Document:

2011 Salaried Employee Cash Incentive Plan

 Exhibit 10.4 
 Northwest Pipe Company 2011 Salaried Employee Cash Incentive Plan 
  

	I.	PURPOSE 

 The purpose of the Northwest Pipe
Company 2011 Salaried Employee Cash Incentive Plan (“Plan”) is to enhance the ability of the Company to attract, motivate, reward and retain its salaried employees while aligning employees’ interests with those of the Company’s
shareholders by providing additional cash compensation to salaried employees of the Company based on the achievement of objective performance targets. 
  

	II.	DEFINITIONS 

  

	 	a)	“Award” means an annual incentive bonus earned by a salaried employee under the Plan for a Year. 

 

	 	b)	“Base Salary” for a Year means the salaried employee’s annual base salary actually received as a salaried employee for the Year. Base salary does not
include Awards under the Plan, long-term incentive awards, imputed income from such programs as life insurance, or nonrecurring expenses such as moving expenses. It is also based on salary before reductions for such items as contributions under
Section 401(k) of the Internal Revenue Code of 1986, as amended. 

  

	 	c)	“Board” means the Board of Directors of the Company. 

  

	 	d)	“Committee” means the Compensation Committee of the Board. 

  

	 	e)	“Company” means Northwest Pipe Company, an Oregon Corporation, its successors and assigns. 

 

	 	f)	“Executive Officers” means executive officers of the Company as appointed by the Board. 

 

	 	g)	“Group” means Water Transmission Group or Tubular Products Group. 

 

	 	h)	“Income Before Income Taxes” means income before income taxes for the Company as reflected in the Company’s audited consolidated financial statements
before extraordinary or unusual items (e.g. charges for divestiture and restructuring activities and gains on sales) and the cumulative effect of any change in accounting principles. 

 

	 	i)	“Maximum” for any Year, means the level of achievement, as established by the Committee, of the Performance Criteria level necessary to earn 200% of the
target payout for the Plan. 

  

	 	j)	“Operating Income” means operating income for the Company and Group as reflected in the Company’s audited consolidated financial statements before
extraordinary or unusual items (e.g. charges for divestiture and restructuring activities and gains on sales) and the cumulative effect of any change in accounting principles. 

 

	 	k)	“Performance Criteria” means: 

  

	 	i.	Income Before Taxes, 

  

	 	ii.	Operating Income, or 

  

	 	iii.	A combination of the foregoing or such other performance measures as the Committee may approve from time to time. 

 

	 	iv.	Performance Criteria may be in respect to the performance of the consolidated Company, a Group, or any combination of the foregoing. It may be absolute or relative and
may be expressed in terms of a progression with a specified range. 

  

	 	l)	“Performance Goals” means the Threshold, Target and Maximum levels specifically. 

 

	 	m)	“Plan” means this Salaried Employee Cash Incentive Plan. 

  

	 	n)	“Target” for any Year, means the level of achievement, as established by the Committee, of the Performance Criteria necessary to earn the target payout for
the Plan. 

  

	 	o)	“Target Award Percentage” for a salaried employee with respect to any Year means the percentage of the salaried employee’s Base Salary as established by
the Committee the salaried employee would earn as an Award for that Year upon attainment of the Performance Targets applicable to such salaried employee. 

  

	 	p)	“Threshold” for any Year, means the minimum acceptable performance necessary to start earning an Award, as established by the Committee of the Performance
Criteria necessary to earn any Award under the Plan. 

  

	 	q)	“Year” means the fiscal year of the Company or any other period designated by the Committee with respect to which an Award is earned.

  

	III.	PLAN ADMINISTRATION 

 The Committee
administers the Plan. The Committee has full authority to establish the rules and regulations relating to the Plan and to interpret the Plan and those rules and regulations. The Committee has the authority to approve the Performance Criteria,
Performance Goals and Target Award Percentages applicable to each salaried employee. The Committee has the authority to decide and interpret the facts in any case arising under the Plan and to make all other determinations and to take all other
actions necessary or appropriate for the proper administration of the Plan, including the delegation of such authority or power, where appropriate. However, the Committee is not authorized to increase the amount of the Award that would otherwise be
payable pursuant to the terms of the Plan without the approval of the Board. 

	IV.	CHANGES TO THE PERFORMANCE GOALS 

 The
Committee may change the Performance Goal(s) to reflect a change in corporate capitalization or a corporate transaction, such as a merger, consolidation, separation, reorganization or partial or complete liquidation. The Committee may also change
the Performance Goal(s) to reflect the occurrence of unexpected events, such as the acquisition or disposition, product liability judgment or such others as the Committee may determine. 

 

	V.	EMPLOYEE ELIGIBILITY 

 All salaried
employees of the Company are eligible for participation in the Plan. A salaried employee must have been employed at least 90 days on the last day of the Year to participate in that Year’s Plan. Salaried employees must continue as an employee of
the Company through the day the bonus is awarded. 
  

	VI.	DETERMINATION AND PAYMENT OF AWARDS 

  

	 	a)	The CEO shall prepare, for Committee review and approval, schedules with respect to each Year, which after approval will be treated as part of the Plan for that Year,
setting forth: 

  

	 	i.	The Company and Group Performance Goals, and 

  

	 	ii.	The Target Award Percentages for each salaried employee. 

  

	 	b)	The CEO shall notify each salaried employee of his or her Target Award Percentage and Performance Goals for the Year. 

 

	 	c)	The amount of a salaried employee’s Award will vary depending on performance. There is no Award for below Threshold performance, performance at Target earns a 100%
Target Award Percentage, and performance at Maximum earns a 200% Target Award Percentage. For performance between Threshold, Target and Maximum, Awards are calculated by interpolating on a straight line basis between the established goals.

  

	 	d)	Notwithstanding anything contained in this Plan to the contrary, the Committee in its sole discretion may reduce any Award to any salaried employee to any amount,
including zero. 

  

	 	e)	As soon as practicable after the completion of the Company’s financial statements for the Year, the CEO shall review and approve each salaried employee’s
Award and the Committee shall review and approve any Award earned by any Executive Officer. Each Award shall be paid in a single lump sum cash payment as soon as practicable after the completion of the review and approval process, generally no later
than 2 1/2 months after the close of the Year in which the Award was earned. 

  

	 	f)	If the Company’s financial statements are the subject of a restatement due to misconduct, to the extent permitted by governing law, in all appropriate cases, the
Company will seek reimbursement of excess incentive cash compensation paid under the Plan to Executive Officers for the relevant Plan Years. For purposes of this Plan, excess incentive cash compensation means the positive difference, if any, between
(i) the Award paid to the Executive Officer and (ii) the Award that would have been made to the Executive Officer, not including the effect of any discretionary reductions made by the Committee, had the Target Award Percentage been
calculated based on the Company’s financial statements as restated. 

  

	VII.	AMENDMENTS 

 The Committee may at any time
amend (in whole or in part) the Plan. 
  

	VIII.	TERMINATION 

 The Committee may terminate
this Plan (in whole or in part) at any time. 
  

	IX.	MISCELLANEOUS PROVISIONS 

  

	 	a)	This Plan is not a contract between the Company and the salaried employees. Neither the establishment of this Plan, nor any other action taken hereunder, shall be
construed as giving any individual any right to participate in the Plan, receive an Award or be retained in the employ of the Company. The Company is under no obligation to continue the Plan. 

 

	 	b)	The Plan is not funded. The Plan is not required to establish any special or separate fund, or to make any other segregation of assets, to assure payment of Awards.

  

	 	c)	The Company has the right to deduct from Awards paid any taxes or other amounts required by law to be withheld. 

 

	 	d)	Nothing contained in the Plan shall limit or affect in any manner or degree the normal and usual powers of management exercised by the executives, officers, the Board
or committees thereof. Management will continue to have the power to change the duties or the character of employment of any employee (including any executive) of the Company or to remove the individual from the employment of the Company at any
time, all of which rights and powers are specifically reserved. 

	 	e)	The Plan and all rights hereunder shall be construed in accordance with and governed by the laws of the State of Oregon. 

 

	 	f)	If all or any part of this Plan is declared, by any court, governmental authority or arbitrator, to be unlawful or invalid, such unlawfulness or invalidity will not
serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any section or part of a section so construed in a manner which will give effect to the terms of such section or part of a section to the fullest extent possible
while remaining lawful and valid. 

  

	 	g)	Neither the Committee’s nor the Board’s determinations under this Plan need to be uniform and may be made by the Committee or the Board selectively among
persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated). 

  

	X.	EFFECTIVE DATE 

 This Plan was approved by
the Committee on May 20, 2011 and is effective as of January 1, 2011.Lease Agreement

 Exhibit 10.8 
 LEASE AGREEMENT 
 COMMERCIAL 

(Non-commercially protected lease) 
  

			
	Lessor	  	
		
		  	 MARGOT OG THORVALD DREYERS FOND (the Margot and Thorvald Dreyer Foundation)
 Chalotte Dreyer and Susan Dreyer

		
		  	c/o law firm Jordan & Løgstrup
		
		  	Vesterbrogade 33,
		
		  	1620 Copenhagen V
		
		  	CVR No. 80725728
		
		  	(hereinafter called the lessor)
		
	Lessee	  	
		
		  	Lionbridge Denmark A / S
		
		  	Jydeholmen 15, 1.
		
		  	2720 Vanløse
		
		  	CVR No: 20272643
		
		  	(hereinafter called the lessee)
		
	Leased premises	  	
		
		  	Rønnegade 2, 3. / Lersø Park Allé 42, 3.
		
		  	2100 Copenhagen Ø

  
 1 

 CONTENTS 
  

							
	1.	  	 The leased premises
	  	 	3	  
			
	2.	  	 Use
	  	 	4	  
			
	3.	  	 Insurance
	  	 	4	  
			
	4.	  	 Implementation / acquisition
	  	 	5	  
			
	5.	  	 Cancellation / termination
	  	 	5	  
			
	6.	  	 Subletting and handing over
	  	 	5	  
			
	7.	  	 Annual payments and deposit
	  	 	5	  
			
	8.	  	 Consumption Expenditure (electricity, water and heating)
	  	 	6	  
			
	9.	  	 Other expenses and expense types
	  	 	7	  
			
	10.	  	 Agreed regulation of rent
	  	 	7	  
			
	11.	  	 Adjustment of the rent to market rent
	  	 	8	  
			
	12.	  	 Maintenance and renewals
	  	 	8	  
			
	13.	  	 House rules and the use of extra and common areas
	  	 	9	  
			
	14.	  	 Liability and risk
	  	 	9	  
			
	15.	  	 Vacation and handing over of the leased premises
	  	 	10	  
			
	16.	  	 VAT
	  	 	10	  
			
	17.	  	 Disputes
	  	 	11	  
			
	18.	  	 General Provisions
	  	 	11	  
			
	19.	  	 Registration and costs
	  	 	12	  
			
	20.	  	 Contract Costs
	  	 	12	  
			
	21.	  	 List of Annexes
	  	 	12	  

  
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 Parties 
  

			
		  	MARGOT OG THORVALD DREYERS FOND
		  	Chalotte Dreyer and Susan Dreyer
		  	c/o law firm Jordan & Løgstrup
		  	“Stenohus”
		  	Vesterbrogade 33
		  	1620 Copenhagen V.
		
		  	Tel 33 25 54 00
		  	Fax 33 25 54 01
		
		  	(hereinafter called the lessor)
		
	and	  	Lionbridge Denmark A / S
		  	Jydeholmen 15, 1.
		  	2720 Vanløse
		  	CVR no.: 20272643
		
		  	(hereinafter called the lessee)

 has hereby entered into the following lease agreement, consisting of this individual lease agreement and cited annexes,
which all form an integral part of the lease agreement 
  

	 	1.	The leased premises 

 The leased
premises are located at title number. 5422 Udenbys Klædebo Kvarter, which land and buildings are hereinafter called the property. 
 The mailing address of the lease is Rønnegade 2, 3. / Lersø Park Allé 42, 3, 2100 Copenhagen Ø. 
 Layout of the leased premises can be seen in the attached floor plan, annex 1.  
 Description of the condition of the leased premises can be seen in annex 2. 

1.1 
 The leased
premises consists of the following: 
  

							
	 Office
	  	third floor	  	 	572 m2	  
		  		  	  
	  
	 
			
	 Total gross area
	  		  	 	572 m2	  
		  		  	  
	  
	 
			
	 which is hereinafter called the leased premises.
	  		  			

 The calculation of the gross area has bindingly been made by the lessor. Arealbekendtgørelse and
order) no. 311 of 27/6 1983 shall not apply. 
 The gross area may include escape routes / escape corridors / emergency exits
regardless of the associated limitations. 
  

	 	1.2	The lease includes no special rights to communal area, parking lots or other areas outside the buildings. The lessee is not entitled to use common areas for storage or
placing of goods, containers, packaging or the like. 

  
 3 

	 	2.	Use 

  

	 	2.1	The leased premises must be used as office by the lessee’s business and must not be used for other purposes without the lessor’s written consent. The lessor
warrants that the lease may be used for this purpose. 

 The lessor bears no responsibility or risk for the
lessee’s specific use of the leased premises. The lessee is responsible for ensuring that the agreed use is not contrary to public statutes or regulations, and other charges and encumbrances, and is required to obtain and maintain all permits
required in respect to the furnishing of and operation on the premises, including requirements relating to environmental and fire conditions. Without undue delay, the lessor must be informed of regulatory requirements and receive copies of the
necessary permits and be exempted from any responsibility in this regard. 
  

	 	2.2	The lessee’s use of the premises must not cause any disturbance due to odor, noise or light or otherwise be a nuisance to other tenants in the property or anyone
else. The lessee shall ensure that its personnel and others who have access to the leased premises conduct themselves in an orderly manner. 

 Depositing of hazardous or polluting substances must not take place at, in or near the leased premises. 
 The lessee has not, without explicit written prior agreement, the right to make changes / alterations to the premises in any greater extent than what is agreed in this contract. 

 

	 	2.3	If the lessee has made any changes to the premises, the lessee is under the obligation to restore the property at the termination of the lease, unless the lessor waived
this requirement in writing or if the change cannot be considered to have deteriorated the premises for the above mentioned purposes. The lessor may require that the lessee pays a reasonable deposit as security for the restoration obligation before
any changes are made. 

  

	 	2.4	The lessee is liable for any damage - including accidental damages - that is inflicted on the lease or the property in general as a result of installations or
renovations made by the lessee. 

  

	 	2.5	The lessor is entitled to rent or use other rooms in the property to the same industry and for the same use as that of the lessee. 

 

	 	2.6	Signs, flags and other forms of advertising on and near the property and the installation of awnings, blinds and the like may be placed only after the landlord’s
written instructions and approval and must be in accordance with the easements and current statutory requirements that are applicable to the property. 

 All costs associated with the above actions are paid by the lessee who is obliged to obtain all regulatory approvals and ensure that any conditions of approval are being met. 

When moving, the lessee must, at their own expense, remove all traces of objects placed on the property in accordance with the above,
unless lessor waives this requirement in writing. 
 The lessor may require that signs etc. on the property are in accordance
with a plan made by the lessor, which may include common reference signs. 
  

	 	3.	Insurance 

  

	 	3.1	The lessor is obligated to uphold construction and fire insurance for the property. The lessee is obligated to take out all other insurances than the above. The lessee
bears the full risk in relation to glass and sanitation. The lessee is also obligated to pay any increased building or fire insurance premium imposed due to the lessee’s use of the premises. 

  
 4 

	 	4.	Implementation / acquisition 

  

	 	4.1	The lessee takes over the lease on October 1, 2011, which date is hereinafter called the effective date. 

 

	 	4.2	Consumption meters are read on the disposition date, no later than October 1, 2011. 

 

	 	4.3	Any minor defects in the property, which do not impede the lessee’s use thereof, shall not delay the effective date and shall not entitle the lessee to refuse to
rent. The lessor must, where appropriate, arrange for the necessary work to be performed in such a manner and time to cause as little inconvenience to the lessee as possible. 

 

	 	4.4	Within 2 weeks after the lease acquisition, the lessee is entitled to deliver a written record to the lessor about any defects on the premises for which the lessee does
not wish to be held responsible when moving out. If the lessor does not accept the defects pointed out by the lessee, the dispute will be settled by expert surveys. 

 

	 	5.	Cancellation / termination 

  

	 	5.1	The lease may not be terminated by the lessee until after 3 years, ie. until October 1, 2014, after which it can be terminated according to the term of notice
stated in § 5.3. 

  

	 	5.2	The lease may not be terminated by the lessor until after 6 years, ie. until October 1, 2017. 

 

	 	5.3	Termination made by lessor as well as by lessee must be made with 6 months notice in writing, with the lessee leaving the premises on the first day of the given month.

  

	 	5.4	Upon termination from the lessor’s side - for whatever reason - the lessee is not entitled to compensation as a result of the termination.

  

	 	5.5	The same applies to termination of the lease for other reasons. 

  

	 	5.6	If the property is destroyed by fire or any other disaster, § 24 of Erhvervslejeloven (the commercial rent act) applies. 

 

	 	6.	Subletting and handing over 

  

	 	6.1	The lessee must not hand over the use of the premises to others. 

  

	 	6.2	The lessee has the right to sublet the property to a third party - in total as well as partially. 

 

	 	6.3	The lessee has no right to hand over the lease to a third party - in total or partially. However, the lessee has the right to hand over the lease to businesses in the
same group. 

  

	 	7.	Annual payments and deposit 

  

																	
	 Rent, inc. of administration, excl. of VAT:
	  				  				  				  			
					
	 Office - third floor
	  	 	572 m2	  	  	 	at	  	  	 
 	DKK
1.100	  
  	  	DKK	629.200	  
		  				  				  				  	  
	  
	 
					
	 Rent excl. of VAT, DKK:
	  				  				  				  	DKK	629.200	  

  

	 	7.1	The rent is payable monthly in advance on the first time with the first payment due on December 1, 2011, at which time rent is paid for the period from
December 1, 2011 until the end of the month. The next payment is due on January 1, 2012 for the period from January 1, 2012 to January 31, 2012 and so forth. 

  
 5 

	 	7.2	No later than when signing this contract, the lessee must pay a cash deposit equivalent to 6 months’ rent, DKK 393,250 inc. VAT. This deposit serves as a guarantee
for any disputes in relation to the lease agreement between lessee and lessor, including as a guarantee for the lessee’s obligations in relation to vacation of the premises. The deposit shall be released only after a settlement of accounts has
been made between the parties at the end of the lease. 

  

	 	7.3	Deposits do not attract interest. The lessor may require that the deposit is regulated so that it is always equal to 6 months’ current rent.

  

	 	7.4	On top of the rent, the lessee pays a share of the costs as presented in the account of expenditure, see § 9. 

 

	 	7.5	All claims arising out of this lease agreement or Erhvervslejeloven (the commercial rent act) requires monetary payment. 

 

	 	8.	Consumption Expenditure (electricity, water and heating) 

  

	 	8.1	All costs of supply to the leased premises of electricity, inc. taxes and meter rent, are paid by the lessee directly to the utility company according to the meter. The
lessee is obliged to register with the utility company as an independent user. 

  

	 	8.2	Along with the rent, the lessee pays a monthly amount on account of DKK 5,000 excl. of VAT to cover their share of the cost of supply and consumption of heating and hot
water as well as other expenses under the heating account. The amount is collected proportionately along with the rent. 

  

	 	8.3	The lessee’s share of the property’s consumption of heating and hot water, plain water consumption and other costs under the heating account are calculated
according to the lessor’s rules and based on the individual meters. 

  

	 	8.4	The on account heating fee is determined by the lessor, and the on account heating fee can be required regulated so that it corresponds to the estimated expenditure.

 In the heating account, which may be divided on the basis of room tap units, area, heat meters, heating units,
hot water meters and hot water faucet units, the lessor is entitled to include the commercial leases’ share of total expenditure, all operations of the system, all fuel costs, load charge, a proportion (by area) of the whole property’s
water consumption, maintenance, all repairs, including repairs in the shape of renewals, electricity to run the district heating system, subscription services, heating engineer, administration and making of heat accounts, and in general all costs
which refer to the district heating system and the central heating system. 
  

	 	8.5	The lessor has prepared a budget of the lessee’s expenses excl. of VAT, see above, concerning the annual consumption - as follows: 

 

									
	 	  	Total expense	 	  	Leased premises	 
			
	 Central Heating
	  	DKK	725,000.00	  	  	DKK	43,000.00	  
			
	 Energy report
	  	DKK	 —  	  	  	DKK	 —  	  
			
	 Boilerman
	  	DKK	 55,000.00	  	  	DKK	 3,000.00	  
			
	 Electricity
	  	DKK	18,000.00	  	  	DKK	 1,000.00	  
			
	 Heating accounting fees
	  	DKK	 16,000.00	  	  	DKK	 1,000.00	  
			
	 Repairs / subscriptions
	  	DKK	 75,000.00	  	  	DKK	 4,000.00	  
			
	 Inspection report
	  	DKK	 —  	  	  	DKK	 —  	  
			
	 Water consumption
	  	DKK	 152,000.00	  	  	DKK	 8.000,00	  
		  	  
	  
	 	  	  
	  
	 
			
	 Total
	  	DKK	1,041,000.00	  	  	DKK	60.000,00	  
		  	  
	  
	 	  	  
	  
	 

  
 6 

 Leaving the lease in the middle of the heating accounting year results in a fee for
preparation of additional heating accounts. 
  

	 	8.6	The lessor stresses that these expenses are estimated. All kinds of increases and new unanticipated expences related to the supply of heat and water to the property and
/ or the premises will be laid upon the lessee. The lessor is entitled to increase the on account amount based on already occurred or expected increases in the costs shown. VAT will be added to all expenses. 

 

	 	8.7	The accounting period is from January 1st to December 31st. The account will be forwarded to lessee within 4 months after end of the accounting period.
However, the lessor may forward the account no later than 3 months after receiving the final settlement concerning the consumption from the relevant utility companies. 

 

	 	8.8	Supplementary payments / reimbursements for heating accounts are adjusted for the first ordinary rental payment to follow at least one month after the lessee’s
receipt of the heating accounts. 

  

	 	9.	Other expenses and expense types 

  

	 	9.1	Besides the rent and in the costs mentioned in § 8, the lessee must, to the extent possible, pay the following expenses directly to the supplier:

  

	 	9.1.1	Electricity consumption in the leased premises. 

  

	 	9.1.2	Water consumption and related charges, including water treatment, green taxes etc. 

 

	 	9.1.3	Disposal of commercial waste. The location of waste containers shall be in accordance with the lessor’s instructions. 

 

	 	9.2	If the lessor, despite the direct customer relationship between the lessee and the supplier, is held liable to the contractor for any of the mentioned supplies, the
lessor may require a separate deposit as a guarantee for the lessee’s payment. 

  

	 	10.	Agreed regulation of rent 

  

	 	10.1	Each year on October 1st, the first time being October 1, 2012, the annual rent will be adjusted without any further notice, by the percentage change in the
net price index from July of the previous year to July before the time of regulation. 

 The annual rent
adjustments are calculated using the following formula: 
  

			
	 annual rent (old) x new index
	 	= annual rent (new)
	 old index
	 	

  
 7 

 where “annual rent (old)” is the rent applicable immediately before the
regulation, 
 where “new index” is the net price index from the last month of July before the time of
regulation, 
 where “old index” refers to the net price index for July of the previous year, 

where the “annual rent (new)” is the calculated new annual rent, following the annual adjustment, which applies from the
time of regulation, and 
 where the “net price index” is the price index calculated and published by
Statistics Denmark with an annual average of 2000 (= 100) as the base. 
  

	 	10.2	Regardless of the annual growth of the net price index, the annual rent is increased as of October 1st each year with a minimum of 2.5% of the current annual rent
as of August 31st incl. of any additions to the rent, such as increased improvement expenses, taxes, etc. This option of rent increase shall apply irrespective of agreed irrevocability. 

 

	 	10.3	If indexation is made impossible, either by deletion of the calculation of the index or other legislation, the rent is increased instead, in accordance with the
increase of another existing or new similar index, or, if there is none, according to a principle as close as possible to the calculation of the net price index . 

 

	 	10.4	Rent Increase due to increase in the chargeable property taxes, including service charge, is based on the chargeable taxes as of January 1, 2011 and is allocated
based on the rent at the time. 

  

	 	10.5	In addition, rent may be increased by a proportionate share of premium increases for building construction and fire insurance based on the insurance premiums payable
for the property as of January 1, 2011. These increases are allocated according to current rent unless the lessor chooses to allocate these differently. 

 

	 	10.6.	The rent cannot be reduced unless it is stated differently in this contract or in another written agreement. 

 

	 	11.	Adjustment of the rent to market rent 

  

	 	11.1	The lessor can demand the rent regulated to market rent in accordance with the rules of § 13 of Erhvervslejeloven (the commercial rent act); however, also see
§ 10.6. 

  

	 	12.	Maintenance and renewals 

  

	 	12.1	All interior maintenance, including the necessary renewal of the leased premises - ie. the lessee’s responsibility, so that the leased premises are permanently
kept in good maintenance condition. 

 The lessee’s interior maintenance obligation includes repairing and /
or the necessary renewal of paint, wallpaper / wall coverings, floors, flooring, installations of all kinds, including ventilation, any air conditioner systems, interior building components, including locks, keys, doors (including exterior doors for
the lessee’s exclusive use), door handles, door closer, windows, fittings, electrical installations, including contacts, fixtures, appliances and lamps of all kinds. 
 The lessor may require the lessee to initiate maintenance, renewal and repair work that falls within the lessee’s responsibility immediately when deficiencies are found. Otherwise the lessor may have
the work done at the lessee’s expense. 
  

	 	12.2	The lessor is entitled, but not obliged, to conduct an annual review of the leased premises and the property as such in order to evaluate the state of maintenance, etc.

  
 8 

	 	12.3	The lessor is entitled to initiate works in both the leased premises and outside the premises in accordance with Erhvervslejeloven (the commercial rent act), chapter 5.

  

	 	12.4	Expenses for maintenance of the building envelope, which means roof, facade and the exterior of the doors and windows (excluding panes of glass), are paid by the
lessor, while other maintenance and renewal costs are paid by the lessees. 

  

	 	12.5	Cleaning of the premises (including any common areas used exclusively by the lessee) is the obligation of the tenant, who must always ensure that the premises appear in
a neat and clean condition, and that the common access areas are accessible. The lessee will carry out and pay for exterior window cleaning. 

  

	 	12.6	Packaging and the like must not be placed outside the leased premises, nor is it permitted for the lessee without the lessor’s prior written consent to place their
own waste collection containers etc. on the property. 

  

	 	12.7	The lessee’s renovation needs are met through the lessee’s own arrangement and at the lessee’s expense. 

 

	 	12.8	Disposal of regular amounts of ordinary household waste will be arranged by the lessor and at the lessor’s expense, while the lessee’s special disposal needs
are met through the lessee’s own arrangement and at the lessee’s expense. 

  

	 	12.9	Cleaning of the hallways from stair towers to the leased rooms is paid by the lessor, and cleaning will be carried out in the same frequency as cleaning of the stair
towers. 

  

	 	13.	House rules and the use of extra and common areas 

  

	 	13.1	It is the lessee’s obligation to uphold good order in the leased premises and that the premises are managed in such a way that the interests of the lessor and
other lessees are not violated, under which the following point are particularly emphasized: 

 the lessee must
handle the leased premises and equipment and the property in general in a proper way, 
 bicycles must not be parked outside of
the designated racks. Cars belonging to the lessee and his staff and visitors may only be parked on the property after the lessor’s instructions. 
  

	 	13.2	The lessee undertakes to vacate storage rooms that also serve as air raid shelters within the then-current statutory timeframe. 

 

	 	13.3	Whether or not a portion of the property’s common area is included in the gross area of the leased premises, the lessor may dispose of reasonable parts of the
common areas, including for rental of advertising space, mobile antennas, etc. Lessor’s right includes both inner and exterior common areas. 

  

	 	14.	Liability and risk 

  

	 	14.1	The lessee holds the responsibility for taking out insurance covering theft and loss, as well as insurance of glass and sanitary equipment (Danish “glas- og
kummeforsikring”), before the effective date, ie before moving furniture etc. into the premises. 

  
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	 	14.2	If damage should happen to the lessee’s property during the leasing period (eg. on furniture and the like) resulting from errors, defects or omissions in the
leased premises, the lessor may only be held responsible, if the lessor has acted negligently. 

  

	 	14.3	Should the lessor incur due to the above-mentioned liability, the liability per loss occurrence may not exceed DKK 1 million 

 

	 	15.	Vacation and handing over of the leased premises 

  

	 	15.1	No later than at 12.00 noon on the day of termination, henceforth called the time of termination - regardless of whether this is a public holiday or the day before a
public holiday - the lessee must return the leased premises and equipment cleared and cleaned and with freshly painted surfaces, new carpets, and with toilets and kitchen left in neat and serviceable condition. 

 

	 	15.2	Before the time of termination - and unless otherwise agreed with the lessor - the lessee has the right and duty to remove all movables, furniture and the technical
installations paid for and deployed in the leased premises by the lessee and in return bring the property back to its original condition as per the effective date. 

 

	 	15.3	Unless the parties have agreed in writing that changes in the decor of the premises should not be reversed, the lessee is required to reverse these changes before the
time of termination so that the property appears as it was on the effective date; however, see § 2.3. 

  

	 	15.4	No later than at the time of termination, a joint inspection of the premises will be conducted following invitations from one of the parties in order to determine the
deficiencies to be remedied. Before the inspection, the leased premises must be cleared and cleaned. Upon completion of the inspection, the lessee hands back all keys to the leased premises, and lessor shall subsequently prepare a report of vacation
of the premises. The lessor may thereafter require that the value of the deficiencies are converted to a cash sum, payable in cash by the lessee to the lessor, plus payment for services pursuant to § § 8 and 9 and indemnity for costs under
§ 10 for the period required for refurbishment until the leased premises are back in contractual condition. 

  

	 	15.5	Instead of converting to a cash amount, the lessor may elect to require the defects repaired at the lessee’s expense and risk. 

After the survey, the lessee is unable to address deficiencies on the leased premises. 

 

	 	15.6	Aside from hidden defects in the leased premises, the lessor cannot make any claims under § 18.1 to 18.4, if more than 4 weeks have elapsed since the survey.

  

	 	15.7	The deficiencies determined at the inspection, which are not converted to a cash sum, will be repaired by the lessor at the lessee’s expense. If the repair is not
completed at the time of termination, the lessor can demand payment for services pursuant to § § 8 and 9 and indemnity for costs under § 10 for the period necessary for refurbishment until the leased premises are back in contractual
condition. 

  

	 	16.	VAT 

  

	 	16.1	The lessor has voluntarily registered for VAT for both leasing of the premises and supplying heating and hot water. 

 

	 	16.2	As a result, all services and expenses which the lessee must pay to the lessor under this contract, shall be added VAT, currently 25%, in line with the then-current
rules. 

  
 10 

	 	17.	Disputes 

  

	 	17.1	All disputes and disagreements which directly or indirectly arise out of this lease agreement or interpretations of it shall be settled by arbitration and by Danish
law, finally and bindingly for both parties and without access to bring matters before the courts. The arbitration agreement does not renounce the use of injunctions, such as arrest and bans. 

 

	 	17.2	The court of arbitration shall be composed of 3 arbitrators, each party shall appoint one arbitrator. The chairman of the court of arbitration is appointed by the
appointed arbitrators jointly. If no agreement can be reached, the chairman is appointed by the president of Østre Landsret (Danish court of justice). 

 

	 	17.3	The court of arbitration shall be composed of 3 arbitrators, each party shall appoint one arbitrator. The chairman of the court of arbitration is appointed by the
appointed arbitrators jointly. If no agreement can be reached, the chairman is appointed by the president of Østre Landsret (Danish court of justice). 

 

	 	17.4	The party requesting the court of arbitration shall notify the other party by registered letter which must specify the issues to be subject to arbitration. At the same
time, this party must notify the other party of his/her choice of arbitrator and invite the other party to appoint their arbitrator. 

  

	 	17.5	If the other party has not appointed their arbitrator 14 days after being requested to do so, the arbitrator will be appointed by the president of Østre Landsret
(Danish court of justice). 

  

	 	17.6	The court of arbitration will make its decision by simple majority. In the event of parity of votes, the Chairman shall be decisive. 

 

	 	17.7	Unless the parties and the court of arbitration agree otherwise, the arbitration proceedings will take place in Copenhagen. 

 

	 	17.8	The court of arbitration will define the procedural rules for the court of arbitration and determine the costs. Both parties must deposit an amount determined by the
court of arbitration to meet the court’s fees and costs. 

  

	 	17.9	In setting the rent according to § 13 of Ervhervslejeloven (the commercial rent act), the issue can be submitted to the opinion of experts - see § 344 of
Retsplejeloven (the Danish Administration of Justice Act). 

  

	 	17.10	When deciding the issue of cost, the court of arbitration must follow the principles of cost allocation that generally applies to cost decisions made by the ordinary
courts. 

  

	 	17.11	The decision of the court of arbitration is final. 

  

	 	17.12	Act no. 553 of June 24, 2005 on arbitration shall otherwise be applicable. 

 

	 	17.13	If either party requests that a dispute be settled by arbitration, the other party may within 14 days request that the case is settled by the housing tribunal instead.

  

	 	18.	General Provisions 

  

	 	18.1	Increase of all types of monetary payments under this contract is effective from the time when, under this contract, they can be determined without further notice.

  
 11 

	 	18.2	If the lessor has outstanding debts with the lessee under this contract, these shall attract interest according to “Lov om renter ved forsinket betaling mv.”
(the act on interest on late payments, etc.). 

  

	 	18.3	Rent and other money payments payable by the lessee according to this contract are currently subject to VAT, but the lessor reserves the right to cancel the
property’s VAT registration. 

  

	 	18.4	The lessor can freely send bills and other notices to the lessee at the address of the leased premises, unless the lessee has given written notice to the lessor about
another collection address. 

  

	 	18.5	To the extent that no other arrangement is made or arises from this contract, the rules of the rent laws at the time of the agreement apply. 

 

	 	18.6	All agreements modifying or supplementing this contract must be in writing in order to be binding. 

 

	 	18.7	Claims arising out of this lease agreement or the Danish law on leasing of commercial premises etc. are mandatory payments in money within the tenancy, for which reason
the lessor is entitled to terminate the lease in case of late payment. 

  

	 	19.	Registration and costs 

  

	 	19.1	The lessee is entitled to have this contract registered for the property. The lease agreement takes subject to current and future mortgages and easements as well as any
future divisions/parceling out into owner-occupied flats made on the property. 

  

	 	19.2	When the tenancy ends, the lessee is obliged to cancel the registered lease agreement. If this is not done within 14 days after the lease is terminated, the lessor may
make the cancellation at the lessee’s expense, with the lessee’s written notice or the bailiff’s listing in case of eviction as the underlying basis of such a cancellation. 

 

	 	19.3	Each party shall bear its own costs in connection with the creation of this lease agreement, including fees for individual advisers, lawyers, etc.

  

	 	19.4	The lessee confirms having read all the annexes to this contract, including the attached checklist from By- og Boligministeriet (a former Danish ministry of housing),
annex 3. 

  

	 	20.	Contract Costs 

  

	 	20.1	In the case of lawyer involvement, each party pay their individual lawyer. 

 

	 	21.	List of Annexes 

  

	 	21.1	The following annexes are part of this lease agreement: 

 Annex 1 Floor plan 
 Annex 2 Description of interior 

  
 12 

 Annex 3 Checklist from By- og Boligministeriet (a former Danish ministry of housing).

 By his or her signature on this lease agreement, the lessee declares having been encouraged to seek expert advice before signing and to have
received and read the checklist from By- og Boligministeriet for use when entering into commercial lease agreements, attached to this contract as an annex. 
  

					
		 	Date: 28 June 2011	 	Date: 10 June 2011
		 	Signature not legible	 	 /s/ T. Spel
 /s/ Angelique
Espensen

			
		 	Lessor:	 	Lessee:
			
		 	Margot og Thorvald Dreyers Fond	 	Lionbridge Denmark A/S
		 	 Chalotte Dreyer and Susan Dreyer

c / o law firm Jordan & Løgstrup
	 	

  
 13

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