Document:

Prepared by R.R. Donnelley Financial -- LOAN DOCUMENT MODIFICATION AGREEMENT

  
 EXHIBIT 10.4 
  
 LOAN DOCUMENT MODIFICATION AGREEMENT (No. 1) 
  
 LOAN DOCUMENT MODIFICATION AGREEMENT (NO. 1) dated
as of April 29, 2002 by and among LIONBRIDGE TECHNOLOGIES HOLDINGS B.V. and LIONBRIDGE TECHNOLOGIES B.V., each a limited liability company incorporated under the laws of the Netherlands, LIONBRIDGE TECHNOLOGIES IRELAND, an unlimited company
incorporated under the laws of Ireland (collectively, the “Borrowers”), and SILICON VALLEY BANK (the “Bank”), a California chartered bank with its principal place of business at 3003 Tasman Drive, Santa Clara,
California 95054, and with a loan production office located at One Newton Executive Park, 2221 Washington Street, Suite 200, Newton, Massachusetts 02462, doing business under the name “Silicon Valley East”. 
  
 Reference to Existing Loan Documents. 
 Reference is made to that certain Loan Agreement dated as
of June 28, 2001 between the Bank and the Borrowers (with the attached schedules and exhibits, the “Loan Agreement”) and the Loan Documents referred to therein, including without limitation, that certain Promissory Note of the
Borrowers dated as of June 28, 2001 in the principal amount of U.S. $6,000,000 (the “Note”). Unless otherwise defined herein, capitalized terms used in this Agreement shall have the same respective meanings as set forth in the Loan
Agreement. 
  
 Effective Date. 
 This Agreement shall become effective as of
April 29, 2002 (the “Effective Date”), provided that the Bank shall have received the following on or before such date and provided further, that in no event shall this Agreement become effective until signed by an officer of the
Bank in California: 
  
 two copies of this Agreement, duly executed by all of the Borrowers, with the attached Consent of Lionbridge Technologies, Inc.
(“LTI”), duly executed thereby; 
 an Allonge to the Note in the form attached hereto as Exhibit A, duly executed by all of the Borrowers (the “Allonge”);

 a certificate of the Secretary or other appropriate officer of each Borrower, certifying (i) that the resolutions of its Board of Directors attached to such certificate, authorizing execution
and delivery of this Agreement and the Allonge, have been duly authorized, (ii) that the charter and other organizational documents of such Borrower delivered to the Bank on June 28, 2001 remain in effect and have not been amended or modified in any
respect, and (iii) as to the identity of officer(s) authorized to execute this Agreement and the Allonge and to take all other actions contemplated hereby and thereby, and providing signature specimens of such officer(s); 
 the Guarantee Modification Document (No. 1) in the form attached hereto as Exhibit B, duly executed by LTI, with the attached Consent of the Borrowers, duly executed thereby; and 
 a certificate of recent date issued by the Secretary of State of Delaware, certifying as to the legal existence and good standing of LTI in such state. 
 By the signature of its authorized officer below, each Borrower hereby represents that as of the Effective Date, (i) except as modified on Schedule A attached hereto, the representations of such Borrower set
forth in the Loan Documents (including those contained in the Loan Agreement, as amended by this Agreement) are true and correct as if made on and as of the Effective Date, (ii) such Borrower has no defenses against the obligations to pay any
amounts under the Loan Agreement and the other Loan Documents, and (iii) no Default, other than LTI’s failure to comply with the tangible net worth requirement for the months ended November 30 and December 31, 2001, and January 31, February 28
and March 31, 2002, as set forth in Section 13(b) of the Guarantee, has occurred and is continuing. 
  
 Description of Changes in Terms. 
 As of the Effective Date, the Loan Agreement is modified in the following respects: 
 

  
 Section 8 to the Loan Agreement is hereby amended by inserting immediately prior to the penultimate sentence of the
definition of “Eligible Receivables” therein, the following sentence: 
 “Notwithstanding the foregoing and without limiting the
discretion of Silicon to determine eligibility for borrowing, if a Deed of Pledge or similar instrument in form and substance satisfactory to Silicon has not been executed on or before April 30, 2002 by all banks or other financial institutions at
which Lionbridge Technologies B.V. and Lionbridge Technologies Holdings B.V. maintain deposit account(s) (or otherwise deposit cash and/or similar liquid assets), pursuant to which such bank or financial institution shall agree, inter
alia, to comply with written instructions by Silicon with respect to such deposits and waive all rights of pledge, recoupment, set-off or suspension of performance with respect thereto, then all Receivables of such Borrowers shall be deemed
ineligible for borrowing until such time as such Borrowers have complied with such requirement.” 
  
 The Schedule (attached) to the Loan Agreement is
hereby amended and restated in its entirety by substituting therefor Exhibit 1 attached hereto. 
 Continuing Validity. 
 Upon the effectiveness hereof, each reference in each Loan Document to “the Loan Agreement”, “thereunder”, “thereof”, “therein”, or words of like import referring to the Loan
Agreement, shall mean and be a reference to the Loan Agreement, as amended hereby. Except as specifically set forth above, the Loan Agreement shall remain in full force and effect and is hereby ratified and confirmed. Each of the other Loan
Documents is in full force and effect and is hereby ratified and confirmed. The amendments set forth above (i) do not constitute a waiver or modification of any term, condition or covenant of the Loan Agreement or any other Loan Document, other than
as expressly set forth herein, and (ii) shall not prejudice any rights which the Bank may now or hereafter have under or in connection with the Loan Agreement, as modified hereby, or the other Loan Documents and shall not obligate the Bank to assent
to any further modifications. 
  
 Miscellaneous. 
 This Agreement may be signed in one or more
counterparts each of which taken together shall constitute one and the same document. 
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
MASSACHUSETTS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 EACH BORROWER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS IN ANY ACTION, SUIT, OR PROCEEDING OF ANY KIND AGAINST IT WHICH ARISES OUT OF OR BY REASON OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR ANY REASON THE BANK
CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, THEN VENUE SHALL LIE IN SANTA CLARA COUNTY, CALIFORNIA. 
 The Borrowers agree, on a joint and several basis, to promptly
pay on demand all costs and expenses of the Bank in connection with the preparation, reproduction, execution and delivery of this Agreement and the other instruments and documents to be delivered hereunder, including the reasonable fees and
out-of-pocket expenses of Sullivan & Worcester, special counsel for the Bank with respect thereto. 
 [Remainder of page intentionally left blank] 
 

  
 IN WITNESS WHEREOF, the Bank and the Borrowers have caused this Loan Document Modification
Agreement (No. 1) to be signed under seal by their respective duly authorized officers as of the date set forth above. 
  
 
	 SILICON VALLEY EAST, A
DIVISION
OF SILICON VALLEY BANK
 
	 
	 By:
 	 	 

	  	 	 Name: John D. Gaziano, Jr.
 Title: Senior Relationship Manager
 

 
  
 
	 SILICON VALLEY BANK
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 (signed in Santa Clara, CA)
 

 
  
 
	 LIONBRIDGE TECHNOLOGIES HOLDINGS B.V.
 
	 
	 By:
 	 	 

	  	 	 Name: Rory J. Cowan
 Title:
Managing Director
 

 
  
 
	 LIONBRIDGE TECHNOLOGIES B.V.
 
	 
	 By:
 	 	 

	  	 	 Name: Rory J. Cowan
 Title:
Managing Director
 

 
  
 
	 LIONBRIDGE TECHNOLOGIES IRELAND
 
	 
	 By:
 	 	 

	  	 	 Name: Rory J. Cowan
 Title:
Managing DirectorPrepared by R.R. Donnelley Financial -- GUARANTEE MODIFICATION AGREEMENT

  
 EXHIBIT 10.5 
  
 GUARANTEE MODIFICATION AGREEMENT (NO. 1) 
  
 GUARANTEE MODIFICATION AGREEMENT (NO. 1) dated as of
April 29, 2002 by and between LIONBRIDGE TECHNOLOGIES, INC., a Delaware corporation (the “Guarantor”), and SILICON VALLEY BANK (the “Bank”), a California chartered bank with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054, and with a loan production office located at One Newton Executive Park, 2221 Washington Street, Suite 200, Newton, Massachusetts 02462, doing business under the name “Silicon Valley East”.

  
 WHEREAS, pursuant to that certain Guarantee dated as of June 28, 2001 (the “Guarantee”), the Guarantor has
guaranteed the full payment and performance of all obligations of Lionbridge Technologies Holdings B.V., Lionbridge Technologies B.V. and Lionbridge Technologies Ireland (collectively, the “Borrowers”) to the Bank, including the
obligations of the Borrowers under that certain Loan Agreement, dated as of June 28, 2001, between the Borrowers and the Bank (the “Loan Agreement”); 
  
 WHEREAS, the parties to the Loan Agreement propose to amend its terms and provisions pursuant to a Loan Document Modification Agreement (No. 1) to be dated of even date herewith
(“Modification No. 1”) between the Borrowers and the Bank; 
  
 WHEREAS, it is a condition precedent to the
effectiveness of Modification No. 1 that the Guarantor execute and deliver this Agreement; 
  
 WHEREAS, the Guarantor is the
ultimate corporate parent of each of the Borrowers and will benefit directly and indirectly from Modification No. 1 and the advances and other extensions of credit available to the Borrowers under the Loan Agreement as amended thereby; 

 
 NOW, THEREFORE, in consideration of the premises and to induce the Bank to enter into Modification No. 1, the Guarantor hereby agrees with
the Bank as follows: 
  

	I.
	 
	Description of Change in Terms. 
 

 Effective as of the date first set forth
above, the Guarantee is hereby modified in the following respects: 
  
 The first preamble to the Guarantee is amended and restated in its entirety to read
as follows: 
 “WHEREAS, pursuant to the Loan Agreement of even date herewith among Lionbridge Technologies Holdings B.V., Lionbridge Technologies
B.V. and Lionbridge Technologies Ireland (collectively, the “Borrowers”) and the Bank (as from time to time amended or in effect, the “Loan Agreement”), the Bank has agreed, subject to the terms and conditions
thereof, to make credit extensions to the Borrowers;” 
  
 Section 13(b) of the Guarantee is amended and restated in its entirety to read as follows:

 “Tangible Net Worth. The Guarantor will not permit its Tangible Net Worth at the end of the following calendar months to be less than the
amount set forth below opposite such calendar month, plus (i) 80% of all proceeds in excess of $10,000,000 resulting from the issuance and sale of common or preferred stock or subordinated debt of the Guarantor during the period commencing
March 1, 2002 and ending April 30, 2002, plus (ii) 80% of all proceeds resulting from the issuance and sale of common or preferred stock or subordinated debt of the Guarantor on or after May 1, 2002. 
  
 
	 Calendar Months Ending
 
	 	 Minimum Tangible Net Worth
 

	 March 1, 2002—March 31, 2002
 	 	 $2,500,000
 

 
 

  
 
	 April 1, 2002 – June 30, 2002
 	 	 $2,000,000
 
	 July 1, 2002 – September 30, 2002
 	 	 $2,000,000
 
	 October 1, 2002 – December 31, 2002
 	 	 $2,500,000
 
	 January 31, 2003 and thereafter
 	 	 $3,000,000
 

 
  
 Continuing Validity. 
 Upon the effectiveness hereof, each reference in the Loan Documents to the “Guarantee”, and each use of the word “thereunder”, “thereof”, “therein”, or words of like import referencing the Guarantee
shall (except with reference to the Guarantee by the Guarantor of the obligations of the Domestic Borrowers, as defined in the Loan Agreement) mean and be a reference to the Guarantee, as amended hereby. Except as specifically set forth above, the
Guarantee shall remain in full force and effect and is hereby ratified and confirmed. The Guarantor represents and warrants that (i) no Default (as defined in the Loan Agreement), other than the failure to comply with the tangible net worth
requirement set forth in Section 13(b) of the Guarantee for the months ended November 30 and December 31, 2001, and January 31, February 28 and March 31, 2002, has occurred and is continuing on the date hereof, and (ii) the representations and
warranties of the Guarantor set forth in the Guarantee are true and correct as of the date hereof. 
  
 Miscellaneous. 
 This Agreement may be signed in one or more counterparts each of which taken together shall constitute one and the same document. 
 WAIVER OF JURY
TRIAL.    THE GUARANTOR AND THE BANK EACH HEREBY EXPRESSLY WAIVES ANY RIGHT IT MAY NOW OR HEREAFTER HAVE TO A JURY TRIAL IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM WHICH ARISES OUT OF, BASED UPON OR BY REASON OF THIS
AGREEMENT. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE BANK AND THE GUARANTOR, AND SHALL BE SUBJECT TO NO EXCEPTIONS. 
 GOVERNING LAW.    THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
 CONSENT TO
JURISDICTION.    THE GUARANTOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE COMMONWEALTH OF
MASSACHUSETTS IN ANY ACTION, SUIT OR PROCEEDING OF ANY KIND AGAINST IT WHICH ARISES OUT OF OR BY REASON OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT IF FOR ANY REASON LENDER CANNOT AVAIL ITSELF OF THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS, THEN
VENUE SHALL LIE IN SANTA CLARA COUNTY, CALIFORNIA. 
 The Guarantor agrees to promptly pay on demand all costs and expenses of the Bank in connection with the preparation, reproduction, execution
and delivery of this Modification No. 1, including the reasonable fees and out-of-pocket expenses of Sullivan & Worcester, special counsel for the Bank with respect thereto. 
 IN WITNESS WHEREOF, the Bank and the Guarantor have caused this Agreement to be signed under seal by their respective duly authorized officers as of the date set forth above. 
  
 
	 LIONBRIDGE TECHNOLOGIES, INC.
 
	 
	 By:
 	 	 

	  	 	 Name: Rory J. Cowan
 Title: President and Chief Executive Officer
 

 
 

  
 
	 SILICON VALLEY EAST, a Division
of Silicon Valley Bank
 
	 
	 By:
 	 	 

	  	 	 Name: John D. Gaziano, Jr.
 Title:Senior Relationship Manager
 

 
  
 
	 SILICON VALLEY BANK
 
	 
	 By:
 	 	 

	  	 	 Name:
 Title:
 (signed in Santa Clara, CA)

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