Document:

Amendment 2 to Commercial Lease

 Exhibit 10.28 
 AMENDMENT NO.2 TO THE COMMERCIAL LEASE SIGNED 10TH MARCH 2008 
 BETWEEN THE
UNDERSIGNED: 
 The company HVB Immoblien Verwaltungs Gmbh & Co, Paris 4 KG., limited partnership, of which the head office is in
Munich (D-80333) (Germany), Maffeistrasse 3, registered on the commercial register of Munich under number HRA 76519, owner of the building, 

Named the “LESSOR” in this deed, 
 Having as an intermediary “CONSTRUCTA ASSET MANAGEMENT”, limited company with capital of 2 592 816 Euros, of which the head office is located at 73, Rue de Miromesnil PARIS 8ême Arrondissement, registered under number RCS PARIS 424 387
223, chaired by CONSTRUCTA and represented by Mr Thierry MARTIN acting as Deputy Chief Executive Officer. 
 On the one hand,

 AND: 

HOMELIDAYS, simplified stock company with capital of 91 110 Euros, registered under number 432 287 209, having its head office
at 19 Rue Martel in Paris in the 10th Arrondissement,
represented by its chairman, Mr Florent MAMMELLE hereby duly authorised for the purposes described herein. 
 Named the
“LESSEE”, in this deed, 
 On the other hand, 
 THE FOLLOWING HAS BEEN STATED AND AGREED 
  

	 	1.)	 The company HVB Immoblien Verwaltungs Gmbh & Co, Paris 4 KG., limited partnership, of which the head office is in Munich (D-80333) (Germany),
Maffeistrasse 3, registered on the commercial register of Munich under number HRA 76519 agreed by act private of signature on 10th March 2008 to a commercial lease subject to the decree of 30th September 1953, taking effect on 1st April 2008 to terminate on 31st March 2017 concerning “the leased premises”
(described in article 1: Description) of a floor-space of around 219m2 in building A on the 2nd floor and 615 m2 in building B on the ground, first, second and third floors within the property Sis au 47 bis Rue des Vinaigriers in Paris
10th Arrondissement – to the HOMELIDAYS company,
HOMELIDAYS, simplified stock company with capital of 91 110 Euros, registered on the Register of Commerce and Trade in Paris under number 432 287 209. 

 

	 	2.)	 The Lessee approached the Lessor to lease an archive-space of approximately 25 m2, amendment NO.1 was signed on the 18th November 2008 as was the rent of €297 475.00 excluding tax
broken down in the following manner: 

  

									
		 	•    	 	Offices	  	€291900.00	  	
					
		 	•	 	Parking	  	€1200.00	  	
					
		 	•	 	Archives	  	€4375.00	  	

	 	3.)	 The Lessee approached the Lessor to lease additional office space of 256 m2 on the 2nd floor of building A for an additional lease of €89600 excluding tax and to terminate the archive-space of 25
m2 on the 1st basement level with a rent of
€4375.00 excluding tax. 

 WITH THIS STATED, THE FOLLOWING WAS AGREED 

ARTICLE 1: DESCRIPTION OF THE LEASED PREMISES IN ACCORDANCE WITH AMENDMENT NO.2 

The parties agree, with this Amendment NO.2 to add to the initial leased premises as outlined in the lease and amendment NO.1 –
premises for office-use on the 2nd floor with a
floor-space of approximately 256 m2 and to terminate the archive-space on the 1st basement level. 
 The premises leased by the Lessee are broken down as follows: 

An office space of approximately 1090 m2 
  

			
	 •   Building A
	  	

  

					
	 •   2nd floor
	  	 	475m2	  

  

			
	 •   Building B
	  	

  

					
	 •   Ground Floor
	  	 	60 m2	  
		
	 •   1st Floor
	  	 	185 m2	  
		
	 •   2nd Floor
	  	 	185 m2	  
		
	 •   3rd Floor
	  	 	185 m2	  

  

			
	 •   A parking space – on 1st basement level NO.72
	  	

 ARTICLE 2: SUSPENSIVE CONDITIONS 
 This amendment is tied to a suspensive condition for the release of the leased offices of 256 m2 on the 2nd floor, subject of this amendment, by the FIFCA company, on the anticipated date of 2nd March 2009. 

The Lessee pledges to be present on 2nd March for an inventory of fixtures upon departure and arrival. 

In the event of delay to the releasing of the premises by the current tenant, the inventory upon departure and arrival will take place on a new date
decided in consultation with the Lessee, and at the latest within 10 days of the effective date of the release. 
 In the event of delay within
a month’s time-limit, the effective date of this amendment shall be adjusted. Beyond this time-limit the Lessee shall be able to abandon this amendment. 
 ARTICLE 3: START-DATE OF AMENDMENT NO.2 
 This amendment NO.2 shall take effect on the day
on which the inventory is drawn up upon entry, referred to as the date of “taking possession” and it is understood that the legal documents must be returned before this date. 
 The end of occupancy of the archive-space will fall on the date when possession is taken. 

 It is expressly agreed by the parties that the signing of this Amendment No.2 has no bearing on initial
duration of the lease. 
 ARTICLE 3: RENT 
 For the additional leased premises this amendment has been agreed upon and accepted in return for an additional annual rent excluding taxes and charges of €89600.00 (eighty-nine thousand, six-hundred
euros), the benchmark index for the 3rd quarter of standing at a value of 1594. 
 As an exception, a four month exemption
from rent is granted to the Lessee starting from the date of taking possession, and here it is reminded that during this period the annual rent will be €293100 (two hundred and ninety three thousand one hundred euros). This rent shall be
revised at the anniversary date of the lease on the
1st April 2009. 

As a result of this, the rent excluding taxes and charges for the Lease, for amendment NO.1 and for amendment No.2 is €382700 (three-hundred and
eighty-two thousand seven-hundred euros) starting from the date of taking possession + 4 months broken down as follows: 
  

									
		 	•    	 	Bureaux (lease)	  	€291900.00 excluding tax (index 3T07)	  	
					
		 	•	 	Parking (lease)	  	€1200.00 excluding tax (index 3T08)	  	
					
		 	•	 	Offices (amendment NO.2)	  	€89600.00 excluding tax (index 3T08)	  	

 ARTICLE 3: INDEXATION AND REVISION OF AMENDMENT NO.2 

The benchmark index for this amendment of the 3rd quarter of 2008 stood at: 1594. 
 The first annual indexation for this amendment shall thus intervene on
1st April 2010. 

However, it is specified that the revision of the main lease take place on
1st April 2009 with the index for the 3rd quarter of 2008. 

ARTICLE 5: PROVISION FOR CHARGES 
 The
Lessee pledges to pay to the Lessor a provision for charges, payments, expenses for this first year equal to €65805.44 including tax (sixty-five thousand eight-hundred and five euros and forty-four cents) in accordance with the 2009 budget.

 ARTICLE 7: INVENTORY OF FIXTURES 

 An inventory upon arrival/departure will be conducted with the FIFCA company on the
2nd March 2009, or at a later date in accordance with
article 2 in the event of a delay in release of the premises by the current tenant. 
 The premises must be released and left clean (normal wear
and tear due current usage is covered by the 4 months exemption of rent) so that the Lessee can occupy them as soon as he takes possession. However, the Lessee abandons any claim to financial aid from the Lessor for a possible restoration to the
original state, with the exception of that for which the departing tenant is responsible (inventory report upon departure). Remember also that the Lessor has already granted a rent exemption for four months. 

The Lessee declares that he knows the premises well and that they are suitable to occupy and visit with regard to the conventions cited in the preceding
statement. 
 The other clauses in the Lease remain unchanged. 
 ARTICLE 8: SUBLETTING 
 In addition to the stipulations made in article 10 of the main lease
which remain fully valid, the Lessor authorises the Lessee to sublease all or part of the 256 m2, subject of this amendment – to: 
  

	 	•	 	 Subsidiaries of the Lessee, his holding company or to subsidiaries of his holding company without prior consent (all named members of the Group),

  

	 	•	 	 Companies other than ones in the group on the condition that prior consent of the Lessor is sought in view of the application file, and it is
understood that refusal must be for a good and reasonable reason. 

 Signed with three original copies in Paris on 22/01/09

  

			
	/s/ Constructa Asset Management	  	/s/ Homelidays
		
	The Lessor	  	The LesseeAmendment 3 to Commercial  Lease

 Exhibit 10.29 
 AMENDMENT No. 3 TO THE COMMERCIAL LEASE SIGNED ON 10 MARCH 2008 
 BETWEEN
THE UNDERSIGNED: 
 The company IVZ Immobilien Verwaltungs Gmbh & Co. Paris 4 KG., a limited partnership company of which the
registered office is in MUNICH (D-80333) (Germany), Maffeistrasse 3, registered at the Trade Registry of MUNICH under the number HRA 76519, owner of the building, 
 Referred to as the ‘LESSOR’ in the present deed, 
 Having as its agent
‘CONSTRUCTA ASSET MANAGEMENT’, a limited liability company with share capital of €2,592,816, of which the registered office is located at 134, boulevard Haussmann PARIS 8th district, registered under the Paris RCS number B 424387223,
chaired by CONSTRUCTA and represented by Mr Olivier RAYMOND in his capacity as Portfolio Director. 
 PARTY OF THE FIRST PART,

 AND: 

HOMELIDAYS, a Simplified Joint Stock Company with share capital of €91,110, registered at the Registry of Trade and Companies of Paris under
the number 432 287 209, having its registered office located at 47 bis rue des Vinaigriers in Paris in the 10th district, represented by its Chairman, Mr Cyrielle COIFFET, duly authorised for the purposes of the present. 

Referred to as the ‘LESSEE’ in the present deed, 
 PARTY OF THE SECOND PART, 
 PREAMBLE 

1 - On 5 March 2009, the company IVZ Immobilien Verwaltungs Gmbh & Co. Paris 4 KG., a limited partnership company of
which the registered office is located at MUNICH (D-80333) (Germany), Maffeistrasse 3, registered at the Trade Registry of MUNICH under the number HRA 76519 having taken over the rights of the company HVB Immobilien Verwaltungs, Gmbh & Co,
Paris 4 KG, owner of the building, granted by private deed on 10 March 2008 a commercial lease subject to the decree of 30 September 1953, taking effect on 1 April 2008 and terminating on 31 March 2017 relating to ‘leased
premises’ (described in Article 1: Designation) with a surface area of approximately 219 m2 in building A on the second floor and 615 m2 in building B on the ground floor, 1st, 2nd and 3rd floors of the property complex located at 47 bis rue des Vinaigriers in Paris 10th district to the Company HOMELIDAYS, a Joint Stock Company with share capital of €91,110, registered at the
Registry of Trade and Companies of Paris under the number 432 287 209. 
 2 - The Lessee having approached the Lessor in
order to lease an archive storage area of approximately 25
m2 environ, an amendment no. 1 was signed on
18 November 2008 with the rent of €297,475 excluding taxes being broken down as follows: 
  

			
	 •    Offices
	  	€291,900 excluding taxes
		
	 •    Parking space
	  	€1200 excluding taxes
		
	 •    Archives
	  	€4375 excluding taxes

 3 - The Lessee approached the Lessor in order to lease an additional office area of 256 m2 on the second floor of the building A for an additional rent of €89,600 excluding taxes and to terminate the lease
on the archive storage area of 25m2 on the first underground level for a rent of €4,375 excluding taxes. 
 4 - The
Lessee approached the Lessor in order to once again lease the archive storage area of 25 m2 on the first underground level. 

 THIS HAVING BEEN SET OUT, IT HAS NOW BEEN AGREED AS FOLLOWS 

ARTICLE 1: DESIGNATION OF THE LEASED PREMISES ACCORDING TO AMENDMENT N’3  
 The premises leased by the Lessee henceforth comprise the following: 
 An
office area of approximately 1,090 m2 

 

							
	Building A	  				 	
	2nd floor	  	 	475 m	2 	 	
	Building B	  				 	
	Ground floor	  	 	60 m	2 	 	
	1st floor	  	 	185 m	2 	 	
	2nd floor	  	 	185 m	2 	 	
	3rd floor	  	 	185 m	2 	 	

 And of one parking space on the first underground level, no. 72, and an archive storage area
on the first underground level of 25 m2. 

ARTICLE 2: EFFECTIVE DATE OF AMENDMENT No. 3  
 The present Amendment no. 3 will take effect on 8 March 2010. 
 It is expressly agreed
between the parties that the signature of the present Amendment no. 3 and will have no consequence on the initial term of the lease. 

ARTICLE 3: RENT  
 For the
additional leased premises, the present agreement is granted and accepted in consideration of an additional rent excluding taxes and charges of €4,832.75 (four thousand eight hundred thirty two euros 75 centimes), the reference index being that
of the third quarter of 2008 with a value of 1594. 
 ARTICLE 4: INDEXATION ET REVISION DE L’AVENANT N’3  

The reference index for the present Amendment is that of the third quarter of 2008: 1594. 
 The first annual indexation of the present Amendment will therefore occur on 1 April 2010. 

ARTICLE 5: GUARANTEE DEPOSIT 
 The
Lessee undertakes to pay to the Lessor on the signature of the present deed the sum of €1,208.18 (one thousand two hundred eighteen euros 18 centimes) corresponding to three months of rent excluding taxes and charges. 

The Lessee declares that it is well acquainted with the premises since it has occupied and visited them and by virtue of the agreements referred to in
the above preamble. 
 The other clauses of the Lease remained unchanged. 
 Executed in three original counterparts, in Paris on March 8, 2010 
  

			
	 /s/ Homelidays
 The     
	  	 /s/ Constructa Asset Management
 The     

	Lessee	  	Lessor

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