Document:

Exhibit 10.11

 

PRIVATE
AGREEMENT FOR THE ASSIGNMENT OF A SUBLEASE-LEASE AGREEMENT AND AMENDMENT OF THE
SUBLEASE-LEASE AGREEMENT OF 24/10/2004

 

In Neo Psychiko, Attica, today on 18 October 2007, between:

 

1.     Thaleia Vovou, daughter of Charalambos, acting for the purposes hereof
as the legal representative of the general partnership company bearing the name
“BABIS VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ
ANONYME AND COMPANY O.E.”, which has its primary place of business
at 340 Kifisias Ave., Neo Psychiko, Attica, with TIN 081084447, Tax Office
(DOY) of Psychiko;

 

2.     Athanasia Chrysaiti, daughter of Konstantinos, acting for the purposes
hereof in accordance with minutes no. 1114/18.10.2007 of the Board of
Directors, as the legal representative of the société anonyme bearing the name “PHILIPS HELLAS COMMERCIAL AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING
PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ ANONYME”, with the distinctive
title “PHILIPS HELLAS S.A.”, which has its primary place of business in
Marousi, Attica, at 44 Kifisias Ave., with TIN 094014759, FAEE Tax Office
(DOY) of Athens;

 

3.     Menelaos Skouloudis, son of Emmanuel, acting for the purposes hereof as
the legal representative of société anonyme bearing the name “VELTI
SOFTWARE & SIMILAR PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”, in accordance with the minutes of
the meeting of the Board of Directors held on 18/10/07, which has its primary
place of business at 44 Kifisias Ave., Marousi, Attica, with TIN 099756001, FAEE Tax Office (DOY) of Athens;

 

the following were agreed upon and mutually accepted:

 

In accordance with the sublease-lease agreement of 20 October 2004,
as amended by private agreements of 21/10/2004, 20/12/2004 and 28/12/2004, the
first party subleased to the second party, a
company bearing the name “PHILIPS HELLAS COMMERCIAL
AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING PRODUCTS AND MEDICAL SYSTEMS
SOCIÉTÉ ANONYME”, in the Building Complex located at
44 Kifisias Avenue and Gravias, Granikou and Fragoklisias Streets, Marousi
Atica, among other properties, all the
horizontal properties of the Second (B) floor of the Second Building, of a
total surface area of one thousand seventy nine square meters (1,079.00) and
parking spaces no. one (1) to fifteen (15), seventeen (17) to twenty
(20), twenty two (22) to twenty five (25), and twenty seven (27) to thirty
three (33), a total of thirty parking spaces in the Third (C) Basement of
the above Building, as shown on the attached ground plan of the above Second (B) floor
dated July 2005 designated as A2, and the attached ground plan of the
Third (C) basement dated December 1997 designated as B.123.1 for a
period starting on 16 December 2004 and ending on 31 December 2013.

 

In accordance herewith, based on a common agreement reached by all parties hereto, as they are present
or represented, the above lease of the company “PHILIPS
HELLAS COMMERCIAL AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING PRODUCTS AND
MEDICAL SYSTEMS SOCIÉTÉ ANONYME”, arising from the above private
agreement of 

 

 

20/10/2004, as amended by private agreements of 21/10/2004, 20/12/2004
and 28/12/2004, only  for the
above leased property — that  is, all the
horizontal properties of the Second (B) floor of the Second Building, of a
total surface area of one thousand seventy nine square meters (1,079.00) and
parking spaces no. one (1) to fifteen (15), seventeen (17) to twenty
(20), twenty two (22) to twenty five (25), and twenty seven (27) to thirty
three (33), a total of thirty parking spaces in the Third (C) Basement of
the above Building — is assigned by the above company, from
16 November 2007, with the consent of the company “BABIS
VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.”, to the third
party company “VELTI SOFTWARE & SIMILAR
PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”, along with the rights arising
from said agreement, and thus the latter becomes a party to this sublease as
the sole sublessee of the above leased property, by accepting all the
obligations arising from said agreement and promising to perform all such
obligations.

 

In view of the above, “PHILIPS HELLAS COMMERCIAL AND INDUSTRIAL
ELETRICAL-TECHNICAL, LIGHTING PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ ANONYME”
shall hand over to the sublessor all receipts of all the bills relating to the
use of the leased property by 15/11/2007, or the third party to this agreement,
namely the company bearing the name “VELTI SOFTWARE & SIMILAR
PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”, shall bear and pay the relevant bills, and the first party “BABIS
VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.” shall refund,
within thirty (30) days of payment of the bills relating to the use of the
leased property, to the second party hereto “PHILIPS HELLAS COMMERCIAL AND
INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ
ANONYME” the amount of Euro fifty one thousand eight hundred seventy eight and
forty six cents (€ 51,878.46) which has been paid to it as guarantee of
the appropriate performance of the terms and conditions of the above private
agreement of 20/10/2004, as it has been amended and corresponds to the
properties referred to herein.

 

The first party, as the “sublessor”, stated through its above
representative that it has leased, with the right of sublease, in the Building
Complex located at 44 Kifisias Ave. and Gravias, Granikou and
Fragoklisias Streets, Marousi Atica, for a period ending on 31 December 2013,
the entire Second (B) floor of the Second (B) Building, of a total
surface area of one thousand seventy nine square meters (1,079.00), and thirty
(30) parking spaces in the Third (C) Basement of the above Building, and
more specifically:

 

(1)   From Luisa Kalliga-Argyriou, based on a lease agreement dated
25/02/1998, in conjunction with deeds no. 7.980/1998, 8.026/1998 and
9.058/2000 drafted by the Athens Notary Public Aikaterini Kotsi-Chatzichristou,
a private agreement dated 20/10/2004 and an out-of-court statement dated
10/12/2004 made by the lessee: (a) horizontal properties no. one (1) to
five (5) on the Second (B) floor of the above Building, of a total
surface area of five hundred thirty eight (538.00) square meters and sixty five
(65.00) square meters respectively, and (b) a total of six (6) passenger
car parking spaces, namely spaces no. one (1) to five (5) and
twelve (12), in the Third (C) Basement of the same Building B as above.

 

(2)   From the HOLY HERMITAGE “THE SACRED CROSS” BETHLEHEM — CHARITABLE
MINISTRY, in accordance with a lease agreement dated 25/02/1998, in conjunction
with deed no. 3611/1998 drafted by Athens Notary Public Victoria
Papaevangellou-

 

 

Papakonstantinou and a private agreement dated
08/12/2004, horizontal property no. two (2) on the Second (B) floor,
of a total surface area of one hundred sixty four (164.00) square meters.

 

(3)   From Dimitra Tsitselli, Sofia Tsitselli and Maria Kavoura, in accordance
with a lease agreement dated 25/02/1998, in conjunction with deeds
no. 6984, 6985 and 6986/1998 drafted by the Athens Notary Public
P. Theodorakou, a private agreement dated 27/10/2004 and an out-of-court
statement made by the lessee, horizontal property designated as three alpha (3) on the Second (B) floor, of a total surface area of forty one
(41.00) square meters.

 

(4)   From Ioannis Varvagiannis and Andreas Varvagiannis, in accordance with a
lease agreement dated 25/02/1998, in conjunction with deed no. 3396/1998
drafted by the Athens Notary Public Efrosyni Masouridou-Krinta and a private
agreement dated 04/11/2004, horizontal property designated as three beta (3) on the Second (B) floor, of a total surface area of forty one
(41.00) square meters.

 

(5)   From Georgios Kolyvas and Eirini Kolyva, in accordance with a lease
agreement dated 25/02/1998, in conjunction with deed no. 7037/1998 drafted
by the Athens Notary Public P. Theodorakou, and a private agreement dated
09/11/2004, horizontal property designated as four alpha (4) on the Second (B) floor, of a total surface area of eighty two
(82.00) square meters, and a total of two (2) passenger car parking spaces
no. ten (10) and eleven (11) in the Third (C) Basement of the
same Building as above.

 

(6)   From Myrsini Tyropoli, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 280/1998 drafted by the Athens
Notary Public S. P. Konstante and a private agreement dated
10/12/2004, horizontal property designated as four beta (4) on the Second (B) floor, of a total surface area of thirty two
and a half (32.50) square meters.

 

(7)   From Charilaos Georgis, Georgios Georgis and Efstratios Georgis, in
accordance with a lease agreement dated 25/02/1998, in conjunction with deed
no. 6780/1998 drafted by the Athens Notary Public Ch. Savvopoulou and
a private agreement dated 02/11/2004, horizontal property designated as four
gamma (4) on the Second (B) floor, of a total surface area of sixty six
(66.00) square meters.

 

(8)   From Eleftheria Konstante, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 292/1998 drafted by the Athens
Notary Public S. P. Konstante and a private agreement dated
30/11/2004, horizontal property designated as four delta (4) on the Second (B) floor, of a total surface area of forty nine
and a half (49.50) square meters.

 

(9)   From Maria-Angeliki Panagopoulou and Myrto Korkokiou, in accordance with
a lease agreement dated 25/02/1998, in conjunction with deed
no. 19496/2002 drafted by the Athens Notary Public E. Borova and a
private agreement dated 27/12/2004, a total of five (5) parking spaces
under no. seventeen (17), eighteen (18), twenty two (22), twenty three
(23) and twenty four (24) in the Third (C) Basement.

 

 

(10) From Maria-Angeliki Panagopoulou and Panagiota Korkokiou, in accordance
with a lease agreement dated 25/02/1998, in conjunction with deed
no. 19496/2002 drafted by the Athens Notary Public E. Borova and a
private agreement dated 27/12/2004, a total of five (5) parking spaces
under no. twenty five (25), thirty (30), thirty one (31), thirty two (32)
and thirty three (33) in the Third (C) Basement.

 

(11) From Alexandra Touloumenidou, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 8930/1998 drafted by the Athens
Notary Public K. Tzevelekou-Papaioannou, a private agreement dated
29/10/2004 and an out-of-court statement dated 10/12/2004 made by the lessee,
parking space under no. nine (9).

 

(12) From Athena Varotsou, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 315/1998 drafted by the Athens
Notary Public S. P. Konstante and a private agreement dated
29/11/2004, parking space under no. six (6) in the Third (C) Basement.

 

(13) From Frank-Chratsia Bletzian, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 336/1998 drafted by the Athens
Notary S. P. Konstante and a private agreement dated 16/12/2004, a
total of three (3) parking spaces under no. seven (7), eight (8) and
thirteen (13) in the Third (C) Basement.

 

(14) From Maria Zichler, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 7213/1998 drafted by the Athens
Notary P. Theodorakou and a private agreement dated 01/12/2004, a total of
two (2) parking spaces under no. fourteen (14) and fifteen (15) in
the Third (C) Basement.

 

(15) From Socrates Papachristou, in accordance with a lease agreement dated
25/02/1998, in conjunction with deed no. 8938/1998 drafted by the Athens
Notary K. Tzevelekou, a total of two (2) parking spaces under
no. twenty eight (28) and twenty nine (29) in the Third (C) Basement.

 

(16) From Malvina Manasi in accordance with a lease agreement dated
25/02/1998, in conjunction with deeds no. 1938 and 1939/1999 drafted by
the Athens Notary Public Th. Sgoumbopoulos and a private agreement dated
20/12/2004, parking space under no. twenty seven (27). And

 

(17) From the company ALECTOR PROPERTY INVESTMENT S.A. in accordance with a
lease agreement dated 25/02/1998, in conjunction with deed no. 3940/1998
drafted by the Athens Notary V. Papaevangellou, a total of two (2) parking
spaces under no. nineteen (19) and twenty (20) in the Third (C) Basement.

 

In view of the above assignment of the lease, the first party “BABIS
VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.”, as the
sublessor, and the third party “VELTI SOFTWARE & SIMILAR PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”,
as the “sublessee” of the above horizontal properties, which shall be referred
to hereinafter as “the leased property”, namely the horizontal properties of the Second (B) floor of the Second
Building, as shown on the attached ground plan of the Second floor, and 

 

 

the aforementioned thirty (30) passenger car parking spaces in the Third
(C) basement of the Second Building, as shown under the above numbers on
the attached ground plan of the Third (C) basement of the Second Building,
hereby codify the terms and conditions of the sublease agreement dated
20/10/2004, as it has been amended and is in force, which shall govern their
relationship from now on, as follows:

 

1.     The term of the sublease shall expire on 31 December 2013.

 

The sublessee has already waived its right, as
provided for in article 43 of Presidential Decree No. 34/1995, to
terminate this sublease agreement prior to 16/06/2010.

 

After 16 December 2010, the sublessee has
the right to terminate the sublease agreement at any time, under
article 43 of Presidential Decree No. 34/1995. However, the
termination shall take effect, in accordance with an amendment to this article,
after one (1) year of communication date.

 

2.     The total monthly sublease fee, whose attachment or offsetting for any
reason and cause whatsoever, except as provided for herein, is prohibited, is
set for the period from 16 November 2007 to 15 December 2007
(16/11/2007-15/12/2007)  to Euro twenty five
thousand nine hundred and thirty nine and twenty three cents
(€ 25,939.23), which shall be increased, on 16 December 2007 and
in every following year of lease, as compared to the monthly sublease fee paid
in the previous year of lease, by a ratio equal to the increase in the consumer
index price, as set forth by the National Statistical Service of Greece for the
previous twelve-month period, plus one per cent (1%). Such adjustment shall
also apply should the term of the sublease be extended in any way whatsoever.

 

The above total monthly sublease fee shall be paid
within the first five (5) business days of each month of lease at the
offices of the sublessor or shall be deposited to a Bank account indicated by
the sublessor to the sublessee in writing, whereas payment shall be proved only
through the corresponding written receipts issued by the sublessor or the
relevant forms issued by the Bank where the deposit is made; any other means of
proof, oath included, shall not be accepted.

 

3.     The leased property shall be used by the sublessee for setting up and
operating the services of its undertaking or its subsidiary undertakings, or of
undertakings in general which are legally associated therewith, and the
sublessee shall have the right to cede the use of part of the leased property
to them. However, such undertakings shall not acquire any right under this
sublease agreement, and the parking spaces shall be used in accordance with
their intended use, whereas storage of any flammable or arson materials is prohibited.

 

4.     During the term of the sublease the former party shall make good of any
wear or damage to the leased property or its installations which is not caused
by poor or normal use on the part of the sublessee.

 

5.     The sublessee has examined the leased property and found it to be in
perfect condition and appropriate for its intended use. During the term of the
sublease, the 

 

 

sublessee has the right to modify the movable
partitions of the leased floor, at its own expense, upon written consent of the
sublessor, providing that the jointly used areas, facades and load-carrying
structure of the Second Building are not affected. The sublessee shall be under
obligation to restore the leased property to its former state prior to the
expiry date of the sublease.

 

Today the sublessee handed over to the sublessor a
drawing of the adjustments to be made on the Second (B) floor of the
Second Building. In addition, no later than 10/11/2007, the sublessee shall
hand over to the sublessor a drawing of the electrical and mechanical
installations. Within five (5) business days, the sublessor shall hand
over to the sublessee a list of labor costs and a summary list of conditions,
which shall be signed by the contracting parties and shall then be an
inseparable part hereof. The contractor’s fee, plus 19% VAT, for the works
necessary for the adjustment of the leased property shall be paid to the
sublessor as follows: (a) on the date of signature of the above (list of
labor costs and summary list of conditions), the sublessee shall pay to the
sublessor an amount equal to half of the contractor’s fee, and (b) the
balance, plus the VAT calculated on the entire contractor’s fee, within ten (10) days
of delivery of the above works. The works shall be accepted based on a
certificate of delivery and acceptance. Any construction-related remarks which
may be made by the sublessee shall not postpone the acceptance of works, but
the sublessor shall be under obligation to make the necessary corrections as
soon as possible, should they be in accordance with the agreements made.

 

In the event that the above adjustment works are
carried out, the sublessee shall be under obligation to hand over the leased
property to the sublessor, upon expiry of the term of the sublease, as adjusted
in accordance with the above.

 

In any event, the sublessee shall be under obligation
to pay the sublease fee, as set forth in clause two (2) hereof.

 

6.     The sublessee shall use the leased property diligently and in accordance
with the stipulations laid down herein, in compliance with any obligations
relating to leased properties, as arising from the law or from all kinds of
applicable provisions, and in particular from Police, Health and City Planning
provisions, displaying perfect respect for the property and the fellow tenants
of the Building Complex and abiding with all rules of good neighbor
relations. The former party, or sublessor, shall under no circumstances be held
liable for any violations on the part of the sublessee, as the latter shall be
the sole party liable for such violations, and the sublessor shall also have
the right to terminate the sublease agreement and evict the sublessee from the
leased property, under article 594 of the Civil Code.

 

7.     Any silent renewal or extension of the term of the sublease for any
reason whatsoever is strictly prohibited, and should the sublessee stay in the
leased property after the expiry date of the above term of the sublease,
irrespective of cause, this shall not be considered as a silent renewal or
extension. Any lease fee collected by the sublessor during that time shall be
considered as compensation for use, but it shall not be interpreted as an
express or silent extension of the term of the sublease.

 

 

8.     Upon expiry of the term of the sublease, or termination of such term in
any other way, the sublessee shall be under obligation to evacuate and hand
over the leased property in its former state, and the sublessee shall be held
liable for any wear or damage that is beyond what is caused by normal use. The
sublessee shall pay an amount in EURO equal to 1/15 of the monthly sublease fee
paid at that time as penalty for every day of delayed delivery of the leased
property, and such penalty is hereby agreed upon and recognized as fair and
reasonable.

 

9.     The sublessee shall bear the costs incurred for the water and
electricity consumed in the leased property, waste collection fees, municipal
fees in general, as included in the Public Power Corporation (PPC) bills, the
entire stamp duty fee that corresponds to the sublease fee, as well as the
sewage fees and other costs charged to the leased property for the jointly used
and jointly owned areas of the Building Complex, in accordance with horizontal
property establishment deed no. 6.086/97 drafted by Athens Notary Public
Paraskevi Theodorakou, as amended, whereas it is hereby agreed upon that this
sublease agreement is subject to the rights, obligations and limitations
arising therefrom, and the sublessee hereby states that it has become fully
aware thereof through its above representatives.

 

10.   Any breach or
violation of any of the conditions set forth herein, which are all agreed upon
to be material ones, and in particular a failure to pay the sublease agreement
and the corresponding stamp duty fee within the set deadline and without any
reminder, shall enable the sublessor to terminate this sublease agreement
unilaterally and request the sublessee to hand over the leased property in
accordance with applicable provisions, as well as to make good of any damage
resulting therefrom.

 

11.   Should the
parties fail to exercise their rights arising herefrom immediately and
strictly, this shall under no circumstances be interpreted as a silent
amendment to the terms and conditions hereof, as it is hereby expressly agreed
upon that any amendment to the terms and conditions hereof shall be agreed upon
and proved only in writing.

 

12.   The sublessee
shall be under obligation, within five (5) days of signature hereof, to
pay to the sublessor an amount equal to three monthly sublease fees, namely
Euro seventy seven thousand eight hundred and seventeen and sixty nine cents (€ 77,817.69),
which shall remain in the hands of the sublessor free of interest throughout
the term of this sublease agreement as guarantee of the appropriate performance
on the part of the sublessee of the terms and conditions hereof, of the Regulation
of the Building Complex, as well as of the obligations applicable to lessees as
arising from the law. Said guarantee, which may not be offset against any
claim, not even against the last sublease fees, shall be increased by the
sublessee in the first month of each one of the following years of lease so
that it is equal to three (3) sublease fees, and it shall be refunded to
the sublessee after lapse of thirty (30) days of the expiry date of the term of
the sublease providing that the latter has handed over the use of the leased
property within the set deadline and has handed over to the sublessor receipts
of payment of all bills relating to the leased property, and on 

 

 

condition that there is no reason for a forfeiture of
the guarantee in favor of the sublessor.

 

13.   This sublease
agreement is one single agreement, and thus it cannot be terminated by the
sublessee only for part of the leased property; it can be terminated only for
the entire leased property.

 

14.   Any dispute
arising herefrom shall be settled by the Courts of Athens, and the agreement
shall be governed by the Law of Greece.

 

In witness whereof, this agreement was drafted in five (5) identical
originals, which after being read and confirmed, were signed by the above
representatives of the contracting companies, and each one of them received one
(1) original, whereas the rest of them shall be submitted to the competent
Tax Offices (DOY).

 

THE CONTRACTING PARTIES

 

For “BABIS VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY
O.E.”,

	
  /s/ Thaleia Vovou

  	
   

  

Thaleia Vovou

 

“PHILIPS HELLAS COMMERCIAL AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING
PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ ANONYME”,

	
  /s/Athanasia  Chrysaiti

  	
   

  

Athanasia  Chrysaiti

 

For “VELTI
SOFTWARE & SIMILAR PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”,

	
  /s/ Menelaos Skouloudis

  	
   

  

Menelaos Skouloudis

 

 

AMENDMENT
OF A PRIVATE AGREEMENT

 

In Neo Psychiko, Attica, today on Friday, 26 October 2007, between,
on the one hand, Thaleia Vovou,
daughter of Charalambos, acting for the purposes hereof as the legal
representative of the general partnership company bearing the name “BABIS VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.”,
which has its primary place of business at 340 Kifisias Ave., Neo
Psychiko, Attica, with TIN 081084447, Tax Office (DOY) of Psychiko (hereinafter
the “sublessor”), and on the other hand,
Menelaos Skouloudis, son of Emmanuel and Vasiliki, acting for the
purposes hereof as the legal representative of société anonyme bearing the name
“VELTI SOFTWARE & SIMILAR
PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”, in accordance with the minutes of
the meeting of the Board of Directors held on 22/10/07, which has its primary
place of business at 44 Kifisias Ave., Marousi, Attica, with TIN 099756001, FAEE Tax Office (DOY) of Athens (hereinafter the “sublessee”),
the following were agreed upon and mutually accepted:

 

In accordance with the sublease-lease private agreement of 20 October 2004,
as amended by private agreements no. 21/10/2004,  20/12/2004 and 28/12/2004 which were signed
in Neo Psychiko, Attica, between the former party and the company bearing the
name “PHILIPS HELLAS COMMERCIAL AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING
PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ ANONYME”, the former party subleased to
said company, in the Building Complex located at 44 Kifisias Ave. and
Gravias, Granikou and Fragoklisias Streets, Marousi Atica, among other
properties, all the horizontal properties of the Second (B) floor of the
Second Building, of a total surface area of one thousand seventy nine square
meters (1,079.00) and parking spaces no. one (1) to fifteen (15),
seventeen (17) to twenty (20), twenty two (22) to twenty five (25), and twenty
seven (27) to thirty three (33), a total of thirty parking spaces in the Third (C) Basement
of the above Building, subject to the more detailed terms and conditions set
forth in the above agreements. Further to the private agreement of 18 October 2007,
“PHILIPS HELLAS COMMERCIAL AND INDUSTRIAL ELETRICAL-TECHNICAL, LIGHTING
PRODUCTS AND MEDICAL SYSTEMS SOCIÉTÉ ANONYME” proceeded to assign to the
company “VELTI SOFTWARE & SIMILAR
PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”,  with the consent of “BABIS VOVOS — INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.”,
from 16 November 2007 onwards, the lease arising from the above
sublease-lease private agreement of 24/10/2004 as regards the horizontal
properties of the Second (B) floor of the Second Building located at
44 Kifisias Ave. and other streets, Marousi, Attica, and passenger car
parking spaces no. one (1) to fifteen (15), seventeen (17) to twenty
(20), twenty two (22) to twenty five (25), and twenty seven (27) to thirty
three (33), a total of thirty parking spaces in the Third (C) Basement of
the above Building, with a simultaneous assignment of its relevant rights, and
the latter party accepted all the obligations arising from the above agreement,
as amended, and became the sublessee of the above horizontal properties.

 

In accordance herewith, the parties hereby proceed to amend the above
private agreement of 18 October 2007 only as regards clause one (1),
which shall read as follows from now on:

 

 

“1. The term of the sublease shall expire on
31 December 2013. The sublessee has already waived its right, as
provided for in article 43 of Presidential Decree No. 34/1995, to
terminate this sublease agreement prior to 31/12/2013.”

 

As for the rest, all the terms and conditions of the above private
agreement of 18 October 2007 shall still apply to the parties.

 

In witness whereof, this agreement was drafted in five (5) identical
originals, which after being read and confirmed, were signed by the above
representatives of the contracting companies, and each one of them received one
(1) original, whereas the rest of them shall be submitted to the competent
Tax Offices (DOY).

 

THE CONTRACTING PARTIES

 

	
  For “BABIS VOVOS —
  INTERNATIONAL TECHNICAL SOCIÉTÉ ANONYME AND COMPANY O.E.”,

  
	
  /s/Thaleia Vovou

  	
   

  
	
  Thaleia Vovou

  	
   

  
	
   

  	
   

  
	
  For “VELTI SOFTWARE &
  SIMILAR PRODUCTS AND SERVICES SOCIÉTÉ ANONYME”,

  
	
  /s/Menelaos Skouloudis

  	
   

  
	
  Menelaos SkouloudisExhibit 10.12

 

BUSINESS LEASE AGREEMENT

 

In Marousi, today
on  27 June 2006, between the
following contracting parties, on the one hand, the société anonyme bearing the
name “Aichmi Public Relations Services — Music
Instruments & Audio-Video Systems Leasing Société Anonyme”, with
TIN 999609203, which has its primary place of business in Athens, at
34 Amvrosiou Frantzi and is legally represented by Mr. Giannis Linos,
resident of Amarousion (hereinafter the “lessor”), and on the other hand, the
société anonyme bearing the name “Velti Center for
Innovation, Venture Capital Société Anonyme — VCI S.A.”, with TIN
999078135, which has its primary place of business in Marousi, at
44 Kifisias Ave. and is legally represented by Mr. Dimitrios-Evangelos
Paneras, resident of Amarousion (hereinafter the “lessee”), the following are
agreed upon and mutually accepted:

 

I.    The
lessor has the full ownership of the entire first floor of a
building located at 42 Kifisias Avenue and Fragoklisias Street, of a
surface area of 672.00 sq.m., and agrees to lease it out to the lessee
subject to the following terms and conditions.

 

1.        DURATION

 

1.1.      The term  of the lease shall be from 1 September 2006 to
30 August 2018.

 

1.2.      No silent renewal is
permitted under any circumstances, and should the lessee remain in the leased
property after expiry of the term of the lease, this shall not be considered as
a silent renewal.

 

2.        LEASE FEE
AND OTHER CHARGES

 

2.1.      The lease fee is
hereby agreed to the amount of Euro 13,440.00 for the first year of the term of
the lease, and it shall be adjusted ipso jure every
year by the amount of increase of the Consumer Price Index, as set forth by the
National Statistical Service of Greece for the previous 12 months, plus one per
cent (1%). Said adjustment shall be calculated on the lease fee paid at any
given time and shall also apply if the term of the lease is extended based on a
contract or in accordance with the law.

 

2.2.      The lease fee shall
be paid to the lessor within the first five days
of every month of lease in cash or through a deposit to a bank
account of the lessor as indicated by the latter. Payment shall be proved by a
written receipt issued by the lessor or by the relevant deposit document issued
by the Bank. No other means of proof, oath included, shall be accepted.

 

2.3.      The lessee shall pay
to the lessor a stamp fee duty (3.6%) along with the lease fee.

 

2.4.      The lessee shall also
pay for the cost of electricity, water supply and all other fees and extras
included in the power, water and sewage utility bills (PPC, EYDAP, etc.), as
charged upon the lessee, as well as all municipal fees which are 

 

 

borne by lessees in accordance with the law.
Furthermore, the lessee shall also make contributions towards the general
expenses incurred in connection with the jointly used areas of the building, as
calculated by the building Management on a monthly basis, in accordance with
the corresponding percentage and based on the Establishment of Horizontal
Estate and the Regulation of the building.

 

3.        USE OF
THE LEASED PROPERTY

 

3.1.      The leased property
shall be used only for the lessee’s offices.

 

3.2.      It is expressly
stated that storage of explosive or flammable materials in the leased property
is prohibited.

 

3.3.      It is hereby
expressly agreed upon that the cession of the use of the leased property to
third parties in any way whatsoever is prohibited, except for a sublease or
other cession of the use of part or all of the leased property only to
subsidiaries or parent companies of the lessee or other companies which are
established by the lessee or in which the lessee has a holding.

 

3.4.      The lessee shall be
under obligation to make good use of the leased property and shall be held
liable for any wear caused during the term of the lease apart from any wear resulting
from normal use. In addition, the lessee shall be under obligation to keep the
leased property clean and use it in a way that will not compromise the quiet,
health, work and safety of neighbors.

 

3.5.      The lessor has the
right to visit and inspect the leased property in detail, at appropriate days
and times, upon consultation with the lessee (a) every three months,
accompanied by an engineer or experienced workman to identify possible wear or
changes to the property, (b) twice a week during the last four months of
the term of the lease accompanied by would-be lessees, and (c) at any time
accompanied by would-be buyers. Finally, the lessee shall be under obligation
to accept the performance of any work necessary for the repair or possible
reconstruction of the building where the leased property is found.

 

4.        GUARANTEE

 

4.1.      To
guarantee appropriate performance of the terms of the lease, the lessee has
paid today the amount of Euro 13,440.00, and this agreement is proof of
said payment. Said amount, which shall be adjusted whenever the lease fee is
adjusted, by the same percentage, shall be refunded to the lessee without
interest after the latter has left the leased fee within the set deadline upon
expiry of the term of the lease, has handed back its free use along with its
keys, has paid all utility bills and joint expenses, and has settled all
pending financial matters. Said amount cannot be offset against lease fees or
other amounts due by the lessee to the lessor.

 

 

5.        ADDITIONS
AND REPAIR OF THE LEASED PROPERTY

 

5.1.      The
lessor shall not be required, during the term of this lease, to perform any
repairs on the leased property, except for those that are necessary for the
unhindered continuation of its operation, providing that they are not caused by
actions or omissions of the lessee.

 

5.2.      The
lessee shall be allowed to perform its own additions, constructions or indoor
arrangements to the leased property in order to meet its operating needs at any
time, upon prior written notification to the lessor and on condition that the
static integrity of the building is not compromised and the provisions set
forth in the establishment of horizontal estate and the Regulation of the
building are not breached. Any addition made as above, shall either remain to the
benefit of the leased property following expiry of the term of the lease or
termination, in any way whatsoever, of the lease agreement, or it shall be
removed, at the discretion of the lessee, on the express condition, however,
that the leased property shall be restored to its state existing at the
beginning of the term of the lease. In any event, the lessee shall restore any
modification, addition or removal it has performed on the leased property and
shall prevent, in accordance with the principles of good faith and business
ethics, the direct and full use of the leased property by any other lessee or
user.

 

5.3.      The
lessee shall be under obligation to inform the lessor immediately and in
writing about any damage done to the leased property.

 

6.        EXPIRY OF
THE TERM OF THE LEASE — HANDING BACK THE LEASED PROPERTY

 

6.1.      Upon
expiry of the term of this lease, the lessee shall hand over the leased
property to the lessor, without any reminder, in good operating condition. For
as long as the lessee refuses to hand it over, it shall pay compensation equal
to 1/5 of the last lease fee for every day of delay.

 

7.        GENERAL
PROVISIONS

 

7.1.      Breaching
any of the terms hereof, which are all agreed upon to be material ones, shall
enable either party to terminate this lease agreement. More specifically, it is
hereby agreed upon that a failure to pay the joint expenses that correspond to
the leased property promptly shall be considered as a delay to pay the lease
fee due to negative attitude, which will bring about the relevant legal
consequences.

 

7.2.      Any
possible amendment to the terns hereof shall be proved only in writing, and no other means of
proof, oath included, shall be accepted.

 

7.3.      The
lessee has become aware of the Regulation of the building and shall be under obligation
to comply therewith.

 

II.   This lease agreement
was read, accepted and signed by the contracting parties. The lessor shall
submit one copy to the Tax Office (DOY) responsible for its income tax within
30 days of execution hereof.

 

 

	
  For the lessor

   

  	
   

  	
  For the lessee

   

  
	
  /s/ D. Katsadouris

  	
   

  	
  /s/ Alexandros Moukas

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