Document:

EX-4.3

 Exhibit 4.3 

SHAREHOLDERS’ AGREEMENT 

with respect to 

MATERIALISE NV 
 between

 Mr Wilfried Vancraen 

Mrs Hilde Ingelaere 

Ailanthus NV 
 and

 Sniper Investments NV 

the FPPI Investors 

together, the “Parties” 

October 26, 2012 

 SHAREHOLDERS’ AGREEMENT 

BETWEEN 
  

	1.	Wilfried Vancraen, residing at 3040 Huldenberg, Jan Vander Vorstlaan19, 

  

	2.	Ailanthus NV, having its registered office at 3040 Huldenberg, Jan Vander Vorstlaan 19, represented for the purpose of this Agreement by its representative Mrs. Hilde Ingelaere, managing director

  

	3.	Hilde Ingelaere, residing at 3040 Huldenberg, Jan Vander Vorstlaan19, 

 Hereinafter
referred to as the “the Founders” or, in their capacity as holder of Class A Shares, “Class A Shareholders” as defined hereafter; 

AND: 
  

	4.	Sniper Investments NV (“Private Privak naar Belgisch recht onder de vorm van een naamloze vennootschap”), having its registered office at 2800 Mechelen, Hanswijkstraat 37A, represented for the
purpose of this Agreement by its managing director, BT Partners BVBA, represented by Mr. Bart Luyten, 

 Hereinafter
referred to as “Sniper” as defined hereafter, or in its capacity as holder of Class C Shares, as “Class C Shareholder” as defined hereafter. 
  

	5.	Distri Beheer 21 CVA, a limited company by shares incorporated under the laws of Belgium and having its registered office at Hazenhout 19, 2440 Geel, Belgium, represented by Mr. Joris De Meester, by power of
attorney; 

 DVP INVEST BVBA, a limited company by shares incorporated under the laws of Belgium and
having its registered office at Oudstrijderslei 18, 2930 Brasschaat, Belgium, represented by Mr. Joris De Meester, by power of attorney; 

MR. VICOMTE RODOLPHE DE SPOELBERGH,
residing at Rue Joseph Stallaert 20, 1050 Brussels, represented by Mr. Joris De Meester, by power of attorney; 
 Hereinafter referred
to as “FPPI Investors” as defined hereafter, or in its capacity as holder of Class C Shares, as “Class C Shareholder” as defined hereafter, 

AND: 
  

	6.	Materialise NV having its registered offices at 3001 Leuven, Technologielaan, 15, represented for the purpose of this Agreement by its representative, Mr. W. Vancraen. 

Hereinafter referred to as “the Company”. 

 THE PARTIES HAVE AGREED AS FOLLOWS: 

 

	Article 1:	DEFINITIONS 

 For the purpose of this Agreement unless otherwise defined herein: 

“Agreement” shall mean this shareholders’ agreement together with the Appendices as the same may be amended, modified
and/or restated from time to time; 
 “Articles” shall mean the articles of association (i.e. “Articles”) of the
Company; 
 “Class A Shareholders” shall mean the owner(s) of the Class A Shares; 

“Class A Shares” shall mean the Class A shares in the Company; 

“Class B Shareholder(s)” shall mean the respective owner(s) of Class B Shares; 

“Class B Shares” shall mean the Class B Shares in the Company; 

“Class C Shareholder(s)” shall mean the owner of Class C Shares; 

“Class C Shares” shall mean the Class C Shares in the Company; 

“Company Law” shall mean the Belgian Company Law; 

“Control” shall mean the factual or contractual situation whereby a person or entity is entitled to exercise the majority of
voting rights in a company or whereby a person or entity is entitled to appoint or dismiss the majority of directors of a company, as foreseen in articles 5 and following of the Company Law; 

“Key Managers” shall mean Wilfried Vancraen and Hilde Ingelaere; 

“Parties” shall mean the parties mentioned above as well as the Company itself; 

“Shareholder(s)” shall mean the Class A Shareholders, the Class B Shareholders and the Class C Shareholders; 

“Shares” shall mean all or a part of the Class A Shares, the Class B and the Class C Shares in the Company; 

“Articles” shall mean the articles of association (i.e. “Articles”) of the Company; 

	Article 2:	INTERPRETATIONS 

 In this Agreement, unless otherwise specified, 

 

	(a)	References to articles and Exhibits shall be treated as references to articles and Exhibits of this Agreement, and references to this Agreement are also to the Exhibits of this Agreement. 

 

	(b)	References to times and dates are to Belgian times and dates; unless stated otherwise, references to days are to calendar days; 

  

	(c)	References to statutory provisions are to statutory provisions which are in force at the Signing Date. 

  

	(d)	Words denoting the singular include the plural and vice versa, except where the context requires otherwise. 

  

	Article 3:	COMPOSITION OF THE SHAREHOLDING OF THE COMPANY, CLASS B WARRANTS AND FOUNDER STOCK 

  

	3.1.	Shareholders of Class A Shares, Class B Shares and Class C Shares 

 The share capital of the Company
consists at present of 9.431.006 Capital Shares. 
 The status of the ownership of the Shares as agreed on this October 26th 2012 and will be transferred subject to payment by ultimately 30 November 20112, is reflected in Appendix 1 to this Agreement. 

 

	3.2.	Class B Warrants 

 The Company has issued class B Warrants. The status of the outstanding class B
Warrants is as set forth in Appendix 1. 
  

	3.3.	Founder stock 

 Wilfried Vancraen is the owner of 300.000 founder stock of the Company, which do not
represent part of the share capital of the Company and have the rights attached to the stock as detailed in article 5bis (voting rights) and 28 (dividend rights) of the Articles. 

Article 4: TRANSFER RESTRICTIONS — BRING ALONG RIGHT (volgplicht) 

The Parties shall not transfer any of the Shares to any person or legal entity unless the provisions set forth in the relevant articles of the Articles have
been respected. 
 When the class A Shareholders want to exercise their bring along right, the class C shareholders lose their standard pre-emption right
(voorkooprecht) as described in article 8bis2 of the Articles. However, every Class C shareholder will have the right to purchase all shares of the company, if such shareholder matches the 100% purchase offer of the bona fide third party, received
by the Class A Shareholders. The Class C 

 
shareholder wishing to purchase all shares with a matching offer, has to inform the Class A shareholders thereof in writing within 20 working days, upon having received the written
information from the Class A shareholders that the latter want to exercise their bring along right. 
 If several Class C shareholders each match the
offer the Key Managers will determine to which Class C Shareholder all shares will be sold. 
 Notwithstanding any provision in the Articles, the right for
the Class A Shareholders to force the Class C Shareholders to sell their Shares as described under the Bring Along Right in the Articles can only be exercised if the price per Class C Share existing on the date of this Agreement is equal to the
higher amount of (a) the price offered by the bona fide third party, (b) the price of €3,2086. In case of issuance of additional Class C Shares, after October 26th 2012, the
minimum price for the Bring Along Right for these newly issued Shares will be set according to the provisions in the Articles. 
  

	Article 5:	REPORTING AND REVIEW OF DATA AND DOCUMENTS 

  

	5.1.	Regular reporting 

 The Class C Shareholders shall receive: 

 

	(i)	consolidated audited financial year reports of the Company (including a balance statement, profit and loss statement and cash-flow report) at the latest six months after closing of the fiscal year; 

 

	(ii)	audited financial year reports of the Company and its subsidiaries (including a balance statement, profit and loss statement and cash-flow report) three months after closing of the fiscal year; 

 

	(iii)	non-audited consolidated financial reports of the Company (including a balance statement and profit and loss statement) of the preceding semester two months after closing of the semester; and 

 

	(iv)	a 3 monthly consolidated management report of the Company 45 days after the end of the concerned period) and, 

  

	(v)	a monthly consolidated management report of the Company one month after the end of the concerned period. However the concerned management report will not be IAS compliant. 

 

	(vi)	any other information that the Class C Shareholders may reasonably request and that is generally available, and that the Company shall approve, such approval not to be unreasonably withheld. 

	5.2.	Confidentiality 

 The Parties undertake to keep all information regarding the Company and its business
confidential, and not to use or disclose such information except: 
  

	(i)	if the information is or has become publicly known without the fault of any Party; 

  

	(ii)	as may be required under applicable laws, or which a party is required to disclose, retain or maintain by law or any demand made by a government authority; or 

 

	(iii)	in order to comply with, or enforce this Agreement, or 

  

	(iv)	in order to exercise specific rights granted to the Shareholders, it being understood that the exercise of this right shall occur only after having obtained the approval thereof from the Company, such approval not to be
unreasonably withheld. 

  

	Article 6:	PREFERENTIAL SUBSCRIPTION RIGHTS — MODIFICATION OF RIGHTS 

 In case of a capital increase in cash
the Shareholders shall have preferential rights in accordance with Article 592 and following of the Company Law. 
 In case of a modification of rights
attached to a Class of Shares, Article 560 of the Company Law will apply. 
  

	Article 7:	NON-COMPETITION — Undertaking by the Key Managers 

  

	7.1.	In case one of the Key Managers is terminated by the Company for reasons other than cause or in case one of the Key Manager resigns from said position for cause, then such Key Manager shall not, whether directly or
indirectly, in the territories where the Company develops its business directly or through branches or subsidiaries, for a period of 12 months from the date of said termination: 

 

	(i)	directly or indirectly compete or engage in any activities similar to any business of the Company and refrain from any acts that may jeopardise the interests of the Company; 

 

	(ii)	solicit or endeavour to entice away from or discourage from dealing with the Company any person who was at any time a customer and client of the Company; 

 

	(iii)	supply or provide any competing goods or services to any person who was at any time a customer or client of the Company or any person to whom the Company supplied or provided goods or services in the ordinary course of
its business; 

  

	(iv)	solicit or endeavour to entice away from or discourage from being employed by the Company any person who was at the date of this Agreement an officer or employee of the Company, whether or not such person would commit a
breach of contract by reason of leaving services. 

	7.1.2.	In case one of the Key Manager voluntarily resigns from his/her position within the Company or is terminated for cause by the Company, then such Key Manager shall not whether directly or indirectly, and for a period of
24 months after the date of said termination: 

  

	(i)	directly or indirectly compete or engage in any activities similar to any business of the Company and refrain from any acts that may jeopardise the interests of the Company; 

 

	(ii)	solicit or endeavour to entice away from or discourage from dealing with the Company any person who was at any time a customer and client of the Company; 

 

	(iii)	supply or provide any competing goods or services to any person who was at any time a customer or client of the Company or any person to whom the Company supplied or provided goods or services in the ordinary course of
its business; 

  

	(iv)	solicit or endeavour to entice away from or discourage from being employed by the Company any person who was at the date of this Agreement an officer or employee of the Company, whether or not such person would commit a
breach of contract by reason of leaving services. 

  

	7.1.3.	Any breach of the obligations set forth in the present article by the Key Manager shall entitle the Company to claim damages from the Key Manager which are fixed at a lump sum of EUR 250.000. 

 

	Article 8:	EXIT INTENTION 

 The Class C Shareholders confirm that it is their intention to realise the value of
their Shares (based on a 100% valuation of the Company) within 8 years from the date of this Agreement by means of a sale of their respective shares, merger, IPO or otherwise (an “Exit”). 

The Class A Shareholders and the Company: 
  

	(i)	acknowledge that the Class C Shareholders wish to be kept informed on a regular basis and in any case upon their first reasonable request about 3D printing market dynamics and strategic position of 3D market players
which may be useful for the Class C Shareholders in view of an Exit; the Class A Shareholders and/or the Company commit to inform the Class C Shareholders on a regular basis about any indication of interest by any bona fide party to invest,
co-operate or buy (parts of) the Company. 

  

	(ii)	commit to undertake reasonable efforts to contribute to a maximisation of the value of the Company should the Class C Shareholders negotiate their Exit. 

	Article 9:	TERMINATION 

 The Agreement is entered into for a period of ten (10) years starting as of this
Agreement and shall be tacitly renewed thereafter for two (2) consecutive periods of five (5) years unless termination by either party with a notice period of one (1) year before the expiry of the term. 

Without prejudice to any other remedies available under any applicable law or as set forth herein (including indemnities for damages), this Agreement may be
terminated by the Party suffering from the default in case of serious default of a Party, after notice of default has been served upon such Party and provided such default remains uncorrected for at least 60 days from the day of notice. 

This Agreement shall further terminate automatically towards a Party: 
  

	(i)	if such a Party should cease to hold 1% of the Shares of the Company whereby the shareholding of parties under 4 will be taken as a whole; or 

 

	(ii)	by mutual agreement among all Parties. 

 Notwithstanding termination, the reference price per Share of
€3.2086 as described in article 4 shall at all times survive the term of this Agreement. 
  

	Article 10:	SEVERABILITY AND NULLITY 

 If any of the provisions of the present Agreement would be declared null and
void, such nullity shall not affect the validity of the other clauses. 
  

	Article 11:	MODIFICATION OF THE ARTICLES 

 The Parties accept and agree to modify the Articles by ultimately
30 November 2012. Parties commit to vote in favour of such amendment and the Class A Shareholders shall use their best efforts to obtain unanimous approval from all Class B Shareholders. The agenda, proposed resolutions and coordinated
Articles are attached hereto as Appendix 2 and can only be amended by mutual agreement between all Parties. 
  

	Article 12:	NOTIFICATIONS 

 Any notification, request or notice made pursuant to this Agreement shall be made by
registered mail with acknowledgement of receipt. The time periods referred to in this Agreement shall begin to run from the date of receipt of the registered mail with acknowledgement of receipt. 

 

	Article 13:	APPLICABLE LAW AND CHOICE OF FORUM 

  

	13.1.	The present Agreement shall be governed by Belgian law. 

	13.2.	Any litigation relating to the conclusion, validity, interpretation or execution of the present Agreement shall be submitted exclusively to the courts of Leuven. 

 

	Article 14:	ENTIRE AGREEMENT — MODIFICATIONS 

 This Agreement will become binding upon signing of all Parties,
and can be modified upon signature of all Parties thereto. 
 This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the Parties, or between any of them. 
 In case of any discrepancy between the Articles and this Agreement, the
Articles shall prevail, except, for the avoidance of doubt the reference price per share of €3.2086 as described in article 4. 
 Done in Leuven, on
26 October 2012, in as many originals as there are interested Parties. Each Party acknowledges receipt of its own original. 

					
	On behalf of Ailanthus NV,	 		 	On behalf of Wilfried Vancraen,
			
	 /s/ Hilde Ingelaere
	 		 	 /s/ Wilfried Vancraen

			
	On behalf of Sniper Investments NV	 		 	On behalf of Hilde Ingelaere
			
	 /s/ Bart Luyten
	 		 	 /s/ Hilde Ingelaere

			
	On behalf of Distri Beheer 21 CVA	 		 	
			
	 /s/ Joris De Meester
	 		 	
			
	On behalf of DVP Invest BVBA	 		 	
			
	 /s/ Joris De Meester
	 		 	
			
	On behalf of Mr. Vicomte Rodolphe de Spoelbergh	 		 	
			
	 /s/ Joris De Meester
	 		 	

 Appendices 
  

	Appendix 1	Current shareholding and overview of warrants 

  

	Appendix 2	Agenda, decisions for Extra-Ordinary General Assembly of the Company and coordinated ArticlesEX-10.4

 Exhibit 10.4 

In the year nineteen hundred ninety-eight. 

On the eighteenth of December, 

Before me, Luc WEYTS, Doctor of Law, Notary public in Mechelen. 

THERE DID APPEAR: 
 1. The limited liability
company “AILANTHUS,” with registered office located in Huldenberg, Jan Vander Vorstlaan 19, incorporated pursuant to a deed executed before the undersigned notary public Luc Weyts on the thirteenth of October nineteen hundred
ninety-seven, published in the annexes to the Belgian State Gazette on the fourth of November thereafter under number 971104-658, and of which the articles of association have not been amended up until now. 

Registered in the commercial register in Leuven under number 98.006. 

Value-Added Tax number BE461.745.338. 
 Here
represented by Ms. INGELAERE, Hilde Maria Magdalena, agricultural engineer, born in Roeselare on the tenth of April nineteen hundred sixty-two, residing in Huldenberg, Jan Vander Vorstlaan 19; - spouse of Mr. VANCRAEN, Wilfried Frans
Isidoor, who is appearing here in his capacity as managing director of the corporation with the authority to represent the latter individually both in legal proceedings and extrajudicial matters. 

Hereinafter called “the lessor”. 

2. The limited liability company “MATERIALISE,” with registered office located in Huldenberg, Jan Vander Vorstlaan 19, incorporated
pursuant to a deed executed before the undersigned notary public Luc Weyts on the twenty-eighth of June nineteen hundred ninety, published in the annexes to the Belgian State Gazette on the first of August thereafter under number 900801-272, and of
which the articles of incorporation were amended pursuant to an official record drawn up by the undersigned notary public Luc Weyts on the twenty-third of December nineteen hundred ninety-seven, published in the annexes to the Belgian State Gazette
on the sixth of May nineteen hundred ninety-eight under number 980506-167. 
 Registered in the commercial register in Leuven under number
77-324. 
 Value-Added Tax number BE 441.131.254. 

Here represented by Mr. VANCRAEN, Wilfried Frans Isidoor, civil engineer, born in Duffel on the third of December nineteen hundred sixty-one, residing in
Huldenberg, Jan Vander Vorstlaan 19; - who is appearing here in his capacity as managing director of the company with the authority to represent the latter individually both in legal proceedings and extrajudicial matters. 

Hereinafter called “the lessee”. 

Who requested me, the notary public, to establish authentically a real estate lease agreement, which the first-named concedes to the second-named, concerning
the following real estate: 
 Description 

CITY OF LEUVEN (fourteenth district) (formerly Haasrode) 

A plot of industrial land with a building to be built, located in the industrial park/research park, surveyed or having been surveyed as Section C, numbers
41/H/part, 46/E (formerly 46/D/part), 48/N (formerly 41/G/part, 41/K/part, 48/H/part, 48/K/part and 51/C (formerly 41/F/part and 41/I/part) in size seventy-one ares, forty-three centiares (71a.43ca.). 

Origin of the property 
 The lessor is the owner of
the real property described above, having acquired it from the Intercommunal Society for Spatial Planning and the Economic-Social Expansion (“Intercommunale Maatschappij voor de Ruimtelijke Ordening en de Economisch-Sociale
Expansie”) of the District Leuven, referred to in short as Interleuven, a civil company having taken the legal form of a cooperative company, with registered office located in Leuven, Brouwersstraat 6, pursuant to a deed executed before
Ms. Robbrecht, Godelieve, auditor of the Purchase Committee in Mechelen on the eighteenth of February nineteen hundred ninety-eight, offered for recording at the second mortgage office in Leuven. 

The aforementioned Intercommunal Society for Spatial Planning and the Economic-Social Expansion (“Intercommunale Maatschappij voor de Ruimtelijke
Ordening en de Economisch-Sociale Expansie”) of the District Leuven, referred to in short as Interleuven, was the owner of the real property described above, having acquired it under a larger area as follows: 

1. the part Section C number 41/H/part: transferred to the Public Center for Social Welfare of Leuven, pursuant to a judgment of the Justice of
the Peace Court of the second district of Leuven, dated the sixth of July nineteen-hundred ninety, recorded at the second mortgage office of Leuven on the ninth of August thereafter, Book 4.474, number 30. 

  
 1 

 This plot originally belonged to the Committee of Public Assistance of Leuven which had for more
than thirty years uninterrupted, undisturbed and unequivocal possession in title of ownership. 
 Pursuant to Article 2 of the Organic Law
concerning the Public Centers for Social Welfare, on the eighth of July nineteen hundred seventy-six (Belgian State Gazette on the fifth of August thereafter), this plot was taken over by the Public Center for Social Welfare of Leuven. 

2. the part Section C number 46/E (formerly number 46/D/part): transferred to the spouses Theophiel Ghislain Verreyt-Bottu
Maria Wivina, in Leuven, pursuant to a purchase deed executed before Mr. Lodewijckx, Roger, auditor with the Purchase Committee in Mechelen, on the twentieth of June nineteen hundred ninety, recorded at the second mortgage office in Leuven on
the eighteenth of July thereafter, book 4.479, number 4. 
 The spouses Verreyt-Bottu had acquired this plot pursuant to a deed executed
before notary public Charles Roberti de Winghe in Leuven on the sixteenth of July nineteen hundred sixty-five, recorded at the second mortgage office in Leuven on the twenty-ninth of July thereafter, book 102, number 5. 

3. the part Section C number 48/N/ (formerly parts of numbers 41/G, 41/G, 41/K, 48H and 48/K): transferred to a)
Ms. Magits, Maria Angelica, widow of Mr. Lefevre, Joannes Baptista, in Leuven; b) 1) Ms. Lefevre, Simone Virginie, spouses of Mr. Pappaert, Gustaaf, in Leuven; and 2) Ms. Lefevre, Leopoldine Lucienne Fernande, spouse of
Quintens, Jules Albert, in Leuven, pursuant to a deed executed before Mr. Lodewijckx, aforementioned, on the twentieth of June nineteen hundred ninety, recorded at the second mortgage office in Leuven on the eighteenth of July thereafter, book
4.479, number 5. 
 Originally, the former plots 41/G, 41/K, 48/H and 48/K belonged to the spouses Joannes Baptista Lefevre-Magits Maria
Angelica, aforementioned, namely: 
 a) the plots 41/G, 41/K and 48/H belonged to the husband pursuant to a deed of gift/partition executed
before notary public Armand Hollanders de Ouderaen in Leuven on the fourteenth of February nineteen hundred twenty-nine, recorded at the mortgage office in Leuven on the sixth of March thereafter, book 5.437, number 13. 

b) the plots 48/K belonged to the communal estate pursuant to a purchase deed executed before notary public Pierre Bosmans in Leuven on the
eleventh of January nineteen hundred thirty-seven, recorded at the mortgage office in Leuven on the sixth of March thereafter, book 6.289, number 18. 

Mr. Lefevre, Joannes Baptista, aforementioned, died in Leuven on the eleventh of August nineteen hundred eighty-three. His estate fell to
his surviving spouse for one-third in complete ownership and two-thirds in usufruct, pursuant to a gift included in the matrimonial contract executed before notary public Armand Hollanders de Ouderaen in Leuven on the twenty-fifth of May nineteen
hundred twenty-eight, and for the rest to his two daughters, Ms. Lefevre, Simonne, and Ms. Lefevre, Leopoldine, both aforementioned. 

4. the part Section C number 51/C/part (formerly parts of numbers 41/F and 41/E): transferred to 1) Ms. Berens, Maria
Gerardina, spouse of Mr. Mathys Guillaume Franciscus, in Korbeek-Lo and 2) Mr. Berens, Marcel Sylvain, in Korbeek-Lo, pursuant to minutes for final allocation, drawn up by notary public Paul Bosmans in Leuven on the seventeenth of December
nineteen hundred eighty-four, recorded at the second mortgage office in Leuven on the fifteenth of February nineteen hundred eighty-five, book 3.489, number 10. 

Originally, the former plots 41/F and 41/I belonged to Mr. Berens, Vital, spouse of Ms. Limbos, Margaretha Melania, in Haasrode,
pursuant to a deed of partition executed before notary public Jean Felix Peeters in Leuven on the twenty-ninth of December nineteen hundred thirty-one, recorded at the mortgage office in Leuven on the second of February nineteen hundred thirty-two,
book 5.765, number 22. 
 Mr. Berens, Vital, aforementioned, widower since the tenth of June nineteen hundred seventy, died in Haasrode
on the twenty-seventh of July nineteen hundred seventy, leaving behind as sole legal and reserved heirs his two children, Ms. Berens, Maria Gerardina, and Mr. Berens, Marcel Sylvain, both aforementioned. 

  
 2 

 CONDITIONS 

ARTICLE 1. Introduction 
 The lessor has committed itself
to purchasing the building plot described above. 
 The lessor has paid the price of the aforementioned land, being in total the amount of twelve million
nine hundred eight thousand four hundred fifty (12,908,415.00) francs with the understanding that this sum includes the deed costs and fees. 
 The
notarial deed was executed before Ms. Robbrecht, Godelieve, auditor of the Purchase Committee in Mechelen on the eighteenth of February nineteen hundred ninety-eight, offered for recording at the second mortgage office in Leuven. It shall be
required to comply with all laws and regulations regarding organization of spatial planning and urban construction. 
 ARTICLE 2. Construction 

1. The lessor has committed itself at its expense to construct on the aforementioned land a building with parking facility, in accordance with the plans
drawn up by architect Rimanque at the request of the lessee. 
 2. Building shall mean, in the sense of this agreement, the shell of the building,
its accesses, as well as the parking facility, the plasterwork, the cabinetwork, the glasswork, the flooring, the false ceilings, the sanitary fittings, the heating and the lighting, the electrical installation without lighting fixtures, but
including the air conditioning. 
 3. The total amount invested by the lessor shall not exceed the sum of sixty-five million
(65,000,000.00) francs, with the understanding that any excess shall be paid by the lessee without this payment’s ever having any effect on the absolute ownership right of the lessor over the complete finished building as described in 2.
above. 
 4. All other equipment shall be paid for by the lessee and shall remain the property of that company, among other things: the lighting
fixtures and the lighted advertising, the loose material required for the operation, production material, etc. This summary is descriptive but not limitative. 

5. The supervision over the work and check of the invoices shall be entrusted to architect Rimanque recognized by both parties, acting in close
cooperation with the technical management of the lessee. 
 6. The studies and calculations for the foundation, the supporting walls, the metal
framework and reinforced concrete shall be entrusted to architect Rimanque, recognized by the lessee and who shall take complete responsibility for the execution of these works. 

7. The lessor shall honor any other obligations entered into with official authorities. In the case that these obligations entail any expenditure,
these shall be added to the construction price. 
 8. The construction started on the first of December nineteen hundred ninety-seven. 

ARTICLE 3. Lease 
 From now on, the lessor commits itself
to lease the land and the building as listed and defined above to the lessee who assumes the obligation to accept this under the conditions described below. 

The taking into use took place on the first of June nineteen hundred ninety-eight. 

Accordingly, the following shall be agreed: 

I. Duration 
 The lease
shall begin to run on the first of April nineteen hundred ninety-eight. 
 The lease shall be granted for a fixed period of fifteen
(15) years. 
 II. Lease Price 
  

	1.	There shall be owed by the lessee to the lessor a financing lease compensation that is equal to seven million eight hundred thousand (7,800,000.00) francs per year (excluding Value-Added Tax), that has been
calculated on the basis of an investment of sixty-five million (65,000,000.00) francs, a duration of fifteen (15) years and an interest rate of eleven percent (11%) per year in accordance with the repayment table attached hereto. The
annual financing lease compensation shall be paid in monthly installments of six hundred fifty thousand (650,000.00) francs, in arrears. 

  

	2.	There shall be no postponement or no reduction whatever of the compensation required by reason of hindrance of use, regardless of what the causes, the extent or the duration thereof may be. 

 

	3.	Any delay shall result in legally charging delay interest at eighteen percent (18%) per year, which shall begin eight days after the due date. 

  
 3 

	4.	The lessee shall pay therefore the compensation and, during the entire duration of the contract, the real property levy and taxes of all nature on the buildings, as well as all new business taxes that may be
implemented. 

 In case this clause is declared null and void by the law, the lessee and the lessor commit themselves already now to revise
the lease price in joint consultation, so that the income of the lessor from the leased property does not diminish. 
 III. Insurance and
responsibility 
 During the entire duration of the contract, the lessee shall repay the insurance premiums against fire risk of the property
underwritten by the lessor to the latter. 
 The lessee furthermore commits itself to insure its responsibility as lessee for its full value against fire,
as well as against recourse from its neighbors. These insurance policies shall be entered into with the company Commercial Union Belgium (CUB) under customary market conditions. 

IV. Improvement, constructions, maintenance, use 

1. Upon normal or premature termination of the rights of the lessee, all improvements that the lessee has made to the property that is the subject of this
contract shall legally belong to the lessor, without any compensation having to be paid in that regard. 
 2. The described goods shall be principally
leased to serve as office and production spaces. The lessee shall be permitted to perform all related activities in the broadest sense. 
 3. The lessee
must bear the costs of water, gas and electricity consumption, as well as subscriptions for the rental and maintenance of the meters. 
 4 The small and
large repairs of any nature to all buildings shall be performed through the care and at the expense of the lessee, who shall not demand any compensation or reduction of the lease price from the lessor. 

5. When the lessee vacates the buildings, he must leave the latter in a good state of maintenance, the repairs of any nature having been performed. In the
event that the leased premises upon being vacated shall not be in a good state of maintenance, the lessor shall have the right urgently to have the necessary work performed, without prior notice of default, and exclusively at the expense of the
lessee. 
 6. The property is provided with installations for water, central heating, air conditioning, etc. 

The lessee shall bear in connection with these installations, all expenses, both large and small, as well as those arising from official
supervision to which they are subjected. 
 ARTICLE 4: Breaking - Expropriation - Relinquishment of lease and sublease 

1. If the lessee does not maintain the buildings in good condition, the lessor shall expressly have the right to perform the necessary
repairs at the expense of the lessee. 
 2. In case of any disagreement about the maintenance activities at the cost of the lessee,
breaking of the agreement can only occur if the lessee does not perform the repairs which he is charged to make by a judgment or final and conclusive decision within a normal period. 

3. In case of expropriation of the property, the lessee renounces any demand that in any way would reduce the compensation due to the
lessor. 
 4. The lessee shall have the right to relinquish the lease, to put it into a company and to sublease, but on the condition
that it remains severally liable for the payment of the compensations and for the performance of the obligations. 
 5. In case of
merger of the lessee with another company, the company or the absorbing company shall legally assume the rights and obligations arising from this contract. 

6. Dissolution of the financing agreement 

If the lessee for whatever reason does not comply with one of the obligations imposed on him by the present contract of financing lease, the
lessor shall have the right to obtain the dissolution of the agreement at the lessee’s expense. 
 This also applies in case of bankruptcy, request for
moratorium or stopping of the activities of the lessee. 

  
 4 

 In that case, the lessor shall have the right to demand the immediate payment from the lessee of an amount that
shall be determined as follows: 
  

	a.	The arrears, if any, in the financing lease compensations with interest for the delay mentioned in Article 3. 

  

	b.	The still-owed remaining amount in capital established in accordance with the repayment table then valid, increased by the interest starting on the last-paid monthly due date to the day of the actual payment.

  

	c.	When the occasion arises, all other sums that would be owed pursuant to the financing lease agreement. 

  

	d.	An irreducible compensation that has been established by mutual agreement at six (6) months’ interest at the interest rate then valid for the calculation of the financing lease price, calculated on the capital
still owed. 

 In any case other than bankruptcy or request for moratorium, such a claim for dissolution must be preceded by a notice of
default by registered mail and the dissolution can only take place at the earliest one month after the notice of default. 
 ARTICLE 5: Preferential
right in case of sale of the property. 
 In case the lessor should put the property up for sale during the lease period, the lessee shall have a
preferential right for the purchase. 
 The lessee shall be informed about the conditions for the sale by a registered mail; the lessee shall, calculated
from the day of receipt of the letter, have a month at his disposal to decide. This decision shall be announced to the lessor by registered mail within a month. 

These provisions shall not be applicable, however, if the property is sold publicly. 

In that case, the lessor must notify the lessee by registered mail of the place and date of the sale, as well as the name and address of the executing notary
public at least fifteen (15) days before the first allocation. 
 ARTICLE 6: Reliability with respect to third-party buyers 

It shall be expressly agreed between the parties that the lessor, its claimants and any later owners commit themselves, in case of sale of the
real property, to stipulate that the purchaser shall respect this agreement for the complete duration provided therein and for all clauses therein stated. 

ARTICLE 7. Option to purchase 
 Insofar as the lessee has
maintained the capacity of lessee until the end of the lease period and has met his obligations arising from the present contract, he shall at that time have available an option to purchase the leased property. 

This option must be exercised in the month following the expiration of the period; the price shall be payable upon execution of the deed. 

The option price shall be equal to forty million six hundred forty-eight thousand three hundred seventy-one (40,648,371.00) francs. 

ARTICULE 8: Environment 
 The lessor declares before
entering into the present agreement that he has informed the lessee of the content of the soil certificate provided by OVAM [Public Flemish Waste Materials Company] on the thirtieth of April nineteen hundred ninety-seven, according to Article 36 of
the Flemish Soil Decontamination Decree, literally stated below: 
 “... 

For this surveyed plot, there are no data available in the register of contaminated lands because no data are available at the OVAM. 

Comment: 
 Lands on which an installation is or was
established or an activity is or was performed that is included in the list referred to in Article 3 § 1 of the soil decontamination decree can, starting 1 October 1996, only be transferred if an orienting soil examination is provided in
advance to the OVAM with a statement of the transfer. 
 This certificate replaces all prior certificates.” 

The lessor declares further that there is or was no installation established on the land and that no activity is or was performed that is included in the list
of installations and activities that can cause soil contamination. 
 He declares, incidentally that he has no knowledge of any soil contamination that can
cause damage to the lessee or to third parties, or which could give rise to a decontamination obligation, to use limitations or to other measures which the public authorities can impose in this connection. 

  
 5 

 The lessor indemnifies, insofar as necessary, the lessee for any damage which might arise from soil
contamination, insofar as the cause thereof shall be found in facts that date from before this real property lease agreement. 
 The undersigned notary
public has previously pointed out to the lessor the possibility in this regard to have an orienting soil examination performed. 
 ARTICLE 9. Assignment
of competence 
 The civil court of the District of Leuven shall be solely competent in any dispute in connection with the validity and the
interpretation as well as with the performance of the present contract. 
 The nullification of any clause whatever in this deed shall not have as a
consequence the nullification of the entire agreement. 
 The parties should, in that case, replace the nullified clause with another clause that gives the
same legal and economic result. 
 CONCLUSION 
  

	a)	The undersigned notary public confirms, insofar as is necessary, the identities of the parties. 

  

	  	Choice of domicile shall be done by him at their respective registered offices. 

  

	b)	The mortgage registry is discharged from taking any record as a result of the transfer of this deed. 

  

	c)	All costs, fees and honoraria shall be at the expense of the lessee. 

 WHEREOF DEED 

Executed in Mechelen, at the office, today. 
 After reading
aloud, the parties, represented as stated above, signed with me, the notary public. 
 (the signatures follow), 

  
 6 

 Real property lease 

Real property lease repayment table 
  

							
	STARTING CAPITAL	 	65,000,000	 		 	
	INTEREST RATE %	 	11	 		 	
	REPAYMENT PER MONTH	 	650,000	 		 	
	MONTHS	 	180	 		 	
	REMAINING CAPITAL	 	40,648,371	 		 	

  

							
	 Month
	 	 Capital Outstanding
	 	 Interest
	 	 Capital Repayment

	 1
	 	65,000,000	 	595,833	 	54,167
	 2
	 	64,945,833	 	595,337	 	54,663
	 3
	 	64,891,170	 	594,836	 	55,164
	 4
	 	64,836,006	 	594,330	 	55,670
	 5
	 	64,780,336	 	593,820	 	56,180
	 6
	 	64,724,156	 	593,305	 	56,695
	 7
	 	64,667,460	 	592,785	 	57,215
	 8
	 	64,610,245	 	592,261	 	57,739
	 9
	 	64,552,506	 	591,731	 	58,269
	 10
	 	64,494,237	 	591,197	 	58,803
	 11
	 	64,435,435	 	590,658	 	59,342
	 12
	 	64,376,093	 	590,114	 	59,886
	 13
	 	64,316,207	 	589,565	 	60,435
	 14
	 	64,255,772	 	589,011	 	60,989
	 15
	 	64,194,783	 	588,452	 	61,548
	 16
	 	64,133,236	 	587,888	 	62,112
	 17
	 	64,071,124	 	587,319	 	62,681
	 18
	 	64,008,442	 	586,744	 	63,256
	 19
	 	63,945,186	 	586,164	 	63,836
	 20
	 	63,881,350	 	585,579	 	64,421
	 21
	 	63,816,929	 	584,989	 	65,011
	 22
	 	63,751,918	 	584,393	 	65,607
	 23
	 	63,686,311	 	583,791	 	66,209
	 24
	 	63,620,102	 	583,184	 	66,816
	 25
	 	63,553,286	 	582,572	 	67,428
	 26
	 	63,485,858	 	581,954	 	68,046
	 27
	 	63,417,811	 	581,330	 	68,670
	 28
	 	63,349,141	 	580,700	 	69,300
	 29
	 	63,279,842	 	580,065	 	69,935
	 30
	 	63,209,907	 	579,424	 	70,576
	 31
	 	63,139,331	 	578,777	 	71,223
	 32
	 	63,068,108	 	578,124	 	71,876
	 33
	 	62,996,233	 	577,465	 	72,535
	 34
	 	62,923,698	 	576,801	 	73,199
	 35
	 	62,850,499	 	576,130	 	73,870
	 36
	 	62,776,628	 	575,452	 	74,548
	 37
	 	62,702,081	 	574,769	 	75,231

 Page 1 

  
 13 

 Real property lease 
  

							
	 Month
	 	 Capital Outstanding
	 	 Interest
	 	 Capital Repayment

	 38
	 	62,626,850	 	574,079	 	75,921
	 39
	 	62,550,929	 	573,384	 	76,616
	 40
	 	62,474,313	 	572,681	 	77,319
	 41
	 	62,396,994	 	571,972	 	78,028
	 42
	 	62,318,967	 	571,257	 	78,743
	 43
	 	62,240,224	 	570,535	 	79,465
	 44
	 	62,160,759	 	569,807	 	80,193
	 45
	 	62,080,566	 	569,072	 	80,928
	 46
	 	61,999,638	 	568,330	 	81,670
	 47
	 	61,917,968	 	567,581	 	82,419
	 48
	 	61,835,549	 	566,826	 	83,174
	 49
	 	61,752,375	 	566,053	 	83,937
	 50
	 	61,668,439	 	565,294	 	84,706
	 51
	 	61,583,733	 	564,518	 	85,482
	 52
	 	61,498,250	 	563,734	 	86,266
	 53
	 	61,411,984	 	562,943	 	87,057
	 54
	 	61,324,927	 	562,145	 	87,855
	 55
	 	61,237,072	 	561,340	 	88,660
	 56
	 	61,148,412	 	560,527	 	89,473
	 57
	 	61,058,939	 	559,707	 	90,293
	 58
	 	60,968,646	 	558,879	 	91,121
	 59
	 	60,877,526	 	558,044	 	91,956
	 60
	 	60,785,570	 	557,201	 	92,799
	 61
	 	60,692,771	 	556,350	 	93,650
	 62
	 	60,599,121	 	555,492	 	94,508
	 63
	 	60,504,613	 	554,626	 	95,374
	 64
	 	60,409,239	 	553,751	 	96,249
	 65
	 	60,312,990	 	552,869	 	97,131
	 66
	 	60,215,859	 	551,979	 	98,021
	 67
	 	60,117,838	 	551,080	 	98,920
	 68
	 	60,018,918	 	550,173	 	99,827
	 69
	 	59,919,091	 	549,258	 	100,742
	 70
	 	59,818,350	 	548,335	 	101,665
	 71
	 	59,716,685	 	547,403	 	102,597
	 72
	 	59,614,088	 	546,462	 	103,538
	 73
	 	59,510,550	 	545,513	 	104,487
	 74
	 	59,406,063	 	544,556	 	105,444
	 75
	 	59,300,619	 	543,589	 	106,411
	 76
	 	59,194,208	 	542,614	 	107,386
	 77
	 	59,086,822	 	541,629	 	108,371
	 78
	 	58,978,451	 	540,636	 	109,364
	 79
	 	58,869,087	 	539,633	 	110,367
	 80
	 	58,758,720	 	538,622	 	111,378
	 81
	 	58,647,341	 	537,601	 	112,399
	 82
	 	58,534,942	 	536,570	 	113,430

 Page 2 

  
 14 

 Real property lease 
  

							
	 Month
	 	 Capital Outstanding
	 	 Interest
	 	 Capital Repayment

	 83
	 	58,421,512	 	535,531	 	114,469
	 84
	 	58,307,043	 	534,481	 	115,519
	 85
	 	58,191,524	 	533,422	 	116,578
	 86
	 	58,074,946	 	532,354	 	117,646
	 87
	 	57,957,300	 	531,275	 	118,725
	 88
	 	57,838,575	 	530,187	 	119,813
	 89
	 	57,718,762	 	529,089	 	120,911
	 90
	 	57,597,851	 	527,980	 	122,020
	 91
	 	57,475,831	 	526,862	 	123,138
	 92
	 	57,352,693	 	525,733	 	124,267
	 93
	 	57,228,426	 	524,594	 	125,406
	 94
	 	57,103,020	 	523,444	 	126,556
	 95
	 	56,976,464	 	522,284	 	127,716
	 96
	 	56,848,749	 	521,114	 	128,886
	 97
	 	56,719,862	 	519,932	 	130,068
	 98
	 	56,589,794	 	518,740	 	131,260
	 99
	 	56,458,534	 	517,537	 	132,463
	 100
	 	56,326,070	 	516,322	 	133,678
	 101
	 	56,192,393	 	515,097	 	134,903
	 102
	 	56,057,490	 	513,860	 	136,140
	 103
	 	55,921,350	 	512,612	 	137,388
	 104
	 	55,783,962	 	511,353	 	138,647
	 105
	 	55,645,315	 	510,082	 	139,918
	 106
	 	55,505,397	 	508,799	 	141,201
	 107
	 	55,364,197	 	507,505	 	142,495
	 108
	 	55,221,702	 	506,199	 	143,801
	 109
	 	55,077,901	 	504,881	 	145,119
	 110
	 	54,932,782	 	503,550	 	146,450
	 111
	 	54,786,332	 	502,208	 	147,792
	 112
	 	54,638,540	 	500,853	 	149,147
	 113
	 	54,489,394	 	499,486	 	150,514
	 114
	 	54,338,880	 	498,106	 	151,894
	 115
	 	54,186,986	 	496,714	 	153,286
	 116
	 	54,033,700	 	495,309	 	154,691
	 117
	 	53,879,009	 	493,891	 	156,109
	 118
	 	53,722,900	 	492,460	 	157,540
	 119
	 	53,565,360	 	491,016	 	158,984
	 120
	 	53,406,376	 	489,558	 	160,442
	 121
	 	53,245,934	 	488,088	 	161,912
	 122
	 	53,084,022	 	486,604	 	163,396
	 123
	 	52,920,625	 	485,106	 	164,894
	 124
	 	52,755,731	 	483,594	 	166,406
	 125
	 	52,589,325	 	482,069	 	167,931
	 126
	 	52,421,394	 	480,529	 	169,471
	 127
	 	52,251,924	 	478,976	 	171,024

 Page 3 

  
 15 

 Real property lease 
  

							
	 Month
	 	 Capital Outstanding
	 	 Interest
	 	 Capital Repayment

	 128
	 	52,080,900	 	477,408	 	172,592
	 129
	 	51,908,308	 	475,826	 	174,174
	 130
	 	51,734,134	 	474,230	 	175,770
	 131
	 	51,558,364	 	472,618	 	177,382
	 132
	 	51,380,982	 	470,992	 	179,008
	 133
	 	51,201,974	 	469,351	 	180,649
	 134
	 	51,021,326	 	467,695	 	182,305
	 135
	 	50,839,021	 	466,024	 	183,976
	 136
	 	50,655,045	 	464,338	 	185,662
	 137
	 	50,469,383	 	462,636	 	187,364
	 138
	 	50,282,019	 	460,919	 	189,081
	 139
	 	50,092,938	 	459,185	 	190,815
	 140
	 	49,902,123	 	457,436	 	192,564
	 141
	 	49,709,559	 	455,671	 	194,329
	 142
	 	49,515,230	 	453,890	 	196,110
	 143
	 	49,319,120	 	452,092	 	197,808
	 144
	 	49,121,212	 	450,278	 	199,722
	 145
	 	48,921,490	 	448,447	 	201,553
	 146
	 	48,719,937	 	446,599	 	203,401
	 147
	 	48,516,536	 	444,735	 	205,265
	 148
	 	48,311,271	 	442,853	 	207,147
	 149
	 	48,104,124	 	440,954	 	209,046
	 150
	 	47,895,079	 	439,038	 	210,962
	 151
	 	47,684,117	 	437,104	 	212,896
	 152
	 	47,471,221	 	435,153	 	214,847
	 153
	 	47,256,374	 	433,183	 	216,817
	 154
	 	47,039,558	 	431,196	 	218,804
	 155
	 	46,820,754	 	429,190	 	220,810
	 156
	 	46,599,944	 	427,166	 	222,834
	 157
	 	46,377,110	 	425,124	 	224,876
	 158
	 	46,152,233	 	423,062	 	226,938
	 159
	 	45,925,296	 	420,982	 	229,018
	 160
	 	45,696,278	 	418,883	 	231,117
	 161
	 	45,465,160	 	416,764	 	233,236
	 162
	 	45,231,924	 	414,626	 	235,374
	 163
	 	44,996,550	 	412,468	 	237,532
	 164
	 	44,759,018	 	410,291	 	239,709
	 165
	 	44,519,309	 	408,094	 	241,906
	 166
	 	44,277,403	 	405,876	 	244,124
	 167
	 	44,033,279	 	403,638	 	246,362
	 168
	 	43,786,918	 	401,380	 	248,620
	 169
	 	43,538,298	 	399,101	 	250,899
	 170
	 	43,287,399	 	396,801	 	253,199
	 171
	 	43,034,200	 	394,480	 	255,520
	 172
	 	42,778,680	 	392,138	 	257,862

 Page 4 

  
 16 

 Real property lease 
  

							
	 Month
	 	 Capital Outstanding
	 	 Interest
	 	 Capital Repayment

	 173
	 	42,520,818	 	389,774	 	260,226
	 174
	 	42,260,592	 	387,389	 	262,611
	 175
	 	41,997,981	 	384,981	 	265,019
	 176
	 	41,732,962	 	382,552	 	267,448
	 177
	 	41,465,515	 	380,101	 	269,899
	 178
	 	41,195,615	 	377,626	 	272,374
	 179
	 	40,923,242	 	375,130	 	274,870
	 180
	 	40,648,371	 	372,610	 	277,390

 Page 5 

  
 17

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