Document:

Exhibit 4.6

 

AMENDMENT TO WARRANTS

 

This  AMENDMENT
TO WARRANTS dated as of April 14, 2003 (this “Amendment”), among
Alternative Resources Corporation, a Delaware corporation  (the “Company”), with headquarters
located at 600 Hart Road, Suite 300, Barrington, Illinois 60010,  Wynnchurch Capital Partners, L.P., a
Delaware limited partnership (“WCP”) and Wynnchurch Capital Partners
Canada, L.P., an Alberta, Canada limited partnership (“WCPC”, each of
WCP and WCPC, a “Purchaser,” and collectively, the “Purchasers”),
amends Alternative Resources Corporation Stock Purchase Warrant No. W-1 dated
as of January 31, 2002 issued to WCP; Alternative Resources Corporation Stock
Purchase Warrant No. W-2 dated as of January 31, 2002 issued to WCPC;
Alternative Resources Corporation Contingent Stock Purchase Warrant No. C-1
dated as of January 31, 2002 issued to WCP; and Alternative Resources
Corporation Contingent Stock Purchase Warrant No. C-2 dated as of January 31,
2002 issued to WCPC (collectively, the “Warrants”).

 

WHEREAS,  the
Company and Purchasers are entering into a Fifth Amendment to Securities
Purchase Agreement and Waiver of even date herewith pursuant to which
Purchasers are waiving certain events of default under that certain Securities
Purchase Agreement by and among the Company and Purchasers, dated as of January
31, 2002, as amended (the “Securities Purchase Agreement”); and

 

WHEREAS, the Company and the Purchasers desire to
amend certain provisions of the Warrants, all subject to the terms, conditions
and limitations set forth herein;

 

NOW, THEREFORE, in consideration of the foregoing and
the agreements contained herein, the parties hereby agree as follows:

 

1.                                       Capitalized
Terms.

 

Capitalized terms used herein which are defined in the
Warrants have the same meanings herein as therein, except to the extent that
such meanings are amended hereby.

 

2.                                       Amendment.

 

                                                The
Company and the Purchasers agree that the last phrase of the first sentence of
each of the Warrants, following the definition of “Common Stock” is hereby
deleted and amended and restated in its entirety to read as follows:

 

“at an exercise price of
$ 0.26  per
share (the “Exercise Price”).”

 

3.                                       No
Default, etc.

 

                                                The
Company hereby represents, warrants and confirms that: (a) after giving effect
to this Amendment, the Company is in compliance with all of the terms and
provisions set forth in the Warrants; and (b) the execution, delivery and
performance by the Company of this Amendment (i) have been duly authorized by
all necessary action on the part of the Company, (ii) will not violate any
applicable law or regulation or the organizational documents of the Company or
any of its subsidiaries, (iii) will not violate or result in a default under
any indenture, agreement or other instrument binding on the Company or any of
its assets, and (iv) do not require any consent, waiver or approval of or by
any person (other than the Purchasers) which has not been obtained.

 

 

4.                                       Acknowledgment.

 

The
Purchasers and the Company hereby acknowledge and agree that the adjustment to
the exercise price of the Warrants made in Section 1 hereof shall not act to
adjust the Conversion Price of any of the senior subordinated promissory notes
issued by the Company to Purchasers pursuant to the Securities Purchase
Agreement, and that the adjustment to the Conversion Price of the Notes made
pursuant to that certain Amendment to Notes between Purchasers and the Company
of even date herewith shall not act to cause any adjustment to the exercise
price of the Warrants.

 

5.                                       Miscellaneous.

 

(a)                                  Except
as specifically amended hereby, all of the terms and provisions of the Warrants
shall remain in full force and effect.

 

(b)                                 This
Amendment may be executed in any number of counterparts, each of which, when
executed and delivered, shall be an original, but all counterparts shall
together constitute one instrument. 
Delivery of an executed signature page hereto by facsimile transmission
shall be effective as delivery of a manually executed counterpart hereof.

 

(c)                                  This
Amendment shall be governed by the laws of the State of Illinois and shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

[Remainder of Page Left Intentionally Blank]

 

2

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
above written.

 

	
  COMPANY:

  	
   

  
	
   

  	
   

  
	
  ALTERNATIVE
  RESOURCES CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  PURCHASERS:

  	
   

  
	
   

  	
   

  
	
  WYNNCHURCH
  CAPITAL PARTNERS, L.P.

  	
   

  
	
  By:

  	
  Wynnchurch
  Partners, L.P., its general partner

  	
   

  
	
  By:

  	
  Wynnchurch
  Management, Inc., its general partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  WYNNCHURCH
  CAPITAL PARTNERS CANADA, L.P.

  	
   

  
	
  By:

  	
  Wynnchurch
  Partners Canada, L.P., its general partner

  	
   

  
	
  By:

  	
  Wynnchurch
  GP Canada, Inc., its general partner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Consented to pursuant to Section
  2.7 of that certain Subordination and Intercreditor Agreement by and among
  the Purchasers, Fleet Capital Corporation and the Company, dated as of
  January 31, 2002, as amended.

  
	
   

  	
   

  
	
  FLEET CAPITAL CORPORATION

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
								

 

3Exhibit 10.1

 

MASTER
AGREEMENT

 

The
undersigned:

 

1.                    The public company VALÔME EINDHOVEN N.V., incorporated under
the laws of Belgium, having its office at B-2018 Antwerp, Van Eycklei 1,
validly represented by Th. Uffing, hereinafter to be referred to as “Valôme”;

2.                    The limited liability company FEI ELECTRON OPTICS BV, having its office
at Eindhoven, Achtseweg Noord 5, Building AAE, validly represented by R.H.J.
Fastenau and H.C.D. van Rooij, hereinafter to be referred to as “FEI”;

 

Whereas:

 

a.                    Valôme is the owner of FEI’s office
in Eindhoven at Achtseweg Noord 5 (“the Present Building”), which FEI occupies
pursuant to a lease agreement dated 28th October 1997 (“the Present
Lease Agreement”);

b.                   The term of the Present Lease
Agreement ends on 21st February 2007;

c.                    FEI has asked Valôme to build 5,000
m2 of additional office space on FEI’s premises (“the New Building”) and to
renovate the Present Building;

d.                   Valôme is prepared to make certain
investments on the understanding that the parties shall enter into a new lease
agreement, which shall be effective as from the date of completion of the New
Building (“the New Lease Agreement”), and shall replace the Present Lease
Agreement;

e.                    The understanding between the
parties was laid down in writing by ZBG management BV on behalf of Valôme, in a
letter dated 10th July 2002 to FEI Company, for the attention of
messrs. Th Sonnemans and M. van Mil (Annex 1);

f.                      FEI wishes to be involved in the
budgetary and quality control of the construction process;

g.                   Valôme and FEI have agreed on the
construction of the New Building and renovation of the Present Building on the
following terms and conditions;

 

Have agreed:

 

1                                         Construction

1.1                                 Valôme shall commission and pay the
construction of the New Building and the renovation of the Present Building in
accordance with the plan of requirements and the design set forth in Annex 2 to this Master Agreement.

 

1.2                                 Valôme shall consult with FEI on a
regular basis with regard to the design and phasing of the construction and
renovation, as well as with regard to the budgetary and quality control of the
construction process. To that effect the parties shall have meetings on a
regular basis, and an FEI representative shall be invited to attend meetings
with the architect and the contractor and subcontractors. Any cost overrun,
whether anticipated or otherwise, shall be for risk and account of Valôme
unless such cost overruns are solely attributable to FEI’s variation of the
mutually agreed specification.

 

1.3                                 Valôme shall use its best efforts to
complete the construction of the New Building and renovation of the Present
Building on or before 1st January 2004.

 

1.4                                 The construction of the cleanrooms
in the Present Building, as described in Annex 3, shall be commissioned by Valôme
and completed for Valôme’s account.

 

2                                         Investment and split

2.1                                 The investments to be made by Valôme shall be based on the budget set
forth in Annexes 4 and 5.

 

 

2.2                                 Investments referred to in Annexes 3 and 4, are directly connected to
renovation of the Present Building and construction of the New Building, and
shall be borne by Valôme.

 

3                                         Cleanrooms

3.1                                 Investments set forth in Annex 2 are made for the benefit of FEI. These
investments shall be financed by Valôme. The budget for construction of the
cleanrooms, which budget shall not exceed the amount of € 6,200,000.00,  shall be approved by FEI. Immediately upon
completion of the construction of the new cleanrooms, the annual rent payable
by FEI shall be raised by an amount equal to 9,25 % of the investment made by Valôme.

 

4                                         New
Lease Agreement

4.1                                 As soon as possible after the execution of the present Master
Agreement, the parties shall execute the New Lease Agreement, essentially in
the form set forth in Annex 6. The
New Lease Agreement shall replace the Present Lease Agreement, which shall
cease to be effective on the date of completion of the renovation of the
present Building and the construction of the New Building.

 

4.2                                 The rent to be paid by FEI for the Present Building and the New
Building under the New Lease Agreement shall be calculated as follows. The
present annual rent, in the amount of € 799,626.00, shall be increased by an
amount equal to 9 % of the costs of renovation of the Present Building (€
2,579,311.00, as per Annex 3), an amount equal to 9 % of the construction costs
of the New Building (€ 7,595,249.00, as per Annex 4), and an amount equal to
9,25 % of the investment made by Valôme for the cleanrooms, as set forth in
section 3.1 above. The aggregate amount shall be adjusted in accordance with the
provision of section 5.4.

 

4.3                                 It is understood that the New Lease Agreement shall provide that all
costs of maintenance and repair shall be borne by FEI as lessee, and that
Valôme shall bear no maintenance and repair costs in addition to the
investments set forth in Annexes 2, 3 and 4.

 

4.4                                 FEI is aware that Dutch legislation with respect to the lease of office
and industrial space will be amended materially effective 1st July
2003, and acknowledges that certain amendments to the New Lease Agreement may have
to be made in order to adequately reflect the parties’ intentions.

 

5                                         Miscellaneous

5.1                                 The parties assume that the building
permit for construction of the New Building and renovation of the Present
Building will be issued by the competent authorities on or before 1st
March 2003. If the permit is issued after that date, all relevant dates
referred to in the present Master Agreement will be postponed accordingly.

 

5.2                                 If and to the extent that provisions
of the present Master Agreement, and of other agreements executed between the
parties pursuant hereto, allow contradictory interpretations, the provisions of
the present Master Agreement shall prevail.

 

5.3                                 The amount of the rent for the
Present Building mentioned in section 4.2 is based on the price level as per
1st March 2002, and is subject to adjustment on the basis of the monthly price
index according to the consumer price index (CPI), series CPI Employees Low
(1990 = 100), published by the Central Bureau of Statistics (CBS). The amounts
for renovation of the Present Building and for construction of the New Building
mentioned in section 4.2, however, are based on the price level as per 1st
January 2003.

 

5.4                                 The parties shall procure that their
respective parent companies shall guarantee the due compliance with their
obligations under the present Master Agreement. Drafts of the respective
guarantees are attached as Annex 7.

 

5.5                                 The present annuity loan, of which
an amount of € 1,445,402.00 is still outstanding, shall be converted into a new
annuity loan with a term of 16 years and 3 months as from 1st
October 2002, and an annual interest of 7 %. The monthly annuity shall amount to
€ 12,430.01.
The terms of this annuity loan shall be laid down in a

 

2

 

separate
document as soon as possible after execution of the present Master Agreement. A repayment schedule is attached as Annex 8.

 

6                                         Governing
law and jurisdiction

This agreement, and any
agreement executed pursuant thereto, will be governed by and interpreted in
accordance with the laws of the Netherlands. Any dispute between the parties
that can not be resolved amicably will be settled by the competent court in
Amsterdam.

 

Thus agreed and duly signed in
two copies in Geldrop on January 14, 2003

 

 

	
  VALÔME BV

  	
   

  	
  FEI ELECTRON
  OPTICS BV

  

 

3

 

LIST
OF ANNEXES

 

	
  1.

  	
   

  	
  Letter of July 10, 2002 [OMITTED]

  
	
  2.

  	
   

  	
  Design of New Building en
  renovation of Present Building; [OMITTED]

  
	
  3.

  	
   

  	
  Description of and budget for
  FEI’s cleanrooms construction; [OMITTED]

  
	
  4.

  	
   

  	
  Budget for renovation of
  Present Building; [OMITTED]

  
	
  5.

  	
   

  	
  Budget for construction of New
  Building; [OMITTED]

  
	
  6.

  	
   

  	
  New Lease Agreement.

  
	
  7.

  	
   

  	
  Guarantees FEI Company and
  Breevast BV

  
	
  8.

  	
   

  	
  Repayment schedule for present
  annuity loan [OMITTED]

  

 

4

 

Annex 6

 

LEASE FOR OFFICE SPACE

and other business premises not subject to Section 7A:1624 of
the Dutch Civil Code

 

according to the model decided
upon by the Raad voor Onroerende Zaken (Council for Real Estate Matters) in
February 1996.

Reference to this model is only
permitted if the inserted, added or divergent text can easily be recognised as
such. Additions and divergencies should preferably be included in the article
“Special Conditions”. The Council accepts no responsibility for adverse
consequences arising from the use of the text of the model.

 

The undersigned:

Valôme
Eindhoven NV

with its registered office in Antwerpen

 

hereinafter referred to as ‘the
lessor’,

represented by
Th. Uffing, managing director

 

and

 

FEI Electron Optics BV
with
its registered office in Eindhoven

hereinafter referred to as ‘the lessee’,

 

listed in the Trade Register in
Eindhoven

under number 17078574

represented by R.H.J. Fastenau and H.C.D. van Rooij

 

have agreed to the following
lease:

 

Property, purpose and use

1.1                               This agreement concerns the business
premises, hereinafter referred to as ‘the leased space’, known locally as
Achtseweg Noord 5, building AAE (5651 GG) Eindhoven including the New Building
as defined in the Master Agreement  and
further indicated on the drawing and/or description of the leased space, which
forms/form part of this lease, attached to this deed and certified by the
parties.

1.2                               The leased space may be used
exclusively as office space, production facilities and warehousing.

1.3                               The lessee is not allowed to put the
leased space to any other use than that described in 1.2 without the prior
written permission of the lessor.

1.4                               The lessee is not allowed to put
load on the floor(s) of the leased space that exceeds the maximum load as
constructional permitted.

 

Conditions

2.1                               The general conditions for the leasing
of office premises and other business premises not subject to Section
7A:1624 of the Dutch Civil Code, deposited at the office of the District Court
of The Hague on 29 February 1996 and registered under number 34/1996,
hereinafter referred to as the ‘general conditions’ are attached hereto as
schedule 1 and form part of this lease. The parties are fully informed of these
general conditions, of which the lessee has received a copy.

2.2                               The conditions referred to in 2.1
are applicable except in so far as the conditions mentioned in the Master
Agreement as concluded by and between lessor and lessee on
     December 2002 [note: insert new date] or mentioned
below expressly deviate from them or applicability in relation to the leased
space is not possible.

 

Term, extension and termination

3.1                               This lease is entered into for the
period of fifteen (15) years, commencing on 
1 January 2004 and ending on 31 December 2018 (see also art. 9.1).

3.2                               Following the expiry of the period
referred to in 3.1, this lease will be extended for a contiguous period of five
(5) years, that is until 31 December 2023 
(see also art. 9.1).

 

5

 

This lease will subsequently be continued for
contiguous periods of five (5) years.

3.3                               Termination of this lease will take
place by giving notice before the end of the lease term referred to in 3.2 with
due observance of a period of notice of at least twelve (12) months.

3.4                               Termination of the lease may only
occur by means of a writ or by registered letter.

3.5                               Premature termination of this lease
is possible under one of the circumstances referred to in 7 of the general
conditions. In addition, lessee is entitled to prematurely terminate this lease
with due observance of a period of notice of one (1) year, provided that the
lessee pays at once at the premature termination date the full rent for the
remaining agreed period.

 

Payment obligations, period of payment

4.1                               The lessee will be obliged to make
the following payments:

•                                          rent;

•                                          turnover tax on the rent or a
corresponding sum in accordance with and with due observance of 15.2 and 15.3
of the general conditions, if the parties have opted for the rent to be subject
to turnover tax.

 

4.2                               The rent amounts to an annual sum
of  € 2,288,836.00 (in words: two
million two hundred eightyeightthousand eight hundred and thirty six euro). The
rent is specified as follows:

 

	
  Rent
  according to Present Lease Agreement (price level 1 March 2002)

  	
   

  	
  €

  	
  799,626.00;

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Rent
  New Building (Guaranteed: nine percent of investments)

  	
   

  	
  €

  	
  683,572.00;

  	
   

  
	
  Rent
  renovation/upgrading Present Building (Guaranteed: nine percent of
  investments see also art. 9.2)

  	
   

  	
  €

  	
  232,138.00

  	
   

  
	
  Rent
  cleanrooms (9.25% of investment of max. € 6.2 million)

  	
   

  	
  €

  	
  573,500.00

  	
   

  

 

Rents New
Building, renovation/upgrading Present Building and cleanrooms have price level
1 January 2003.

 

4.3                               The rent will be adjusted annually
for the first time on 1 January 2005 and so with two and a half percent (2,5%).
Articles 4.1 and 4.2 of the general conditions applies only to the extent
explicitly agreed in this agreement.

4.4                               not applicable.

4.5                               The payments to be made by the
lessee to the lessor will be due in a lump sum in advance, in successive terms
of payment as referred to in 4.6, and must have been made in full before or on
the first day of the period to which the payments apply.

4.6                               For each term of payment of three
(3) calendar months the following amounts will be payable for:

 

	
  •

  	
  the rent

  	
   

  	
  €

  	
  572,209.=

  	
   

  
	
  •

  	
   

  	
   

  	
   

  
	
  •

  	
   

  	
   

  	
   

  
	
  total
  amount

  	
   

  	
  €

  	
  572,209.=

  	
   

  

 

(in words:
five hundred seventy two thousand and two hundred and nine euro)

These
amounts are exclusive of turnover tax.

4.7                               The relevant payment obligation of
lessee commences two (2) months after the handing-over of the buildings or
taking into use by lessee of a part thereof.

 

Turnover tax

5.1                               All amounts mentioned in this lease
are exclusive of turnover tax. The lessee is required to pay turnover tax on
the payments for additional supplies and services. Turnover tax will be charged
by the lessor and is

 

6

 

required to be
paid together with the rent and the payment for additional supplies and
services, or the advance payment for these.

5.2                               The parties agree that the lessor
will charge the lessee turnover tax on the rent.

5.3                               If it has been agreed that turnover
tax will be charged on the rent, the lessee shall herewith irrevocably
authorizes the lessor and its successor(s) in title to submit on its/their
behalf an application as referred to in Section 11, subsection 1, under b.,
5 ̊ of the Turnover Tax Act of 1968 (Wet op de Omzetbelasting 1968) (with
regard to opting for taxed rent). If so required, the lessee will co-sign this
application and return it to the lessor within 14 days of receiving it.

 

5.4-5.16  standard additional VAT regulations
to be inserted.

 

Supplies and services

6.                                      Not applicable

 

Bank guarantee

7.                                       Not applicable, see special
stipulations below.

 

Property management

8.                                      Until the lessor announces
otherwise, the management of the property will be carried out by Breevast B.V.,
J.J. Viottastraat 39, 1071 JP Amsterdam.

 

9.                                      Special stipulations

 

9.1                                 The rent commences at the date of
handing-over of the agreed construction works of the buildings, which date is
currently planned to be 1 January 2004. If the handing-over of the New Building
is conducted after 1 January 2004 thecommence and expiration date of the rent,
as described in art. 3.1, shall shift accordingly.

9.2                                 As to the rent described in art. 4,
a part thereof i.e. € 233,138.00 has been calculated as nine percent (9%) of
the budgeted investments, including interest costs and development costs, as
rent for the renovation and upgrading of the Present Building. This part of the
rent will be definitely determined at the handing-over on the basis of the
actual investments.

9.3                                 The construction works (level of
delivery) of the New Building are described in Appendix3 to this agreement.
Design and construction works of the New Building will be conducted in
consultation with lessee.

9.4                                 Lessee has the right to sublet to a
third party when lessor grants its prior written permission. Lessor shall not
unreasonably withhold such permission.

9.5                                 FEI Company of Hillsboro, Oregon,
USA (“Fei Company”) is towards lessor during the term of this agreement
severally liable for the sound compliance by lessee of all its obligation under
this agreement. In the event of breach of this agreement by lessee, Fei Company
may elect either to fulfil the obligations of lessee as its own obligations or
to reimburse to lessor the damage incurred as caused by the default of lessee.
In the event of premature termination of this agreement other than at the
request of lessor or with the written permission of lessor, Fei Company shall
continue the rent as its own obligation in accordance with the conditions as
set out in this agreement.

9.6                                 In deviation with art. 9.1 of the
general conditions, maintenance and repair -without exception- will be carried
out by and at the expense of the lessee. Lessee is obliged for its own account
to keep the leased space well maintained to the satisfaction of lessor.

Lessee
complies with its maintenance obligations when the maintenance plan (to be
mutually agreed) has been implemented. Any dispute arising from the preparation
of the maintenance plan and/or implementation thereof shall be referred to an
independent expert to be appointed jointly, who’s advise shall be final and
binding. In deviation of  art. 15.4 of
the general conditions, the levies relating to use of the leased space such as
property tax and the water control authority charges or polder charges and
surface water purification levies and charges for waste water purification are
for the account of lessee.

 

7

 

9.7                                 Lessor shall at the request of
lessee create additional office space for the so-called “app. lab”. The details
of this expansion are known by the parties. The additional investments amount
to € 519,000.00 (in words: five hundred and nineteen thousand euro) shall be
set-off against cost reductions to be realised in the mutually agreement
budgets for the renovation of the Present Building and the construction of the
New Building whereby said cost reductions will not lead to a reduction of the
rent.

 

Thus drawn up and signed in
duplicate/triplicate/quadruplicate

 

	
  Place

  	
  date

  	
  place

  	
  date

  
	
   

  	
   

  
	
  (lessor)

  	
  (lessee)

  
	
   

  	
   

  
	
  Valôme
  Eindhoven N.V.

  	
  FEI Electron Optics B.V.

  
	
   

  	
   

  
	
  Th. Uffing

  	
  R.H.J. Fastenau

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  H.C.D. van Rooij

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FEI Company,

  
	
   

  	
  Hillsboro, Oregon, USA

  

 

Appendices:

1                                          the general conditions

2                                          drawing of the leased space
[OMITTED]

3                                          the construction works (level of
delivery) of the New Building  [OMITTED]

 

8

 

Schedule 1 to
Annex 6

 

GENERAL CONDITIONS FOR LEASING OFFICE SPACE

and other business premises not subject to Section 7A:1624 of the Dutch
Civil Code

 

According to the model laid down
by the Raad voor Onroerende Zaken (Council for Real Estate Matters) deposited
on 29 February 1996 with the Registrar of the District Court of The Hague and
registered under number 34/1996. The Council accepts no responsibility for
adverse consequences arising from the use of the text of the model. The purpose
of the headings above the articles in these general conditions is only to
improve their readability. The content and import of the article covered by the
title is therefore not limited to this title.

 

The leased space

1.1                               The leased space also includes the
systems and facilities which are present in the leased space, in as far as they
are specified in the certified description accompanying the lease.

1.2                               The leased space will be delivered
and accepted in the state indicated in the certified description accompanying
the lease or, in the absence of such a description, in the state the leased
space is in at the commencement of the lease, in a good state of repair without
defects.

 

Use

2.1                               The lessee is required to make
actual and proper use of the leased space itself during the entire term of the
lease, exclusively for the purpose stipulated in the lease and with due regard
for existing restricted rights and requirements which have been or may be made
by government authorities or public utility companies. It also required to
provide the leased space and keep it provided with sufficient furnishings,
fixtures and fittings.

2.2                               The lessee will act in accordance
with the law and local bye-laws and in accordance with accepted practice as
regards renting and letting, with government regulations and those of public
utility companies and insurance companies and if applicable with the regulations
of the company responsible for the sprinkler system and the Dutch institute
responsible for lift systems and those of other agencies authorized to issue
required certificates. The lessee must also act in accordance with the
instructions given in writing or verbally by or on behalf of the lessor in the
interests of the proper use of the leased space and of the areas inside and
outside, the systems and facilities in the building or complex of which the
leased space is a part, in particular with instructions regarding the
maintenance, appearance, noise levels, public order, fire protection, parking
and the correct operation of the building or the complex which the leased space
is a part.

2.3                               In using the leased space or the
building or complex of which the leased space is a part the lessee will not
create a nuisance or cause inconvenience and will ensure that third parties who
are present on its behalf do likewise.

2.4                              The lessee is entitled and obliged
to use the communal facilities and services which are or will be available in
the interest of the proper functioning of the complex of which the leased space
forms a part.

 

Licences

2.5.1                     The lessee is obliged to ensure that
it obtains the licences and/or exemptions 
required for conducting the business for which the leased space is
intended. Refusal or withdrawal of the aforementioned licences does not provide
the lessee with due cause for cancelling or annulling the lease or for
undertaking any other action against the lessor.

2.5.2                     If with regard to 2.5.1 it is necessary
to make alterations or improvements to the leased space, whether or not as a
result of government regulations, it will be the responsibility of the lessee,
without prejudice to the stipulations of 2.6 and 2.10, to ensure that the
activities to that purpose are carried out in accordance with the requirements
set or to be set by a government body and that any necessary licences are
obtained. The costs of the alterations or improvements will be met by the
lessee.

 

Environment

2.6.1                     If at the commencement of the lease
an environmental inspection is carried out and during the term of the lease or
immediately after the termination of the lease a similar inspection is carried
out under, in, on or

 

9

 

round the leased space in which
higher concentrations of one or more substances are found than those to which
the earlier inspection related, the lessee must pay for the damage and/or loss
caused by the pollution and it is liable with respect to the lessor for the
costs of removing this pollution or of taking measures.

The
lessee indemnifies the lessor against the claims of third parties,

Including
government bodies.

2.6.2                     The stipulation of 2.6.1 will not be
applicable if the lessee can prove that the pollution was not due to its fault
or negligence or that of its personnel or people or things under its
supervision, nor to a circumstance which can be attributed to the lessee.

2.6.3                     The lessor will not indemnify the
lessee against (government) orders to have further inspections carried out or
measures taken.

 

Waste materials/chemical waste

2.7                               In the event that guidelines or
regulations are set by the government or by other authorized bodies with
respect to the (separate) collection of waste materials, the lessee is obliged
to comply meticulously with these instructions at all times. If this obligation
is not fulfilled or is not fulfilled completely, the lessee will be liable for
the ensuing financial, penal and possible other consequences.

 

Advertisements

2.8                               If the leased space is part of a
building or complex, the lessee will be entitled to make use of the roofs,
exterior walls, gardens and grounds of that building or complex for
(illuminated) advertisements, signs and the like, both for the benefit of the
lessee itself and for the benefit of third parties.

 

Apartment titles

2.9.1                     If the building or the complex of
which the leased space forms a part has been or becomes subdivided into
apartment titles, the lessee will be obliged to observe the regulations arising
from the property division agreement. The same applies if the building or
complex is or becomes the property of a cooperative association.

2.9.2                     In so far as this is within its
power, the lessor will not be permitted to assist in the formulation of
regulations which are in conflict with the lease.

2.9.3                     The lessor will ensure that the
lessee is provided with the regulations regarding use referred to in 2.9.1.

 

Prohibitions and regulations regarding public order

2.10.1              The lessee is not permitted:

a.               to
have environmentally dangerous materials including malodorous, inflammable or
explosive substances in, on, attached to or in the immediate vicinity of the
leased space, unless such materials are part of the normal exercise of one’s
profession or stock in trade;

 

b.                                      to burden the floors of the leased
space or the building or complex of which the leased space forms a part more
than is structurally permissible or indicated in the lease;

c.                                       to make such use of the leased space
that as a result of this use the soil or environment becomes polluted, the
leased space suffers damage, or the appearance of the leased space is adversely
affected, which is understood to include the use of vehicles as a result of
which the floors and walls may be damaged;

d.                                      to make alterations or to install
facilities in or on the leased space which are in conflict with statutory
regulations and the regulations of public utility companies or with the
conditions under which the owner of the leased space acquired ownership of the
leased space or with any other restricted rights, or to make alterations or
install facilities which may be a nuisance to other lessees or people living in
the neighbourhood or hinder them in the use of their premises.

2.10.2             Without the prior written permission
from the lessor, the lessee will not be permitted:

a.                                       to make alterations to or install
facilities in or on the leased space, which includes making holes in the
external walls;

b.                                      to install or to have any objects,
including name boards, advertisements, hoardings, announcements, publications,
buildings, wooden structures, scaffolding, packing materials, goods,

 

10

 

vending
machines, lighting, sun blinds, aerials and their fittings, flag poles and the
like, in, on, attached to or in the immediate vicinity of the leased space or
to render window panes opaque;

c.                                       to enter or to allow others to enter
the service areas and plant rooms, roof terraces, roofs and drains and the
areas and places not reserved for general use of the leased space or the
building or complex of which the leased space forms a part, unless for the
purpose of carrying out activities which the lessee is obliged to carry out
under this lease;

d.                                      to park vehicles in places other
than those designated for this purpose.

2.10.3             The lessor is in no way whatsoever
liable with respect to the alterations or facilities referred to in 2.10.2 a.
and b.

2.10.4             The lessee is required to ensure
that the fire extinguishing equipment and the fire exits in the leased space
are kept unobstructed at all times.

2.10.5             If the leased space is provided with
a lift, escalator or automatic door mechanism or if the leased space is
accessible by means of one of these facilities, the lessee and visitors will
use these facilities entirely at their own risk. All regulations issued or to
be issued by or on behalf of the lessor, the installers of the facilities or
the government must be closely observed. The lessor may take the aforementioned
facilities out of operation, if and for as long as this is necessary, without
the lessee being entitled to claim payment for damages or a reduction in rent.

2.10.6             If items installed by the lessee
(including advertising or other signs) have to be removed temporarily from the
leased space or the building or complex of which the leased space is a part in
connection with maintenance or repair work, the costs of removal, possible
storage and reinstallation will be at the expense and risk of the lessee,
irrespective of whether the lessor has given its permission to install the
items concerned.

 

Requests/permission

2.11.1             If after signing this lease the
lessee wishes to amend and/or make additions to any provision in this
agreement, the lessee must submit its request for this amendment and/or
addition to the lessor in writing.

2.11.2             If and in so far as the lessor’s
permission is required in any stipulation in this lease, it is only deemed to
have been given if issued in writing.

2.11.3             Permission is granted by the lessor
for one instance only and does not apply to other or subsequent cases. The
lessor is entitled to attach conditions to its permission.

 

Subletting

3.1                              Without the prior permission of the
lessor, the lessee will not be permitted to relinquish the leased space as a
whole or a part thereof to third parties by leasing, subletting or allowing the
use thereof, nor may it transfer the tenancy rights in their entirety or in
part to third parties or bring these rights into a partnership or legal person.

3.2                              In the event that the lessee acts
contrary to the above stipulation, it will forfeit an immediately payable fine,
equal to two times the rent per day applying to the lessee at the time, to the
lessor for every calendar day that the breach continues without prejudicing the
lessor’s right to demand compliance with or termination of the agreement, as
well as to claim damages.

 

Rent adjustment

4.1                              A rent adjustment in accordance with
Article 4.3 of the lease, will occur on the basis of the monthly price index
according to the rental of business premises price index, published by the
Central Bureau of Statistics (CBS).

The adjusted
rent will be calculated according to the following formula: the adjusted rent
is equal to the rent which applies on the date of the adjustment multiplied by
the index figure for the calendar month which is four months before the
calendar month in which the rent is adjusted, divided by the index figure for
the calendar month which is sixteen calendar months before the calendar month
in which the rent is adjusted.

4.2                              The rent will not be adjusted if
such adjustment would lead to a lower rent than the most recent rent. In such a
case the most recent rent will remain unchanged until with a subsequent
indexation the index of the calendar month which is four calendar months before
the calendar month in which the rent is adjusted is higher than the index of
the calendar month which is four calendar months before the calendar month in
which the most recent adjustment took place.

 

11

 

4.3                              The adjusted rent will apply even if
the lessee is not informed of this separately.

4.4                              If the CBS discontinues publishing
the aforementioned price index or if the basis for the calculation is altered,
an index figure as similar to this as possible will be used.

In the event
of any dispute in this respect, either party may request a decision from the
director of the CBS which will be binding on both parties. Each party will pay
half of any costs arising from this.

 

Termination of the lease or use

5.1                               Subject to possible statutory
rights, the lessee is obliged on termination of the lease, as well as on
termination of use, to deliver the leased space to the lessor in its original
state that is, the state as set out in the certified description drawn up at
the commencement of the lease as referred to in 1.2 and if there is no such
description, in a good state of repair, entirely vacated, free of use or rights
of use and properly cleaned and will return all keys, keycards etc. to the
lessor. The lessee is obliged at its own expense to remove all objects
installed in or on, or attached to the leased space or acquired by it from the
previous lessee or user. The lessor is not required to pay any compensation for
objects that are not removed.

5.2                               If the lessee has terminated the use
of the leased space, whether or not at the proper time, without returning the
keys to the lessor, the lessor is entitled to consider the lease to have
expired, to gain entry to the leased space at the lessee’s expense and to take
possession of it, without the lessee having any rights compensation or any
other rights.

5.3                              All items which the lessee may be
deemed to have relinquished by leaving them in the leased space on actually
vacating the leased space may be removed at the lessee’s expense by the lessor,
at the lessor’s discretion and without any liability on its account, unless the
lessor has been informed that the subsequent lessee has taken over the items.

5.4                               The parties are required to inspect
the leased space together in good time before the termination of the lease or
the use of the leased space. The parties will make a report of this inspection
in which their findings are recorded. It will also be recorded in this
inspection report what repair work may appear 
necessary according to the inspection and any outstanding maintenance
which still has to be carried out at the lessee’s expense, as well as the way
in which this will occur.

5.5                               If the lessee, after being given the
opportunity to do so, does not cooperate in the inspection and/or in recording
the findings and agreements in an inspection report within a reasonable period
of time, the lessor will be authorized to carry out the inspection without the
presence of the lessee and the report of its findings will be binding on both
parties. The lessor will make a copy of the report available to the lessee
immediately.

5.6                               The lessee is required to carry out
or to have carried out the repairs mentioned in the inspection report within
the period specified in the report - or to be agreed upon between the parties -
to the satisfaction of the lessor.

If the lessee
remains totally or partially in default, also after notification of default has
been given, in fulfilling its obligations ensuing from the report, the lessor
will be entitled to have this work carried out and to recover the costs
incurred for this work from the lessee.

5.7                               For the period required to carry out
the repairs calculated from the date of termination of the lease, the lessee
will owe the lessor an amount calculated on the basis of last applicable rent
and the payment for additional supplies and services, without prejudicing the
lessor’s claim for compensation for further damages and costs.

 

Damage

6.1                               The lessee is obliged to take
appropriate measures in time to prevent and limit damage to the leased space,
such as damage caused by short circuits, fire, leakage, storms, frost and the
inward or outward flow of gases or liquids. The lessee is also obliged to
inform the lessor immediately if such damage or an event as referred to in 6.5
occurs or seems likely to occur.

6.2                               If possible for the lessee, the
above also applies to the building or complex of which the leased space is a
part.

6.3                               The lessee is responsible to the
lessor for all damage and loss caused to or suffered by the leased space,
unless the lessee proves that it, the persons admitted to the leased space by
it, its personnel or those for whom it is responsible are not to blame for the
damage or that no negligence can be attributed to it in this respect.

6.4                               The lessee indemnifies the lessor
against fines which are imposed on the lessor as a result of the lessee’s
behaviour or negligence.

 

12

 

6.5                               The lessor is not responsible for
damage caused to the person or property of the lessee or that of third parties
- and the lessee indemnifies the lessor against liability for claims from third
parties in this respect - due to the emergence and the consequences of visible
and invisible defects in the leased space or the building or complex of which
the leased space forms a part, or which are due to the occurrence and
consequences of weather conditions, impediments to the accessibility of the
leased space, impediments to the supply of gas, water, electricity, heating,
ventilation or air conditioning, due to faults in the systems and equipment,
due to the inward and outward flow of gases and liquids, due to fire, explosion
and other occurrences, due to disruption of use under the lease and due to
disruption or inadequacies in supplies and services, all of which with the
exception of cases of damage resulting from serious faults or gross negligence
on the part of the lessor in respect of the state of repair of the leased space
or of the building or complex of which the leased space forms a part.

6.6                               The lessor cannot be held liable for
the lessee’s trading losses or for consequential loss suffered by the lessee
resulting from the activities of other lessees or for obstructions to the use
of the leased space caused by third parties, unless resulting from serious
faults or gross negligence of the part of the lessor in this respect.

6.7                               If by a court decision, whether or
not enforceable in anticipation, made between one or more lessees and/or the
lessor it should be decided that one or more products from the lessee’s product
range may not be carried for whatever reason or the lessee must immediately
discontinue the sale of the product(s), the lessor will not be liable for any
damage whatever this may be called and whatever the extent. The lessee indemnifies
the lessor for claims from third parties in this respect.

 

Interim termination, default

7.1                               If the lessee

•                                          does not pay the amounts owed by it
at the specified times;

•                                          ceases to practise its profession or
conduct its  business wholly or mainly
in the leased space;

•                                          does not comply with any other
condition of the lease;

•                                          does not heed any provision attached
to the permission given by the lessor;

•                                          loses power of disposal over its
assets or part of them;

•                                          if not a natural person, loses its
status as a legal person, is dissolved or in actual fact is liquidated;

•                                          is declared bankrupt;

•                                          offers a settlement in lieu of
bankruptcy, or if the property of the lessee is attached;

•                                          dies;

the lessor
will have the right to terminate the lease prematurely. In this case notice of
termination only has to be given if required by law.

7.2                               The lessee will be in default, if
any stated period of payment should expire or if any situation as mentioned
above should arise.

7.3                               The lessee is bound to compensate
the lessor for all loss, costs and interest as a result of a situation as
referred to in 7.1 and as a result of the premature termination of the lease,
also in the event that it is declared bankrupt or that a moratorium is granted.
The losses in any case include the rent, the payment for additional supplies
and services, including heating costs, turnover tax and the other amounts due,
the costs of reletting the leased space as well as all the costs incurred by
the lessor for measures taken in and out of court, including those for legal
assistance with regard to a situation as referred to in 7.1.

7.4                               The conditions in 7.1 up to and
including 7.3 do not exclude the right of the lessor to exercise its other
rights, including its right to claim fulfilment and compensation.

 

Company guarantee

8.1                               As security for the correct
fulfilment of its obligations arising from the lease, upon signing the lease,
the lessee will present the lessor with a company guarantee in accordance with
a Annex 6 of the Master Agreement , related to the lessee’s payment obligations
to the lessor, including the applicable turnover tax. This company guarantee
must also apply to extensions of the lease including amendments thereto and
must remain valid for six months after the date on which the leased space is
actually vacated and the lease is also terminated.

8.2                               The lessee may not claim the
settlement of any amount against the company guarantee.

8.3                               Not applicable. Intentionally
deleted.

8.4                               Not applicable. Intentionally
deleted.

 

13

 

8.5                               If the lessee does not fulfil its
obligations as set out in this article, he will forfeit an immediately payable
penalty to the lessor of € 226,89 for each calendar day that it remains in
default for every breach after it has been informed of its default by
registered letter.

 

Maintenance

At the lessor’s expense

9.1                               Except for work which may be
considered to be of a limited nature and day-to-day repairs according to the
law (Section 7A:1619 of the Dutch Civil Code) or work on items not installed by
or on behalf of the lessor in, on or attached to the leased space, the
following work will be carried out at the expense of the lessor:

a.               maintenance,
repair and replacement of structural parts of the leased space, such as
foundations, columns, beams, structural floors, (flat) roofs, structural walls,
exterior walls;

 

b.                                      maintenance, repair and replacement
of staircases, stairs, sewage pipes, gutters, exterior window and door frames,
and the like. With respect to the sewage pipes the conditions set out in 9.2.4
will apply in full force;

c.                                       replacement of parts and renovation
of systems such as lifts, central heating systems and fire hydrant boosters;

d.                                      exterior paintwork.

 

At the lessee’s expense

9.2.1                     All other maintenance, repair and
renovation work such as the following will be carried out at the expense of the
lessee:

a.               exterior
maintenance if and in so far as this relates to work which may be considered to
be of a limited nature and day-to-day maintenance according to the law (Section
7A:1619 of the Dutch Civil Code), as well as interior maintenance which does
not include maintenance as referred to in 9.1, all of which without prejudice
to the following stipulations;

 

b.                                      maintenance, repair and replacement
of hinges and locks, mirror glass, window panes and other panes of glass,
inside as well as outside;

c.                                       maintenance, repair and replacement
of roller blinds, Venetian blinds, awnings and other sun blinds;

d.                                      maintenance, repair and replacement
of switches, sockets, doorbell systems, light bulbs, lamps (including
fittings), awnings, floor covering, furnishings, interior paintwork, kitchen
sinks, sanitary fittings;

e.                                       maintenance, repair and replacement
of pipework and taps/cocks for gas, water, and electricity from the meter or
mains (cock) with all the relevant fittings, apart from replacement due to
normal wear and tear;

f.                                         maintenance, repair and replacement
of partitions dividing properties as well as the maintenance of the gardens and
grounds;

g.                                      daily maintenance and repair of (and
replacement of small parts) of the technical systems which may be part of the
leased space;

9.2.2                     Maintenance, repair and replacement
of property which has been or will be installed by or on behalf of the lessee
by virtue of a provisional sum made available to it by the lessor will be at
the lessee’s expense;

9.2.3                     Cleaning and keeping the leased
space clean both inside and outside, which is understood to include the
cleaning of windows, window and door frames and exterior walls of the leased
space, will be at the lessee’s expense.

9.2.4                     Emptying grease traps, cleaning and
unblocking sinks, drains, gutters and all drains/sewage pipes up to the
municipal main sewer of the leased space, sweeping chimneys and cleaning
ventilation ducts will also be at the lessee’s expense.

9.3                               If the lessee fails to carry out the
maintenance, repair or replacement work at its own expense after being reminded
to do so - or if it is carried out badly or injudiciously in the opinion of the
lessor - the lessor will be entitled to carry out this work or to have it
carried out at the lessee’s expense and risk. If the work to be carried out at
the expense of the lessee cannot be postponed, the lessor is empowered to carry
out this work or to have it carried out immediately at the lessee’s expense and
risk.

9.4                               In the case of maintenance, repair
of replacement work to be carried out by the lessor, the lessor will consult
the lessee beforehand about the way the lessee’s interests can be taken into
account as much as possible in carrying out this work.

 

14

 

If this work
is required by the lessee to be carried out outside normal working hours, the
extra costs incurred will be at the lessee’s expense.

9.5                               The lessee is responsible for using
and maintaining the leased space properly and competently, including the
technical systems which are in the leased space. The lessee will ensure that
service contracts are concluded at its own expense and risk. Service contracts
for the systems must be approved by the lessor in advance. With respect to the
maintenance the above will apply except and in so far as 12.2 is applicable.

9.6                               The lessee will inform the lessor in
writing immediately about defects in the leased space.

9.7                               If the lessee and the lessor agree
that work which in accordance with this article is at the lessee’s expense, is
not to be carried out on the instructions of the lessee but on those of the
lessor, the costs thereof will be passed on by the lessor to the lessee. For this
purpose the lessor will conclude maintenance contracts in such cases.

 

Alterations

10.                               If the lessor considers it necessary
to carry out or have carried out maintenance, repair, replacement work,
including extra facilities or alterations, renovation or other work in, on or
to the leased space or the building or complex of which the leased space is a
part or in, on or to the adjoining premises, or if this is necessary in
connection with (environmental) requirements or measures taken by the
government or public utility companies, the lessee will tolerate this work and
these measures and the possible inconvenience, without being able on this
account to claim any compensation or reduction in the payment obligations or
cancellation of the lease, even if this work lasts longer than forty days,
however, without prejudicing the provisions of Section 7A:1589 of the Dutch
Civil Code. In carrying out the work the lessor will take the lessee’s
interests into account as much as possible.

 

Access of the lessor

11.1                        If the lessor wishes to carry out or
have carried out or have carried out a valuation of the leased space, or wishes
to start the work referred to in 2.6, 5, 9.3 or 10, the lessee will be obliged
to allow access to the lessor or the person who reports to the lessee for this
purpose and enable the work considered necessary to be carried out.

11.2                        In order to carry out the work
referred to in the first paragraph of this article the lessor and all the
persons designated by it are entitled after consulting the lessee to enter the
leased space on working days between 7 a.m. and 5.30 p.m.

In cases of
emergency the lessor is entitled to enter the leased space without consulting
the lessee and if necessary also outside the aforementioned times.

11.3                        In the event of the intended sale or
auction of the leased space and after cancellation of the lease, the lessee is
obliged, after being notified in advance by the lessor or its authorized
representative, without any right to compensation, to provide the opportunity
for the leased space to be inspected on at least two working days every week
and it will tolerate the usual ‘to let’ and ‘for sale’ boards or posters on or
in the leased space.

 

Costs of supplies and services

12.1                        In addition to the rent, the lessee
will meet the costs incurred for the use of water and energy for the leased
space, including the costs of concluding an agreement for the supply and for
the hiring of a meter, as well as any other costs and fines charged by the
public utility companies. The lessee is required to conclude agreements itself
for supplies with the companies involved, unless the leased space does not have
a separate connection of its own and the lessor takes care of these matters as
part of the supplies and services agreed to.

12.2                        If additional supplies and services
have been agreed on between the parties, the sum payable by the lessee will be
subject to mutually agreement. This applies with respect to the technical
systems as well as other supplies and services. In so far as the leased space forms
part of a building or a complex and the supplies or services also relate to
other parts of it, the lessor will at its discretion determine a reasonable sum
for the lessee’s share of the costs for supplies and services payable by the
lessee. The lessor need not take into account the fact that the lessee may not
make use of one or more of these supplies or services. If one or more sections
of the building or the complex are not in use, in determining the lessee’s
share of the costs the lessor will ensure that this share is no larger than
would be the case if the entire building or complex were in use.

 

15

 

12.3                        Each year the lessor will provide
the lessee with a specified statement of the costs of supplies and services,
stating the way in which they have been calculated and the lessee’s share of
these costs, in so far as this is applicable.

12.4                        After the termination of the lease a
statement will be issued for the period for which a statement has yet not been
provided. This final statement will be issued no later than fourteen months
after the date calculated from the date on which the last statement was issued.
Neither the lessee nor the lessor may make any claims for settlement to be made
prematurely.

12.5                        Taking advance payments into
account, if the statement in question for the period concerned shows any
shortfall in payments made by the lessee or any excess in payments received by
the lessor, these will be paid or reimbursed within one month of the statement
being issued. Disputes concerning the correctness of the statement do not
provide grounds for suspension of this obligation.

12.6                        The lessor has the right to change
the nature and range of the supplies and services or to cancel them after
consulting the lessee.

12.7                        The lessor has the right to make
interim adjustments to the advance payment payable by the lessee for the costs
of supplies and services in accordance with the costs which it expects to
incur, for example in the case referred to in 12.6.

12.8                        In the event that the supply of
heating and/or hot water is included in the supplies and services, the lessor
has the right to adjust the method of determining the consumption and thereby
to adjust the lessee’s share of the costs of this consumption after consulting
the lessee.

12.9                        If the consumption of heating and/or
hot water is measured using meters and if a dispute arises regarding the
lessee’s share of the costs of consumption as a result of the failure or
malfunctioning of these meters, the lessee’s share will be determined by a
company consulted by the lessor which is specialized in measuring and
determining heating and/or hot water consumption. This also applies in the case
of damage, destruction or fraud in relation to the meters, without prejudice to
all other rights which the lessor may have with respect to the lessee in such a
case, such as the right to the repair or replacement of the meters and
compensation for damage suffered and/or loss incurred.

12.10                 The lessor will not be liable,
except in the case of serious fault or gross negligence, for any damage as a
result of the nonfunctioning or inadequate supply of the aforementioned
supplies and services. The lessee will in such cases not be able to claim a
reduction in the rent.

 

Costs

13.                               In every case in which the lessor
has a summons, notification of default or a writ served on the lessee, or in
the case of proceedings against the lessee to compel it to act in accordance
with the lease or to evict it, the lessee will be obliged to reimburse the
lessor for all the costs incurred, both in and out of court, except in the
event of a final and conclusive decision made by the court compelling the
lessor to pay the costs of the legal proceedings.

The costs
incurred will be determined in advance by the parties at an amount which is no
lower than the usual rate charged by bailiffs.

 

Payments

14.1                        The payment of rent and all amounts
payable pursuant to this lease will be made in legal Dutch tender no later than
the due date - without any discount, reduction, or setting off against a claim
which the lessee has, or in its opinion has, against the lessor - by depositing
or transferring the amount to an account specified by the lessor. The lessor is
free to alter the place or method in which payment is to be made by giving the
lessee written notification to this effect. The lessor will be entitled to
determine from which outstanding amount ensuing from the lease payments
received from the lessee will be deducted, unless the lessee expressly
indicates otherwise when making the payment. In the latter case the provisions
of Section 6:50 of the Dutch Civil Code are not applicable.

14.2                        If an amount owed by the lessee
under the lease is not paid promptly on the due date, the lessee will forfeit
by operation of law an immediately payable fine to the lessor of 2% per month
of the amount owing with a minimum of € 113,45 per calendar month, taking
effect from the due date, whereby each month commenced counts as a full month.

 

16

 

Taxes, expenses, levies, premiums, etc.

15.1                        If it is agreed that turnover tax is
to be charged on the rent, the lessor will submit a request to opt for taxed
rent signed by both parties in accordance with 5.2 of the lease to the tax
authorities in question.

15.2                        If the request to opt for taxed rent
is not granted, the lessee will owe the lessor an amount on top of the rent
equal to the amount of the turnover tax that would have been payable if the
request had been granted.

If a request
to opt for taxed rent is granted and takes effect from a later date than
requested, the lessee will owe the lessor an amount on top of the rent equal to
the amount of the turnover tax from the agreed commencement date to the
commencement date on which turnover tax is to be charged on the rent.

15.3                        If the lessee can prove that through
the fault of the lessor the request to opt for taxed rent was not granted or
was not granted for the date agreed on, the agreed amount of the turnover tax
in question will not be payable.

 

Other taxes, expenses, levies, premiums, etc.

15.4                        The lessee will pay the following,
even if the lessor is charged for them:

a.               property
tax and the water control authority charges or polder charges in relation to
the actual use of the leased space and the actual joint use of service areas,
general areas and so-called common areas;

 

b.              other
current or future taxes, sufferance dues, charges, levies and requitals with
respect to the leased space and to items which are the lessee’s property, with
the exception of property tax and water control authority charges or polder
charges with respect to the enjoyment under a right in rem as well as with the
exception of sewerage charges;

 

c.               environmental
levies including surface water purification levies and charges for waste water
purification and amounts in respect of any other levy in connection with
environmental protection.

 

15.5                        If the lessor or other lessees in
the building or the complex of which the leased space is a part is/are charged
a premium which is higher than normal for the fire insurance on the building or
the fixtures and fittings and stock as a consequence of the nature or the
profession practised or business conducted by the lessee, the lessee will
reimburse the amount in excess of the normal premium to the lessor or these
other lessees. The lessor and the other lessees are free to choose their
insurance company, to determine the value insured and to assess the
reasonableness of the premium owed.

‘Normal
premium’ is understood to mean the premium which the lessor or lessee can
obtain from a reputable and well-known insurance company established in the
Netherlands for insuring the leased space, its fixtures and fittings and stock
against fire on the date immediately preceding the conclusion of this lease,
without the nature of the business to be conducted or the profession to be
practised by the lessee being taken into account, as well as each adjustment of
this premium - during the term of the lease - which is not the result of a
change in the nature or extent of the risk insured.

 

Joint and several liability

16.1                        Not applicable. Intentionally
deleted.

16.2                        The obligations arising from the
lease are invisible, also with respect to the legal successors of the lessee.

 

Late availability

17.1                        If the leased space is not available
on the agreed commencement date of the lease due to the fact that the leased
space is not ready on time, the previous lessee has not vacated the leased
space on time or the lessor has not yet obtained the statutory licences, the lessee
will not owe rent or the amounts for additional supplies and services until the
date on which the leased space is made available, and its other obligations and
the agreed terms will be postponed accordingly. The date of the rent indexation
will remains unaltered.

17.2                        The lessor will not be liable for
any losses whatsoever which the lessee may suffer due to delay, unless serious
fault or gross negligence can be attributed to it.

17.3                        The lessee may not demand
cancellation of the agreement, unless the overdue delivery of the leased space
is the result of an intentional act or omission on the part of the lessor, and
as a consequence results in such a delay that it cannot within reason be
required of the lessee that the lease remains unaltered.

 

17

 

Data Protection Act

18.                               If the lessee is a natural person,
personal information about the lessee may be recorded by the lessor or the
(possible) property manager in a personal information register.

 

Address

19.1                        From the commencement date of the
lease all messages sent by the lessor to the lessee relating to the execution
of this lease will be sent to the address of the leased space.

19.2                        In the event that the lessee no
longer actually conducts its business in the leased premises, the lessee is
obliged to inform the lessor in writing immediately to this effect stating the
new address.

19.3                        In the event that the lessee vacates
the leased space without giving its new address to the lessor, the address of
the leased space will apply as the lessee’s address.

 

Complaints

20.                               The lessee will submit its
complaints and requests in writing. In urgent cases, this may be done verbally.
In such cases, the lessee will confirm its complaint or request in writing as
quickly as possible.

 

Property manager

21.                               In the event that a property manager
is or will be appointed by the lessor, the lessee will consult the manager on
all matters relating to the lease.

 

Final stipulation

22.                               If a part of the lease or of these
general conditions is null and void or voidable, the remaining part of the
lease and of these general conditions will remain in full force.

In this case
that which is closest to what the parties would have agreed on in accordance
with the law, if they had known about the nullity or voidability, will apply
instead of the voidable or null and void part.

 

18

 

ANNEX 7 – Exhibit 1

 

PARENT COMPANY GUARANTEE

 

THIS
PARENT COMPANY GUARANTEE (“Guarantee”), dated
           January, 2003
is given by FEI Company of Hillsboro, Oregon, USA (the “Guarantor”) in
favor of Valôme
N.V. of Antwerp, Belgium,

WHEREAS

 

1.                        FEI Electron Optics B.V. of Eindhoven, The Netherlands ( the “Lessee”)
entered into a Master Agreement and a Lease Agreement both dated
        January, 2003 with Valôme N.V.
of Antwerp, Belgium (hereinafter called “Lessor”) regarding the offices at
Achtseweg Noord 5, Eindhoven, The Netherlands;

 

2.                        The Lessee is a wholly owned subsidiary of the Guarantor;

 

3.                        The Lease Agreement provisioned that the parties shall procure that
their respective parent companies shall guarantee the due compliance with their
obligations under the Lease Agreement;

 

NOW, THEREFORE, based upon the foregoing and
in consideration of executing and entering into the Lease Agreement, the
Guarantor hereby agrees as follows:

 

1. The
Guarantee

 

Except as expressly set forth herein, the
Guarantor hereby unconditionally and irrevocably guarantees to Lessor the full
and punctual performance by Lessee of its obligations and undertakings under
the Master Agreement and Lease Agreement (collectively “the “Guaranteed
Obligations”). The Guarantor and Lessor expressly acknowledge that, subject to
Section 1.5 below, default by Lessee or the failure of Lessee (for any reason including
liquidation or winding up thereof) to perform any Guaranteed Obligation in the
time required in each case under the Lease Agreement to which the said
Guaranteed Obligation relates, is a condition of the exercise of this
Guarantee. Upon notice in writing from Lessor to the Guarantor of any event of
default and request for payment or performance, the Guarantor shall pay within
ten (10) business days after receipt of written notice to Lessor or otherwise
perform any and all Guaranteed Obligations then due and payable.

 

2. Term

 

This Guarantee shall remain in full force and
effect until the earlier of the date (i) upon which all of the Guaranteed
Obligations have been completely performed, or (ii) on which a replacement
guarantor acceptable to Lessor at its sole discretion shall have assumed all
the rights and obligation of the Guarantor under this Guarantee and shall have
executed and delivered up to Lessor a guarantee in writing on terms accepted in
writing by Lessor.  The Guarantor’s
payment of a portion, but not all, of the Guaranteed Obligations shall in no
way limit, affect, modify or abridge the Guarantor’s liability, as set forth
herein, for any portion of the Guaranteed Obligations that has not been
completely performed or indefeasibly paid in full.

 

3. 
Unconditional

 

Except as expressly set forth herein, the
Guarantor agrees that the obligations of the Guarantor hereunder shall be
unconditional and irrevocable and shall not be impaired, discharged or in any
manner affected as a result of:

 

a)                                      any right of set-off, counterclaim or defense of the Guarantor or
Lessee other than payment or performance in full of all the Guaranteed
Obligations;

 

(b)                                 any lack of authority of Lessee to execute or perform any of the Lease
Agreement or any inaccurate representation or warranty by Lessee;

 

(c)                                  the non-existence of Lessee as a legal entity;

 

19

 

(d)                                 the voluntary or involuntary liquidation, sale, or other disposition of
all or substantially all of the assets of Lessee;

 

(e)                                  any receivership, insolvency, bankruptcy, reorganization or other
similar proceeding affecting Lessee or the Guarantor;

 

(f)                                    any impairment, modification, release, discharge, limitation, or
extension of the liability of any of the Guaranteed Obligations, including
without limitation, any such impairment, modification, release, discharge,
limitation, or extension resulting from the operation of any applicable law; or

 

(g)                                 the failure of Lessor to exercise any rights or remedies it has or may
have against Lessee.

 

Notwithstanding any provision of this
Guarantee to the contrary, the Guarantor shall be entitled to assert as a
defense to any claim for payment of the Guaranteed Obligations, that (i) such
Guaranteed Obligations are not currently due under the terms of the Lease
Agreement upon which the said claim is made or (ii) that such Guaranteed
Obligations have previously been paid in full.

 

It is understood that for the purpose of this
Guarantee, the Lessee’s bankruptcy shall qualify as an early termination of the
lease agreement as per section 3.5 of the Lease Agreement.

 

4. Waivers of
Notices and Defenses

 

The Guarantor hereby waives:

 

(a)                                  all and any defences based on (i) suretyship or impairment of
collateral or rights which might apply to its obligations under this Guarantee;
(ii) an alleged election of remedies by Lessor; (iii) any claim that any
exercise of any remedies by Lessor has impaired or destroyed the Guarantor’s
rights of subrogation against Lessee;

 

(b)                                 any right to require Lessor to proceed against Lessee or any other
person, to proceed against or exhaust any security held by Lessor or to pursue
or exhaust any other remedy available, before proceeding against the Guarantor
hereunder, without prejudice to Section 1 above;

 

(c)                                  any claim based upon the failure of Lessor to file or enforce a claim
against the assets or estate of Lessee or any other person whether in any
proceedings or otherwise.

 

5.
Representations and Warranties

The Guarantor hereby represents and warrants
to Lessor that the following statements are true and correct:

 

5.1.  Binding Obligation. This
Guarantee has been duly and validly executed and delivered by the Guarantor.

 

5.2  Corporate
Power and Authority. The Guarantor has the full corporate power and
authority to issue and grant this Guarantee and this Guarantee may be
reasonably expected to be of commercial benefit to the Guarantor.

 

6.
Miscellaneous

 

6.1  Notices.  All notices, requests and other communications to any
party hereunder shall be in writing (including bank wire, facsimile
transmission, or similar writing) and shall be given to such party at its
address or telecopy number set forth, in the case of the Guarantor, on the
signature pages hereof or such other address or telecopy number as such party
may hereafter specify for the purpose by notice to the other party.  Each such notice, request or

 

20

 

other communication shall be effective (i) if
given by facsimile transmission, when such telecopy is transmitted to the
telecopy number specified in this Section and answerback has been received,
(ii) if given by mail, ten (10) business days after such communication is
deposited in the mails with first class (or, in the case of international mail,
by airmail) postage prepaid, addressed as aforesaid, or (iii) if given by any
other means, when delivered at the address specified in this Section.

 

6.2  No
Waivers. No failure or delay by Lessor in exercising any right,
power or privilege hereunder or under the Lease Agreement or this Guarantee
shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege.  The rights
and remedies herein provided shall be in lieu of any rights or remedies
provided by governing law.

 

6.3  Amendments.  This Guarantee constitutes the complete agreement of
the Guarantor with respect to the subject matter hereof and supersedes all
prior or contemporaneous negotiations, promises, covenants, agreements or
representations.  No amendment,
modification, termination or waiver of any provision of this Guarantee, shall
in any event be effective without the written consent of the Guarantor.

 

6.4  Successors and Assigns. 
This Guarantee shall be binding upon the Guarantor and its
successors and assigns, provided, however, that the Guarantor may
not assign this Guarantee or any of the rights or obligations of the Guarantor
hereunder without the prior written consent of Lessor, such consent not to be
unreasonably withheld.  This Guarantee
shall inure to the benefit of Lessor and its successors and assigns.  Nothing contained in this Guarantee shall be
deemed to confer upon anyone other than the parties hereto (and their permitted
successors and assigns) any right to insist upon or to enforce the performance
or observance of any of the obligations contained herein.

 

6.5  Limitation of liability.  Notwithstanding anything to the contrary
contained or implied herein the aggregate liability of the Guarantor under this
Guarantee shall in no event exceed Lessee’s liability and obligations under the
Lease Agreement, less amounts previously paid under the Lease Agreement.

 

6.6  Applicable law and Jurisdiction.  This Guarantee shall be construed
in accordance with and governed by the laws of The Netherlands and the
Guarantor and Lessor agree to submit to the exclusive jurisdiction of the
courts of ‘s-Hertogenbosch, The Netherlands.

 

IN WITNESS WHEREOF, the Guarantor has
executed this Guarantee by its duly authorized officer as of the date first
above written.

 

	
  GUARANTOR:

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
  Bradley J. Thies

  
	
  Title:

  	
  Vice President and General Counsel

  
	
  Facsimile:

  	
   +1-502-640-7509

  
	
  Address: 

  	
  7451 NW Evergreen Parkway

  
	
   

  	
  Hillsboro, Oregon

  
	
   

  	
  USA 97124-5830

  
	
   

  	
   

  
	
  For and on behalf of

  	
   

  
	
  LESSOR:

  	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
   

  
	
  Title:

  
					

 

21

 

ANNEX 7 –
Exhibit 2

 

GUARANTEE

 

The
undersigned:

 

BREEVAST BV, a private limited company incorporated under the laws of the
Netherlands, having its registered seat at (1071 JP) Amsterdam, Viottastraat
39, acting in its capacity of ultimate shareholder of Valôme Eindhoven NV,
validly represented by its executive directors Henk Brouwer and Dick Koster;

 

Whereas:

•                                          Valôme Eindhoven NV is the owner of
the premises at Achtseweg Noord 5 in Eindhoven, the Netherlands, that is leased
by FEI Electron Optics BV;

•                                          Valôme Eindhoven NV and FEI Electron
Optics BV have reached an understanding on the terms and conditions of
renovation of the existing building and the constriction of a new building on
the aforementioned premises;

•                                          At the date hereof, Valome Eindhoven
and FEI Electron Optics BV have executed a master agreement, in which the main
elements of their understanding with respect to the construction are laid down;

•                                          FEI Electron Optics BV wishes to
have security for the due compliance by Valôme Eindhoven NV of its obligations
under the master agreement and other agreements executed pursuant thereto
during the construction process;

•                                          Breevast BV is prepared to guarantee
the due compliance by Valôme Eindhoven NV of its obligations on the terms and
conditions set forth herein;

 

Herewith
declares:

1.                                       Breevast BV herewith guarantees that
Valôme Eindhoven NV shall comply with its obligations under the master agreement
and other agreements executed by the parties pursuant thereto (“the
Obligations”).

2.                                       If FEI Electron Optics BV notifies
Breevast BV in writing that Valôme Eindhoven NV has failed to comply with the
Obligations, specifying the nature of the obligations that Valôme has failed to
meet, Breevast BV shall either procure that Valôme Eindhoven BV remedies such
failure as soon as possible, or shall itself take such steps as may be
necessary to remedy the failure.

3.                                       This guarantee can only be relied
upon by FEI Electron Optics BV. It shall be effective as from the date hereof
and shall expire on the date of completion of the construction of the New
Building and renovation of the Present Building (as defined in the master
agreement).

4.                                       This guarantee is governed by and
shall be interpreted in accordance with the laws of the Netherlands.

 

	
  Amsterdam, 14 January 2003

  	
   

  
	
   

  	
   

  
	
  BREEVAST BV

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HENK BROUWER

  	
  DICK KOSTER

  

 

22

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