Document:

EXHIBIT 10.6

 EXHIBIT 10.6 
 COMMERCIAL LEASE AGREEMENT 
 BY AND BETWEEN
THE UNDERSIGNED: 
  

	 	•	 	CREDIT MUTUEL PIERRE 3, a real estate investment partnership (‘Société Civile de Placements Immobiliers”) under the laws of France, with a capital of
900,000,000 French francs and having its head office located at 21 boulevard Malesherbes, Paris 75008, FRANCE; 

 Represented by its manager listed in the partnership’s bylaws, MULTIMMO S.A., a joint stock company under the laws of France with a capital of 6,000,000 French francs and having its head office located at 21 boulevard Malesherbes,
Paris 75008, FRANCE; 
 Represented by its Managing Director, Mr. Georges Poussier; 
 Hereinafter referred to as The LESSOR” 
 ON THE ONE HAND; 
 AND: 
  

	 	•	 	LEARNING TREE INTERNATIONAL S.A., a joint stock company under the laws of France with a capital of 1,000,000 French francs and having its head office at TOUR
PARIFERIC – 6 rue Émile Reynaud, 93300 Aubervilliers, FRANCE; filed with the Trade and Companies Register of BOBIGNY under number B 311 263 107; 

 Represented by its Chairman of the Board of Directors, Mr. Thierry Gourdon; 
 Hereinafter referred to as “The LESSEE” 
 ON THE OTHER HAND; 
  

 Page 1 of 20 

 NOW, THEREFORE DO THE PARTIES AGREE AS FOLLOWS: 
 The Lessor grants a lease to the Lessee, who accepts, on the premises owned by the Lessor and hereinafter described in Article VIII-2. 
 Article I – Description 
 Lessee represents and warrants
that it is well familiar with the premises for having visited such in view of this Agreement, without any need to describe the premises in greater detail than is given hereinafter in Article VIII-2. Lessee agrees to accept the premises
“as is” in their current state, surface area, and constitution with all their outbuildings. 
 The Parties
expressly agree that the premises that are the subject of this Lease Agreement for an indivisible whole. 
 Article II – Duration

 This lease is granted and accepted for a period of twelve (12) consecutive and full years starting on the effective date specified hereinafter
in Article VIII-3. The lease shall be terminated in keeping with legal provisions applicable to leases for commercial, industrial or craft purposes. 
 Lessee shall be entitled to serve notice of departure after expiration of the nine (9) year period by notifying Lessor via extrajudicial deed served nine (9) months, at the latest, before expiration of the then current period.

 Article III – Inventory of Fixtures 
 An
inventory of fixtures shall be drawn up by each Party once Lessee enters the premises. In the event that this inventory is not drawn up, for whatever reason and especially if Lessee failed to do such, the premises shall be deemed to have been leased
in perfect condition. 
 The inventory of fixtures shall be drawn up at Lessee’s expense. 
 Article IV – Intended Purpose of Premises 
 Lessee shall
use the premises hereunder exclusively for the purposes specified hereinbelow in Article VIII-4 and shall have peaceful enjoyment thereof, in accordance with articles 1728 and 1729 of the French Civil Code. 
 The Parties expressly agree that Lessee shall abstain from carrying out, on the premises, any industrial or craft production or any wholesale or retail sale to
customers, as well as any auctioning of furniture or other items. 
  

 Page 2 of 20 

 Article V – Charges, Terms and Conditions 
 This Lease is granted in accordance with ordinary charges, terms and conditions and especially those listed hereinafter. Lessee shall strictly comply with such ordinary
charges, terms and conditions, without being entitled to any indemnity or decrease in the amount of rent stipulated hereinbelow, under penalty of incurring all legal costs and compensatory damages or even termination of the Lease Agreement as Lessor
sees fit. 
 1. General Terms and Conditions governing Enjoyment of the Premises 
 Lessee takes possession of the premises leased “as is” and shall bear the cost of all installation and interior design work, without being entitled to claim any repair at the start of enjoyment of the
premises or throughout the duration of the Lease Agreement. Moreover, Lessee shall be in charge of any repair work that may be necessary on the premises throughout the lifetime of the Lease Agreement unless such repair work is subject to article 606
of the French Civil Code. 
 Lessee represents and warrants that is in full compliance with the provisions laid down in article L.5.01.1 et al of the French
Urbanism Code. 
 Lessee acknowledges that the premises hereunder are compliant with the intended purpose specified in the Lease Agreement. 
 Lessee shall, as of now and throughout the lifetime of the Lease Agreement, personally see to it that the premises hereunder and the activity conducted on the premises
are constantly in compliance with all applicable administrative and police regulations. 
 Lessee shall abide by all recommendations and orders issued by the
Labor Inspectorate, Hygiene and Safety Commissions and, more generally, all relevant Administrative Services. 
 Lessee
shall ensure that Lessor shall be held entirely harmless in this respect. 
 Lessee shall abide by the charges and terms and conditions laid down in the
joint ownership bylaws, enjoyment of possession bylaws, specifications or any document governing the real estate unit. 
 Lessee acknowledges that it has received a copy of the abovementioned documents. 
 Lessee shall take any and all necessary precautions to ensure
that the conduct of its business and activities cannot be in any way whatsoever detrimental to the maintenance, quiet, good appearance and good upkeep of the building. Lessee shall take all precautions and shall bear any liability in this respect.
Lessee shall not introduce, on the premises leased, any material that is flammable, explosive or hazardous for the building’s safety, nor shall Lessee use gas, in any form whatsoever. 
 Lessee shall not be entitled to claim any decrease in rent or any indemnity in the event that utility services such as water, electricity, telephone, heating, etc. are
temporarily discontinued or reduced. 
  

 Page 3 of 20 

 Lessee shall not lay or leave anything to stay in the Common Parts of the building which must offered unimpeded access at
all times. 
 Lessee shall refrain from keeping, on the premises leased, any noisy, dangerous or disturbing apparatus nor shall Lessee keep any animal or pet
that may be harmful or unpleasant to neighbors. No foul emanation shall be emitted from said premises. 
 In the event that instruments or apparatuses that
may cause interference or other disturbances hindering wave reception by neighbors are used, Lessee shall rapidly remedy such so that Lessor may be held harmless in this respect. 
 2. Works, Installations and Fittings 
 Lessee shall allow and shall not hinder any repair, reconstruction,
heightening, extension or other works – without being thereby entitled to claim any indemnity – that Lessor may carry out during the lifetime of the Lease Agreement whether on the premises leased or in the building of which they are a
part, regardless of the nature and duration of such work, even if in excess of forty (40) days. 
 Lessee shall not carry out any work, on the premises
leased, that might alter the intended purpose of the building or be detrimental to the building’s solidity. Similarly, Lessee shall not make floorings bear a greater load than they can withstand, under penalty of being liable for any distress
or accidents. 
 All works entailing a change in layout, demolition of or drilling through walls, beams or floorings, or installation of machinery using any
source of energy shall require prior consent from Lessor in writing. In order to obtain such consent, Lessee shall provide Lessor with all documents related to the works or installations planned, such as drawings or technical briefing notes. Such
works shall be conducted at Lessee’s expense and risk, under supervision by an architect or by an Engineering and Design Firm approved of by Lessor and whose fees shall be paid by Lessee. Lessee shall personally handle all claims made by the
other occupants of the building, neighbors or third parties, especially concerning noise, odors, heat or vibrations, and shall take out any necessary insurance policy for the performance of such works. 
 Any and all works, embellishments, improvements, installations or constructions, including fixed partitions, whether movable or non-movable partitions, as well as any of
the above that may be imposed by laws or regulations as the case may be, and carried out by Lessee during the course of the Lease Agreement, shall become the property of Lessor at the end of this Lease Agreement, without any indemnity and without
prejudice to the vested right for Lessor to require that the premises be restored to their initial state either in full or in part and at Lessee’s expenses. This provision also applies to works expressly authorized by Lessor. 
  

 Page 4 of 20 

 Lessee shall not affix any plaque, sign or awning, nor shall Lessee carry out any installation whatsoever affecting the
external appearance of the building, without prior consent from Lessor in writing. Lessor shall then apply for, to the extent necessary, the authorizations prescribed in the joint ownership bylaws or in any other covenant, specifications or
regulations by which Lessor must abide. Nevertheless, it is hereby specified that Lessee shall personally see to the obtainment of the required administrative authorizations and settlement of any taxes or duties payable on this account, so that
Lessor shall be held fully harmless in this respect. 
 3. State of Occupancy 
 The premises shall be furnished at all times, until the expiration date or termination of the Lease Agreement, with equipment, furniture and goods in sufficient quantity and of sufficient value to serve and be used at
any time as guarantee for payment of lease to Lessor and for all fittings and obligations under this Lease Agreement. 
 4. Maintenance and Supervision of
Premises 
 Lessee shall be under an obligation to carry out on the premises leased, throughout the duration of the Lease Agreement and at Lessee’s
expense, all small repair and maintenance works, cleaning and, in general, any rehabilitation or replacement as soon as they prove necessary and for whatever reason. 
 Lessee shall maintain, at its expense, all specific equipment such as air-conditioning, ventilation, electrical and telephone installations in compliance with applicable norms and shall restore such in perfect state
of use. To this end, Lessee shall enter any maintenance agreements and shall provide Lessor with a copy thereof on mere request by Lessor. Lessee shall maintain locks, shutters, and rolling shutters in perfect state of cleanliness, maintenance and
operation. Moreover, Lessee shall redo paint work if necessary. 
 Lastly, Lessee shall maintain floor coverings in perfect condition and, in particular,
shall fix any stains, burns, tears, holes or peeling that might appear. In the event that such remedies are not carried out, Lessor may substitute for Lessee, after summoning Lessee with no response from Lessee after fifteen (15) days, by
having such repairs carried out by a company of its choosing. Lessee shall then bear all costs, notwithstanding any rehabilitation costs pursuant to damages caused by non-compliance with the provisions set forth in this clause. These provisions also
apply to all expenses to be borne by Lessor on this account, by virtue of the joint ownership bylaws or the specifications. 
 Lessee shall allow Lessor, the
latter’s representative, architect or any other contractors or workers, to enter the premises leased so as to take stock of the state thereof, whenever appropriate, provided that the tenant is notified forty-eight (48) hours prior to the
inspection, bearing in mind that this provision shall not apply in cases of emergency. Lessee shall also allow all necessary works to be carried out and shall permit entrance on the premises for all workers needing to carry out any work considered
useful. 
  

 Page 5 of 20 

 Under no circumstance shall Lessee act in such a manner or allow actions that might deteriorate the premises and Lessee
shall immediately notify Lessor, within forty-eight (48) hours, of any damage that may be caused to the property, or any degradation or deteriorations that might have occurred on the premises leased. 
 5. Inspection of Premises 
 Lessee shall allow Lessor or any tenants,
as the case may be, to inspect the premises in the event of termination of the Lease Agreement, during the prior notice period. Lessee shall allow notice or posters to be affixed wherever Lessor so chooses. 
 Lessee hereby authorizes any bailiff empowered by Lessor to enter the premises leased during said period. 
 6. Taxes and Duties 
 Lessee pledges to pay its personal taxes and
duties, personal property levies, business tax, rental tax and any other tax or duty to be incurred by Lessee in particular or in connection with its business, as applicable to tenants at present or in future. Lessee shall incur waste removal taxes,
street sweeping tax, any new levies, municipal or other taxes, and any new increase in tax liability for tenants or lessors, of whatever nature and whatever name (especially, where applicable, Office Tax in the Ile-de-France region as instituted by
article 40 of the Amended Finance Act for 1989). Lessee shall refund Lessor, upon mere request thereby, for amounts paid in advance by Lessor in this respect, shall be liable for real estate tax or any new built-up or non built-up property tax
replacing the latter. All the above shall be complied with so that the lease payment stipulated hereinafter shall be net of any charge for Lessor as stated hereinbelow in Article VI-2. 
 7. Insurance and Recourse 
  

	a)	Lessor’s Insurance 

 Lessor shall guarantee any
financial impact stemming from its civil liability in its capacity as owner. 
 Lessor shall guarantee its real estate properties as well as
all fittings and installations of a real estate nature, equipping the premises on the effective date of the lease and especially against risk of fire, explosions, storms and damage caused by water. 
 In this respect, Lessee pledges to notify Lessor by registered letter of any aggravating risk factor (especially in case where storage height exceeds six
(6) meters) that may be due to the setting-up of its business or any change in its activity. Lessee shall then bear the cost of additional premiums that this might induce for Lessor. 
  

	b)	Lessee’s Insurance 

 Lessee shall take out
insurance, with Insurance Companies that are reputed to be solvent, covering the financial impact stemming from its civil liability on account of its activities, especially with regards to neighbors and third parties in general. 
  

 Page 6 of 20 

 Lessee shall take out insurance, with Insurance Companies that are reputed to be solvent, covering its
own property and its installations to prevent risk of fire, explosions, and damage caused by water. 
 Lessee shall take out an insurance
policy covering business interruption and plate glass risk. 
  

	c)	Waiver of recourse 

 Lessee and its insurers waive
the right of any recourse against Lessor and its insurers on account of total or partial destruction or deterioration of any equipment, furniture items, any and all valuables or goods, ensuing from loss of use or disturbance of possession in
connection with the premises leased or even in the event of partial or total loss of the business, including all intangibles attached to said business. 
 In exchange, Lessor and its insurers waive the right of any recourse against Lessee and its insurers. 
  

	d)	Lessee shall maintain and renew these insurance policies throughout the duration of the Lease Agreement, and shall regularly pay up premiums and fees and shall adduce
evidence thereof to Lessor upon first request thereby and, for the first time, upon signature of this Agreement. 

 In the event
that the activity carried out by Lessee should lead to extra or additional insurance premiums either for the owner or for neighbors or co-tenants, Lessee shall refund such persons for the amount of these extra or additional insurance premiums.

  

	e)	Lessee shall reimburse Lessor for all insurance premiums taken out by Lessor. 

  

	f)	Lessee shall not be entitled to challenge Lessor’s liability, save in the event of gross negligence committed thereby in the following instances:

  

	 	•	 	In the event of theft, burglary or other criminal offences, actions taken by the concierge and, in general, any disturbance caused by third parties or co-tenants on the premises
leased or outbuildings. In pursuance, Lessee shall waive the right of any recourse against Lessor on the grounds of article 1719-3 of the French Civil Code. 

  

	 	•	 	In the event of discontinuance of service for installations in the building 

  

	 	•	 	In the event of accident occurring as a result of the installation of said services on the premises leased. 

  

	 	•	 	Should the premises leased be flooded or invaded by river or other waters, water leakage, flows through gaps, glass sections, etc. 

 Lessee shall personally handle the cases referred to above as well as, in general, all other Acts of God and unforeseen circumstances, unless Lessee takes
action against the person responsible, setting aside Lessor. 
  

 Page 7 of 20 

 For greater security, Lessee shall take out all necessary insurance policies so that Lessor may be held
entirely harmless. 
 8. Assignment of the Lease 
 Lessee
shall not assign its right to this lease without express consent from Lessor in writing. Nevertheless, Lessee is free to assign said right to the lease to the Purchaser of its business or company. 
 Assignments must take the form of notarized deeds or private agreements for which Lessor shall be called on. Assignees shall be jointly and severally liable with Lessee
for lease payments and fulfillment of the terms and conditions of the lease. Moreover, Lessee shall remain jointly and severally liable with its successor and all subsequent successors for lease payments and fulfillment of the terms and conditions
of the lease. 
 Furthermore, all persons who successively become lease assignees shall remain obligated to Lessor, with jointly and several liability
amongst each other and with Lessee, as regards lease payments and fulfillment of the terms and conditions of the lease throughout the duration thereof, even if such persons are no longer on the premises and have even assigned their right.

 An official executory copy of the deed of assignment or an original registered copy shall be provided to Lessor at no expense for the latter, with Lessee
being bound to comply with the rules laid down in article 1690 of the French Civil Code. 
 9. Sub-lease 
 Lessee shall not be entitled to sublet the premises, whether in full or in part, without express consent from Lessor in writing. 
 Any sub-lease shall be carried out via an official deed or private agreement. Sub-lessees shall be jointly and severally liable with Lessee for lease payments and
fulfillment of the terms and conditions of the lease. Moreover, Lessee shall continue to assume joint and several liability and guarantee with respect to its successor and all subsequent successors for lease payments and fulfillment of the terms and
conditions of the lease. 
 Furthermore, all persons who successively become sub-lessees shall remain obligated to Lessor, with jointly and several liability
amongst each other and with Lessee, as regards lease payments and fulfillment of the terms and conditions of the lease throughout the duration thereof, even if such persons are no longer on the premises or have assigned their right. 
 10. Telephone 
 Lessee shall personally see to the obtainment of
telephone lines and the telephone installation, and shall thus remain the holder of rights to its lines. 
  

 Page 8 of 20 

 11. Surrendering Possession of the Premises 
 Before moving and prior to any even partial removal of furniture and equipment, Lessee must first have settled all lease payments and incidental rental charges, and provide evidence via receipts of payment of taxes
and duties incumbent thereupon for past years as well as for the current year. 
 Lessee shall, by and before the expiration date of the lease at the latest,
surrender the premises leased in good state of repair, as acknowledged by an inventory of fixtures pursuant to which Lessee shall hand over the keys to Lessor. This inventory of fixtures, set at a date to be jointly determined by the Parties, shall
include, where applicable, the statement of repairs to be carried out. Notwithstanding the fact that the keys have been handed over, the lease shall continue until the expiration date, with lease payments remaining due until that date. Failing this,
the inventory of fixtures shall be drawn up on the expiration date of the lease. 
 Should Lessee be absent on the date and at the time scheduled for the
inventory of fixtures, the inventory may be drawn up – at Lessor’s discretion – in the presence of a bailiff who may be assisted by a locksmith to enter the premises, with Lessee bearing all expenses appurtenant thereto. 

In the event that repairs or works prove necessary, Lessee shall have fifteen (15) days after being notified of the cost estimates drawn up at Lessor’s
request, to approve such cost estimated. 
 Should Lessee fail to state its intention within the time frame indicated above, Lessee shall pledge, as an
essential and decisive stipulation, to have such repairs or works conducted by qualified companies approved of by Lessor. 
 The term “repairs” refers to the refurbishment of the premise. 
 11. Change in Legal Status 
 Lessee shall notify Lessor of any amendment made to the Articles of Association governing Lessee Company (change in legal status, new corporate name, new head office,
etc.) within the month following such amendment, and shall inform Lessor as prescribed by article 1690 of the French Civil Code regarding any full or partial merger. In the event of a partial merger, the contributing company shall continue to
assume joint and several liability and guarantee with respect to the merger beneficiary, for the payment of lease and charges and for fulfillment of the terms and conditions of the lease. 
  

 Page 9 of 20 

 ARTICLE VI – FINANCIAL OBLIGATIONS 
 1. Rent 
 The rent set in accordance with the special terms and conditions set forth below is a decisive clause for
both parties to enter this Lease Agreement. This lease is granted and accepted in exchange for an annual rent, base value, for an amount stipulated hereinbelow in Article VIII-6 and shall evolve according to legal provisions and in keeping
with the terms and conditions prescribed in Article VI-6 hereinbelow. 
 2. Incidental Rental Charges 
 Lessee shall refund Lessor or any legal entity designated by the latter for the share applicable to the premises leased in view of common services, insurance policies,
real estate tax, rental tax, individual supplies, expenses necessary for functioning, cleaning and maintenance and for repairs on the building complex and, in particular, all expenses related to maintenance and repair of elevators, heating,
courtyards, roofing and garden areas, as well as all improvements, furniture, and equipment for operating the common areas; Lessee shall likewise refund the share of salaries and wages for all charges appurtenant to all personnel assigned to the
building, such as guards, cleaning staff, administrative staff as well as standing cash advances called up by the property administrators, fees for the building manager, etc. All the above so that the rent stipulated below is net of all charges for
Lessor. 
 This refund shall be made by drawing on a quarterly provision paid by Lessee with each rental payment. In order to take into account fluctuations
in charges, Lessor may modify the amount of provisions for charges upon presentation of documentary evidence. 
 At the end of each annual period, the amount
of provisions paid up shall be adjusted according to the annual statement of account. 
 3. Taxes and Duties 
 Since Lessor has opted for said rent to be subject to value-added tax, in keeping with article 260-2 of the French General Code of Taxation, value-added tax shall be
added to the aforementioned rent and incidental rental charges at the applicable rate on the date of invoice. 
 4. Terms of Payment 
 Lessee shall pay to Lessor rent and incidental rental charges in four equal installments maturing on the thirty-first (31st) day of March, the thirtieth (30th) of June, the thirtieth (30th) of September, and the first (1st) of December of each year. 
 All payments shall be made at Lessor’s domicile or at any other location indicated by Lessor. 
  

 Page 10 of 20 

 In the event of late payment of rent due by Lessee or late payment of any other amount due under this Lease Agreement and
that has not be paid up within the required time period, Lessor shall receive, as of right and eight (8) days after serving formal notice in advance but to no avail, lateness interest calculated at a rate of one point fifty percent
(1.50%) per month as of the maturity date, with each month started being considered as a full month. 
 5. Security Deposit 
 In order to guarantee performance of its obligations, Lessee shall pay to Lessor, who acknowledges such, an amount representing SIX (6) months of rent excluding
taxes, by way of a security deposit. This security deposit shall neither bear interest nor be deductible from the last rental payment and shall be refundable after Lessee’s departure, provided that (i) all amounts due to be paid by Lessee
and especially the outstanding balance of charges corresponding to Lessee’s occupancy period are fully settled and (ii) refurbishment works on the premises leased have been paid up. 
 In the event of any revision or change in the rental price stipulated above, this security deposit shall be readjusted proportionately to the new rent, and under the
same terms and conditions. 
 In the event of termination of this Lease Agreement pursuant to non-fulfillment of these terms and conditions for any reason
whatsoever that may be ascribed to Lessee, said security deposit shall be vested in Lessor as per initial compensatory damages without prejudice to any other compensatory damages. 
 Upon Lessee’s departure, the security deposit shall first be deducted from the amount of repairs due by Lessee as specified in Article V-11. 
 6. Indexation Clause 
 Furthermore, rent shall be subject to the following indexation clause: rent shall vary
automatically each year in proportion to changes in the quarterly construction cost index published by the French National Institute for Statistical and Economic Studies (INSEE). For the first year, the index stipulated in Article VIII-8 shall be
compared with the index for the same quarter in the following year. 
 For subsequent years, the index chosen for the previous reappraisal shall be compared
with the index for the same quarter in the following year. 
 In the event that this index is not known at the anniversary date of the Lease Agreement,
indexing shall be done provisionally based on the last known index. 
 It is hereby stipulated that this clause entails indexing by agreement between the
Parties. As a result, the statutory triennial revision currently prescribed by articles 26 and 27 of the French decree dated 30 September 1953 shall continue to apply at all times. 
 Should the index referred to in this Article no longer be published by the French National Institute for Statistical and Economic Studies, the Parties shall refer to any other publication of the index chosen as
provided by a public or private body chosen by joint agreement between the Parties. Failing such an agreement between the Parties, the index shall be designated by the Presiding Magistrate of the Commercial Court of Paris. 
  

 Page 11 of 20 

 Should the Parties fail to agree on the choice of expert, an expert shall be appointed by the Landlord/Tenant court at
the request of the earliest petitioner. 
 ARTICLE VII – OTHER OBLIGATIONS 
 1. Termination Clause 
 It is hereby agreed between the Parties that should Lessee fail to fulfill a single obligation
or any terms and condition of the Lease Agreement or to punctiliously pay each rent and all incidental rental charges at due date, this Lease Agreement shall be terminated by Lessor as it sees fit, as of right and without any judicial formality, one
(1) month after serving, to no avail, formal notice to comply or a mere order to pay notified to the person or served at the place of domicile and containing Lessor’s statement of its intention to avail itself of this clause. 

Should Lessee refuse to vacate the premises, it shall be forced to do so forthwith by mere order handed down in summary proceedings by the Court of First Instance at
the location where the building is situated. This order will be provisionally enforceable and without guarantee notwithstanding appeal. In this event, and whatever the ground for termination, the security deposit referred to in Article VIII-7 shall
remain vested in Lessor as per initial compensatory damages without prejudice to any other compensatory damages. 
 2 Occupancy of the Premises
after Cessation or Termination of the Lease 
 In the event that, after cessation or termination of the lease, the premises are not returned wholly
unoccupied to Lessor on the day agreed upon, the occupancy indemnity due by Lessee or its successors in title until the surrender of possession and payable for each day due, shall be equal to the last rent plus fifty percent (50%). Charges shall
also be due until the day Lessee returns the premises to Lessor. All the foregoing provisions are without prejudice to any other compensatory damages, save for a special agreement between the Parties. 
 3. Expenses 
 All expenses, duties and fees appurtenant hereto, as
well those resulting from or that are the consequence of the Agreement, namely all expenses incurred by Lessor (fees for lawyers, bailiff, etc.) pursuant to actions duly taken against Lessee in order to obtain performance of the clauses and terms
and conditions of the Agreement shall be borne by Lessee who expressly pledges to abide by this commitment. 
 3. Domicile 
 In view of the performance hereof, Lessor’s place of domicile shall be its head office and Lessee’s place of domicile shall be the premises leased. 

 

 Page 12 of 20 

 ARTICLE VIII – SPECIAL TERMS AND CONDITIONS 
 1. Address 
  

					
	a)	  	Address of the building:	  	68 rue Villeneuve
		  		  	92110 – Clichy
			
	b)	  	Address for receipts:	  	68 rue Villeneuve
		  		  	92110 – Clichy

 2. Description 
 A building called ARCTURUS, stairwell B, a part of the “ESPACE CLICHY” project, covering a usable floor area of approximately 1,117 square meters of activity on the first floor,
approximately 1,284 square meters of activity on the second floor, approximately 968 square meters of office space on the third floor, approximately 51 square meters of storage space in the basement, as well as 61 parking spaces in the basement.

 3. Commencement Date 
  

					
	Effective date of this Lease Agreement:	  	1 November 1991	  	
	Date of entry into possession of the premises:	  	6 August 1991	  	

 4. Intended Purpose 
 Building intended to be used for activities and offices. 
 5. Tax Regime 
 Value-added tax (V.A.T) 
 6. Base Annual Rent 
  

					
	Base annual rent exclusive of tax:	  	4,275,138 FF	  	(FOUR MILLION, TWO HUNDRED AND SEVENTY-FIVE THOUSAND, ONE
HUNDRED AND THIRTY-EIGHT FRENCH FRANCS)
		
	Periodicity of payments:	  	Quarterly, at the end of the rental term
		
	Payment of the first maturity:	  	31 December 1991 (i.e. two months of rent exclusive of tax + VAT)
		
	Payment of the second term:	  	31 March 1991 (i.e. three months of rent exclusive of tax + VAT)

 7. Security Deposit 
 Six (6) months of rent exclusive of tax, amounting to 2,137,569 FF (TWO MILLION, ONE HUNDRED AND THIRTY-SEVEN, FIVE
HUNDRED AND SIXTY-NINE FRENCH FRANCS). 
  

 Page 13 of 20 

 8. Indexation 
 a)
Revision Date 
 1 November 1992 
 b) Base index

 952 (INSEE construction cost index, fourth (4th) quarter 1990, official gazette (“Journal Officiel”) dated 14 April 1991). 
 9. Special Terms and
Conditions 
 Lessor has agreed, exceptionally, to finance various works not exceeding 4,000,000 FF (FOUR HUNDRED
MILLION FRENCH FRANCS EXCLUSIVE OF TAX) 
 By was of consideration, Lessee pledges to stay on the premises for at least nine (9) firm and consecutive years. 
 Lessor hereby authorizes Lessee to sublet a part of the parking spaces. 
 Done in Paris on 7 August 1991

 In two (2) original copies 
  

			
	THE LESSOR	 	THE LESSEE
	(Signature and company stamp)	 	(Signature and company stamp)

  

 Page 14 of 20 

 Stamp bearing the words “Received on 29 August 1995 – U.F.G.”

 AMENDMENT NO. 1 
 TO THE COMMERCIAL LEASE AGREEMENT DATED 7 AUGUST 1991 
 BY AND BETWEEN
THE UNDERSIGNED: 
  

	 	•	 	CREDIT MUTUEL PIERRE 3, an open-end real estate investment partnership (‘Société Civile de Placements Immobiliers”) under the laws of France, having its head
office at 11 bis rue Roquépine, Paris 75008, FRANCE; 

 Represented by its management company
(“Société de Gestion”), MULTIMMO S.A., a joint stock company under the laws of France with a capital of 1,500,000 French francs and having its head office at 11 bis rue Roquépine, Paris 75008, FRANCE;
Represented by its Managing Director, Mr. Jean-Marc Coly; 
 Hereinafter referred to as The LESSOR” 
 ON THE ONE HAND; 
 AND: 
  

	 	•	 	LEARNING TREE INTERNATIONAL S.A., a joint stock company under the laws of France with a capital of 1,000,000 French francs and having its head office at Espace Clichy, 68 rue
Villeneuve, Clichy Cédex (92587), FRANCE; filed with the Trade and Companies Register of Nanterre under number B 311 263 107; 

 Represented by its Chief Executive Officer, Mr. Yann Houdent; 
 Hereinafter referred to as
“The LESSEE” 
 ON THE OTHER HAND;

  

 Page 15 of 20 

 PREAMBLE TO THE AGREMENT: 
 By private agreement dated 7 August 1991, CREDIT MUTUEL PIERRE 3 leased the premises located at 68 rue Villeneuve, Clichy Cédex (92587), France to LEARNING TREE INTERNATIONAL. 
 The premises cover a surface area of approximately 1,117 square meters of space for activities on the first floor, approximately 1,284 square meters of space for
activities on the second floor, approximately 968 square meters of office space on the third floor, approximately 51 square meters of storage space in the basement which also contains 61 parking spaces. 
 The effective date set for the lease was 1 November 1991. 
 NOW, THEREFORE DO THE PARTIES AGREE AS FOLLOWS: 
  

	 	•	 	The Parties shall temporarily reduce the annual rent as set out below: 

  

	 	•	 	3,876,000 French francs, exclusive of tax, for the initial period starting 1 January 1995 and ending on 31 December 1995 

  

	 	•	 	4,076,000 French francs, exclusive of tax, for the second period starting 1 January 1996 and ending on 31 December 1996 

  

	 	•	 	4,376,000 French francs, exclusive of tax, for the third period starting 1 January 1997 and ending on 31 December 1997 

  

	 	•	 	The difference between the annual rent due for 1995 and the annual rent stipulated above for the same year, shall be refunded to the Lessee via a credit note for the same amount
(i.e. 343,271.12 French francs, exclusive of tax) on rents to be deducted from the third and fourth quarters of 1995. 

  

	 	•	 	The Parties shall freeze the annual index from 1995 to 1997 inclusive. Starting from 1998, the benchmark index shall be the INSEE index for the fourth quarter of 1994: i.e. 1019.

  

	 	•	 	The Parties shall readjust the security deposit in proportion to the new lease and under the same terms and conditions, via a credit note to be deducted from the forthcoming rent
invoice. 

  

	 	•	 	All other charges, terms and conditions in the initial Commercial Lease Agreement remain unchanged. 

 Drawn up in two (2) original copies 
 Paris, 28 August 1995 
  

					
		 	THE LESSOR	 	THE LESSEE
		 	(Signature)	 	(Signature)

  

 Page 16 of 20 

 AMENDMENT NO. 2 
 TO THE COMMERCIAL LEASE AGREEMENT DATED 7 AUGUST 1991 
 BY
AND BETWEEN THE UNDERSIGNED: 
  

	 	•	 	CREDIT MUTUEL PIERRE 3, an open-end real estate investment partnership (‘Société Civile de Placements Immobiliers”) under the laws of France, having its head
office at 11 bis rue Roquépine, Paris 75008, FRANCE; 

 Represented by its management company
(“Société de Gestion”), MULTIMMO S.A., a joint stock company under the laws of France with a capital of 1,500,000 French francs and having its head office at 11 bis rue Roquépine, Paris 75008, FRANCE;
Represented by its Managing Director, Mr. Jean-Marc Coly; 
 Hereinafter referred to as The LESSOR” 
 ON THE ONE HAND; 
 AND: 
  

	 	•	 	LEARNING TREE INTERNATIONAL S.A., a joint stock company under the laws of France with a capital of 1,000,000 French francs and having its head office at Espace Clichy, 68 rue
Villeneuve, Clichy Cédex (92587), FRANCE; filed with the Trade and Companies Register of Nanterre under number B 311 263 107; 

 Represented by its Chief Executive Officer, Mr. Yann Houdent; 
 Hereinafter referred to as
“The LESSEE” 
 ON THE OTHER HAND;

  

 Page 17 of 20 

 PREAMBLE TO THE AGREMENT: 
 By private agreement dated 7 August 1991, CREDIT MUTUEL PIERRE 3 leased the premises located at 68 rue Villeneuve,, Clichy Cédex (92587), France to LEARNING TREE INTERNATIONAL. These premises included:

  

	 	•	 	approximately 1,117 square meters of space for activities on the first floor 

  

	 	•	 	approximately 1,284 square meters of space for activities on the second floor 

  

	 	•	 	approximately 968 square meters of office space on the third floor 

  

	 	•	 	approximately 51 square meters of storage space in the basement 

  

	 	•	 	61 parking spaces situated in the basement 

 The effective date set for the lease was 1 November 1991. 
 By amendment no. 1 dated 28 August 1995, the
Parties agreed to reduce the annual rent as set out below: 
  

	 	•	 	3,876,000 French francs, exclusive of tax, for the initial period starting 1 January 1995 and ending on 31 December 1995 

  

	 	•	 	4,076,000 French francs, exclusive of tax, for the second period starting 1 January 1996 and ending on 31 December 1996 

  

	 	•	 	4,376,000 French francs, exclusive of tax, for the third period starting 1 January 1997 and ending on 31 December 1997 

 The Lessee called on the Lessor to revise, by friendly agreement, the annual rent stipulated in Amendment no. 1 and to lay down, in advance, the financial terms
and conditions for the lease to be renewed effective as of 1 November 2000. 
 NOW, THEREFORE DO THE PARTIES AGREE AS FOLLOWS:

 Article 1 –Amount of Rent 
 The Lessor
agrees to reduce the annual rent stipulated in Amendment no. 1 for the period starting 1 January 1997 and ending on 31 December 1997, down from 4,376,000 French francs exclusive of tax and service charge to 3,024,900
French francs exclusive of tax and service charge. 
 This decrease in rent shall be effective as of 1 October 1997 and until the end of the third
triennial period, i.e. up to 1 November 2000. 
 Rent shall be pegged to the INSEE1 index for the fourth quarter of 1994: i.e. 1019. 
 Rent
to be paid at the end of the rental term shall be adjusted accordingly for the period starting 1 October 1997 and until the end of the current quarter. 
  

	1	Translator’s note: INSEE refers to the French national institute for statistical and economic studies. 

  

 Page 18 of 20 

 Pursuant to the foregoing provisions, the security deposit shall be revised upwards to reach 1,512,450 French francs,
since the Lessee has agreed to increase the security deposit to six (6) months of lease exclusive of tax. 
 Article 2 – Lease Renewal

 The Parties agree to supplement Article 2 entitled “Duration” in the Commercial Lease Agreement signed on 7 August 1991 as
follows: 
 “Upon expiration of the nine (9) year period, namely on 1 November 2000, the lease shall be renewed for successive three-year
periods unless either Party serves prior notice by extrajudicial deed at least six (6) months before the expiration of each period.” 
 In
light of the above, the Parties agree that rent for the lease thus renewed is hereby set at 2,621,580 French francs exclusive of tax and service charge. 
 The security deposit shall be readjusted so as to constantly be equal to six (6) months of rent excluding tax and shall therefore amount to 1,310,790 French francs. 
 The rent thus stipulated shall be indexed in accordance with the provisions laid down in the Commercial Lease Agreement dated 7 August 1991. 
 The Parties agree on the base index set out below: 
  

	 	•	 	INSEE index for the first quarter of 1997: 1047. 

 The lease shall
otherwise continue based on the same charges, terms and conditions as stipulated in the Commercial Lease Agreement dated 7 August 1991. 
 Article
3 – Termination Clause 
 The Lessor represents and warrants, and the Lessee expressly agrees thereto, that the terms and conditions governing
the renewal of the lease as stipulated hereinabove in Article 2 are an essential and decisive provision without which the Lessor would not have agreed to decrease the rent set hereinabove in Article 1. 
 In pursuance, this Amendment shall be terminated as of right and without any formality or indemnity for either Party should the Lessee waive the renewal of the
Commercial Lease Agreement dated 7 August 1991 at the maturity date on 1 November 2000. 
 Where appropriate, any differential in rent with regards
to the rent stipulated in the Commercial Lease Agreement dated 7 August 1991 and the rent granted for the period covering 1 October 1997 to 1 November 200 shall become due and payable at the end of the lease agreement. 
  

 Page 19 of 20 

 Article 4 – Air Conditioning Installation 
 The Lessor authorizes the Lessee to have an air conditioning or air cooling system installed on the premises leased, in accordance with the terms and conditions laid down
in paragraph three of Article V.2 of the Commercial Lease Agreement dated 7 August 1991, on the express condition that the Lessor is allowed to approve the installation plan. 
 By way of exception to the provisions laid down in paragraph four, Article V.2 of the Commercial Lease Agreement dated 7 August 1991, the Lessee shall be entitled but shall not be obliged to remove all or part of
the installations and equipment thus authorized, provided that the premises where the installations and equipment are removed are restored to their initial state at the Lessee’s expense 
 All other charges, terms and conditions in the initial Commercial Lease Agreement remain unchanged. 
 Drawn up in two (2) original copies 
 Paris, 28 August 1997 
  

					
		 	THE LESSOR	 	THE LESSEE
		 	(Signature)	 	(Signature)

  

 Page 20 of 20EXHIBIT 10.7

 EXHIBIT 10.7 
 COMMERCIAL LEASE AGREEMENT 
 IN FUTURE STATE OF COMPLETION 
 Table of Contents 
  

							
	1.	 	    IDENTIFICATION OF THE PARTIES	  	2
				
		 	1.1.	  	LESSOR	  	2
				
		 	1.2.	  	LESSEE	  	3
				
		 	1.3.	  	LEGAL CAPACITY	  	3
			
	2.	 	    CONSTRUCTION PERIOD	  	3
				
		 	2.1.	  	OUTLINE	  	3
				
		 	2.2.	  	CONSTRUCTION AND WORKS COMPLETION	  	4
				
		 	2.3.	  	DOWN-PAYMENT	  	7
			
	3.	 	    COMMERCIAL LEASE	  	8
				
		 	3.1.	  	COMMERCIAL LEASE AGREEMENT - DURATION	  	8
				
		 	3.2.	  	ASSIGNMENT – SUBLEASE	  	8
				
		 	3.3.	  	DESCRIPTION OF THE PROPERTIES	  	10
				
		 	3.4.	  	INVENTORY OF FIXTURES – INTENDED PURPOSE	  	11
				
		 	3.5.	  	BASE RENT – UPDATING – ESCALATOR CLAUSE	  	12
				
		 	3.6.	  	ESCALATOR CLAUSE	  	12
				
		 	3.7.	  	RENTAL CHARGES	  	13
				
		 	3.8.	  	PAYMENTS	  	14
				
		 	3.9.	  	SECURITY DEPOSIT	  	14
				
		 	3.10.	  	JOINT AND SEVERAL WARRANTY	  	15
				
		 	3.11.	  	GENERAL TERMS AND CONDITIONS	  	16
				
		 	3.12.	  	TAXATION – VALUED ADDED TAX	  	22
				
		 	3.13.	  	LENIENCE	  	23
				
		 	3.14.	  	TERMINATION CLAUSE	  	23
				
		 	3.15.	  	REGISTRATION	  	23
				
		 	3.16.	  	DOMICILE	  	24

  

 Page 1 of 24 

 DEFINITIONS 
 For the purpose of simplification, certain terms shall take on a special meaning in this Agreement. 
  

	 	•	 	The term “Lessor” shall refer to the lessor or lessors 

  

	 	•	 	The term “Lessee” shall refer to the lessee or lessees 

 It is hereby stipulated that the lessors and lessee, if they are more than one, shall be jointly and severally liable amongst each other for fulfillment of their obligations and without any need to recall this joint and several liability.
Furthermore, this joint and several liability also extends to their successors in title and assigns, even if legally incapable, who shall be jointly and severally liable if they are several. 
  

	 	•	 	The term “Property” shall refer to the premises leased 

  

	 	•	 	The term “Notification”, unless otherwise stipulated or provided by law or regulation, shall refer to any notification which shall be duly served at the domicile
hereinafter designated, whether by extrajudicial deed, by registered letter with return of postal receipt requested or delivered in person with a receipt. Any notification by registered letter shall be ranked and dated on the date of first
presentation. 

 1. IDENTIFICATION OF THE PARTIES 
 1.1. LESSOR 
 SNC GROUPEMENT
D’ETUDES ET DE SERVICES TECHNIQUES ET ECONOMIQUES (GESTEC), a general partnership (“société en nom collectif”) under the laws of France, with a capital of five hundred thousand French francs (500,000 FF) and
with its head office located at 143 avenue de Verdun, ISSY LES MOULINEAUX (92130) FRANCE; filed with the Nanterre Trade and Companies Register under number 732 004 411;

 Represented by its Manager, EIFFAGE CONSTRUCTION, a joint stock company (“société anonyme”) under the laws
of France, with a capital of eight hundred and fifty-one million, three hundred and sixty-nine thousand, two hundred French francs (851,369,200 FF), and with its head office located at 143 avenue de Verdun, ISSY
LES MOULINEAUX (92130) FRANCE; filed with the Nanterre Trade and Companies Register under number 552 000 762; 
 In turn represented by Mr. Richard Bouvier, Chairman of the Board of Directors, endowed with full powers according to law and the company’s article. 
  

 Page 2 of 24 

 In turn represented by Mr. Hervé Thevenin, Program Director, duly empowered for this purpose
pursuant to a proxy by private deed dated 19 March 2001 and signed in VELIZY-VILLACOUBLAY, a copy whereof remains hereto appended after acceptance (Annex 1). 
 1.2. LESSEE 
 LEARNING
TREE INTERNATIONAL., a joint stock company (“société anonyme”) under the laws of France with a capital of one million French francs (1,000,000 FF) and having its head office located at Espace Clichy, 68
rue de Villeneuve, CLICHY 92587) FRANCE; filed with the Nanterre Trade and Companies Register under number 311 263 107; 
 Represented by Mr. Yann Houdent, Chairman of the Board of Directors, who is fully empowered according to law and the company’s articles. 
 1.3. LEGAL CAPACITY 
 The
Parties to this Agreement certify, directly or through their representatives, that there is no impediment preventing them from having full capacity in view of the fulfillment of the commitments that they are to make. 
 2. CONSTRUCTION PERIOD 
 2.1.
OUTLINE 
 1. Construction Project: GESTEC, the aforementioned company, is the owner of a land located in CLICHY
LA GARENNE (92), “ZAC des Terrains Citroën” (also known as “Espace Clichy) entered in the land register as 78 rue de Villeneuve, rue P. Dreyfus, 10 rue Olaf Palme et allée Van Gogh,
section T no. 211p, 214 and 216 for a total cadastral surface area of three thousand, three hundred and seven (3,307) square meters. 
 GESTEC is developing on this land a Building intended for mixed purposes with activities and offices, known as “Le Capella” which shall include two stairwells (A and B), with stairwell A at 84 rue de Villeneuve and stairwell B at
10 rue Olaf Palme, and which shall be composed as follows: 
  

	 	•	 	“Le Capella” 

 Above
ground 
  

	 	•	 	First floor and second floor: premises to be used for activities 

  

	 	•	 	Third floor: premises to be used for offices 

  

 Page 3 of 24 

 Basement 
  

	 	•	 	87 parking spaces 

 2. Consistency and Characteristics
of the Building: the consistency and characteristics of this Building are based on the drawings, the specifications notice and the documents that shall remain hereto appended after acceptance: 
  

						
	 •    
	  	Drawings of the Building project:	  	(Annex 2	)
			
	 •
	  	Special Technical Specifications with their amendments:	  	(Annex 3	)
			
	 •
	  	Safety notice:	  	(Annex 4	)
			
	 •
	  	Schedule of surface areas:	  	(Annex 5	)
			
	 •
	  	Definition of surface areas:	  	(Annex 6	)

 3. Administrative Authorizations: The erection of the abovementioned Building has been
authorized by building permit no. PC 092 024 97 0155 dated 13 November 1997. This building permit has been extended by one (1) year pursuant to a bylaw dated 3 September 1999. 
 Furthermore, on-terrace cooling equipment shall be declared in keeping with the law on listed installations and, in this respect, are subject to general
operating provisions. 
 4. Sale of the Building: The objective sought by GESTEC being to put the abovementioned Building on the
market, in full or in part, before or after completion, the Parties expressly agree that, in the event of transfer of the properties leased, the new owner shall automatically replace GESTEC in view of all of the latter’s rights and obligations
hereunder. Lessee shall be informed of the transfer of the properties leased via Notification stating the date of transfer as well as the new owner’s identity and address. This Notification shall as of rights entail novation as per
article 1271 of the French Civil Code and full discharge of GESTEC with regard to lessee as expressly agreed upon by Lessee. 
 5.
Modification Works: At the request of Lessee, Lessor shall replace fixed sashes located on the second and third floors of building B with French windows. 
 The cost of these modification works is set at a fixed price of three hundred thousand French francs (300,000 FF) plus VAT. Lessee shall pay this amount to Lessor in three equal installments of one hundred thousand
French francs (100,000 FF) plus VAT on the first (1st) day of May, the first (1st) day of June, and the remaining balance after completion of these works as attested by the main contractor for these
works. 
 2.2. CONSTRUCTION AND WORKS COMPLETION 
 1. During Work in Progress: During construction works and in view of risks inherent to any construction site, Lessee shall refrain from entering the Building or said construction site without prior, express
consent from Lessor. Should Lessee obtain this consent, Lessee may go on site at its own risk and shall be personally responsible for complying with all instructions, regarding safety in particular, that may be imposed on Lessee by Lessor or by
persons and companies in charge of the construction site. 
  

 Page 4 of 24 

 Lessee shall not make any request for administrative authorization concerning the Building or the
premises leased until after the effective date of the lease and after the Statement of Works Completion has been filed with the City Hall. 
 2. Completion Deadline: Lessor notes that the Properties that are the subject of this Lease shall be completed by and before 30 November 2001 at the latest. 
 Nevertheless, this deadline will be automatically increased by the number of days late on account of an Act of God or on “legitimate grounds”.
The occurrence of any of these events as well as the time period during which works were prevented shall be sufficiently acknowledged by an affidavit delivered by the main contractor for the project and accepted by the Parties as an authoritative
source. 
 In view of the implementation of the foregoing provisions, “legitimate grounds” are deemed to be causes such as bad
weather as construed by work regulations on building construction sites, strikes (whether general strikes or specific strikes in the building sector or at a company involved in the construction works or by one of its suppliers), receivership or
court-order liquidation of a company involved in the construction works or of one of its suppliers, administrative or judicial order to suspend or to stop work, delays due to public utilities or concessions, any accident on the construction site, or
disturbances caused by hostility, revolution, or natural disaster. 
 3. Definition of Completion - Allowances: The Parties agree that
the properties leased shall be deemed to be completed as construed under this Agreement, once works have been carried out and after installation of equipments that are indispensable for the use of said properties and that are specified in the
drawings and the technical descriptions indicated above and hereto appended. 
 In order to determine such completion, non-compliance shall
not be taken into account if these instances of non-compliance are immaterial. Similarly, instances of bad workmanship that do not make the foregoing works or equipment unsuitable for use shall not be taken into account. 
 Furthermore, it is hereby agreed that a five percent (5%) allowance will be admitted with regards to the total surface area of the Property as well
as the vertical measurements indicated herein or in the documents hereto appended or referenced. 
 Moreover, in the event that certain
materials or equipment are for any reason whatsoever impossible or difficult to obtain or to implement or may simply lead to a disorder or delay, Lessor may replace such materials or equipment with other similar materials or equipment that are at
least equivalent in quality. 
 4. Acknowledgement of Completion - Principle: Completion shall be acknowledged by a report drawn up by
each Party and wherein Lessee may state any reserves which will be approved of or contradicted by Lessor. 
  

 Page 5 of 24 

 To this end, Lessor shall Notify or shall have Lessee Notified at least Seven (7) calendar
days in advance, of an invitation to be present on the construction site at the date and time set in order to acknowledge the veracity of this completion and to draw up the report thereon, with or without reserves. This Notification shall be
accompanied by a copy of the affidavit drawn up by the main contractor in charge of the project and certifying completion of the properties leased as construed in this Lease Agreement. 
 Should Lessee fail to respond to this invitation, Lessor shall have a Bailiff draw up an inventory of fixtures for the Property and shall have this
inventory served to Lessee. In this event, Lessee shall be automatically deemed to have acknowledged completion of the Property on the date stated in the completion affidavit drawn up by the main contractor in charge of the project, and without any
other reserve as to the state thereof aside from reserves stemming from the inventory of fixtures where appropriate. 
 5. Challenges
pertaining to Completion: In the event that completion is challenged, Lessor and Lessee shall abide by the opinion of an expert designated by agreement between the Parties. Failing such an agreement, an expert shall be appointed by the Court of
First Instance at the request of the earliest petitioner. The expert shall also be in charge of drawing up the list of any reserves and, where appropriate, shall define the nature of works necessary for lifting these reserves and the deadline for
such works to be carried out. 
 In this event, the completion date shall be either the date stated on the completion affidavit drawn up by
the main contractor in charge of the project, or the date at which completion was acknowledged by the expert, provide that such expert has invalidated the decision taken by the main contractor in charge of the project. The expert’s fees shall
be borne by the Party whose claims were declared unfounded. 
 6. Challenges pertaining to Reserves or Lifting of Reserves: In the
event that any reserve is challenged, Lessor and Lessee agree to abide by the opinion stated by the main contractor in charge of the project. The main contractor shall be called upon to determine whether or not the reserve(s) is (are) duly
challenged and, where applicable, shall define the nature of works necessary for the reserve(s) to be lifted and the deadline for such works to be carried out. 
 This same procedure shall be applied in the event that the lifting of one or more reserves is challenged, whether or not this (these) reserve(s) was (were) challenged initially. 
 Fees for the main contractor in charge of the project shall be borne by the Party whose claims were declared unfounded. In the event that both
Parties’ claims are declared partly unfounded by the main contractor, the latter’s fees shall be shared equally between the Parties. 
 7. Effective Date of the Lease: Acknowledgement of completion as specified above shall be accepted to mean the delivery of the premises leased to Lessee and shall be the effective date of the lease, as of right and without need of
any other formality. 
  

 Page 6 of 24 

 This effective date of the lease shall take place regardless of whether completion was acknowledged by
report drawn up by each Party, acknowledged reputedly, or acknowledged by expert opinion. 
 The completion report and, where applicable, the
list of reserves stated therein or, as the case may be, the inventory of fixtures drawn up by Bailiff or else the report drawn up by the expert appointed, shall be construed as inventory of fixtures under this Lease Agreement. 
 Notwithstanding, the Parties express agree that Lessee shall not be authorized to occupy the premises unless it has fully paid up the amounts due to
Lessor on that date (first rent, provision for charges, security deposit), and produces documentary evidence of having taken out the insurance policies for which it is responsible. 
 8. Special Terms and Conditions: As of the date of possession, Lessee shall allow access to its premises for GESTEC and its architect, technicians,
and companies, so as to enable performance of all works necessary to put the final touches to the Building, lift reserves or so as to obtain the certificate of conformity. In addition, and until the day the certificate of conformity is obtained,
Lessee shall not be entitled to directly or indirectly carry out any works that might hinder the issuance of said certificate of conformity. 
 Since the Building may contain structures to be completed after the Property has been completed, Lessee shall endure inconveniences and disturbances inherent to finishing the construction work (circulation, parking, noise, miscellaneous
interventions, etc.) and waives the right of any recourse on this ground against GESTEC and its companies. 
 2.3. DOWN-PAYMENT

 Lessee hereby pays to Lessor a total of five hundred thousand French francs (500,000 FF) as down-payment on the amounts that will
be payable by Lessee upon the effective date of the lease (first rent, security deposit, provision for charges). 
 This payment shall be made
by delivery of a check no. 16383 
 Account no. 100 372 67 
 Drawn on: BNP Levallois Front de Seine 
  

 Page 7 of 24 

 3. COMMERCIAL LEASE 
 3.1. COMMERCIAL LEASE AGREEMENT - DURATION 
 In accordance with articles L.145-1 et al
of the French Commercial Code, Lessor grants a commercial lease on the premises described hereinbelow to Lessee who accepts. 
 This lease is
granted for nine (9) consecutive years starting from the acknowledgment of completion of the Property, unless applicable laws or regulations in this area or the termination clause set forth herein are invoked. 
 By way of exception to the provisions laid down in paragraph two of article L.145-4 of the French Commercial Code, it is expressly stipulated that
Lessee shall not be entitled to give notice of departure upon expiration of the first triennial period. 
 3.2. ASSIGNMENT –
SUBLEASE 
 1. Assignment or Transfer of the Lease: Lessee shall not be entitled to assign its right to this lease, including
to the purchaser of its business or company, without prior consent from Lessor in writing. 
 It is hereby stipulated that this prior consent
shall be required for any transfer of the lease in any form whatsoever and whether free of charge or for due consideration. 
 The only
exception to this need of consent applies to transactions specified in paragraph two of article L.145-16 of the French Commercial Code, in which case Lessee shall be nevertheless under an obligation to: 
  

	 	•	 	Previously Notify Lessor, at least Fifteen (15) days in advance, of the characteristics of the transaction contemplated 

  

	 	•	 	After completion of the transaction, Notify Lessor via an original excerpt of business registration for the companies concerned. This second Notification must take place within at
least Fifteen (15) days after the date of amending entries filed with the Trade and Companies Register. 

  

 Page 8 of 24 

 2. Sublease: Lessee shall not be entitled to sublease, in full or in part, the premises under this
Lease Agreement without prior consent from Lessor in writing. 
  

	 	a)	By way of exception, LEARNING TREE INTERNATIONAL, and it alone, is hereby authorized to sublease, only in part, to any company in which at least Seventy percent (70%) of capital
is held: 

  

	 	•	 	either directly by LEARNING TREE INTERNATIONAL 

  

	 	•	 	or by LEARNING TREE Inc., 6053 West Century Blvd., LOS ANGELES USA. 

  

	 	b)	Furthermore, in the event that LEARNING TREE INTERNATIONAL does not obtain authorization to start operations in keeping with articles L.111-8-1 and R.123-23 of the French
Construction and Housing Code, albeit with statutory limitations, within at least Six (6) months starting from the effective date of the lease, Lessor shall allow LEARNING TREE INTERNATIONAL to sublease to any person, merely in part and as
an exceptional measure within the framework of the provisions laid down in article L.145-5 of the French Commercial Code. 

 This commitment made by Lessor is nevertheless subject to the following terms and conditions which shall all apply: 
  

	 	•	 	LEARNING TREE INTERNATIONAL must give proof of having filed a full dossier applying for authorization to start operations within One (1) month after the effective date of
the lease 

  

	 	•	 	The operations contemplated by the sub-lessee under consideration must comply with the administrative designation of the premises that are to be subleased

  

	 	•	 	Lessor must approve these operations, being it specified that Lessor shall not be entitled to refuse approval unless the operations contemplated may cause disturbance to the
other occupant of the Building 

 In this respect, the Parties expressly agree that the exception to the contractual
intended purpose of the premises as prescribed under this Lease Agreement and which will result from approval by Lessor shall be strictly limited in scope to the exceptional sublease specially authorized, and shall not therefore call into question
Lessee’s obligation to scrupulously abide by this intended purpose. 
 The stipulations appearing above in paragraph
(b) shall be null and void after LEARNING TREE INTERNATIONAL has obtained the abovementioned authorization to start operations, albeit with statutory limitations. 
  

	 	c)	The Parties expressly agree that it is their common intention for the premises under this Lease Agreement to form an indivisible whole. 

  

 Page 9 of 24 

 3. Procedure for Approval: In order to request approval by Lessor, Lessee shall Notify Lessor of
its intention to assign its lease or to sublease. This Notification shall include a precise statement of the identity of the assignee or sub-lessee contemplated, as well as the essential terms and conditions of the operation contemplated.

 Should Lessor fail to give an express reply within the month of this Notification, approval shall be deemed to be refused. 
 4. Lessor’s Participation in the Deed: Any assignment or authorized sublease shall be made by a deed in which Lessor shall be called upon to
participate, at least Fifteen (15) days in advance. Notice to participate shall be given to Lessor via extrajudicial deed or registered letter with return of postal receipt requested, accompanied by a full draft of the deed of assignment or
sublease as well as, where appropriate, the copy of documents to be appended thereto and that are necessary for a proper understanding of said deed. 
 No assignment or sublease may be carried out unless Lessee gives proof that it is up-to-date on payment of all amounts to Lessor. 
 Any assignment of the lease shall take the form of a notarized deed. Any sublease shall take the form of either a notarized deed or a private agreement. 
 An official executory copy or, as the case may be, an original registered copy must be provided to Lessor, at no expenses for Lessor, within the month following the date of signature of the deed. 
 5. Joint and Several Obligations: Assignees and sub-lessees shall be jointly and severally liable with Lessee for lease payments and fulfillment of
the terms and conditions of the lease. Lessee shall remain jointly and severally liable with its successor and all subsequent successors for lease payments and fulfillment of the terms and conditions of the lease. 
 All persons who successively become lease assignees or sub-lessees shall remain obligated to Lessor, with jointly and several liability amongst each other
and with Lessee, as regards lease payments and fulfillment of the terms and conditions of the lease throughout the duration thereof, even if such persons have assigned their rights and are no longer on the premises. 
 3.3. DESCRIPTION OF THE PROPERTIES 
 In a Building intended for mixed purposes with activities and offices, known as “Le Capella”, located in CLICHY LA GARENNE (92), “ZAC des Terrains Citroën” (also known as
“Espace Clichy), lot A5 in the ZAC1 and more particularly at 10 rue Olaf Palme (postal address): 
  

	 	•	 	Outside: exclusive enjoyment of the part of the access courtyard, covering a surface area of approximately 100 square meters and which shall contain at least three parking spaces,
with two spaces for disabled persons, featured under the green box in the drawing mentioned below and hereto appended. 

  

	1	Translator’s note: “ZAC” is a mixed development zone in France. 

  

 Page 10 of 24 

	 	•	 	In the basement: Nineteen (19) parking spaces, including one controlled parking space no. 37 to 46, 81 to 89 

  

	 	•	 	On the first floor of stairwell B: ESPACE 1, to be used for activities with corresponding washroom facilities 

  

	 	•	 	On the second floor of stairwell B: ESPACES 1 and 1, to be used for activities, with stair landing and corresponding washroom facilities 

 These premises on the first and second floor, covering a “usable floor area” of approximately 1,934 square meters for a “Lease Surface
Area” of 1,994 square meters, are outlined in the yellow box in drawings nos. 3B and 4B dated 1 March 2001 and that are mentioned above and hereto appended. 
 Lessor and authorized personnel shall have access to common premises and technical facilities even if located in the spaces leased. 
 3.4. INVENTORY OF FIXTURES – INTENDED PURPOSE 
 1. Lessee shall take possession of the premises leased “as is” on the effective date of the lease, without being entitled to require Lessor to carry out any repair, transformation or rehabilitation,
except for foregoing provisions allowing Lessee to state reserves, which may be accepted or contradicted by Lessor, upon acknowledgement of completion of the Property. 
 As stated above, the completion report and, where applicable, the list of reserves stated therein or, as the case may be, the inventory of fixtures drawn up by Bailiff or else the report drawn up by the expert
appointed, shall be construed as inventory of fixtures under this Lease Agreement. 
 2. Lessee shall, at its own expense at risk, see
to the obtainment of any authorization, the carrying-out of any work or equipment, the payment of all taxes, duties, royalties or rights whatsoever in connection with the activity defined above and in relation to the occupancy of the premises
leased. 
 Subject to this reserve, Lessee shall use the premises leased exclusively for setting up “ongoing training” in compliance
with the intended purpose as regards activities on the premises leased. 
 3. Lessor does not grant any exclusive right and retains the
right to personally exploit or to lease out any other premise, including within the same building, for any activity even if it is similar or identical. 
  

 Page 11 of 24 

 By was of exception, Lessor shall not lease out any other premises appurtenant to the same Building to
any company whose main business is adult training designed for computer specialists. This commitment is made to LEARNING TREE INTERNATIONAL exclusively. As a result, this commitment shall become null and void if LEARNING TREE INTERNATIONAL is no
longer Lessee or occupant of the premises under this Lease Agreement. 
 3.5. BASE RENT – UPDATING – ESCALATOR CLAUSE

 1. Base Rent: The lease is entered into in consideration of an annual base rent of two million, one hundred and fifty-one
thousand French francs (2,151,000 FF) exclusive of tax. 
 2. Updating: On the effective date of the lease, the base rent defined above
shall be updated in view of changes in the national building construction index for all trades, referred to as BT 01. The base index shall be the last index published on the date of signature hereof, i.e. the index for the month of December 2000 and
which is set at 584.5. The calculation index shall be determined so that the index variation period is no longer than the time period lapsing between the date of signature hereof and the effective date of the lease. 
 3. Periodicity: Rent shall be payable, excluding VAT, per calendar quarter and in advance, in four equal installments on the first (1st) day of March, the first (1st) day of June, the first (1st) day of September, and the
first (1st) day of December of each year. 
 3.6. ESCALATOR CLAUSE 
 By way
of exception to the provisions laid down in article L.145-38 of the French Commercial Code, the annual rent shall be automatically revised without any formality on the first (1st) of January of each year, based on variations in the national construction cost index published by the French National Institute for Statistical and
Economic Studies (INSEE) 
 For the first revision, the base index shall be the last index published on the effective date of the lease and
the calculation index shall be determined so that the index variation period is no longer than the time period lapsing between the effective date of the lease and the date of revision. 
 For subsequent revisions, carried out based on applicable rents at the time, the base index shall be the calculation index used for the previous revision
and the calculation index shall be that applicable for the quarter one year later. 
 In the event that the revision index is not published on
the date when it is normally published, automatic revision will nevertheless be carried out provisionally, calculated based on the last index published and to be retroactively adjusted once the index in abeyance has been published. 
  

 Page 12 of 24 

 In the event that the index chosen is no longer published or ceases to exist before expiration of the
lease, the Parties shall apply the replaced index by using the necessary link factor. If there is no substitution index or link factor, the replacement index shall be determined by agreement between the Parties, failing which the replacement index
shall be set by an expert appointed by the Court of First Instance at the behest of the earliest petitioner. The expert’s decision shall be final and without recourse, and the expert’s fees shall be paid by Lessee. 
 3.7. RENTAL CHARGES 
 1.
Definition of Charges: In addition to rent, Lessee shall refund Lessor for: 
  

	 	•	 	All charges and expenses in connection with the premises leased as well as common elements and structures 

 As the only exception, Lessee shall not be liable for charges in connection with “major repair” works as per article 606 of the
French Civil Code 
 Thus, Lessee shall in particular refund building insurance polices as well as fees and expenses for Lessor’s
manager (nevertheless, these fees and expenses shall not exceed 2.5 percent ex-tax of the annual rent ex-tax) 
  

	 	•	 	All levies, taxes and duties of any nature, existing at present or in future, in connection with the premises leased and their occupancy. 

 All the above with no exception. 
 Thus, Lessee shall in particular refund the annual tax on office premises (article 231 ter. of the French General Code of Taxation), property tax, household waste removal tax, and street sweeping tax. 
 2. Provision for Charges: Refunding the charges defined above shall give rise to payment of a quarterly provision maturing at the same time as each
rental term. 
 Furthermore, Lessee shall pay to Lessor any additional provision that may become necessary during the course of the year, in
view of paying specific charges incumbent upon said Lessee. Nonetheless, these additional provisions may be called for only upon presentation of evidence that provisions already collected are insufficient. Subject to this reserve, these provisions
must be paid within ten (10) days after Notification by Lessor. 
 All charges shall be apportioned according to the rules set in the
note appended in Annex 8 and shall be adjusted each year. On the occasion of such adjustments, Lessee may take cognizance of documentary evidence at the domicile of Lessor or its agent. 
  

 Page 13 of 24 

 The quarterly amount of the provision for charges is initially set at one hundred and eighty-four
thousand and fifty-three French francs (184,053 FF). This amount shall be adjusted each year based on expenditures in the previous year, with the new quarterly provision being then equal to one quarter of expenditures for the previous year plus ten
percent (10%). 
 In addition to these charges, Lessee shall refund Lessor, within ten (10) days after Notification by Lessor, for the
cost of extrajudicial deeds, legal costs and other expenses incurred due to ascertained breaches of the charges, terms and conditions hereunder by Lessee. 
 3.8. PAYMENTS 
 1. Place of Payment: All payments shall be made directly to Lessor or to
its agent by transfer to an account designated to Lessee or else to Lessor’s domicile. 
 2. Lateness Penalty: Without prejudice
to the provisions under the “Termination Clause” and without this stipulation entailing any consent to any time extension for payment, all instances of late payment in excess of seven (7) days shall – automatically and without
need of any formal notice in advance – give rise to a monthly penalty calculated based on the applicable legal interest rate plus eight hundred (800) base points; it is hereby specified that each month started shall be counted in full
(i.e., taking the year 2000 as an example, a penalty of 10.74 percent annually given a legal interest rate of 2.74 percent) 
 3. First
Payment: The first payment shall be made on the effective date of the lease and shall exceptionally include rent and the provision for charges applicable to the period between this effective date and the last day of the calendar quarter in
question. 
 3.9. SECURITY DEPOSIT 
 1. In order to guarantee fulfillment of all obligations of all sorts resulting from this Lease Agreement and incumbent upon Lessee, the latter shall on the effective date of the lease provide Lessor with a
security deposit representing three (3) months of rent and amounting to five hundred and thirty-seven thousand, seven hundred and fifty French francs (537,700 FF). 
 This security deposit shall be adjusted with each variation in rent, automatically and without need of any formality whatsoever, so as to constantly
account for three (3) months of rent. 
 2. This security deposit shall be delivered to Lessor as a security, in accordance with
article 2071 et seq. of the French Civil Code, and shall not bear interest. 
  

 Page 14 of 24 

 Lessor shall keep the security deposit until expiration of the lease and until Lessee has given proof of
having fully complied with its obligations with special regard to the payment of rent and charges as well as taxes and duties for which the owner may be held liable although due to be paid by Lessee. Subject to this reserve, the security deposit
shall be returned to Lessee within six (6) months after expiration of the lease and actual vacation of the premises, less any amounts owing to Lessor on account of the provisions laid down in the Lease. 
 In the event of termination of the lease with Lessor being the aggrieved party (pursuant to the Termination Clause or on any other grounds), the security
deposit shall be vested in Lessor as a penalty clause, without prejudice to the payment of any other amount due to Lessor and without prejudice to the exercise of Lessor’s rights and actions. 
 3.10. JOINT AND SEVERAL WARRANTY 
 1. Warranty: Separate from the security deposit, Lessee shall provide Lessor with a joint and several warranty from a Bank or financial institution that is reputed to be solvent and has an establishment in France. 

This warranty, which must conform to the model hereto appended after acceptance (Annex 7), shall be delivered to Lessor within one
(1) month after signature of this Agreement. 
 Should Lessee fail to provide this warranty within the deadline agreed upon,
Lessor may choose to rescind this Agreement as of right and without any need to give formal notice. In this event, the down-payment made by Lessee shall be fully vested in Lessor as an initial compensation for damages sustained, without prejudice to
any additional compensatory damages. 
 2. Warranty Duration: This warranty shall be granted and come into effect starting
from the effective date of this lease and for an initial period of one (1) year. After this initial period, the warranty shall continue by tacit renewal and for periods of one (1) year. 
 This warranty can be revoked only for the term of one of the periods referred to above and by notification given to Lessee as well as Lessor by the
warrantor, at least three (3) months in advance, stating the intention to terminate said warranty. 
 Within two (2) months after
such notification given by the warrantor to Lessee, the latter must provide Lessor with a similar warranty as of right and without need for any further formality. This provision shall also apply in the event of extinguishment of said warranty for
whatever reason, with the new warranty then being required within two (2) months after this extinguishment. 
  

 Page 15 of 24 

 3.11. GENERAL TERMS AND CONDITIONS 
 POSSESSION – FURNISHING THE PREMISES – OPERATION 
 1. Lessee shall take possession of the premises in all due diligence and in keeping with their intended purpose. In particular, Lessee shall abide by joint ownership rules applicable to the building (if any) as
well as any addition or amendment Notified therefore by Lessor. Similarly, Lessee shall comply with any decision adopted by the property administrators at general meetings and bearing on the terms and conditions of enjoyment of the building.

 Lessee shall not act in such a manner or allow actions that might disturb the other occupants of the building or neighbors. 
 Lessee shall not make floorings bear a greater load than that stated in the specifications notice mentioned above and hereto appended. 
 Lessee shall immediately inform Lessor and Notify such of any damages that have occurred as well as of any disorders that have been revealed. 

Lessee shall be personally liable for any direct or indirect damage and for any damage occurring pursuant to non-fulfillment of the foregoing
obligations. 
 2. In order to ensure the full effect of Lessor’s lien under article 2102-1 of the French Civil Code, Lessee shall
keep the premises leased furnished with equipment, goods and furniture so as to warrant the payment of rent and charges as well as the fulfillment of all terms and conditions under this Lease. 
 3. Lessee shall personally occupy the premises leased. 
 MAINTENANCE - REPAIRS 
 1. Lessee shall carry out all repairs and rehabilitation work as well
as all replacements that may become necessary. 
 This obligation applies both to the premises leased and their accessories and equipment of
whatever nature. This obligation is incumbent upon Lessee, even if such works are required on account of an Act of God or wear and tear. 
 Lessee shall take out a maintenance contract with full coverage on-site for parts and labor, bearing on all technical equipment for private use and located on the premises leased or of which Lessee has exclusive enjoyment. 
 Lessee shall also subscribe to a “fire prevention and fire-fighting” policy with a body approved by the plenary meeting of fire insurance
companies. 
 Lessor shall be merely under an obligation to ensure “major repairs” in keeping with article 606 of the French Civil
Code. 
  

 Page 16 of 24 

 2. The Parties expressly agree that Lessee shall also be obliged to keep the premises in a
condition befitting the purpose for which they were leased. In this respect, Lessee shall, in particular, have a duty to ensure any diagnoses and checks and to carry out any works imposed by law or by the administrative authority so that the
premises leased are in compliance with regulations if they were to be amended during the course of the lease. 
 3. Lessee shall be
liable for any damage that might occur on account of non-fulfillment of its obligation to carry out repairs and maintenance. Lessee shall also be liable for any degradation caused thereby or even caused by a third party. 
 4. The Parties expressly agree that if Lessee is kept on the premises in application of the provisions under article L.145-28 of the French
Commercial Code, Lessee shall not be entitled to require Lessor to carry out any repairs on the premises leased or on the building of which they are a part. 
 TRADE SIGNS – CHANGES - IMPROVEMENTS 
 1. Unless consent is given by Lessor in writing,
Lessee shall not be allowed to make any installation whether outside (trade sign, verandas, awnings, canopies, etc.) or inside. Similarly, Lessee shall not be entitled to any construction, or to drill any walls, partition or flooring, nor make any
change in layout. 
 In order to request such consent, Lessee must first provide Lessor with the cost estimate and drawings of the works
contemplated. 
 Notwithstanding consent granted by Lessor, Lessee shall personally see to the prior obtainment of any necessary
authorization. Furthermore, Lessee shall be sole liable for damages caused by the conduct of said works or by their existence. 
 Works or
installations thus authorized shall be carried out at Lessee’s sole expense and risk and, at Lessor’s discretion, under supervision by the main contractor and the latter’s control office where appropriate, with the main
contractor’s fees being borne by Lessee. 
 Lessor retains the right to request that the premises be restored in their initial state and
at Lessee’s expense upon expiration of the lease. In this event, restoration works shall be carried out under the same terms and conditions as above. 
 2. Upon expiration of the lease at whatever period and by whatever means, works, improvements and permanently installed facilities (including all equipment) carried out by Lessee, whether or not authorized by
Lessor, shall remain the property of Lessor without any indemnity whatsoever due by Lessor, unless the latter demands restoration in their initial state as specified above. 
 Unless Lessor gives prior consent in writing, Lessee shall not be entitled to remove works, improvements and installations carried out thereby, since such
works, improvements and installations are incorporated in the building following their execution. 
  

 Page 17 of 24 

 3. Lessee is hereby authorized to carry out, on the premises leased, the works listed below and
more extensively defined by the drawings and the description that shall remain hereto appended after acceptance (Annex 9): 
  

			
	 Description
	  	Refurbishment
	• Heavy construction	  	
		
	 Construction of an opening between the first floor and the terrace for various extractions
	  	Impossible
		
	 Modification to terrace bases
	  	Impossible
		
	 Creation of a fire-wall and fire-resistive sheathing
	  	Impossible
		
	• Façades	  	
		
	 Modification of fixed sashes for opening
	  	Impossible
		
	• Water-tightness	  	
		
	 Water-tightness connectors for the various outlets on roofing
	  	Impossible
		
	• Partitioning	  	
		
	 Full redesign of layout of the premises
	  	Possible
		
	• Air-conditioning	  	
		
	 Modification of the cooling system based on the new calculation of capacity and rescaling ceiling heaters on the 2nd floor
	  	Impossible
		
	• Ventilation	  	
		
	 Modification to the air-cooling units and extractors based on the new calculation of personnel
	  	Impossible
		
	• Plumbing	  	
		
	 Interior fitting of a kitchen and coffee bars
	  	Impossible
		
	• Electricity	  	
		
	 Redistribution of lighting fixtures based on the new layout on the premises
	  	Possible
		
	 Redistribution of electrical outlets in the elevated flooring
	  	Possible
		
	 Modification of power output as needed
	  	Possible
		
	• Suspended Ceiling	  	
		
	 Modification of suspended ceiling for the new layout of the premises
	  	Impossible
		
	• Elevated Flooring	  	
		
	 Replacement of elevated flooring slabs with computer type slabs
	  	Possible
		
	• Carpeting	  	
		
	 Removal of carpet tiles in classrooms
	  	Possible
		
	• Painting	  	
		
	 Painting, especially on the first floor
	  	Impossible
		
	• Kitchen	  	
		
	 Construction of an assembly cooking unit with preparation of cold food, grill, deep fryer
	  	Possible

 Moreover, regarding the works listed above and for which “Impossible” is
specified under the “Refurbishment” heading, as an exception to the foregoing provisions, Lessee is exempted from restoring the premises to their initial state upon expiration of the lease. 
  

 Page 18 of 24 

 It is hereby recalled that Lessee shall not make any request for administrative authorization
concerning the Building or the premises leased until after the effective date of the lease and after the Statement of Works Completion has been filed with the City Hall. 
 Furthermore, Lessee shall provide Lessor with a copy of its requests for authorization within five (5) days after such requests have been made.

 The Parties hereby agree that Lessee shall not be entitled to have the aforementioned works carried out until it has given Lessor proof
of having taken out the necessary insurance policies, and especially a “construction damage” insurance cover. 
 Lastly, it
is expressly stipulated that Lessee shall not be entitled, within the framework of its requests for authorizations, to make plans for more than 230 persons on the premises under this Lease Agreement. As a result: 
  

					
	 •
	  	First floor:	  	(60 persons)
	 •
	  	Second floor:	  	(170 persons)

 In pursuance, the possibility of catering to 70 persons must be reserved for the
third floor of the building. 
 TAXES – CONSUMPTIONS - REGULATIONS 
 1. Lessee shall pay all levies, taxes, royalties and duties whatsoever for which Lessee is or shall be liable, as well as levies, taxes, royalties
and duties in connection with the activity conducted on the premises leased or bearing on said premises and for which the owners may be held liable for Lessee in any capacity whatsoever. 
 Lessee shall give proof of having paid such taxes upon request by Lessor as well as upon expiration of the lease and before removing any furniture,
equipment or goods. 
 2. Lessee shall subscribe to and directly settle all consumptions that may ensue from individual subscriptions
so that Lessor shall be held harmless at all times in this respect. 
 3. Lessee shall abide by all laws and regulations. In
particular, Lessee shall bear all costs levied by the city or policy or for sanitary regulations, road maintenance, public health, hygiene, and all other levies incumbent upon lessees, so that Lessor shall be held harmless in this respect.

 INSURANCE 
 1.
Lessee’s insurance: Lessee shall take out insurance, with an insurance company that is reputed to be solvent, for the risks stemming from its activity and covering risks of fire affecting its furniture, equipment, and goods, tenant’s
risk, recovery by neighbors, damage caused by water, explosion, plate glass risk and all other risks in general. 
  

 Page 19 of 24 

 Lessee shall personally handle, at its expense and risk, and with Lessor being held entirely harmless,
all claims made by the other occupants of the building, neighbors or third parties, especially concerning noise, odors, heat or vibrations caused by Lessee or Lessee’s devices. 
 Lessee shall personally handle any damage caused to the premises leased and any disturbance of enjoyment caused by the other occupants of the building,
neighbors and/or third parties, and shall take action directly against the perpetrators of such disturbances with Lessor being held entirely harmless in this respect. 
 Lessee shall maintain these insurance policies throughout the duration of the lease and shall give proof of having paid all premiums every first (1st) of January as well as upon request by Lessor. 
 2. Lessor’s insurance: Lessor shall take out insurance covering the consequences of civil liability charges that may be brought against it in its capacity as Lessor. Furthermore, Lessor shall insure the entire real estate unit
at “reconstruction cost”, covering risks of fire, explosion, storm, hurricane, cyclone, water damage, falling aircraft insurance, without this list being restrictive; this insurance must be taken out with one or more insurance companies
reputed to be solvent and must be maintained throughout the duration of the lease. 
 3. Waiver of recourse: Lessor waives and pledges
to have its insurers waive any recourse against Lessee or its insurers, except in the event of malicious intent. In turn, Lessee waives and pledges to have its insurers waive any recourse against Lessor or its insurers, except in the event of
malicious intent. 
 WORKS CARRIED OUT BY LESSOR – INSPECTION OF PREMISES 
 1. Lessee shall allow Lessor (or the joint owners association if the building is in co-ownership), without being entitled to claim any indemnity,
interruption or decrease in rent, to carry out – on the premises leased on in the building of which they are a part – all works that Lessor considers useful, regardless of the scope and duration even if in excess of forty (40) days.
In particular, Lessee shall allow cleaning of the façade, which may involve moving Lessee’s trade signs at its expense. 
 Prior to carrying out such works, Lessor shall contact Lessee and shall endeavor to see to it that the performance of such works causes limited disturbance to Lessee, especially in terms of noise. 
 2. Lessee shall allow Lessor and any person it has empowered for this purpose, to inspect the premises leased in order to take stock of the
condition thereof whenever Lessor sees fit. Aside from cases of emergency, Lessor shall inform Lessee at least twenty-four (24) hours in advance. 
  

 Page 20 of 24 

 In the event that the premises are sold, or within six (6) months prior to the expiration of the
lease, Lessee must allow inspection of the premises by any persons carrying an authorization by Lessor. These inspections visits are allowed only on working days and only between 9 a.m. and 8 p.m. 
 HANDING OVER THE KEYS 
 Lessee shall
hand over the keys to the premises as well as, where applicable, the keys to the building, once Lessee has moved and regardless of the date thereof and even if such date is prior to the end of the lease. 
 Lessee shall return the premises leased in perfect condition or, failing this, shall pay to Lessor the cost of works required to restore the premises to
perfect condition. 
 To this end, a preliminary inventory of fixtures shall be carried out by both Parties or by Bailiff, at Lessee’s
expense but at Lessor’s initiative, at least one (1) month prior to expiration of the lease, with Lessee being duly convened via registered letter with acknowledgement of receipt. 
 This preliminary inventory of premises shall include the statement of repairs to be carried out and that are incumbent upon Lessee. Within eight
(8) calendar days after Notification of the cost estimates drawn up either by an engineering and design firm or by companies approved of by Lessor, Lessee shall either pay the amounts directly to Lessor or else have said repairs carried out
forthwith by any company of its choosing, provided that said company has been previously approved of by Lessor. 
 Upon actual departure by
Lessee, a second inventory of fixtures shall be drawn up by both Parties, under the same terms and condition as the first inventory of fixtures, so as to take stock of the repairs incumbent upon Lessee. In the event of noncompliance and starting
from the date of expiration of the lease, Lessee shall be liable, as of right, for payment of a daily indemnity equal to two (2) days of the last rent, including all current taxes and charges, all long as is necessary for this refurbishment.

 Should Lessee remain on the premises even though the lease has expired, save for implementation of article L.145-28 of the French
Commercial Code, Lessee shall pay to Lessor an occupancy indemnity equal to three (3) times the last applicable rent, without this stipulation entailing any consent to a time extension and notwithstanding Lessor’s right to claim redress
for damages actually sustained. 
 Acceptance of the keys by Lessor shall not affect its right to recover from the tenant any amount for which
tenant may be liable according to law, customs and the stipulations in the Lease Agreement. 
  

 Page 21 of 24 

 DISTURBANCE 
 1. In the event that the building of which the premises leased are a part should be demolished or destroyed, whether in full or in part, the lease would be annulled as of right and without any indemnity due by
either Party. The same applies in the event of expropriation in the public interest. 
 2. In the event of interruption of service for
the various facilities on the premises, for whatever reason and regardless of duration, Lessee shall not be entitled to claim any indemnity from Lessor who must nonetheless take all necessary steps to limit this interruption as far as possible
unless Lessor can put a stop to this interruption. 
 Lessor retains the right to suspend, for maintenance purposes, the supply of all sources
of energy or fluids and, more generally, all services or supplies in connection with the premises leased or common areas. Except in cases of emergency, Lessor shall inform Lessee thereof at least forty-eight (48) hours in advance. 

3. Lessor provides no warranty to Lessee in the following instances: 
  

	 	•	 	In the event of theft or other misdemeanors and, in general, any de facto or de jure disturbances, by any person other than itself, whether or not this person is a
third party 

  

	 	•	 	In the event of accidents caused by the installation of said services on the premises leased 

  

	 	•	 	In the event of any hidden or patent defect or fault in the thing leased or its appurtenances, preventing or impairing its use; or in the event of damages caused to the premises
leased or to objects and goods located therein, as a result of leakage, infiltrations, humidity, or sewer backups. 

 3.12. TAXATION – VALUED ADDED TAX 
 The lease is exempted from registration formalities by virtue of article 637
of the French General Code of Taxation, and also article 245 in annex III and article 60 in annex IV of said General Code of Taxation. 
 Lessor represents and warrants that is wishes to be subject to value added tax as prescribed by article 260-2e of the French General Code of Taxation, and in keeping with the terms and conditions set forth in articles 193 and 195 of annex
II of said Code. Lessor shall file with the relevant tax authorities, within fifteen (15) days after the effective date of this lease, the statement prescribed by article 286, paragraphs 1 and 2 of the French General Code of Taxation.

  

 Page 22 of 24 

 3.13. LENIENCE 
 Under no circumstance shall any lenience granted with regards to the terms and conditions of this lease, however frequent or lasting, be considered as an
alteration or cancellation of these terms and conditions. 
 3.14. TERMINATION CLAUSE 
 Should Lessee fail to abide by applicable laws or regulations or fail to fulfill a single obligation or any terms and condition of this Lease Agreement
and, in particular, fail to pay a single term of rent exactly at due date, this Lease Agreement shall be terminated as of right by Lessor as it sees fit, one (1) month after serving, to no avail, a mere order to pay containing a statement by
Lessor of its intention to avail itself of this clause and mentioning this deadline. 
 As prescribed above, In the event of termination of
this Lease with Lessor being the aggrieved party, the security deposit as well as rents paid in advance shall be vested in Lessor, without prejudice to the payment of rents due and any other amounts pursuant to the exercise of Lessor’s rights
and actions for compensatory damages. 
 The foregoing termination clause shall apply should Lessee fail to scrupulously fulfill its
obligations if Lessee is kept on the premises in application of article L.145-28 of the French Commercial Code. 
 3.15. REGISTRATION

 In order to ensure the full effect of Lessor’s lien in accordance with article 2102-1 of the French Civil Code, Lessor retains
the right, if it so chooses, to have this Lease Agreement registered at Lessee’s expenses. 
 To this end and acting in their common
interest, the Parties bestow full powers upon any bearer of an original copy hereof. 
  

 Page 23 of 24 

 3.16. DOMICILE 
 In view of the performance of this Agreement and any amendments thereto, the Parties’ domicile shall be the following: 
  

	 	•	 	The Lessor’s domicile is 3 avenue Maurane-Saulnier, VELIZY-VILLACOUBLAY (78141), FRANCE 

  

	 	•	 	The Lessee’s current domicile is at its head office and on the premises leased starting from the effective date of the lease 

 oo0oo 
 Drawn up on 17 pages2 and in three (3) original copies, of which one
copy for registration purposes where applicable and with one copy for each Party who so acknowledges. 
 Done in Clichy, on
26 March 2001 
  

			
	THE LESSOR	 	THE LESSEE
	(Read and approved)	 	(Read and approved)
	(Signature and company stamp)	 	(Signature and company stamp)

  

	2	Translator’s note: seventeen pages in the original French-language version. 

  

 Page 24 of 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]