Document:

Ellie Mae, Inc. Employee Stock Purchase Plan

 Exhibit 10.28 
 ELLIE MAE, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1.	  	Establishment of the Plan	  	 	1	  
			
	Section 2.	  	Definitions	  	 	1	  
			
	Section 3.	  	Shares Authorized	  	 	3	  
			
	Section 4.	  	Administration	  	 	3	  
			
	Section 5.	  	Eligibility and Participation	  	 	4	  
			
	Section 6.	  	Purchase Price	  	 	5	  
			
	Section 7.	  	Employee Contributions	  	 	5	  
			
	Section 8.	  	Plan Accounts; Purchase of Shares	  	 	5	  
			
	Section 9.	  	Withdrawal From the Plan	  	 	6	  
			
	Section 10.	  	Effect of Termination of Employment or Death	  	 	6	  
			
	Section 11.	  	Rights Not Transferable	  	 	7	  
			
	Section 12.	  	Recapitalization, Etc.	  	 	7	  
			
	Section 13.	  	Limitation on Stock Ownership	  	 	8	  
			
	Section 14.	  	No Rights as an Employee	  	 	8	  
			
	Section 15.	  	Rights as a Stockholder	  	 	8	  
			
	Section 16.	  	Use of Funds	  	 	8	  
			
	Section 17.	  	Amendment or Termination of the Plan	  	 	8	  
			
	Section 18.	  	Governing Law	  	 	8	  
			
	Section 19.	  	Stockholder Approval	  	 	9	  
			
	Section 20.	  	Equal Rights and Privileges	  	 	9	  

  
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 ELLIE MAE, INC. 

EMPLOYEE STOCK PURCHASE PLAN 
 Section 1. Establishment of the Plan. 
 The Ellie Mae, Inc.
Employee Stock Purchase Plan (the “Plan”) provides Eligible Employees with an opportunity to purchase the Company’s common stock so that they may increase their proprietary interest in the success of the Company. The Plan,
which provides for the purchase of stock through payroll withholding, is intended to qualify under Section 423 of the Code. 
 Section 2. Definitions. 
 (a) “Board” means the
Board of Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended from time
to time. 
 (c) “Company” means Ellie Mae, Inc., a Delaware corporation. 

(d) “Company Affiliate” means any company which is either the parent corporation of the Company (as determined in
accordance with Section 424 of the Code) or a Subsidiary. 
 (e) “Compensation” means the cash
remuneration paid to a Participant during a Purchase Period that is reported on Form W-2 for federal income tax purposes (including salary deferrals to the Company’s 401(k) retirement savings plan and contributions to any Code
Section 125 plan adopted by the Company). Compensation shall include overtime and shift differential payments, incentive compensation, commissions, profit sharing payments and bonuses. Notwithstanding the foregoing, Compensation shall exclude
any special payments (e.g., moving or auto allowances, educational reimbursements, welfare benefits, amounts realized from the exercise, sale exchange or other disposition of any stock option and premiums for life and disability insurance).

 (f) “Date of Exercise” means the last trading day of each Purchase Period. 

(g) “Eligible Employee” means any Employee of a Participating Company (i) who is customarily employed for at least
twenty (20) hours per week, (ii) who is customarily employed for more than five (5) months per calendar year, and (iii) who is an Employee at the commencement of a Purchase Period. 

In the event an Eligible Employee fails to remain in the continuous employ of a Participating Company customarily for at least twenty
(20) hours per week during a Purchase Period, he or she will be deemed to have elected to withdraw from the Plan and the payroll deductions credited to his or her account will be returned to him or her; provided that a Participant who goes on
an unpaid leave of absence shall be permitted to remain in the Plan during such leave of absence. Notwithstanding the preceding sentence, if such Participant is not 

  
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guaranteed reemployment by contract or statute and the leave of absence extends beyond ninety (90) days, such Participant shall be deemed to have terminated employment for purposes of the
Plan on the ninety-first (91st) day of such leave of absence. Payroll deductions for a Participant who has been on an unpaid leave of absence will resume at the same rate as in effect prior to such leave upon return to work unless changed by
such Participant. 
 (h) “Employee” means any person who renders services to a Participating Company in the
status of an employee within the meaning of Code Section 3401(c). “Employee” shall not include any Board member of a Participating Company who does not render services to the Participating Company in the status of an employee within
the meaning of Code Section 3401(c). 
 (i) “Fair Market Value” shall mean, as of any given date, the
value of a share of Stock determined as follows: 
 (A) If the Stock is listed on any established stock exchange (such as the
New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market) or national market system, its Fair Market Value shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if
there is no closing sales price for a share of Stock on the date in question, the closing sales price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source
as the Plan Administrator deems reliable; 
 (B) If the Stock is not listed on an established stock exchange or national market
system, but the Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such
date, the high bid and low asked prices for a share of Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Plan Administrator deems reliable; or 

(C) If the Stock is neither listed on an established stock exchange or a national market system nor regularly quoted by a recognized
securities dealer, its Fair Market Value shall be established by the Plan Administrator in good faith. 
 (j)
“Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 5 hereof. 
 (k) “Participating Company” means the Company and such present or future Subsidiaries of the Company as the Board shall from time to time designate. 

(l) “Plan Account” means the account established for each Participant pursuant to Section 8(a). 

(m) “Plan Administrator” means the committee appointed by the Board to administer the Plan pursuant to Section 4.

  
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 (n) “Purchase Period” shall mean that period of time
commencing on the closing of the initial public offering of the Stock and ending on September 30, 2011 and the six month periods commencing on each October 1st and each April 1st thereafter. The duration and timing of Purchase Periods may be changed by the Plan Administrator, in its sole
discretion. In no event may a Purchase Period exceed twenty-seven (27) months in length. 
 (o) “Purchase
Price” means the price at which Participants may purchase Stock under Section 8 of the Plan, as determined pursuant to Section 6. 
 (p) “Stock” means the common stock, par value $0.0001, of the Company. 
 (q) “Stock Administrator” means the Company’s Stock Administration Department or such other person(s) as may be retained by the Company to perform or otherwise be delegated some or
all of the duties of the Stock Administrator under this Plan. 
 (r) “Subsidiary” means a subsidiary
corporation as defined in Section 424(f) of the Code. 
 Section 3. Shares Authorized. 

Subject to adjustment as provided in Section 12 hereof, the maximum aggregate number of shares which may be issued under the Plan is
the sum of (a) two million (2,000,000) shares of Stock and (b) an annual increase on the first day of each year beginning in 2012 and ending in 2021, equal to the least of (i) five million (5,000,000) shares of Stock,
(ii) one percent (1%) of the shares of Stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (iii) such smaller number of shares of Stock as determined by the Board, which may be
either authorized but unissued Stock or reacquired Stock, including shares of Stock purchased on the open market. 

Section 4. Administration. 
 (a) Except as otherwise provided herein, the Plan shall be administered by the Board or by a committee (the “Plan Administrator”) appointed by the Board which shall consist of not less
than two members of the Board. References in this Plan to the “Plan Administrator” shall mean the Board if no Plan Administrator has been appointed. The interpretation and construction by the Plan Administrator of any provision of the Plan
or of any right to purchase stock qualified hereunder shall be conclusive and binding on all persons. 
 (b) No member of the
Board or the Plan Administrator shall be liable for any action or determination made in good faith with respect to the Plan or the right to purchase Stock hereunder. The Plan Administrator shall be indemnified by the Company against the reasonable
expenses, including attorney’s fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which it may be a party by reason of any action taken or
failure to act under or in connection with the Plan or any stock purchased thereunder, and against all amounts paid by it in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by it
in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that the Plan 

  
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Administrator is liable for negligence or misconduct in the performance of its duties; provided that within sixty (60) days after institution of any such action, suit or proceeding, the Plan
Administrator shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. 
 (c) All
costs and expenses incurred in administering the Plan shall be paid by the Company. The Board or the Plan Administrator may request advice for assistance or employ such other persons as are necessary for proper administration of the Plan.

 (d) At the discretion of the Plan Administrator, the Stock Administrator or such persons providing advice or assistance
pursuant to Section 4(c), any elections, submission or filings made under the Plan by Eligible Employees and/or any statements or notices provided under the Plan to Eligible Employees in each case may be made electronically or through such
“paperless” means as the Plan Administrator, the Stock Administrator or such persons may determine appropriate. 

Section 5. Eligibility and Participation. 
 (a) Any person who qualifies or will qualify as an Eligible Employee on the first day of a Purchase Period may elect to participate in the Plan for such Purchase Period. An Eligible Employee may elect to
participate by submitting the prescribed enrollment form. The enrollment form shall be filed with the Stock Administrator no later than the filing deadline imposed and communicated to Eligible Employees with respect to the Purchase Period for which
such enrollment form is intended to be effective by the Stock Administrator, and if none is so imposed and/or communicated, then no later than five (5) days before the Purchase Period for which such enrollment form is intended to be effective.
The Eligible Employee shall designate on the enrollment form the percentage of his or her Compensation which he or she elects to have withheld for the purchase of Stock, which may be any whole percentage from 1 to 15% of the Participant’s
compensation. 
 (b) By enrolling in the Plan, a Participant shall be deemed to have been granted an option on the first day of
each Purchase Period for which he or she is enrolled to purchase the maximum number of whole shares of Stock which can be purchased with the amount of the Participant’s Compensation which is withheld during the Purchase Period for which the
Participation is enrolled. However, with respect to any Purchase Period, no Participant shall be eligible to purchase more than 3,000 shares of Stock provided that such amount shall not result in the limitations set forth in Section 13 being
exceeded. Notwithstanding the foregoing, the Plan Administrator, or a committee appointed by the Plan Administrator, which committee may be comprised solely of employees of the Company, shall have the right to amend the limit set forth in this
Section 5(b); provided, however, that in no event shall the limit exceed 3,000 shares of Stock per Purchase Period or the limitations set forth in Section 13. 
 (c) Once enrolled, a Participant will continue to participate in the Plan for each succeeding Purchase Period until he or she terminates participation or ceases to qualify as an Eligible Employee. A
Participant who withdraws from the Plan in accordance with Section 9 

  
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may again become a Participant in a subsequent Purchase Period, if he or she then is an Eligible Employee, by following the procedure described in Section 5(a). 

Section 6. Purchase Price. 
 The Purchase Price for each share of Stock shall be the lesser of (a) eighty-five percent (85%) of the Fair Market Value of such share on the first trading day of an applicable Purchase Period
or (b) eighty-five percent (85%) of the Fair Market Value of such share on the Date of Exercise for an applicable Purchase Period. 
 Section 7. Employee Contributions. 
 A Participant may purchase
shares of Stock solely by means of payroll deductions. Payroll deductions, as designated by the Participant pursuant to Section 5(a), shall commence with the first paycheck issued during the Purchase Period and shall be deducted from each
subsequent paycheck throughout the Purchase Period; provided, however, that, with respect to a Participant, the Company shall be entitled to discontinue payroll deductions for such Participant during a Purchase Period to the extent that the Company
determines that the payroll deductions for such Participant during such Purchase Period will cause the Participant to exceed the limitations set forth in Sections 5 or 13; provided, further, that the Company will recommence payroll deductions for
such Participant on the first day of the next Purchase Period to the extent the limitation set forth in Section 13 has not been exceeded. If a Participant desires to decrease the rate of payroll withholding during a Purchase Period, he or she
may do so one time during a Purchase Period by submitting the prescribed percentage change form with the Stock Administrator. Such decrease will be effective no later than the first day of the second payroll period which begins following the receipt
of the new percentage change form. If a Participant desires to increase or decrease the rate of payroll withholding, he or she may do so effective for the next Purchase Period by submitting a new percentage change form with the Stock Administrator
on or before the date imposed and communicated to Eligible Employees by the Stock Administrator, and if none is so imposed and/or communicated, then no later than five (5) days before the Purchase Period for which such change is to be
effective. 
 Section 8. Plan Accounts; Purchase of Shares. 

(a) The Company will maintain a Plan Account on its books in the name of each Participant. At the close of each pay period, the amount
deducted from the Participant’s Compensation will be credited to the Participant’s Plan Account. 
 (b) As of each
Date of Exercise, the amount then in the Participant’s Plan Account will be divided by the Purchase Price, and the number of whole shares which results (subject to the limitations described in Sections 5(b), 8(c) and 13) shall be purchased from
the Company with the funds in the Participant’s Plan Account. The number of shares of Stock so purchased shall be delivered to a brokerage account designated by the Plan Administrator and kept in such account pursuant to the enrollment form
(which shall be uniform) between each Participant and the Company and subject to the conditions described therein (which may include, without limitation, restrictions on transferability of the shares of Stock so purchased). 

  
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 (c) In the event that the aggregate number of shares which all Participants elect to
purchase during a Purchase Period shall exceed the number of shares remaining available for issuance under the Plan, then the number of shares to which each Participant shall become entitled shall be determined by multiplying the number of shares
available for issuance by a fraction the numerator of which is the sum of the number of shares the Participant has elected to purchase pursuant to Section 5, and the denominator of which is the sum of the number of shares which all employees
have elected to purchase pursuant to Section 5. Any cash amount remaining in the Participant’s Plan Account under these circumstances shall be refunded to the Participant. 

(d) Any amount remaining in the Participant’s Plan Account caused by a surplus due to fractional shares after deducting the amount
of the Purchase Price for the number of whole shares issued to the Participant shall be carried over in the Participant’s Plan Account for the succeeding Purchase Period, without interest. Any amount remaining in the Participant’s Plan
Account caused by anything other than a surplus due to fractional shares shall be refunded to the Participant in cash, without interest. 
 (e) Unless otherwise determined by the Plan Administrator, as soon as practicable following the end of each Purchase Period, the Company shall deliver to each Participant a Plan Account statement setting
forth the amount of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
 Section 9. Withdrawal From the Plan. 
 A Participant may elect
to withdraw from participation under the Plan at any time up to the last day of a Purchase Period by submitting the prescribed withdrawal form with the Stock Administrator. As soon as practicable after a withdrawal, payroll deductions shall cease
and all amounts credited to the Participant’s Plan Account will be refunded in cash, without interest. A Participant who has withdrawn from the Plan shall not be a Participant in future Purchase Periods, unless he or she again enrolls in
accordance with the provisions of Section 5. 
 Section 10. Effect of Termination of Employment or
Death. 
 (a) Termination of employment as an Eligible Employee for any reason, including death, shall be treated as an
automatic withdrawal from the Plan under Section 9. A transfer from one Participating Company to another shall not be treated as a termination of employment. 
 (b) A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s Account under the Plan in the event of such Participant’s
death subsequent to the purchase of shares but prior to delivery to him or her of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s Account under
the Plan in the event of such Participant’s death prior to the last day of a Purchase Period. 
 (c) Such designation of
beneficiary may be changed by the Participant at any time by submitting the prescribed designation of beneficiary change form with the Stock 

  
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Administrator. In the event of the death of a Participant in the absence of a valid designation of a beneficiary who is living at the time of such Participant’s death, the Company shall
deliver such shares and/or cash to the executor or administrator of the estate of the Participant; or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares
and/or cash to the spouse or to any one or more dependents or relatives of the Participant; or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

Section 11. Rights Not Transferable. 
 The rights or interests of any Participant in the Plan, or in any Stock or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by
operation of law, or by any other manner other than as permitted by will or the laws of descent and distribution, and during the Participant’s lifetime, purchase rights in the Plan shall be exercisable only by the Participant. If a Participant
in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other than as permitted by will or the laws of descent and distribution, such act shall be treated as an automatic withdrawal under
Section 9. 
 Section 12. Recapitalization, Etc. 

(a) The aggregate number of shares of Stock offered under the Plan, the number and price of shares which any Participant has elected to
purchase pursuant to Section 5 and the maximum number of shares which a Participant may elect to purchase under the Plan in any Purchase Period shall be proportionately adjusted for any increase or decrease in the number of issued shares of
Stock resulting from a subdivision or consolidation of shares or any other capital adjustment, the payment of a stock dividend, or other increase or decrease in such shares affected without receipt of consideration by the Company. 

(b) In the event of a dissolution or liquidation of the Company, this Plan shall terminate, and all amounts which each Participant has
paid towards the Purchase Price of Stock hereunder shall be refunded, without interest. 
 (c) In the event of a sale of all or
substantially all of the assets of the Company, an acquisition of the Company or the merger of the Company with or into another corporation, each outstanding option under an ongoing Purchase Period shall be assumed or an equivalent option
substituted by the successor corporation or acquiror or a Parent or Subsidiary of the successor corporation or acquiror. In the event that the successor corporation or acquirer refuses to assume or substitute for the outstanding options under an
ongoing Purchase Period, the Purchase Period shall be shortened by setting a new Date of Exercise (the “New Exercise Date”). The New Exercise Date shall be before the date of the applicable transaction. The Company shall notify each
Participant in writing at least five (5) days prior to the New Exercise Date, that the Date of Exercise for the Purchase Period has been changed to the New Exercise Date and that the purchase shall automatically occur on the New Exercise Date,
unless prior to such date the Participant has withdrawn from the Purchase Period pursuant to Section 9. 

  
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 (d) The Plan shall in no event be construed to restrict in any way the Company’s right
to undertake a dissolution, liquidation, merger, consolidation, reorganization or other corporate transaction. 

Section 13. Limitation on Stock Ownership. 
 Notwithstanding any provision herein to the contrary, no Participant shall be permitted to elect to participate in the Plan (i) if such Participant, immediately after his or her election to
participate, would own stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Company Affiliate, or (ii) if under the terms of the Plan the rights of the
Employee to purchase Stock under this Plan and all other qualified employee stock purchase plans of the Company or its Company Affiliates would accrue at a rate which exceeds twenty-five thousand dollars ($25,000) of Fair Market Value of such Stock
(determined at the time such right is granted) for each calendar year for which such right is outstanding at any time. For purposes of this Section, ownership of stock shall be determined by the attribution rules of Section 424(d) of the Code,
and Participants shall be considered to own any stock which they have a right to purchase under this or any other stock plan. 

Section 14. No Rights as an Employee. 
 Nothing in the Plan shall be construed to give any person the right to remain in the employ of a Participating Company. Each Participating Company reserves the right to terminate the employment of any
person at any time and for any reason. 
 Section 15. Rights as a Stockholder. 

A Participant shall have no rights as a stockholder with respect to any shares he or she may have a right to purchase under the Plan until
the date of issuance to the brokerage account designated by the Plan Administrator the shares of Stock issued pursuant to the Plan. 
 Section 16. Use of Funds. 
 All payroll deductions received or
held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions in separate accounts. 

Section 17. Amendment or Termination of the Plan. 

Except as otherwise provided herein, the Board shall have the right to amend, modify or terminate the Plan at any time without notice. An
amendment of the Plan shall be subject to shareholder approval only to the extent required by applicable laws, regulations or rules. The Plan shall terminate upon the earlier of (i) such date as is determined by the Company in its sole
discretion or (ii) the date on which all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan. 
 Section 18. Governing Law. 

  
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 The Plan shall be governed by, and construed and interpreted in accordance with, the laws of
the State of Delaware. 
 Section 19. Stockholder Approval. 

No purchase rights granted under the Plan shall be exercised, and no shares of Stock shall be issued hereunder, until such time as
(i) the Plan shall have been approved by the stockholders of the Company; and (ii) the Company shall have complied with all applicable requirements of the Securities Act of 1933, as amended (including the registration of the shares of
Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and Exchange Commission), all applicable listing requirements of any securities exchange on which the Stock is listed for trading and all other applicable
requirements established by law or regulation. Such stockholder approval shall be prior to the earlier to occur of: (a) the first Date of Exercise of the Plan and (b) the twelve (12) month anniversary of the adoption of the Plan,
provided, however, that such approval may not occur prior to twelve (12) months before the adoption of the Plan. In the event the Plan shall not have been approved by the stockholders of the Company prior to the first Date of Exercise of the
Plan, the Plan shall terminate and all purchase rights granted under the Plan shall be canceled and become null and void. 

Section 20. Equal Rights and Privileges. All Eligible Employees of the Company (or of any Subsidiary) will have equal
rights and privileges under this Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or applicable Treasury regulations thereunder. Any provision of this Plan that is
inconsistent with Section 423 and the Treasury regulations and other guidance promulgated thereunder will, without further act or amendment by the Company, the Board or the Plan Administrator, be reformed to comply with the equal rights and
privileges requirement of Section 423 or such Treasury regulations or guidance. 

  
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 To record the adoption of this Plan, the Company has caused its authorized officer to
execute the same this      day of         , 2011. 
  

	
	Ellie Mae, Inc.
	
	By:                             
                                         
                          
	Its:                             
                                         
                           

  
 10Lease dated July 28, 2008,Lionbridge(Thailand) and Silom Building and Service Co

 Exhibit 10.21 
 SILOM COMPLEX 
 OFFICE LEASE AGREEMENT 
 This Lease Agreement is made at Office No. 191 Silom Road, Kwaeng Silom, Khet Bangrak, Bangkok on July 28, 2008 between: 
 Lionbridge (Thailand) Ltd., represented by Mr. Kittiwat Rojanusorn and Mr. Andrew Ng Chong Yew, authorized directors, having principal place of business at Level 8, Zuellig House, 1 Silom Road,
Kwaeng Silom, Khet Bangrak, Bangkok (hereinafter called “Lessee”); and 
 Silom Building and Service Co., Ltd, represented by
Mr. Prateep Chirakit and Miss Srisamon Chirakiti, authorized directors, having principal place of business at No. 191 Silom Road, Kwaeng Silom, Khet Bangrak, Bangkok (hereinafter called “Lessor”). 

Whereas, Lessor is the owner of Silom Complex Building located at No. 191 Silom Road, Kwaeng Silom, Khet Bangrak, Bangkok (hereinafter called the
“Building”) and Lessee wishes to take on lease certain office unit situated therein for carrying on its business; 
 Now, therefore,
the parties agree as follows: 
  

	1.	Lessor hereby leases to Lessee and Lessee agrees to take on Lease from Lessor unit 5, having an area of 159.34 square meters located on the 24th Floor of the Building
as shown and marked in yellow in the Layout Plan attached hereto and formed a part hereof (hereinafter referred to as the “Demised Premises”) for a period of 3 Years commencing from October 1, 2008 and terminating on
September 30, 2011. 

 Lessee hereby covenants and agrees to use the Demised Premises solely and exclusively
as an office for carrying on the legitimate and good moral business only. 
  

	2.	Lessee agrees to pay Lessor the monthly rental of Baht 220 (Baht Two Hundred Twenty) per square meter per month, totalling Baht 35,054.80 (Baht Thirty Five Thousand
Fifty Four and Eighty Satang) per month payable in advance within the 5th day of each calendar month at the Lessor’s office. On the date of signing this Agreement, Lessee agrees to pay the rental for the month of October 1-31, 2008, in the
amount of Baht 35,054.80 (Baht Thirty Five Thousand Fifty Four and Eighty Satang) to Lessor. 

  
 1 

	3.	Lessee agrees to pay the value added tax arising from this Agreement which is payable in accordance with the laws, now or in the future, to the government agencies
throughout the term of this Agreement by making payment of the amount of said tax to Lessor together with payment of the monthly rental. 

  

	4.	As security for performance of the Lessee’s obligations and as security for any damage which Lessee may incur on Lessor, Lessee agrees to deposit with Lessor on
the date hereof a sum of Baht 105,164.40 (Baht One Hundred Five Thousand One Hundred Sixty Four and Forty Satang). After expiration of the Agreement (i) where Lessee has not terminated this Agreement prior to its term, (ii) without further
renewal, (iii) Lessee has delivered the Demised Premises in good condition to Lessor and Lessor has accepted the delivery thereof, and (iv) Lessee has no payment obligations to Lessor, Lessor agrees to refund such security deposit to
Lessee without interest within 30 days from the date the Lessor has accepted the delivery of the Demised Premises from the Lessee. 

 If Lessee fails to perform or observe any of its obligations and does not correct such failure within 7 days of notice or terminates this Agreement prior to its term or causes damage or disturbance to
Lessor or to other persons, Lessor shall at any time or from time to time be entitled to deduct, set-off or withhold amounts of security deposit to the extent needed to compensate against the said damage. Upon deduction, set-off or withholding any
amount from such security deposit by Lessor, Lessee shall make additional sum of security deposit to Lessor in the amount equal to the deficit sum of the above during existence of this Agreement within seven days upon demand from Lessor. 

The above security deposit-shall not be deemed an advance payment of the rentals, Lessee hereby waives the right to claim that the said
sum be applied, in whole or in part, as rentals. 
  

	5.	Lessee hereby covenants that it will strictly comply with the following terms and conditions: 

 

	 	5.1	Lessee and its dependants shall observe and comply with all rules, regulations and restrictions of Lessor relating to the Building and the surrounding premises; and
shall also observe and comply with the announcements, rules, regulations, ordinances, decrees and laws enacted by government, municipality and officials concerned. 

 

	 	5.2	During the existence of this Agreement, Lessee shall not assign, demise, sublet or otherwise part with or share possession of the whole of the Demised Premises or any
part thereof without the Lessor’s written consent. 

  
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	 	5.3	Lessee or its dependants shall not use the Demised Premises as Laboratory or for preparation of food or as kitchen, and shall not reside on or permit any person to
reside on the Demised Premises, whether temporarily or permanently, and Lessee and its dependants shall cease to occupy and vacate the Demised Premises in accordance with times specified by Lessor. If there is any necessity to use the Demised
Premises beyond the specified times, prior written permission must be obtained from Lessor or its representatives. 

  

	 	5.4	Lessee shall not open the windows, except for cleaning purpose or in case of necessity or other reasonable cause, and shall immediately close the windows after cleaning
or expiry of such necessity or cause. 

  

	 	5.5	Lessee shall maintain the Demised Premises in a clean and sanitary condition, free from dirt, rubbish, debris, noxious odors or disturbing noises. Disposal of the waste
and garbage shall be made into the utility or place provided by Lessor. 

  

	 	5.6	For the security and good order purposes, if Lessee wishes to use security, cleaning, or decorating plants services, Lessee agrees to use such services only from-the
contractors approved by Lessor and Lessor will provide at least two names of the approved contractors for each service. 

  

	 	5.7	Lessee hereby acknowledges that the Demised Premises is in good condition and free from any defects or damages for which Lessee has thoroughly inspected. Lessee shall
use the Demised Premises with good care and for ordinary and usual purpose as the owner of the property would do to his own property. Lessee shall, at its own cost and expense, keep the Demised Premises in good repair and maintenance throughout the
term of this Agreement, normal wear and tear excepted. 

 During the term of this Agreement, if any loss or damage
occurred to the Demised Premises or accessories within or connected thereto and Lessee shall not have executed repair and made good the same within reasonable period of time, Lessor shall have the right to enter upon the Demised Premises and execute
such repair and the cost and expense thereof shall be payable by Lessee promptly upon demand: 
  

	 	5.8	 Lessee shall not alter the Demised Premises from its initial condition. If Lessee wishes to carry out interior decoration in such a way that the
condition of the Demised Premises will be altered or fixtures or fittings will be made to the floor, walls or ceiling of the Demised Premises, Lessee must submit layout, plan and drawings for such interior decoration to Lessor for the Lessor’s
approval in writing prior to 

  
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carrying out such decoration. Lessee, its dependants or contractors shall carry out the decoration works carefully, not to create any nuisance, disturbance or damage to the Demised Premises or to
the leased space of others. If there is any damage occurred from such decoration, Lessee shall, at its own costs and expenses, promptly repair the damage and restore the same to original condition. If Lessee fails to make good the damage within
reasonable period of time, Lessor shall have the right to execute the repair where Lessee shall reimburse Lessor for all costs and expenses incurred for such repair. 

Lessee shall not commit or permit or suffer anything to be done which may result in a change of electricity, lighting, air-condition,
plumbing, drainage, waste disposal, fire fighting, security or any other systems installed or provided for in the Demised Premises at the date of delivery of the Demised Premises, unless prior written consent of Lessor shall have been obtained
thereto. 
  

	 	5.9	Lessee shall not use the Demised Premises for sale or storage of goods, except for a limited amount of samples of the goods necessary for a display; shall not store or
bring upon the Demised Premises any guns, bullets, materials or articles of a combustible, explosive, inflammable or dangerous nature, and shall not bring upon or place in the Demised Premises any material load in excess of 200 kilograms per square
meter. 

 In case of doubt as to whether or not the weight of any material or article is exceeding the load
mentioned in the foregoing paragraph, the opinion of the Lessor’s architect or surveyor shall be conclusive and final. And if there is any material or article having the load in excess of the aforesaid, Lessee shall remove such material or
article from the Demised Premises without delay or within such time as specified by Lessor. 
  

	 	5.10 	Lessee shall not do or permit or suffer anything to be done by reason whereof any insurance effected by Lessor on the Demised Premises may be rendered void or cancelled
or whereby the rate of premium thereon may be increased, and to comply with all recommendations of the insurers with respect to the use of the Demised Premises. 

 

	 	5.11 	Lessee may insure its properties in the Demised Premises, subject to the condition that upon Lessor’s request, Lessee shall furnish to Lessor details of insurance
policy for the Lessee’s property insured in the Demised Premises. 

  

	 	5.12 	 Lessee and its dependants shall not create any act whatsoever which tend to be illegal or immoral or objectionable or cause any nuisance or disturbance
to the Lessor or other persons, or do anything which 

  
 4 

	 	 
may be hazardous to the Demised Premises or nearby premises or properties of Lessor, other tenants or other persons. 

 

	 	5.13 	Lessee consents to the Lessor’s right in prohibiting any person, whether employee or customer of Lessee, from entering into the Demised Premises or Building, or in
ejecting from the Demised Premises or Building if such person is deemed unsuitable with reasonable cause. 

  

	 	5.14 	Lessee shall have leasehold right solely in the interior part of the Demised Premises, but shall not have any right in the exterior part thereof. Lessee shall not place
any goods or other objects outside the Demised Premises. 

  

	 	5.15 	Lessee shall not affix or erect name or advertisement boards or any materials on the exterior of the Demised Premises, except for name of Lessee in such form and size
as approved by Lessor. 

  

	 	5.16 	Lessee, its representatives, dependants or visitors shall not use passenger lifts for transportation of goods, materials or components of over weight or size other than
such lifts as specifically provided for by Lessor. 

  

	6.	Lessor or its representatives shall have the right, during reasonable hours and with reasonable advance notice to Lessee, to enter upon and inspect the Demised
Premises, and shall have the right to give recommendations and cautions on any acts which may constitute a breach of the Agreement or may cause damage with which Lessee or its dependants shall comply. 

 

	7.	During the term of the Agreement, Lessor shall have the right, during reasonable hours and with reasonable advance notice to Lessee (except in case of emergency), to
enter upon for maintenance or installation of machinery, equipment, tools and accessories in the Demised Premises for the benefits of Lessee itself or for other lessees or Lessor with the least interruption to Lessee’s business operation and
Lessee shall cooperate with Lessor therefor. 

 Lessor shall not be responsible to Lessee for any interruption or
inconvenience due to the necessary installation, maintenance or other force majeure causes beyond the Lessor’s control as well as the acts of the personnel carrying out such works. 

 

	8.	 Lessor shall not be responsible for any damages or injuries caused by the defects or malfunctions in the Demised

  
 5 

	 	 
Premises, Building or any machinery, equipment, tools and accessories against property, life or body of Lessee, its agents, dependants or customers, except for those damages or injuries caused by
gross negligence or willful misconduct of Lessor. 

  

	9.	In case the Demised Premises, or any part thereof, during the term of this Agreement be damaged and unusable by force majeure, fire, explosion or other risks (except
where damage has been caused by the fault or negligence of Lessee or its dependants, customers), the rentals shall be pro rata shared according to the nature and extent of the damage which is unusable and which shall be mutually agreed upon until
such damage shall have been repaired or made good to the same condition. 

  

	10.	Payment or making security deposit by cheques or other bills shall be deemed valid and made when Lessor has received cash thereunder. 

In the event that Lessee shall be in default of making any payments hereunder to Lessor, Lessee agrees to pay a penalty to Lessor for the
amount outstanding at the rate of 2% per month until full payment thereof shall have been made to Lessor, including all costs and expenses incurred to Lessor for collecting payments from Lessee. 

 

	11.	If Lessee shall be in default of making payment of rental, or any other money due and payable by Lessee to Lessor under this Agreement and/or any other agreement
between Lessee and Lessor, or if Lessee shall be in default of any provisions herein, or the Demised Premises or property of Lessee shall be seized or attached, or bankruptcy petition shall have been filed against Lessee, or Lessee ceases to conduct
its regular business or is prohibited from carrying on the business for a period of more than three consecutive days, or Lessee shall be wound up or enter into liquidation, then Lessor shall have the rights to stop providing electricity, water,
air-conditioning, telephone or any other services, and the right to terminate this Agreement immediately by giving at least 15 days written notice thereof to Lessee, however, the Lessee has failed to remedy the same within the said period, then
Lessor shall have the right to immediately enter into to repossess and take possession the Demised Premises and to remove all the Lessee’s properties from the Demised Premises, as well as to change the locks and keys to the Demised Premises or
to close or otherwise block the entrance into or exit from the Demised Premises without any liability for any damages including civil actions or criminal offences all of the rights to which are hereby waived by Lessee. 

Upon the exercise of the Lessor’s right of termination above, Lessor shall immediately be entitled to the security deposit forfeited
under Clause 4 in its entirety and shall not affect the Lessor’s claims for any other damages under the provisions hereof or under the laws. 

  
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	12.	 In the event that Lessee shall have terminated this Lease Agreement prior to the term of lease without cause as provided for herein or by laws, or the
Lease Agreement shall have been terminated prior to the term for any reason which is attributable to Lessee, Lessee shall be obliged to pay compensation for damages to Lessor monthly in the amount equal to the monthly rental as stated in Clause 2
hereof, payable monthly within the 5th day of each month
commencing from the date of such termination until the expiry date of the lease as specified in Clause 1 above, or until the commencement date of a new lease agreement for the Demised Premises with a new tenant, whichever is earlier. In such event
Lessor shall be entitled to withhold the remaining of the security deposit mentioned in Clause 4 above until Lessor shall have received payment for damages under this Clause 12 in full. 

 

	13.	In the event that Lessee wishes to renew the term of this Lease Agreement, Lessee shall give at least 150 (One Hundred Fifty) days written notice thereof to Lessor
prior to the expiry date of the Lease Agreement. The agreements on the rates of rental or other service charges, including the new terms and conditions of the Lease Agreement shall be concluded and become final prior to the term of this Lease
Agreement. Said agreements shall be the essence of the renewal of the lease. Notwithstanding anything herein contained, the foregoing paragraph shall not oblige Lessor to renew the Lease Agreement with Lessee. During 120 (One Hundred Twenty) days
immediately preceeding the expiry date of the Lease Agreement, if Lessor and Lessee have not yet reached the agreement to renew the Lease Agreement in writing, Lessee will permit Lessor or Lessor’s agent to view the Demised Premises and show
the same to prospective new tenants. 

  

	14.	Subject to the terms and conditions of Clause 15, upon the expiration of the term of this Lease Agreement or the non-renewal of the Lease Agreement or the termination
of the Lease Agreement for whatever reason, Lessee shall move out, remove its properties and dependants, vacate the Demised Premises and deliver the Demised Premises in good repaired condition to Lessor within 7 days from the date of termination. If
Lessee and its dependants fail to move out, remove its properties and dependants, and vacate the Demised Premises within said time by reason whereof Lessor shall be unable to take possession of the Demised Premises in good repaired condition within
said 7 days, Lessee shall pay compensation for damages and penalty to Lessor at the rate of 100 (One Hundred) Baht per square meter per day until the date the Lessor has accepted the delivery of the repaired Demised Premises and Lessee shall forfeit
and Lessor shall be entitled to retain the security deposits made with Lessor under this Agreement and Service Agreement (if any) and to claim for other damages. 

 In the event that the Lessee fails to repair and deliver the Demised Premises in good repaired condition to Lessor within said 7 (seven) days, the Lessor shall have the right to execute the repair and
restoration of the 

  
 7 

 
Demised Premises at the Lessee’s costs and expenses, Lessee shall pay compensation for damages and penalty to Lessor at the rate of 100 (One Hundred) Baht per square meter per day until the
date the Lessor has completed the repair and restoration of the Demised Premises to the satisfaction of the Lessor. In addition, the Lessee shall forfeit and Lessor shall be entitled to retain the security deposits made with Lessor under this
Agreement and Service Agreement (if any) and to claim for other damages. 
  

	15.	Upon termination of this Lease Agreement for whatever reasons, the Lessor shall have the following options: 

 

	 	15.1 	to take possession of the Premises whereby the Lessee shall remove its furnitures and fixtures from and restore the Premises to the condition initially delivered normal
wear and tear excepted at the Lessee’s own cost and expense, within the period of time specified in clause 14; or 

  

	 	15.2 	to take possession of the Premises whereby the Lessee shall deliver the same in good repaired condition together with the furnitures, fixtures and fittings installed or
provided therein by the Lessee without claims for any compensation therefor from the Lessor. 

  

	16.	No failure on the part of Lessor to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor
will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. 

  

	17.	Any notice or communication in writing with Lessee if cannot be served by any reason, Lessee hereby consents to the Lessor’s posting such notice or communication
at the Demised Premises and shall be deemed that the same has been duly received by and known to Lessee. 

 This Agreement is made
in duplicate of identical tenors, one copy each is kept by Lessor and Lessee. Both parties have read and understand the provisions contained herein thoroughly and have caused this Agreement to be duly executed under seal (If any) in presence of
witnesses. 
  

									
					
	(Signed)	 	 	 	Lessee	 		 	
		 	 (Mr. Kittiwat Rojanusorn and Mr. Andrew Ng Chong Yew),

Lionbridge (Thailand) Ltd.
	 		 		 	

  
 8 

									
					
	(Signed)	 	 	 	Lessor	 		 	
		 	 (Mr. Prateep Chirakiti and Miss Srisamon Chirakiti)

Silom Building and Service Co., Ltd.
	 		 		 	

  

									
					
	(Signed)	 	 	 	Witness	 		 	
		 	(Mrs. Napatsom Chanmuanpuak)	 		 		 	

  

									
					
	(Signed)	 	 	 	Witness	 		 	
		 	(Mrs. Ratchadakorn Natenoi),	 		 		 	

  
 9

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