Default (as defined in Article 9 of this Agreement) has occurred and
is continuing;
	 
	 	4)	 	no Material Adverse Change has occurred;
	 
	 	5)	 	the Borrower has provided the Lender with financial statemenst in accordance with
Article 7.1 (3);
	 
	 	6)	 	the Stake Pledge Agreement has been concluded between the Parties and the
Mortgage Agreement and the Escrow Mortgage Agreement have been paraphed between the
Parties;

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	7)	 	The Pledge over the Pledged Stake has been registered before the competent bodies of the
Republic of Serbia in accordance with the Stake Pledge Agreement;

	8)	 	the Borrower has provided the Lender with a certificates in the form set out in Appendix No.
4 of this Agreement signed by Dragan Popovic in the capacity of the Chairman of the Board of
Directors of the Borrower and without personal liability, certifying that from the date of
signing this Agreement until the date on which the installment of the Loan is to be advanced:
(i) the representations and warranties of the Borrower set out herein are true and correct;
(ii) the Borrower is not in default under any of the covenants in this Agreement and in the
capacity of the Board of Directors of the Company and without personal liability that (iii)
no Material Adverse Change has occurred in the Company;

	9)	 	The Company shall not be in default in carrying out the R&D Plan as defined in section 5.13
(d) of the First Amendment of the JV Agreement.

3.4 Buy Back Right

	(a)	 	If Lender fails to pay any Installment of its Additional Capital Contributions under the
First Amendment to the JV Agreement or fails to release any Installment of the Loan of any of
the Facilities in accordance with this Agreement, and if such failure to pay continues for a
period of 30 days, then Borrower may give a Notice in writing to Lender (hereinafter referred
to as “Notice of Breach") If the failure continues for a further 30 days after receipt of such
Notice, Borrower shall be entitled to buy back the 8% of the total capital of the Company at
the purchase price of EUR 9,600,000.00, which is equilent equal to the Fixed Componenet of
the Purchase Price paid to Borrower by Lender under the STA, (hereinafter referred to as the:
“Buy Back Payment”).

	(b)	 	If Borrower decides to exercise the option to buy back the 8% of the total capital of the
Company, Borrower shall deliver a notice in writing to Lender inviting Lender to execute a
stake transfer agreement and an amendment to the Foundation Agreement (hereinafter referred to
as the: “Buy Back Notice”). Together with the Buy Back Notice, Borrower will deliver the forms
of the stake transfer agreement and the amendment to the Foundation Agreement.

	(c)	 	Lender shall be obliged to execute the stake transfer agreement and the amendment to the
Foundation Agreement required for registration of 8% of total capital of the Company before
the Business Register Agency within 8 days from receiving the Buy Back Notice.

	 	 	The payment term for this Buy-Back Payment shall be for 5 years at annual interest rate of
5%. Borrower shall have a grace period of 1 year and thereafter will pay the Buy-Back
Payment in 16 quarterly payments starting from the end of grace period. The grace period
shall commence on the day of execution of the stake transfer agreement and amendment to the
Foundation Agreement. In case Lender fails to execute these

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	 	 	documents, grace period starts
from the date of entry of buy-back into the Book of stakes (51% Borrower). Borrower shall
pay the interest calculated during the Grace Period on the last business day of the Grace
Period.

	(d)	 	If Lender fails to execute the stake transfer agreement for the 8% of the total capital in
the Company and/or the amendment to the Foundation Agreement thereto within 8 days from
receiving the Buy Back Notice, the Company is authorized to enter the transfer of the 8% of
the total capital in the Book of stakes in favor of Borrower (51% Borrower) and:

	 	(i)	 	the annual interest rate under this Agreement shall decrease to 7% per annum,
starting from the expiry of 10 days from the date that the advance of the Installment
of the Loan should have been made and/or the date that the Installment of Additional
Capital Contribution should have been paid; and
	 
	 	(ii)	 	the provisions of article 4 points 4.4 second paragraph and 4.26 of the
Shareholders Agreement shall be suspended;

	 	 	until Lender has executed both the stake transfer agreement and the amendment to the
Foundation Agreement.

	(e)	 	In case Borrower has exercised its Buy Back right on the basis of any ground, and the
Lender breaches its obligations from the First Amendment to the JV Agreement regarding the
obligations to pay the Installments of Additional Capital Contribution, and/or Installment
of the Loan, and its obligation to execute a stake transfer agreeement of 8% of the total
capital and an amendment to the Foundation Agreement upon the buy-back, then until the
Lender remedies all the breaches, the annual interest rate under the Loan Agreement shall
decrease to 7% per annum, starting from the expiry of 10 days from the date that the advance
of the Installment of the Loan should have been made and/or the date that the Installment of
Additional Capital Contribution should have been paid and the provisions of Article 4 points
4.4 second paragraph and 4.26 of the Shareholders Agreement shall be suspended starting
from the expiry of 30 days from the date of receiving the Default Notice up to the date when
the Lender remedies the breaches.

	 	 	The Parties agree that for 30 days following the suspension of Article 4 points 4.4 second
paragraph and 4.26, the Board and the Company shall not reach any decisions nor take any
actions on the basis of the suspension.

	 	 	After 30 days following the suspension of Article 4 points 4.4 second paragraph and 4.26, but
for no more than 90 days following the suspension of Article 4 points 4.4 second paragraph
and 4.26, the Board and the Company may reach decisions and/or take actions only under
Article 4 point 4.26 (e) and (f) without prior written consent of all Shareholders of the
Company until Lender remedies the breaches.

	 	 	After 90 days following the suspension, the Board and the Company may reach any decisions
and/or take any actions under Article 4 points 4.4 second paragraph and 4.26

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	 	 	on the basis of the suspension until Lender executes the stake transfer agreement and the amendment to
Foundation Agreement or until Lender remedies the breaches.

	(f)	 	If Borrower fails to pay to Lender the amounts due under the buy-back of 8% of the total
capital and such failure continues for 30 days Lender shall deliver a written Notice of
breach to Borrower, and if the failure to pay continues for a further 30 days after receipt
of such Notice then Borrower’s right of Casting Vote as defined in Article 4 point 4.2 of
the Shareholders Agreement shall be suspended until Borrower remedies the breaches.

	 	 	The Parties agree that for 60 days following the suspension of Article 4 point 4.2, the Board shall
not reach any decisions on the basis of the suspension. After 60 days following the suspension of
Article 4 point 4.2, the Board may reach all decisions on the basis of the suspension until
Borrower remedies the breach.

4. Interest on the Loan

	4.1	 	The Borrower shall pay to the Lender the accrued interest on the Loan, i.e. its Facilities,
in accordance with the provisions of the Agreement.

	4.2	 	The interest rate on the outstanding principal sum of each Facility amounts to 9.3% per
annum.
	 
	 	 	In the Grace Period, the calculation shall be the simple method of calculating interest (i.e.
without compounding, i.e. the interest shall not be added to the principal sum at the end of
the interest period).

	 	 	In the period of repayment of the principal sum together with interest (in annuities —
payments), the calculation shall be the compound method of calculating interest.
	 
	4.3	 	In case that at any time prior to the Maturity Date Dragan Popovic’s Employment Agreement is
terminated by reason of Resignation or termination for Cause, the interest rate on the
outstanding principal sum shall be increased to 12.3% per annum starting from the date of
termination of the Employment Agreement, having in mind the importance of Dragan Popovic for
the entire business of the Company and the fact that he is one of the owners of the Borrower.

	4.4	 	In case that at any time prior to the repayment of the Loan in full the Borrower refuses to
vote at the Shareholders Assembly to adopt the Resolution for payment of the minimum amount of
dividends, in accordance with Article 13, point 13.16 of the JV Agreement as amended, the
interest rate on the outstanding principal sum shall be increased to 13% per annum starting
from the date the Shareholders Resolution should have been passed until such Resolution is
passed.

	4.5	 	In case that any of the following breaches by the Lender occurs:

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	(i)	 	Lender fails to pay any Installment of its Additional Capital Contributions under the First
Amendment to the JV Agreement and/or fails to release any Installment of the Loan of any of
the Facilities in accordance with this Agreement and if such failure continues for a period of
30 days after receipt of the Notice of Breach from the Borrower; or

	(ii)	 	Lender fails to execute the stake transfer agreement and the amendment to the Foudation
Agreement, in accordance with the Article 3.4 (d) of this Agreement

the annual interest rate on the outstanding principal sum under this Agreement shall decrease to 7%
per annum starting from the expiry of 10 days from the date that an advance of the installment of
the Loan should have been made and/or the date that an Installment of Additional Capital
Contribution by the Lender should have been paid until the Lender remedies the aforementioned
breaches.

	4.6	 	In case that at any time prior to repayment of the Loan in full:

	(i) 	 	the Lender refuses to vote at the Shareholders Assembly to adopt the Resolution for payment
of the minimum amount of dividends, in accordance with Article 13, point 13.16 of the JV
Agreement as amended, the Borrower shall not have the obligation to pay the interest on the
outstanding principal sum under this Agreement, from the date the Shareholders Resolution
should have been passed until such Shareholders Resolution is passed; and/or

	(ii)	 	the Lender fails to pay any due and undisputed amount of the Variable Component of the
Purchase Price in accordance with the STA and if the total aggregate amount of the unpaid
Variable Component of the Purchase Price including interest is greater than EUR 140,000.00,
the interest under this Agreement shall cease to accrue as of the date when the debt of the
Lender for the total aggregate amount of the unpaid Variable Component of the Purchase Price
reaches the amount of EUR 140,000.00 until the fulfillment of Lender’s obligations to pay the
amounts of the Variable Component of the Purchase Price.

5 Term and repayment of the Loan

	5.1	 	The term of the Agreement shall expire for all obligations of all the Facilities on the date
which is 8 years from the date of the first Installment of the Loan under Facility A (subject
to Article 5.5) (hereinafter the “Maturity Date”) and the remaining outstanding principal
amount of the Loan, if any, all accrued and unpaid interest and all other amounts owing under
this Agreement shall be due and payable on the Maturity Date.

	5.2	 	The Borrower shall repay Facility A, to the Lender in the following manner:

	 	1)	 	On the date which is 18 months from the month in which the first advance is made
under Facility A (hereinafter the “Facility A First Interest Payment Date”), the
Borrower shall pay the accrued interest on the outstanding principal amount calculated
from the dates of the advances to the Facility A First Interest Payment Date.

Page 14

 

	 	2)	 	On the date which is 12 months from the Facility A First Interest Payment Date
(hereinafter the “Facility A Second Interest Payment Date”), the Borrower shall pay the
accrued interest on the outstanding principal amount calculated from the Facility A
First Interest Payment Date to the Facility A Second Interest Payment Date.
	 
	 	3)	 	On the date which is 12 months from the Facility A Second Interest Payment Date
(hereinafter the “Facility A Third Interest Payment Date”), the Borrower shall pay the
accrued interest on the outstanding principal amount calculated from the Facility A
Second Interest Payment Date to the Facility A Third Interest Payment Date.
	 
	 	4)	 	The Borrower shall repay the principal amount of Facility A together with the
interest on the outstanding principal amount for the period from the Facility A Third
Interest Payment Date until the Maturity Date by fixed quarterly payments as set out in
Appendix 1 commencing on the last day of the third month following the Facility A Third
Interest Payment Date and on last day of each and every quarter thereafter until the
Maturity Date.

	5.3	 	The Borrower shall repay Facility B, to the Lender in the following manner:

	 	1)	 	On the date which is 18 months from the month in which the first advance is made
under Facility B (hereinafter the “Facility B First Interest Payment Date”), the
Borrower shall pay the accrued interest on the outstanding principal amount calculated
from the dates of the advances to the Facility B First Interest Payment Date.
	 
	 	2)	 	On the date which is 12 months from the Facility B First Interest Payment Date
(hereinafter the “Facility B Second Interest Payment Date”), the Borrower shall pay the
accrued interest on the outstanding principal amount calculated from the Facility B
First Interest Payment Date to the Facility B Second Interest Payment Date.
	 
	 	3)	 	The Borrower shall repay the principal amount of Facility B together with the interest
on the outstanding principal amount for the period from the Facility B Second Interest
Payment Date until the Maturity Date by fixed quarterly payments as set out in Appendix 1
commencing on the last day of the third month following the Facility B Second Interest
Payment Date and on last day of each and every quarter thereafter until the Maturity Date.

	5.4	 	The Borrower shall repay Facility C to the Lender in the following manner:

	 	1)	 	On the date which is 18 months from the month in which the first advance is made under
Facility C (hereinafter the “Facility C First Interest Payment Date”), the

Page 15

 

	 	 	 	Borrower shall pay
the accrued interest on the outstanding principal amount calculated from the dates of the
advances to the Facility C First Interest Payment Date.
	 
	 	2)	 	The Borrower shall repay the principal amount of Facility C together with the
interest on the outstanding principal amount for the period from the Facility C First
Interest Payment Date until the Maturity Date by fixed quarterly payments as set out in
Appendix 1 commencing on the last day of the third month following the Facility C First
Interest Payment Date and on last day of each and every quarter thereafter until the
Maturity Date.

5.5 Options to Extend Grace and Repayment Periods:

	(a)	 	The Borrower has the option to extend the Grace Period for an additional period, not to
exceed one (1) year. Borrower must exercise this option at least 45 days prior to the expiry
of the Grace Period by sending written notice to the Lender. If the Borrower excercises this
option, the Borrower shall pay the interest which accrues during the additional period on the
last day of such additional period.

	(b)	 	In addition, the Borrower has the option at any time(s) after the commencement of the
quarterly principal and interest payments (the “Repayment Period”), to defer payment of up to
a maximum of 4 quarterly payments. Each deferred quarterly payment will extend the Repayment
Period by 3 months and shall be added to the end of the schedule of quarterly payments set out
in Appendix 1. If the Borrower decides to exercise this option, the Borrower shall send a
notice in writing to the Lender at least 45 days prior to the date for payment for the
quarterly payments which the Borrower is electing to defer. The notice shall contain the
number of quarterly payments which the Borrower is electing to defer (up to a maximum of 4).
	 
	 	 	c) In case of breach of the obligations described in Article 4.6 (i) and (ii) of this Agreement,
the payment dates of the Loan repayment shall be postponed for the same period in which the Lender
is in breach described in the aforementioned provisions;

	5.6	 	All amounts payable by the Borrower hereunder shall be paid to the Lender in EUR by wire
transfer to the bank account of the Lender stipulated by notice in writing to the Borrower.

	5.7	 	Any payment of the Facility shall be deemed as paid on the date when the Lender receives
the amount of such payment in the bank account defined in Article 5.6 of this Agreement.

	5.8	 	The Borrower agrees that all amounts payable to the Lender under this Agreement shall be
paid to the Borrower, without any deductions or set-off. In particular, no deductions or
set-off shall be made for any present or future taxes (including without limitation sales and
value added taxes under the Applicable Law), withholdings or deductions with respect to the
amounts payable under this agreement by the Borrower to the Lender

Page 16

 

	 	 	under the Applicable Law
other than withholding taxes required to be withheld under the Applicable Law from the
interest payments (hereinafter the “Taxes”). All such Taxes under the Applicable Law shall be
borne and paid by the Borrower. In the case of any withholding taxes required to be withheld
under Applicable Law from the interest payments to the Lender, the Borrower shall provide the
Lender with certificates showing payment of the taxes to the Serbian government and any other
documents required under Spanish law to enable the Lender to claim a tax credit in Spain for
the withholding taxes deducted and paid in Serbia. If the Lender is not able to obtain a tax
credit as aforesaid without its fault, the Borrower shall reimburse the Lender for the amount
of the Serbian withholding taxes.

	 	 	All taxes which may accrue under the laws of Spain shall be paid by the Lender.
	 
	 	 	The interest rate under this Agreement shall be calculated as gross rate.

6. Representations and warranties of the Borrower

	6.1	 	The Borrowers represents and warrants to the Lender that on the date of signing this
Agreement:

	 	1)	 	The Borrower is a limited liability company validly incorporated and subsisting
under the laws of the Republic of Serbia, which carries on the registered activity as
its main activity and is entitled to conduct all other business activities, in
accordance with the Applicable Law;
	 
	 	2)	 	The Borrower is duly authorized to execute and deliver this Agreement in accordance with the
applicable regulations of the Republic of Serbia and a resolution of the Board of Directors of
the Borrower and the execution of this Agreement does not:

	 	(i)	 	violate any provision of the Foundation Agreement or any applicable
laws of the Republic of Serbia; or
	 
	 	(ii)	 	result in a breach of, a default under, or the creation of any
encumbrance on the properties and assets of the Borrower (other than security in
favor of the Lender) under any material agreement or instrument to which the
Borrower is a party or by which the Borrower or any of its properties and assets
may be bound or affected.

	 	3)	 	The financial statements of the Borrower delivered to the Lender in accordance
with this Agreement are materially correct and complete in all respects;
	 
	 	4)	 	No event has occurred and the Borrower has not received any notification of such event which
is or with giving of notice, lapse of time or other condition would constitute, an event of
default under or in respect of any agreement, to which the Borrower is a party or to which the
Borrower or any of its properties or assets may be subject which could have a material adverse
effect on the financial condition of the Borrower.

Page 17

 

7. Covenants

	7.1	 	The Borrower covenants and agrees with the Lender, while the Borrower has any outstanding
pecuniary obligations under this Agreement:

	 	1)	 	to pay all sums of money when due under this Agreement,
	 
	 	2)	 	to maintain its corporate existence as a validly subsisting corporate entity,
	 
	 	3)	 	to provide the Lender with:

	 	a)	 	unaudited semi-annual financial statements within 60 days from June 30;
	 
	 	b)	 	unaudited, annual financial statements within 90 days of the end of
each fiscal year; and
	 
	 	c)	 	audited, annual financial statements within 180 days of each fiscal
year end;

	 	 	The financial statements shall include a list of all Financial Indebtedness, showing the name of
the lender, the amount owing to the lender as of the end of the fiscal period covered by the
financial statements, the interest rate, the term, amortization period and the amount of the
installments of principal and interest payments.

	 	4)	 	to give the Lender prompt notice of any Event of Default or any event which, with notice or
lapse of time, or both, would constitute an Event of Default;
	 
	 	5)	 	Limitations on Financial Indebtedness. The Borrower will not create, assume or incur
any Financial Indebtedness, except:

	 	(a)	 	Indebtedness for money borrowed under this Agreement;
	 
	 	(b)	 	Indebtedness planned to be incurred under the mortgage granted by the Borrower
with respect to the business building located in Narodnog Fronta Street 25A, 25B, 25C,
25D, built on the parcel no. 3928/41 C.M. Novi Sad II Novi Sad, Serbia up to a maximum
principal amount of Euros 6,000,000.00;
	 
	 	(c)	 	Long-term revolving line of credit in the principal amount of EUR 300,000.00 —
mortgage on the building in street Sremska 4;
	 
	 	(d)	 	Short-term loan planned to be incurred with an interest rate subsidy from the
Republic of Serbia Development Fund in the principal amount of EUR 500,000.00
	 
	 	(e)	 	Long-term loan in the principal amount of EUR 595,000.00 — mortgage on the
building in Street Sremska 4;
	 
	 	(f)	 	Long-term loan in the principal amount of EUR 1,359,000.00 — mortgage on the
building in Sremska Street
	 
	 	(g)	 	Financial leasing for cars lease, in the principal amount of EUR 27,600;
	 
	 	(h)	 	Additional Financial Indebtedness up to a maximum principal amount of EUR
1,000,000;
	 
	 	(i)	 	Future Financial Indebtedness up to a maximum principal amount of EUR
5,000,000.00 provided that:

Page 18

 

	 	(i)	 	the Borrower proves by means of an officers certificate that
the Borrower’s Debt Service Coverage Ratio (as defined below) calculated for
the next 12 month period based on the projections of income and expenses will
not be less than 1.1:1 as a consequence of the new Debt Service payments to be
made under the terms of the new Financial Indebtedness;
	 
	 	(ii)	 	for subsequent computation periods (the 12 month periods
ending December 31), the Borrower shall deliver to the Lender together with
the Financial Statements required to be provided under section 7.1(2) above,
an executed officers certificate setting out the calculation of the Debt
Service Coverage Ratio for the computation period and confirming that the Debt
Service Coverage Ratio is at least 1.1:1; and
	 
	 	(iii)	 	the new Financial Indebtedness has a fixed interest rate
or the Borrower arranges a derivative to hedge the risk of increases in the
interest rate.

	 	 	 	“Debt Service Coverage Ratio” means the ratio of:

	 	(A)	 	the Borrower’s EBITDA plus Financial Income (net income from all sources
including dividends received from the Company) minus income tax payments for the
computation period to
	 
	 	(B)	 	Total Debt Service for the computation period.

	 	 	 	“Debt Service” means the total of all principal and interest payments payable by the
Borrower in respect of Financial Indebtedness.

	 	(j)	 	Additional Financial Indebtedness in principal amount of EUR 2,200,000.00 for
covering Value Added Taxes, which will be used continiously provided that this
Financial Indebtedness will be paid out when the refund of the Value Added Taxes is
received by the Borrower.
	 
	 	(k)	 	Any Financial Indebtedness the proceeds of which are used to repay or refinance
the Financial Indebtedness described in paragraphs from (a), to (j) above, provided
that

• the principal amount of any such refinancing does not exceed the principal amount of the
outstanding balance of the Financial Indebtedness refinanced;

• the term and repayment conditions are not different from that of the refinanced facility unless
the annual payments (Principal + Interest) of the facility are lower that those of the refinanced
facility;

Page 19

 

The Lender agrees that the Borrower may establish a pledge on all or a part of the Borrower’s
remaining unpledged stake (28% of the total stake in the Company) to secure a future additional
Financial Indebtedness defined in (d), (h), (i), (j) and (k).

	 	6)	 	to file all material income tax returns which are or will he required to be filed, to pay or
make provision for payment of all material taxes (including interest and penalties) which are
or will become due and payable, in accordance with the Applicable Law,
	 
	 	7)	 	not to grant, create, assume or suffer to exist any, charge, pledge, security interest or
other encumbrance affecting the Pledged Stake.

8. Means of Security

	8.1	 	The Security Agreements shall serve as the means of security for repayment of the Loan and
all other pecuniary obligations of the Borrower under this Agreement (hereinafter jointly the
“Means of Security”) subject to the conditions set out in Article 9.3.

	8.2	 	The Lender acknowledges that there will be established a first-ranked mortgage on the Real
Property for the purpose of securing a credit/loan in the amount of 6,000,000.00 in
connection with the purchase of the Real Property by the Borrower (the First Mortgage).

	8.3	 	The Mortgage Agreement shall be signed by the Parties and certified before the court
within 90 days from the day of inscription of the Borrower’s ownership right over the Real
Property before the Unified Cadastre Registry, and placed into escrow in accordance with the
Mortgage Escrow Agreement.

	8.4	 	The Borrower agrees to not grant additional mortgages on the Real Property outside the scope
of the amount of obligations secured by the First Mortgage, unless at the time of the grant of
the new mortgage, the appraised value of the Real Property is at least equal to the sum of: a)
the amount owing under the First Mortgage; b) the amount of the additional
mortgage; and c) the amount owing under this Loan Agreement at that time. The scope of
obligations secured by the First Mortgage means the option to change the creditors of the
secured obligations.

9. Events of Default

	9.1	 	The following events shall be deemed as the Event of Default (hereinafter jointly the “Events
of Default” or individually the “Event of Default”) provided however that the Lender is not in
breach of its obligations as described in Article 4.6 (i) and (ii):

	 	1)	 	the non-payment when due of the Loan, i.e. its Facilities or any part thereof, interest and
any other amounts due under this Agreement;

Page 20

 

	 	2)	 	usage of the Loan contrary to its purpose determined in Article 2 of this Agreement;
	 
	 	3)	 	the breach by the Borrower of any of the covenants set out in Article 7 of this Agreement
(any breach of the financial covenants to be confirmed by one of the Big four independent
auditors (Delloitte, Pricewaterhouse Coopers, Ernst & Young, KPMG));
	 
	 	4)	 	the breach by the Borrower of any other provision of this Agreement or the Security
Agreements;
	 
	 	5)	 	if any representation or warranty made herein in Article 6 of this Agreement shall be false
or inaccurate in any adverse respect;
	 
	 	6)	 	if proceedings for status change or liquidation of the Borrower has been initiated resulting
in the cessation of or suspension of the business operations of the Borrower;
	 
	 	7)	 	if the bankruptcy proceedings are commenced either by or against the Borrower affecting
Lender’s rights in any jurisdiction or jurisdictions in which the Borrower has property or
assets which are material to the business, operations or financial condition of the Borrower,
or if any order or writ of execution or attachment or similar process is issued in an amount
exceeding EUR 1.000,000.00 for the judicial or extra-judicial seizureand sale of any material
part of the assets of the Borrower;
	 
	 	8)	 	If one or more judgments for the payment of money in an amount in the aggregate exceeding EUR
1,000,000.00 has been rendered by a court having jurisdiction against the Borrower in any
jurisdiction or jurisdictions in which the Borrower has property or assets which are material
to the business, operations or financial condition of the Borrower and the Borrower does not,
discharge the same or provide for its discharge in accordance with its terms, or procure a
stay of execution thereof, or appeal such final judgment and cause the execution thereof to be
stayed during such appeal;

	 
	9.2	 	Upon the occurrence of an Event of Default, the Lender may deliver a notice of default to the
Borrower with details of the Event of Default (hereinafter the “Notice of Default”) and if
such default is not remedied within 180 days of receipt of the Notice of Default by the
Borrower, the Lender may, in its sole discretion, by notice in writing delivered to the
Borrower, declare all or any part of the Loan, interest and other amounts payable under the
Agreement, to be immediately due and payable.
	 
	9.3	 	The Lender shall enforce the Security Agreements subject to the following conditions and in
the order set out below:
	 
	1)	 	If the amount owing under the Agreement is not paid by the Borrower to the Lender within 180
days of the Borrower receiving the Notice of Default, the Lender shall be entitled to receive
payment of any amounts which may have been paid into escrow as described in Article 9.10 (b)
of the First Amendment to Shareholder Agreement (hereinafter the “50% Escrow”) in the next 30
days.
	 
	2)	 	If the amount received out of the 50% Escrow is not sufficient to pay out the amount owing
under the Agreement, and the amount owing under the Agreement has not been paid by the
Borrower to the Lender within 180 days of the Borrower receiving the Notice of Default, then
and only then the Lender may, but shall not be obligated to, give notice to the Borrower
requiring the Borrower to enter into a stake transfer agreement with the Lender in the form
given in Appendix No. 5 of this Agreement on the basis of

Page 21

 

	 	 	which the Lender shall acquire the additional stake in the Company (hereinafter the “Stake
transfer Agreement”). The Stake transfer Agreement shall determine the part of the Borrower’s
stake in the Company which is sufficient to pay out all amounts payable by the Borrower to
the Lender under this Agreement valued as follows:

	 	a)	 	If Dragan Popovic’s Employment Agreement has not been terminated by reason of Resignation or
termination for Cause, the purchase price for the Borrower’s stake in the Company shall be
calculated using the minimum price of EUR 1,200,000.00 for 1% of the total stake in the
Company as the basis of the calculation, and the respective capital accounts of the Parties
shall be adjusted accordingly.
	 
	 	b)	 	If Dragan Popovic’s Employment Agreement has been terminated by reason of Resignation or
termination for Cause, the purchase price for the Borrower’s stake in the Company shall be
calculated using the valuation procedures set out in the Shareholders Agreement and the JV
Agreement as the basis of the calculation, and the respective capital accounts of the Parties
shall be adjusted accordingly.

   3) In case that the Borrower fails to enter into the Stake transfer Agreement with the
Lender within 30 days from the date when the Lender informed the Borrower in writing that it has
elected to require the Borrower to enter into such Stake transfer Agreement in accordance with the
Article 9.3 clause 2), the Lender shall be entitled to enforce the Pledge in accordance with the
provisions of the Stake Pledge Agreement and the Law on Registered Movables Pledges .

	 	4)	 	Only in the case that following three conditions are cumulatively fulfilled:

(i) Dragan
Popovic’s Employment Agreement has been terminated by reason of Resignation or
termination for Cause and

(ii) the Lender is not in breach of its obligations as described
in Article 4.6 (i) and

(ii) of this Agreement and

(iii) the money from the 50% Escrow account and the
Borrower’s Pledged Stake in
accordance with the Article 9, point 9.3 clause 2) and 3) are not enough to pay out the
amount owing under this Agreement,

then and only then the Lender shall be entitled to enforce the Mortgage in accordance with the
provisions of the Mortgage Agreement, the Mortgage Escrow Agreement and the Law on Mortgage.

10. Prepayment

	10.1	 	The Borrower may prepay any portion of the outstanding principal amount of the Loan provided
that such prepayments shall be made in minimum amounts of EUR

Page 22

 

	 	 	100,000.00. Repayment of Loan cannot begin prior to expiry of six (6) months as of the Date
of Advance, and final payment can be made only after expiry of one year from the Date of
Advance.

  In case of prepayment of the Loan, the Borrower is not obliged to indemnify any damage or to
pay any penalties to the Lender.

All prepayments will be applied first to any outstanding accrued interest or other overdue amounts
payable hereunder and secondly against principal and may not be re-borrowed hereunder.

11. Force Majeure

11.1 The event of force majeure includes one or more events occurred after the conclusion of this
Agreement, which could not have been foreseen, prevented, remedied or avoided through the exercise
of due diligence and which directly affect the possibility of one party performing its obligation
in full or partially including but not limiting as follows:

strikes, lockouts, or other industrial disturbances, wars, blockades, embargoes, insurrections,
riots, act or orders of government, explosions, fires, floods, or crisis in global capital markets
causing major restrictions in the general availability of credit
(jointly “Force Majeure”).

The party claiming the benefit of Force Majeure shall give written notice and full particulars
of Force Majeure to the other party as soon as possible after the occurrence of Force Majeure.

Upon the giving of the notice, such obligations shall be suspended during the continuance of Force
Majeure and the party whose performance is affected by the Force Majeure will not be liable for
delays in performing its obligations to the extent the delay is caused by Force Majeure. The party
claiming the benefit of Force Majeure shall use due diligence to overcome or avoid the delays or
hindrance caused by the force majeure event as soon as possible, and the obligations, terms and
conditions of this contract shall be extended for the period of the continuance of Force Majeure.

12. Appendixes

	12.1	 	The appendixes attached to the Agreement are incorporated in this Agreement by reference as
if set out in full herein.
	 
	12.2	 	In the event that a change is required to be made under the terms and provisions of this
Agreement to advances or repayments of the Loan, the interest rate, dates for advances

Page 23

 

or payments, the Grace Period, or other terms, the Parties shall sign an Annex to this Agreement
to confirm the change, and the Annex shall be registered with the NBS.

13. Registration

	13.1	 	The Borrower undertakes to register this Agreement (and any subsequent amendments to, or
assignment or termination of, this Agreement) with the NBS as soon as practicable and in any
event within 10 days after the execution of this Agreement or its amendment, assignment or
termination.

14. Expenses

	14.1	 	All certification fees, registration duties or other charges in connection with any
regulatory requirements arising in the Republic of Serbia from the entering into, execution or
implementation of this Agreement shall be equally borne by both Parties.
	 
	14.2	 	All fees and expenses by professional advisors (including lawyers, accountants, auditors,
financial or any other advisors or consultants) and other charges and costs payable in
connection with the preparation, negotiation, execution and consummation of this Agreement
shall be borne by the Party incurring such fees or expenses.

15. Confidentiality

	15.1	 	During the validity of this Agreement and for a period of 2 years following its expiry, each
of the Parties keep confidential and use only in connection with the transactions contemplated
by this Agreement all information and data:

	 	1)	 	obtained by them from the other Party relating to such other Party, and
	 
	 	2)	 	regarding the transactions contemplated hereby, unless disclosure of such information or data
is required by the laws of the Republic of Serbia or Spain, or any governmental or regulatory
authority, approved by the other Party or necessary to be disclosed in a court proceeding.

16. Severability

	16.1	 	Should any provision of this Agreement be fully or in part invalid or unenforceable, this
shall not affect the validity and enforceability of the other provisions of this Agreement if
it can sustain without invalid provision and if such a provision was not the condition of the
Agreement or decisive consideration upon which the Agreement was concluded.
	 
	16.2	 	The Parties shall be obliged to replace the invalid or unenforceable provision by a valid and
enforceable provision, which is in conformity with the aim that Parties had in mind in the
time of the conclusion of this Agreement and if it can considered that Parties would conclude
this Agreement if they knew for the nullity of that provision.

17. Communication

	17.1	 	Each notice or other communication regarding this Agreement shall be in written form and have
to be delivered in person or by fax or by registered mail with certification of

Page 24

 

receipt on the following addresses:

     1)   If for the Borrower:

 Name: Dragan Popovic

 Address: Sremska Street No. 4, 21000 Novi Sad, Serbia

 Tel: +381 21 4893 501

 Fax: +381 21 4893 540

 Attention: Dragan Popović

     2)   If for the Lender:

 Name: Lidia Garcia

 Address: Velgrande 6, Alcobendas (Madrid) 28108, Spain

 Tel: +34 91 714 7120

 Fax: +34 91 714 7001

 Attention: Lidia Garcia

     with a copy to:

 Telvent North America

 Name: Cameron Demcoe

 Address: 10333 Southport Road SW, Calgary AB, Canada

 Tel: +1 403 613 0100

 Fax: +1 403 301 5027

 Attention: Cameron Demcoe.

	17.2	 	Any notice or communication sent in the above described manner shall be deemed as delivered
on the day of personal delivery of the same, i.e. on the date stated in the fax confirmation
notice, i.e. on the date stated at the delivery receipt for the registered mail.
	 
	17.3	 	In the event of change of any element of delivery address, the Party whose information is
changed is obliged to inform in advance the other Party in written manner. Failure to inform
the other Party shall mean that any notice or communication performed in line with Article
16.1 would be deemed as delivered on the fifth day after sending regardless of the fact
whether the delivery receipt returned with remark that the same was not delivered or the
number of fax are changed.

18. Applicable Law

	18.1	 	This Agreement shall be governed by the Applicable Law.

19. Dispute resolution

	19.1	 	Any potential dispute arising out of or in connection to this Agreement shall be settled
amicably by the Parties.

	19.2	 	In case that such a dispute may not be resolved amicably, Parties agree that all disputes
arising in connection with this Agreement, except those in exclusive court jurisdiction,

Page 25

 

	 	 	shall be finally settled by arbitration in Geneve Switzerland under the Rules of Conciliation
and Arbitration of the International Chamber of Commerce (the “Court”) in effect at that
time, by one arbitrator appointed by the Parties or, failing agreement within one month of
the demand for arbitration, by the Court at the request of one of the Parties. The
arbitrator shall be free in addition to consult technical or legal experts of his own
choosing in resolving any dispute.
	 
	19.3	 	The arbitration proceedings shall be conducted in the English language. The arbitrator may,
for his convenience or that of the parties, take evidence at places other than Geneve without
changing the situs of the proceedings.
	 
	19.4	 	The arbitrator shall hear and dispose of any dispute in such manner as he, in his discretion,
shall determine, but in so doing he shall be required to receive the submissions of the
parties with respect to the said dispute between the parties. The arbitrator shall base his
award with respect to the matter before him on the contents of this Agreement and on the
provisions of the applicable law as herein provided. The award of the arbitrator may be,
alternatively or cumulatively, for monetary damages, an order requiring the performance of
non-monetary obligations or any other appropriate order or remedy. The arbitrator may issue
interim awards. The final award shall assign costs of the arbitration to one or both parties.
The decision of the arbitrator shall be rendered in writing with all reasonable expedition,
and shall be final and binding on the parties hereto. Judgment upon the arbitration award
rendered may be entered in any court having jurisdiction, or application may be made to any
such court for judicial acceptance of the award and an order of enforcement or execution, as
the case may be.

20. Final provisions

	20.1	 	This Agreement is concluded under condition precedent and shall have legal effect as of the
Closing.
	 
	 	 	In case that the condition precedent is not fulfilled, the Parties shall conclude in written
form termination of this Agreement for the purpose of registration before NBS (if it will be
necessary).
	 
	 	 	In case of termination of the STA, both Parties shall be entitled to unilateral termination of this
Agreement.
	 
	20.2	 	The Parties hereby declare that they have read and understood this Agreement and based on
their free will and achieved consent they enter into it.
	 
	20.3	 	In case of discrepancy or difference between the English and the Serbian version of this
Agreement, the Serbian version shall prevail.
	 
	20.4	 	This Agreement is executed in 8 identical copies, 2 of which are for each Party, whereas the
remaining copy is for the purpose of registration before the NBS.

Page 26

 

	 	 	 	 	 
	In Novi Sad, on 24th, January 2011.

For the Lender

 	 
	/s/ Victor Jose Hidalgo Vega
 	 
	Victor Jose Hidalgo Vega 	 
	Proxy 	 
	 
	For the Borrower:

 	 
	/s/ Dragan Popović
 	 
	Chairman of the Board 	 
	Prof. Dr Dragan Popović 	 
	 

Page 27exv4w136

Exhibit 4.136

(English Translation)

LEASE REAL ESTATE AGREEMENT (“Agreement”)

Signed on 24th, January 2011. between following persons, as contractual parties:

“DMS GROUP” LLC, for power engineering, Novi Sad, St. Sremska 4 Novi Sad, Tax
Identification Number:[***], register number:[***], represented by Vladimir Strezoski PhD,
the Vice President of the Board of Directors, as a lessor on one part (further in the
text: Lessor),

And

TELVENT DMS LLC, for power engineering, Novi Sad, St. Sremska 4, Tax Identification
Number: [***], register number:[***], represented by represented by Mr. Victor José
Hidalgo Vega, with Personal [***], passport number:[***], by virtue of a power of attorney
dated November 25, 2010 before the Notary Public Mr. Ignacio Paz-Ares Rodriguez, with
protocol number [***], as a lessee on the other part (further in the text: Lessee) as
follows:

     1. Grant and Acceptance of Lease.

(a) The Lessor is the owner of the business-building with the following floors: basement,
ground floor, gallery and four floors (Po + P + G +4) with 76 offices with formed
underground connections through the basement, with dimensions of 25x88m, net surface
10,847 m2, gross area of 14,190 m2, in Novi Sad, St. Narodnog fronta 25A, 25B, 25C, 25D,
built on the parcel no. 3928/41 K.O. Novi Sad II (“Leased Premises”).

(b) Lessor leases to Lessee and Lessee leases from Lessor the Leased Premises, which is
registered as a separate part of the building No. 1 in Novi Sad, St. Narodnog fronta 25A,
25B, 25C, 25D, built on the parcel no. 3928/41 K.O. Novi Sad II, registered in the
Immovable Property Book under the number 9765 K.O. II, of the total net area of 10,847 m2.

The detailed description of the Leased Premises is given in the Appendix 1 attached hereto
which form a part hereof.

Lessor is familiar with Lessee’s business activities and it is obliged to equip the
building in accordance with it. Detailed description of the requirements that Leased
Premises have to satisfy

 

 

is given in the Appendix 2, attached hereto which form a part
hereof.

(c) Upon commencement of the Term and occupancy of the Leased Premises by Lessee,
Lessee accepts the condition of the Leased Premises, including all construction, as
satisfactory and in good working order.

(d) Lessee, together with Lessee’s employees, agents and invitees, shall have the
exclusive right (without payment of additional consideration to Lessor) to utilize all of
the parking spaces and areas at the Leased Premises. Lessor shall not have the right to
reduce the number of parking spaces or reconfigure the parking spaces/areas without the
prior written consent of Lessee.

(e) Lessee shall have the sole and exclusive right to install exterior building signage
(façade and/or monument) at Lessee’s sole cost and expense. All signage shall conform to
all local codes and shall be subject to Lessor’s prior reasonable approval. Upon the
termination of the Agreement, Lessee shall repair any areas damaged by Lessee’s sign
installation.

     2. Term of Lease.

(a) Contractual parties agree that the lease last for 6 years from the day of entry into
the Leased Premises (“Initial Term”). The Agreement shall take effect upon issuance of a
certificate of occupancy (or something similar) by a local governmental authority
(“Effective Date”), and after the parties sign the report of occupancy of the Leased
Premises whereupon the lease agreements for the two buildings Lessee currently occupies
shall be terminated and any conflicting or inconsistent terms found in those lease
agreements shall be superseded this Agreement.

(b) Lessee shall have the option to renew the lease for an additional term (“Option Term”)
of five (5) years (the Initial Term and the exercised Option Term sometimes collectively
referred to hereinafter as the “Term”). All terms and conditions of this Agreement shall
be applicable during the Option Term. Lessee may exercise its right to an Option Term
under the following terms and conditions no later than one hundred and eighty (180) days
prior to the expiration of the Initial Term, if applicable, the Lessee must submit written
notification to Lessor of Lessee’s desire to renew the lease for the Option Term.

Neither party shall be entitled to unilaterally terminate this Agreement before the
expiration of the Term, except as otherwise expressed within this Agreement.

Upon the expiration or other termination of the Term, Lessee will immediately vacate and
surrender possession of the Leased Premises in good order, repair and condition, except
for ordinary wear and tear. Upon the expiration or other termination of the Term,

 

 

Lessee
agrees to remove (a) all changes, additions and improvements to the Leased Premises the
removal of which Lessor requested at the time Lessor consented to their installation, and
(b) all of Lessee’s trade fixtures, office furniture, office equipment and other personal
property. Lessee will reimburse Lessor the cost of repairing any damage to the Leased
Premises caused by the removal of any such items. Any of Lessee’s property remaining in
the Leased Premises will be conclusively deemed to have been abandoned by Lessee and may
be appropriated, stored, sold, destroyed or otherwise disposed of by Lessor without notice
or obligation to account to or compensate Lessee, and Lessee will pay Lessor on demand all
costs incurred by Lessor relating to such abandoned property.

     3. Rent.

The monthly rent, without taxes, for the Leased Premises is 172.169,27 eur.

(a) The Lessee is obliged to pay the rent in 72 equal monthly installments, starting from
the Effective Date, but no later than on the 15th day of the current month for the current
month. The monthly rent for the Option Term shall be negotiated by the parties, and in
accordance with the market conditions.

The monthly rent rate does not include VAT, electricity costs, water costs, communal
costs, telephone and internet costs, network equipment costs, and insurance of the
building provided by the Lessee (fire, floods, glass facades).

(b) Lessee shall make payments to Lessor within 15 days upon receiving an invoice from
Lessor.

(c) During any Term of the Agreement, Lessee shall pay all charges for water, sewer, gas,
electricity, telephone, Internet and other services and utilities used by Lessee on the
Leased Premises, until 20th in the month for the previous month. In the event
that any utility or service provided to the Leased Premises is not separately metered,
Lessor shall pay the amount due and separately invoice Lessee for Lessee’s pro rata share
of the charges. Lessee shall pay such amounts within fifthteen (15) days from date of
receiving the invoice.

     4. Insurance.

The Lessor shall maintain fire, flood and glass breakage insurance for the building and
the Leased Premises. If the Leased Premises or any other part of the building is damaged
by fire or other casualty resulting from any act of negligence by Lessee or by any of
Lessee’s agents, employees or invitees, and Lessee shall be responsible for the costs of
repair not covered by insurance.

 

 

Lessee shall be responsible, at its expense, for fire and extended coverage insurance on
all of its personal property, including removable trade fixtures, located in the Leased
Premises.

Lessee shall at its own expense, maintain a policy or policies of comprehensive general
liability insurance with respect to the particular activities of each in the building with
the premiums thereon fully paid on or before due date. Such insurance policy shall be
issued by and binding upon an insurance company approved by Lessor, and shall afford
minimum protection of not less than $1,000,000 combined single limit coverage of bodily
injury, property damage or combination thereof. Lessee shall provide Lessor with current
certificates of insurance evidencing Lessee’s compliance with this paragraph.

Both parties, their partners, managers, officers and directors, subsidiaries, affiliates,
employees, and agents will be named as additional insureds with respect to liability
arising out of the other party’s use, occupancy, or maintenance of the Leased Premises or
activities performed thereon, on all liability policies carried Lessee. Lessee’s
insurance will be primary insurance over any insurance carried by Lessor. Lessee’s
Workers’ Compensation insurer will agree to waive all rights of subrogation against Lessor
and its partners, managers, officers and directors, employees, agents, subsidiaries and
affiliates for losses arising from work or activities performed by Lessee. For all
policies of insurance that must be maintained by both parties under this Lease, both
parties agree to notify each other at least 30 days prior to any cancellation or
reduction of coverage.

Lessor and Lessee agree that all insurance required to be carried under this section and
other property damage insurance which may be carried by either of them will be endorsed
with a clause providing that any release from liability of, or waiver of claim for,
recovery from the other party entered into in writing by the insured thereunder prior to
any loss or damage will not affect the validity of such policy or the right of the insured
to recover under such policy, and providing further that the insurer waives all rights of
subrogation which such insurer might have against the other party (and, when the “other
party” is Lessor, such waiver will apply to and Property Manager as well). Without
limiting any release or waiver of liability or recovery set forth elsewhere in this Lease,
and notwithstanding anything in this Lease which may appear to be to the contrary, each of
the parties hereto waives all claims for recovery from the other party for any loss or
damage to any of its property insured (or required by the terms of this Lease to be
insured) under valid and collectible insurance policies to the extent of any recovery
collectible (or would have been collectible if the insurance required under this Lease had
been maintained) under such insurance policies; provided, however, that this waiver will
not apply to the portion of any damage that is not reimbursable by the damaged party’s
insurer because of the deductible portion of the damaged party’s insurance coverage.

 

 

     5. Lessor shall hand the Leased Premises to Lessee in good condition, painted,
cleaned, with well-functioning heating, including well-functioning telephone,
cable and internet installations, also including electricity with its proper
meter, as well as water etc.

     6. Lessor guarantees that the real estate does not include hidden defects that
would disable Lessee in operating its business or that would damage the equipment
positioned in the Leased Premises.

     7. Lessee will not prevent the Lessor in investment maintenance of the building
and Leased Premises which Lessor adopts and alters from time to time and will
send a written notice to the Lessee on such work, and will perform them in time
and manner which will cause the least distraction to Lessee. Lessee will do
everything to keep his employees and third parties engaged by the Lessee from
disturbing the stated works.

     8. Repairs

	(a)	 	The Lessee shall repair and maintain the Leased Premises in good order and condition,
except for reasonable wear and tear, and repairs that are detailed below and born by the
Lessor. Lessee may not remodel, make additions, improvements and/or replacements of and to
all or any part of the Leased Premises without prior written consent of the Lessor.
	 
	(b)	 	The Lessor shall operate, maintain, repair and replace the systems, facilities and
equipment necessary for the proper operation of the building in which the Leased Premises
are located (including without limitation, the heating, ventilation and air conditioning
systems, elevators, building security systems, sprinkler systems, plumbing and electrical)
and shall maintain and repair the foundations, structure and roof of the building and
repair damage to the building which the Lessor is obligated to insure within investment
maintenance.
	 
	(c)	 	If Lessor fails to repair the Leased Premises as required by Section 8(b) within
thirty (30) days after receiving written notice from Lessee of any damage to the Leased
Premises, Lessee may perform such repairs on behalf of Lessor. Lessee shall be
reimbursed by Lessor all costs under this section. In the event that Lessor fails to
reimburse such reasonable costs and expenses within thirty (30) days following Lessee’s
written demand, Lessee shall be entitled to receive an abatement of Rent in the amount of
such costs and expenses.
	 
	(d)	 	Lessee will notify Lessor promptly after Lessee learns of (a) any fire or
other casualty in the Leased Premises; (b) any damage to or defect in the Leased
Premises, including the fixtures and equipment in the Leased Premises, for the repair of
which Lessor will be responsible for; and (c) any damage to or defect in any parts or
appurtenances of the Leased Premises’ sanitary, electrical, heating, air conditioning,
elevator or other systems located in or passing through the Leased Premises.

 

 

9. Damage or Destruction.

(a) Termination Options. If the Leased Premises are damaged by fire or other casualty
Lessor will, promptly after learning of such damage, notify Lessee in writing of the time
necessary to repair or restore such damage, as estimated by Lessor’s architect, engineer
or contractor. If such estimate states that repair or restoration of all of such damage
that was caused to the portion of the Leased Premises that is necessary for Lessee’s
occupancy cannot be completed within 180 days from the date of such damage, or if such
damage occurred within the last 12 months of the Term and such estimate states that repair
or restoration of all such damage that was caused to the Leased Premises or to any other
portion of the Leased Premises necessary for Lessee’s occupancy cannot be completed within
90 days from the date of such damage, then Lessee will have the option to terminate this
Lease. If Lessee exercises its option to terminate this Lease, the Term will expire and
this Lease will terminate 30 days after notice of termination is delivered; provided,
however, that Rent for the period commencing on the date of such damage until the date
this Lease terminates will be reduced to the reasonable value of any use or occupation of
the Leased Premises by Lessee during such period.

(b) Repair Obligations. If the Leased Premises are damaged by fire or other casualty and
Lessee does not terminate this Lease according to Section 8, then Lessor will repair and
restore such damage with reasonable promptness, subject to reasonable delays and delays
caused by matters beyond Lessor’s control. Lessor will have no liability to Lessee and
Lessee will not be entitled to terminate this Lease if such repairs and restoration are
not in fact completed within the estimated time period. In no event will Lessor be
obligated to repair, restore or replace any of the property required to be insured by
Lessee.

10. Lessee may install in the Leased Premises its personal property (including Lessee’s
usual trade fixtures) in a proper manner, provided that no such installation will
interfere with or damage the mechanical, plumbing or electrical systems or the structure
of the Leased Premises, and provided further, that if such installation would require any
change, addition or improvement to the Leased Premises. Any such personal property
installed in the Leased Premises by Lessee (a) may be removed from the Leased Premises
from time to time in the ordinary course of Lessee’s business or in the course of making
any changes, additions or improvements to the Leased Premises permitted under the Lease,
and (b) will be removed by Lessee at the end of the Term. Lessee will promptly repair at
its expense any damage to the Leased Premises resulting from such installation or removal.

Lessee will be solely responsible for all costs and expenses related to personal property
used or stored in the Leased Premises. Lessee will pay any taxes or other governmental
impositions levied upon or assessed against such personal property, or upon Lessee for the
ownership or use of such personal property, on or before the due date for payment.

 

 

11. Condemnation.

(a) Full Taking. If all or substantially all of the Leased Premises are taken for any
public or quasi-public use under any applicable Laws or by right of eminent domain, or are
sold to the condemning authority in lieu of condemnation, then this Lease will terminate
as of the date when the condemning authority takes physical possession of the Leased
Premises.

(b) Partial Taking.

i. Termination of Lease. If only part of the Leased Premises is thus taken or sold, and if
after such partial taking, in Lessor’s reasonable judgment, alteration or reconstruction
is not economically justified, then Lessee may terminate this Lease by giving written
notice to Lessor within 60 days after the taking.

ii. Effective Date of Termination. Termination by Lessee will be effective as of the date
when physical possession of the applicable portion of the Leased Premises is taken by the
condemning authority.

iii. Election to Continue Lease. If Lessee elects not to terminate this Lease upon a
partial taking of a portion of the Leased Premises, the Rent payable under this Lease will
be diminished by an amount allocable to the portion of the Leased Premises which was so
taken or sold. If this Lease is not terminated upon a partial taking of the Leased
Premises, Lessor will, at Lessor’s sole expense, promptly restore and reconstruct the
Leased Premises to substantially their former condition to the extent the same is
feasible. However, Lessor will not be required to spend for such restoration or
reconstruction an amount in excess of the net amount received by Lessor as compensation or
damages for the part of the Leased Premises so taken.

12. No assignment of this Lease or sublease of all or any part of the Leased Premises
shall be permitted without the written consent of Lessor.

13. Lessor is liable and guarantees that as long as the Lessee fulfils its obligations
under this Agreement, the Lessor shall provide the Lessee with quiet possession of the
Leased Premises during the term of this Lease.

14. Contractual parties agree that Lessee can give on lease as sub-lease the real estate
which is the subject of this lease agreement and/or execute any construction or other
work, only with prior written consent of the Lessor.

15. This agreement is made in 6 copies, 3 to be held by each contractual party.
Contractual parties read this agreement, they understood it and as an act of accepting it
they signed it.

 

 

     16. General.

a) Limitation of Liability

IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR THE PAYMENT OF ANY
CONSEQUENTIAL, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, INCLUDING LOST PROFITS UNDER THIS
AGREEMENT.

Notice.

All notices required or permitted under this Lease must be in writing and will only be
deemed properly given and received (a) when actually given and received, if delivered in
person to a party who acknowledges receipt in writing; or (b) three business days after
deposit with a private courier or overnight delivery service, if such courier or service
confirms delivery. All such notices must be transmitted by one of the methods described
above to the party to receive the notice at:

To Lessor: Novi Sad, Sremska 4, III/4

     Attn: Prof. Vladimir Strezoski, PhD

To Lessee: Novi Sad, Narodnog fronta 25A, 25B, 25C, 25D

     Attn: Victor Jose Hidalgo Vega

 b) Waiver.

No waiver of any default of Lessor or Lessee hereunder shall be implied from any omission
to take any action on account of such default if such default persists or is repeated, and
no express waiver shall affect any default other than the default specified in the express
waiver and that only for the time and to the extent therein stated. One or more waivers by
Lessor or Lessee shall not be construed as a waiver of a subsequent breach of the same
covenant, term or condition.

c) Confidentiality

During the validity of this Agreement and for a period of 2 years following its expiry,
each of the Parties keep confidential and use only in connection with the transactions
contemplated by this Agreement all information and data:

1.) obtained by them from the other Party relating to such other Party, and

2.) regarding the transactions contemplated hereby, unless disclosure of such information
or data is required by the laws of the Republic of Serbia, or any governmental or
regulatory authority, approved by the other Party or necessary to be disclosed in a court
proceeding.

 

 

d.) Memorandum of Lease.

The parties hereto contemplate that this Lease should not and shall not be filed for
record, but in lieu thereof, at the request of either party, Lessor and Lessee shall
execute a Memorandum of Lease to be recorded for the purpose of giving record notice of
the appropriate provisions of this Lease.

e) Headings.

The headings used in this Lease are for convenience of the parties only and shall not be
considered in interpreting the meaning of any provision of this Lease.

f) Successors.

The provisions of this Lease shall extend to and be binding upon Lessor and Lessee and
their respective legal representatives, successors and assigns.

g) Consent.

Lessor shall not unreasonably withhold or delay its consent with respect to any matter for
which Lessor’s consent is required or desirable under this Lease.

h) Performance.

If there is a default with respect to any of Lessor’s obligations under this Lease, and if
the default continues more than sixty (60) days after notice in writing from Lessee to
Lessor specifying the default, Lessee may, at its option and without affecting any other
remedy hereunder, cure such default and deduct the cost thereof from the next accruing
installment or installments of rent payable hereunder until Lessee shall have been fully
reimbursed for such expenditures, together with interest thereon at a rate equal to
default lawful rate. If this Lease terminates prior to Lessee’s receiving full
reimbursement, Lessor shall pay the un-reimbursed balance plus accrued interest to Lessee
on demand.

i) Compliance with Law.

Lessee and Lessor each shall comply with all laws, orders, ordinances and other public
requirements now or hereafter affecting the Leased Premises.

j) Applicable Law and dispute resolution.

Any potential dispute arising out of or in connection to Agreement shall be settled
amicably by the Parties.

 

 

All disputes that stem in relation to Agreement or its amendments, and which are not settled amicably by the Parties, will be resolved by the competent court in Republic of Serbia.

k)
Final Agreement.

This Agreement terminates and supersedes all prior understandings or agreements on the subject
matter hereof. This Agreement may be modified only by a further writing that is duly executed by
both parties.

l) This Agreement is made on English and Serbian language. In case of discreapancy, the Serbian
version shall prevail.

	 	 	 	 	 
	LESSOR:

For “DMS GROUP’’ LLC Novi Sad

Vladimir Strezoski, PhD

 	 
	    /s/ Vladimir Strezoski
 	 
	 
	LESSEE

For TELVENT DMS LLC Novi Sad

Victor José Hidalgo Vega
 

	 
	   /s/ Victor José Hidalgo Vega
 	 

Appendix 1 to the Lease Agreement

1. SUBJECT TO THE AGREEMENT

The Lessor is the owner of the business-building with the following floors:
basement, ground floor, gallery and four floors (Po + P + G +4) with 76 offices with
formed underground connections through the basement, with dimensions of 25x88m, net
surface 10.847 m2, gross area of 14.190 m2, in Novi Sad, St. Narodnog fronta 25A,
25B, 25C, 25D, built on the parcel no. 3928/41 K.O. Novi Sad II (“Leased Premises”)

Lessor gives in lease and Lessee takes on lease the real properties in the newly
built business buiding which are registered as a separate part of the building No. 1
in Novi Sad, St. Narodnog fronta 25A, 25B, 25C, 25D, built on the parcel no. 3928/41
K.O. Novi Sad II, registered in the Immovable Property Book under the number 9765
K.O. II, of the total area of 10,847 m2, the following labels:

1.1 BUSINESS OFFICES, GROUND FLOOR, labels 1 to 8, the total area of 1919.00 m2.

• entry 25B, Ground Floor, business office No. 1, 281 m2 of floor area,

• entry 25B, Ground Floor, business office No. 2, 214 m2 of floor area,

• entry 25B, Ground Floor, business office No. 3, 144 m2 of floor area,

 

 

• entry 25A, Ground Floor, business office No. 4, 140 m2 of floor area,

• entry 25A, Ground Floor, business office No. 5, 256 m2 of floor area,

• entry 25A, Ground Floor, business office No. 6, 244 m2 of floor area,

• entry 25D, Ground Floor, business office No. 7, 366 m2 of floor area,

• entry 25C, Ground Floor, business office
No. 8, 274 m2 of floor area,

1.2 BUSINESS OFFICES, mezzanine-GALLERY labels 9 to 16, the total area of 1880.00 m2

• entry 25C, Gallery, business office on the gallery number 9, 255 m2 of floor area,

• entry 25C, Gallery, business office on the gallery number 10, 303 m2 of floor area,

• entry 25B, Gallery, business office on the gallery number 11, 143 m2 of floor area,

• entry 25B, Gallery, business office on the gallery number 12, 308 m2 of floor area,

• entry 25D, Gallery, business office on the gallery number 13, 271 m2 of floor area,

• entry 25D, Gallery, business office on the gallery number 14, 85 m2 of floor area,

• entry 25A, Gallery, business office on the gallery number 15, 142 m2 of floor area,

• entry 25A, Gallery, business office on the gallery number 16, 373 m2 of floor area,

1.3 BUSINESS APARTMENTS, I FLOOR, labels 101 to 114, the total area of 815.00 m2

• entry 25B, First Floor, Apartment No. 101, 73 m2 of floor area,

• entry 25B, First Floor, Apartment No. 102, 47 m2 of floor area,

• entry 25B, First Floor, Apartment No. 103, 46 m2 of floor area,

• entry 25B, First Floor, Apartment No. 104, 45 m2 of floor area,

• entry 25B, First Floor, Apartment No. 105, 96 m2 of floor area,

• entry 25B, First Floor, Apartment No. 106, 47 m2 of floor area,

• entry 25B, First Floor, Apartment No. 107, 47 m2 of floor area,

• entry 25B, First Floor, Apartment No. 108, 97 m2 of floor area,

• entry 25A, First Floor, Apartment No. 109, 45 m2 of floor area,

• entry 25A, First Floor, Apartment No. 110, 48 m2 of floor area,

• entry 25A, First Floor, Apartment No. 111, 45 m2 of floor area,

• entry 25A, First Floor, Apartment No. 112, 47 m2 of floor area,

• entry 25A, First Floor, Apartment No. 113, 47 m2 of floor area,

• entry 25A, First Floor, Apartment No. 114, 85 m2 of floor area,

1.4 BUSINESS APARTMENTS, II FLOOR, labels 201 to 214, the total area of 831.00 m2

• entry 25B, Second Floor, Apartment No. 201, 73 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 202, 47 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 203, 47 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 204, 47 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 205, 97 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 206, 47 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 207, 47 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 208, 49 m2 of floor area,

• entry 25B, Second Floor, Apartment No. 209, 47 m2 of floor area,

• entry 25A, Second Floor, Apartment No. 210, 45 m2 of floor area,

• entry 25A, Second Floor, Apartment No. 211, 49 m2 of floor area,

• entry 25A, Second Floor, Apartment No. 212, 44 m2 of floor area,

• entry 25A, Second Floor, Apartment No. 213, 48 m2 of floor area,

 

 

• entry 25A, Second Floor, Apartment No. 214, 144 m2 of floor area,

1.5 BUSINESS APARTMENTS, III FLOOR, labels 301 to 307, the total area of 855.00 m2

• entry 25B, Third Floor, Apartment No. 301, 189 m2 of floor area,

• entry 25B, Third Floor, Apartment No. 302, 95 m2 of floor area

• entry 25B, Third Floor, Apartment No 303, 143 m2 of floor area,

• entry 25A, Third Floor, Apartment No. 304, 97 m2 of floor area,

• entry 25A, Third Floor, Apartment No. 305, 94 m2 of floor area,

• entry 25A, Third Floor, Apartment No. 306, 94 m2 of floor area,

• entry 25A, Third Floor, Apartment No. 307, 143 m2 of floor area,

1.6 BUSINESS APARTMENTS, IV FLOOR, labels 308 to 314, the total area of 844.00 m2

• entry 25B, Fourth Floor, Apartment No. 308, 131 m2 of floor area,

• entry 25B, Fourth Floor, Apartment No. 309, 94 m2 of floor area,

• entry 25B, Fourth Floor, Apartment No. 310, 192 m2 of floor area,

• entry 25A, Fourth Floor, Apartment No. 311, 98 m2 of floor area,

• entry 25A, Fourth Floor, Apartment No. 312, 77 m2 of floor area,

• entry 25A, Fourth Floor, Apartment No. 313, 94 m2 of floor area,

• entry 25A, Fourth Floor, Apartment No. 314, 158 m2 of floor area,

1.7 BUSINESS OFFICES, I — III FLOOR, labels 1.1, 1.2, 1.3, 1.4, 2.1, 2.2, 2.3, 2.4,
3.1, 3.2, 3.3, 3.4, the total area of 2794 m2

• entry 25C, First Floor, business office No. 1.1, 300 m2 of floor area

• entry 25B, First Floor, business office No. 1.2, 280 m2 of floor area,

• entry 25D, First Floor, business office No. 1.3, 147 m2 of floor area,

• entry 25A, First Floor, business office No. 1.4, 203 m2 of floor area,

• entry 25C, Second Floor, business office No. 2.1, 335 m2 of floor area,

• entry 25B, Second Floor, business office No. 2.2, 198 m2 of floor area,

• entry 25D, Second Floor, business office No. 2.3, 211 m2 of floor area,

• entry 25A, Second Floor, business office No. 2.4, 185 m2 of floor area,

• entry 25C, Third Floor, business office No. 3.1, 262 m2 of floor area,

• entry 25B, Third Floor, business office No. 3.2, 202 m2 of floor area,

• entry 25D, Third Floor, business office No. 3.3, 285 m2 of floor area,

• entry 25A, Third Floor, business office No. 3.4, 186 m2 of floor area,

1.8 BUSINESS APARTMENTS, IV FLOOR, labels 315 to 320, the total area of 909m2

• entry 25A, Fourth Floor, Apartment No. 315, 171 m2 of floor area,

• entry 25A, Fourth Floor, Apartment No. 316, 109 m2 of floor area,

• entry 25D, Fourth Floor, Apartment No. 317, 178 m2 of floor area

• entry 25B, Fourth Floor, Apartment No. 318, 148 m2 of floor area,

• entry 25C, Fourth Floor, Apartment No. 319, 102 m2 of floor area,

 

 

• entry 25C, Fourth Floor, Apartment No. 320, 201 m2 of floor area,

BASEMENT

The basement of the building No. 1 St. Narodnog fronta 25A, 25B, 25C, 25D, by the
Plan of subdivision (hereinafter referred to as Basement) is the net area of 2365.26
m2 (1890.72 m2 double purposes shelter, ramp area of 80.10 m2 and 112.48 m2, and
other common spaces) with formed underground connections through the basement of the
basement floors. In the As-built design, parking spaces (87) are shown.

The Lessee has the right to use the Basement as well as all common areas on other
floors in the building 1. (surface 977.74 m2), under this Agreement.

Appendix 2 — Building’s equipment

Leased Premisses, subject to Lease Agreement, shall be built and furnished as follows:

1. POWER SUPPLY

Power supply of a business building no. 1 shall be provided from a substation with 2
1000 kVA transformers and a third 1000 kVA transformer as a backup.

Supply cables connecting the substation and main switch cabinets in the building
shall be sized for a total installed power of the building of 2000 kVA.

Indoor power installations are sized to support maximum installed power capacity.
They are made of halogen free cables placed in perforated cable trays (PCT) and in
special cable channels.

Detailed description can be found in the technical design.

2. SERVER ROOM

System architecture of uninterruptible power supply is based on modular UPS
(Uninterruptible Power Supply) system.

This solution is based on the use of the state of the art modular, scalable and
redundant system for solving the problem of uninterruptible power supply systems of
“critical consumers” (NCPI-Network Critical Physical Infrastructure). Architecture:
UPS cabinet, 3 (2+1) parallel-redundant uninterruptible power supplies (total power
of 32+16 kVA/kW); modular battery — several parallel battery modules, 19’’ cabinet
of 42U height. Modes: normal, off-load, fault/overload, service by-pass. UPS will
maintain critical operations up to 1 hour.

Adjacent rooms shall be air-conditioned/cooled by cabinet coolers with the capacity
of 9.3kW per cabinet cooler.

Detailed description can be found in the technical design.

3. NETWORK EQUIPMENT

 

 

Structured cabling system — Technical description:

Structured cabling system (SCS — Structured Cabling System) is designed according to
ISO 11801 2002 2nd Ed. Standard and is star-shaped hierarchically
organized.

The building should have twelve (12) distribution points, one being a central
distribution point. Connection of distribution points is managed with
50/125μm
multimode fiber optic cables and category 7 S/FTP cables.

Number of connection points and their position in the building is determined
according to the purpose of connection: standard work positions, special equipment,
etc. Exact number of connections is given in the Bill of quantities and price
schedule, and positions are given in drawings within final design.

Detailed description can be found in the technical design.

4. FIRE PROTECTION

The business building shall be equipped with hydrants and manual call points which
are obligatory despite the number of storeys and automatic fire detection and fire
alarms, detector devices, fire detection control unit and required system connection
baring in mind the business building is in question, and shall be in compliance with
the Institution of Occupational Safety and Health.

Detailed description can be found in the technical design.

5. ELEVATOR

Manufacturer: Kone (Finland), the Contractor: EUROLOFT a.d. Niš.
Description: 4 elevators rated to hold 10 people stopping at: subfloor (garage),
ground floor, midfloor — gallery, the first, second, third and fourth floor.

Detailed description can be found in the technical design.

6. HEATING AND COOLING

Ground floor and Midfloor-Gallery (shops) and business premises I, II, III floor and
business apartments on the IV floor (numbers 315 to 320) shall have built in FAN COIL
Daikin units (on the ceiling — for heating and cooling, with cassette type with
ornament panel and automatic control connected with the system for air flow.

Business apartments I, II, III, IV floor (numbers 308 to 314), hallways, kitchens,
washrooms and restrooms (in the part overlooking the yard) shall have central heating
with radiators, and cooling shall be done by AIRCONDITIONERS — Daikin RX35GV,
FTXS35GV, 2/1 split system for cooling (one compressor and two units, or one
compressor and one unit of appropriate power).

Detailed description can be found in the technical design.

7. VENTILATION

Ventilation: piping system for the exchange of air, airflow grids, air preparation,
air chambers equipped with recuperators, calculated heating, cooling and ventilation
power, and automatic

 

 

connection with air heating and cooling, chillers (two) which
shall provide efficient use and load of electrical installations without outages.
Compressors: manufacturer Daikin (Japan), 2 pieces, shall be erected on the building
roof along with the base plate, protection from noise, vibrations, weather conditions
and other.

Detailed description can be found in the technical design.

8. ILLUMINATION

In compliance with Health and Safety at Work Act (500 lux per workplace). Offices
shall have 14W (TL5) lamps and Jade Kit Eco Diffuser-Down light 2x26W Osram shall be
placed in: hallways, business space (amphitheatre, restaurant, business VIP lounge,
big conference room on the ground floor, midfloor, I, II, III, and IV floor, Chairman
of the Board of Directors office on the first floor, apartment on the II and IV
floor). Illumination shall be built in according to the plan of the supplier LIGHT
SYSTEM LLC Novi Sad.

Detailed description can be found in the technical design.

9. FLOOR

The entire building is floored with PVC Tarkett Sweden, except for the toilets
(bathrooms and water closets), the stairs on all the storeys (GF, MF, I, II, III, IV
floors) and the premises on the ground floor, I, II and IV floor and some of the
conference rooms which are floored with parquet. The toilets are floored with ceramic
tiles and the stairs with granite tiles.

Detailed description can be found in the technical design.

10. BATHROOMS, WATER CLOSETS, KITCHENS

The tiles and ceramic sanitary ware are first-class, grouted with tiling and flooring
grout: water-resistant with a waterproof component.

11. WATER PIPING SYSTEM AND SEWERAGE

Both are connected to the municipal network. Standard PVC water pipes for business
buildings are used.

Detailed description can be found in the technical design.

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