Document:

Amended Israeli Lease Agreement

 
EXHIBIT 10.33

 
Agreement 
 
Made and Entered Into in Haifa on the 
Fifth Day of the Month of March in the Year 2003 
By and Between 
 
The Gav-Yam Real Estate Company Ltd. 
Address: 24, Parsim
Street, Haifa. 
(Hereinafter: the “lessor”) 
 
And Between 
 
DSP Group Ltd. 
Company Registration Number: 511354722 
Address: 5, Shenkar Street, Herzliya Pituach. 
(Hereinafter: (“DSP”) 
 

	
	 Whereas
	  	 On the date: 28 / 11 / 1996, a lease contract was made and entered into by the parties and in accordance with this
contract, the lessor leased to DSP, 1,688 square meters of space on the first floor in Building Number One in the Gav-Yam Center and as defined in the lease contract. (Hereinafter: the “First Contract”)

	
	 And Whereas
	  	 On the date: 13 / 09 / 1998, a lease contract was made and entered into by the parties and in accordance with this
contract, the lessor leased to DSP, an additional 590 square meters of space on the first floor in Building Number Two in the Gav-Yam Center and as defined in the lease contract. (Hereinafter: the “Second Contract”)

	
	 And Whereas
	  	 On the date: 05 / 05 / 1999, a lease contract was made and entered into by the parties and in accordance with this
contract, the lessor leased to DSP, an additional 355 square meters of space on the first floor in Building Number Two in the Gav-Yam Center and as defined in the lease contract. (Hereinafter: the “First Addendum”)

 
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Page 1 of 5

 

	 And Whereas
	  	 On the date: 22 / 12 / 1999, a lease contract was made and entered into by the parties and in accordance with this
contract, the lessor leased to DSP, an additional 140 square meters of space on the first floor in Building Number Two in the Gav-Yam Center and as defined in the lease contract. (Hereinafter: the “Second Addendum”)

	
	 And Whereas
	  	 On the date: 10 / 12 / 2000, a lease contract was made and entered into by the parties and in accordance with this
contract, the lessor leased to DSP, a storeroom of 17 square meters in size in Building Number Two in the Gav-Yam Center and as defined in the lease contract. (Hereinafter: the “Third Addendum”)

	
	 And Whereas
	  	 On the date: 11 / 07 / 2002, a three-way agreement was made and entered into between the parties and the Corage, Ltd.
(Hereinafter: “Corage”) and in accordance with this agreement DSP assigned its rights according to the Second Contract and the First Addendum, which together are office space amounting to 945 square meters in Building Number Two
(Hereinafter: the “Transferred Area”) to Corage (Hereinafter: the “Three-way Agreement”)

	
	 And Whereas
	  	 The lease periods for all the spaces leased by the lessee from the lessor in accordance with the First Contract, the
Second Contract, the First Addendum, the Second Addendum and the Third Addendum; (all together hereinafter: the “Lease Contracts”) and including the Transferred Area; end on the date: 30 / 11 / 03

	
	 And Whereas
	  	 The parties have expressed their interest in extending the lease period for all the spaces in the lessee’s lease
possession in accordance with the First Contract, the Second Addendum and the Third Addendum (Hereinafter the “Leased Areas”) on the date on which this agreement is signed and to renew the lease periods for the Second Contract and the
First Addendum from the date: 01 / 12 / 2003; when all such will be in accordance with the terms and conditions of this agreement as given below:

 

	NOW,	 	THEREFORE, the parties hereto agree, declare and as follows: 

 

	1.	 	The preamble to this Agreement forms an integral part thereof. 

 

	2.	 	It is hereby agreed between the parties that beginning on the date: 01 / 12 / 2003, the lessee will lease from the lessor and the lessor will lease to the lessee,
the Leased 

 
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Page 2 of 5 

	    	 	Areas and the Transferred Area (Hereinafter: the “Total Area”) in accordance with the terms and conditions of the lease agreements, with changes made as
found necessary, for a period of five years that will begin on the date: 01 / 12 / 2003. 

 
Despite all the aforementioned, it is hereby agreed that beginning on the date: 01 / 12 / 2005, the lessee will be entitled to abrogate
the agreement referring to the area of 140 square meters on the first floor in Building Number Two and as leased by the lessee in accordance with the Second Addendum. Abrogation of this lease will be conditional upon the issue of six months prior
written notice of such to the lessor. To remove all possible doubt: The lessor will not be entitled to any compensation and / or relief in lieu of the abrogation of the agreement according to the Second Addendum. 
 

	3.	 	The lessee hereby declares that the lessee agrees to receive the Transferred Area into the lessee’s possession on the date: 01 /12 / 2003 in the condition in
which it is found and the lessee shall not have any claim and / or demand and / or press any suit against the lessor in reference to the condition of the Transferred Area. Nothing in the aforementioned will in any way derogate from any of the
lessor’s liabilities to make repairs in the Transferred Area in as much as such liability exists in accordance with the terms and conditions of the Second Contract and the First Addendum. 

 

	4.	 	Despite all that stated in the Lease Contracts, it is hereby agreed that beginning on the date: 01 / 12 / 2003, the basic rents to be paid for the Total Area will be
calculated based on the sum of 53.75 NIS per square meter and the basic index as stipulated in the Lease Contracts will be according to the index for the month of January 2003 and as such will be published on the date: 15 / 02 / 2003. (182.35
points) 

 

	5.	 	The lessor hereby undertakes to accept responsibility for the air-conditioning system installed in the leased spaces in accordance with the First Contract.
(Hereinafter: the “Air-conditioning System”) In other words, the lessor will ensure that the Air-conditioning System shall operate properly and it will not cause the lessee any nuisance. To effect such, up until the date: 15 / 07 /
2003 the lessor will replace all the air-conditioning units in the leased spaces in accordance with the First Contract with new air-conditioning units of the same standard (in terms of quality) as those manufactured by the manufacturer of the
air-conditioning units presently installed in these areas. The lessor hereby undertakes to provide warranty for the air-conditioning units to be replaced by the lessor and such warranty will be for the warranty period 

 
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	    	 	granted to the lessor by the supplier of the air-conditioning units. In all circumstances, the aforementioned warranty period will be for a period of no less than
one year from the date on which they are installed. It is hereby agreed between the parties that if the lessor does not meet the aforementioned commitments by the date stipulated and such breach of the commitments is not rectified within 21 days
from the date on which a demand for such rectification is issued by the lessee; the lessee will be entitled to execute all such actions as aforementioned. In such a circumstance as aforementioned, the lessee will set off the expense so incurred (and
against a tax invoice) against the rents due to be paid by the lessee to the lessor in accordance with the First Contract and on condition that such expense incurred is reasonable. 

 

	6.	 	It is hereby agreed that at the lessee’s own expense and sole responsibility, the lessee will be entitled to close off the corridor between the leased spaces as
such are in accordance with the First Contract and the leased areas as such are in accordance with the Second Contract. (Hereinafter: the “Work”) Such Work will be subject to the lessee’s receipt of the building permits required by
law for the execution of the Work. The Work will be subject to the provisions stipulated in Clause 14 in the First Contract. 

 
The lessor undertakes to plan, prepare and present to the local municipal Building and Planning Committee (Hereinafter: the
“Committee”) a request for planning permission in order to receive a building permit for the purposes of executing the Work as aforementioned. As the owner of the asset, the lessor will sign all requests for a building permit as
aforementioned. The lessor alone will meet all expenses incurred for the receipt of the building permit. Before its presentation to the Committee, the lessor will present the planning permission request to the lessee for the lessee’s approval
(Hereinafter: the “Plan”) and such presentation to the lessee will be within 30 days of the date on which this agreement is signed. Within 14 days of receipt of the Plan, the lessee will be entitled to present the lessor with a list of
requests for changes and repairs to the Plan. (Hereinafter: the “List”) Within 14 days of the lessor’s receipt of the List, the lessor shall present the lessee with an amended plan containing those changes and repairs that the lessor
agrees to include in the Plan and the lessor shall present the Plan to the Committee within 14 days of the lessee’s receipt of the amended Plan; subject to the condition that the lessee does not request further 
 
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discussion of the Plan with the lessor. To remove all possible doubt, it is hereby
clarified that following a request made by the lessee, the lessor will not refuse to amend the Plan according to the lessee’s request, unless there are reasonable grounds for such a refusal. Without any implication to the effect that the lessor
accepts any responsibility for any decision made by the Committee, be such to grant or not to grant building permission, the lessor undertakes to make every possible effort to expedite the process by which the Committee shall grant the building
permit. 
 
To remove all possible doubt, it is
hereby clarified that the lessor shall not bear any financial expense incurred for the Work and in all matters pertaining to the Work; the lessor shall not make any compensatory payments to the lessee. All expense incurred for the Work will be the
sole burden of the lessee and in lieu of the Work as executed by the lessee, the lessee will not be entitled to any compensation at the end of the lease period. 
 
MOREOVER, IN WITNESS WHEREOF the parties have signed: 
 

	 DSP GROUP LTD:
	 	 	 	 GAV-YAM REAL ESTATE COMPANY LTD.:

	
	 /s/    BOAZ
EDAN

	 	 	 	 /s/    HANAN
NITZAN

	 Boaz Edan,
	 	 	 	 Hanan Nitzan,

	 Chief Operating Officer
	 	 	 	 Chief Executive Officer

	
	 	 	 	 	 /s/    SHARON
SHWAPi

	 	 	 	 	 	 	 Sharon Shwapi,

	 	 	 	 	 	 	 Vice President

 
05 / 03 / 2003 
 
Translation

 
Page 5 of 5EXHIBIT 10.1

EXHIBIT 10.1

 

 

	
For Immediate Release
	
Contact:  Shawn M. Harrington

	
May 12, 2003
	
(860) 644-1551

 

GERBER SCIENTIFIC, INC. COMPLETES DEBT REFINANCING

 

SOUTH WINDSOR, CT - Gerber Scientific, Inc. (NYSE: GRB) today announced the successful completion of the refinancing of its principal indebtedness, closing on a new four-year $110 million senior credit facility arranged by Fleet Securities, Inc.

The new financing consists of a $45 million asset-based, multi-currency revolving credit facility led by Fleet Capital Corporation and a $65 million term loan led by Ableco Finance LLC, a fund affiliated with Cerberus Capital Management, L.P.  It replaces a revolving credit facility scheduled to expire on August 15, 2003, under which the aggregate commitment had been reduced to $80 million as of April 30, 2003. The new financing will be used to repay all borrowings under and terminate this credit facility, as well as for general corporate purposes including capital expenditures and working capital. 

Marc Giles, president and chief executive officer of Gerber Scientific, Inc., said, "With this transitional refinancing in place, enabled by our successful debt reduction activities, we have achieved the first of the four initiatives fundamental to our turnaround strategy.  Over the long-term, we remain committed to improving cash flow generation and further reducing debt levels.  This financing package provides us the liquidity and flexibility needed to support our ongoing efforts."

The credit agreements relating to the new financing will be attached as exhibits to a Form 8-K filing with the SEC following this news release.

 

About Gerber Scientific, Inc.

Gerber Scientific is the world's leading supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible goods, and optical lens processing.  Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products, Spandex
Ltd., Gerber Technology, and Gerber Coburn.

Safe Harbor Statement:

In addition to the historical information contained herein, there are matters discussed that are considered to be "forward-looking statements."  The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements.  These forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, and technological factors affecting the company's operations, markets, products, and services, that could significantly affect results in the future.  For a discussion of other risk factors relating to the company's business, see the Company's Quarterly Reports on Form 10-Q for the quarters ended January 31, 2003, October 31, 2002 and July 31, 2002 and its Annual Report on Form 10-K for the year ended April 30, 2002, as filed with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date of this release, and the company assumes no obligation to update or revise any forward-looking statements contained in this release.

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