Document:

exv4w6

 

Exhibit
4.6

Annex 3

FORM OF INDEMNIFICATION AGREEMENT

This Indemnification Agreement (this “Agreement”) is effective as of                      by and between
Lumenis Ltd., a company incorporated under the laws of the State of Israel, with it principal
offices at New Industrial Park, P.O. Box 240 Yokneam, 20692 (the “Company”), and the individual set
forth on the signature page to this Agreement (“Indemnitee”), residing at the address set forth
beneath Indemnitee signature to this Agreement

Whereas, the Company and Indemnitee recognize the difficulty in obtaining full and adequate
liability insurance for directors, officers, employees, agents and fiduciaries, the significant
increases in the cost of such insurance and the general reductions in the coverage of such
insurance;

Whereas, the Company and Indemnitee further recognize the substantial increase in corporate
litigation in general, subjecting directors, officers, employees, agents and fiduciaries to
expensive litigation risks at the same time as the availability and coverage of liability insurance
have been severely limited;

Whereas, the Company desires to attract and retain the services of highly qualified individuals,
such as Indemnitee, to serve the Company and, in part, in order to induce Indemnitee to continue to
provide services to the Company, wishes to provide for the indemnification and advancement of
expense to Indemnitee, to exempt Indemnitee from liability to the Company, and agree to procure
reasonable insurance coverage, all of the foregoing to the maximum extent permitted by law; and

Whereas, in view of the considerations set forth above, the Company desires that Indemnitee shall
be indemnified and exempted by the Company, and enjoy appropriate insurance coverage, all as set
forth herein.

Now, Therefore, the Company and Indemnitee hereby agree as follows:

1. Indemnification

     1.1. Indemnification of Liabilities and Expenses. The Company shall indemnify
Indemnitee to the fullest extent permitted by law and subject to the limitations set forth
in paragraph 1.2, with respect to the following liabilities and expenses imposed on or
incurred by the Indemnitee due to an act or omission by the Indemnitee in his capacity as a
director, officer, employee, agent or fiduciary of the Company, or any subsidiary thereof
(regardless whether it is a subsidiary of the Company at the date hereof), or as a
director, officer, employee, agent or fiduciary of another corporation, collaboration,
partnership, joint venture, trust or other enterprise, serving at the request of the
Company (the “Corporate Capacity”): (i) any financial obligation imposed on Indemnitee in
favor of another person by, or expended by Indemnitee as a result of, a court judgment,
including a settlement or an arbitrator’s award approved by court, by reason of or arising
in connection with any Indemnifiable Event (as defined below); (ii) any and all reasonable
litigation expenses (including attorneys’ fees) and all other costs, expenses and
obligations (collectively, “Expenses”) incurred by Indemnitee or charged to Indemnitee by
court in connection with a proceeding instituted against Indemnitee by the Company or on
its behalf or by another person, or in any criminal proceedings in which Indemnitee is
acquitted, or in any criminal proceedings of a crime which does not require proof of mens
rea (criminal intent) in which Indemnitee is convicted; and (iii) all Expenses expended by
Indemnitee due to an investigation or a proceeding instituted against

 

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Indemnitee by an
authority qualified to conduct such investigation or proceeding, where such investigation
or proceeding is concluded without the filing of an indictment (as defined in the Israeli
Companies Law-1999 (the “Companies Law”)) against Indemnitee and without any financial
obligation imposed on Indemnitee in lieu of criminal proceedings (as defined in the
Companies Law), or that is concluded without Indemnitee’s indictment but with a financial
obligation imposed on Indemnitee in lieu of criminal proceedings with respect to a crime
that does not require proof of mens rea (criminal intent). The Expenses herein shall
include, except to the extent not permitted under the Companies Law, all interest,
assessments and other charges paid or payable in connection with or in respect of such
Expenses. Such payments of Expenses shall be made by the Company as soon as practicable
but in any event no later than five (5) days after written demand by Indemnitee therefor is
presented to the Company.

     1.2. Indemnifiable Event; Limit Amounts. For the purpose of this Agreement, an
“Indemnifiable Event” shall mean any event or occurrence falling all or in part within any
one or more of the categories set forth in Exhibit A to this Agreement.
Indemnification pursuant to paragraph 1.1(i) with respect to each such Indemnifiable Event
described in Exhibit A is limited in amount to the amounts specified opposite its
description (the “Limit Amount”). Each such Limit Amount shall be subject to continuing
review and consideration by the Company, and may be increased, but never decreased, if the
Board of Directors, with the prior approval of the Audit Committee of the Company,
determines that such Limit Amount is not reasonable in the circumstances, including if it
is less than the financial obligation or Expenses which can be expected to be incurred by
Indemnitee in connection with the corresponding Indemnifiable Event. The Indemnification
provided herein shall not be subject to the foregoing limits, if and to the extent such
limits are no longer required by Israeli law. If the Limit Amount is insufficient to cover
all amounts to which Indemnitee and all persons whom the Company has agreed to indemnify
for the matters and in the circumstances described herein, then such amount shall be
allocated to such persons pro rata according to the percentage of their culpability, as
finally determined by a court in the relevant claim, or, absent such determination or in
the event such persons are parties to different claims, in equal amounts.

     1.3. Reviewing Party. Notwithstanding the foregoing: (i) the obligations of
the Company under Section 1.1 shall be subject to the condition that the Reviewing Party
(as described in Section 9.4 hereof) shall not have determined (in a written opinion, in
any case in which the Independent Legal Counsel referred to in Section 1.4 hereof is
involved) that Indemnitee would not be permitted to be indemnified under applicable law,
and (ii) the obligation of the Company to make an advance payment of Expenses to Indemnitee
pursuant to Section 2.1 (an “Expense Advance”) shall be subject to the condition that if,
when and to the extent that the Reviewing Party determines that Indemnitee should not be
permitted to be so indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such-amounts
theretofore paid; provided, however, that if Indemnitee has commenced or thereafter
commences legal proceedings to secure a determination that Indemnitee should be indemnified
under applicable law, any determination made by the Reviewing Party that Indemnitee would
not be permitted to be indemnified under applicable law shall not be binding and Indemnitee
shall not be required to reimburse the Company for any Expense Advance until a final
judicial determination is made with respect thereto as to which all rights of appeal
therefrom have been exhausted or lapsed. Indemnitee’s obligation to reimburse the Company
for any Expense Advance shall be unsecured and no interest shall be charged thereon. If
there has not been a Change in Control (as defined in Section 9.3 hereto) following the
date hereof, the Reviewing

 

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Patty shall be selected by the Board of Directors, and if there
has been such a Change in Control (other than a Change in Control which has been approved
by a majority of the Company’s Board of Directors who were directors immediately prior to
such Change in Control), the Reviewing Party shall be the Independent legal Counsel
referred to in Section 9.4 hereof. If there has been no determination by the Reviewing
Party or if the Reviewing Party determines that Indemnitee substantively would not be
permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have
the right to commence litigation seeking
an initial determination by the court or challenging any such determination by the
Reviewing Party or any aspect thereof, including the legal or factual basis therefor; and
the Company hereby consents to service of process and to appear in any such proceeding.

     1.4. Change in Control. The Company agrees that if there is a Change in
Control of the Company (other than a Change in Control which has been approved by a
majority of the Company’s Board of Directors who were directors immediately prior to such
Change in Control) then with respect to all matters thereafter arising concerning the
rights of Indemnitee to indemnification rights, payments of Expense and Expense Advances
under this Agreement or any other agreement or under the Company’s Memorandum or Articles
of Association as now or hereinafter in effect, the Company shall seek legal advice only
from Independent Legal Counsel (as defined in Section 9.4 hereof selected by Indemnitee and
approved by the Company (which approval shall not be unreasonably withheld or delayed).
Such counsel, among other things, shall render its written opinion to the Company and
Indemnitee as to whether and to what extent Indemnitee would be permitted to be indemnified
under applicable law and the Company agrees to abide by such opinion. The Company agrees
to pay the reasonable fees of the Independent legal Counsel referred to above and to fully
indemnify such counsel against any and all expenses (including attorney’s fees), claims,
liabilities and damages arising out of or relating to this Agreement of its engagement
pursuant hereto.

     1.5. Mandatory Payment of Expenses. Notwithstanding any other prevision of
this Agreement other than Section 8 hereof, to the extent that Indemnitee has been
successful on the merits or otherwise, including, without limitation, the dismissal of an
action without prejudice, in defense of any action, suit, proceeding, inquiry or
investigation referred to in Section 1.1 hereof or in the defense of any claim, issue or
matter therein, Indemnitee shall be indemnified against all financial obligations and
Expenses incurred by Indemnitee in connection therewith.

2. Expenses; Indemnification Procedure

     2.1. Advancement of Expenses. The Company shall advance all Expenses incurred
by Indemnitee. The advances to be made hereunder shall be paid by the Company to Indemnitee
as soon as practicable, but in any event no later than five (5) days after written demand
by Indemnitee therefor to the Company. As part of the aforementioned undertaking, the
Company will make available to Indemnitee any security or guarantee that Indemnitee may be
required to post in accordance with an interim decision given by a court or an arbitrator,
including for the purpose of substituting liens imposed on Indemnitee’s assets. In the
event that Indemnitee is indemnified and paid for any sums in accordance with this
Agreement in connection with a legal proceeding, and later it becomes clear that Indemnitee
was not entitled to such payments, the Expense Advances will be repaid by Indemnitee and
such advances will be deemed as a loan given to Indemnitee by the Company subject to as low
as permissible an interest rate as specified in section 3(9) of the Income Tax

 

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Ordinance
[New Version], 1961, or any other legislation replacing it, which is not considered a
taxable benefit.

     2.2. Notice; Cooperation by Indemnitee. Indemnitee shall, as a condition
precedent to Indemnitee’s right to be indemnified under this Agreement, give the Company
notice in writing as soon as practicable of any claim made against Indemnitee for which
Indemnification will or could be sought under this Agreement, provided, however, that any
failure to provide such notice shall not affect Indemnitee’s rights to indemnification
hereunder unless and to the extent such failure to provide notice materially and adversely
prejudices the Company’s right to defend against such action. Notice to the Company shall
be directed to the Chief Executive Officer of the Company at the address shown on the
signature page of this Agreement (or such other address as the Company shall designate in
writing to Indemnitee), or if the Indemnitee is then the Chief Executive Officer of the
Company, such notice shall be directed to the Chairman of the Company’s Board of Directors,
at the same address. In
addition, Indemnitee shall give the Company such information and cooperation as it may
reasonably require and as shall be within Indemnitee’s power.

     2.3. No Presumptions; Burden of Proof. For purposes of this Agreement, the
termination of any claim by judgment, order, settlement (whether without court approval) or
conviction, or upon a plea of guilty, shall not create a presumption that Indemnitee did
not meet any particular standard of conduct or have any particular belief or that a court
has determined that indemnification is not permitted by applicable law. In addition,
neither the failure of the Reviewing Party to have made a determination as to whether
Indemnitee has met any particular standard of conduct or had any particular belief, nor an
actual determination by the Reviewing Party that Indemnitee has not met such standard of
conduct or did not have such belief, prior to the commencement of legal proceedings by
Indemnitee to secure a judicial determination that Indemnitee should be indemnified under
applicable law, shall be a defense against Indemnitee’s claim or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any particular
belief. In connection with any determination by the Reviewing Party or otherwise as to
whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall
be on the Company to establish that Indemnitee is not so entitled.

     2.4. Notice to Insurers. If, at the time of the receipt by the Company of a
notice of a claim pursuant to Section 2(b) hereof, the Company has liability insurance in
effect which may cover such claim, the Company shall give prompt notice of the commencement
of such claim to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
action, suit, proceeding, inquiry or investigation in accordance with the terms of such
policies.

     2.5. Selection of Counsel. In the event that (1) the Company shall be
obligated to indemnify the Indemnitee and/or pay the Expenses of any claim, and (2) (if
applicable) the Company shall have confirmed to Indemnitee in writing that the
indemnification in question will not exceed the Limit Amount in respect of such claim, and
(3) the proceedings have not been initiated against the Indemnitee by the Company or on its
behalf; then the Company shall be entitled to assume the defense of such claim with counsel
approved by Indemnitee, which approval shall not be unreasonably withheld, upon the
delivery to Indemnitee of written notice of its election to do so after delivery of such
written confirmation and such notice,

 

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approval of such counsel by Indemnitee and the
retention of such counsel by the Company, and the Company will not be liable to Indemnitee
under this Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the same claim; provided, that: (i) Indemnitee shall have the right to employ
Indemnitee’s counsel in any such claim at Indemnitee’s expense, and (ii) if (A) the
employment of counsel by Indemnitee has been previously authorized by the Company, or (B)
Indemnitee shall have reasonably concluded that a potential conflict of interest between
the Company and Indemnitee may arise in the conduct of any such defense, or (C) the Company
shall fail to assume the defense of such claim in a timely manner, or does not continue to
retain such counsel to defend such claim, or (D) the Company refers the conduct of defense
to an attorney who is not, upon reasonable grounds, acceptable to the Indemnitee, then, in
each such case, the fees and expenses of Indemnitee’s counsel shall be at the expense of
the Company. The Company shall and shall cause the counsel retained by it to take all
necessary steps to bring the claim to a close and will keep the Indemnitee informed of key
steps in the process. The counsel retained by the Company to conduct the defense pursuant
to this Section shall be bound by a fiduciary duty to the Indemnitee and to the Company.
The Company shall have the right to conduct such defense as it sees fit in its sole
discretion, including the right to settle or compromise any claim or to consent to the
entry of any judgment against Indemnitee without the consent of the Indemnitee, provided
that, the amount of such settlement, compromise or judgment does not exceed the Limit
Amount (if applicable) and is otherwise fully indemnifiable pursuant to this
Agreement and/or applicable law, and any such settlement, compromise or judgment
includes (i) a complete release discharge of indemnity, and (ii) does not contain any
admittance of wrong doing by Indemnitee, and (iii) is monetary only. In the case of
criminal proceedings the Company and/or the counsel retained by it will not have the right
to plead guilty in your name or to agree to a plea-bargain in Indemnitee’s name, without
Indemnitee’s prior consent.

          Notwithstanding anything to the contrary, if the Company fails to comply with any of
its obligations under this Agreement or in the event that the Company or any other person
takes any action to declare this Agreement void or unenforceable, or institutes any action,
suit or proceeding to deny or to recover from Indemnitee the benefits intended to be
provided to Indemnitee hereunder or under any other agreement or insurance policy or under
the Company’s Memorandum or Articles of Association now or hereafter in effect relating to
indemnification, release, exemption or insurance of Indemnitee by reason of his Corporate
Capacity, except with respect to such actions, suits or proceedings brought by the Company
that are resolved in favor of the Company, then Indemnitee shall have the right to retain
counsel of his choice, and reasonably acceptable to the Company and at the expense of the
Company, to represent Indemnitee in connection with any such matter.

3. Additional Indemnification Rights; Non-exclusivity

     3.1. Scope. In the event of any change after the date of this Agreement of any
applicable law, statute or rule which expands the right of a corporation of the Company’s
state of incorporation to indemnify a member of its board of directors or an officer,
employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits afforded by such change. In the event of any
change in any applicable law, statute or rule which narrows the right of a corporation of
the Company’s country or state of incorporation to indemnify a member of its board of
directors or an officer, employee, agent or fiduciary, such change, to the extent not
otherwise required by such law, statute of rule to be applied to this Agreement, shall have
no effect on this Agreement or the parties’ rights and obligations hereunder except as set
forth in Section 8.1 hereof.

 

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     3.2. Non-exclusivity. The indemnification provided by this Agreement shall be
in addition to any rights to which Indemnitee may be entitled under the Company’s
Memorandum and Articles of Association, as may from time to time be amended or replaced,
any agreement, any vote of shareholders or disinterested directors, the laws of the
Company’s state of incorporation, or otherwise. The indemnification provided under this
Agreement shall continue as to Indemnitee for any action Indemnitee took or did not take
while serving in an indemnified capacity even though Indemnitee may have ceased to serve in
such capacity.

4. No Duplication of Payments. The Company shall not be liable under this Agreement
to make any payment in connection with any claim made against Indemnitee to the extent
Indemnitee has otherwise actually received payment (under any insurance policy, the
Articles or Memorandum of Association or otherwise) of the amounts otherwise indemnifiable
hereunder, except for the difference, if any, between the amounts received by the
Indemnitee as aforesaid and the total obligations, liabilities and/or Expenses incurred by
Indemnitee in connection with such claim. Any amount received from D&O Insurance (as
defined below) shall not be deducted from the Limit Amount hereunder.

5. Partial Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the obligations,
liabilities and/or Expenses incurred in connection with any claim, but not, however, for
all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such obligations, liabilities and/or Expenses to which Indemnitee is
entitled.

6. Liability Insurance. As long as the Indemnitee continues to serve in a Corporate
Capacity and thereafter as long as the Indemnitee may be subject to any possible
proceedings, the Company shall procure and maintain directors’ and officers’ liability
insurance to the fullest extent permitted by law providing liability insurance for
directors, officers, employees, agents or fiduciaries of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other entity which
such person serves at the request of the Company (“D&O Insurance”), in such amount (per
claim and per period) as the Company shall deem appropriate and Indemnitee shall be covered
by such policy(ies) in accordance with its terms to the maximum extent of the coverage
available for any such director, officer, employee, agent or fiduciaries thereunder;
provided, that, the Company shall have no obligation to obtain or maintain D&O Insurance if
the Company determines in good faith that such insurance is not reasonably available, the
premium costs for such insurance are disproportionate to the amount of coverage provided,
the coverage provided by such insurance is so limited by exclusions that it provides an
insufficient benefit, or the Indemnitee is covered by similar insurance maintained by a
subsidiary of the Company; and provided further, that the Company shall not terminate any
existing insurance coverage without notifying the Indemnitee of its intention to do so at
least ninety (90) days prior to the effective date of such termination (for this purpose
the non-renewal of such coverage shall be deemed as termination thereof and the effective
date of such termination shall then be the expiration date of the existing coverage).

7. Exemption. To the maximum extent permitted by law, the Company hereby exempts
and releases Indemnitee from any and all liability to the Company related to any breach by
Indemnitee of his of her duty of care to the Company, subject to the provisions of Section
8.1 below and provided that in no event shall Indemnitee be exempted in advance for a
breach of his duty of care to the Company in a distribution (as defined in the Companies
Law).

8. Exceptions. Any other provision herein to the contrary notwithstanding, the
Company shall not be obligated pursuant to the terms of this Agreement:

     8.1. Excluded Acts and Omissions. To the extent it is prohibited under

 

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applicable law, to indemnify, insure or exempt Indemnitee from or against any liability
arising out of: (i) Indemnitee’s breach of fiduciary duty (other than, in case of insuring
the Indemnity, a breach of fiduciary duty to the Company, provided that the Indemnitee has
acted or omitted to act in good faith and had reasonable ground to believe such action will
not prejudice the Company’s interests), (ii) intentional or reckless beach by Indemnitee of
his or her duty of care to the Company, but other than if done in negligence only, or (iii)
Indemnitee’s action taken with the intention to unduly profit therefrom, and (iv) any fine
or penalty payment to propitiate an offense imposed on Indemnitee.

     8.2. Claims Initiated by Indemnitee. To indemnify or advance expenses to
Indemnitee with respect to claims initiated or brought voluntarily by Indemnitee and not by
way of defense, except: (i) with respect to proceedings brought to establish or enforce a
right to indemnification under this Agreement or any other agreement or insurance policy or
under the Company’s Memorandum or Articles of Association now or hereafter in effect
relating to claims for indemnification, release, exemption or insurance of Indemnitee by
reason of his Corporate Capacity, (ii) in specific cases if the Board of Directors has
approved the initiation or bringing of such suit, or (iii) as otherwise required under the
laws of the Company’s state of incorporation, regardless of whether Indemnitee ultimately
is determined to be entitled to such indemnification, advance expense payment of insurance
recovery, as the case may be; or

     8.3. Claims Under Section 16(B). To indemnify Indemnitee for expenses and the
payment of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 16(b) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or any similar successor statute.

9. Construction of Certain Phrases.

     9.1. For purposes of this Agreement, references to the “Company” shall include, in
addition to the resulting corporation, any constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors,
offices, employees, agents or fiduciaries, so that if Indemnitee is or was serving at the
request of such constituent corporation as a director, officer, employee, agent or
fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust
or other enterprise, Indemnitee shall stand in the same position under the provisions of
this Agreement with respect to the resulting or surviving corporation as Indemnitee would
have with respect to such constituent corporation if its separate existence had continued.

     9.2. For purposes of this Agreement, references to “other enterprises” shall include
employee benefit plans; and references to “serving at the request of the Company” shall
include any service as a director, officer, employee, agent or fiduciary of the Company
which imposes duties on, or involves services by, such director, officer, employee, agent
or fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit
plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best
interests of the Company” or that does “not prejudice the Company’s interests” as referred
to in this Agreement.

     9.3. For purposes of this Agreement, a “Change in Control” shall be deemed to have
occurred if (i) any “person” (as such term is used in Sections 13(d)

 

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and 14(d) of the
Exchange Act), other than a trustee or other fiduciary holding securities under an employee
benefit plan of the Company or a corporation owned directly or indirectly by the
shareholders as a result of a transaction not otherwise constituting a Change of Control,
is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than 20% of the
total voting power represented by the Company’s then outstanding voting securities, unless
the person has filed a Schedule 13D twenty-four months preceding the date of this
Agreement, (ii) during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board of Directors of the Company and any new
director whose election by the Board of Directors or nomination for election by the
Company’s shareholders was applied by a vote of at least two-thirds (2/3) of the directors
then still in office (other than directors whose election was approved in connection with
the settlement of a proxy contest or consent solicitation), cease for any lesson to
constitute a majority thereof or (iii) the Company consummates a merger or consolidation of
the Company with any other corporation other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) a majority of the total voting power represented by the
voting securities of the Company of the surviving entity outstanding immediately after such
merger or consolidation, or (iv) the shareholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company of
(in one transaction or a series of transactions) all or substantially all of the Company’s
assets.

     9.4. For purposes of this Agreement, “Independent Legal Counsel” shall mean an
attorney or firm of attorneys, selected in accordance with the provision of Section 1.4
hereof, who shall not have otherwise performed services for the company or Indemnitee
within the last three years (other than with respect to matters concerning the rights of
Indemnitee under this Agreement, or of other Indemnitees under similar indemnity
agreements).

     9.5. For purposes of this Agreement, a “Reviewing Party” shall mean any appropriate
person or body consisting of a member or members of the Company’s Board of Directors or any
other person or body appointed by the Board of Directors who is not party to the particular
claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel.

     9.6. Words and expressions importing the masculine gender shall include the feminine
gender, and words and expressions importing persons shall include bodies corporate.

10. Required Approvals. If for the validation of any of the undertakings in this
Agreement any act, resolution, approval or other procedure is required, the Company
undertakes to cause them to be done or adopted in a manner which will enable the Company to
fulfill all its undertakings as aforesaid.

11. Post Factum Indemnity. Nothing contained in this Agreement derogates from the
Company’s right to indemnify Indemnitee post factum for any amounts which Indemnitee may be
obligated to pay as set forth in Section 1.1 above without the limitations set forth in
Section 1.2 above.

12. Representations and Warranties of the Company. The Company hereby represents and
warrants to Indemnitee as follows:

 

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     12.1. Authority. The Company has all necessary power and authority to enter
into, and be bound by the terms of, this Agreement, and the execution, delivery and
performance of the this Agreement have been duly authorized by the Company.

     12.2. Enforceability. This Agreement, when executed and delivered by the
Company in accordance with the provisions hereof, shall be a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights
generally or equitable principles.

13. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall constitute an original.

14. Binding Effect; Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase, merger,
consolidation or otherwise) to all, or substantially all the business and/or assets of the
Company, spouses, heirs, personal and legal representative, executors and administrators.
The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all, or a substantial part, of
the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. This Agreement shall survive and continue to be in effect for
the benefit of Indemnitee and his spouses, heirs, personal and legal representative,
executors and administrators after the Indemnitee has ceased to serve in a Corporate
Capacity.

15. Attorney’s Fees. In the event that any action is instituted by Indemnitee under
this Agreement or under any liability insurance policies maintained by the Company to
enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be
paid all reasonable expenses incurred by Indemnitee with respect to such action, regardless
of whether Indemnitee is ultimately successful in such action, and shall be entitled to the
advancement of
Expenses with respect to such action, unless as a part of such action, a court of competent
jurisdiction over such action determines that each of the material assertions made by
Indemnitee as a basis for such action were not made in good faith or were frivolous. In
the event of an action instituted by or in the name of the Company under this Agreement to
enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be
paid all Expenses incurred by Indemnitee in defense of such action (including costs and
expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to such action,
unless, as a part of such action, the court having jurisdiction over such action determines
that each of Indemnitee’s material defenses to such action were made in bad faith or were
frivolous.

16. Notice. All notices and other communications required or permitted hereunder
Shall be in writing, shall be effective when given and shall in any event be deemed to be
given: (a) five (5) business days after deposit with the applicable postal service, if
delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand,
(c) one business day after the business day of deposit with Federal Express or similar
overnight courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by first class
mail, postage prepaid, and shall be addressed if to Indemnitee, at the Indemnitee’s address
as set forth beneath Indemnitee’s signature to this Agreement and if to the Company at the
address of its principal corporate offices or at such other address as such party may
designate by ten days’ advance written notice to the other patty hereto.

 

- 10 -

17. Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably
consent to the jurisdiction of the courts of the State of Israel for all purposes in
connection with any action or proceeding which arises out of or relates to this Agreement
and agree that any action instituted under this Agreement shall be commenced, prosecuted
and continued only in the competent courts of the Tel-Aviv District which shall be the
exclusive and only proper forum for adjudicating such a claim.

18. Severability. The provisions of this Agreement shall be severable in the event
that any of the provision hereof (including any provision within a single section,
paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or
otherwise unenforceable, and the remaining provisions shall remain enforceable, to the
fullest extent permitted by law. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitations, each portion of this
Agreement containing any provision held to be invalid, void or otherwise unenforceable that
is not itself invalid, void or unenforceable) shall be construed so as to give effect to
the intent manifested by the provision held invalid, illegal or unenforceable.

19. Choice of law. This Agreement shall be governed by and its provisions construed
and enforced in accordance with the laws of the State of Israel, as applied to contracts
between Israeli residents, entered into and to be performed entirely within the State of
Israel, without regard to the conflict of laws principles thereof or of any other
jurisdiction.

20. Subrogation. In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee,
who shall execute all documents required and shall do all acts that may be necessary to
secure such rights and to enable the Company effectively to bring suit to enforce such
lights.

21. Amendment and Termination. Except with respect to changes in the governing law
which expand Indemnitee’s right hereunder as set forth in Section 3.1 and which shall be
automatically, without the requirement to take any action by either of the parties hereto,
be incorporated to this Agreement, no amendment, modification, termination or cancellation
of this Agreement shall be effective unless it is in writing signed by both the parties
hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

22. Integration and Entire Agreement. This Agreement sets forth the entire
understanding between the parties hereto and supersedes and usages all previous written and
oral negotiations, commitments, understandings and agreements relating to the subject
matter hereof between the parties hereto.

[FOR EXISTING D&OS: The indemnification agreement entered into by the Company and the
Indemnitee, in a form as approved in the 2000 annual shareholders meeting (“2000 Indemnity
Agreement”) shall supersede the terms of this Agreement, provided, however that if it shall
be determined that (i) any provision under the 2000 Indemnity Agreement is void or invalid,
the terms of this Agreement in connection with such provision shall supersede, or (ii) the
2000 Indemnity Agreement is invalid, then the terms of this Agreement shall supersede.]

23. No Construction as Employment Agreement. Nothing contained in this Agreement
shall be construed as giving Indemnitee any right to be retained in the employ or otherwise
in the service of the Company or any of its subsidiaries.

IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement as of the date
first above written

 

- 11 -

	 	 	 	 	 
	LUMENIS L TD	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 

			
	Address:	 	New Industrial Park

P.O Box 240

Yokneam, 20692

Telecopier No.: 04-9599050

AGREED TO AND ACCEPTED AS OF THE

DATE FIRST WRITTEN ABOVE:

INDEMNITEE:

	 	 	 
	 
	 	 
	 	 	 
	Printed Name

	 	 

	 	 	 	 	 
	Address:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 

	 	 	 	 	 
	Telecopier No

	 	 	 	 
	 

	 	 	 	 

 

- 12 -

Exhibit A

INDEMNIFIABLE EVENTS AND LIMIT AMOUNTS

	 	 	 	 	 
	 	 	 	 	Limit Amount
	Identifiable Event	 	(in US$ Million)
	 
	 	 	 	 
	1.

	 	Any claim or demand made by
customers suppliers,
contractors or other third
parties transacting any form
of business with the
Company, its subsidiaries or
affiliates, in the ordinary
course of their respective
businesses, relating to the
negotiations or performance
of such transactions,
representations or
inducements provided in
connection thereto or
otherwise.
	 	 50
	 
	 	 	 	 
	2.

	 	Any claim or demand made in
connection with any
transaction not in the
ordinary course of business
of either the Company, its
subsidiaries or affiliates
or the party making such
claim, including the sale,
lease or purchase of any
assets or business
	 	 50
	 
	 	 	 	 
	3.

	 	Any claim or demand made by
employees, consultants,
agents or other individuals
or entities employed by or
providing services to the
Company its subsidiaries or
affiliates relating to
compensation owed to them or
damages or liabilities
suffered by them in
connection with such
employment or service.
	 	 50
	 
	 	 	 	 
	4.

	 	Any claim or demand made
under any securities laws of
any jurisdiction and/or any
stock exchange rules and
regulations of any
jurisdiction or by reference
thereto, or related in the
failure to disclose any
information in the manner or
time such information is
required to be disclosed
pursuant to such laws, or
related to inadequate or
improper disclosure of
information to shareholders,
or prospective shareholders,
or related to the
purchasing, holding or
disposition of securities of
the company or any other
investment activity
involving or affected by
such securities, including
any actions relating to an
offer or issuance of
securities of the Company or
of its subsidiaries and/or
affiliates to the public by
prospectus or privately by
private placement, in Israel
or abroad, including the
details that shall be set
forth in the documents in
connection with execution
thereof and any claims
related to the
Sarbanes-Oxley Act of 2002,
as amended from time to
time.
	 	The higher of (i) 70; and
(ii) 50 percent (50%) of
outstanding shares
multiplied in the last
reported share price at its
principle exchange prior to
the occurrence giving rise
to the indemnifiable event,
or if not then traded on any
exchange, the price per
share in the Company’s last
round of public or private
financing.
	 
	 	 	 	 
	5.

	 	Any claim or demand made for
actual or alleged
infringement,
misappropriation or misuse
of any third party’s
intellectual property rights
by the Company, its
subsidiaries or affiliates,
including without limitation
confidential information,
patents, copyrights, design
rights, service marks, trade
secrets, copyrights,
misappropriation of ideas by
the Company, its
subsidiaries or affiliates.
	 	 50
	 
	 	 	 	 
	6.

	 	Actions taken in connection
with the intellectual
property of the Company and
any subsidiary or affiliate,
and its protection,
including the registration
or assertion of rights to
intellectual property and
the defense of claims
relating thereto.
	 	 50

 

- 13 -

	 	 	 	 	 
	 	 	 	 	Limit Amount
	Identifiable Event	 	(in US$ Million)
	 
	 	 	 	 
	7.

	 	Any claim or demand made by
any lenders or other
creditors or for moneys
borrowed by, or other
indebtedness of, the
Company, its subsidiaries or
affiliates
	 	 50
	 
	 	 	 	 
	8.

	 	Any claim or demand made by
any third party suffering
any personal injury and/or
bodily injury or damage to
business or personal
property through any act or
omission attributed to the
Company, its subsidiaries or
affiliates, or their
respective employees, agents
or other persons acting or
allegedly acting on their
behalf
	 	 50
	 
	 	 	 	 
	9.

	 	Any claim or demand made
directly or indirectly in
connection with complete or
partial failure, by the
Company or any subsidiary or
affiliate thereof, or their
respective directors,
officers and employees, to
pay, report, keep applicable
records or otherwise, of any
foreign, federal, state,
county, local, municipal or
city taxes or other
compulsory payments of any
nature whatsoever,
including, without
limitation, income, sales,
use, transfer, excise, value
added, registration,
severance, stamp,
occupation, customs, duties,
real property, personal
property, capital stock,
social security,
unemployment, disability,
payroll or employee
withholding or other
withholding, including any
interest, penalty or
addition thereto, whether
disputed or not
	 	 50
	 
	 	 	 	 
	10.

	 	Any claim or demand made by
purchasers, holders, lessors
or other users of products
of the Company, or
individuals treated with
such products, for damages
or losses related to such
use or treatment
	 	 50
	 
	 	 	 	 
	11.

	 	Any administrative,
regulatory or judicial
actions orders, decrees,
suits, demands, demand
letters, directives, claims,
liens, investigations,
proceedings or notices of
noncompliance or violation
by any governmental entity
or other person alleging
potential responsibility or
liability (including
potential responsibility or
liability for costs of
enforcement investigation,
cleanup, governmental
response, removal or
remediation, for natural
resources damages, property
damage, personal injuries or
penalties or for.
contribution,
indemnification, cost
recovery, compensation or
injunctive relief) arising
out of, based on or related
to (x) the presence of,
release, spill, emission,
leaning, dumping, pouring,
deposit, disposal,
discharge, leaching or
migration into the
environment (each a
“Release”) or threatened
Release of; or exposure to,
any hazardous, toxic,
explosive or radioactive
substances, wastes or other
pollutants, including
petroleum or petroleum
distillates, asbestos or
asbestos-containing
material, polychlorinated
biphenyls (“PCBs”) or
PCB-containing materials or
equipment, radon gas,
infectious or medical wastes
and all other substances or
wastes of any nature
regulated pursuant to any
environmental law, at any
location, whether or not
owned, operated, leased or
managed by Lumenis Ltd. or
any of its subsidiaries, or
(y) circumstances forming
the basis of any violation
of any environmental law or
environmental permit,
license, registration or
other authorization required
under applicable
environmental law.
	 	 50

 

- 14 -

	 	 	 	 	 
	 	 	 	 	Limit Amount
	Identifiable Event	 	(in US$ Million)
	 
	 	 	 	 
	12.

	 	Any administrative,
regulatory or judicial
actions, orders, decrees,
suits, demands, demand
letters, directives, claims,
liens, investigations,
proceedings or notices of
noncompliance or violation
by any governmental entity
or other person alleging the
failure to comply with any
statute, law, ordinance,
rule, regulation, order or
decree of any governmental
entity applicable to the
Company or any of its
subsidiaries, or any of
their respective businesses
or operations, including,
without limitation, the
rules and regulations
imposed or enforced by the
United States Food and Drug
Administration, or any
similar governmental entity,
or the terms and conditions
of any operating certificate
or licensing agreement
	 	 50
	 
	 	 	 	 
	13.

	 	Participation and/or
non-participation at the
Company’s board meetings,
bona fide expression of
opinion and/or voting and/or
abstention from voting at
the Company’s board
meetings.
	 	 50
	 
	 	 	 	 
	14.

	 	Approval of corporate
actions including the
approval of the acts of the
Company’s management, their
guidance and their
supervision.
	 	 50
	 
	 	 	 	 
	15.

	 	Claims of failure to
exercise business judgment
and a reasonable level of
proficiency, expertise and
care in regard of the
Company’s business.
	 	 50
	 
	 	 	 	 
	16.

	 	Resolutions and/or actions
relating to a merger of the
Company and/or of its
subsidiaries and/or
affiliates, the issuance of
shares or securities
exercisable into shares of
the Company, changing the
share capital of the
Company, formation of
subsidiaries,
reorganization, winding up
or sale of all or part of
the business, operations or
shares the Company.
	 	 50exv4w8

 

Exhibit
4.8

Translation from Hebrew

Unprotected Lease

Drafted and signed on the 5th day of September, 2006

between

Aspen Real Estate Lt.

Private Company 52-0039807

20, Lincoln Street

Tel Aviv

(hereinafter — “Lessor”)

Of the First Part

and

Lumenis Ltd.

Private Company 52-0042557

P.O. Box 240

20692 Industrial Zone Yokne’am

(hereinafter — “Lessee”)

Of the Second Part

	 	 	 
	Whereas 

	 	The Lessee wishes to lease the rented property from the Lessor as
unprotected lease, for the purposes, and under the conditions as
set forth hereafter in this agreement;
	 
	Whereas

	 	The Lessor agrees to let the rented property to the Lessee, as
unprotected lease, for the period, the purposes, and under the
conditions set forth hereafter, subject to compliance by the
Lessee with the provisions of this contract;

     Therefore it has been declared, agreed and conditioned by the Parties, as follows:

	1.	 	Preamble
	 
	 	 	The preamble to this agreement and the declarations of the Parties attached thereto
constitute an integral part thereof.
	 
	2.	 	Annexes
	 
	 	 	The annexes to this agreement, and any annexes that will be attached to it in the future,
if any (provided they bear the signatures of the Parties, and they are marked as annexes
hereof), constitute an integral part thereof.

 

2

	3.	 	Interpretation
	 
	 	 	The headings of the paragraphs in this agreement are for convenience only. They do not
constitute part of the agreement, and shall not be used for the interpretation thereof.
	 
	4.	 	Invalidity of any previous Representations and Undertakings
	 
	 	 	The Parties hereunder shall not be bound by any declaration, representation, drafts,
memos, earlier agreements, etc., that are not included herein, and that were concluded
prior to the signing hereof, and they shall not serve as evidence for the interpretation
of this agreement. This agreement cancels and replaces any of the aforesaid.
	 
	5.	 	Definitions
	 
	 	 	For this agreement, each of the terms set forth below shall receive the meaning specified
next to it, provided this does not contradict the contents of the text:

	 	 	 
	“Real Estate”

	 	A property of approx. 2986 m2, known as plots //according
to Urban Construction Plan // in block 11495, plot 12, in the Industrial
Zone of Yokne’am-Illit
	 
	 	 
	“Building”

	 	Building over an area of 4470 m2 (external dimensions), built on
the Real Estate in accordance with the technical specifications, and the drawings,
as attached hereto as Annex A.
	 
	 	 
	“Rented Property”

	 	Part of the building on an area of 3927 m2 (gross), and the
adjacent area, in their current state (“as is”), marked in yellow in the attached
annex. It includes adjustments, as set forth in the annex of adjustments, if any,
attached hereto.
	 
	 	 
	“Rental Period”

	 	As defined in article 8 hereunder.
	 
	 	 
	“Rental Fee”

	 	As defined in articles 9, 10, and 11 hereunder, and generally.
	 
	 	 
	“Purpose of Lease”

	 	According to allowed Urban Development Plan
	 
	 	 
	“Basic Index”

	 	The consumer price index (CPI) (including vegetables and fruit) for the
month of June, 2006, published by the Central Statistics Office on July 15, 2006,
amounting to 454.96 points.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

3

	 	 	 
	“New Index”

	 	The CPI (including vegetables and fruit) last published, from time
to time, by the Central Statistics Office, prior to the date defined hereunder for
the execution of any payment to be paid by the Lessee. Should the Basic Index be
replaced, or should the method of calculation and establishment be replaced, or if
it should be published by another body instead of the Central Statistics Office, the
Lessor shall calculate the index increase for the purpose of this article, in
consideration of the aforesaid changes.
	 
	 	 
	“Bond”

	 	Bonds in Shekel, with their nominal amount linked to the Basic Index, including
the calculation of index differences.
	 
	 	 
	“Year” “Month”

	 	According to the Gregorian calendar.

	6.	 	Non-Applicability of the Landlord and Tenant Law
	 
	 	 	The Lessee declares that:

	 	6.1	 	The Rental Property and the Rental Fee are not protected by the
provisions of the Landlord and Tenant Law (consolidated version), 5732 — 1972
(hereinafter: “Law”), nor by the provisions of any other law dealing with tenant
protection. This agreement, and the relationship it creates, shall not provide him
with any right pursuant to aforesaid laws.
	 
	 	6.2	 	The Rental Property is “free property” as defined in the Law, and the
building is “new property”, the construction of which was terminated after the
28th Adar 728, August 20, 1968, and the provisions of the Law, or of any
law replacing the Law, shall not apply to it.
	 
	 	6.3	 	He was not requested to pay, he did not pay, and he did not undertake to
pay to the Lessor, or to any other person, key money, or any other payment that
might be taken for key money.
	 
	 	6.4	 	Any alterations, amendments, enhancements, and improvements to be
executed on the Rental Property, if any, shall be for his needs only. No fundamental
alterations have been, or will be, executed, and the provisions of Part III of the
Law shall not apply to this agreement, or to the relationship between the Parties of
the agreement.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

4

	 	6.5	 	He examined the Rental Property, and/or was given the opportunity to
measure the area of the Rental Property, and he does not, and shall not, have any
assertion, or claim, or demand, regarding the Rental Property, its size, its area,
and/or its status, as it was at the time of the conclusion hereof, with the
exception of hidden non-conformity.
	 
	 	6.6	 	He is aware of the fact that the Lessor agreed to lease the Rental
Property to him only based on his aforesaid declarations, and his undertaking to
refrain from asserting any assertion that would contradict and/or not conform with
the aforesaid.

	7.	 	The Lease

	 	7.1	 	The Lessor hereby declares that he is the exclusive owner of all the
rights to the building, including the Rental Property; that no encumbrance and/or
attachment have been imposed on the Rental Property, and that it is not subject to
any third party rights, and that there is no hindrance on the part of the Lessor to
conclude this agreement.
	 
	 	7.2	 	Subject to the correctness of the declarations of the Lessor, and of the
Lessee, and to the Lessee’s undertakings hereunder, the Lessor herewith lets the
Rented Property, and the Lessee rents it from the Lessor, within a Lease that is not
protected pursuant to the Landlord and Tenant Law, and only for the purposes of the
Lease.
	 
	 	7.3	 	The Lease shall be concluded for a period, and with the conditions set
forth heretofore, and hereinafter.
	 
	 	7.4	 	The Lessee declares that he examined the Rented Property, and/or its
plans, and/or its specifications, and/or the drawing of the Rented Property, and
found that it conformed with the Lessor’s declarations, and with his own needs. He
hereby waives any assertion of defect, and/or of non-conformity, upon adjustment of
the Rented Property to his needs, and/or to the Lessor’s declarations, and/or the
quality of the Rented Property, and/or any other assertion, with the exception of
hidden non-conformity.
	 
	 	7.5	 	On January 1, 2007, an area of 543 m2 will be added to the
Rented Property. The area will not be added prior to the specified date.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

5

	8.	 	Rental Period

	 	8.1	 	The Lessee hereby rents the Rental Property for a period of five years,
from August 1, 2006 until July 31, 2011, under the conditions set forth heretofore,
and hereinafter (heretofore and hereinafter: “Rental Period” and “Beginning of
Rental Period”, respectively).
	 
	 	8.2	 	Cancelled.
	 
	 	8.3	 	Cancelled.
	 
	 	8.3.2	 	Cancelled.
	 
	 	8.3.3	 	Cancelled
	 
	 	8.4	 	Cancelled.
	 
	 	8.5	 	Every case, where the Lessee receives the Rental Property into his
possession, shall be regarded as a declaration on his part that he received the
Rented Property in accordance with the provisions hereunder, and he shall refrain
from, and shall waive, any assertion in connection with the Rented Property, with
the exception of his written assertions, which he will submit to the Lessor at the
time of handover of possession of the Rented Property, and with the exception in
regard to hidden non-conformity, as aforesaid.
	 
	 	8.6	 	Despite the aforesaid, the Lessee shall be entitled to terminate the
Rental Period by advance notice to the Lessor of no less than six (6) months, and
which will not be issued prior to two years from the Beginning of the Rental Period
have passed. For said termination he shall pay an agreed compensation amounting to
the Rental Fee for six (6) months following the evacuation of the Rented Property.

	9.	 	Rental Fee

	 	9.1	 	The Lessee undertakes to pay to the Lessor a Rental Fee amounting to NIS
106,954 (in words: one hundred and six thousand nine hundred and fifty-four) for
every rental month during the Rental Period (hereinafter: “Rental Fee”).
	 
	 	9.2	 	As of January 1, 2007, an amount of NIS 14,787, linked to the Basic Index
of the day of conclusion of the contract, will be added to the Rental Fee, for the
additional area of 543 m2 (hereinafter: “Additional Area”).

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

6

	 	9.3	 	The aforesaid Rental Fee, including for the Additional Area, shall be
increased after 30 months (on March 1, 2009) by a rate of five percent (5%), beyond
the index linkage of the Rental Fee, as set forth hereinafter.

	10.	 	Addition of VAT to the Rental Fee
	 
	 	 	Statutory VAT, at the statutory rate applicable at the time of execution of each and
every payment, shall be added to the Rental Fee, against statutory tax invoice.

	11.	 	Addition of Index Linkage to the Rental Fee

	 	11.1	 	The Rental Fee, as mentioned in article 9 above, shall be linked to the
Basic Index in such a manner that with every increase of the New Index as opposed to
the Basic Index, the Rental Fee will increase in accordance with the increase of the
New Index in relation to the Basic Index.
	 
	 	 	 	The Parties agree and declare that under no circumstances will the New Index
linked Rental Fee for any rental month be lower than the Index Linked Rental
Fee that was paid in the month preceding it, even if the New Index is lower
than the index preceding it. In that event, the Index Linked Rental Fee will
be equal to that of the preceding month.
	 
	 	11.2	 	Despite the aforesaid, at any time of payment of Rental Fee, to which an
obligating statutory provision limiting its increase rate, or freezing its status,
applies, the Parties shall act in accordance with the statutory provision.
	 
	 	11.3	 	If the statutory provision limiting, or freezing, the rate of the Index
Linked Rental Fee, shall be removed, or modified at a later date, the Lessee shall
pay to the Lessor, for the months, during which he paid to the Lessor the frozen
Rental Fee, the difference to which the Lessor shall be entitled following the
cancellation of the freeze, or its alteration, in accordance with the aforesaid in
the article above. The Lessor shall notify the Lessee in writing of the differential
amounts he is entitled to receive from the Lessee, and the Lessee undertakes to pay
the Lessor, within 6 days of the notification, the said difference, according to
applicable law.

	12.	 	The Date of Payment of the Rental Fee
	 
	 	 	The Lessee shall pay the Rental Fee plus VAT against statutory tax invoice, at the times
and manner determined in article 14 hereinafter. Participation of the Lessee in the
insurance of the Rental Property, as set forth in article 20 hereinafter, shall be added
to every Rental Fee payment.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

7

	13.	 	Timely Payment of Rental Fee
	 
	 	 	Every Rental Fee payment to be paid by the Lessee pursuant to the provisions hereunder
shall be payable at the time that has been allocated for it, and not later. The payment
dates set forth hereunder are fundamental, and any delay in payment shall constitute a
fundamental breach hereof. Despite the aforesaid, a delay of up to seven (7) days shall
not be regarded a fundamental breach hereof.
	 
	 	 	If no due date has been set forth hereunder for any payment, it shall be paid at the time
provided by law (if respective statutory provisions exist), or at the time set forth in
the payment request by the collecting authority. If no such aforesaid dates are
determined, payment shall be executed within seven (7) days following the Lessee’s first
written request.
	 
	14.	 	Alleviation of Collection
	 
	 	 	The payments shall be transferred by bank transfer to the Lessor’s bank account, the
details of which will be passed on to the Lessee in advance in writing, until the
10th of every month for that month.
	 
	15.	 	Arrearage of Payments
	 
	 	 	Without these statements being understood as the Lessor’s consent to any delay of the
execution of any payment that falls on the Lessee hereunder, the following shall apply to
any payment which the Lessee is obligated to pay to the Lessor hereunder, including
payments that fall on the Lessee and that has been paid by the Lessor on behalf of the
Lessee , and that was not paid to the Lessor at its due time:

	 	15.1	 	Without derogating from the Lessor’s right to any other, and/or
additional, relief hereunder, and/or pursuant to any law, the Lessee shall be
obligated to pay to the Lessor, in addition to payment of the principal payment,
interest at the maximum rate charged by Bank Leumi LeIsrael Ltd., on the day of
actual payment, from its non-favored customers for unconfirmed excessively overdrawn
current loan accounts, for every delay in payment of Rental Fee, including VAT, and
any other payment owed by the Lessee to the Lessor pursuant to the provisions
hereunder, as well as collection expenses, beginning with the first day of
arrearage, until actual payment.
	 
	 	15.2	 	If the payment falling on the Lessee constitutes a financial compensation
(agreed, or by court ruling) for damages suffered by the Lessor as a result of a
violation of any of the provisions hereunder, the damage amount shall be increased
by interest as set forth in paragraph 15.1 below [Translator’s Note: should be
“above”], beginning on the day of claim of compensation, until actual payment.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

8

	 	15.3	 	If the Lessee is requested in writing to pay the amount that is in
arrears, and he did not pay it within 30 days, the Lessor shall be entitled, in
addition to any other remedies he is provided hereunder, and statutorily, to put up
in whole or in part, for immediate payment, six monthly payments that fall on the
Lessee hereunder, and the due date of which have not arrived yet. In the event of
cancellation hereof by the Lessor on the ground of such aforesaid arrearage, such
cancellation shall not apply to the provisions of this paragraph, unless the
notification of cancellation explicitly states otherwise.
	 
	 	15.4	 	If the Lessee has committed a fundamental breach hereof, and he did not
correct such breach within fourteen (14) days following receipt of a respective
written warning, then, in addition to any other and/or additional relief hereunder
(including any other agreed compensation), and/or statutory, to which the Lessor is
entitled, and in addition to it, the Lessee shall pay the Lessor compensation as
agreed and assessed in advance, of an amount of NIS 200,000 plus index linkage and
VAT hereunder, which the Parties assessed, in advance, as reasonable, and as
correctly reflecting the damages suffered by the Lessor, as they can be projected
today, and all of the aforesaid after having seriously weighed the issue. The Lessee
hereby waives any assertion regarding the amount of the agreed compensation, as well
as any assertion of a need to reduce it.

	16.	 	Other Payments imposed on the Lessee
	 
	 	 	In addition to all the other payments set forth hereunder, the following payments shall
fall on the Lessee, and shall be paid by him, during the Rental Period:

	 	16.1	 	Any municipal or governmental (if any) taxes, fees, municipal taxes,
levies, ongoing or unique, imposed on the Rented Property, directly or indirectly,
both as they are today, and as they will be in the future, which, according to their
type, fall on the possessor. In order to remove any doubt it is clarified, that the
Lessor shall bear any obligatory payments, which, by their nature, fall on the
owner, and/or the Lessor, as opposed to possessor, lessee, or user.
	 
	 	 	 	If such aforesaid payments is imposed for an entire year of which only part
overlaps the Rental Period, the Lessee shall pay the relative part of such
aforesaid payment. Aforesaid payments shall be paid by the Lessee at the time,
at which they are to be paid to the authorities, statutorily.
	 
	 	16.2	 	All ongoing payments, and expenses, for the supply of electricity,
telephone, water, or gas to the Rented Property, as well as any other payment that
applies for the ongoing use of the Rented Property.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	16.3	 	Any taxes and payments owed to the municipality, and/or to the local
authority, and/or to the administration of the industrial zone (or any other
administrative body), and/or to the government, and/or to any other body, for the
business that the Lessee will operate, and/or manage, in the Rented Property,
including business tax, signs tax, and license fees for the business and its
management.
	 
	 	16.4	 	Any payments required in order to obtain a permit to set up signs, and
any taxes and fees that will be imposed following the installation of signs.
	 
	 	16.5	 	The provisions of paragraphs 16.1 — 16.4 above shall also fall on parts
of the building, and/or the real property that are intended for use by all, and/or
part of the lessees in the building (even if they are located on areas of the real
property, and/or the building, that were leased to a third party), including real
property, courtyard, roofs, staircases, elevators, shelters, etc. (hereinafter:
“Common Property”). The share of the Lessee in the Common Property shall be
determined by the size of the Rented Property in relation to the size of all of the
leased areas in the building.
	 
	 	16.6	 	The Lessee undertakes to present to the Lessor from time to time, upon
the Lessor’s request, all receipts, or confirmations, testifying that he in fact did
pay, in time, the payments that fall on him, hereunder.
	 
	 	16.7	 	In the event that the Lessor makes, for any reason whatsoever, a payment,
which, pursuant to the provisions hereunder, falls on the Lessee, the Lessee shall
reimburse any amount paid by the Lessor, as aforesaid, to the Lessor, within a
reasonable timelimit following the Lessor’s first written request, and against
presentation of a receipt proving the execution of the payment.
	 
	 	16.8	 	The Lessee shall pay to the Lessor his relative share of the insurance
fee that falls on the Rented Property (article 20 hereinafter). The Lessor shall
transfer to the Lessee a written and advanced payment request. The Lessee shall pay
the insurance fee no later than 60 days following receipt of the request letter.
Non-payment of the insurance fee shall constitute a breach hereof.
	 
	 	16.9	 	The Lessor shall bear any payment that falls, by its nature, on the
owner, and/or on the lessor of real property. This includes property tax,
improvement charge, sewage charge, roads, sidewalks, etc., that fall on the Rented
Property, if any, and on condition that they do not result from the Lessee’s direct
activities, or from the execution of work by him, whether with or without the
Lessor’s confirmation.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	17.	 	Alterations of the Rented Property

	 	17.1	 	The Lessee shall not be entitled to perform any alterations on the outer
walls, the roof, the tiles, and the walls bordering on the shaft of the Rented
Property, and/or to add any construction to the Rented Property, or in the courtyard
that constitutes part of the Rented Property, or on the real property, or to tear
them down, as of the Beginning of the Rental Period (hereinafter together:
“Structural Alterations”), and during the entire Rental Period.
	 
	 	17.2	 	If the Lessee wishes to perform any Structural Alterations in the Rented
Property, as aforesaid in paragraph 17.1, he shall approach the Lessor, and apply
for his written advanced consent. It is the Lessor’s sole and absolute discretion to
decide whether to allow the Lessee’s request, and under which conditions.
Alterations that are not Structural Alterations shall not require the Lessor’s
consent.
	 
	 	17.3	 	If the Lessor grants the Lessee’s request, as aforesaid in paragraph
17.2, the following provisions shall apply to Structural Alterations:

	 	17.3.1	 	Any expenses accrued for the addition, and the alterations, shall fall
on the Lessee.
	 
	 	17.3.2	 	The Lessee undertakes to obtain, at his expense, all and any required
confirmations and permits, and/or as requested by the competent
authorities.
	 
	 	17.3.3	 	The Lessor shall be entitled, by his sole discretion, to order the
Lessee, at the end of the contract term, to return the Rented Property to
the state it was in prior to said execution of the aforesaid Structural
Alterations, or to obligate the Lessee to bear the cost for the
reinstatement of the state prior to the execution of the aforesaid
Structural Alterations.
	 
	 	17.3.4	 	Without derogating from the aforesaid in paragraph 17.3, any alteration
or additions permanently attached to the Rented Property shall become, at
the end of the term of the agreement, the exclusive property of the
Lessor, without any charge to be paid by the Lessor to the Lessee.
Leaving the aforesaid in the possession of the Lessor shall not be
construed as payment of key money, or participation.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	17.3.5	 	The Lessee undertakes to execute any repair of any defect resulting
from unreasonable usage of the Rented Property by the Lessee. To rule out
any doubt it is clarified that the Lessor undertakes to repair, within a
reasonable timelimit, any deterioration, damage, or defect, which is
caused the Rented Property as a result of reasonable wear and tear, as
set forth in paragraph 24.4 hereinafter.

	 	17.4	 	The aforesaid in paragraph 17.3 is not meant to prevent the Lessor from
determining additional conditions towards granting his consent pursuant to paragraph
17.2, above.

	18.	 	Alterations without the Lessor’s Consent

	 	18.1	 	If the Lessee performed alterations without the Lessor’s consent, as far
as such consent is required pursuant to article 17 above, the Lessor shall be
entitled to either request that such alterations and additions remain, in whole or
in part, after the Lessee’s evacuation, or to request the Lessee to reinstate the
Rented Property into the state prior to performance of the alterations, or to
obligate the Lessee with the cost for reinstating the Rented Property into its
status prior to the performance of the alterations, without any of the above being
construed as the Lessor’s consent for the performance of such alterations and
additions, and without derogating from any other rights, and remedies he may be
entitled to hereunder, and/or according to any law.
	 
	 	18.2	 	Without derogating from any of the aforesaid in paragraph 18.1, any
alteration or addition that is permanently attached to the Rental Property shall be,
upon termination of the term of the agreement, the exclusive property of the Lessor,
without any consideration to be paid by the Lessor. Leaving the aforesaid in the
possession of the Lessor shall not be construed as payment of key money, or
participation.
	 
	 	18.3	 	Without derogating from any of the aforesaid, if the Lessee performed any
addition, and/or alterations, that require the Lessor’s consent, without having
received such written advanced consent by the Lessor, the Lessor shall be entitled,
at his sole discretion, to prevent, at any time, the execution of the alteration, or
the addition, and to remove, or demolish, at the Lessee’s expense, any alteration,
or addition, or parts thereof, following a written warning with a deadline of
fourteen (14) days, given to the Lessee by the Lessor.
	 
	 	18.4	 	The Lessee shall be entitled to install commercial (a) sign(s) in the
Rented Property, subject to advanced coordination, and receiving the advanced
consent of the Lessor, regarding the size and location of such sign(s), and subject
to obtaining all required permits.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	19.	 	Non-Reliance on Undertakings
	 
	 	 	The Lessee confirms that he rented the Rented Property in general, and specifically for
the purpose of the Lease, in the light of the examinations which he performed, at his
responsibility, and without relying on the Lessor’s representations, and/or undertakings,
with the exception of representations set forth specifically hereunder. The Lessee hereby
relieves the Lessor from any responsibility towards the Lessee in regard to the lease of
the Rented Property, and the possibility of operating his business therein, and he hereby
waives any assertion, and reply to him, in this context.
	 
	20.	 	Insurances
	 
	 	 	The Lessee shall pay the Lessor the amount the Lessor shall pay as insurance premium for
the insurance policy/ies set forth in this article, however, in any case not in excess of
annually NIS 13,000 (in words: thirteen thousand NIS), payable together with the monthly
Rental Fee, and in addition to it.
	 
	 	 	The insurance policy shall be renewed, and/or the Lessor shall purchase a new insurance
policy, at the end of every rental year, and the Lessor shall be entitled to update the
insured amounts in the policy, at his sole discretion. In any event, however, shall the
Lessee’s participation be limited to the maximum amount set forth above, and the
provisions of article 20 shall apply every time the policy is renewed and/or a new policy
is purchased.

	 	20.1	 	Insurance by the Lessor:
	 
	 	 	 	Without derogating from the Lessor’s statutory responsibility and/or
hereunder, the Lessor undertakes to purchase, and to maintain, for the entire
Rental Period, the following insurances (hereinafter “Company’s Insurance
Policies”) with a statutorily certified and well reputed insurance company:

	 	  20.1.1	 	The insurance for the building, in which the Rented Property and
attached areas are located, explicitly including any alteration,
improvement and addition to the Rented Property that were and/or will be
executed by the Lessor for the Lessee, at reinstatement value against
loss or damage caused by fire, smoke, lightning, explosion, earthquake,
riots, strikes, intent damage, storm, flood, damages caused by liquids,
and burst pipes, damages caused by motor vehicles, damage caused by
aircraft, as well as damages caused by burglary, shall include a specific
provision whereby the insurer waives his right to substitution, on
condition that it shall not apply to any person that caused the damage
intently.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	20.1.2	 	Third party liability insurance, which insures the Lessor’s and the
Lessee’s statutory responsibility for injury or damage to the body and/or
property of any person, within the communal areas (outside the rented
areas), at an insurance ceiling that shall be no less than an amount of $
200,000,000 per event, and in total, during the insurance period. The
said insurance shall be subject to a provision of cross liability,
whereby the insurance will be regarded as if it had been set up for each
and every of the units of the insured. The said insurance shall not be
subject to any limitation regarding obligations resulting from fire,
explosion, shock, lifting, unloading, and loading machines, defect
sanitary instruments, poisoning, any harmful substance in food or
beverages, strike or lockout, as well as baits and poisons, as well as
the issue of youth employment.
	 
	 	20.1.3	 	Insurance against loss of Rental Fee, and of Administration Fees, for
damages caused the building in which the Rented Property is located, as a
result of the risks listed in paragraph 20.1.1 above, for a compensation
period of no less than 12 months. The said insurance shall include an
explicit provision, whereby the insurer waives any right of substitution
towards the Lessee, provided the aforesaid regarding the waiver of the
right of substitution shall not apply to any person that caused the
damage intently.
	 
	 	 	 	Despite the aforesaid it is hereby agreed that the Lessor shall be
entitled not to take out an insurance for loss of Rental Fee, and
for Administration Fee, as aforesaid, but the exemption set forth
in the paragraph above hereinafter shall apply, as if such
insurance had been taken out.

The Lessor’s insurance policies shall include an explicit
provision, whereby they will not be reduced, nor cancelled, without
notifying the Lessee 60 days in advance by registered letter.
	 
	 	20.1.4	 	The Lessee declares that he shall not bring forth any assertion, and/or
request, and/or claim against the Lessor for damages, for which he was
entitled to compensation according to the insurance policies that are
arranged in accordance with the paragraphs 20.2.1 to 20.2.4 hereinafter,
and the Lessee hereby releases the Lessor from any liability for damage
for which he is entitled to compensation, as aforesaid. The aforesaid in
regard to the exemption of liability shall not apply to any person that
caused the damage intently.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	20.2	 	Insurance Policies to be taken out by the Lessee
	 
	 	 	 	Without derogating from the Lessee’s liability pursuant to any law, and/or
hereunder, the Lessee undertakes to maintain, for the duration of this
contract, at his expense, the insurance policies specified hereinafter in this
article (hereinafter: “Lessee’s Insurance Policies”), with a statutorily
certified and well reputed insurance company:

	 	20.2.1	 	Insurance of the contents of the Rented Property, as well as furniture,
equipment, facilities, and stocks of any kind, that are the property or
the responsibility of the Lessee, and that are located in the Rented
Property, and/or outside the Rented Property, on the area of the
building, as well as any alteration, improvement, renovation, and
addition to the Rented Property that were and/or will be executed by the
Lessee and/or for him, at full reinstatement value against loss or damage
caused by fire, smoke, lightning, explosion, earthquake, riots, strikes,
intent damage, storm, flood, damages caused by liquids, and burst pipes,
damages caused by impact, damage caused by aircraft, and burglary
(hereinafter: “Extended Fire Risks”).
	 
	 	 	 	The aforesaid insurance policy shall contain an explicit provision,
whereby the insurer waives any right for substitution towards the
Lessor, and/or on his behalf, as well as towards the other lessees,
and/or tenants in the building, whose insurance policies include a
parallel stipulation regarding the waiver of substitution towards
the Lessee, provided said waiver of the right of substitution shall
not apply to any person that caused the damage intently.
	 
	 	20.2.2	 	Third party liability insurance against injury or damage that is caused
to the body or property of any person and/or body, and without derogating
from the generality of the aforesaid, including injury or damage to the
Lessor, and/or any person on his behalf, to other lessees and tenants of
the building, and to persons visiting the building, with a liability
limit of no less than $ 500,000 (five hundred thousand dollars) per
event, and total over the insurance period.
	 
	 	 	 	Said insurance policy shall not be subject to any restriction
regarding liability arising from fire, explosion, shock, lifting,
unloading, and loading machines, defect sanitary instruments,
poisoning, any harmful substance in food or beverages, strike or
lockout, as well as any claims by the Institute of Social
Insurance.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	 	 	The insurance policy shall be extended to compensate the Lessor, or
anybody on his behalf, for liability for the Lessees actions or
omissions, subject to the article of cross liability, pursuant to
which the insurance policy shall be regarded as if it had been
concluded separately for each and every one of the units of the
insured.
	 
	 	20.2.3	 	Employer’s liability insurance covering the Lessee’s liability towards
all of his employees with a liability limit of no less than $ 5,000,000
(five million US-dollars) per claimant, per event, and total over the
annual insurance period. Said insurance policy shall include any
limitation regarding work at elevations and at depths, contractors,
subcontractors and their employees, work hours, baits and poisons, as
well as the issue of youth employment.
	 
	 	20.2.4	 	Insurance against loss of profits of the Lessee (except for loss of
Rental Fee and Administration Fee) at full value, as a result of damage
caused to the contents of the Rented Property as a result of the risks
specified in paragraph 20.1 above, for a compensation period that shall
be less than 12 months. The insurance policy shall contain an explicit
provision, whereby the insurer waives any right of substitution towards
the Lessor, and/or the other lessees in the building, whose insurance
policies include a parallel stipulation regarding the waiver of
substitution towards the Lessee. The aforesaid regarding the waiver of
the right of substitution shall not apply to any person that caused the
damage intently.
	 
	 	20.2.5	 	Without derogating from the Lessee’s statutory liability and/or
hereunder, the Lessee undertakes, prior to acceptance of possession of
the Rented Property, and/or prior to the beginning of any works in the
Rented Property by the Lessee, or on his behalf, or for him — the earlier
of the two — to take out, and maintain, an “Insurance for Establishing
Works” for any work that is executed in the Rented Property by him,
and/or on his behalf, and/or for him, and for any investment in the
Rented Property, including equipment, systems, and machines that serve
the Lessee’s business, as well as works of repair, renovation,
improvement, alteration, and addition, that will be executed in the
Rented Property.
	 
	 	The insurance of the establishing work shall be set up for the name of the
Lessor, and/or on his behalf, and/or the Lessee, and/or contractors, and
subcontractors, and it shall include the following insurance chapters:

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	Chapter A — Insurance against all risks, insuring all works that are
executed by the Lessee, at their full value, as well as any repair,
renovation, alteration, and addition, that are executed in the Rented
Property. This chapter shall include a section regarding the waiver of any
right for substitution towards all of the lessees and tenants in the building,
whose insurance policies include a parallel stipulation regarding the waiver
of substitution towards the Lessee, provided the aforesaid regarding the
waiver of the right of substitution shall not apply to any person that caused
the damage intently. The chapter shall include an explicit expansion regarding
property on which work is being executed, and/or any adjacent property, with a
liability limit of no less than $ 100,000 (one hundred thousand US-dollars)
per event. For the removal of any doubt it is explicitly noted that such
expansion shall not derogate from the insurer’s obligation to compensate the
Lessor, and/or any person on his behalf, pursuant to the Third Party Liability
Insurance, as set forth hereinafter, for his liability for any damage caused
to the property on which work is being executed, or any adjacent property, as
aforesaid.
	 
	 	Chapter B — Third Party Liability Insurance for liabilities resulting
from the works, with a liability limit of no less than $ 500,000 (five hundred
thousand US-dollars) per event, and total, for the insurance period. The
insurance policy shall not include any limitation regarding the any liability
arising from fire, explosion, shock, lifting, unloading, and loading machines,
defect sanitary instruments, poisoning, any harmful substance in food or
beverages, strike or lockout, as well as any claims by the Institute of Social
Insurance. This chapter shall include a cross liability clause, whereby the
insurance shall be regarded as having been set up separately for each and
every one of the units of the insurer. It shall also be noted explicitly, and
for the removal of any doubt, that the Lessor’s property, and/or that of any
person on his behalf, shall be regarded as third party property in the meaning
of this chapter.
	 
	 	Chapter C — Employers’ Liability Insurance for liability towards all
persons employed for the execution of the work, with a liability limit of no
less than $ 5,000,000 (five million US dollars) per event, and total, for the
insurance period. This section shall not contain and limitation regarding work
at elevations and at depths, work hours, contractors, subcontractors and their
employees, as well as the issue of youth employment.
	 
	 	20.2.6	 	The Lessee undertakes to update, from time to time, the insurance
amounts for any insurance policy taken out pursuant to paragraph 20.1
above, so as to ensure that it shall reflect at all times the full
reinstatement value of the insured purchaser [Translator’s Note: should
most probably be “property”].

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	20.2.7	 	The Lessee undertakes to fulfill the conditions of the insurance
policies, to pay the insurance premiums, and to renew the insurance
policies of the Rented Property from time to time, as required, to ensure
that they are in effect during the entire Rental Period. The Lessee
undertakes to submit to the Lessor, no later than 7 days following the
termination of the insurance policy for the Rented Property, a
confirmation of the value of the insurance, as aforesaid, for the
extension of the insurance period for an additional year. The Lessee
undertakes to submit the value confirmation at the dates specified for
every insurance year, and for the duration hereof. The Lessee’s insurance
policies shall include an explicit provision, whereby they precede any
insurance policy taken out by the Lessor, and/or the management company,
and that the insurer waives any assertion and/or request regarding
participation of the insurances of the Lessor and/or any person on his
behalf. The insurer shall further undertake that the policies shall not
be reduced, nor cancelled, other than by written notification by mail by
the Lessor, of at least 60 days in advance.
	 
	 	20.2.8	 	The Lessee declares that he shall not bring forth any assertion and/or
request and/or claim towards the Lessor and/or anybody on his behalf,
and/or other lessees and/or tenants in the building, for any damage as a
result of which he is entitled to compensation, or would have been
entitled to compensation, had there not been the provision regarding his
own participation, as set forth in the insurance policy, in accordance
with the insurance taken out pursuant to the aforesaid paragraphs, and he
hereby releases the Lessor and/or anybody on his behalf, and/or other
lessees and/or tenants in the building, of any liability for such
aforesaid damage, provided — in regard to the other lessees and tenants
in the building — that their rental agreements, or any other agreement
granting them rights in the building, include an identical stipulation
regarding the relief of liability towards the Lessee. The purpose of the
aforesaid in this paragraph is to add to (not to derogate from) any other
provision hereunder, regarding the relieve of liability towards the
Lessor, and/or anybody on his behalf.

	21.	 	Cancelled

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	22.	 	Liability for Damages

	 	22.1	 	The Lessor shall not be liable, and particularly shall this agreement not
impose any liability of any kind,- on the Lessor, for damages to the Lessee’s body
and/or property, his workers, representatives, visitors, invitees, and/or any third
party, that will be caused in the Rented Property, in the common property (as
defined in paragraph 16.5 above), or on the parking lots used by the Lessee, whether
caused in connection with the possession of the Rented Property, and/or its usage,
and/or its non-usage, and/or by him, and/or in connection with the operation or
non-operation of the Lessee’s business (in part or in whole), or for any other
reason, with the exception of negligent or willful action or omission by the Lessor,
which is not covered by the insurance policy.
	 
	 	22.2	 	“Lessor” in this article shall include the Lessor, his workers, his
agents, his delegates and/or any person acting by his empowerment, and all of the
aforesaid shall not be liable for any damage as aforesaid in paragraph 22.1.
	 
	 	22.3	 	The Lessee shall hereby assume full liability for any of the damages
described in paragraph 22.1 above, and he shall be fully liable for any damages
described above.
	 
	 	22.4	 	The Lessee undertakes to compensate and indemnify the Lessor for any
claim, expense, damage, or loss caused him in connection with, or arising from,
claims, or requests, as aforesaid, including legal expenses, and attorney’s fees.
The Lessor shall notify the Lessee within seven (7) days after receipt of such
claim, and he shall allow the Lessee to assume the litigation. In such an event he
shall assist the Lessee, and shall put to his disposal any information and documents
required for his defense. In any case, the Lessor shall not arrive at any settlement
or compromise in the claim, without the Lessee’s consent.

	23.	 	Use of the Rented Property
	 
	 	 	The Lessee undertakes as follows, without derogating from the validity of any other
provisions hereunder:

	 	23.1	 	To use the Rented Property exclusively for the Purpose of Lease, and not
for any other purpose. Usage of the Rented Property for any other than the aforesaid
purpose shall constitute a fundamental breach hereof.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	23.2	 	To maintain the cleanliness of the Rented Property and the communal
property, as defined in paragraph 16.5 above, and to not deposit food products,
tools, boxes, objects, scrap, and other objects outside the Rented Property, and to
not cause any nuisance, inconvenience, or discomfort, to persons onsite or visiting
the area, where the Rented Property is located, and to act responsibly towards
institutions and governmental and municipal offices, regarding payment of any
penalties resulting form non-compliance with the provisions of this article.
	 
	 	23.3	 	To fulfill, at his expense, all statutory provisions, regulations, or
requests that are issued by the authorized offices in connection with the use of the
Rented Property, and the communal property, as defined in paragraph 16.5 above,
including all sanitary and/or health provisions, and/or provisions in connection
with environmental protection, and the prevention of nuisance.
	 
	 	23.4	 	To perform his work exclusively within the area of the Rented Property,
in a manner that shall not constitute an environmental damage, or a nuisance to
neighbors and the environs.
	 
	 	23.5	 	To access the Rented Property only via the correct access venues existing
today, and that will exist in the future, to park vehicles, and transport vehicles,
on the designated places, and not to use any motor driven or any other vehicle that
might damage the access venues, and the parking areas.
	 
	 	23.6	 	To pay, meticulously, all payments due by him to the Lessor, and/or to
the authorities, at the due dates.
	 
	 	23.7	 	To allow the Lessor, and/or his representative, to visit the Rented
Property at any reasonable time, with advance coordination with the Lessee, and in
his presence, and to examine the state, and the usage made of the Rented Property,
in order to verify the compliance with the provisions hereunder, and/or in order to
perform any actions, and to take any measures, defined herein, or in any law,
requiring access to the Rented Property, with advance coordination with the Lessee.
	 
	 	23.8	 	To fulfill the Lessor’s instructions, and/or the instructions of the
authorities in regard to the fire extinguishing, and fire prevention procedures and
principles, civil protection, security and safety, and to purchase, at his expense,
in accordance with the instructions of the aforesaid bodies, any fire prevention and
safety equipment required towards implementation of and compliance with the
aforesaid instructions, with the exception of hydrants and civil protection
facilities, required to be provided by the Lessor during construction of the
building, according to the confirmed plans of the building, according to its
suitability to the Lessee.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	24.	 	Maintenance and Repairs

	 	24.1	 	The Lessee undertakes to use the Rented Property in a careful and
reasonable manner, and to make every effort that the Rented Property and all its
facilities will be in a functional, operative, orderly, and clean state during the
entire Rental Period, without derogating from the provisions in paragraph 24.4
below.
	 
	 	24.2	 	Without derogating from the aforesaid, the Lessee shall repair,
immediately and at his expense, any damage or spoilage that occur during the stay of
the Lessee in the Rented Property, and/or in any other facility, connected in any
manner to the Rented Property (with the exception of paragraph 24.4 below),
particularly, but without derogating from the generality of the aforesaid, any
damage to the external sides of the Rented Property, which the Lessee shall repair,
at his own expense, within seven (7) days of their creation, unless the repair
requires a longer timeframe.
	 
	 	24.3	 	In the event that the Lessee does not comply in full with his obligations
pursuant to paragraphs 17.1 and 17.2 above, despite a warning from the Lessor to the
Lessee submitted fourteen (14) days in advance and in writing, the Lessor shall be
entitled (but not obligated) to execute the maintenance and repair work, that falls
on the Lessee, by himself, and the Lessee shall reimburse the Lessor for all of the
Lessor’s expenses for this purpose, within fourteen (14) days of the Lessor’s
written request, against presentation of receipts, for the execution of the payment.
The Lessee shall allow the Lessor, and/or his representatives, to access the Rented
Property, for the purpose of execution of the aforesaid repair works. This
paragraph, however, does not serve to derogate from the Lessee’s obligations to
perform the repair work in the Rented Property by himself.
	 
	 	24.4	 	The Lessor shall repair any damages resulting from reasonable wear and
tear to the carcass, and the roof, of the Rented Property, and to them only, within
a reasonable time following written respective notification by the Lessee,
considering the type and essence of the requested repair.
	 
	 	24.5	 	To the extent to which the Lessor shall not fulfill, in full, his
obligation pursuant to paragraph 24.5, the Lessee shall be entitled (but not
obligated) to execute, himself, the repair work falling on the Lessor, and the
provisions of paragraph 24.3 shall apply, accordingly, with the required changes.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	25.	 	Prohibition of Transfer or Encumbrance of the Registration Rights

	 	25.1	 	The Lessee shall not be entitled to hand over and/or to let the Rented
Property, or any part thereof, and/or to transfer his right to the Rented Property,
or to any part thereof, and/or to allow others to use the Rented Property, or any
part thereof, and/or to share with any person the possession of the Rented Property,
and/or its use, and/or have any benefits thereof, without prior written consent from
the Lessor. The Lessee shall be entitled to transfer the Rented Property to an
alternative lessee, or to sublet it to a tenant whose identity shall be acceptable
to the Lessor. The Lessor shall not refuse his consent to the aforesaid tenant’s
identity for any but reasonable reasons.
	 
	 	25.2	 	The Lessee shall be prohibited from subjecting any of his rights arising
hereof, in whole or in part, to encumbrance or mortgages of any type or rank.
	 
	 	25.3	 	The Lessee shall not be entitled to register any note and/or the lease at
the Land Register Office.

	26.	 	Registration and Licenses

	 	26.1	 	The Lessor shall not be responsible towards the Lessee for obtaining any
licenses or confirmations from the authorities, required for the operation and
management of the Lessee’s business at the Rented Property. In any event, the lease
of the Rented Property to the Lessee, and/or the execution of alterations on the
building, shall not be regarded a declaration or representation by the Lessor, that
the Lessee will receive licenses for the operation of the Rented Property in
accordance with the Purposes of the Lease.
	 
	 	 	 	The Lessee hereby undertakes to obtain any license that he requires, and to
see to it that his business is managed with the license required by any
municipal, governmental, local or other authority, according to circumstances.
If an order is issued against the Lessee prohibiting him from operating his
business in the Rented Property, the Lessee shall immediately refrain from the
prohibited use.
	 
	 	26.2	 	During the entire Rental Period, the Lessee shall care for the renewal of
the required licenses and confirmations, to assure that the operation of the Rented
Property, and the work performed therein, shall be done in compliance with any
appropriate statutory provisions, and in compliance with the conditions of any
license, and/or instructions, and/or regulations that will be issued, from time to
time, by any authorized authorities, in relation or in connection with the business
operated in the Rented Property.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	26.3	 	If the Lessor did not begin his activities upon receiving possession of
the Rented Property, among others, because he did not receive the required license
as aforesaid in this paragraph, all provisions hereunder shall apply to the Lessee,
and the non-obtainment of the said license shall not be a reason for the violation
of any of his obligations hereunder.
	 
	 	26.4	 	In the event that any authority subjected the issuance of the license for
the operation of the Lessee’s business in the Rented Property to the execution of
alterations within the Rented Property, the Lessee shall need to request, in
advance, the Lessor’s consent for the execution of such aforesaid alterations. The
Lessor shall be entitled to agree, or not to agree, to any such aforesaid
alteration. If the Lessor agrees to the alteration, the Lessee shall execute it at
his own expense, subject to the conditions imposed, if any, by the Lessor.
	 
	 	26.5	 	The Lessee hereby declares that he is well versed in his business, and in
the licensing conditions, and that prior to signing this agreement he was granted
the opportunity to examine the Rented Property, and he in fact examined its
suitability for the Purposes of the Lease, as well as the possibility of obtaining a
license, or licenses, required for the operation of the Purposes of the Lease in the
Rented Property, as it is, and that he found the Rented Property to be suitable for
the Purposes of the Lease, subject to any hidden non-conformity.

	27.	 	Premature Evacuation

	 	27.1	 	If the Lessee evacuated the Rented Property prior to termination of the
Rental Period, without explicit written and prior consent of the Lessor, and/or in
contradiction to the provisions hereunder, and/or in contradiction to statutory
provisions, this shall be regarded as fundamental breach hereof. In that event, as
well as in the event that the Lessee evacuates the Rented Property following the
Lessor’s request, and as a result of cancellation of the Lease by the Lessor,
following a breach hereof by the Lessee, the Lessee shall pay to the Lessor the
monthly Rental Fee, and any other payments falling on the Lessee hereunder
(hereinafter: “Payments”), until the termination of the Rental Period, as if he
continued to hold the Rented Property in his possession.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	27.2	 	If after the evacuation of the Lessee, the Lessor let the Rented Property
to another lessee, the Lessee shall be relieved of paying the Payments
aforementioned in paragraph 27.1 to the Lessor, as of the beginning of the rental
period of that other lessee. However, under no circumstances shall the period, for
which the Lessee shall pay the Rental Fee that he would have had to pay the Lessor,
had he continued to possess the Rented Property for another six months, be reduced.
The purpose is to cover for the minimal damages suffered by the Lessor, as can be
predicted today, for the evacuation of the Rented Property in breach hereof,
non-operation of the Rented Property, and the need to find an alternative lessee.
	 
	 	27.3	 	The aforesaid Payments in paragraphs 27.1 and 27.2 shall be regarded as
agreed penalty, assessed in advance, as correctly reflecting the damage suffered by
the Lessor, as can be predicted today. They do not serve to derogate from the
Lessor’s right to claim, from the Lessee, any other remedy he is entitled to
statutorily, and/or hereunder, and no assertion will be brought forth claiming that
the agreed compensation pursuant to this paragraph derogates from the Lessor’s
entitlement to any additional and/or other remedy, and/or that it is too high and
must be reduced.
	 
	 	27.4	 	In the event of cancellation hereof by the Lessor, such cancellation
shall not be regarded as applying to the provisions of this article, unless stated
explicitly otherwise in the cancellation notice.

	28.	 	Evacuation of the Rented Property

	 	28.1	 	If one of the following applies, the Lessee shall evacuate the Rented
Property, and shall return possession of it to the Lessor, free of any person or
object (with the exception of equipment and appliances belonging to the Lessor), in
good and functional and complete status, with the exception of normal wear and tear
as a result of reasonable use:

	 	28.1.1	 	The Rental Period has ended on the date determined hereunder — on that
same day.
	 
	 	28.1.2	 	The Lease was cancelled as set forth in paragraph 29.2 below — at the
time of evacuation as set forth therein.
	 
	 	28.1.3	 	The Lessee has committed a non-fundamental breach hereof, and did not
correct the breach after having received a timelimit for the repair, as
set forth in article 29 below, and the Lessor cancelled the agreement -
on the evacuation date pursuant to 29.3.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	28.1.4	 	Occurrence of an event, following which the agreement is cancelled
hereunder and/or statutorily, and a timelimit applies for the evacuation
of the Rented Property — within 14 days following the event.

	 	28.2	 	If the Lessee delayed the evacuation and the return of the possession of
the Rented Property to the Lessor, in violation hereof, the Lessee shall pay for
every day of delayed evacuation, or part of a day, an amount equal to $ 500 per day,
without derogating from the Lessor’s right to other and additional remedies,
hereunder and/or statutory, and in addition to the Rental Fee hereunder.
	 
	 	28.3	 	The payment pursuant to paragraph 28.2 shall be regarded as agreed
compensation, assessed in advance, as correctly reflecting the damage suffered by
the Lessor, as can be predicted today. No assertion shall be brought forth, claiming
that the compensation agreed upon pursuant to paragraph 28.2 above derogates from
the Lessor’s entitlement to any additional and/or other remedy, hereunder and/or
statutorily.
	 
	 	28.4	 	If the Lessor has a reason for evacuation, the Lessor shall be entitled
to make use of [Translator’s Note: Sa’ad Atzmi — unclear], to enter the Rented
Property, to break open the locks installed by the Lessee, and to physically remove
the Lessee and his objects, and no responsibility and/or obligation of preservation
shall apply to the Lessor as a result thereof.
	 
	 	28.5	 	Any expenses accrued by the Lessor for the purpose of the evacuation of
the Rented Property, including, but without derogating from the generality of the
aforesaid, any court expenses, and attorneys’ fees, at a realistic rate (against
presentation of receipts), shall fall upon the Lessee, and shall be regarded as debt
to the Lessor.
	 
	 	28.6	 	In the event of cancellation hereof by the Lessor, such cancellation
shall not be regarded as applying to the provisions of this article 28, unless
stated explicitly otherwise in the cancellation notice.

	29.	 	Breach of Agreement, Remedies, and Reliefs:

	 	29.1	 	Any of the following actions, or omissions, shall be regarded a
fundamental breach hereof by the Lessee, in addition to any other provision
hereunder, determining that a breach of which shall constitute a fundamental breach
hereof:

	 	29.1.1	 	Arrearage of the payment of the monthly Rental Fee exceeding seven
days, including dishonor of a document submitted hereunder.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	29.1.2	 	Breach of provisions of aforesaid article 25.
	 
	 	29.1.3	 	Execution of additions, and/or alterations in the Rented Property in
violation of provisions hereunder, provided the Lessee was granted a
period of 14 days in advance and in writing, for the correction of the
violation, and the Lessee did not perform the correction within said
timeframe.
	 
	 	29.1.4	 	Cancelled.
	 
	 	29.1.5	 	Composition of creditors pursuant to article 233 of the Companies
Regulation (New Version), 5743 — 1983, performed by the Lessee, issue of
temporary and/or final liquidation order over the Lessee, and/or over his
assets, and/or the appointment of a temporary and/or permanent executor
over the Lessee and/or over his assets, and/or appointment of a temporary
or permanent trustee for bankruptcy over the Lessee, and such aforesaid
procedures have not been cancelled within 90 days.
	 
	 	29.1.6	 	He operated the Rental Property in a manner deviating from the Purposes
of the Lease, or he operated and/or used it for other purposes.
	 
	 	29.1.7	 	Attachments were issued over the Lessee’s rights in the Rental
Property, and the Lessee did not cancel them within 90 days of the day of
issue.

	 	29.2	 	If the Lessee committed a fundamental breach, as aforesaid, and he did
not correct the aforesaid breach within fourteen (14) days after having received the
Lessor’s respective written notification, the Lessor shall be entitled, without
derogating from his right to any additional and/or other remedy, to which he is
entitled hereunder and/or statutorily, to cancel the agreement, and the Rental
Period shall terminate 30 days following the notification.
	 
	 	 	 	If no evacuation date is mentioned in the Lessor’s notification, the
evacuation date shall be 45 days following the notification of cancellation,
and the Lessee hereby undertakes to evacuate the Rental Property accordingly.
	 
	 	29.3	 	If the Lessee committed a non-fundamental breach, the Lessor shall be
entitled to notify the Lessee, that the agreement will be regarded as null and void,
unless he corrects the breach within sixty days from the date of the notification,
or that he will cancel it as a result thereof. If the Lessee did not correct the
breach within the timelimit determined by the Lessor in his notification to the
Lessee, and the agreement is cancelled, the provision of paragraph 29.2 shall apply,
with the required modifications.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	30.	 	Guarantees and Securities

	 	30.1	 	As security for the evacuation of the Rental Property, payment of all
payments imposed on the Lessee, and fulfillment of all other obligations hereunder,
including payment of agreed and/or not agreed compensation, the Lessee shall submit
to the Lessor, upon conclusion hereof, and according to the Lessor’s written permit,
no later than seven days following the conclusion hereof, as main and fundamental
obligation of the Lessee, the following securities:

	 	30.1.1	 	Autonomous bank guarantee for NIS 100,000 to the benefit of the Lessor,
adjusted to the Cost Of Living index, valid until 90 days after
termination of the Lease.
	 
	 	30.1.2	 	3 bonds signed by the Lessee, for NIS 70,000 each, in addition
to index difference, and VAT. The due date for each bond is open, and the
Lessor shall be entitled to fill in the due date, at his own discretion,
pursuant to the provisions hereunder. The aforesaid shall not derogate
from the Lessor’s right to initiate legal procedures for the realization
of each bond, as aforesaid.
	 
	 	 	 	The bonds shall be returned to the Lessee 5 months after
termination hereof, or termination of the Lessee’s obligations
towards the Lessor, the later of the two.
	 
	 	30.1.3	 	Cancelled.

	 	30.2	 	The submission of the securities hereunder, and/or their realization, do
not constitute the Lessor’s waiver of his right towards the Lessee to other
remedies, or of his right to redeem them in any other manner, be it that these are
remedies that are specifically mentioned herein, or remedies that arise from any
legal procedure pending at the time of conclusion, or that the time of the breach
will exist in Israel.

	31.	 	Negation of the Lessee’s Representation

	 	31.1	 	Nothing of the aforesaid herein and/or the conduct of the Parties arising
thereof, shall be interpreted as an authorization of the Lessee to appear in the
name of the Lessor, or on his behalf, or as granting him the status of the Lessor’s
representative in any matter.
	 
	 	31.2	 	The Lessee’s employers shall not, under any circumstances, and for any
purpose, be regarded as employees of the Lessor. The content of this paragraph shall
not serve to derogate from any other liability statutorily imposed, if any, on the
Lessor.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	32.	 	Equipment and Movables
	 
	 	 	Upon evacuation of the Rental Property, the Lessee shall be entitled to take with him any
equipment and movables that he brought with him. Subject to aforesaid paragraph 17.3.4,
the Lessee shall not be entitled to take with him any objects that had been attached to
the Rental Property, and their removal would leave an empty space, or damage.
	 
	33.	 	Conversion of the Lessor’s Rights

	 	33.1	 	The Lessor shall be entitled to transfer and/or convert and/or let and/or
attach his rights hereunder to any third party, provided the Lessee’s rights
hereunder shall not be affected.
	 
	 	33.2	 	This agreement shall be binding for the Lessor’s inheritors and/or
successors.

	34.	 	Non-applicability of the Provisions of the Lease and Borrowing Law
	 
	 	 	The provisions of the Lease and Borrowing Law shall not apply to this agreement.
	 
	35.	 	Deviation or Waiver

	 	35.1	 	In the event that one of the Parties does not make immediate use of any
of its rights hereunder, or of any part thereof, such non-usage shall not be
regarded as waiver, consent or admittance on its part, and it will be entitled to
such rights any time it chooses.
	 
	 	35.2	 	The consent of any Party to a deviation from the provisions hereunder, in
a specific case, or in a number of cases, shall not constitute a precedence, and
other similar or different future situations will not be derived thereof.
	 
	 	35.3	 	In any event of cancellation of the agreement, or of its termination, all
provisions hereunder, which by their nature continue to apply after the termination
of the agreement, or its cancellation, if any, shall continue to apply, even if this
is not set forth explicitly in the respective article itself.

	36.	 	Cancelled.

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

28

	37.	 	Correction of the Agreement
	 
	 	 	Any alteration and/or correction of the agreement shall be conducted exclusively in an
explicit written document, signed by the Parties hereunder. Any assertion claiming that
the Parties altered this agreement by their conduct shall not be heard, and no respective
evidence shall be brought forth, or be accepted.
	 
	38.	 	Notifications and Warnings
	 
	 	 	Any notification or warning sent by one Party to the other, in connection with this
agreement, shall be sent by registered mail, or shall be delivered over in person, in
accordance with the Parties’ addresses set forth at the beginning hereof (or any other
address, which shall be notified of appropriately in writing), and such notification, or
warning, as aforesaid, shall be regarded as having been delivered to the address upon its
actual delivery, if delivered in person, and if sent through the Israeli Mail Service, 72
hours after it has been delivered to the post office for registered mail delivery, with
confirmation of receipt. The address of the Lessee shall also be at the Rental Property
itself.
	 
	39.	 	Stipulation of Jurisdiction
	 
	 	 	The exclusive and sole jurisdiction for any dispute arising between the Parties in
connection with, touching on, and arising from this agreement, including matters in
regard to its cancellation and/or violation, shall be with the court that is materially
authorized, local court or district court, in the area of Tel-Aviv.
	 
	40.	 	Assignment of Rights and Obligations
	 
	 	 	The Lessor hereby declares before the Lessee as follows:
	 
	 	 	Whereas according to the bond (specific attachment), and assignment of rights, by
attachment of 3/97, attachment no. 37, submitted, or to be submitted to the Company
Registrar, I/we attached and assigned, by attachment to The First International Bank
(Benleumi) (31) (hereinafter: “Bank”), all of my/our rights pursuant to the Lease of
September 5, 2006, concluded between me/us and you (hereinafter: “Lease”);

	 
	 	 	Whereas I/we undertook towards the bank to notify you that all of my/our rights pursuant
to the Lease have been attached and assigned to the bank alone, and I/we order you hereby
irrevocably, to credit the amounts owed to, or that shall be owed to me/us from you
pursuant to the Lease, exclusively to my/our account number 535729, First International
Bank (31), Central Branch (46).

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

 

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	 	 	This instruction is irrevocable, and cannot be altered or cancelled by me/us, other than
with the bank’s prior written consent, since third party rights, i.e. of the bank, depend
on it.
	 
	 	 	The Lessee declares to the Lessor as follows:
	 
	 	 	I/we confirm the receipt of the statement regarding the assignment, and the aforesaid
irrevocable instructions, and I/we undertake to act accordingly. I/we hereby confirm that
I did not receive any early notification on the assignment of the aforesaid rights, in
whole or in part, that was not on your behalf.
	 
	41.	 	Waiver of Right of Setoff
	 
	 	 	The Lessee hereby waives fully and irrevocably any right of setoff he may have towards
the Lessor, and he undertakes not to set off from the Rental Fee payable to the Lessor,
and/or from any other payment owed by the Lessee to the Lessor, any amount for any reason
whatsoever. The aforesaid in this paragraph shall not derogate from the Lessee’s right to
receive any aforesaid amount.

In witness thereof the parties have hereunto set their hands

	 	 	 
	(Signature: illegible)
	 	(Signature: illegible)
	[Stamp: Aspen Real Estate Ltd.]	 	 
	Lessor
	 	Lessee

[Stamp: Aspen Real Estate Ltd. (Signature: illegible)]

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