Document:

EX-10.2

 Exhibit 10.2 

 

					
		  	DATED	 	            18th August 2004
			
		  	(1)	 	ATLAS VENTURE FUND VI, L.P.
			
		  	(2)	 	ATLAS VENTURE FUND VI GMBH & CO, KG
			
		  	(3)	 	ATLAS VENTURE ENTREPRENEURS’ FUND VI L.P,
			
		  	(4)	 	BENCHMARK EUROPE I, L.P.
			
		  	(5)	 	THE INITIAL SHAREHOLDERS
			
		  	(6)	 	GLOBOFORCE LIMITED

 Subscription and Shareholders’ Agreement 

relating to 

GLOBOFORCE LIMITED 

 Execution 

 

 CONTENTS 

 

							
	1.	  	DEFINITIONS	  	 	2	  
			
	2.	  	CONDITIONS AND COMPLETION	  	 	11	  
			
	3.	  	AUDITORS, BANKERS, REGISTERED OFFICE, ACCOUNTING REFERENCE DATE, SECRETARY	  	 	14	  
			
	4.	  	THE GROUP’S BUSINESS	  	 	14	  
			
	5.	  	DIVIDEND POLICY	  	 	19	  
			
	6.	  	WARRANTIES	  	 	19	  
			
	7.	  	WAIVER	  	 	22	  
			
	8.	  	USE OF SUBSCRIPTION MONEY	  	 	23	  
			
	9.	  	APPOINTMENT OF DIRECTORS	  	 	23	  
			
	10.	  	INVESTORS’ RIGHTS	  	 	25	  
			
	11.	  	DIRECTORS’ MEETINGS	  	 	25	  
			
	12.	  	MATTERS REQUIRING CONSENT	  	 	26	  
			
	13.	  	TRANSFER OR ISSUE OF SHARES; ADDITIONAL AGREEMENTS	  	 	30	  
			
	14.	  	NON-DISCLOSURE OF INFORMATION AND ANNOUNCEMENTS	  	 	33	  
			
	15.	  	DURATION	  	 	34	  
			
	16.	  	RESTRICTIVE COVENANTS	  	 	34	  
			
	17.	  	CONFIDENTIALITY AGREEMENTS	  	 	39	  
			
	18.	  	TERMINATION OF EXISTING SHAREHOLDERS’ AGREEMENT	  	 	39	  
			
	19.	  	SALE OR LISTING	  	 	40	  
			
	20.	  	COMPANY POST COMPLETION CONDITIONS	  	 	41	  
			
	21.	  	US REGISTRATION RIGHTS	  	 	41	  
			
	22.	  	RECORDS	  	 	51	  
			
	23.	  	ASSIGNMENT	  	 	51	  
			
	24.	  	GROUP COMPANIES	  	 	51	  
			
	25.	  	SUCCESSORS	  	 	51	  
			
	26.	  	WAIVER AND FORBEARANCE	  	 	51	  
			
	27.	  	ENTIRE AGREEMENT AND VARIATION	  	 	51	  
			
	28.	  	SEVERANCE	  	 	52	  
			
	29.	  	TERMS OF THIS AGREEMENT TO PREVAIL	  	 	52	  
			
	30.	  	EXERCISE OF POWERS	  	 	52	  
			
	31.	  	NO PARTNERSHIP OR AGENCY	  	 	53	  

  

 Execution 

 

							
			
	32.	  	ENFORCEMENT OF THE COMPANY’S RIGHTS	  	 	53	  
			
	33.	  	ACKNOWLEDGEMENTS	  	 	54	  
			
	34.	  	COUNTERPARTS	  	 	54	  
			
	35.	  	COSTS	  	 	54	  
			
	36.	  	NOTICES	  	 	54	  
			
	37.	  	FURTHER ASSURANCE AND GOOD FAITH	  	 	55	  
			
	38.	  	GOVERNING LAW AND JURISDICTION	  	 	55	  
		
	 SCHEDULE 1 - Part 1 - The Initial Shareholders
	  	 	56	  
		
	 SCHEDULE 1 - Part 2 - Benchmark
	  	 	59	  
		
	 SCHEDULE 1 - Part 3 - Atlas
	  	 	60	  
		
	 SCHEDULE 2 - Part 1 - Information concerning the company immediately prior to Completion
	  	 	61	  
		
	 SCHEDULE 2 - Part 2 - Information concerning the Company immediately after Completion
	  	 	63	  
		
	 SCHEDULE 3 - Warranties
	  	 	66	  
		
	 SCHEDULE 4 - Limitations on Liability
	  	 	89	  
		
	 SCHEDULE 5 - Deed of Adherence
	  	 	93	  
		
	 SCHEDULE 6 - Annual Financial Statement
	  	 	94	  
		
	 SCHEDULE 7 - The Property
	  	 	95	  

  

 Execution 

 

 SUBSCRIPTION AND SHAREHOLDERS’ AGREEMENT 

THIS AGREEMENT is made on            18th August 2004 

BETWEEN: 
  

	(1)	ATLAS VENTURE FUND VI, L.P., a Delaware limited partnership whose principal place of business is at 890 Winter Street, Suite 320, Waltham, MA, USA, acting by its
general partner Atlas Venture Associates VI, LP, which is represented by its general partner Atlas Venture Associates VI, Inc. (“Atlas VI”); 

 

	(2)	ATLAS VENTURE FUND VI GMBH & CO. KG, a German limited partnership whose principal place of business is at 890 Winter Street, Suite 320, Waltham, MA,
USA, acting by its managing limited partner Atlas Venture Associates VI, L.P, which is represented by its general partner Atlas Venture Associates VI, Inc. (“Atlas VI KG”); 

 

	(3)	ATLAS VENTURE ENTREPRENEURS’ FUND VI L.P., a Delaware limited partnership whose principal place of business is at 890 Winter Street, Suite 320, Waltham, MA,
USA, acting by its general partner Atlas Venture Associates VI, L.P. which is represented by its general partner Atlas Venture Associates VI, Inc. (“Atlas EF VI”), 

(the parties named at (1), (2) and (3) being both individually and collectively, “Atlas”); 

 

	(4)	BENCHMARK EUROPE I, L.P. as nominee for Benchmark Europe I, L.P., Benchmark Europe Founders1 Fund I, L.P., Benchmark Europe Founders1 Fund I-A, L.P., Benchmark
Europe SLP Fund I, LP. and related individuals and managed by Benchmark Management (UK) LLP whose address is c/o Benchmark Capital, 20 Balderton Street, London W1K 6TL (“Benchmark”); 

 

	(5)	THE PERSONS whose names and addresses are set out in Part 1 of Schedule 1 (the “Initial Shareholders”); and 

 

	(6)	GLOBOFORCE LIMITED, a private company with limited liability incorporated in Ireland (registration number 264562) the registered office of which is at 6 Beckett
Way, Park West Business Park, Dublin 12 (the “Company”). 

 RECITALS 

 

	(A)	 The Company was incorporated in Ireland on 11 April 1997 under the Companies Acts 1963 to 1990 under the name of Habile Limited and changed its
name to International Shopping Events & Enterprises Limited on 12th July 1997 and again changed its name on 20th October 1999 to Globogift.com Limited and again changed its name on
4th October 2002 to Globoforce Limited. The Company
is a private company limited by shares. 

  

	(B)	The Company has an authorised share capital of EUR253,947.6156 divided into 10,000,000 ‘A’ Shares of EUR0.01269738 each (“A’ Shares”)
and 10,000,000 ordinary shares of EUR0.01269738 each (“Ordinary Shares”), of which 16,829 ‘A’ Shares and 15,132 Ordinary Shares have been issued and allotted and are fully paid up or have been credited as fully paid.

  
 1 

 Execution 

 

	(C)	Each of the Initial Shareholders is the legal and beneficial holder of the number of Ordinary Shares in the capital of the Company set opposite his name in Part 1 of
Schedule 1 and the Initial Shareholders together hold the entire issued Ordinary Share capital of the Company as at the date of this Agreement. Certain of the Initial Shareholders are also the holders of the number of ‘A’ Shares in the
capital of the Company set opposite their respective names in Part 1 of Schedule 1. 

  

	(D)	Benchmark is the holder of the number of ‘A’ Shares in the capital of the Company set opposite its name in Part 2 of Schedule 1. 	 

  

	(E)	The Company carries on and develops the business of the provision of gift certificates to consumers and non-consumers on a worldwide basis, both on the Internet and
otherwise, using a network of retailers worldwide. 

  

	(F)	This Agreement contains the terms upon which Atlas has agreed to subscribe for 12,185 ‘A’ Shares in the Company for the purpose of enabling the Company to
expand the Business in accordance with the 2004 Business Plan. 

  

	(G)	Atlas, Benchmark and the Initial Shareholders have agreed to enter into certain commitments and to regulate their rights in relation to the Company and each member of
the Group on the terms set out in this Agreement. 

  

	(H)	The Warrantors have agreed, amongst other provisions, to give warranties to Atlas in connection with its subscription under this Agreement. 

 

	(I)	The parties to the Existing Shareholders’ Agreement have agreed to terminate that agreement on the terms and to the extent set out in this Agreement.

  

	(J)	The Company has agreed to repay all amounts owing to Benchmark under the Convertible Loan Notes. 

 

	(K)	Benchmark has agreed to purchase 861 Ordinary Shares from Mr Eric Mosley pursuant to the terms of the Share Purchase Agreement and, following such purchase, each of
those Ordinary Shares will be converted into an ‘A’ Share pursuant to the Resolutions. 

 IT IS AGREED AS FOLLOWS:

  

	1.	DEFINITIONS 

  

	1.1	In this Agreement (including the Recitals and Schedules): 

 “1933 Act” means the US Securities Act of 1933, as amended from time to time; 
 “1934 Act” means the US Securities Exchange Act of 1934, as amended from time to time; 

  
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 Execution 

 

 “2004 Business Plan” means the business plan and budget for the Group
for the period from 1 January 2004 to 31 December 2008, in the Agreed Form, to be delivered to the Investors on Completion; 
 “‘A’ Shares” means the Convertible Preference Shares of EURO.01269738 each in the capital of the Company, having the rights and being subject to the restrictions set out in the
Articles; 
 “‘A’ Shareholder” means any holder of ‘A’ Shares; 

“Accounts” means the audited accounts of the Group as at and for the financial period ended on the Accounts Date;

 “Accounts Date” means 31st December 2002; 

“Act” means the Companies Act 1963; 
 “Acts” means the Companies Acts 1963 to 2003; 
 “Agreed
Form” means in relation to any document such document in the form agreed between the Company and any other parry thereto and the Investors and initialled by or on behalf of each of the same for the purpose of identification; 

“Annual Budget” means the annual budget (comprising an operating plan and a profit and loss statement, cash flow
statement and balance sheet for the Group for the next financial year) to be prepared from time to time in accordance with Clause 4; 
 “Anti-Dilution Warrants” means the two deed polls to be issued by the Company to Benchmark on Completion and the deed poll to be issued by the Company to Atlas on Completion, each in the
Agreed Form, each of which gives the relevant Investor the right to acquire further Shares at nominal value (the number of such Shares to be calculated on a weighted average basis in accordance with, the terms of the deed poll) on the terms set out
in each such deed poll; 
 “Articles” means the Articles of Association of the Company in the Agreed Form to be
adopted prior to Completion pursuant to the Resolutions and, once adopted, those Articles of Association as amended from time to time and any reference to an ‘Article’ shall be a reference to that, article of the said Articles; 

“Asset Sale” means a sale or other disposal of the whole or substantially the whole of the business and/or assets of the
Company; 
 “Atlas Director” means the person appointed to the Board by Atlas VI pursuant to Clause 9;

 “Auditors” means the auditors of the Company and any member of the Group from time to time; 

  
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 Execution 

 

 “Benchmark Director” means the person appointed to the Board by
Benchmark pursuant to Clause 9; 
 “Board” means the board of directors of the Company (and, where the
context requires, any member of the Group) from time to time; 
 “Board Minutes” means the minutes of a meeting
of the Board in the Agreed Form; 
 “Business” means the business of the Company and any member of the Group as
described in Recital E; 
 “Business Day” means any day which is not a Saturday, a Sunday or public holiday in
Ireland on which banks are generally open for business in Dublin and Boston, MA, USA; 
 “Business Intellectual
Property” means Intellectual Property used in the Business; 
 “Business Plan” means the annual
business plan of the Group in respect of each financial year of the Group, which shall include a budget, projected cash flows and a statement of business objectives and which shall be approved in accordance with Clause 4 (the annual business
plan for 2004 is comprised in the 2004 Business Plan); 
 “CEO” means the chief executive officer (or
equivalent) of the Company (and, where the context requires any member of the Group) from time to time appointed by the Board pursuant to Clause 9; 
 “CFC” means a “controlled foreign corporation” as such term is defined in section 957 of the Code; 
 “Change of Control” means a transfer of Ordinary Shares (other than a transfer of such shares made to another Group Company as part of a bona fide re-organisation of the Group (which is
being made with the consent of the Investor Majority)) which would upon its completion result in a transferee of Shares holding or becoming entitled to acquire 50% or more of all of the Shares in issue; 

“Claim” means a claim made by Atlas against the Warrantors, or any of them for breach of any of the Warranties;

 “Code” means the US Internal Revenue Code of 1986, as amended from time to time (or any successor thereto);

 “Company Secretary” means the person appointed as the secretary of the Company from time to time; 

“Company’s Solicitors” means Arthur Cox Solicitors, of Earlsfort Centre, Earlsfort Terrace, Dublin 2; 

“Completion” means the carrying out by the parties of their obligations under and in accordance with Clause 2.2;

  
 4 

 Execution 

 

 “Completion Date” means the day upon which Completion takes place;
“Connected Person” means in relation to a person, any other person: 
 “Connected Person” means in
relation to a person, any other person: 
  

	 	(a)	who is a connected person for the purposes of Section 10 of the Taxes Consolidated Act, 1997 to the first mentioned person; or 

 

	 	(b)	with whom the first mentioned person is acting in concert (as defined in Section 1(13) of the Irish Takeover Panel Act, 1997). 

“Convertible Loan Notes” means the US$609,750 of convertible loan notes constituted by the convertible loan note
instrument of the Company dated 28 April 2004, all of which are held by Benchmark; 
 “Covenantors” means
Brie Mosley, Edward Reynolds, Ciaran Lally, Derek Irvine and Kieran Conlon; 
 “Customer” means any person:

  

	 	(a)	who is a Key customer of the Group, or any member of the Group (whether or not goods or services were actually provided during such period) or lo whom the Group, or any
member of the Group, was actively and directly seeking to supply goods or services; and/or 

  

	 	(b)	with whom the Initial Shareholders (or any one of them) or any Employee Covenantor had dealings at any time in the period of 2 (two) calendar years prior to the
Relevant Date or was in possession of confidential information about such customer, in the performance of his duties to the Company or any of member of the Group; 

 “Deed of Adherence” means the deed of adherence in the form set out in Schedule 5; 
 “Director” means any director of the Company (and, where the context requires, any member of the Group) from time to time including, where applicable, any alternate director; 

“Disclosed” means fairly disclosed in the Disclosure Letter with sufficient detail to identify the nature and effect of
the matters disclosed; 
 “Disclosure Letter” means the letter of today’s date in the Agreed Form from the
Warrantors to Atlas disclosing matters which are exceptions to or qualifications of the Warranties; 
 “Employee
Covenantors” means each of Ciaran Lally, Derek Irvine and Kieran Conlon; 
 “Encumbrance” means any
mortgage, charge, pledge, lien, trust, right, of set-off or other third party right or interest (legal or equitable), including any right of preemption, 

  
 5 

 Execution 

 

 
assignment by way of security, reservation of title or any other security interest of any kind howsoever created or arising or any other agreement or arrangement having similar effect;

 “Existing ESOPS” means (a) the employee share option scheme of the Company and (b) the
discretionary share option scheme of the Company, each of which was approved by the Board and adopted as of 27 June 2001 and the employee share option scheme as amended by Board resolution and adopted by the Board as of 3 October 2003;

 “Existing Shareholders’ Agreement” means the subscription and shareholders’ agreement relating to
the Company between the Shareholders (as therein defined), Benchmark and the Company signed by the parties thereto on 19 December 2001, as amended by a deed of variation between the same parties dated 29 January 2002; 

“euro” and “EUR” mean the lawful currency of Ireland; 

“FPHC” means a “foreign personal holding company”, as such term is defined in section 5 52 of the Code;

 “FPHC Income” means “foreign person holding company income”, as such term is defined in
section 553 of the Code; 
 “Form F-3” means such form under the 1933 Act as in effect on the date hereof
or any registration form under the 1933 Act subsequently adopted by the SEC mat permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC; 

“Founders” means Eric Mosley and Edward Reynolds; 

“Fully Diluted Share Capital” means, at the relevant time, the aggregate of the issued Shares and all Shares capable of
being issued by the Company pursuant to all outstanding options, or outstanding rights (whether or not contingent and assuming full performance of any performance-linked rights), to subscribe for Shares or securities convertible into Shares;

 “Group” means the Company, its holding company (if any) and their respective subsidiaries and subsidiary
undertakings and the expressions “member of the Group” or “Group Company” means any one of them from time to time; 
 “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Clause 21; 

“Individual Warrantor” means Eric Mosley; 
 “Initial Offering” means the Company’s first firm commitment underwritten public offering of its shares under the 1933 Act; 

  
 6 

 Execution 

 

 “Initial Shareholders’ Agreements” means a share subscription
agreement between the Company, Edward Reynolds, Eric Mosley, James Flanagan and nine investors dated 10 September 1999 and a share subscription agreement between the Company, Edward Reyolds, Eric Mosley, James Flanagan and 17 investors dated
October 2000 (exact date not specified); 
 “Intellectual Property” means copyright works (including computer
software, both in object code and source code form), moral rights, related rights, patents, supplementary protection certificates, petty patents, utility models, trademarks, trade names, business names and other names and slogans embodying business
or product goodwill or indications of origin, service marks, design rights, registered designs, database rights, semi-conductor typography rights, Internet Web sites, domain names and applications and registrations pertaining thereto and all
intellectual property used in connection with or contained in all versions of the Company’s World Wide Web sites, rights in undisclosed or confidential information (such as know-how, trade secrets and inventions whether patentable or not)
goodwill, and other similar rights (whether registered or not) and applications, re-issues, continuations, divisions, continuations-in-part, renewals or extensions for such rights as may exist anywhere in the world; 

“Investment Bank” means an investment bank of international repute; 

“Investor Director” means a Director appointed pursuant to Clause 9.3 or Clause 9.4; 

“Investor Majority” means each of the Investors, provided that: 

 

	 	(a)	in the event of an Investor selling all of its Shares to any one person, that person; 

 

	 	(b)	in the event of an Investor selling all of its Shares to more than one person, the transferees of such Shares who together hold 75% or more of the Shares originally
held by that Investor; or 

  

	 	(c)	in the event of an Investor selling some (but not all) of its Shares to any one or more person(s), the holders of such Shares who together hold 75% of such Shares,

 shall replace that Investor for the purposes of this definition; 

“Investor Minimum Percentage” means five per cent, of the Fully Diluted Share Capital; 

“Investors” means Atlas and Benchmark; 
 “Investors’ Solicitors” means McCann FitzGerald Solicitors, 2 Harbourmaster Place, IFSC, Dublin 1, Ireland; 
 “Ireland” means the Republic of Ireland; 
 “Key”
means material to the operation of the Business; 

  
 7 

 Execution 

 

 “Limitations” means the limitations on the liability of the Warrantors
under the Warranties set out in Schedule 4; 
 “Listing” means the admission of any of the Shares or depository
receipts representing Shares, or any shares of any holding company or subsidiary of the Company, to the Official List of the UK Listing Authority and/or to trading on the London Stock Exchange plc’s market for listed securities; or the
admission to trading of such shares on the Alternative Investment Market of the London Stock Exchange pic (or any other market regulated by the London Stock Exchange pic); or the listing or quotation of any such shares (or in the case of the New
York Stock Exchange the listing or quotation of depository receipts representing such shares) on any other stock exchange or regulated securities market (including the New York Stock Exchange, NASDAQ and NASDAQ Europe); or the offering to the public
in any jurisdiction of any such shares for sale or subscription; 
 “Management Accounts” means the quarterly
management accounts of the Group as at, and for the financial period ended on, 31 March 2004; 
 “Management Rights
Letter” means the management rights letter addressed to Atlas in the Agreed Form, to be signed on Completion by the Company, relating to management rights of Atlas in respect of the Company; 

“month” means a calendar month and “monthly” shall be construed accordingly; 

“Monthly Management Report” means a report in the Agreed Form to include key statistics relating to the Company;

 “Off the Shelf Software” means a computer program which is bought “off the shelf’ (as that phrase
is commonly understood), licensed by the Company from a third party where the annual licence fee payable by the Company is less than EUR10,000; 
 “Ordinary Shares” means ordinary shares of EURO.01269738 each in the capital of the Company; 
 “Permitted Transferee” bears the meaning set out in the Articles; 

“Property” means the property full particulars of which are set out in Schedule 7; 

“QEF Election” means an election made pursuant to section 1295(b) of the Code to cause the Company to be treated as
a “qualified election fund” pursuant, to section 1292 to 1295 of the Code; 
 “Qualified Liquidity
Event” has the meaning given in Clause 19.5; 
 “Quarterly Management Accounts” means the
unaudited quarterly management accounts of each member of the Group, including profit and loss account, balance sheet and progress report, showing performance and cumulative year to date figures, both of which are to be shown against the Annual
Budget and the Business Plan; 

  
 8 

 Execution 

 

 “register”, “registered” and
“registration” refer, for the purposes of Clause 21, to a registration effected by preparing and filing a registration statement or similar document in compliance with the 1933 Act, and the declaration or ordering of
effectiveness of such registration statement or document; 
 “Registrable Securities” means (i) the
Ordinary Shares issuable or issued upon conversion of the ‘A’ Shares, (ii) any Ordinary Shares issuable or issued upon an exercise of the Anti-Dilution Warrants and (iii) any Ordinary Shares issuable or issued upon conversion of
any ‘A’ Shares issuable or issued upon an exercise of the Anti-Dilution Warrants and (iv) any other securities of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is
issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i), (ii) or (iii) above, excluding in all cases, however, any Registrable Securities sold by a person in a
transaction in which his rights under Clause 21 are not assigned; 
 “Relevant Elate” has the meaning given
to it in Clause 16; 
 “Resolutions” means the shareholder resolutions and class consents in the Agreed
Form to be passed by Benchmark and the Initial Shareholders and the holders of any class of shares whose consent is required in order that:- 
  

	 	(a)	the capital structure of the Company shall be as set out in Part 2 of Schedule 2; and 

 

	 	(b)	the Articles of Association in the Agreed Form be adopted prior to Completion; 

 “Sale” means a sale of the entire issued share capital of the Company; “SEC” means the US Securities and Exchange Commission; 

“Security Interest” means any interest or equity of any person (including, without prejudice to the generality of the
foregoing, any right to acquire, option or right of preemption (other than pursuant to the Articles or this Agreement)) or any mortgage, charge, pledge, lien or assignment, or any other encumbrance, priority or security interest or arrangement of
whatsoever nature over or in the relevant property; 
 “Share Purchase Agreement” means the share purchase
agreement in the Agreed Form to be entered into at Completion between Benchmark and Eric Mosley relating to the purchase of 861 Ordinary Shares by Benchmark from Mr Edward Mosley; 

“Shares” means shares in the capital of the Company, and “Shareholder” means a holder of Shares;

 “Subpart F Income” bears the meaning set out in section 952 of the Code; “Subscription Price”
bears the meaning set out in the Articles; “Subsidiary” means any subsidiary of the Company; 

  
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 Execution 

 

 “Tax” includes any present or future tax, levy, impost, duty or other
charge of a similar nature (including any penalty, fine, charge, surcharge or interest payable in connection with any failure to pay or any delay in paying any of the same) and references in tm’s Agreement to “taxation” shall be
interpreted accordingly, and “liability to taxation” shall be interpreted to include the disallowance or restriction of any loss, credit, relief or allowance for or in respect of tax; 

“Taxation Authority” means any local, municipal, governmental, state, federal or fiscal, revenue, customs or excise
authority, body, court, tribunal, agency or official anywhere in the world having or purporting to have power or authority in relation to Tax, including the Irish Revenue Commissioners; 

“Taxation Statutes” means all statutes, statutory instruments, orders, enactments, laws, by-laws, directives, decrees and
regulations, whether domestic or foreign, providing for or imposing any Tax; 
 “TCA” means the Taxes
Consolidation Act, 1997; 
 “Trade Sale” means an Asset Sale or a Sale; 

“Warranties” means the warranties, representations and undertakings of the Warrantors given in Clause 6 by reference
to Schedule 3; and 
 “Warrantors” means the Company and the Individual Warrantor, 

 

	1.2	The Schedules following the operative part of this Agreement shall be deemed to be incorporated in this Agreement. 

 

	1.3	In this Agreement: 

  

	 	(a)	the Index and Clause headings are inserted for convenience only and shall not affect the construction of this Agreement; 

 

	 	(b)	words denoting the singular shall include the plural and vice versa; 

  

	 	(c)	words denoting one gender shall include each gender and all genders; and 

  

	 	(d)	references to persons shall be deemed to include references to natural persons, to firms, to partnerships, to bodies corporate, to associations, and to trusts (in each
case whether or not having separate legal personality); 

  

	 	(e)	a reference to a “subsidiary” or “holding company” is to be construed in accordance with section 155 of the Companies Act, 1963,
and a reference to a “parent undertaking” and “subsidiary undertaking” is to be construed in accordance with the European Communities (Companies: Group Accounts) Regulations, 1992. 

  
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 Execution 

 

	1.4	References in this Agreement to “Clauses” and “Schedules” are references to Clauses of this Agreement and schedules to this Agreement;
references to paragraphs are, unless otherwise expressly provided, references to paragraphs of the Schedule in which the references appear and references to the “parties” or “party” are references to the parties or
a party to this Agreement. 

  

	1.5	Words and phrases defined for the purposes of or in connection with any statutory provision shall, where the context so requires, be construed as having the same
respective meanings in this Agreement. 

  

	1.6	Reference in this Agreement to statutory provisions shall, where the context so admits, and unless expressly provided otherwise, be construed as references to those
provisions as respectively amended, consolidated, extended or re-enacted from time to time and shall, where the context so admits or requires, be construed as references to the corresponding provisions of any earlier legislation (whether repealed or
not) directly or indirectly amended consolidated extended or replaced thereby or re-enacted and shall include where appropriate any orders, regulations, instruments or other subordinate legislation made under the relevant statute provided always
that the operation of this Clause 1.6 shall not operate to or create (where one would not have otherwise arisen) or increase the liability of any of the Company or the Initial Shareholders or the Warrantors or any of the Covenantors in each
case, as a consequence of any legislation or administrative practice (whether in Ireland, the European Union or elsewhere) not in force at the date hereof or any change in legislation or administrative practice (whether in the Ireland, the European
Union or elsewhere) made after the Completion Date or any practice followed or amended or concession issued or withdrawn by any taxation authority or body after the Completion Date. 

 

	1.7	Where any statement is qualified by the expression “to the best of the knowledge information and belief of any person” or “so far as that person is
aware” or any similar expression such qualifications shall be deemed to refer to the knowledge of the Covenantors and shall be deemed to include an additional statement that it has been made after the Warrantors have made due and careful
enquiries. 

  

	1.8	The obligations of the parties under this Agreement shall be several unless provided otherwise or the context otherwise admits. 

 

	1.9	References in this Agreement to “includes”, “including” and “included” will be construed without limitation unless inconsistent with the
context. 

  

	2.	CONDITIONS AND COMPLETION 

  

	2.1	Conditions 

  

	 	(a)	Except for Clause 2.1(b) and Clause 14, this Agreement is conditional upon the following matters having been fulfilled to the satisfaction of the Investors
(or having been waived by each of them); 

  
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	 	(i)	immediately prior to the subscription by Atlas under this Agreement, the issued share capital and other details of the Company being as set out in Part 1 of Schedule 2;

  

	 	(ii)	the Investors having approved the 2004 Business Plan; 

  

	 	(iii)	the passing of each of the Resolutions; 

  

	 	(iv)	there having been no breach of the Warranties; 

  

	 	(v)	the Company and each other relevant person having taken all actions necessary to comply with any relevant anti-money-laundering obligations to the satisfaction of each
Investor; 

  

	 	(vi)	Edward Reynolds having resigned as a director of the Company, having ceased to be engaged by the Company in any capacity and haying delivered to the Company a signed
letter of resignation in the Agreed Form; 

  

	 	(vii)	the Company having complied with the provisions of section 60 of the Companies Act, 1963 to enable the giving of financial assistance in connection with the
acquisition of Shares pursuant to this Agreement and the Share Purchase Agreement; and 

  

	 	(viii)	the execution and delivery by Benchmark and Eric Mosley of the Share Purchase Agreement. 

 

	 	(b)	The Company, each of the Initial Shareholders and (in the case of the condition referred to in Clause 2.i(a)(v) only) Benchmark undertake to Atlas that they shall
each use their respective reasonable endeavours to ensure the satisfaction of each of the conditions referred to in this Agreement as soon as possible without any financial commitment or expenditure being required of the Investors (or either of
them). 

  

	 	(c)	If the conditions referred to in Clause 2.1(a) are not satisfied in full or waived on or before 30 September 2004, this Agreement shall cease to have effect
except that Clause 2.1(b) and Clause 14 shall continue to apply. 

  

	 	(d)	This Agreement shall, as to any of its provisions remaining to be performed or capable of taking effect following Completion, remain in full force and effect following
Completion. 

  

	 	(e)	 Each of the Initial Shareholders undertake to Atlas that it shall procure that, prior to Completion, no member of the Group shall carry out any
business other than the Business, incur any liability or obligation (other than in the normal course of business) or permit or effect any change to the Articles (save insofar as required to comply with the terms of this Agreement) or the
Company’s memorandum of association or agree to vary the terms of any agreement to which the Company or 

  
 12 

 Execution 

 

	 	
any of them is a party or waive any conditions thereto (in each case other than in the ordinary course of business) without the prior written consent of Atlas; each of the Warrantors undertakes
that the Warranties shall when repeated on Completion, subject to the Disclosure Letter, be true and accurate in all respects and to notify Atlas if the Warrantors (or any one of them) become aware of any fact or circumstance which results in any
Warranty being incorrect or misleading when made or which might reasonably be regarded as resulting in any Warranty being inaccurate in any material respect when repeated on Completion. Each of the Initial Shareholders further undertakes to Atlas to
procure that, prior to Completion, the business of the Group is carried on in the ordinary course and that no information concerning the Group is disclosed to any third party other than in the ordinary course of business. 

 

	2.2	Completion 

 Completion
shall take place at the offices of the Investors’ Solicitors immediately upon the conditions set out in Clause 2.1(a) being satisfied or waived by the Investors (or such other place and time as the Company and the Investors may agree) when
all of the following matters shall take place (to the extent they have not taken place prior to Completion); 
  

	 	(a)	the subscription by each of Atlas VI, Atlas VI KG and Atlas EF VI for an aggregate of 12,185 ‘A’ Shares at a price of EUR574.4768 per share (giving an
aggregate subscription price of EUR6,999,999.81) (the number of shares to be subscribed by each of the Atlas entities being set out opposite its name in Part 3 of Schedule 1), which subscription price shall be delivered to the Company in the form
either of (i) a bank draft drawn in favour of the Company or (ii) a telegraphic transfer to the Company’s bank account with Ulster Bank, Sort Code: 98-50-10, Account Number 27604016; 

 

	 	(b)	the existing Directors shall hold a board meeting of the Company at which: 

 

	 	(i)	the ‘A’ Shares subscribed by Atlas in accordance with Clause 2.2(a) shall be issued and allotted; 

 

	 	(ii)	Sonali De Rycker shall be appointed as the Atlas Director; 

  

	 	(iii)	Ciaran Lally as the secretary of the Company shall be instructed to write up the register of members of the Company to reflect the issue and subscription and payment
referred to in Clause 2.2(a) and share certificates in respect of the ‘A’ Shares referred to in Clause 2.2(a) shall be issued in favour of and delivered to Atlas; 

 

	 	(iv)	the following documents shall be approved and their execution on behalf of the Company be authorised: 

 

	 	(A)	the Anti-Dilution Warrants; and 

  
 13 

 Execution 

 

	 	(B)	the Management Rights Letters; 

  

	 	(v)	any other matters shall be dealt with in order that the details of the Company shall be as set out in Schedule 2 Part 2; 	 

  

	 	(c)	the Company shall sign and deliver the Anti-Dilution Warrants to the Investors and the Management Rights Letter to Atlas; and 

 

	 	(d)	the Company shall redeem the Convertible Loan Notes by remitting the sum of US$609,750 plus any interest payable under the terms of the Convertible Loan Notes to
Benchmark (or as Benchmark shall direct). 

  

	3.	AUDITORS, BANKERS, REGISTERED OFFICE, ACCOUNTING REFERENCE DATE, SECRETARY 

 

	3.1	Unless otherwise agreed or required in writing by the Investor Majority, in respect of each member of the Group the accounting reference date shall be 31 December
in each year. 

  

	3.2	The bankers and auditors of each member of the Group shall be appointed by the Board and may be removed by the Board with the consent of the Investor Majority from time
to time, 

  

	4.	THE GROUP’S BUSINESS 

  

	4.1	Unless otherwise agreed in writing by the Investor Majority, the Company and/or each other member of the Group shall carry on the Business and no other business and all
contracts, commitments and trading in respect of the Business shall be conducted through and in the name of the Company and each other member of the Group. 

 

	4.2	Subject always to Clause 12, each of the Initial Shareholders shall exercise their respective powers in relation to the Company so as to ensure that (so far as by
the exercise of such powers they are able and subject to the Articles), and the Company undertakes to each of the Investors that it will conduct itself so that: 

 

	 	(a)	the Business is carried on and conducted in a proper manner and for the benefit of the Company and each other member of the Group and in material accordance with the
2004 Business Plan (and thereafter, the .Annual Budget and the Business Plan); 

  

	 	(b)	the Company and each other member of the Group transacts its business on arm’s length terms; 

 

	 	(c)	the Company and each other member of the Group shall not enter into any agreement or arrangement restricting its reasonable competitive freedom to provide and take
goods and services by such means and from and to such persons as they may respectively think fit (including in particular any exclusive licence agreements in relation to any of the Company Intellectual Property); 

  
 14 

	 	(d)	the Company and each other member of the Group shall at all times maintain: 

 

	 	(i)	the insurance cover Disclosed or such cover as may be required by the Board and the board of directors of any subsidiary; 

 

	 	(ii)	a “Key Man” life assurance policy or policies with a life assurance office of repute approved by the Investor Majority on the lives of Eric Mosley, Derek
Irvine and Ciaran Lally iii the amount of EUR500,000, each such policy to come into force as soon as practicable (and no later than three months) following Completion and to remain in force for so long as the insured remains a full time employee of
the Group and to secure payment to the Company as beneficiary thereunder; and 

  

	 	(iii)	such other insurance cover as may be reasonably required by the Investor Majority (including, without limitation, insurance of all fixed assets, business interruption
insurance, further key-man insurance for the Covenantors, insurance against loss of profits and consequential losses, public and employees’ liability, product liability, third party liability and so far as enforceable in law against claims for
libel and defamation) in such manner and amounts as the Investor Majority may reasonably consider to be in accordance with good commercial practice, having regard to the business and assets and liabilities (including contingent liabilities),
financial position, profits and losses and prospects of the Company; and 

  

	 	(iv)	directors’ and officers’ professional indemnity insurance to a level and on terms satisfactory to the Investors; 

 

	 	(e)	the Company and each other member of the Group shall not knowingly at any time after the date of this Agreement assign, charge or otherwise dispose of any interest in
any policy or policies maintained in accordance with Clause 4.2(d) or do or omit to do anything whereby any of the same is rendered void or unenforceable by the Company or any other member of the Group; 

 

	 	(f)	if the Company and/or any other member of the Group requires any approval, consent or licence for carrying on its business in the places and in the manner in which it
is tor the time being carried on or proposed to be carried on by it, the Company and any other member of the Group will take such steps as are reasonably necessary to maintain the same in full force and effect; and 

 

	 	(g)	the Company shall not change its accounting policies without the approval of the Investor Majority. 

  
 15 

	4.3	Each of the Initial Shareholders shall exercise their respective powers in relation to the Company and each other member of the Group so as to ensure (so far as by the
exercise of such powers they are able and subject to the Articles) and the Company undertakes to the Investors to ensure and/or procure that: 

  

	 	(a)	the Company and each other member of the Group shall keep the Investors, as soon as reasonably practicable, fully informed of all material matters of which it is aware
relating to the progress of the Business or of any other business from time to time carried on by the Company or the relevant other member of the Group (as the case may be) and shall provide the Investors with access at all reasonable times and upon
giving reasonable notice to all documents and information reasonably required by each of them; 

  

	 	(b)	audited accounts for the Company and audited consolidated accounts for the Company and each other member of the Group (and other than any subsidiary undertaking which
is permitted pursuant to the Acts to deliver unaudited accounts for the relevant financial period) complying with the Acts and prepared in accordance with generally accepted accounting principles and practices which are mandatory in Ireland at the
time of the relevant financial period or date, and the audited accounts of the Company and each other member of the Group shall be prepared and reported on by the Auditors within 90 days from the end of the financial year in question and shall be
forthwith thereafter delivered to the Investors; 

  

	 	(c)	the audited unconsolidated and consolidated accounts of the Company and each other member of the Group for each financial year shall be prepared under the historical
cost convention and shall otherwise comply in all material respects with all relevant standard accounting practices and financial reporting standards; 

  

	 	(d)	the accounts referred to in Clause 4.3 (b) shall be laid before the relevant company in general meeting within a period of 120 days following the end of the
financial year in question; 

  

	 	(e)	the Auditors shall, (as appropriate) at the expense of the Company and each subsidiary, certify the profits of the Company and each other member of the Group as
disclosed in the audited accounts which are available for distribution for each financial year at the same time as they sign their report on the audited consolidated accounts of the Company for that financial year and the Auditors shall be given
such assistance and information by the Company in connection with the performance of any duties imposed upon them hereunder or by the Articles; 

  

	 	(f)	not less than 60 days before the beginning of each financial year of the Company, commencing with the financial year ending 31 December 2005, it shall prepare on
behalf of the Company and submit to the Board and to the investors both: 

  

	 	(i)	a business plan, setting out the strategic goals for the next three financial years for the Company and each other member of the Group, showing proposed sales and
product development strategies, material commitments for each such financial year and to be in such form and to contain such other information as the Investors {or either of them) may reasonably require, such requirement for further information
having been notified to the Board not later than 60 days before the beginning of each financial year of the Company (the “Business Plan”); and 

  
 16 

 Execution 

 

	 	(ii)	itemised individual and consolidated revenue and capital budgets for 1 year in detail and 2 years in overview for the Company and each other member of the Group,
showing proposed revenues, expenses and capital expenditure trading and cash flow figures arid all anticipated material commitments for each such financial year and to be in such form and to contain such other information as the Investors (or either
of them) may reasonably require, such requirement for further information having been notified to the Board not later than 60 days before the beginning of each financial year of the Company (the “Annual Budget”),

 and for the avoidance of doubt the Annual Budget and Business Plan may be presented in one document 

 

	 	(g)	each Annual Budget and Business Plan (including for the avoidance of doubt, the 2004 Business Plan) shall not be implemented until approved by the Board and the
Investors (in the case of Investors, by each Investor Director), such approval not to be unreasonably withheld or delayed, but shall be deemed to have been approved by the Investors unless an Investor or an Investor Director (as the case may be)
notifies the Board within 21 days of submission of the relevant Annual Budget and Business Plan to it that they are not approved. In the event of any dispute as to any Annual Budget, the Investors shall act in good faith and use their reasonable
endeavours so as to resolve any such dispute, and so that until such time that any such Annual Budget is agreed, the provisions of the last quarter of the preceding agreed Annual Budget for the year in question shall prevail (indexed by reference to
the previous quarterly period of inflation for each quarter). Any agreed Annual Budget shall be deemed to amend the relevant projections in the Business Plan accordingly and for the purposes of Clause 4.2(a) (but not further or otherwise) and
so that until the Annual Budget is agreed the provisions of the previous Annual Budget shall prevail. In the event of any dispute as to any Business Plan, the provisions in this Clause for resolving disputes over the Annual Budget will apply mutatis
mutandis, save that, where agreement cannot be reached, the provisions of the previous Business Plan shall prevail; 

  

	 	(h)	 Quarterly Management Accounts are prepared, the first of which shall commence on 1 July 2004, such accounts to include (in addition to any further
information or details which the Board or the Investors (or either of them) may reasonably require), (such requirement for further information having been notified to the Board not later than 30 days before the beginning of each financial period to
which the Quarterly Management Accounts relate) a consolidated profit and loss account, balance sheet and cash flow statement. Such Quarterly Management Accounts shall refer to any known material matter occurring in or relating to the period in
question, including a statement of any material variation from and a comparison with the revenue budget then relevant, comparing the results shown in 

  
 17 

 Execution 

 

	 	
each set of Quarterly Management Accounts with the results for the corresponding period in the previous year and with the relevant Annual Budget and Business Plan, and itemising all material
transactions referred to in the capital budget entered into by the Group during that period. Such Quarterly Management Accounts shall then be submitted to the Board and the Investors within 30 days from the end of the relevant quarter to which they
relate and considered at the first board meeting following such submission; 

  

	 	(i)	a Monthly Management Report is prepared in respect of each member of the Group within 10 Business Days of the end of the calendar month to which it relates, such report
to be submitted to the Investors and the Board within 10 Business Days from the end of the calendar month to which it relates and shall be considered at the first board meeting following such submissions; 

 

	 	(j)	a 13 weekly cash flow forecast is prepared in respect of each member of the Group for ever}’ quarter of the calendar year after Completion, such forecast to be
submitted to the Investors and the Board within 21 days of the beginning of the relevant quarter to which it relates and shall be considered at the first board meeting following such submission; 

 

	 	(k)	details of the cash balance in respect of each member of the Group are delivered on a monthly basis to the Investors; 

 

	 	(l)	the Investors are supplied with such information (as is known) of any actual or prospective material change in the financial position, business or property of any
member of the Group as soon as each (or any one of) the Initial Shareholders becomes aware of such; 

  

	 	(m)	the Investors are supplied with such other financial or management information relating to the Group as the Investors (or either of them) may request from time to time,
including:- 

  

	 	(i)	by undertaking a review of the adequacy of the information systems used by the Group (if requested by the Investors (or either of them)); 

 

	 	(ii)	any information required by an Investor to comply with their own regular reporting obligations to their investors; 

 

	 	(iii)	an annual report detailing turnover by country and any additional related information that is required by an Investor to analyse future competition law notification
requirements; and 

  

	 	(iv)	any information required by an Investor to determine for US tax purposes whether the Company is a “controlled foreign corporation”; 

 

	 	(n)	the Investors are able to inspect the properties of the Group on reasonable notice; and 

  
 18 

 Execution 

 

	 	(o)	the Investors and each Investor Director are able to discuss any information and any other matters relating to the business, affairs and financial position of the Group
with any officer, senior employee, bankers, auditors and other advisers to the Group and the Company and the Covenantors shall instruct all of such persons to discuss and make available, to the Investors such information relating to the Group as the
Investors may request. 

  

	4.4	Each item of financial information which is prepared pursuant to Clause 4.3 (including the audited unconsolidated and consolidated accounts, of the Company and
each other member of the Group for each financial year, the Quarterly Management Accounts and the Monthly Management Report) shall be prepared in compliance with generally accepted accounting principles in the United States of America.

  

	4.5	If any member of the Group shall, for whatever reason at any time, fail in any material respect to perform, or shall be in material breach of, its obligations under
Clause 4.3, if such non-performance or breach has not been remedied by any member of the Group within 60 days after receipt of written notification from an Investor specifying the breach or non-performance to the reasonable satisfaction of the
notifying party, then the Investor shall be entitled (without prejudice to any other remedies or rights which it may have in respect of any such non-performance or breach) to appoint an independent accountant or accountants of its own choosing
(subject to appropriate undertakings as to confidentiality) to investigate each relevant member of the Group with a view to obtaining the information which was not supplied pursuant to any of those Clauses and in the event that such accountants
shall be so appointed: 

  

	 	(a)	the Company shall afford, or shall procure so far as it reasonably able (in respect of each member of the Group) that there shall be afforded by any necessary third
party, to such accountant or accountants such reasonable assistance and co-operation (including without prejudice to the generality of the foregoing full and unrestricted access to the accounting books and records) as he or they may from time to
time reasonably request; and 

  

	 	(b)	the reasonable costs of and incidental to any such appointment shall be paid by the Company,; 

 

	5.	DIVIDEND POLICY 

 No
dividend shall be declared, made or paid without the prior written consent of the Investor Majority and a resolution of the Board. 
  

	6.	WARRANTIES 

  

	6.1	The Warrantors hereby jointly and severally warrant and represent to Atlas that each of the statements set out in Schedule 3 is true, accurate and not misleading
as at the date of this Agreement (but subject to the provisions of Clause 6.6). 

  
 19 

 Execution 

 

	6.2	Each of the Warrantors acknowledges that Atlas, in entering into this Agreement, has relied on the Warranties which have also been given as representations with the
intention of inducing Atlas to enter into this Agreement. 

  

	6.3	Immediately prior to Completion each of the Warrantors shall be deemed to warrant to Atlas in the terms of the Warranties but so that where there is an express or
implied reference therein to “the date of this Agreement” that reference is to be also construed as a reference to “date of Completion”. 

 

	6.4	The Individual Warrantor confirms to Atlas that, having made all reasonable enquiries, he is not aware, as at the date of this Agreement and as at Completion of any
breach of the Warranties furnished by the Company. 

  

	6.5	Each Warranty shall be construed as a separate and independent provision and shall continue in full force and effect after Completion. 

 

	6.6	The Warranties are qualified by matters Disclosed and by any matter expressly provided for under this Agreement and by any matter of which Sonali De Rycker of Atlas is
at the date hereof actually aware and references to the “actual awareness of Atlas” or to any matter of which Atlas is actually aware shall be construed so as to be limited to the matters of which Sonali be Rycker (and no other officer of
Atlas) is actually aware. Save for the foregoing qualification with respect to the actual awareness of Sonali De Rycker, no other information relating to any member of the Group of which Atlas has knowledge (actual or constructive) nor any
investigation, audit, inquiry or examination made by or on behalf of Atlas at any time whether before or after the date of this Agreement shall diminish the effect of any representation, warranty or undertaking contained in this Agreement or
prejudice any claim made thereunder or operate to reduce any amount recoverable thereunder. Notwithstanding any statement to the contrary in the Disclosure Letter the Disclosure Letter shall only qualify, the Warranties insofar as disclosure made
thereunder is fair. Each of the Warrantors also agrees, and acknowledges to Atlas that any matters disclosed in drafts of the Disclosure Letter, or in requested amendments to the Warranties, which are neither contained in the final Disclosure Letter
nor in the final text of the Warranties shall be deemed not to be Disclosed and Atlas shall be deemed not to have knowledge of any such matters and the Warrantors undertake to Atlas not to raise the knowledge of Atlas of any such matters as a
defence to any Claim. 

  

	6.7	Each of the Warrantors covenants with and undertakes to Atlas that it will disclose forthwith (after becoming aware of it) in writing to Atlas any matter or thing which
may arise or become known to it after the date of this Agreement and before Completion which may reasonably be considered to be inconsistent with any of the Warranties as if they were continuously repeated down to and including Completion.

  

	6.8	The liability of each of the Warrantors under the Warranties shall be limited if and to the extent, that the Limitations apply, provided always that the Limitations
will not apply in regard to a claim under the Warranties against the Warrantors where such Claim arises as a result of fraud, dishonesty, wilful misstatement or wilful omission by or on behalf of such Warrantor. 

  
 20 

 Execution 

 

	6.9	Any sum payable by the Company to Atlas pursuant to this Agreement shall be paid free and clear of all deductions or withholdings whatsoever, save only as may be
required by any applicable law. 

  

	6.10	If any deduction or withholding is required by law to be made from any sum payable by the Company pursuant to this Agreement, the Company shall be obliged to pay to
Atlas such sum as will after the deduction or withholding has been made, leave Atlas with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or withholding. 

 

	6.11	The Individual Warrantor undertakes not to make any claim against a Group Company or a director, officer or employee of a Group Company which he may have in respect of
a misrepresentation, inaccuracy or omission in or from information or advice provided by a Group Company or a director, officer or employee of a Group Company for the purpose of assisting the Warrantors to make a representation, give a Warranty or
prepare the Disclosure Letter and the Company undertakes not to make any such claim against the Individual Warrantor. 

  

	6.12	The Company shall not enter into any deed of contribution or any other agreement with the Individual Warrantor which might compel it to make a contribution in respect
of any claim successfully made against the Individual Warrantor for breach of any of the Warranties. 

  

	6.13	Each of the Initial Shareholders who are party to either or both of the Initial Shareholders’ Agreements confirms to each of the Investors that there is no claim
outstanding on the part of any such Initial Shareholders under either or both of the Initial Shareholders’ Agreements and further that they are not aware of any entitlement to make a claim in respect of a breach of any of the warranties and/or
any indemnities furnished by the Company under any such agreements and that they are not currently formulating a claim for a breach of any such warranties or indemnities. 

 

	6.14	If and to the extent that the Individual Warrantor is liable to Atlas in respect of any Claim, the Individual Warrantor may elect (with the prior written consent of the
Investor Majority) to satisfy such liability by the transfer to Atlas (or its nominee) of such number of Shares as is equal to “X” in that particular case, where “X” is determined in accordance with Clause 6.16. The Company
and each of the Initial Shareholders undertake to Atlas that if any Shares so transferred are not ‘A’ Shares, they shall as soon as reasonably practicable take all actions necessary to convert such Shares into ‘A’ Shares.

  

	6.15	If and to the extent that the Company is liable to Atlas in respect of any Claim, the Company may elect (with the prior written consent of the Investor Majority) to
satisfy such liability by the issue to Atlas (or its nominee) of such number of ‘A’ Shares as is equal to “X” in that particular case, where “X” is determined in accordance with Clause 6.16.

  
 21 

 Execution 

 

	6.16	For the purposes of Clauses 6.14 and 6.15, “X” shall be determined as follows: 

 

											
	 X
	  	=	  	(C + T)	  	divided by	  	N x SP – C	  	 
	  	  	  	  	N	  	

 and where: 
 “C” is the amount of the relevant Claim by Atlas; 

“T” is the amount of any stamp duty or oilier taxes payable by Atlas (or its nominee) in respect of the transfer of
Shares pursuant to Clause 6.14; 
 “N” is the Fully Diluted Share Capital as at the date of the transfer or
issue of Shares (as the case may be) pursuant to Clause 6.14 or 6.15; and 
 “SP” is the then most recent
subscription price paid per ‘A’ Share. 
  

	7.	WAIVER 

  

	7.1	Benchmark and each of the Initial Shareholders waive their rights under the Articles and otherwise: 

 

	 	(a)	to be allotted any of the ‘A’ Shares to be allotted to Atlas pursuant to this Agreement; and 

 

	 	(b)	to be offered the opportunity to acquire, or to subscribe for, the Shares which may be acquired or subscribed by Atlas pursuant to Clause 6.14 or Clause 6.15.

  

	7.2	Each of the Initial Shareholders waives its rights under the Articles and otherwise to be offered the opportunity to acquire, or to acquire, the Shares which are to be
acquired by Benchmark pursuant to the Share Purchase Agreement. 

  

	7.3	Each of the Initial Shareholders waives its rights under the Articles and otherwise: 

 

	 	(a)	to be allotted any Shares which may be allotted at the discretion of the Board, subject to Clause 12, pursuant to the Existing ESOPs; 

 

	 	(b)	to be allotted any Shares which may be allotted, subject to the consent of the Investor Majority having been obtained, in connection with a bona fide business
acquisition of the Company; 

  

	 	(c)	to be allotted any Shares which may be allotted, subject to the consent of the Investor Majority having been obtained, pursuant to strategic transactions, equipment
lease financings or bank credit arrangements entered into for primarily non-equity financing purposes; and 

  

	 	(d)	to be allotted any Shares which may be allotted pursuant to any exercise by Atlas or Benchmark of the Anti-Dilution Warrants. 

  
 22 

 Execution 

 

	7.4	Each of the Investors waives its right under the Articles and otherwise to be allotted any Shares which may be allotted pursuant to any exercise by other Investor of an
Anti-Dilution Warrant. 

  

	8.	USE OF SUBSCRIPTION MONEY 

The Company undertakes to the Investors that the monies subscribed by it pursuant to this Agreement shall be used exclusively:-

  

	 	(a)	to enable the Company and/or any other member of the Group to expand the Business in accordance with the 2004 Business Plan; 

 

	 	(b)	to redeem the Convertible Loan Notes pursuant to Clause 2.2(d); 

  

	 	(c)	to repay the amounts owing by the Company pursuant to the bridging facility made available to the Company by Bank of Ireland on or about 4 June 2004; and

  

	 	(d)	to repay any amounts owing by the Company to Bank of Ireland pursuant to the existing invoice discounting facility winch the Company has with Bank of Ireland.

  

	9.	APPOINTMENT OF DIRECTORS 

  

	9.1	The appointment, dismissal and conduct of Directors shall be regulated in accordance with this Agreement and the Articles. 

 

	9.2	The maximum number of Directors of the board of each company in the Group holding office at any time shall be five, unless otherwise expressly agreed in advance in
writing by the Investor Majority. 

  

	9.3	For so long as Benchmark (together with its Permitted Transferees) holds not less than the Investor Minimum Percentage, it shall be entitled:- 

 

	 	(a)	to appoint one person as a Director and to remove from office any person so appointed and to appoint another person in his place. Each such appointee shall have the
right to be appointed as a non-executive director of each subsidiary of the Company and to be appointed to (i) any committee or sub-committee of or established by the Board (or any committee thereof) and (ii) any committee or sub-committee
of or established by the board of directors of any subsidiary. If Benchmark (together with its Permitted Transferees) ceases to hold the Investor Minimum Percentage it shall forthwith upon so ceasing procure that the person nominated by it pursuant
to this Clause shall resign without any claim against the Company; and 

  

	 	(b)	to nominate an observer to attend board meetings of the Company or any member of the Group. Any such observer shall not be entitled to vote at any such meeting.

  
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 Execution 

 

	9.4	For so long as Atlas (together with its Permitted Transferees) holds not less than the Investor Minimum Percentage, Atlas VI shall be entitled:-

  

	 	(a)	to appoint one person as a Director and to remove from office any person so appointed and to appoint another person in his place. Each such appointee shall have the
right to be appointed as a non-executive director of each subsidiary of the Company and to be appointed to (i) any committee or sub-committee of or established by the Board (or any committee thereof) and (ii) any committee or sub-committee
of or established by the board of directors of any subsidiary. If Atlas (together with its Permitted Transferees) ceases to hold the Investor Minimum Percentage it shall forthwith upon so ceasing procure that the person nominated by Atlas VI
pursuant to this Clause shall resign without any claim against the Company; and 

  

	 	(b)	to nominate an observer to attend board meetings of the Company or any member of the Group. Any such observer shall not be entitled to vote at any such meeting.

  

	9.5	The Company hereby agrees to procure that, and each of the Initial Shareholders hereby agrees to procure insofar as it is in their power to do so, that any observer
nominated pursuant to Clause 9.3 or 9.4 receives an invitation to attend board meetings of the relevant member of the Group together with the appropriate notice of meeting and board papers and is permitted to attend such board meeting, in each
case as if he were a director of the member of the Group in question (subject to the restrictions on voting rights referred to in Clauses 9.3 and 9.4) and the provisions of paragraph (a) of Clauses 9.3 and paragraph (a) of
Clause 9.4 relating to removal and replacement of Investor Directors shall apply mutatis mutandis to any observer nominated pursuant to Clause 9.3 or 9.4, 

 

	9.6	The Board shall, subject to the prior consent of the Investor Majority, be entitled to appoint, remove and replace from time to time (in accordance with the Articles in
the case of the Company) the Chief Executive Officer of the Company from time to time, who shall also be a Director of the board of directors of each member of the Group. 

 

	9.7	Following Completion, the Company shall seek to identify a person acceptable to the Investors to act as non-executive Chairman of the Board (“Chairman”). Upon
such person being identified and agreeing to so act, the Board shall, with the prior consent of the Investor Majority, be entitled to appoint such person as a Director and thereafter to remove and replace such person from time to time.

  

	9.8	If the Chairman is unable to attend any meeting of the Board or of the Company or of any Group Company, the Directors shall be entitled to appoint another Director to
act in his place for that meeting. 

  

	9.9	An Investor Director shall be entitled to pass to the Investor which nominated him and to its respective professional advisers full details of any information
concerning any Group Company and the Business (whether or not of a confidential nature) which may come into his or their possession as a Director, provided that in each case such information is kept confidential. 

  
 24 

 Execution 

 

	9.10	Notwithstanding any provision of the Articles, each Investor Director and person appointed to the board of directors of a subsidiary of the Company by an Investor shall
be entitled to appoint any person to be an alternate director, shall not be required to hold any share qualification, shall not be subject to retirement by rotation and shall not be removed except by the Investor which nominated him.

  

	9.11	The Investor Directors shall provide their services only as non-executive Directors and the Company shall pay to each Investor Director all reasonable vouched travel
and associated expenses based on the Company’s travel policy incurred in connection with such office as Director and thereafter as agreed between the Investors and the Company. All expenses incurred by an Investor Director in the course of his
duties as a Director and all such, amounts shall be payable to the relevant Investor. 

  

	9.12	The parties to this Agreement agree to exercise all of their rights and powers to procure that the provisions of this Clause 9 shall be complied with by each Group
Company (other than the Company) where appropriate. 

  

	10.	INVESTORS’ RIGHTS 

  

	10.1	For so long as there is no Investor Director nominated by a particular Investor holding office and that Investor (together with its Permitted Transferees) holds the
Investor Minimum Percentage (or for so long as a notification from that Investor under Clause 10.2 is in force) the requirements under this Agreement to obtain the consent or approval or comply with the directions or requests of, or provide
documents, notices or other information to, the Investor Director nominated by that Investor, shall be replaced by a requirement to obtain such consents or approvals, or comply with the directions or requests of, or provide such documents notices or
other information to, that Investor or such person as that Investor shall nominate by notice to the Company. 

  

	10.2	An Investor shall be entitled at any time and from time to time following Completion to notify the Company that the Investor Director nominated by that person is not,
until that Investor notifies the Company otherwise, to be treated for the purposes of this Agreement as an Investor Director nominated by that Investor so that the provisions of Clause 10.1 shall take effect but such notification shall be
without prejudice to the right of the relevant Investor Director to remain as a Director unless and until removed from office pursuant to Article 21. 

 

	11.	DIRECTORS’ MEETINGS 

  

	11.1	No business shall be transacted at any meeting of the Board unless a quorum is present in accordance with the Articles:- 

 

	 	(a)	one of whom (for so long as Atlas (together with its Permitted Transferees) holds the Investor Minimum Percentage) shall be the Atlas Director (or his/her alternate);
and 

  
 25 

 Execution 

 

	 	(b)	one of whom (for so long as Benchmark (together with its Permitted Transferees) holds the Investor Minimum Percentage) shall be the Benchmark Director (or his/her
alternate), 

 provided that if any such quorum is not present within 30 minutes following the time of the meeting
of the Board, the Directors present at any adjourned meeting which is held not less than seven days after the first meeting shall constitute a valid quorum of the Board on that occasion. 

 

	11.2	The Company undertakes to the Investors to procure that at least 10 board meetings of the Company shall be held each calendar year (at not more than six weekly
intervals). 

  

	11.3	Unless the Investor Majority shall otherwise consent in writing, not less than five days notice shall be given to each director and each Investor of each meeting of the
Board. 

  

	11.4	Subject to Clause 12, resolutions of the Board shall be decided by a simple majority of votes cast for or against the- resolution. The Chairman shall not have a
casting vote in the event of a deadlock. 

  

	11.5	Unless otherwise agreed by the Board and the Investor Majority or both Investor Directors, all Board papers for board meetings will be sent to all Directors prior to
the relevant board meeting and, unless otherwise agreed by the Board and the Investor Majority or both Investor Directors, draft minutes of board meetings will be sent as soon as practicable after the holding of the relevant meeting.

  

	12.	MATTERS REQUIRING CONSENT 

  

	12.1	Each of the Initial Shareholders undertakes to the Investor Majority to procure that, insofar as it is in their power to do so, the Company and each member of the Group
shall not take:- 

  

	 	(a)	any of the actions set out in Clause 12.2 below without the prior written consent of the Investor Majority; and 

 

	 	(b)	any of the actions set out in Clause 12.3 below without the prior written consent of each of the Investor Directors, 

(together, the “Reserved Matters”) 
  

	12.2	The Reserved Matters referred to in Clause 12.1(a) are as follows: 

  

	 	(a)	 the allotment, issue, redemption or purchase of any shares or loan capital or instrument carrying rights of conversion into share or loan capital or
securities or grant to any person of any option (or varying the terms of any option already granted), warrant or right to call for the issue of any shares or loan capital or instrument carrying rights of conversion into share or loan capital or
securities or increase or reduction of its authorised or issued share capital or reorganisation, sub division, consolidation, redesignation or other variation of its share capital in

  
 26 

 Execution 

 

	 	
any way, or reduction of the amount, if any standing, to the credit of the share premium account or capital redemption reserve or any other reserve of the company; 

 

	 	(b)	any alteration of its Memorandum or Articles of Association (including adoption of a new Memorandum or Articles of Association), or the passing of any special
resolution or the passing of any resolution for the winding-up of the member of the Group and any alteration to the rights attaching to the ‘A’ Shares; 

 

	 	(c)	the sale, disposal or transfer of the whole or substantially the whole of its business and/or the assets; 

 

	 	(d)	the entry into or making or otherwise permitting to occur of any sale, transfer, lease, licence (whether exclusive or not) or other periodic agreement or agreement for
sale, transfer, lease, licence or other disposition of the whole or a substantial part of its business or undertaking or of any of its assets having a book or market value in excess of EUR100,000 or the disposal of any share in the capital of any
Group Company, whether by a single transaction or by a series of transactions; 

  

	 	(e)	a Sale or Listing; 

  

	 	(f)	the acquisition of the Company by any person by means of a merger, consolidation or re-organisation; 

 

	 	(g)	a Qualified Liquidity Event; 

  

	 	(h)	the transfer of any Shares which would result in a Change of Control; 

  

	 	(i)	the entering into any agreement which grants registration rights in respect of any Shares (otherwise than pursuant to this Agreement) with any person other than an
Investor; 

  

	 	(j)	the making or declaration of any dividend or other distribution in respect of the Shares; 

 

	 	(k)	the making of any payment, or incurring or entry into or varying or carrying out of any commitment or act whatsoever (save as otherwise expressly provided for in any
Annual Budget and Business Plan)’other than in the normal course of its business and on arm’s length commercial terms or whereby the member of the Group would receive less than a fair commercial price for any of its services or goods (or
the licence of any of its Intellectual Property) or the undertaking of any business other than the Business, or any change in the nature or scope of the Business, or cessation of the Business save as envisaged in the then current Annual Budget and
Business Plan; 

  

	 	(l)	the liquidation, dissolution or winding up of any Group Company, either voluntarily or involuntarily, or the filing of any petition for the appointment of an
administrator or liquidator or the invitation to any person to appoint an administrative receiver or the entering into of any compromise or arrangement with its creditors generally; 

  
 27 

 Execution 

 

	 	(m)	the entry into any joint venture or partnership (where the partners or members of the partnership have liability for the acts or the obligations of any such partner or
member) or any profit sharing agreement (other than routine arrangements wholly within the ordinary course of business) or the subscription for or acquisition of any interest (whether on their own behalf or as nominee) in the share capital or
instruments convertible into the share capital or of the assets and undertaking of any other company or other body corporate or entity or the making of any other investment in the same; 

 

	 	(n)	save to the extent expressly provided for in the Annual Budget or Business Plan, the incurring of any borrowings or finance obligations (but excluding leasing, hire
purchase and similar arrangements in relation to computer hardware and associated goods), or the making of any loans or advances or the giving of any credit other than normal trade credit otherwise than any credit in the ordinary course of business,
or payment of any commissions to any third parties in relation to the obtaining of any business outside of the ordinary course of business; 

  

	 	(o)	the creation or issue or permission to come into being of any Security Interest upon any part of its property or assets or uncalled capital or the creation or issue of
any debenture or debenture stock or the obtaining of any advance or credit in any form exceeding EUR100,000 in aggregate other than normal trade credit, whether by a single transaction or by a series of transactions; 

 

	 	(p)	the grant of any guarantee, bond, indemnity or other like instrument other than in the ordinary course of its business or which, in aggregate, with any other guarantee,
bond, indemnity or other like instrument involves a liability or potential liability in excess of EUR100,000 whether by a single transaction or a series of transactions; and 

 

	 	(q)	other than pursuant to this Agreement the increase, reduction, repayment, purchase (or repurchase), sub-division, consolidation or other variation of the share capital
of any member of the Group, or the reduction of the amount (if any) standing to the credit of any non-distributable reserve (including the share premium account or capital redemption reserve). 

 

	12.3	The Reserved Matters referred to in Clause 12.1(b) are as follows: 

  

	 	(a)	the incurring or entry into any capital or onerous commitments (including, without limitation, in respect of any hire purchase, lease purchase or other leasing
obligation) in aggregate, in excess of EUR50,000 in any one financial year of the Company whether by a single transaction or by a series of transactions, which has or have not been specified in any Annual Budget and Business Plan or otherwise
materially vary the terms of any such commitment so approved; 

  
 28 

 Execution 

 

	 	(b)	the entry into of any agreement for the supply of goods or services to the Company where the aggregate amounts payable thereunder would exceed EUR10,000 in any one
financial year of the Company whether by a single transaction or a series of transactions, other than as set out in the Annual Budget and Business Plan; 

  

	 	(c)	the purchase of any asset or stocks for a consideration in excess of in total EUR100,000 save as expressly provided for in the Annual Budget and Business Plan;

  

	 	(d)	save to the extent expressly provided for in the Annual Budget or Business Plan, the entry into of any factoring or like agreements or trade finance or other
arrangements entered into primarily as a method of raising finance but not shown as borrowings on the balance sheet of the company receiving credit or incurring liabilities primarily in connection with the raising of finance but which are off-
balance-sheet by reason of being contingent, conditional, limited recourse or netted-out against an asset or otherwise; 

  

	 	(e)	save to the extent expressly provided for in the Annual Budget or Business Plan, the making of any payment of fees or emoluments (other than in the normal course of
employment), or the incurring or entry into or variance of any liability or commitment whatsoever or making or varying any agreement or arrangement whatsoever with, any director of the Comply (other than an investor Director or his associates) or
any Connected Person of a Director or their associates or any Initial Shareholder or any Connected Person of a Initial Shareholder or option holder or their associates and for this purpose any bonus payments shall be regarded as outside the normal
course of employment; 

  

	 	(f)	the creation of any employee option scheme or pool or arrangement or any other option scheme or any similar arrangement including, without limit, the creation of the
rules, or the variation of the rules, of any such scheme and the grant of options pursuant to such scheme; 

  

	 	(g)	the entry into of any arrangement or agreement or variation thereof with any person who is an officer, employee of or consultant to any Group Company and who has an
entitlement to basic remuneration, or as applicable, fees of, EUR60,000 or more (these persons, shall be known as “Relevant Persons” for the purpose of this Clause 12.3) of the Company; 

 

	 	(h)	the appointment, removal or any replacement of the CEO, a managing director, chief financial officer or any other Relevant Person; 

 

	 	(i)	the entry into of any agreement or arrangements whereby any person would or might receive remuneration calculated by reference to the Company’s income or profits;

  

	 	(j)	the entry into of any contract, transaction or arrangement with any Connected Person of an Initial Shareholder; 

  
 29 

 Execution 

 

	 	(k)	increase the remuneration of any of its directors or senior executives or Relevant Persons or recruit any personnel who will have an entitlement to remuneration of
EUR60,000 or more, including any new CEO or chief financial officer; 

  

	 	(l)	the granting to any person or the making of a payment to any ex-director or ex-employee in excess of that approved by the Board; 

 

	 	(m)	introduction of any executive or employee stock or share option or profit sharing or bonus or commission scheme of any nature whatsoever; 

 

	 	(n)	any change in the name of the Company or any Group Company; 

  

	 	(o)	the licensing, transfer, assignment or other dealing in any way with any Intellectual Property of the Company (including the granting of any encumbrance) otherwise than
in the ordinary course of business; 

  

	 	(p)	the payment or agreement to pay any royalty or similar payment to any person otherwise than in the ordinary course of business; 

 

	 	(q)	the making of any material change in accounting policies or principles save with the prior approval of the Auditors; 

 

	 	(r)	any reorganisation of the Group; 

  

	 	(s)	any increase or decrease in the authorised number of directors of the Company; 

 

	 	(t)	the initiation, conduct or settlement of any material litigation; and 

  

	 	(u)	any change to the identity of the Company’s bankers or to the Auditors. 

 

	12.4	If the consent of the Investor Majority is requested by notice in writing in respect of a Reserved Matter and no response has been received by the Company within 20
Business Days from Benchmark or Atlas then the consent of Benchmark or Atlas (as the case may be) shall be deemed to have been not given to the Reserved Matter for which consent was sought. 

 

	12.5	The expression ‘the Company’ or any matter or item relating to the Company in the Reserved Matters shall include any subsidiary of the Company from time to
time or any matter or item relating to such a subsidiary, respectively, to the intent and effect that each of the provisions of this Clause shall apply in relation to each subsidiary as they apply in relation to the Company.

  

	12.6	The Investor Majority hereby agrees that it shall from time to time consider a request from the Company to review upwards the financial limits set out in the Reserved
Matters and if the Investor Majority so consents, such limits shall be so amended. 

  
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 Execution 

 

	13.	TRANSFER OR ISSUE OF SHARES; ADDITIONAL AGREEMENTS 

  

	13.1	No party may transfer any Shares other than in accordance with the Articles. 

 

	13.2	Unless otherwise agreed in writing by the Investor- Majority, or pursuant to the terms of Articles 5 or 9 of the Articles, none of the Initial Shareholders (nor
their Permitted Transferee) shall be entitled at any time during the period commencing on the date of this Agreement and ending on the date six months after the date of a Listing to transfer or pledge any Shares (or any interest (whether legal,
equitable or otherwise) in Shares) then held by such holder. 

  

	13.3	Save with the prior written consent of the Investor Majority, no Shares shall be transferred to a person who is not already a party to this Agreement unless that person
has executed a Deed of Adherence and no Shares or securities convertible into shares shall be issued or allotted to a person who is not already a party to this Agreement unless that person has executed a Deed of Adherence. 

 

	13.4	Each, of the Initial Shareholders hereby irrevocably and unconditionally appoints the Company Secretary as his lawful attorney for and in his name to execute and
deliver all deeds of adherence referred to in Clause 13.3 and the Company Secretary shall, when required pursuant to this Agreement to execute and deliver such deeds of adherence, execute, and deliver such deeds of adherence as soon as is
reasonably practicable. 

  

	13.5	Save as permitted by this Clause 13 or the Articles, no party shall: 

  

	 	(a)	pledge, mortgage, charge or otherwise encumber any Share or any interest in any Share; 

 

	 	(b)	grant any option over any Share or any interest in any Share; or 

  

	 	(c)	enter into any agreement in respect of the votes attached to any Share. 

  

	13.6	Each of the parties hereto shall exercise their respective powers in respect of the Company to procure (in so far as they are reasonably able, having regard to those
powers) that the Board shall not approve for registration any transfer of Shares which is not carried out in accordance with this Agreement and the Articles. 

 

	13.7	Notwithstanding any other provisions of this Agreement or the Articles to the contrary and without prejudice to the rights of the Investors pursuant to Clause 12
of this Agreement; 

  

	 	(a)	the Company shall not, and each of the Initial Shareholders shall procure insofar as it is in their power to do so that the Company shall not, without, the prior
written consent of the Investors, issue or allot any Shares to any person if following such issue or allotment the Company, in the reasonable opinion of counsel or accountants appointed by the Investors (or either of them), would be either a CFC or
FPHC with respect to the Shares held by an Investor; 

  

	 	(b)	 in the event that the Company is, in the reasonable opinion of counsel or accountants appointed by the Investors (or either of them) determined to be
either 

  
 31 

 Execution 

 

	 	
a CFC or FPHC with respect to the Shares held by an Investor, the Company shall and each of the Initial Shareholders shall procure that the Company shall, to the extent permitted by law, on
demand from that Investor, make dividend distributions to that Investor in an amount equal to 50% of any income deemed distributed to that Investor pursuant to either section 951 or section 551 of the Code; 

 

	 	(c)	in the event that the Company is, in the reasonable opinion of counsel or accountants appointed by the Investors (or either of them), either a CFC or a FPHC with
respect to any Shares held by an Investor, the Company and each of the Initial Shareholders shall use their reasonable endeavours to ensure that the Company does not generate: 

 

	 	(i)	any Subpart F Income (as such term is defined in section 952 of the Code) in any financial year in respect of which the Company is, in the reasonable opinion of
counsel or accountants appointed by the Investors (or either of them), a CFC; 

  

	 	(ii)	any FPHC Income in any financial year in respect of which the Company is, in the reasonable opinion of counsel or accountants appointed by the Investors (or either of
them), a FPHC; 

  

	 	(d)	in connection with the QEF Election made by an Investor with respect to the Company, in the event that an Investor notifies the Company in writing that it has made a
QEF Election, the Company shall and each of the Initial Shareholders shall procure that the Company shall: 

  

	 	(i)	provide to that Investor an annual financial statement in the form set out in Schedule 6 on or prior to March 31 of the year following the year with respect to
which such statement relates along with any other information requested by that Investor in connection with such election; and 

  

	 	(ii)	during business hours, provide access to that Investor to the Company’s books, records, documents, information and employees as is reasonably required by that
Investor in order that it may prepare and file US federal income tax returns in connection with such QEF Election; and 

  

	 	(e)	the Company shall, and each of the Initial Shareholders shall procure that the Company shall, take such action including, without limitation, making an election to be
treated as a corporation (for US federal income tax purposes) or refraining from making an election to be treated as a partnership (for US federal income tax purposes) as may be required in the reasonable opinion of counsel or accountants appointed
by the Investors (or either of them), to ensure mat the Company is, at all times, treated as a corporation for United States federal income tax purposes; 

  

	 	(f)	 in the event that an Investor is required to include in its gross income for a particular taxable year its pro rata share of the Company’s
earnings and profits pursuant to section 1293 of the Code, the Company shall and each of the Initial 

  
 32 

 Execution 

 

	 	
Shareholders shall procure that the Company shall, to the extent permitted by law, make dividend distributions, to that Investor (not later than 90 days following the end of mat Investor’s
taxable year) of an amount equal to 50% of the amount so included by that Investor. 

  

	14.	NON-DISCLOSURE OF INFORMATION AND ANNOUNCEMENTS 

  

	14.1	Subject to Clause 14.2, except to the extent necessary to comply with the law or any requirements of a recognised stock exchange or other competent regulatory
authority from time to time in force, and save as permitted by this Agreement, none of the parties shall divulge or communicate to any person: 

  

	 	(a)	any information regarding this Agreement and the investment by Atlas in the Company pursuant to this Agreement; 

 

	 	(b)	any of the trade secrets or confidential knowledge of the Company or any subsidiary or of an Investor; or 

 

	 	(c)	any financial information or trading information relating to the Company or any subsidiary or of an Investor which a party may receive or obtain as a result of entering
into this Agreement. 

  

	14.2	Notwithstanding Clause 14.1, an Investor may pass any information which relates to this Agreement or the Company to: 

 

	 	(a)	any adviser to, trustee or manager of, or investor or prospective investor in, the Investor’s fund; and 

 

	 	(b)	the Investor’s investment adviser and any of its other professional advisers. 

 

	14.3	in the event of any disclosure of information referred to in Clause 14.1 above which is required by law or by a recognised investment exchange or other competent
regulatory authority from time to time in force, the disclosing party shall use its reasonable endeavours to ensure that all information so disclosed shall be kept confidential by the person to whom it is disclosed. 

 

	14.4	Within 60 days of Completion, the Company may issue an announcement (in a form approved in advance in writing by the Investor Majority) confirming the investment by
Atlas in the Company under this Agreement, provided that such announcement shall not disclose the specific terms on which Atlas has invested in the Company nor the amounts invested by it (unless agreed in advance in writing by the Investors). No
other announcement regarding the matters contemplated by this Agreement shall, unless required by law or any requirements of a recognised stock exchange or other competent regulatory authority from time to time in force, be made without the prior
written consent of the Investors, such consent to be given entirely at the discretion of the Investors. 

  

	14.5	The restrictions contained in this Clause 14 shall continue to apply after the expiration or sooner termination of this Agreement without limit as to time but
shall cease to apply to information or knowledge which may properly come into the public domain through no fault of the party so restricted. 

  
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 Execution 

 

	15.	DURATION 

 This Agreement
shall continue in full, force and effect until the first to occur of the following events: 
  

	15.1	the express written agreement of the parties that this Agreement should cease; or 

 

	15.2	a Sale or a Listing of all of the Shares to the issued share capital of the Company, provided that Clauses 13.2 and 13.7 and 21 shall continue to bind each of the
Initial Shareholders thereafter to such extent and for so long as may be necessary to give effect to the rights and obligations embodied in that Clause and provided further that Clause 6 shall continue to bind the Warrantors and provided
further that Clause 16 shall continue to bind the Covenantors; or 

  

	15.3	the completion of the dissolution and winding-up of the Company (but without prejudice to any claim which Atlas might have against the Warrantors pursuant to
Clause 6); or 

  

	15.4	in the case of one party, the disposal by that party of all the Shares registered in its or his name (other than a disposal to a Permitted Transferee);

 provided that when an initial Shareholder, who is also a Warrantor, ceases to hold Shares, Clause 6 shall
continue to bind such Initial Shareholder and provided nuttier that when an Initial Shareholder, who is also a Covenantor, ceases to hold Shares Clause 16 shall continue to bind him, in each case accordance with the terms of those clauses and
provided further that in the case of all of the parties to this Agreement (other than the Company) ceasing to hold Shares the terms of this Agreement shall nevertheless continue to bind them thereafter to such extent and for so long as may be
necessary to give effect to the rights and obligations embodied in this Agreement. 
  

	16.	RESTRICTIVE COVENANTS 

  

	16.1	Each of the Founders covenants separately with each of the Investors and separately with the Company that he (whether alone or jointly with, any other person, firm or
company and whether directly or indirectly, and whether as shareholder, participator, partner, promoter, director, officer, agent, manager, employee or consultant of, in or to any other person, firm or company) shall not during the Relevant Periods
(as set out in Clause 16.3): 

  

	 	(a)	compete with the Business of the Company or any other member of the Group as shall be undertaken by the Company and/or any other member of the Group at the Relevant
Date (as set out in Clause 16.2), or in the 12 months preceding that date; 

  

	 	(b)	 solicit or endeavour to entice away from or discourage from dealing with the Company and/or any other member of the Group any person who was at any
time during the period of one year preceding the Relevant Date a manufacturer for or 

  
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 Execution 

 

	 	
supplier or Customer or client of the Company and/or any other member of the Group, for the purposes of any business competing with the Business of the Company; 

 

	 	(c)	supply or provide any goods or services competing with those supplied by the Company and/or any other member of the Group to any person who was at any time during the
period of one year preceding the Relevant Date a Customer or client of the Company and/or any other member of the Group to whom the Company and/or any other member of the Group had during that period supplied or provided goods or services in the
ordinary course of its business; 

  

	 	(d)	solicit or endeavour to entice, away from or discourage from being employed by or providing services to the Company and/or any other member of the Group any person who
was at the Relevant Date, or was at any time during the period of one year prior thereto, an officer or employee of the Company and/or any other member of the Group whether or not such person would commit a breach of contract by reason of leaving
service; 

  

	 	(e)	employ or engage or attempt to employ or engage or negotiate or arrange the employment or engagement by any other person, firm or company engaged in a business
competitive with the Business of the Company and/or any other member of the Group at the Relevant Date, of any person who was at the Relevant Date, or was at any time during the period of one year prior thereto, an officer or Employee Covenantor of
the Company and/or any other member of the Group whether or not such person would commit a breach of contract by reason of leaving service; 

  

	 	(f)	without the consent in writing of the Company and save in the proper course of his duties to the Company, divulge to any person, or use for his own benefit or the
benefit of any person, any information of a confidential nature concerning the Business of the Company or the Group or any customer and/or client of the Company or the Group which has come to his knowledge during the course of his employment with or
the provision of services to the Company or the Group previously or otherwise. Confidential information for this purpose includes but is not limited to strategic plans, accounts, marketing, sales and services information regarding the business
and/or activities of the Company including, but not limited to, research, products, plans, services, customers, resellers, agents, teaming partners, members, markets, software, source code, databases, inventions, hardware, processes, designs,
marketing, financial or other information; or 

  

	 	(g)	 use or (insofar as he can reasonably do) allow to be used (other than by the Company or any member of the Group) the name ‘Globoforce’ or
‘Globogift’ or any derivation thereof or any trade or corporate name used by the Company or any member of the Group or any other name intended or likely to be confused therewith or, in any other way, represent himself as being in any way
connected with or interested in the Business of the Company or any member of the Group (save that for so long as a Covenantor is a Shareholder of the Company he shall 

  
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 Execution 

 

	 	
be entitled to inform third parties that he is a member of the Company and save that for so long as a Covenantor is a Director of the Company he shall be entitled to inform third parties that he
is a Director of the Company and save further that in the case of Mr Edward Reynolds he shall be entitled at any time while he is chairman of the Company to inform third parties that he is a chairman and a founder of the Company and following his
ceasing to or be chairman of the Company to inform third parties that he was a founder and a chairman of the Company) 

 PROVIDED THAT the restrictions set out above shall not prohibit the acquisition or holding by any of the Covenantors of shares amounting to less than five per cent of the share capital of a company whose
shares are listed on a recognised stock exchange. 
  

	16.2	For the purposes of this Clause 16 the “Relevant Date” means in respect of the application of Clause 16.1 to those Covenantors to which that clause
applies: 

  

	 	(a)	the Completion Date, and 

  

	 	(b)	the date upon which the Covenantor (or his Permitted Transferees or any person who is a Connected Person to such holder) ceases to be a Shareholder or beneficially
interested in Shares. 

  

	16.3	For the purposes of this Clause 16 the “Relevant Periods” means in respect of the application of Clause 16.1 to those Covenantors to which that
clause applies: 

  

	 	(a)	where the Relevant Date is that set out in Clause 16.2(a) above, the period during which the Covenantor is a Shareholder or beneficially interested in Shares, and

  

	 	(b)	where the Relevant Date is that set out in Clause 16.2(b) above; 

  

	 	(i)	for the purposes of Clauses 16.1(a) – (e) above, the period of two years after that date, or, if the Covenantor remains engaged in the Business as a
Director or employee of the Company or the Group after that date, the period during which he remains as a Director or employee (whichever is the longer), and 

 

	 	(ii)	for the purpose of Clauses 16.1(f) and (g), an unlimited period from that date, 

 

	16.4	Each of the Employee Covenantors covenants separately with each of the Investors and separately with the Company that he (whether alone or jointly with any other
person, firm or company and whether directly or indirectly, and whether as shareholder, participator, partner, promoter, director, officer, agent, manager, employee or consultant of, in or to any other person, firm or company) shall not during the
Relevant Periods (as set out in Clause 16.6): 

  

	 	(a)	 compete with the Business of the Company or any other member of the Group as shall be undertaken by the Company and/or any other member of the Group,
at 

  
 36 

 Execution 

 

	 	
the Relevant Date (as set out in Clause 16.5) or during the 12 months preceding that date, or become employed by any undertaking which carries out any business which is competitive, or is
reasonably likely to become competitive with the Business of the Company or any other member of the Group during the Relevant Period; 

  

	 	(b)	solicit or endeavour to entice away from or discourage from dealing with the Company and/or any other member of the Group any person who was at any time during the
period of one year preceding the Relevant Date a manufacturer for or supplier or Customer or client of the Company and/or any other member of the Group, for the purposes of any business competing with the Business of the Company;

  

	 	(c)	supply or provide any goods or services competing with those supplied by the Company and/or any other member of the Group to any person who was at any time during the
period of one year preceding the Relevant Date a Customer or client of the Company and/or any other member of the Group to whom the Company and/or any other member of the Group had during that period supplied or provided goods or services in the
ordinary course of its business; 

  

	 	(d)	solicit or endeavour to entice away from or discourage from being employed by or providing services to the Company and/or any other member of the Group any person who
was at the Relevant Date, or was at any time during the period of one year prior thereto, an officer or Employee of the Company and/or any other member of the Group whether or not such person would commit a breach of contract by reason of leaving
service; 

  

	 	(e)	employ or engage or attempt to employ or engage or negotiate or arrange the employment or engagement by any other person, firm or company engaged in a business
competitive with the Business of the Company and/or any other member of the Group at the Relevant Date, of any person who was at the Relevant Date, or was at any time during the period of one year prior thereto, an officer or Employee Covenantor of
the Company and/or any other member of the Group whether or not such person would commit a breach of contract by reason of leaving service; 

  

	 	(f)	without the consent in writing of the Company and save in the proper course of his duties to the Company divulge to any person, or use for his own benefit or the
benefit of any person, any information of a confidential nature concerning the Business of the Company or the Group or any customer and/or client of the Company or the Group which has come to his knowledge during the course of his employment with
the Company or the Group previously or otherwise. Confidential information for this purpose includes but is not limited to strategic plans, accounts, marketing, sales and services information regarding the business and/or activities of the Company
including, but not limited to, research, products, plans, services, customers, resellers, agents, teaming partners, members, markets, software, source code, databases, inventions, hardware, processes, designs, marketing, financial or other
information; or 

  
 37 

 Execution 

 

	 	(g)	use or (insofar as he can reasonably do) allow to be used (other than by the Company or any member of the Group) the name ‘Globoforce’ or
‘Globogift’ or any derivation thereof or any trade or corporate name used by the Company or any member of the Group or any other name intended or likely to be contused therewith or, in any other way, represent himself as being in any way
connected with or interested in the Business of the Company or any member of the Group. 

 PROVIDED THAT the
restrictions set out above shall not prohibit the acquisition or holding by any of the Covenantors of shares amounting to less than five per cent of the share capital of a company whose shares are listed on a recognised stock exchange. 

 

	16.5	For the purposes of this Clause 16 the “Relevant Date” means in respect of the application of Clause 16.4 to those Covenantors to which that
clause applies: 

  

	 	(a)	the Completion Date, and 

  

	 	(b)	the date on which the Covenantor ceases to be an employee of the Company or the Group, 

 

	16.6	For the purposes of this Clause 16 the “Relevant Periods” means in respect of the application of Clause 16.4 to those Covenantors to which
that section applies: 

  

	 	(a)	Where the Relevant Date is that set out in Clause 16.5(a) above, the period during which the Covenantor remains employed by the Company or the Group, and

  

	 	(b)	Where the Relevant Date is that set out in Clause 16.5(b); 

  

	 	(i)	for the purposes of Clauses 16.4(a)-(e) above, the period of one year thereafter, and 

 

	 	(ii)	for the purpose of Clauses 16.4(f) and (g), an unlimited period from that date. 

 

	16.7	Each of Clauses 16.1(a)-(g) (inclusive) and Clauses 16.4(a)-(g) (inclusive) shall be deemed to constitute a separate agreement and shall be
construed independently of the other. 

  

	16.8	For the avoidance of doubt, the expression the “Company” where used in Clause 16.1 and 16.4 shall include any other member of the Group to the
intent and effect that each of the paragraphs thereof shall apply (as a separate covenant in each case) in relation to each other member of the Group as they apply in relation to the Company. 

 

	16.9	The parties consider the restrictions in Clause 16.1 and Clause 16.4 to be reasonable but if a court of competent jurisdiction finds any of them to be
unenforceable the parties agree to accept any modification as to the area, extent or duration of the restriction concerned which the court sees fit to impose or, if it does not see fit, which is reasonably necessary to render the restriction
enforceable. 

  
 38 

 Execution 

 

	16.10	Each of the Covenantors confirms and agrees that it is reasonable for the restrictions in Clause 16.1 and Clause 16.4 to apply and to be binding on the
Covenantor in the event of a transfer of all of the Shares of that Covenantor to a Permitted Transferee of that Covenantor. 

  

	16.11	Any discovery, invention, secret process or improvement in procedure made or discovered by any of the Covenantors (who is an Employee Covenantor and/or a Founder) in
connection with the Business shall belong to and be the absolute property of the Company. Each of the Covenantors if and whenever required so to do (whether during or after the termination of this Agreement) shall at the expense of the Company (or
its nominee) apply for or join in applying for letters of patent or the equivalent protection in Ireland and/or any other part of the world for any discovery, invention, process or improvement as aforesaid and execute and do all instruments and
things necessary for vesting the said letters patents or other equivalent protection when obtained and all right, title and interest to and in the same in the Company (or its nominee) absolutely and as sole beneficial owner or in such other person
as may be required. 

  

	17.	CONFIDENTIALITY AGREEMENTS 

 Each of the
Initial Shareholders and the Company shall procure that each such Key officer, employee, consultant and sub-contractor of the Company as is reasonably requested by the Investors shall as soon as possible after Completion (to the extent they have not
already entered into the same prior to Completion) enter into a confidential information and invention assignment agreement in a form agreeable to the Investors. 
  

	18.	TERMINATION OF EXISTING SHAREHOLDERS’ AGREEMENT 

  

	18.1	Subject to Clause 18.2, each of the parties to the Existing Shareholders’ Agreement agrees and acknowledges that, with, effect from Completion (except as
regards clause 6 of the Existing Shareholders’ Agreement and obligations and claims imposed by or arising under such clause 6, all of which shall remain in full force and effect):- 

 

	 	(a)	the Existing Shareholders’ Agreement shall be terminated as between such parties and all of the rights and obligations established by the Existing
Shareholders’ Agreement shall accordingly lapse and cease to have any force or effect; and 

  

	 	(b)	it has no outstanding claims (howsoever and whensoever arising) under or in connection with the Existing Shareholders’ Agreement. 

 

	18.2	Any termination or cessation pursuant to Clause 18.1 shall be without prejudice to the rights, obligations or liabilities of any party which shall have accrued or
arisen prior to such termination or cessation. 

  
 39 

 Execution 

 

	19.	SALE OR LISTING 

  

	19.1	Each of the parties confirms that it is their understanding and intention that a Sale or a Listing, where the market value of the ‘A’ Share-s and the Ordinary
Shares (or the average value of any shares to be derived from any such ‘A’ Share and/or Ordinary Share) on such a Sale or Listing is not less than US$100,000,000, is achieved before the third anniversary of the date of this Agreement.

  

	19.2	Subject always to the rights of the Investors under Clause 12 and the Articles, the parties agree that, following the date which is three years after the date of
this Agreement: 

  

	 	(a)	the Board shall have the right to appoint an Investment Bank acceptable to the Investor Majority (at the cost of the Company) to investigate the opportunity for a Sale
or Listing; and 

  

	 	(b)	subject to agreement by the Board and to Clause 12, it is their intention (without creating any legally binding rights or obligations) that the Company shall use
its reasonable endeavours to effect a Sale or Listing on the official list of the UK Listing Authority or the London Stock Exchange plc, NASDAQ or such other exchange acceptable to the Investor Majority in accordance with the recommendations of the
Investment Bank, in each case as approved by the Board and the Investor Majority. 

  

	19.3	Each of the parties undertakes to the other to exercise their powers both as Shareholders and/or Directors (where applicable) of the Company and any other member of the
Group to vote in favour of all resolutions of the Company and any other member of the Group and the Board which are necessary or desirable to achieve a Sale or Listing if that has been approved by the Investor Majority and the Board in accordance
with Clause 19.2. 

  

	19.4	Each of the Initial Shareholders and the Company acknowledge that: 

  

	 	(a)	in the event of a Tirade Sale or a Listing neither Investor shall be obliged to give any warranty or indemnity of any kind to any person other than in respect of its
ownership of Shares; 

  

	 	(b)	in the event of a Listing, each Initial Shareholder may be required, on the instruction of the Investment Bank advising on the Listing, to enter into
‘Lock-In’ arrangements for a specified period whereby such Initial Shareholder will not be able to deal freely in their Shares or its holding company for such period. 

 

	19.5	Subject always to Clause 12, each of the parties to this Agreement agrees that if the Board passes a resolution recommending a Listing or a Sale that values the
Company in excess of US$100,000,000 (a “Qualified Liquidity Event”) each party shall exercise its respective, powers and provide all such consents as shall be necessary in respect of the Company to procure (insofar as they are
reasonably able, having regard to those powers and consents) that the Company can complete the Qualified Liquidity Event. 

  
 40 

 Execution 

 

	20.	COMPANY POST COMPLETION CONDITIONS 

 The parties hereby agree that within one month of the Completion Date the Company will ensure that any agreements that are required to be entered into in the Agreed Form prior to Completion have been
stamped with the appropriate stamp duty or that they have been submitted, tor adjudication by the Irish Revenue Commissioners, where appropriate, 
  

	21.	US REGISTRATION RIGHTS 

  

	21.1	Request for US Registration 

  

	 	(a)	Subject to the conditions of this Clause 21.1, if the Company shall receive at any tune after the earlier of (i) 2 years after the date of this Agreement or
(ii) 6 months after the effective date of the Initial Offering, a written request from the Holders (including each of the Investors) of 25% or more of the Registrable Securities then outstanding (the “Initiating Holders”) that the
Company file a registration statement under the 1933 Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $10,000,000, then the Company shall, within 10 days of the receipt thereof, give
written notice of such request to all Holders, and subject to the limitations of this Clause 21.1, use best efforts” to effect, as soon as practicable the registration under the 1933 Act of all Registrable Securities mat the Holders
request to be registered in a written request received by the Company within 20 days of the mailing of the Company’s notice pursuant to this Clause 21.1.(a). 

 

	 	(b)	If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a
part of their request made pursuant to this Clause 21.1 and the Company shall include such information in the written notice referred to in Clause 21.1.(a). In such event the right of any Holder to include its Registrable Securities in
such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by a majority m interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Clause 21.1, if the underwriter
advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten
pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including
the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

  
 41 

 Execution 

 

	 	(c)	The Company shall not be required to effect a registration pursuant to this Clause 21.1: 

 

	 	(i)	after the Company has effected 2 registrations pursuant to this Clause 21.1, and such registrations have been declared or ordered effective; or

  

	 	(ii)	during the period starting with the date 60 days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date 180 days following
the effective date of, a Company-initiated registration subject to Clause 21.2 below, provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or

  

	 	(iii)	if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form F-3 pursuant to Clause 21.3 hereof; or

  

	 	(iv)	if the Company shall furnish to Holders requesting a registration statement pursuant to this Clause 21.4, a certificate signed by the Company’s CEO or
Chairman of the Board stating that in the good faith judgment of the Board of the Company, it would be seriously detrimental to the Company and its Shareholders for “such registration statement to be effected at such time, in which event the
Company shall have the right to defer such filing for a period of not more than 90 days after receipt of the request of the Initiating Holders, provided that such right to delay a request shall be exercised by the Company not more than once in any
12-month period. 

  

	21.2	Company US Registration 

  

	 	(a)	If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for Shareholders other than
the Holders) any of its Shares or other securities under the 1933 Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities to participants in a Company stock plan, a
registration relating to a corporate reorganisation or other transaction under Rule 145 of the 1933 Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration
statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such
time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such notice by the Company in accordance with Clause 36, the Company shall, subject to the
provisions of Clause 21.2.(c), use all reasonable efforts to cause to be registered under the 1933 Act all of the Registrable Securities that each such Holder has requested to be registered. 

  
 42 

 Execution 

 

	 	(b)	Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Clause 21.2 prior to
the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Clause 21.6 hereof.

  

	 	(c)	Underwriting Requirements. In connection with any offering involving an underwriting of Shares, the Company shall not be required under this Clause 21.2 to
include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters) and
enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardise the success of the offering
by the Company. If the total amount of securities, including Registrable Securities, requested by Shareholders to be included such offering exceeds the amount of securities to be sold other than by the Company that the underwriters determine in
their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole
discretion will not jeopardise the success of the offering (the securities so included to be apportioned pro rata among the selling Holders according to the total amount of securities entitled to be included therein owned by each selling Holder or
in such other proportions as shall mutually be agreed to by such selling Holders), but in no event shall (i) any shares being sold by a Holder be excluded from such offering if any other shareholder’s securities are included, (ii) the
amount of securities of the selling Holders included in the offering be reduced below 30% of the total amount of securities included in such offering or (iii) notwithstanding (ii) above, any shares being sold by a shareholder exercising a
demand registration right similar to that granted in Clause 21.1 be excluded from such offering, in each case, unless such offering is the Initial Offering of the Company’s securities, in which case the selling Holders may be excluded if
the underwriters make the determination described above and no other shareholder’s securities are included. For purposes of the preceding Parenthetical concerning apportionment for any selling Shareholder that is a Holder of Registrable
Securities and that is a partnership, corporation or limited liability company, the partners, retired partners, members, retired members and shareholders of such Holder, or the estates and family members of any such partners, retired partners,
members and retired members and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such 4 selling Holder” shall be based upon the
aggregate amount of Registrable Securities owned by all such related entities and individuals. 

  
 43 

 Execution 

 

	21.3	Form F-3 Registration. In case the Company shall receive from the Holders (including each of the Investors) of at least 25% of the Registrable Securities a
written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:

  

	 	(a)	promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 

 

	 	(b)	use best efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request
as are specified in a written request given within IS days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to
this Clause 21.3: 

  

	 	(i)	if Form F-3 is not available for such offering by the Holders; 

  

	 	(ii)	if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and
such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $3,000,000; 

  

	 	(iii)	if the Company shall furnish to the Holders a certificate signed by the CEO or Chairman of the Board stating that in the good faith judgment of the Board of the
Company, it would be seriously detrimental to the Company and its Shareholders for such Form F-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3 registration statement for
a period of not more than 90 days after receipt of the request of the Holder or Holders under this Clause 21.3; provided, however, that the Company shall not utilise this right more than once in any twelve month period; or

  

	 	(iv)	if the Company has, within the 12 month period preceding the date of such request, already effected two registrations on Form F-3 for the Holders pursuant to this
Clause 21.3. 

  

	 	(c)	Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon
as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Clause 21.3 shall not be counted as requests for registration effected pursuant to Clause 21.1. 

  
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 Execution 

 

	21.4	Obligations of the Company. Whenever required under this Clause 21 to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible: 

  

	 	(a)	prepare and file with the SEC a registration statement with respect to such Registrable Securities and use best efforts to cause such registration statement to become
effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to 120 days or, if earlier, until the distribution contemplated in the
Registration Statement has been completed; 

  

	 	(b)	prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the provisions of the 1933 Act with respect to the disposition of all securities covered by such registration statement; 

  

	 	(c)	furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus and any supplements thereto, in conformity with the requirements of
the 1933 Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

  

	 	(d)	use best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or
jurisdictions; 

  

	 	(e)	in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter of such offering; 

  

	 	(f)	notify each Holder of Registrable Securities covered by such registration statement during the period when a prospectus relating thereto is required to be delivered
under the 1933 Act of the happening of any event (of which the Company has knowledge) as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

  

	 	(g)	cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then
listed; and 

  

	 	(h)	provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case
not later than the effective date of such registration. 

  

	21.5	 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Clause 21
with respect to the Registrable 

  
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 Execution 

 

	 	
Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 

  

	21.6	Expenses of US Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications
pursuant to Clauses 21.1, 21.2 and 21.3, including (without limitation) all registration, tiling and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for the selling Holders shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Clause 21,1 or
Clause 21.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon
the number of Registrable Securities that were to be requested in the withdrawn registration), unless, in the case of a registration requested under Clause 21.1 or Clause 21.3, the Holders of a majority of the Registrable Securities agree
to forfeit their right to one demand registration pursuant to Clause 21.1 or one Form F-3 registration pursuant to Clause 21.3, respectively, provided, however, that if at the time of such withdrawal, the Holders have learned of a material
adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse
change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Clause 21.1 or 21.3 (such a withdrawal, a “Qualifying Withdrawal”), provided further that the Holders may only
elect to treat a withdrawal as a Qualifying Withdrawal once in any 12 month period, 

  

	21.7	Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of
any controversy that might arise with respect to the interpretation or implementation of this Clause 21. 

  

	21.8	Indemnification. In the event any Registrable Securities are included in a registration statement under this Clause 21: 

 

	 	(a)	 To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members or officers, directors and shareholders
of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the 1933 Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the 1933 Act or the 1934 Act, against
any losses, claims, damages or liabilities (joint or several) to which they may become subject under the 1933 Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages, or liabilities (joint or several) (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained 

  
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 Execution 

 

	 	
therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the 1933 Act, the 1934 Act or any state securities laws; and
the Company will reimburse each such Holder, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this Clause 21.8.(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which
consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in
conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling person; provided further, however, that the foregoing indemnity agreement with respect to any
preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the
offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or underwriter to such person, if required by law
so to have been delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability.

  

	 	(b)	 To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has
signed the registration statement, each person, if any, who controls the Company within the meaning of the 1933 Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement
and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the 1933 Act, the 1934 Act or any state
securities laws, insofar as such losses, claims, damages or liabilities (joint or several) (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs
in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this
Clause 21.8.(b), for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in
this Clause 21.8.(b) shall not apply to amounts paid in settlement of 

  
 47 

 Execution 

 

	 	
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), provided that in no event
shall any indemnity under this Clause 21.8.(b) exceed the net proceeds from, the offering received by such Holder. 

  

	 	(c)	Promptly after receipt by an indemnified party under this Clause 21.8 of notice of the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Clause 21.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the
right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defence thereof with counsel mutually satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability
to the indemnified party under this Clause 21.8, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Clause 21.8.

  

	 	(d)	If the indemnification provided for in this Clause 21.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any
loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss,
liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted
in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to
information, and opportunity to correct or prevent such statement or omission. 

  

	 	(e)	Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

  
 48 

 Execution 

 

	 	(f)	The obligations of the Company and Holders under this Clause 21.8 shall survive the completion of any offering of Registrable Securities in a registration
statement under this Clause 21, and otherwise. 

  

	21.9	Reports Under Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144 promulgated under the 1933 Act and any
other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form r-?,; the Company agrees to: 

 

	 	(a)	comply with the requirements of Rule 144(c) under the 1933 Act with respect to current public information about the Company, at all times after 90 days after the
effective date of the Initial Offering; 

  

	 	(b)	use best efforts to file with the SEC in a timely manner ail reports and other documents required of the Company under the 1933 Act and the 1934 Act; and

  

	 	(c)	furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i)a written statement by the Company as to its compliance with the
reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the 1933 Act and the 1934 Act (at any time after it has become subject to such reporting
requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such
form. 

  

	21.10	Assignment of US Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Clause 21 may be assigned (but
only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is an affiliate, nominee, subsidiary, parent, partner, limited partner, retired partner, member, retired member or shareholder of a Holder,
(ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such assignment or transfer, holds at least 1,129 Registrable Securities (subject to appropriate adjustment for stock splits, stock
dividends, combinations and other recapitalisations), provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with
respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of
Clause 21.12 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act. 

  
 49 

 Execution 

 

	21.11	Limitations on Subsequent US Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the
Holders (including each of the Investors) of at least two-thirds of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that, would allow such holder or prospective holder
(a) to include such securities in any registration filed under Clause 21.2 hereof; unless under the terms of such agreement, such holder or prospective holder may include such securities in any such, registration only to the extent that
the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities. 

 

	21.12	“Market Stand-Off’ Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the
period commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed 180 days) (i) lend, offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities
convertible into or exercisable or exchangeable tor Shares (whether such Shares or any such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Shares or such other securities, in cash or otherwise. The
foregoing provisions of this Clause 21.12 shall apply only to the Company’s Initial Offering, shall not apply to the sale of any Shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if
all officers and directors and greater than 2% shareholders of the Company enter into similar agreements. The underwriters in connection with the Company’s Initial Offering are intended third party beneficiaries of this Clause 21.12 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder agrees to execute an agreement with the managing underwriter in the Initial Offering setting forth provisions substantially
identical to those in this Clause 21.12. 

 In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to the Registrable Securities of each Holder (and the Shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

 

	21.13	Termination of US Registration Rights. No Holder shall be entitled to exercise any right provided for in this Clause 21 after 5 years following the
consummation of the Initial Offering or, as to any Holder, such earlier time at which all Registrable Securities held by such Holder (and any affiliate of the Holder with whom such Holder must aggregate its sales under Rule 14.4) can be sold in any
3-month period without registration in compliance with Rule 144 of the 1933 Act. 

  
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	22.	RECORDS 

 Each of the
parties shall use their powers either as a shareholder of the Company or as a Director (if applicable) to ensure that the Company and each other member of the Group shall keep proper accounting records and company books and all records required by
statute to be kept and procure that such records and all its other books, records and memoranda shall at all reasonable times during normal business hours be available for inspection by an Investor or its duly authorised representatives or agents.

  

	23.	ASSIGNMENT 

 An Investor
may assign any of its rights or obligations hereunder to any transferee of all or part of its holding of ‘A’ Shares, and the rights attaching to the ‘A’ Shares shall continue notwithstanding any change in the identity of the
‘A’ Shareholders. Except as specifically provided in this Agreement, none of the other parties shall assign or transfer or purport to assign or transfer any of its rights or obligations hereunder without the prior written consent of all
the other parties. 
  

	24.	GROUP COMPANIES 

 Each of
the Initial Shareholders and the Company undertake to the Investors that it shall procure insofar as it is reasonably able, having regard to its respective rights and powers in respect of the Company, that any other member of the Group from time to
lime shall observe and perform the provisions and conditions in this Agreement to which the Company is subject under this Agreement as if reference to the Company included a reference to such other member of the Group. 

 

	25.	SUCCESSORS 

 This
Agreement shall be binding on and shall enure for the benefit of the respective, successors in title of each party to this Agreement. 
  

	26.	WAIVER AND FORBEARANCE 

The rights of any party hereto shall not be prejudiced or restricted by any indulgence or forbearance extended to any other party and no
waiver by any party in respect of any breach shall operate as a waiver in respect of any subsequent breach. 
  

	27.	ENTIRE AGREEMENT AND VARIATION 

  

	27.1	This Agreement together with the agreements referred to herein supersedes any previous agreement between the parties in relation to the matters dealt with herein and
constitutes the entire understanding between the parties in relation thereto and the parties hereby acknowledge that (save in the case of fraud) they have not relied on any prior statements, representations or omissions which have not been
incorporated as express terms of this Agreement 

  
 51 

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	27.2	Save as otherwise expressly provided, no modification, amendment or waiver of any of the provisions of this Agreement shall be effective unless made in writing
specifically referring to this Agreement and duly signed by the parties hereto (other than the Initial Shareholders) and by persons holding in excess of 50% of the Ordinary Shares in issue at the date such modification or waiver is agreed, provided
that any modification, amendment or waiver of any of the provisions of this Agreement which is signed by the persons holding in excess of 50% of the Ordinary Shares in issue at the date such amendment modification or waiver shall not impose any
greater liability or more onerous an obligation than those contained in this Agreement on those persons who do not sign such modification amendment or waiver. 

 

	28.	SEVERANCE 

 Each provision
of this Agreement shall be enforceable independently of all other provisions and its validity, legality or enforceability shall not be affected if any other provision becomes invalid, illegal or unenforceable in any respect under any law.

  

	29.	TERMS OF THIS AGREEMENT TO PREVAIL 

 As between the parties (other than the Company) in the event of any ambiguity or conflict arising between the terms of this Agreement and those of the Company’s Memorandum of Association and
Articles, to the extent of any such ambiguity or conflict, the terms of this Agreement shall prevail. The Initial Shareholders shall ensure that such amendments as are required by the Investors to reconcile the Articles to this Agreement shall be
made. 
  

	30.	EXERCISE OF POWERS 

  

	30.1	Where the parties to this Agreement (other than the Company) are required under this Agreement or agree to procure a particular matter or thing insofar as it is in
then-power to do so, such obligation shall be deemed to be the obligation to exercise their powers both as shareholders and as Directors (where applicable) of the Company and as applicable as persons entitled to appoint a Director or Directors to
the Company pursuant to the provisions of Clause 9 to procure such matter or thing. 

  

	30.2	In order to discharge their obligations under Clause 30.1 each of the said parties to this Agreement shall (without prejudice to the general nature of its
obligations under Clause 30.1) join with the other said parties to convene meetings, propose resolutions and vote for resolutions and procure that any Director appointed by it (whether alone or jointly with any other person) (where applicable)
shall exercise its votes as a Director to procure such matter or thing referred to in Clause 30.1. 

  

	30.3	 Each of the Initial Shareholders shall take all actions necessary (including convening meetings, proposing resolutions and exercising voting rights)
insofar as it is in his power so to do and in so far as is permitted by law to ensure that the obligations in and other 

  
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commitments under this Agreement are observed and performed by the Company and the Board and each member of the Group and for the avoidance of doubt the foregoing obligation shall not require any
Initial Shareholder to pay any money (other than reasonable costs arid expenses and in the case of any Initial Shareholder who is entitled to appoint a director to the Board any money as shall be required in order to ensure that such Director takes
all necessary steps to ensure compliance with this Agreement or in the event of his failing to do so any money as shall be required to remove such Director) in order to ensure that such obligations and commitments are observed by the Company and the
Board. If and to the extent that any provision of this Agreement shall purport unlawfully to fetter the Company’s statutory powers the parties to this Agreement (other than the Company) agree that the same shall be read and construed as though
the Company were not referred to in such provision, but such provision shall continue to the full extent possible to be binding upon the parties other than the Company. 

 

	30.4	For the avoidance of doubt, where an Initial Shareholder has complied with the foregoing provisions of this Clause 30 and is unable by doing so to procure the
taking (or as the case.my be the forbearance from taking) any action or step, he shall not incur any liability to any party, including the liability to pay monies to any party, save to the extent envisaged by Clause 30.3.

  

	31.	NO PARTNERSHIP OR AGENCY 

Nothing in this Agreement shall be deemed to constitute a partnership between the parties nor constitute any party the agent of any other
party for any purpose. 
  

	32.	ENFORCEMENT OF THE COMPANY’S RIGHTS 

  

	32.1	If an Investor Director alleges in writing (where such allegation shall be on the face of it, bona fide) that any Initial Shareholder or a Connected Person to such
Initial Shareholder is in breach of any material obligation which he owes to the Company or a member of the Group (whether under this Agreement, any other agreement or otherwise) has misapplied or retained or become liable or accountable for any
money or property of the Company or a member of its Group, or has been guilty of any misfeasance or breach of trust in relation to the Company or a member of its Group, the Company or the relevant member of the Group shall, k so far as it is in the
best interests of the Company to do so, enforce any resulting right of action and the parties to this Agreement agree that the prosecution of any such right of action of the relevant member of the Group shall be passed to a committee of the Board
consisting only of the Directors not the subject of, or not connected with a person the subject of, an allegation which committee shall in each case have full authority on behalf of the Company or the member of its Group to negotiate, litigate and
settle any claim arising therefrom. 

  

	32.2	The Company hereby covenants with each of the Shareholders that any monies or property which the Company or the member of its Group may recover or receive as a result
of the operation of the foregoing provisions of this Clause 32 shall be applied by me Company or the member of its Group in a proper and efficient manner and for its own benefit. 

  
 53 

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	33.	ACKNOWLEDGEMENTS 

 Each
party acknowledges that damages would not be an adequate remedy for any breach of the undertakings by that party contained in this. Agreement and that any other party shall be entitled (in addition to damages) to the remedies of injunction, specific
performance and other equitable remedy for any threatened or actual breach of any such undertakings. 
  

	34.	COUNTERPARTS 

 This
Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, and which together shall constitute one and the same agreement. Unless otherwise provided in this Agreement, this Agreement shall become
effective and be dated (and each counterpart shall be dated) on the date on which this Agreement (or a counterpart of this Agreement) is signed by the last of the parties to execute this Agreement or, as the case may be, a counterpart thereof.

  

	35.	COSTS 

  

	35.1	Promptly after Completion the Company shall pay all the reasonable legal and out-of-pocket expenses of the Investors in connection with the execution and completion of
this Agreement and the Share Purchase Agreement together, in each case, with any applicable value added tax (it being understood by the Company that it will not be provided with VAT invoices addressed to it in respect of such fees).

  

	35.2	The Company confirms to the Investors that it is not, nor shall it be, liable to pay any tees and expenses m connection with the negotiation, preparation, execution
and/or performance of this Agreement and the documents referred to herein, other than pursuant to Clause 35.1 and then the professional fees payable to Arthur Cox, solicitors m connection therewith. 

 

	36.	NOTICES 

  

	36.1	Any notice given under this agreement shall either be delivered personally or sent by pre-paid first class recorded delivery post (air mail if overseas) or facsimile
transmission. The address for service of each party shall be (in the case of an individual) the address set out in this agreement or at such other address within Ireland or for service previously notified to the other parties or (in the case of a
company) its registered office for the time being. A notice shall be deemed to have been served as follows: 

  

	 	(a)	if personally delivered, at the time of delivery; 

  

	 	(b)	if posted, as the expiration of 48 hours or (in the case of airmail) seven days after the envelope containing the same was delivered into the custody of the postal
authorities; and 

  
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 Execution 

 

	 	(c)	if sent by facsimile transmission at the time of transmission (if the notice is sent before 5pm on a Business Day) or otherwise at 9 am on the next following Business
Day. 

  

	36.2	In proving such service (without prejudice to any other means of proof) it shall be sufficient to prove that personal delivery was made, or that the envelope containing
such notice was properly addressed and delivered into the custody of the postal authority of the country of dispatch as a prepaid first class recorded delivery or airmail letter (as appropriate) or in case of facsimile transmission that a confirming
copy thereof was personally delivered or sent by first class recorded delivery or airmail letter (as appropriate) within 24 hours after transmission. 

  

	37.	FURTHER ASSURANCE AND GOOD FAITH 

 Each party shall co-operate with the others and execute and deliver to the others such other instruments and documents and take such other actions as may be reasonably requested from time or time in order
to carry out, evidence and confirm their rights and the intended purpose of this Agreement. 
  

	38.	GOVERNING LAW AND JURISDICTION 

  

	38.1	This Agreement is governed by, and shall be construed in accordance with, the laws of Ireland. 

 

	38.2	The courts of Ireland have exclusive jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes, which may arise out of or in
connection with this Agreement (“Proceedings”) and, for these purposes, each party irrevocably submits to the jurisdiction of the courts of Ireland. 

 

	38.3	Each party irrevocably waives any objection which it might at any time have to the courts of Ireland being nominated as the forum to hear and decide any Proceedings and
agrees not to claim that the courts of Ireland are not a convenient or appropriate forum. 

 IN WITNESS whereof the parties
have executed and delivered this agreement as a deed on the date stated on page 1 of this Agreement. 

  
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 SCHEDULE 1 

Part 1 

The Initial Shareholders 
  

							
	 Name
	 	 Address
	 	 Ordinary Shares
	 	 ‘A’ Shares

	Edward Reynolds	 	18 Hazlewood Park
Artane
Dublin	 	5654	 	
				
	Eric Mosley	 	5 Beverly Drive
Templeogue
Dublin 16	 	4475	 	
				
	James Flanagan	 	Lisin
Ballyedmunduff
Sandyford
Dublin 18	 	100	 	10
				
	DS&CF Pension Fund
(David Smith)	 	Delmaine
Dublin Road
Malahide
Co. Dublin	 	748	 	
				
	Barry Nangle	 	Woodville
Cloghran
Co. Dublin	 	187	 	39
				
	Ischgl Pension Fund
(Dermot Farrelly)	 	55 Mountain View Road
Ranelagh
Dublin 6	 	75	 	16
				
	Brian Gray	 	Newlands
50 Saval Park Gardens
Dalkey	 	75	 	
				
	Stradbrook Pension Fund
(Madeline Larchet)	 	15 Stradbrook Park
Blackrock
Co. Dublin	 	75	 	16
				
	Paul Burke	 	Davy House
49 Dawson Street
Dublin 2	 	220	 	46

  
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	Roc Mehigan	 	Davy House
49 Dawson Street
Dublin 2	 	148	  	31
				
	Garavogue Pension
Fund
(Ronan Godfrey)	 	Davy House
49 Dawson Street
Dublin 2	 	111	  	23
				
	Patrick Dempsey	 	15 Saval Park Gardens
Dalkey
Co. Dublin	 	105	  	32
				
	Patricia Burke	 	The Grange
Brighton Road
Foxrock
Dublin 18	 	958	  	201
				
	Edward Wallace	 	The Grange
Brighton Road
Foxrock
Dublin 18	 	957	  	201
				
	AEB Custodial
Nominees Limited	 	c/o Montgomery
Oppenheim International
House
3 Harbourmaster Place
International Financial
Services Centre
Dublin 1	 	134	  	
				
	 Bank of Ireland
 Nominees
Limited
	 	c/o Montgomery
Oppenheim International
House
3 Harbourmaster Place
International Financial
Services Centre
Dublin 1	 	96	  	
				
	Seamus Brady	 	82 Rathgar Road
Dublin 6	 	57	  	
				
	Joe O’Dwyer	 	3 Harbourmaster Place
International Financial
Services Centre
Dublin 1	 	38	  	

  
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 Execution 

 

							
	Techinvest Limited	 	3 Harbourmaster Place
International Financial
Services Centre
Dublin 1	 	192	 	40
				
	Aidan Maguire	 	Davy House
49 Dawson Street
Dublin 2	 	57	 	
				
	David Gantley	 	12 Knockaulin
Leixlip
Co. Kildare	 	57	 	
				
	Nortrust Nominees
Limited	 	50 Bank Street
Canary Wharf
London E14 5NT
England	 	613	 	
		 		 	  
	 	  

	Total	 		 	15,132	 	655
		 		 	  
	 	  

  
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 SCHEDULE 1 

Part 2 

Benchmark 
  

					
	 Name
	 	 Address
	 	 ‘A’ Shares

	Benchmark	 	 c/o Benchmark Capital, 20 Balderton
Street, London W1K 6TL

 
 Facsimile number +44(0)20 7016 68 10
	 	16,174

  
 59 

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 SCHEDULE 1 

Part 3 

Atlas 
  

							
	 Investor
	  	 ‘A’ Shares
	  	Total Subscription Monies
(EUR)	 
	Atlas VI	  	11,617	  	 	6,673,696.99	  
			
	Atlas VI KG	  	213	  	 	122,363.56	  
			
	Atlas EF VI	  	355	  	 	203,939.26	  
			
	Total	  	12,185	  	 	6,999,999.81	  

  
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 SCHEDULE 2 

Part 1 

Information concerning the Company 
 immediately prior to Completion 
  

			
	Date of Incorporation:	  	11 April 1997
		
	Registered number;	  	264562
		
	Registered office:	  	6 Beckett Way, Park West Business Park, Dublin 12
		
	Authorised Share Capital:	  	EUR253,947.6156 divided into 10,000,000 ‘A’ Shares of
EUR0.01269738 each and 10,000,000 Ordinary Shares of
EUR0.01269738 each
		
	Issued Share Capital:	  	15,132 Ordinary Shares
		
		  	16,829 ‘A’ Shares
		
	Directors:	  	Patricia Burke, Eric Mosley, Edward Reynolds and Barry Maloney
		
	Secretary:	  	Ciaran Lally
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	Deloitte & Touche

 Shareholders 
  

					
	Name	 	Class of Shares	 	Number of Shares
		
	 As shown in Parts 1 and 2 of Schedule 1
	 	
			
	Options	 	 	 	 
			
	Derek Irvine	 	Ordinary Shares	 	413
			
	Ciaran Lally	 	Ordinary Shares	 	380
			
	Kieran Conlon	 	Ordinary Shares	 	120
			
	John Smith	 	Ordinary Shares	 	30

  
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	Niamh Graham	 	Ordinary Shares	 	30
			
	James Flanagan	 	Ordinary Shares	 	139
			
	Jonathan Hyland	 	Ordinary Shares	 	415
			
	Eric Mosley	 	Ordinary Shares	 	1,869
			
	Ashling Ahearne	 	Ordinary Shares	 	30
			
	Conor Mahony	 	Ordinary Shares	 	30
			
	Paula Lynch	 	Ordinary Shares	 	30
			
	Deidre Nic Ginnea	 	Ordinary Shares	 	30
			
	Paul Haynes	 	Ordinary Shares	 	48
			
	Ann Marie Nolan	 	Ordinary Shares	 	30
			
	Total	 		 	3,594

  
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 SCHEDULE 2 

Part 2 

Information concerning the Company 
 immediately after Completion 
  

			
	Date of Incorporation;	  	11 April 1997
		
	Registered number:	  	264562
		
	Registered office:	  	6 Beckett Way, Park West Business Park, Dublin 12
		
	Authorised Share Capital:	  	EUR253,947.6156 divided into 10,000,861 ‘A’ Shares of EUR0.01269738 each and 9,999,139 Ordinary Shares of BUR0.01269738 each
		
	Issued Share Capital:	  	35,132 Ordinary Shares and 29,014 ‘A’ Shares, of which the 861 Ordinary Shares which are to be transferred pursuant to the Share Purchase Agreement will be converted
into ‘A’ Shares pursuant to the Resolutions immediately prior to registration of Benchmark Europe I, L.P. as the registered holder thereof.
		
	Directors:	  	Patricia Burke, Eric Mosley, Barry Maloney and Sonali De Rycker
		
	Secretary:	  	Ciaran Lally
		
	Accounting reference date:	  	31 December
		
	Auditors:	  	Deloitte & Touche

 Shareholders 
  

					
	Name	  	Class of Shares	  	Number of Shares
			
	Edward Reynolds	  	Ordinary Shares	  	5,654
			
	Eric Mosley	  	Ordinary Shares	  	3,614
			
	Patricia Burke	  	Ordinary Shares	  	958
			
	Edward Wallace	  	Ordinary Shares	  	957

  
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	David Smith	  	Ordinary Shares	  	748
			
	AIB Custodial Nominees Limited	  	Ordinary Shares	  	134
			
	Paul Burke	  	Ordinary Shares	  	220
			
	Techinvest Limited	  	Ordinary Shares	  	192
			
	Barry Nangle	  	Ordinary Shares	  	187
			
	Roc Mehigan	  	Ordinary Shares	  	148
			
	Garavogue Pension Fund	  	Ordinary Shares	  	11.1
			
	Patrick Dempsey	  	Ordinary Shares	  	105
			
	James Flanagan	  	Ordinary Shares	  	100
			
	BOI Nominees Limited	  	Ordinary Shares	  	96
			
	Ischgl Pension Fund	  	Ordinary Shares	  	75
			
	Brian Gray	  	Ordinary Shares	  	75
			
	Stradbrook Pension Fund	  	Ordinary Shares	  	75
			
	Seamus Brady	  	Ordinary Shares	  	57
			
	Aidan Maguire	  	Ordinary Shares	  	57
			
	David Gantley	  	Ordinary Shares	  	57
			
	Joe O’Dwyer	  	Ordinary Shares	  	38
			
	Nortrust Nominees Limited	  	Ordinary Shares	  	613
			
	Benchmark Europe I, L.P.	  	‘A’ Shares	  	17,0351
			
	Other holders of ‘A’ Shares	  	‘A’ Shares	  	655
			
	Atlas	  	‘ A’ Shares	  	12,185

  

	1 	 Of these, 861 represent the Ordinary Shares to be transferred pursuant to the Share Purchase Agreement and converted pursuant to the Resolutions. These
will be registered in the name of Benchmark Europe I, L.P, following stamping. 

  
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	Options	  	 	  	 
			
	Derek Irvine	  	Ordinary Shares	  	413
			
	Ciaran Lally	  	Ordinary Shares	  	380
			
	Kieran Conlon	  	Ordinary Shares	  	120
			
	John Smith	  	Ordinary Shares	  	30
			
	Niamh Graham	  	Ordinary Shares	  	30
			
	James Flanagan	  	Ordinary Shares	  	139
			
	Jonathan Hyland	  	Ordinary Shares	  	415
			
	Eric Mosley	  	Ordinary Shares	  	1,869
			
	Ashling Ahearne	  	Ordinary Shares	  	30
			
	Conor Mahony	  	Ordinary Shares	  	30
			
	Paula Lynch	  	Ordinary Shares	  	30
			
	Deidre Nic Ginnea	  	Ordinary Shares	  	30
			
	Paul Haynes	  	Ordinary Shares	  	48
			
	Ann Marie Nolan	  	Ordinary Shares	  	30
			
	Total	  		  	3,594

  
 65 

 SCHEDULE 3 
 Warranties 
  

	1.	DISCLOSURE OF INFORMATION 

  

	1.1	All information given in writing by or on behalf of the Warrantors to Atlas or any officer, accountant, lawyer or agent thereof in response to the due diligence
enquiries raised by Atlas or any officer, accountant, lawyer or agent thereof and which is copied in the folder marked Appendix A, which has been initialled by the Individual Warrantors and Atlas was when given and is at the date hereof true and
accurate in all material respects. 

  

	1.2	To the best of the knowledge, information and belief of the Warrantors, there is no fact of matter winch has not been disclosed in writing to Atlas which renders the
information referred to in paragraph 1.1 above untrue or misleading at the date of this Agreement and to the best of the knowledge, information and belief of the Warrantors there is no fact or matter which, if it were disclosed to any intending
subscriber for snares in the Company, might reasonably affect the willingness of a subscriber to subscribe for shares in the Company for the consideration and on the terms contained herein. 

 

	1.3	The information set out in the Recitals and Schedules to this Agreement is true complete and accurate in all respects and, immediately following Completion, Part 2 of
Schedule 2 will be correct in all respects. 

  

	2.	2004 BUSINESS PLAN 

  

	2.1	The 2004 Business Plan has been diligently prepared and each of the Warrantors honestly believes that, as at the date of this Agreement, it represents a realistic plan
in relation to the future progress, expansion and development of the Business. 

  

	2.2	All factual information contained, in the 2004 Business Plan was when given, and is at the date of this Agreement, true and accurate in all material respects and not
misleading. 

  

	2.3	The financial forecasts, projections or estimate contained in the 2004 Business Plan have been diligently prepared, are fair and reasonable and, to the best of the
information knowledge and belief of the Warrantors, have not been disproved in light of events of circumstances which have arisen subsequent to the preparation of the 2W4 Business Plan up to the date of tins Agreement. The assumptions upon which
they are based as to the prospects of the Group are set out in the Disclosure Letter and nave been carefully considered and are honestly believed to the reasonable. 

 

	2.4	Each statement of opinion in the 2004 Business Plan is believed by the Warrantors to be fair and reasonable, accurately to represent the bona fide opinion held by him
and not to be misleading. 

  

	2.5	The 2004 Business Plan takes proper account of all information (other than general economic factors) which could reasonably be expected to be relevant to its
preparation and which was available at the time of such preparation to the Company. 

  
 66 

	3.	THE COMPANY 

  

	3.1	Capacity 

 The Company has
full power and authority and has taken ail action to enter into and perform this Agreement (and any other agreement referred to in this Agreement to which the Company is a party) which constitute or when executed will constitute binding obligations
on the Company in accordance with their terms. 
  

	3.2	Breaches 

 The execution
and delivery of and the performance by the Warrantors of their respective obligations under this Agreement will not result in a breach of or constitute a default under any agreement or instrument to which any of them is a party or by winch either of
them is bound or result in a breach of any order, judgment or decree of any Court or governmental agency to which either of them is a party or by which either of them is bound. 

 

	3.3	Shares 

  

	 	(a)	The issued share capital of the Company is legally and beneficially as stated in Schedule 1, free of any Encumbrance and all of that share capital is fully paid up.

  

	 	(b)	The issued share capital set out in Schedule 1 constitutes the whole of the allotted and issued share capital of the Company. 

 

	3.4	Loan capital 

 There is no
outstanding loan capital or debenture stock in issue in the Company. 
  

	3.5	Options over shares 

 Save
for:- 
  

	 	(a)	the options which have been granted pursuant to the Existing ESOPS, full details of which options and the persons to whom they are granted are set out in Part 1 of
Schedule 2; 

  

	 	(b)	the Anti-Dilution Warrants; and 

  

	 	(c)	this Agreement, 

 there are no
options or other agreements (including conversion rights) in force which call or may call for the present or future allotment, issue, sale, transfer, redemption or repayment of, or accord to any person (conditional or not) the right to call for the
allotment, issue, sale, transfer, redemption or repayment of, any share or loan capital of the Company and mere has been no exercise, purported exercise or claim of any Encumbrance over any of the issued or unissued share capital or loan capital of
the Company. 

  
 67 

	3.6	Fees and commissions 

 No
one is entitled to receive any finder’s fee, brokerage or other commission in connection with the subscription for Shares contemplated by this Agreement. 
  

	3.7	Subsidiaries 

 The Company
does not own any shares or stock in the capital of, nor does it have any beneficial or other interest in, any company or business organisation nor does the Company control or take part in the management of any other company or business organisation.

  

	3.8	The Individual Warrantors 

(a) None of the Individual Warrantors is directly or indirectly engaged, in any business (as adviser, director, employee, consultant,
warrantor or otherwise) other than that of the Group. 
 (b) No Individual Warrantor and no Connected Person of an Individual
Warrantor has any interest which could conflict with the affairs of the Group. 
 (c) The Disclosure Letter contains details of
all arrangements to which any Individual Warrantor is or has been a party (or to which any of his Connected Persons is or has been a party) which could:- 
  

	 	(i)	affect the ability of the Individual Warrantor to devote all of his normal working hours to the affairs of the Group; or 

 

	 	(ii)	involve any member of the Group in any liability. 

  

	3.9	Directors 

  

	 	(a)	The only directors of the Company are the persons whose names are listed in Part 1 of Schedule 2. 

 

	 	(b)	No person is a shadow director (within the meaning of section 27 of the Companies Act 1990) of the Company but is not treated as one of its directors for all the
purposes of the Companies Acts, 1963 to 2003. 

  

	 	(c)	No director of the Company has become a person to whom section 150 of the Companies Act 1990 applies. 

  
 68 

	4.	ACCOUNTS AND RECORDS 

  

	4.1	The Accounts have been prepared in accordance with:- 

  

	 	(a)	all applicable laws and with generally accepted accounting principles in Ireland; and 

 

	 	(b)	the same accounting policies as adopted in preparing the audited accounts of the Company in respect of the corresponding accounts for the preceding three financial
years. 

  

	4.2	The Accounts give a true and fair view of the assets, liabilities and state of affairs of the Company at the Accounts Date and of its profits for the financial period
ended on that date. 

  

	4.3	The profits shown by the audited consolidated profit and loss accounts of the Company for the financial year ended on the Accounts Date have not (except as therein
disclosed) to a material extent been affected by any extraordinary or exceptional item or by inconsistencies of accounting practice or by the inclusion of non-recurring items of income or expenditure or by transactions entered into otherwise than on
normal commercial terms or by any oilier factor rendering such profits for all or any of such years unusually high or low. 

  

	4.4	All accounts, books (including minute books), ledgers, registers (including registers required to be kept by statute) financial and other records of whatsoever kind of
the Company: 

  

	 	(a)	are up-to-date, have been properly maintained in all material respects and contain proper records in all material respects of all matters required to be entered therein
by the Acts and any other legislation or regulations or orders for the time being in force; 

  

	 	(b)	do not contain or reflect any material inaccuracies or discrepancies; and 

  

	 	(i)	are in the possession of, or under the control of, the Company. 

  

	4.5	All deeds and documents (properly stamped where stamping is necessary for enforcement thereof) belonging to the Company, or which ought to be in the possession of the
Company, are in the possession of the Company, 

  

	4.6	The Management Accounts have been carefully and diligently prepared in accordance with good accounting practice, in a manner consistent with the preparation of the
Accounts and generally in accordance with the normal management procedure adopted by the Company. 

  

	4.7	Having regard to the purpose for which the Management Accounts were prepared, the Management Accounts are not misleading in any material respect, do not materially
over-state the value of the assets or under-state the amount of the liabilities of the Company and do not materially over-state the profits of the Company in respect of the period to which they relate. 

  
 69 

	5.	BUSINESS SINCE THE ACCOUNTS DATE 

 Since the Accounts Date: 
  

	 	(a)	the Company has carried on its business in the ordinary and usual course and so as to maintain the same as a going concern; 

 

	 	(b)	there has been no material adverse change in the financial or trading position or prospects of the Company; 

 

	 	(c)	no distribution of capital or income has been declared, made or paid by the Company; ‘ 

 

	 	(d)	no Encumbrance has been created over the whole or any part of the Company; 

 

	 	(e)	the Company has not acquired or disposed of or agreed to acquire or dispose of: 

 

	 	(i)	any business or company; 

  

	 	(ii)	any asset except in the ordinary course of business; 

  

	 	(f)	no material changes have occurred in the assets and liabilities shown in the Accounts other than in the ordinary course of its business; 

 

	 	(g)	the Company has not assumed or acquired any material liability (including any contingent liability) otherwise than in the ordinary course of its business;

  

	 	(h)	no change has been made in the basis or rate of emoluments or other terms of employment of any of the directors of the Company or of any of the employees of the Company
who are in receipt of remuneration in excess of EUR50,000 per annum nor has the Company paid any bonus of special remuneration to any of its directors or any such employee; 

 

	 	(i)	no part of the business of the Company has been affected to a material degree by the loss of any important customer or source of supply, (and no circumstances have
occurred which are likely to give rise to any such loss) or by an abnormal factor not affecting similar businesses to a like extent; 

  

	 	(j)	the Company has not made capital expenditure exceeding in total EUR50,000 or agreed to incur a commitment or connected commitments involving capital expenditure
exceeding in total EUR50G,000. 

  

	 	(k)	the Company has not repaid or redeemed share or loan capital, or made (whether or not subject to conditions) an agreement or arrangement or undertaken an obligation to
do any of those things; 

  

	 	(l)	no resolution of the shareholders of the Company has been passed (except for those representing the ordinary business of an annual general meeting); and

  
 70 

	 	(m)	the Company has not repaid any sum in the nature of borrowings in advance of any due date or made any loan or incurred any indebtedness. 

 

	6.	FINANCIAL MATTERS 

  

	6.1	Borrowings 

  

	 	(a)	Full, accurate and complete details of all loan, debentures, overdraft and other financial facilities (the “Facilities”) available to the Company at
the date of this Agreement (including details of the amounts currently owing by the Company thereunder) are set out in the Disclosure Letter and the Company has not done anything whereby any of the Facilities may be prejudiced.

  

	 	(b)	The total amount borrowed by the Company from each of its bankers does not exceed its respective facility limits or any limitation on its borrowing powers contained in
its articles of association or in any debenture or other deed or document or agreement binding on it. 

  

	 	(c)	The Company has not factored any of its debts or engaged in financing of a type which would not require to be shown or reflected in the Accounts or borrowed any money
which it has not repaid. 

  

	 	(d)	The Company is entitled to prepay all amounts borrowed by it under the Facilities by giving not more than 30 days’ notice to the relevant providers of finance and
no such prepayment will give rise to any liability for the Company except in respect of the payment of outstanding principal and accrued interest. 

  

	6.2	Continued availability of Facilities 

  

	 	(a)	There has been no material contravention of, or non-compliance with, any of the terms of any of the Facilities. 

 

	 	(b)	There have not been any circumstances, nor are there any circumstances known to the Warrantors whereby the continuation of any of the Facilities is likely to be
prejudiced or which is likely to give rise to any material alteration in the terms and conditions of any of the Facilities. 

  

	6.3	Loans from and debts due to the Company 

  

	 	(a)	The Company has not lent any money in excess of EUR10,000 in aggregate which has not been repaid to it. 

 

	 	(b)	The Company has not made any loan or quasi-loan contrary to the Acts or any other applicable legislation. 

 

	 	(c)	No charge securing amounts of EUR10,000 or more in aggregate in favour of the Company is void for want of registration. 

  
 71 

	6.4	Liabilities 

 There are no
material liabilities (including contingent liabilities) which arc outstanding on the part of the Company other than those liabilities disclosed in the Accounts or in the Management Accounts or incurred in the ordinary and proper course of trading
since the Accounts Date. 
  

	6.5	Guarantees and indemnities 

  

	 	(a)	The Company is not a party to and is not liable (including contingently) under a guarantee, indemnity or other agreement to secure or incur a financial or other
obligation with respect to another person’s obligation. 

  

	 	(b)	No part of the loan capital, borrowing or indebtedness in the nature of borrowing of the Company is dependent on the guarantee or indemnity of, or security provided by,
any person. 

  

	6.6	Working Capital 

 The
Company has sufficient working capital: 
  

	 	(a)	to carry on its business in its present form and at its present level of turnover for the period of not less than 12 months after Completion; and

  

	 	(b)	to execute, carry out and fulfil in accordance with their terms all orders projects and contractual obligations which are binding upon the Company and remain
outstanding. 

  

	6.7	Grants 

  

	 	(a)	The Company has not applied for or received any grant, subsidy or financial assistance of any kind from any government department or agency or any local or other
authority which remains liable to be clawed back. 

  

	 	(b)	The Company has not done, or omitted to do, any act or thing which could result in all or any part of any grant, subsidy or other similar payment made or due to be made
to it becoming repayable or being forfeited or withheld in whole or in part. 

  

	7	ASSETS 

 For the purpose
of this Warranty 7 “assets” shall not include Intellectual Property rights or the Property, to which the provisions of Warranties 8 and 16 respectively shall apply. 

 

	7.1	All the assets included in the Accounts or acquired by the Company since the Accounts Date and all assets used in connection with or necessary for the operation of the
business of the Company are in the possession or under the control of, and are the absolute property of, the Company free from all Encumbrances. 

  
 72 

	7.2	No asset which is material to any member of the Company is shared by the Company with any other person and the Company does not depend for its business upon, nor does
it use, any assets, facilities or services owned or supplied by an Individual Warrantor or any person connected with an Individual Warrantor. 

  

	7.3	Where any assets are used but not owned by the Company, or any facilities or services are provided to the Company by any third party, so far as the Warrantors are
aware, there has not occurred any event of default or any other event or circumstance which may entitle any third party to terminate any agreement or licence in respect of the provision of such facilities or services (or any event or circumstance
which, with the giving of notice and/or the lapse of time and/or a relevant determination, would constitute such an event or circumstance). 

  

	8.	INTELLECTUAL PROPERTY RIGHTS AND INFORMATION 

  

	8.1	Intellectual Property and information 

 Details of all: 
  

	 	(a)	registered Intellectual Property: 

  

	 	(i)	owned by the Company; 

  

	 	(ii)	not owned by the Company but used by the Company in the conduct of the Business; or 

 

	 	(iii)	not referred to in Paragraph 8(a)(i) or (ii) but which is material to the conduct of the Business 

are set out in Paragraph 8.1(a) of the Disclosure Letter, as are details of any application for registration of any such Intellectual
Property, or any application pending for any extension, renewal, division or continuation in part for any such Intellectual Property; 
  

	 	(b)	registrable material owned by the Company which is material to the Business and which, if successfully registered by the Company, would give rise to registered
Intellectual Property owned by the Company, are set out in Paragraph 8.1(b) of the Disclosure Letter; 

  

	8.2	Save for any Off the Shelf Software, details of all: 

  

	 	(a)	Intellectual Property licensed to the Company by third parties (“Third Party Licensed IP”); and 

 

	 	(b)	terms and conditions of licences by third parties to the Company of Company Licensed IP (the “Third Party Licences”); 

set out in Paragraph 8.2 of the Disclosure Letter. 

  
 73 

	8.3	Details of all: 

  

	 	(a)	Intellectual Property licensed by the Company to a third party (“Company Licensed IP”); 

 

	 	(b)	terms and conditions of licences by the Company to a third party of Company Licensed IP (the “Company Licences”); and 

 

	 	(c)	where the Company Licensed IP is not owned by the Company, the terms and conditions of the Third Party Licence of the Company Licensed IP; and 

are set out in Paragraph S.2 of the Disclosure Letter. Any Company Licences have been granted by the Company in the ordinary course of the
Business. 
  

	8.4	All Intellectual Property (other than that identified in the Disclosure Letter pursuant to Paragraph 8.2 above and any Of the Shelf Software), including that identified
in Paragraph 8.1(a)(1) above, which is used by the Company in, required for, or is material to the conduct of the business carried on by the Company is; 

  

	 	(a)	legally and beneficially vested solely in the Company; 

  

	 	(b)	not subject to any limit as to time or any other limitation, right of termination, re-assignment or restriction as to its use or ownership, including but not restricted
to, the moral rights of any person; 

  

	 	(c)	not being infringed or attacked or the subject of any claim for ownership or compensation by any person or, in the case of Intellectual Property which is the subject of
an application for registration is not being or likely to be opposed or for any other reason fail to be granted in full; 

  

	 	(d)	valid and enforceble there has been no past or present default on the part of the Company or any of the Warrantors or past or present acquiescence in the activities of
third parties as would adversely affect the validity’ or enforceability of the, and in the case of such Intellectual Property as is registered or the subject of application (including any application for registration, extension, renewal or
re-issue), all applicable fees and/or other steps required for its prosecution, maintenance or protection have been paid and taken; 

  

	 	(e)	not subject to any licence, waiver, charge, contingent assignment or agreement for or obligation as to these or any other encumbrance of any sort in favour of a third
party (except those particulars of which are set out in the Disclosure Letter; 

  

	 	(f)	sufficiently documented to allow their Ml and proper use without reliance on the special knowledge or memory of any person other than employees of the Company,

  

	8.5	 There are no circumstances which could entitle a third party (including, in particular, any of the Individual Warrantors, any employee or former
employee of the Company or any 

  
 74 

	 	
consultant or former consultant to the Company) to a licence, permission, consent or assignment; or royalty or other payment in respect of any of the Intellectual Property owned by the Company
(“Company Owned IP”) or to call for or exercise of any right to use or work under any of the Company Owned IP save as arising under any Company Licences. 

 

	8.6	The Company has in its possession all necessary contracts, source code, artwork and drawings, specifications, prototypes and other documentation and things necessary to
establish the Company’s ownership of the Intellectual Property which it owns which is not registered or the Company’s right to use the Intellectual Property licensed to it. 

 

	8.7	The Company is the legal and beneficial owner of the internet web sites connected to ww.globogift.com, www.globoforce.com and www.gioboforce.net and these domain name
(the “Company’s Websites”) and has in its possession and in its name all necessary domain name registrations in relation to the Company’s Websites. The Company does not use any other domain name in the operation of the
Business. The Company has the right to link to all third party sites linked to the Company’s Websites, the right to display all information and material appearing on the Company’s Websites and the information and material displayed,
available and accessible on the Company’s Websites does not infringe the Intellectual Property of any third party. 

  

	8.8	In the case of each of the Third Party Licences: 

  

	 	(a)	the Third Party Licences are in full force and effect and do not give rise (contingently or otherwise) to payments by the Company of any royalty, or any sum in the
nature of a royalty, or to liability to pay compensation save as set out m Paragraph 8.2 of the Disclosure Letter or in any Off the Shelf Software; 

  

	 	(b)	where the Third Party Licences or any of them are subject to any limit as to time or any other limitation or right of termination or restriction, the nature and extent
of such limitation, right or restriction is set out in the Disclosure Letter; 

  

	 	(c)	nothing has been done or omitted to be done by the Company or the other party to the Third Party Licences or any of them which would enable the Third Party Licences or
any of them to be terminated or which in any way constitutes a breach of the terms of the Third Party Licences or any of them and no claims have been made by any party to the Third Party Licences to the effect that the Company 13 in breach of a
Third Party Licence; 

  

	 	(d)	none of the Third Party Licences will terminate or be rendered liable to termination by the other party to any such licence by virtue of the terms of (or any term of)
any of the Transaction Documents, being complied with; 

  

	 	(e)	where the Company in any of the Company Licences sub-licences Third Party Licensed IP the Company does not give any warranty representation or assurance to its
licensees which is any greater or more onerous that the warranties representations or assurances provided to it by the licensor of such Third Party Licensed IP. 

  
 75 

	8.9	The Company has in its possession all necessary contracts, agreements and/or documentation necessary to establish the Company’s right to use the Third Party
Licensed IP and all fees and charges required payable to date under the Third Party Licences have been duly discharged. 

  

	8.10	The Company has not done or omitted to do any act or is not currently doing or omitting to do any act which has resulted, results or may result or which is capable of
resulting in any third party’s Intellectual Property being infringed. 

  

	8.11	Secret or confidential information 

 Neither the Company nor any of its officers or employees have at any time disclosed or permitted to be disclosed to any person other than Atlas or pursuant to any confidentiality or secrecy agreement
which has been Disclosed to Atlas: 
  

	 	(a)	any of its Intellectual Property or confidential information (including without limitation, secret processes, financial and technical information, know-how, trade
secrets, price lists, designs, drawings, plans, models, prototypes, statistics, documents, files, records and papers); 

  

	 	(b)	any other information relating to its business or affairs the disclosure of which could cause loss or damage to or adversely affect the Company; or

  

	 	(c)	my secret or confidential information relating to the Company’s manufacturers, suppliers, customers, clients and agents or to any other person who has had dealings
with it. 

  

	8.12	Secrecy agreement 

  

	 	(a)	The Company is not a party to any secrecy agreement or any agreement which may restrict the use or disclosure of information or the carrying out of the Company of its
business. 

  

	 	(b)	Neither the Company nor any of its officers or employees is a party to or bound by any contract for sharing, exchanging, developing or passing on, or otherwise
transferring to any person any technical information, or other Intellectual Property of any description including the Intellectual Property owned by the Company or any other Intellectual Property used by the Company necessary or material to its
business. 

  

	 	(c)	If the Company is a party to any agreement restricting the use by the Company of information received from a third party the Company has at all times complied with its
obligations under those agreement and operates and complies and has at all times operated and complied with procedures which maintain such confidentiality. 

  
 76 

	8.13	Data and records 

  

	 	(a)	All the records and systems (including but not limited to computer systems) data and information of the Company are recorded, stored, maintained or operated or
otherwise held by the Company and are not wholly or partly dependent on any facilities or means (including any electronic, mechanical or photographic process, computerised or otherwise) which are not under the exclusive ownership and control of the
Company. 

  

	 	(b)	The Company has not disclosed to any third party any such records, control and other systems, data and information as are referred to in paragraph 9.9(a).

  

	 	(c)	The Company has complied in all respects with the provisions of the Data Protection Acts 1988 and 2003, (as amended, modified or consolidated), all regulations made
thereunder and with all similar or related legislation in any competent jurisdiction and to the extent that any such law applies to the Company and has established procedures to ensure continued compliance therewith 

 

	8.14	Computer Systems 

 In this
Section: 
 “Computer Systems” means the Hardware, Software and Data. 

“Data” means any data or information used by or for the benefit of the Company at anytime and stored electronically at
any time. 
 “Hardware” means any computer equipment used by or for die benefit of the Company at any time
including without limitation, personal computers, mainframes, operating systems, servers, screens, terminals, keyboards, disks, printers, cabling, associated and peripheral electronic equipment but excluding all Software, 

“Software” means any set of instructions for execution, by the micro processor used by or for the benefit of the Company
at any time irrespective of application, language or medium and, for the avoidance of doubt, shall include computer programs, whether in object or source code and their associated documentation, guides and manuals, applications and preparatory
design materials where such set of instructions is used internally by the Company. 
  

	 	(a)	The Hardware has been satisfactorily maintained and supported and has the benefit of an appropriate maintenance and support agreement terminable by the contractor by
not less than 24 months notice and there is no reason to believe that those maintenance contracts will not be renewed by the other contracting party upon their expiry (if so required by the Company) upon substantially similar terms to those now
applicable. 

  

	 	(b)	The Hardware and Software have adequate capability and capacity for the projected requirements of the Company for not less than four years following Completion for the
processing and other functions required to be performed for the purpose of the Business. 

  
 77 

	 	(c)	Disaster recovery plans are in effect arid are adequate to ensure that the Hardware, Software and Data can be replaced or substituted without material disruption to the
Business. 

  

	 	(d)	in the event that any person providing maintenance or support services for the Hardware, Software and Data ceases or is unable to do so, the Company has all necessary
rights and information to procure the carrying out of such services by employees or by a third party without undue expense or delay. 

  

	 	(e)	The Company has sufficient technically competent and trained employees to ensure proper handling, operation, monitoring, and use of its Computer Systems.

  

	 	(f)	The Company has adequate procedures to ensure internal and external security of the Hardware, Software and Data, including (without limitation) procedures for
preventing unauthorised access, preventing the introduction of a virus, taking and storing on-site and off-site back-up copies of software and data. 

  

	 	(g)	Where any of the records of the Company are stored electronically, the Company is the owner of all Hardware and Software licences necessary to enable it to keep, copy,
maintain and use such records in the course of its business and does not share any Hardware or Software relating to the records with any person. 

  

	 	(h)	The Company has all the rights necessary (including rights over the source code) to obtain, without undue expense or delay, modified versions of the

 Software which are required at any time to improve in any regard the operation and/or efficiency of the
Software. 
  

	 	(i)	The Company owns, and is in possession and control of, original copies of all the manuals, guides, instruction books and technical documents (including any corrections
and updates) required to operate effectively the Hardware and the Software. 

  

	 	(j)	The Hardware and Software have never unduly interrupted or hindered the running of operation of the Business, and have no defects in operation which so effect the
Business, 

  

	8.15	Advertising 

  

	 	(a)	All current advertising, marketing and sales promotions by the Company comply with all applicable codes of practice and self-regulatory schemes.

  

	 	(b)	The Company has not been disciplined under any scheme or code in respect of any such advertising, marketing or sales promotion and no complaint has been made against it
in respect thereof and there are no outstanding complaints or disciplinary proceedings against the Company in respect thereof. 

  
 78 

	9.	AGENTS, RESELLERS, DISTRIBUTORS AND JOINT VENTURES 

 Details of all reseller or distribution contracts, agreements or arrangements, subcontracts, joint ventures, consortium, partnerships or other unincorporated association or other agreements whatsoever
entered into by the Company relating in any way to the Business are contained in the Disclosure Letter, The Company has not received any notice purporting to terminate or terminating such contracts, agreements or arrangements and the Company is not
aware of any circumstances likely to give rise to a termination of any of them. 
  

	10.	EFFECT OF SUBSCRIPTION 

  

	10.1	Neither the execution nor the performance of this Agreement or any document to be executed at or before Completion will: 

 

	 	(a)	so far as the Warrantors are aware, result in the Company losing the benefit of an asset, licence, permit, authorisation, consent, grant, subsidy, right or privilege
which it enjoys at the date of this Agreement in any jurisdiction; or 

  

	 	(b)	conflict with, or result in a breach of, or give rise to an event of default under, or require the consent of a person under, or enable a person to terminate, or
relieve a person from an obligation under, an agreement, arrangement or obligation to which the Company is a party or, so far as the Warrantors are aware, a legal or administrative requirement in any jurisdiction; or 

 

	 	(c)	so far as the Warrantors are aware, result in any Substantial Customer being entitled (and, if a Substantial Customer is so entitled, it will not exercise any such
entitlement) to cease dealing with the Company or substantially to reduce its existing level of business or to change the terms upon which it deals? with the Company; or 

 

	 	(d)	so far as the Warrantors are aware, result in any Substantial Supplier being entitled (and, if a Substantial Supplier is so entitled, it will not exercise any such
entitlement) to cease supplying the Company or substantially to reduce its supplies to, or to change the terms upon which it supplies, the Company; or 

  

	 	(e)	make the Company liable to offer for sale, transfer or otherwise dispose of or purchase or otherwise acquire any assets, including shares held by it in other bodies
corporate under their articles of association or any agreement or arrangement; 

  

	 	(f)	result in a material breach of any obligation of the Company under its memorandum or articles of association (or equivalent documents); 

  
 79 

	 	(g)	result in any material violation of any law or order, judgement or decree of any court or governmental agency; 

 

	 	(h)	result in the creation, imposition, crystallisation or enforcement of any encumbrance on any of the assets of the Company. 

In this paragraph 10: 
  

	 	(i)	“Substantial Customer” means a Customer accounting for five per cent, or more of the Company’s sales in the financial year ended on the Accounts
Date; and 

  

	 	(j)	“Substantial Supplier” means a supplier accounting for five per cent, or more of the Company’s purchases in the financial year ended on the
Accounts Date. 

  

	11	INSURANCE 

  

	11.1	The Disclosure Letter contains a list of each current insurance and indemnity policy in respect of which the Company has an interest (together the
“Policies”). Each of the Policies is valid and enforceable and, so far as the Warrantors are aware, there are no circumstances which are likely to make any of the Policies void or voidable or enable any insurer to refuse payment of
all or part of any claim under the Policies. 

  

	11.2	Each insurable asset of the Company has at all material times been and is at the date of the Agreement insured to its full replacement value (with no provision of
deduction or excess) against each risk normally insured against by a prudent person operating the types of business operated by the Company. 

  

	11.3	The Company has at all material times been, and is at the date of tins Agreement, insured against accident, damage, injury, third party loss (including product
liability), loss of profits and any other risk referred to in the Disclosure Letter and has at all times effected all insurances required by law. 

  

	11.4	No material claim is outstanding under any of the Policies and, so far as the Warrantors are aware, no matter exists, nor have any circumstances occurred, which might
reasonably be expected to give rise to a material claim under any of the Policies. No material claim is outstanding, nor, so far as the Warrantors are aware, have any circumstances occurred which might reasonably be expected to give rise to a
material claim, against any member of the Company which is not fully covered by the Policies. 

  

	11.5	The Company has paid ail premiums due in respect of all the Policies, So far as the Warrantors are aware, the Company has not done or omitted to do anything which is
likely to result in an increase in the premium payable under any of the Policies. 

  
 80 

	12.	LITIGATION AND COMPLIANCE WITH LAW 

  

	12.1	Litigation 

  

	 	(a)	Neither the Company nor a person for whose acts or defaults the Company may be vicariously liable, is involved, or has during the three years ending on the date of this
Agreement been involved, in a civil, criminal, arbitration, administrative or other proceeding in any jurisdiction. No such civil, criminal, arbitration, administrative or other proceeding in any jurisdiction is pending or threatened by or against
the Company or so far as the Warrantors are aware a person for whose acts or defaults die Company may be vicariously liable. 

  

	 	(b)	So far as the Warrantors are aware, no matter exists which might give rise to a civil, criminal, arbitration, administrative or other proceeding in any jurisdiction of
the type referred to in paragraph 12.1(a) involving the Company or a person for whose acts or defaults the Company may be vicariously liable. 

  

	 	(c)	There is no outstanding judgment, order, decree, arbitral or decision of a court, tribunal, arbitrator or governmental agency in any jurisdiction against the Company or
a person for whose acts or defaults the Company may be vicariously liable. 

  

	12.2	Compliance with Law 

 The
Company has conducted its business and dealt with its assets in all material respects in accordance with all applicable legal and administrative requirements in any jurisdiction. 

 

	12.3	Investigations 

 So far as
the Warrantors are aware, the Company is not, nor has it been, subject to any investigation, enquiry or disciplinary proceeding (whether judicial, quasi-judicial or otherwise) in any jurisdiction and none is pending or threatened, and the Company
has not received any request for information from, any court or governmental authority (including any national competition authority and the Commission of the European Communities and the EFTA Surveillance Authority) under any anti-trust or similar
legislation in any jurisdiction. So far as the Warrantors are aware, no matter exists which might give rise to such an investigation, enquiry, proceeding or request for information. 

 

	12.4	Competition Law 

  

	 	(a)	The Company is not subject to any order, regulation or decision made by any court or governmental authority (including any national competition authority, the European
Commission and the EFTA Surveillance Authority) under any anti-trust or similar legislation in any jurisdiction, nor has the Company made any admission or given an undertaking or written assurance (whether legally binding or not) to any court or
governmental authority (including the Competition Authority or any other national competition authority and the European Commission or the EFTA Surveillance Authority) under the Competition Acts, 1991 to 1996, the Competition Act 2002 or any
anti-trust or similar legislation in any other jurisdiction. 

  
 81 

	 	(b)	The Company has not previously been involved in any transaction requiring notification under the merger control law of any jurisdiction. 

 

	12.5	Defective Products/Services 

 The Company has not sold or supplied products or services, which are or were or may become in any material respect faulty or defective or which do not comply in all material respects with any warranties
or representatives expressly or impliedly made by the Company in relation thereto or with all applicable regulations, standards and requirements in respect thereof, 
  

	13.	CONTRACTUAL MATTERS 

  

	13.1	Annexed to the Disclosure Letter are true, accurate and complete copies of all the material contracts and other arrangements to which the Company is a party as at the
date of this Agreement (the “Material Contracts” and each a “Material Contract”) and all of the Material Contracts are in full force and effect. 

 

	13.2	The Company is not in material breach of any Material Contract and nothing has occurred which so far as the Warrantors are aware is likely to result in the Company
being in material breach of any Material Contract. So far as the Warrantors are aware, no other party to any Material Contract is in material breach of such contract and nothing has occurred which is likely to result in any such party being in
material breach of any Material Contract. No Material Contract is subject to any dispute or claim which could materially adversely affect the operation of the business of the Company nor, so far as the Warrantors are aware, have any circumstances
occurred which are likely to result in any such dispute or claim. 

  

	13.3	The Company has not received notice of any actual or intended amendment to any material term of any Material Contract which is not included in the copies of those
contracts annexed to the Disclosure Letter. 

  

	13.4	No other party to a Material Contract has given notice of its intention to terminate, or has otherwise sought to repudiate or disclaim, a Material Contract and the
Warrantors are not aware of the invalidity of, or a ground for termination, avoidance, repudiation or material alteration to the terms of, any Material Contract. 

 

	14.	RECEIVERS / EXAMINERS / LIQUIDATORS 

  

	14.1	No distress, execution or other process has been levied in respect of the Company which remains undischarged and there is no unfulfilled or unsatisfied judgment or
Court order outstanding against the Company. 

  

	14.2	No receiver or manager has been appointed of the whole or any part of the assets or undertaking of the Company. 

 

	14.3	The Company is not insolvent or unable to pay its debts within the meaning of section 214(b) or (c) of the Companies Act 1963 nor has the Company stopped or
suspended payment of its debts nor has the Company sought from its creditors significant extensions of time for the payment of its debts. 

  
 82 

	14.4	No meeting has been convened at which a resolution will be proposed, no resolution has been passed, no petition has been presented and no order has been made, for the
winding-up of the Company. 

  

	14.5	No arrangement or reconstruction has been proposed under section 201 of the Companies Act 1963 in respect of the Company. 

 

	14.6	No examiner is, or has been, appointed to the Company under the Companies (Amendment) Act 1990 and there is no petition pending or threatened in respect of such an
appointment. 

  

	14.7	No order has been made nor are there any facts or circumstances which could give rise to any order being made against tire Company under section 140 of the Companies
Act 1990. In particular, the Company has never carried on its business in circumstances such that its business might not have been readily identifiable from the businesses of any other company and, so far as the Warrantors are aware, the Company has
never held out that it was related to another company for the purposes of securing borrowings, whether for itself or any other company; 

  

	14.8	The Company has not acquired any property in circumstances which may lead to an application under section 139 of the Companies Act 1990 for an order of the Court on
terms contemplated by that section. 

  

	14.9	No event analogous to any of the foregoing has occurred outside Ireland, 

  

	14.10	So far as the Warrantors are aware, no circumstances have arisen which entitle any person to take any action, appoint any person, commence proceedings or obtain any
order of the type mentioned in any part of this paragraph 14. 

  

	15.	LICENCES 

  

	15.1	All necessary licences, consents, permits, approvals and authorisations (public and private) (“Licences”) have at all times been obtained by the
Company to enable it lawfully to carry on its business effectively in the places and in the manner in which such business is and has been from time to time carried on and all of the such Licences are: 

 

	 	(a)	valid and subsisting, and 

  

	 	(b)	not limited in duration or subject to any unusual or onerous conditions and the Company is not in material breach of any of the terms and conditions thereof.

  

	15.2	All reports, returns and information required by law or as a condition of any Licence to be made or given to any person or authority in connection with the
Company’s business have been made or given to the appropriate person or authority. 

  
 83 

	15.3	The utilisation of any of the assets of the Company or the carrying on of any aspect of the Company’s business or any business now being carried on is not in
material breach of any of the terms and conditions of any of the Licences. 

  

	15.4	So far as the Warrantors are aware, there is no circumstance or fact which indicates (or ensures) that any Licence is likely to be (or is to be) suspended, cancelled or
revoked or why any of them should expire within & period of one year from the Completion Date. 

  

	15.3	There will be no restriction on the right of the Company to carry on its business as a result of the transactions contemplated by this Agreement which does not now
apply to the Company. 

  

	16.	PROPERTY 

  

	16.1	The Property comprises all the lands and buildings occupied by the Company under lease and Schedule 7 contains full particulars of the title of the Company thereto.

  

	16.2	The Company has a good and marketable title to the Property free from all leases, subleases, tenancies, sub-tenancies, licences or agreements relating to the occupation
or user thereof. 

  

	16.3	There has been no breach of any covenants restrictions and conditions touching or concerning the Property and no notice of any alleged breach of such kind has been
given to the Company. 

  

	16.4	All outgoings of whatsoever nature in respect of the Property have been paid. 

 

	16.5	There are no outstanding orders or notices issued by any Government, County, Local or other Authority in respect of the Property. 

 

	16.6	Neither the Property nor the Company as owner or occupier thereof is: 

  

	 	(a)	subject to any easements, rights, covenants, servitudes, obligations, restrictions or conditions which are of an unusual or onerous nature or which materially and
adversely affect the use or continued use of any of the Property for the purposes for and the extent to or the manner in which it is now used; or 

  

	 	(b)	affected by any planning application or any enforcement notice which has not been complied with, 

 

	16.7	The title to the Property is properly constituted by and can be deduced from documents of title which are in the possession and under the control of the Company and
which have been duly stamped and (where appropriate) registered. 

  

	16.8	The Property is in good and substantial repair and fit for the purposes for which it is presently used. 

 

	16.9	In respect of all leases held by the Company: 

  
 84 

	 	(a)	the Company has paid the rent and observed and performed the covenants on the part of the tenant and the conditions therein contained and the last demand (or receipt
for rent if issued) was unqualified, 

  

	 	(b)	all licences, consents and approvals required from the landlords and any superior landlords have been obtained by the Company as tenant and its predecessors (if any)
and the covenants on the part of the tenant contained in the licences, consents and approvals have been duly performed and observed, 

  

	 	(c)	there is not outstanding and unobserved or unperformed any obligation necessary to comply with any notice or other requirement given by any landlords thereunder.

  

	 	(d)	there are no circumstances which would entitle or require any person to exercise any power of entry upon or of taking possession of the Property or which would restrict
or terminate the continued possession or occupation of the Property. 

  

	 	(e)	the Company has received no complaint of breach of any of the covenants, obligations agreements and stipulations on its part therein contained and so far as the
Warrantors are aware the Company has performed the same. 

  

	17.	EMPLOYMENT 

  

	17.1	Employees 

 No employee of
the Company (“Employee”) has given notice terminating his employment or will be entitled to give notice as a result of the provisions of this Agreement. 

 

	17.2	Terms of Employment 

  

	 	(a)	The Disclosure Letter gives full particulars and details of all Employees and their remunerations and terms of employment and of all collective agreements, customs and
practices for the time being dealing with relations between the Company and its employees or with any trade union and shows the name, job description, age and date of commencement of service of each officer and employee of the Company and gives
details of the wages or salary and all other benefits (including those regarding holidays, bonus entitlements and company cars) and rights to which each officer and employee is entitled or with which they are each provided. 

 

	 	(b)	No negotiations for any increase in the remuneration or benefits of any of the employees are current or likely within a period of 6 months after the Completion Date.

  

	 	(c)	No moneys other than in respect of remuneration or emoluments of employment arc payable by the Company to or for the benefit of any officer or employee of the Company.

  
 85 

	 	(d)	There are no subsisting contracts of service to which the Company is a party which are not terminable without giving rise to any claim for damages or compensation or
other redress (other than a statutory redundancy payment or compensation for unfair dismissal under the Unfair Dismissals Act 1977 to 2001) by twelve weeks notice or less and there are no claims whatsoever against the Company arising out of any
contract of service to which the Company was a party. No person currently employed by the Company has given notice of termination of such employment or has advised the Company of any intention to give such notice. 

 

	 	(e)	No gratuitous payment has been made or promised by the Company in connection with the actual or proposed termination or suspension of employment or variation of any
contract of employment of any present or former director or employee, 

  

	 	(f)	The Company is not and has never been liable to make any payment to any person under the Redundancy Payments Acts 1967 to 2001 or pursuant to the Protection of
Employees (Employers Insolvency) Acts 1984 to 2001. 

  

	 	(g)	No employment regulation order affecting the terms of employment of any employees or former employees of the Company has been made by the Labour Court under the
Industrial Relations Acts 1946 to 2001. 

  

	17.3	Independent Contractors 

The Company is not a party to consultancy contracts. 
  

	17.4	Claims 

 No claim has been
made against nor liability incurred by the Company in respect of any employee or former employee of the Company for: 
  

	 	(a)	breach of any contract of service; or 

  

	 	(b)	compensation or redress for wrongful or unfair dismissal; or 

  

	 	(c)	discrimination; or 

  

	 	(d)	failure to comply with an order for reinstatement or re-engagement; or 

  

	 	(e)	failure to comply with any provision of the Protection of Employees (Part-Time Work) Act 2001 and the Protection of Employees (Fixed-Term Work) Act, 2003; or

  

	 	(f)	failure to appoint any employee as a director of the Company; or 

  
 86 

	17.5	Industrial Disputes and Agreements 

  

	 	(a)	None of the employees is involved in any industrial dispute and to the best of the Company’s knowledge, information and belief there are no circumstances which may
result in any industrial dispute involving any employees or any former employees of the Company and none of the provisions of this Agreement, including the identity of the Purchaser, will lead to any industrial dispute. 

 

	 	(b)	The Company has not entered into any recognition agreement with a trade union nor has it done any act which might be construed as recognition. 

 

	 	(c)	The Company has complied with all collective agreements and established customs and practices dealing with relations between it and its employees or any trade union or
the conditions of service of any of its employees (including procedures for selection in the event of redundancy). 

  

	 	(d)	The Company has complied with all determinations, ratings and recommendations made by the Employment Appeals Tribunal, Labour Court, Rights Commissioner, Equality
Officer or any other agreement reached in the context of industrial relations. 

  

	18.	PENSIONS 

  

	18.1	Save for any contributions made by the Company on behalf of its employees to the personal retirement savings account scheme set up with Permanent TSB, the Company is
not under any obligation to pay any pensions, gratuities, superannuation allowances, death , or disability benefits to any past or present employee or officer of the Company or any dependent or beneficiary of any such person.

  

	18.2	The Company is not a party or has never been a party to any scheme or arrangement having as its purpose or of its purposes the making of such payments or the provisions
of such benefits. 

  

	18.3	No proposal has been announced to pay such benefits or to establish or contribute to nay scheme for the provision of such benefits. 

 

	19.	TAXATION 

  

	19.1	The Company has duly made all returns and given or delivered all notices, accounts and information which ought to have been made to and is not involved in any dispute
with any Taxation Authority concerning any matter likely to affect in any way the liability (whether accrued, contingent or future) of it to taxation and the Warrantors are not aware of any matter which may lead to such dispute.

  

	19.2	The Company has duly paid or fully provided for all taxation for which it is liable and there are no circumstances in which interest or penalties in respect of tax not
duly paid could be charged against it in respect of any period prior to Completion. 

  

	19.3	 No liability of the Company to taxation has arisen or will arise up to Completion save for corporation tax payable in respect of normal trading profits
earned by it, income tax 

  
 87 

	 	
deducted under PA YE regulations, PRSI contributions or Value Added Tax, in each case for which it is accountable to a Taxation Authority and which has where appropriate been deducted or charged
and where due paid to the relevant Taxation Authority. 

  

	19.4	The Company has not entered into or been a party to any schemes or arrangements designed partly or wholly for the purpose of it (so far as each of the Warrantors are
aware) any other person avoiding taxation. 

  

	19.5	All documents m the possession or under the control of the Company which attract any duty imposed under the Stamp Duties Consolidation Act 1999 or similar provisions in
a relevant jurisdiction have been properly stamped. 

  
 88 

 SCHEDULE 4 
 Limitations on Liability 
 The provisions of this Schedule shall operate,
inter alia, to limit or reduce the liability of the Warrantors in respect of claims under the Warranties. 
 The expression
“Atlas’ Proportion” shall in this Schedule mean such proportion of the Shares held by Atlas in relation to the total number of Shares of the Company in issue as at the date the Claim is made against the Warrantors. 

LIMITATIONS 
  

	1.	No liability shall attach to the Warrantors in respect of claims under the Warranties (“Claims”): 

 

	1.1	to the extent that the matter to which the Claim relates is Disclosed; 

  

	1.2	unless the aggregate amount of the liability of the Warrantors in respect of all Claims shall exceed EUR25,000 in which event the Warrantors shall be liable for the
whole amount and not merely the excess. 

  

	2.	The aggregate liability of the Warrantors in respect of all Claims shall not in any event exceed EUR7,000,000. 

 

	3.	No liability shall attach to the Warrantors in respect of any claim under the Warranties unless the aggregate amount of the liability of the Warrantors in respect of
that claim would exceed BUR1,250. 

  

	4.	The liability of the Individual Warrantor in respect of all Claims shall not in any event exceed EUR150,000. 

 

	5.	Claims relating to Taxation shall be barred and unenforceable unless written particulars thereof (giving reasonable details as are known at the time of such notice of
the relevant Claim) shall have been given to the Company before the seventh anniversary of the Completion Date or, in respect only of claims in respect of Irish Taxation, if the maximum period within which the Revenue Commissioners of Ireland are
permitted to raise an assessment to Taxation is less than seven years, then such lesser period plus one year. 

  

	6.	Claims (other than Claims relating to Taxation) shall be barred and unenforceable: 

 

	 	(a)	against the Individual Warrantor, unless written particulars thereof (giving reasonable details as are known at the time of such notice of the relevant Claim) shall
have been given to the Company within a period of one year from the Completion Date; and 

	 	(b)	against the Company, unless written particulars thereof (giving reasonable details as are known, at the time of such notice of the relevant Claim) shall have been given
to the Company within a period of 18 months from the Completion Date. 

  

	7.	Any Claim shall he unenforceable and be deemed waived unless proceedings in respect of it are issued and served within nine months of the date of service of notice of
that Claim on the Warrantors under paragraph 5 or 6 of this Schedule 4 unless the Warrantors otherwise agree in writing. 

  

	8.	Atlas agrees to take all reasonable steps to mitigate any loss or damage it may suffer (save in relation to a Claim relating to Taxation). 

 

	9.	Atlas shall not be entitled to make a Claim to the extent that; 

  

	9.1	it arises or is increased as a consequence of any legislation or administrative practice (whether in Ireland, the European Union or elsewhere) not in force at the date
hereof or any change in legislation or administrative practice (whether in Ireland, the European Union or elsewhere) made after the Completion Date or any practice followed or amended or concession issued or withdrawn by any taxation authority or
body after the Completion Date; 

  

	9.2	it is a claim for which the Company is or may become liable as a result of transactions (including distributions and dealings in capital assets) entered into by the
Company in the ordinary course of business after the Completion Date or in respect of transactions concluded prior to the Completion Date, as a result of any modification, amendment or renewal of such transactions in the ordinary course of business
after the Completion Date; 

  

	9.3	it is in respect of a liability to tax which the Company is entitled not to pay or would be entitled not to pay by the exercise or acceptance of any available election,
right of relief, credit, set-off, surrender or deduction (which relates to any period, transaction or event before the Completion Date); or 

  

	9.4	any tax losses, allowances, credits, set-offs or reliefs which are reasonably believed by the Company and its auditors as at the date hereof to be available for carry
forward by the Company prove not be so available or not to be useable by virtue of the operation of paragraph 8.1.1 

  

	10.	Atlas shall not be entitled to make a Claim to the extent that the loss or damage or the matter to Which it relates: 

 

	10.1	has been or is made good or is otherwise compensated for without cost to Atlas or the Company; 

 

	10.2	is recovered by the Company under any of the Company’s policies of insurance and to the extent that the Warrantors have made a payment hereunder to Atlas then,
save to the extent of any uncompensated loss of Atlas in respect of a Claim, monies shall be repaid to the Warrantors to the extent of such recovery after taking account of all reasonable costs and expenses incurred by the Company in connection with
such recovery; 

  
 90 

	10.3	would not have arisen but for any matter or thing done or omitted to be done at the written request of, or with the written consent of Atlas after the date hereof
provided that the Warrantors shall have on receipt of such written request or in seeking the written consent of Atlas shall have informed Atlas that compliance with such written request, or that the matter in respect of which Atlas’ consent has
been sought will give or is likely to give rise to a claim; or 

  

	10.4	arises wholly or partly from the performance of an act required by law after Completion provided such act is not required as a result of some previous act or omission
of the Warrantors which has not been Disclosed. 

  

	11.	The Warrantors shall not be liable to make any payment in respect of any Claim based upon a contingent liability of the Company (without prejudice to Atlas’ right
to establish the Warrantors’ liability in respect of that Claim) until the liability becomes an actual liability and is due and payable, but this paragraph shall not operate to avoid a Claim made in respect of a contingent liability within the
applicable time limit specified in paragraph 5 above if the requisite details have been delivered before the expiry of such period (even if the liability does not become an actual liability until after the expiry of the relevant period),

  

	12.	Any monetary benefit or benefit quantifiable in monetary terms actually accruing to Atlas or the Company (including any right to reduce any liability to tax) as a
result of the breach of warranty giving rise to a Claim shall be quantified and its value (or, in the case of money received by the Company, Atlas’ Proportion of such amount) deducted from the amount of the Claim. 

 

	13.	The amount of any Claim shall, save to the extent of any uncompensated loss of Atlas in respect of a Claim, be reduced by the net amount (after all costs and expenses
reasonably incurred by Atlas in so doing) received by Atlas or (subject as set out below) the Company from any other person in connection with the subject matter of the Claim (provided that, in the case of money received by the Company, the amount
by which the Claim shall be reduced shall be Atlas’ Proportion of such amount). 

  

	14.	If the Warrantor pays to Atlas an amount in respect of a Claim and Atlas or the Company subsequently recovers from a third party (including any Taxation Authority) a
sum which is directly referable to that Claim, Atlas shall, save to the extent of any uncompensated loss of Atlas in respect of a Claim, as soon as reasonably practicable repay to the Warrantor so much of the said amount as is equal to the sum
recovered from the third party or such lesser amount as the Warrantor shall have so paid to Atlas provided that if recovery is made by the Company from a third party the amount to be repaid by Atlas shall be the Atlas’ of such amount.

  

	15.	Atlas shall not be compensated for the same loss more than once. 

  
 91 

 CONDUCT OF CLAIMS 
  

	16.	If the Company or Atlas is or becomes entitled to be indemnified by or to recover from any third party (including any taxation or other authority) in respect of a
matter which would (apart from this paragraph) give rise to a Claim, Atlas shall (to the extent within their control) procure: 

  

	16.1	that the Warrantors are notified promptly after Atlas becoming aware of the possible entitlement; 

 

	16.2	that no Claim against the Warrantors will be taken until the Warrantors have been consulted with so as to give them the opportunity to make representations and
recommendations in respect of the matter giving rise to the Claim* save that the provision or non-provision of such consultation period shall be without prejudice to Atlas’ right to make a Claim against the Warrantors, and any time spent
consulting under this paragraph 15.2 will be added to the period of time referred to in paragraph 5 as a deemed extension thereof. 

 GENERAL 
  

	17.	The provisions of this Schedule shall remain in force and be fully applicable in all circumstances and in particular shall not be discharged by any breach of this
agreement whatever its nature or consequence. 

  

	18.	To the extent that loss suffered is loss suffered by the Company, the Warrantor’s liability in respect of such loss shall be limited to Atlas’ Proportion of
such loss. 

  
 92 

 SCHEDULE 5 
 Deed of Adherence 
 THIS DEED OF ADHERENCE is made on
         by              of              [and
             of (in the case of joint holders)] (hereinafter called the “Covenantor”) 
 SUPPLEMENTAL to a share subscription and shareholders’ agreement dated and made between (1) Atlas Venture Fund VI, L.P., (2) Atlas Venture Fund VI GmbH & Co. KG
(3) Atlas Venture Entrepreneurs’ Fund VI, LP, (4) Benchmark Capital Europe I, L.P., (5) the Initial Shareholders (as therein defined) and (6) Globoforce Limited (the “Company”) as modified by [insert the
details of any instrument modifying the original agreement] (the “Shareholders’ Agreement”) 
 IT IS AGREED as
follows: 
  

	1.	The Covenantor, intending to become a Shareholder of the Company in respect [number and class of Shares] in the capital of the Company, hereby confirms that it has been
supplied with a copy of the Shareholders* Agreement (initialled and attached hereto for the purpose of identification) and hereby covenants with each of the persons named in the Schedule hereto to observe perform and be bound by all the terms of the
Shareholders’ Agreement applicable to the Covenantor (save for the Warranties) and which have not been performed at the date hereof to the intent and effect that the Covenantor shall be deemed with effect from the date on which the Covenantor
is registered as a member of the Company to be a party to the Shareholders’ Agreement. 

  

	2.	The parties hereby agree and confirm that the Covenantor shall have the benefit (subject to the obligations) of all of the provisions of the Shareholders’
Agreement as if the Covenantor was a party to the Shareholders Agreement and was in the case of a transferee of any Shares, the transferor of the Shares and in all other cases and was named therein as a Shareholder of the class of shares of which
the Covenantor is to become a member, 

  

	3.	The Covenantor hereby agrees that the address set opposite his name at the commencement of this Deed shall be his address for the purposes of Clause 35 (Notices) of the
Shareholders’ Agreement. 

  

	4.	This deed shall be governed by and construed in accordance with the laws of Ireland. 

 EXECUTED as a deed the day and year first before written. 

 SCHEDULE 6 
 Annual Financial Statement 
 This Information Statement applies to the taxable year of
[            ] Limited (the “Company”) beginning on              , 20     and ending on
                 , 20    . 
 [Name of
Investor] has the following pro-rata share of the ordinary earnings and net capital gain of Company as determined for U.S. income tax purposes for the taxable year of Company specified in paragraph 1. 

Ordinary Earnings:              (as determined for U.S. income tax purposes) 

Net Capital Gain:              (as determined for U.S. income tax purposes) 

 

	1.	The amount of cash and fair market value of other property distributed or deemed distributed by Company to [Name of Investor] during the taxable year specified
in paragraph 1 is as follows: 

 Cash:             

 Fair Market Value of Property:              

 

	2.	Company will permit [Name of Investor] to inspect and copy Company’s permanent books of account, records, and such other documents as may be maintained by
Company that are necessary to establish that PFIC ordinary earnings and net capital gain, as provided in Section 1293(e) of the U.S. Internal Revenue Code of 1986, as amended (or any successor provision thereto), are computed in accordance with
U.S. income tax principles. 

  

	3.	The turnover of the Company by country during the taxable year specified in paragraph 1 is as follows: 

[Country]                 [turnover] 

[Country]                 [turnover] 

 

					
	Date:             ,20    	 	Company:
		
		 	  

			
		 	By:	 	  

			
		 	Its:	 	  

 SCHEDULE 7 
 The Property 
 All that and those part; of the office block at Beckett Way, Park West
Business Park, Dublin U held under lease dated 20 November 2003 between Openet Telecom Limited and the Company and as more particularly described therein. 

	
	SIGNED, SEALED and DELIVERED by
	EDWARDS REYNOLDS
	
	 /s/ Edward Reynolds

	
	in the presence of:
	
	 /s/ James Flanagan

	
	SIGNED, SEALED and DELIVERED by
	ERIC MOSLEY
	
	 /s/ Eric Mosley

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	JAMES FLANAGAN
	
	 /s/ James Flanagan

	
	in the presence of:

	
	SIGNED, SEALED and DELIVERED by
	DS & CF PENSION FUND (DAVID SMITH)
	
	 /s/ David Smith

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	BARRY NANGLE
	
	 /s/ Barry Nangle

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	ISCHGL PENSION FUND (DERMOT FARRELLY)
	
	 /s/ Dermot Farrelly

	
	in the presence of:

  
 97 

	
	SIGNED, SEALED and DELIVERED by
	BRIAN GRAY
	
	 /s/ Brian Gray

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	STRADBROOK PENSION FUND (MADELINE LARCHET)
	
	 /s/ Madeline Larchet

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	PAUL BURKE
	
	 /s/ Paul Burke

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	ROC MEHIGAN
	
	 /s/ Roc Mehigan

	
	in the presence of:

	
	SIGNED, SEALED and DELIVERED by
	CARAVOGUE PENSION FUND (RONAN GODFREY)
	
	 /s/ Ronan Godfrey

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	PATRICK DEMPSEY
	
	 /s/ Patrick Dempsey

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	PATRICIA BURKE
	
	 /s/ Patricia Burke

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	EDWARD WALLACE
	
	 /s/ Edward Wallace

	
	in the presence of:

	
	PRESENT when the COMMON SEAL
	of AIB CUSTODIAL NOMINEES LIMITED
was affixed hereto:
	
	 /s/ Stephen O’Donoghue

	
	 /s/ Colin O’Connor

	
	PRESENT when the COMMON SEALof BANK OF IRELAND NOMINEES LIMITED
was affixed hereto:
	
	SIGNED, SEALED and DELIVERED by
	SEAMUS BRADY
	
	 /s/ Seamus Brady

	
	in the presence of:
	
	SIGNED, SEALED and DELIVERED by
	JOE O’DWYER
	
	 /s/ Joe O’Dwyer

	
	in the presence of:
	
	 /s/ Stephen Hynes

  
 100

	
	SIGNED, SEALED and DELIVERED by
	TECHNIVEST LIMITED
	
	 /s/ Conor McCarthy

	
	was affixed hereto:
	
	 /s/ Tracy Mclabe

	
	SIGNED, SEALED and DELIVERED by
	AIDEN MAGUIRE
	
	 /s/ Aiden Maguire 

	
	in the presence of:
	
	 /s/ Declan Magee

	
	SIGNED, SEALED and DELIVERED by
	DAVID GANTLEY
	
	 /s/ David Gantley

	
	in the presence of:
	
	PRESENT when the COMMON SEAL
of NORTRUST NOMINEES LIMITED
was affixed hereto:

  
 101

			
	EXECUTED and DELIVERED as a DEED by	 	)
	BENCHMARK EUROPE I, L.P.	 	)
	as nominee for	 	)
	Benchmark Europe I, L.P.	 	)
	Benchmark Europe Founders’ Fund I, L.P.	 	)
	Benchmark Europe Founders’ Fund I-A, L.P.	 	)
	Benchmark Europe SLP Fund I, L.P.	 	)
	and related individuals	 	)

  

			
	By	 	BENCHMARK MANAGEMENT (UK) LLP its manager

  

					
		 	By:	 	
		 		 	Member

 PRESENT when the Common Seal 
 of GLOBOFORCE LIMITED  
 was affixed hereto: 

 

	
	 /s/ Eric Mosley

	Director
	
	 /s/

	SecretaryEX-10.3

 Exhibit 10.3 
 COMMERCIAL LEASE 
 In consideration of the covenants and agreements
contained herein, Landlord leases to Tenant, and Tenant leases from Landlord, the premises designated below together with any appurtenances, for the Term stated below. 
 As used in this Lease, the following terms shall have the meanings set forth below: 
  

			
	 Date of this Lease:
	  	July 26, 2007
		
	 Name and Address of Tenant:
	  	 Globoforce, Inc.
 144
Turnpike Road, (Suite 310)
 Southborough, Massachusetts

		
	 Name and Address of Landlord:
	  	 CRP-2 Holdings AA, LP,
 a
Delaware limited partnership
 c/o Colony Realty Partners LLC
 Two International Place, Suite 2500
 Boston, MA 02110

Attn: Mr. Robert Holmes
 Fax:
617-235-6399

		
	 Designation of Leased Premises:
	  	Approximately 7,785 square feet of rentable area commonly known as Reservoir Corporate Center located on the third (3rd) floor of the building located at 144 Turnpike Road,
Southborough, Massachusetts (the “Building”), as shown on the print marked Exhibit “A” attached hereto and made a part hereof.
		
	 Permitted Uses:
	  	General office and shipping of small gifts.
		
	 Term:
	  	Sixty two (62) months, beginning on the Possession Date, plus any days necessary to have the Term expire at 11:59 on the Expiration Date.
		
	 Commencement Date:
	  	On the date of Lease execution by Landlord and Tenant.
		
	 Possession Date:
	  	Upon Substantial Completion of the Improvements as defined in Section 7 of the Lease.
		
	 Rent Commencement Date:
	  	Two months after the Possession Date

			
	 Expiration Date:
	  	That certain date which is the last calendar day of the sixty second (62nd) month from the Possession Date, unless extended or otherwise sooner terminated in accordance with the
provisions of this Lease.
		
	 Tenant’s Percentage:
	  	7.79%, which equals 7.79% of the rentable square footage in the Building.
		
	 Security Deposit:
	  	$42,817.50, initially, subject to annual increases pursuant to Section 8 herein.

 Base Rent: 
  

													
	 Months
	  	Base Rent
(per annum)	 	  	Monthly
Base Rent	 	  	Approximate
R.S.F. Base Rent	 
	 1-12
	  	$	171,270.00	  	  	$	14,272.50	  	  	$	22.00	  
	 13-24
	  	$	177,108.75	  	  	$	14,759.06	  	  	$	22.75	  
	 25-36
	  	$	182,947.50	  	  	$	15,245.63	  	  	$	23.50	  
	 37-48
	  	$	188,786.25	  	  	$	15732.19	  	  	$	24.25	  
	 49-60 (plus any additional days necessary for the Term to expire on last calendar day of the Month)
	  	$	194,625.00	  	  	$	16,218.75	  	  	$	25.00	  

 1. MONTHLY RENT. (a) Throughout the Term of this Lease, Tenant will pay “Rent” to Landlord for
the Leased Premises. Rent shall consist of Monthly Base Rent as set forth on Page Two of this Lease together with all additional rent (“Additional Rent”) required to be paid by Tenant to Landlord pursuant to Section 6 below,
Commencing on the Rent Commencement Date, monthly Base Rent will be paid in advance on or before the first day of each calendar month throughout the Term. If the Rent Commencement Date shall be on any other day than the first day of a calendar
month, then monthly Base Rent will be prorated based upon the actual number of calendar days in such month. Additional Rent will be paid in advance on or before the first day of each calendar month of the Term. If the Term commences on a day other
than the first day of a calendar month or ends on a day other than the last day of a calendar month, then Additional Rent will be prorated by Landlord based on the actual number of calendar days in such month. Rent will be paid to Landlord, without
written notice or demand, and without deduction or offset, in lawful money of the United States of America at Landlord’s Address as set forth on Page One of this Lease, or to such other address as Landlord may from time to time designate in
writing. Tenant hereby acknowledges that late payment by Tenant of Rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs
include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Leased Premises. Accordingly, if any installment of Rent or any other sums
due from Tenant shall not be received by Landlord when 

  
 2 

 
due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of
the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charges by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount or prevent Landlord from exercising any
of the other rights and remedies granted hereunder. Any amount due to Landlord, if not paid when due, shall bear interest from such date until paid at the rate of twelve percent (12%) per annum. Payment of interest shall not excuse or cure any
default hereunder by Tenant. As used on the first page of this Lease and elsewhere herein, the term “Lease Year” shall mean a period of 365 consecutive days. The first Lease Year shall commence on the first day of the Term of this
Lease and succeeding Lease Years shall commence annually thereafter. Notwithstanding anything to the contrary in this Lease, Tenant shall pay the first installment of Rent due hereunder upon execution of this Lease. 

2. TAXES. Tenant will pay, as Additional Rent hereunder, Tenant’s Percentage of the amount by which the real estate taxes assessed against
the Building and the parcel of land on which the Building is constructed and all other improvements thereon (hereinafter the “Property”) for any fiscal year in an amount that exceeds such real estate taxes assessed against the property in
fiscal year 2008. Such real estate taxes shall be equitably prorated for any partial calendar years of the Lease Term. Such real estate taxes shall be paid monthly in advance, in accordance with Section 6 below, based on estimates provided by
Landlord from time to time, subject to reconciliation as provided in Section 6 below. In the event Landlord successfully protests or otherwise receives a discount on the real estate taxes, Landlord will give Tenant its proportionate share of
the refund in the form of an adjustment to its Additional Rent pursuant to Section 6 below (after payment of any fees incurred in connection with such protest). Provided Tenant has paid all taxes to Landlord in accordance with this
Section 2, Tenant will not be responsible for any penalties due to Landlord’s late payment of taxes. Any failure by Landlord to deliver such estimates prior to the commencement of a fiscal year shall not constitute a default by Landlord or
operate as a waiver of Landlord’s right to collect all or any portion of the Additional Rent due pursuant to the terms of this Lease. 

3. INSURANCE: WAIVER OF SUBROGATION. (A) Prior to the commencement of the Term hereof, and from time to time thereafter as required by
Landlord, Tenant will provide Landlord with a certificate of insurance or other evidence of (a) comprehensive liability insurance coverage, relative to Tenant’s occupancy of the Leased Premises, with a combined single limit of $2,000,000
per occurrence; (b) so-called “all-risk” commercial property insurance on a “replacement cost” basis with an agreed value endorsement and no co-insurance penalty provision covering all furniture, furrnshings, fixtures and
equipment and other personal property brought to the Leased Premises by Tenant and all improvements and betterments to the Leased Premises performed at Tenant’s expense; (c) so-called “business income and extra expense” insurance
in a reasonable amount and comparable to amounts carried by comparable tenants in comparable buildings; (d) workmen’s compensation insurance (including employer’s liability insurance) in an amount not less than the statutory
requirements for the Commonwealth of Massachusetts for the workmen’s compensation insurance and $100,000 for the employer’s liability insurance; and (e) business automobile liability insurance on an occurrence basis with limits of
$1,000,000 per accident. 

  
 3 

 (B) Tenant shall maintain such insurance in force throughout the Term of this Lease. All such insurance
shall contain deductibles not in excess of that reasonably approved by Landlord, shall contain a clause confirming that such insurance and the coverage evidenced thereby shall be primary with respect to any insurance policies carried by Landlord and
shall be obtained from responsible companies qualified to do business and in good standing in the Commonwealth of Massachusetts, which companies shall have a general policy holder’s rating acceptable to Landlord. Such insurance shall name
Landlord and all beneficiaries, agents, and mortgagees of Landlord as additional insureds and shall include a specific waiver of subrogation. A certificate (on ACORD Form 27 or ISO Form 20 26 or any equivalent thereto) of the insurer, certifying
that such policy has been issued and paid in full, providing the coverage required by this Section 3 and containing provisions specified therein, shall be delivered to Landlord prior to the commencement of the Term. Tenant shall procure and pay
for renewals of such insurance from time to time before the expiration thereof, and deliver to Landlord and any additional insureds such renewal policy or a certificate thereof at least thirty (30) days prior to expiration of any existing
policy. Each such policy shall be non-cancelable and not materially changed without at least thirty (30) days’ prior written notice to Landlord. 
 (C) Landlord shall maintain a comprehensive insurance policy with respect to the Building including liability coverage, loss of rents, fire and other casualty insurance for the replacement cost of the
Building and such other coverages as Landlord may reasonably require (“Insurance Premiums”). Such policy shall be with a company and contain limits and coverage as are satisfactory to Landlord. Tenant shall pay Tenant’s Percentage of
the Insurance Premiums during the Term of the Lease, as provided in subsection (D) below. Landlord’s Insurance Premiums will be equitably prorated for the first and last years of the Term of the Lease. If Tenant shall conduct any activity
on the Leased Premises that result in a surcharge to Landlord’s Insurance Premiums, then, Tenant shall reimburse Landlord for the entire amount of such surcharge. 
 (D) Tenant shall pay monthly in advance, as Additional Rent, Tenant’s Percentage of the amount by which the Insurance Premiums, for each calendar year exceeds the amount of such Insurance Premiums in
calendar year 2007, as provided in Section 6 below, based on estimates provided by Landlord from time to time, subject to reconciliation as provided in Section 6 below in the amount of such charges. 

(E) Landlord and Tenant each hereby waive any and every claim for recovery from the other for any and all loss of or damage to their respective property
which loss or damage is covered by valid and collectible insurance policies, but only to the extent of the insurance proceeds received in connection with such loss or damage under said insurance policies. Any failure by Landlord to timely deliver
such estimates as provided in this section shall not constitute a default by Landlord or operate as a waiver of Landlord’s right to collect Additional Rent due pursuant to the terms of this Lease. 

4. OPERATING AND COMMON AREA EXPENSES: TENANT’S PERCENTAGE. 
 (A) The term “Common Area Charges” shall mean and include all expenses, costs, and fees and disbursements paid or incurred by or on behalf of Landlord reasonable for managing, operating,
maintaining and repairing the Building and the Property, including, without limitation, costs of: 

  
 4 

 
Landlord’s maintenance obligations described in Section 10 herein; repair, maintenance and re-striping of the parking and dock areas; landscaping; maintenance of the common areas; any
utilities provided by Landlord pursuant to Section 14 herein; management fees; supplies, sundries, sales or use taxes on supplies or services; wages and salaries of all persons engaged in the operation, administration, maintenance and repair of
the Property, and fringe benefits, including social security taxes, unemployment insurance taxes, cost of providing coverage for disability benefits, cost of any pensions, hospitalization, welfare or retirement plans, or any other similar or like
expenses incurred under the provisions of any collective bargaining agreement, or any other cost or expense which Landlord pays or incurs to provide benefits for employees so engaged in the operation, administration, maintenance and repair of the
Property; the charges of any independent contractor who, under contract with Landlord or its representatives, does any of the work of operating, maintaining or repairing of the Property; legal and accounting expenses; and any other expense or
charge, whether or not herein before mentioned, which in accordance with generally accepted accounting and management principles applicable to similar class buildings in the municipality in which the Property is located, would be considered as an
expense of managing, operating, maintaining or repairing the Property. Utilities (if any) provided by Landlord as part of Common Area Charges shall be furnished during “Normal Building Hours” of 8:00 a.m. to 6:00 p.m. Monday through
Friday and from 8:00 a.m. to 1:00 p.m. on Saturdays (excluding generally recognized holidays). Outside of Normal Building Hours, such services are to be optional on the part of Landlord (Landlord hereby reserving the right to charge Tenant for any
such optional service requested by Tenant on such basis as Landlord, in its sole discretion, determines). The failure, to any extent and for any cause, to furnish services shall not render Landlord liable hi any respect for damages to any person,
property or business, shall not be construed as an eviction of Tenant or work an abatement of Rent, and shall not relieve Tenant from fulfillment of any covenant or agreement hereof. Landlord shall use all reasonable diligence to restore such
services as quickly as is possible under the circumstances. 
 The Common Area Charges shall not include costs of alterations to
the premises of other tenants in the Building, costs of capital improvements to the Property (except as otherwise provided in the next sentence), depreciation charges, interest and principal payments on mortgages, ground rental payments and real
estate brokerage and leasing commissions. The cost of any capital improvements to the Building made after the date of this Lease which are intended to reduce Common Area Charges or which are required under any governmental laws, regulations, or
ordinances which were not applicable to the Building at the time it was constructed, amortized over such reasonable period as Landlord shall determine, together with interest on the unamortized cost of any such improvement (at the prevailing
construction loan rate available to Landlord on the date the cost of such improvement was incurred), shall be included in Common Area Charges. 
 Tenant shall pay monthly in advance, as Additional Rent, Tenant’s Percentage of the amount by which the Common Area Charges, for each calendar year exceeds the amount of such Common Area Charges in
calendar year 2007, as provided in Section 6 below, based on estimates provided by Landlord from time to time, subject to reconciliation as provided in Section 6 below in the amount of such charges. 

  
 5 

 Common Area Charges of the Building that vary with tenant occupancy will be fairly and
reasonably apportioned by Landlord amongst and between those tenants occupying the Building at the time such Common Area Charges are incurred. If any Common Area Charges of the Building are materially increased as a result of one or more tenants,
Landlord shall have the right and option (but not the obligation) to allocate such materially increased Common Area Charges to the tenant(s) responsible therefor, such allocation to be made in Landlord’s sole reasonable discretion. If during
any calendar year of the Term less than one hundred percent (100%) of the rentable area of the Building is occupied by tenants, Landlord shall make an appropriate adjustment of the variable components of Common Area Charges, as reasonably
determined by Landlord, to determine the amount of Common Area Charges that would have been incurred had the Building been one hundred percent (100%) occupied. For purposes hereof, “variable components” shall include only those Common
Area Charges that are affected by variations in occupancy levels. Any failure by Landlord to timely deliver such estimates as provided in this Section shall not constitute a default by Landlord or operate as a waiver of Landlord’s right to
collect all or any portion of Additional Rent due pursuant to the terms of this Lease. 
 5. HVAC MAINTENANCE. Landlord will provide or
engage a reputable and experienced firm for the purpose of periodically inspecting and maintaining the heating ventilating, and air conditioning equipment located on the Building (exclusive of any such equipment or part thereof which may exclusively
serve the Leased Premises, in which case Tenant shall be responsible for such maintenance as provided in Section 10 herein). Tenant shall reimburse Landlord, as Additional Rent, for Tenant’s Percentage of the amount by which the cost of
such maintenance and inspection, for each calendar year exceeds the amount of this cost for such maintenance and inspection in calendar year 2007, as provided in Section 6 below, based on estimates provided by Landlord from time to time,
subject to reconciliation as provided in Section 6 below hi the amount of such charges. 
 6. ESTIMATED PAYMENTS. Commencing on the
first day of the Term on which Additional Rent is due, and on the first day of each calendar month thereafter during the Term of this Lease, Tenant shall pay Landlord all Additional Rent for: 

 

	 	a)	Real estate taxes pursuant to Section 2 above, 

  

	 	b)	Insurance premiums pursuant to Section 3 above, 

  

	 	c)	HVAC maintenance pursuant to Section 5 above, 

  

	 	d)	Common Area Charges pursuant to Section 4 above and 

  

	 	e)	Water and common utility use pursuant to Section 14 below. 

 On an annual basis, Landlord shall provide Tenant with (a) a statement of all actual Common Area Charges and insurance premiums incurred in the preceding calendar year and (b) a statement of all
charges of real estate taxes assessed against the Property in the preceding fiscal year. If Tenant has made estimated payments of Additional Rent during such calendar/fiscal year in excess of the actual amount due, Landlord shall credit Tenant with
any overpayment against the next Rent otherwise due. If the actual Additional Rent due exceeds the estimated payments made by Tenant during the preceding year, Tenant shall pay such amount due as Additional Rent within 15 business days after notice
from Landlord. Any failure by Landlord to deliver such statements shall not constitute a default by Landlord or operate as a waiver of Landlord’s right to collect all or any portion of Additional Rent due pursuant to the terms of this Lease.

  
 6 

 If Additional Rent for any calendar year increases by more than five percent (5%) over
Additional Rent for the immediately preceding calendar year, Tenant, within ninety (90) days after receiving Landlord’s statement of actual Additional Rent (inclusive of those which vary with occupancy) for a particular calendar year,
shall have the right to provide Landlord with written notice (the “Review Notice”) of its intent to review Landlord’s books and records relating to the Additional Rent for such calendar year. Within a reasonable time after receipt of
a timely Review Notice, Landlord shall make such books and records available to Tenant or Tenant’s agent for its review at either Landlord’s home office or at the office of the Building, provided that if Tenant retains an agent to review
Landlord’s books and records for any calendar year, such agent must (i) be a CPA firm or an in-house accountant or finance department employee of Tenant, (ii) not be compensated on a contingency basis and (iii) execute a copy of
a confidentiality agreement with respect to such review. Tenant shall be solely responsible for any and all costs, expenses and fees incurred by Tenant or Tenant’s agent in connection with such review. If Tenant elects to review Landlord’s
books and records, within thirty (30) days after such books and records are made available to Tenant, Tenant shall have the right to give Landlord written notice stating in reasonable detail any objection to Landlord’s statement of actual
Additional Rent for such calendar year. If Tenant fails to give Landlord written notice of objection within such thirty (30) day period or fails to provide Landlord with a Review Notice within the ninety (90) day period provided above,
Tenant shall be deemed to have approved Landlord’s statement of Additional Rent in all respects and shall thereafter be barred from raising any claims with respect thereto. Upon Landlord’s receipt of a timely objection notice from Tenant,
Landlord and Tenant shall work together in good faith to resolve the discrepancy between Landlord’s statement and Tenant’s review. If Landlord and Tenant determine that Additional Rent for the calendar year in question are less than
reported, Landlord shall provide Tenant with a credit against future Rent in the amount of any overpayment by Tenant. Likewise, if Landlord and Tenant determine that Additional Rent for the calendar year in question are greater than reported, Tenant
shall forthwith pay to Landlord the amount of underpayment by Tenant with the understanding that there shall be no interest or late charge added thereto at the time same is billed to Tenant by reason of the failure of Tenant to previously have paid
same when the excess was billed for such reviewed period. Any information obtained by Tenant pursuant to the provisions of this Section shall be treated as confidential. Notwithstanding anything herein to the contrary, Tenant shall not be permitted
to examine Landlord’s books and records or to dispute any statement of Additional Rent unless Tenant has paid to Landlord the amount due as shown on Landlord’s statement of actual Additional Rent, said payment being a condition precedent
to Tenant’s right to examine Landlord’s books and records. 
 7. IMPROVEMENTS. Landlord, at Landlord’s own expense and
using materials consistent with the minimum standards of the Building (or as otherwise determined by Landlord), will make certain improvements to the Leased Premises consisting of (a) painting the Leased Premises, (b) installing new carpet
in the Leased Premises (c) repairing the kitchenette and training room area in the Leased Premises, (d) removal of unused “high voltage” wiring in the ceiling of the Leased Premises, (e) constructing a
(10x12) server/tel/data room with 2.5 tons of supplemental cooling, and perforating other improvements as are more fully set forth in the plans and drawings attached hereto and made a part hereof as Exhibit “B” (the
“Improvements”). Subject to the “Force Majeure” provisions in Section 31(g) hereof and the “Tenant Delay” provisions in Section 32 hereof, Landlord will use commercially reasonable efforts to Substantially
Complete (as defined herein) the Improvements in a good and workmanlike 

  
 7 

 manner, and in accordance with all applicable building codes, prior to September 1, 2007 (the
“Original Completion Deadline”), Landlord will apply for any necessary building permit for the Improvements as soon as is reasonably possible after full execution of this Lease, and shall make all reasonable efforts to obtain such permit
hi a timely manner. “Substantial completion” or “substantially completed” or words of similar import means that the work in question has been sufficiently completed such that it is suitable for its intended purpose. The issuance
of an occupancy permit shall be conclusive evidence of the Substantial Completion of the Improvements required hereunder. Tenant will have the right to inspect the Leased Premises and to prepare and submit to Landlord prior to the Commencement Date
of this Lease a punch list of any incomplete work included in the Improvements. Landlord .shall complete such work as is detailed on said punch list as soon as reasonably practicable after receipt of same. Tenant’s occupancy of the Leased
Premises shall be deemed a conclusive presumption that, except as to items listed on a punch list, all Improvements have been made in accordance with the terms of this Lease. If for any reason Landlord does not complete the Improvements on or before
the Original Completion Deadline, the validity of this Lease shall not be impaired nor shall Landlord be subject to any liability for such failure. 
 8. SECURITY DEPOSIT. Upon execution of this Lease, Tenant shall deposit with Landlord the amount of the Security Deposit specified on [Page One], of this Lease. The Security Deposit will be
returned to Tenant without interest upon the expiration of the Term of the Lease, provided that Tenant has paid all amounts due under this Lease and has otherwise performed all obligations hereunder. In the event that Tenant defaults under any
provision of this Lease, and after the expiration of any applicable cure period, Landlord may apply all, or any part of the Security Deposit to amounts owed by Tenant. In the event Landlord elects to apply the Security Deposit as provided for above,
Tenant shall promptly restore such Security Deposit to the original amount. Landlord may, at its discretion, commingle such funds with its other funds, Upon any sale or other conveyance of the Building, Landlord may transfer the Security Deposit (or
any amount of the Security Deposit remaining) to a successor/owner, and Tenant agrees to look solely at the successor/owner for repayment of the same. 
 Notwithstanding anything to the contrary in the paragraph above, in lieu of a cash Security Deposit, Tenant may deliver the Security Deposit in the form of an unconditional, clean, irrevocable standby
letter of credit, in a form acceptable to Landlord, and issued by a bank reasonably acceptable to Landlord (the “Letter of Credit”) as security, provided the Letter of Credit shall be delivered to Landlord with executed copies of this
Lease. The Letter of Credit shall (i) be unconditional, irrevocable, transferable, payable to Tenant upon presentment of original to the issuer in person or by courier, in partial or full draws, and (ii) contain an “evergreen”
provision which provides that it is automatically renewed on an annual basis (subject to the permitted date of termination set forth below) unless the issuer delivers thirty (30) days’ prior written notice of cancellation to Landlord and
Tenant. Without limiting any of Landlord’s rights or remedies hereunder, if the bank issuing the Letter of Credit provides Landlord with a cancellation notice, Landlord may immediately draw upon all or any part of the Letter of Credit and
Tenant shall provide Landlord with an additional irrevocable stand-by letter of credit as provided below. Any and all fees or costs charged by the issuer in connection with the Letter of Credit shall be paid by Tenant. The irrevocable stand-by
Letter of Credit shall remain effective through the date that is sixty (60) days following the expiration date this Lease. If Tenant defaults with respect to any provision of this Lease beyond applicable notice and cure

  
 8 

 
periods, including but not limited to the provisions relating to the payment of Rent, Landlord may draw upon all or any part of Tenant’s Letter of Credit. If any portion of the Security
Deposit is so used, applied, or retained, Tenant will within ten (10) days after written demand from Landlord, provide to Landlord an additional irrevocable, stand-by letter of credit, which shall be in form and substance satisfactory to
Landlord, issued by a bank reasonably acceptable to Landlord, in an amount sufficient to restore the Security Deposit to its required amount pursuant to this Section 8. Tenant’s failure to replenish the Security Deposit shall constitute a
failure to pay Additional Rent and Tenant shall have ten (10) days from the date of notice to cure such default. 
 9. USE. The
Leased Premises shall be used for the Permitted Uses and for no other purposes whatsoever. Tenant shall not do or permit to be done in or about the Leased Premises, anything which is prohibited by law, statute, ordinance or other governmental rule
or regulation now in force or which may hereafter be enacted or which will in any way obstruct or interfere with the rights of other tenants in the Building. Tenant will not allow any signs, cards or placards to be posted, or placed within the
Leased Premises such that they are visible outside of the Leased Premises except as specifically provided for in this Lease. The Building shall be accessible to Tenant at all times during the Term of this Lease. 

10. TENANT’S OBLIGATIONS. Tenant has examined and knows the condition of the Leased Premises other than the condition of any Improvements to
be made by Landlord pursuant to this Lease, and Tenant acknowledges that no representations as to the condition and repair thereof have been made by Landlord, or its agent, prior to, or at, execution of this Lease that are not herein expressed.
Tenant will at all times during the Term of this Lease, and at Tenant’s expense, keep the Leased Premises, including all appurtenances, in good repair and condition, and in that regard shall replace all broken glass with glass of the same size
and quality as that broken, repair malfunctioning plumbing and electrical fixtures, repair all systems or portions of systems exclusively serving the Leased Premises, replace all burnt out light bulbs and ballasts, replace all damaged plumbing
fixtures with others of equal quality, remove all garbage and keep the Leased Premises in a clean and healthful condition in compliance with all applicable laws, codes ordinances, inspections or other direction of proper authorities. Upon
termination of this Lease, in any way, Tenant will yield up the Leased Premises to Landlord in good condition and repair, loss by fire or casualty and ordinary wear and tear excepted. 

Notwithstanding any of the foregoing, Landlord shall keep the structural components of the Building including, but not limited to the
roof, foundation, underground and otherwise concealed plumbing and exterior walls, and the common areas in good repair at all times during the Term of this Lease, provided that Landlord shall have no obligation to make any such structural repairs
until and unless Landlord has first received written notice for such repairs from Tenant. 
 Tenant shall also use and cause all
employees, agents, invitees and licensees to use the common areas of the Building, including, but without being limited to, the sidewalks, driveways and parking lot of the Building and any loading dock and common hallway area in the Building, in
such a manner as to prevent disruption of other tenants and Landlord. No vehicles or materials shall be permitted to block sidewalks, driveways, loading docks or any other common area of the Building nor shall any vehicle be parked in the parking
lot for longer than is 

  
 9 

 
necessary for the customary business purposes of Tenant. All vehicles using any loading dock shall unload in an expedient manner and Tenant shall not store materials on the loading dock or common
hallway and shall promptly remove all materials, debris, and other items from the loading dock and common hallways. In the event of a violation of this Section 10, Landlord may (but shall not be obligated to) remove any such vehicles,
materials, debris, or other items as are in violation of this Section 10 and Tenant shall pay Landlord’s expenses in connection therewith, on demand. Landlord shall have no responsibility for loss or damage to such vehicles, materials,
debris, or other items, it being understood that the removal is at Tenant’s sole loss and risk. 
 11. SUBLEASE; ASSIGNMENT. Tenant
will not allow the Leased Premises to be occupied by any other person, in whole or hi part, and will neither sublet the Leased Premises, in whole or in part, nor assign this Lease, in whole or in part, without in each case obtaining the express,
prior written consent of Landlord. Tenant will not permit any transfer by operation of law of any interest in the Leased Premises acquired through this Lease. Landlord shall not unreasonably withhold or delay its consent to Tenant’s written
request to sublease the Leased Premises or assign this Lease provided Tenant has provided detailed written information about the proposed subtenant or assignee, the form of sublease or assignment (as the case may be) and the proposed use of the
Leased Premises, all in form and substance satisfactory to Landlord. Landlord’s refusal to consent to any proposed sublease or assignment shall not be deemed unreasonable if (a) the net worth of the proposed subtenant or assignee,
determined in accordance with generally accepted accounting principles, consistently applied, is less than the greater of the net worth of the Tenant on (i) the date of execution of this Lease, or (ii) the day immediately preceding the
proposed effective date of such sublease or assignment, (b) Tenant is in default of any of the terms, covenants or conditions of this Lease, or (c) the proposed use of the Leased Premises will result in: (i) increased wear and tear on
the Leased Premises, the common facilities or adjacent parking; (ii) parking requirements in excess of those provided for by applicable zoning ordinances or which would tend to deprive other tenants in the Building of their required parking;
(iii) public protests or picketing; or (iv) any adverse affect on other tenants in the Building or adjacent buildings. Landlord may require, as a condition to granting Landlord’s consent with respect to the provisions of this
Section 11, an assumption of the obligations under this Lease by the proposed transferee. Tenant shall pay all of Landlord’s reasonable legal fees, incurred by Landlord in reviewing each proposed assignment or sublease. If Tenant receives
rent or other payments under any assignment or sublease in excess of the payments made by Tenant to Landlord under this Lease (as all such amounts are adjusted for any assignment or subletting of less than all of the Leased Premises), then Tenant
shall pay Landlord one half of such excess, less the reasonable, out-of-pocket cost incurred by Tenant in connection with such assignment or subletting. The provisions of this Section 11 shall apply to a transfer (by one or more transfers) of a
majority of the stock or partnership interests, or other evidences of ownership of Tenant as if such transfer were an assignment of this Lease, but such provisions shall not apply to transactions with an entity into or with which Tenant is merged or
consolidated or to which substantially all of Tenant’s assets are transferred or to any entity which controls or is controlled by Tenant or is under common control with Tenant, provided that in any of such events (1) the successor to
Tenant has a net worth computed in accordance with generally accepted accounting principles at least equal to the greater of (a) the net worth of Tenant immediately prior to such merger, consolidation or transfer, or (b) the net worth of
Tenant herein named on the date of this Lease; (2) proof reasonably satisfactory to Landlord of such net worth shall have been delivered to Landlord at least ten (10) days prior to the effective date of any such 

  
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transaction; and (3) the assignee agrees directly with Landlord, by written instrument in form reasonably satisfactory to Landlord, to be bound by all the obligations of Tenant hereunder,
including, without limitation, the covenant against further assignment and subletting. Upon Landlord’s receipt of a request from Tenant to sublet all of the Leased Premises or assign all interest in this Lease, Landlord may elect to terminate
this Lease, in which case the last day of the Term of this Lease shall be the 30th day after Landlord notifies Tenant or Landlord’s election to terminate this Lease. 
 12. MECHANIC’S LIENS. Tenant will not permit any mechanic’s lien or other liens to be placed upon the Leased Premises or the Building as a result of any materials or labor ordered by
Tenant or any of Tenant’s agents, officers, or employees. 
 13. INDEMNITY FOR ACCIDENTS; NON-LIABILITY OF LANDLORD. Tenant shall
neither hold, nor attempt to hold, Landlord or its employees or Landlord’s agents or then employees liable for, and Tenant covenants and agrees that it will protect and save and keep Landlord forever harmless and indemnified against and from
any and all penalties, damages, fines, causes of action, liabilities, judgments, expenses (including, without limitation, attorneys’ fees) or charges incurred in connection with or arising from: (i) the use or occupancy of the Leased
Premises by Tenant or any person claiming under Tenant; (ii) any matter occurring on the Leased Premises during the Term; (in) any acts, omissions or negligence of Tenant or any person claiming under Tenant, or contractors, agents, employees,
invitees or visitors of Tenant or any such person; (iv) any breach, violation or nonperformance by Tenant or any person claiming under Tenant or the employees, agents, contractors, invitees or visitors of Tenant or any such person of any term,
covenant or provision of this Lease or any law, ordinance or governmental requirement of any kind; or (v) any injury or damage to the person, property or business of Tenant, its employees, agents, contractors, invitees, visitors or any other
person entering upon the Property under the express or implied invitation of Tenant. Except in the case of its gross negligence or willful misconduct, Landlord shall not be liable for (and Rent and Additional Rent shall not abate as a result of) any
damage occasioned by failure to keep the Leased Premises, Building or Property in repair, nor for any damage done or occasioned by or from plumbing, gas, water, sprinkler, or other pipes or sewerage or the bursting, leaking or running of any pipes,
tank or plumbing fixtures, in, above, upon or about the Leased Premises or the Building nor from any damage occasioned by water, snow or ice being upon or coming through the roof, skylights, trap door or otherwise, nor for any damages arising from
acts, or neglect of co-tenants or other occupants of the Building or of any owners or occupants of adjacent or contiguous property. Further, Landlord shall not be liable or responsible to Tenant for any loss or damage to any property or person
occasioned by theft or any other criminal act, fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, law of requisition or order of any governmental authority. 

Landlord shall not be deemed to be in default in the performance of any of its obligations hereunder unless it shall fail to perform such
obligations and such failure shall continue for a period of 30 days following receipt of notice from Tenant or such additional time as is reasonably required to correct any such default after notice has been given by Tenant to Landlord specifying
the nature of Landlord’s alleged default. Landlord shall not be liable in any event for incidental or consequential damages to Tenant by reason of any default by Landlord hereunder, whether or not Landlord is notified that such damages may
occur. Tenant shall have no right to 

  
 11 

 
terminate this Lease for any default by Landlord hereunder and no right, for any such default, to offset or counterclaim against any rent due hereunder. The term “Landlord”, as used in
this Lease, so far as covenants or obligations to be performed by Landlord are concerned, shall be limited to mean and include only the owner or owners at the time in question of the Landlord’s interest in the Building, and in the event of any
transfer or transfers of title to the Landlord’s interest in the Building, the Landlord herein named (and in case of any subsequent transfers or conveyances, the then grantor) shall be automatically freed and relieved from and after the date of
such transfer or conveyance of all liability as respects the performance of any covenants or obligations on the part of the Landlord contained in this Lease thereafter to be performed, it being intended hereby that the covenants and obligations
contained in this Lease on the part of Landlord shall, subject as aforesaid, be binding on the Landlord, its successors and assigns, only during and in respect of their respective successive periods of ownership of the Property. Tenant, its
successors and assigns, agrees it shall not assert nor seek to enforce any claim for breach of this Lease against any of Landlord’s assets other than Landlord’s interest in the Building and in the rents, issues and profits thereof, and
Tenant agrees to look solely to such interest for the satisfaction of any liability of or claim against Landlord under this Lease, it being specifically agreed that in no event whatsoever shall Landlord (which term shall include, without limitation,
any beneficiary of any trust of which Landlord is a trustee and any of Landlord’s officers, directors, partners, shareholders, agents, attorneys and employees) ever be personally liable for any such liability. 

14. UTILITIES; ALTERNATIVE SERVICE PROVIDERS. (A) Tenant shall contract directly with the public utility providers to furnish all utilities
(including, but not limited to, electric, gas, and telephone) which are separately metered to the Leased Premises, and shall pay such utility providers directly and promptly when due. If any utility is not separately metered to the Leased Premises
(such as water and sewer), the cost of such utility consumed on the Leased Premises, as reasonably determined by Landlord, shall be included within the Common Area Charges, of which Tenant shall pay Tenant’s Percentage. Tenant acknowledges that
the water meter that meters the water to be used on the Leased Premises also meters water used by other tenants in the Building. Each monthly bill shall be prorated between the tenants whose water use is charged through a common meter on the basis
of their relative Tenant’s Percentages. Notwithstanding the above, Tenant shall not utilize an alternative provider for a utility service other than the public utility provider servicing the Property unless Tenant shall first obtain the written
consent of Landlord, which shall not be unreasonably withheld. 
 (B) Landlord shall, at its sole discretion, select a utility company to provide
electricity service for the Leased Premises (the “Electric Service Provider”). Notwithstanding the foregoing, if permitted by Law; landlord shall have the right at any time and from time to time during the Lease Term to either contract for
service from a different company or companies providing electricity service (each such company shall hereinafter be referred to as an “Alternate Service Provider”) or to contract directly for service from the Electric Service
Provider. Tenant shall cooperate with Landlord, the Electric Service Provider, and any Alternate Service Provider at all times and, as reasonably necessary; shall allow Landlord, Electric Service Provider, and any Alternate Service Provider
reasonable access to the Leased Premises’, Building’s and/or Leased Premises’ electric lines, feeders, risers, wiring, and any other machinery within the Leased Premises. Landlord shall in no way be liable or responsible for any loss,
damage, or expense that Tenant may sustain or incur by reason of any change, failure, interruption, or defect in the supply or character of the electric energy furnished to the Leased Premises. 

  
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 15. ACCESS TO LEASED PREMISES. Tenant will allow Landlord free access to the Leased Premises for the
purpose of examining or exhibiting the same, or to make any needed repairs, or alterations thereof. Landlord shall endeavor to exercise its rights of access to the Leased Premises with reasonable advance notice (except in the case of emergency) and
shall use reasonable efforts to minimize interruption of or disturbance to the operation of Tenant’s business. 
 16. HOLDING OVER.
Tenant will, at the termination of the Term of this Lease by lapse of time or otherwise, yield up immediate possession to Landlord, and failing to do so, will pay as liquidated damages for the whole time such possession is withheld, the sum of one
hundred and fifty percent (150%) of the Rent in effect immediately prior to the expiration of the Term of the Lease (prorated on a daily basis), plus all direct or consequential damages. The provisions of this clause shall not be held as a
waiver by Landlord of any right of re-entry nor shall the receipt of hold over Rent or any part thereof operate as a waiver of the right to forfeit this Lease and the term hereof for the period still unexpired, for a breach of any of the covenants
herein. 
 17. NO RENT DEDUCTION OR SET OFF. Tenant’s covenant to pay Rent is and shall be independent of each and every other
covenant of this Lease. Tenant agrees that any claim by Tenant against Landlord shall not be deducted from rent nor set off against any claim for Rent in any action No payment by Tenant or receipt by Landlord of a lesser amount than the Rent herein
stipulated shall be deemed to be other than on account of the earliest stipulated Rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent be deemed an accord and satisfaction, and Landlord
may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or pursue any remedy provided in this Lease or at law, 
 18. LITIGATION. In the unlikely event of any litigation between the parties hereto involving the terms of this Lease or the breach or enforcement hereof, the prevailing party in any final
non-appealable action shall be entitled to recover all of its reasonable legal fees and other costs and expenses incurred in connection therewith. 
 19. UNTENANTABILITY. 
 (a) A “Total Loss” shall be deemed to have occurred
if (i) the Building is so damaged by fire or other casualty that the estimated cost to repair same amounts to fifty percent (50%) or more of the total estimated construction cost of the entire Building; (ii) the Building is so damaged
by fire or other casualty that Landlord, in its sole discretion, decides to demolish and not to immediately rebuild same; or (iii) the Leased Premises or Building is damaged by fire or other casualty during the last 12 months of the Term hereof
Any other casualty loss not amounting to a Total Loss shall be deemed a “Partial Loss”. 
 (b) In the event of a Total Loss,
Landlord may terminate this Lease by written notice to Tenant within one hundred twenty (120) days after the date of such fire or other casualty. Rent shall be apportioned on a per diem basis and paid to the date of such fire or other casualty.

  
 13 

 
Alternatively, if Landlord decides to rebuild and restore the Property following a Total Loss, this Lease shall not terminate and Landlord shall repair and restore the Leased Premises at
Landlord’s expense and with due diligence, subject, however, to (i) reasonable delays for insurance adjustments and (ii) delays caused by forces beyond Landlord’s control. Rent shall abate on a per diem basis during the period of
construction and repair. Tenant shall permit Landlord and its contractors to have free access to the Leased Premises to perform such work. 
 (c)
In the event of a Partial Loss, provided Landlord recovers sufficient insurance proceeds, Landlord shall be required to proceed with all due diligence to repair and restore the Leased Premises, subject, however, to (i) reasonable delays for
insurance adjustments and (ii) delays caused by forces beyond Landlord’s control. Rent shall abate in proportion to the non-usability of the Leased Premises during the period while repairs are in progress. Tenant shall permit Landlord and
its contractors to have free access to the Leased Premises to perform such work. 
 20. SUBORDINATION: ESTOPPEL LETTERS. This Lease is
expressly subordinate to any current or future mortgage or mortgages placed on the Property together with all other documents requested by Landlord’s mortgagee in connection with, any such mortgage. Within ten (10) business days after
notice by Landlord, Tenant shall execute a confirmation of the subordination of this Lease to any current or future mortgage or mortgages placed on the Property by Landlord and other documents in customary form requested by Landlord’s mortgagee
including but not limited to: 
  

	 	a)	agreements to give notice of Landlord’s defaults to such mortgagee; 

  

	 	b)	agreements not to pay rent more than 30 days in advance; 

  

	 	c)	confirmation of the terms and status of this Lease; 

  

	 	d)	agreements to attorn to any party acquiring rightful possession of the Leased Premises; and 

 

	 	e)	similar or related representations or undertakings customarily required by mortgage lenders from tenants. 

Tenant agrees that from time to time, it will deliver to Landlord or its designee within ten (10) business days of the date of Landlord’s
request, a statement, in writing, certifying (i) that this Lease is unmodified and in full force and effect, if this is so, (or if there have been modifications that the Lease, as modified, in full force and effect); (ii) the dates to
which rent and other charges have been paid; (iii) that Landlord is not in default under any provisions of this Lease or, if in default, the nature thereof in detail; and (iv) such other true statements as Landlord may require. Landlord
agrees to use commercially reasonable efforts to obtain a subordination, non-disturbance agreement from the Landlord’s mortgagee. 
 21.
SIGNS. Tenant may, place signs on the interior tenant directory of the Building and on the Building monument identifying Tenant, provided, however that (a) such signage shall comply with the standards set forth by Landlord for Building
signage as such standards may be amended from time to time, (b) Tenant shall have obtained the prior written approval for the design, size and location of such signs from Landlord, which approval shall not be unreasonably withheld, and
(c) such signs shall comply with all applicable laws and ordinances. Upon termination of this Lease, Tenant shall remove such signs and restore the Building to its original condition, ordinary wear and tear excepted. 

  
 14 

 22. ALTERATIONS. Tenant shall not at any time during the Term of his Lease make any alterations,
additions or improvements to the Leased Premises without the express, written, prior consent of Landlord, which consent may be withheld in Landlord’s sole discretion. 
 23. EVENTS OF DEFAULT BY TENANT: LANDLORD’S REMEDIES. 
 (a) In addition to any other
acts or omissions herein deemed to be defaults by Tenant, each of the following shall constitute an “Event of Default” by Tenant hereunder: (i) the failure to make any payment of Rent or any installment thereof or to pay any
other sum required to be paid by Tenant under this Lease or under the terms of any other agreement between Landlord and Tenant and the continuance of such failure for more than five (5) calendar days following written notice from Landlord to
Tenant; provided, however, if, on two (2) occasions during any consecutive twelve (12) month period during the Term, Tenant fails to pay any installment of Rent when due but does pay the same within five (5) calendar days after notice
of such failure, then Tenant’s subsequent failure to pay any installment of Rent when due during said twelve (12) month period shall constitute an Event of Default hereunder without the need for notice and/or a grace period; (ii) the
failure to observe or perform any of the other covenants or conditions in this Lease winch Tenant is required to observe and perform and which Tenant has not corrected within twenty (20) days after written notice thereof to Tenant; provided,
however, that if said failure involves the creation of a condition which, in Landlord’s reasonable judgment, is dangerous or hazardous, Tenant shall be required to cure same within 24 hours following written notice to Tenant; (iii) the use
or occupancy of the Leased Premises for any purpose other than the Permitted Uses without Landlord’s prior written consent or the conduct of any activity in the Leased Premises which constitutes a violation of law; (iv) if the interest of
Tenant or any part thereof under this Lease shall be levied on under execution or other legal process and said interest shall not have been cleared by said levy or execution within fifteen (15) days from the date thereof; (v) if any
voluntary or involuntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by or against Tenant or if a receiver shall be appointed for Tenant or any of the property of Tenant; (vi) if Tenant shall make
an assignment for the benefit of creditors or if Tenant shall admit in writing its inability to meet Tenant’s debts as they mature; (vii) if Tenant shall abandon the Leased Premises during the Term; or (viii) if Tenant shall fail to
execute and deliver an estoppel certificate or subordination agreement as required hereunder after ten day written demand from Landlord. 
 (b)
Upon the occurrence of an Event of Default by Tenant, Landlord may, at its option, with or without notice or demand of any kind to Tenant or any other person, exercise any one or more of the following described remedies, in addition to all other
rights and remedies provided at law, in equity or elsewhere herein, and such rights and remedies shall be cumulative and none shall exclude any other right allowed by law: 

  
 15 

 (i) Landlord may terminate this Lease, repossess and re-let the Leased Premises, in which
case Landlord shall be entitled to recover as damages (in addition to any other sums or damages for which Tenant may be liable to Landlord) a lump sum equal to the present value of the excess Rent remaining to be paid by Tenant for the balance of
the Term of the Lease over the fair market rental value of the Leased Premises, after deduction of all anticipated expenses of reletting. For the purpose of determining present value, Landlord and Tenant agree that the interest rate shall be the
rate applicable to the then-current yield on obligations of the U.S. Treasury having a maturity date on or about the Termination Date. Should the fair market rental value of the Leased Premises for the balance of the Term (after deduction of all
anticipated expenses of reletting) exceed the value of the Rent to be paid by Tenant for the balance of the Term, Landlord shall have no obligation to pay to or otherwise credit Tenant for any such excess amount; 

(ii) Landlord may, without terminating the Lease, terminate Tenant’s right of possession, repossess the Leased Premises and relet the
same for the account of Tenant for such rent and upon such terms as shall be satisfactory to Landlord. For the purpose of such reletting, Landlord is authorized to decorate, repair, remodel or alter the Leased Premises, Tenant shall pay to Landlord
as damages a sum equal to all Rent under this Lease for the balance of the Term unless and until the Leased Premises are relet. If the Leased Premises are relet, Tenant shall be responsible for payment upon demand to Landlord of any deficiency
between the Rent as relet and the Rent for the balance of this Lease, all costs and expenses of reletting, and all reasonable decoration, repairs, remodeling, alterations, additions and collection of the rent accruing there from. Tenant shall not be
entitled to any rents received by Landlord in excess of the rent provided for in this Lease. No re-entry or taking possession of the Lease Premises by Landlord shall be construed as an election to terminate this Lease unless a written notice of such
intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any breach, and
in addition to the other remedies it may have, may recover from Tenant all damages incurred by reason of such breach, including the costs of recovery of the Leased Premises, and including the excess value at time of such termination, if any, of Rent
reserved under this Lease for the remainder of the Term over the reasonable rental value of the Leased Premises for the remainder of the Terra, all of which amounts shall be immediately due and payable from Tenant to Landlord, In the event Landlord
repossesses the Leased Premises as provided above, Landlord may remove all persons and property from the Leased Premises and store any such property at the cost of Tenant, without liability or damage; and 

(iii) Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations of Tenant hereunder,
make any payment or perform such other act on Tenant’s part to be made or performed as provided in this Lease. All sums so paid by Landlord and all necessary incidental costs shall be payable to Landlord as Additional Rent on demand and Tenant
covenants to pay such sums. 
 (c) Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this
Section 23 from time to tune and that no suit or recovery of any portion due Landlord hereunder shall be any defense to any subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. Tenant shall promptly
pay upon notice, as Additional Rent, all of Landlord’s reasonable costs, charges and expenses (including the reasonable fees and out-of-pocket expenses of legal counsel, agents and others retained by Landlord and interest at

  
 16 

 
the rate set forth in Section 1 of the Lease) incurred in successfully enforcing Tenant’s obligations hereunder or incurred by Landlord in any litigation, negotiation or transaction in
which Tenant causes Landlord, without Landlord’s fault, to become involved or concerned. 
 (d) No waiver of any provision of this Lease
shall be implied by any failure of Landlord to enforce any remedy on account of the violation of such provision, even if such violation be continued or repeated subsequently, and no express waiver by Landlord shall be valid unless in writing and
shall not affect any provision other than the one specified in such written waiver and that provision only for the time and in the manner specifically stated in the waiver. No receipt of monies by Landlord from Tenant after the termination of this
Lease shall in any way alter the length of the Term or Tenant’s right of possession hereunder or after the giving of any notice shall reinstate, continue or extend the Term or affect any notice given Tenant prior to the receipt of such monies,
it being agreed that after the service of notice or the commencement of a suit or after final judgment for possession of the Leased Premises, Landlord may receive and collect any Rent due, and the payment of Rent shall not waive or affect said
notice, suit or judgment. Landlord shall not be required to serve Tenant with any notices or demands as a prerequisite to its exercise of any of its rights or remedies under this Lease, other than those notices and demands specifically required
under this Lease. Tenant expressly waives the service of any statutory demand or notice which is a prerequisite to Landlord’s commencement of eviction proceedings against Tenant. 
 24. NOTICES. All notices permitted or required hereunder shall be (i) delivered personally, (ii) sent by U.S. Certified Mail, postage prepaid, with return receipt requested, or
(iii) by nationally recognized overnight courier and sent to the respective parties at the addresses shown on Page One of this Lease. If mailed, such notice shall be considered received by the addressee on the second (2nd) business day
after posting into the United States mail. If sent by nationally recognized overnight courier, such notice shall be considered received by the addressee on the first (1st) business day after deposit with the courier. 

25. EMINENT DOMAIN. If during the Term, (a) the whole of the Leased Premises or the Building shall be taken by any governmental or other
authority having powers of eminent domain (or conveyed to such entity under threat of the exercise of such power) or (b) any part of the Leased Premises or the Building shall be so taken or conveyed and as a result, the remainder of the Leased
Premises or the Building has been rendered impractical, in Landlord’s sole judgment, for the operation of Landlord’s rental activities on the Property, this Lease shall terminate on the date of the taking (or conveyance), and rent shall be
apportioned to the date thereof. Tenant shall have no right to any apportionment of or any share in any condemnation award or judgment for damages made for the taking or conveyance of any part of the Leased Premises or the Building. 

26. QUIET ENJOYMENT. Providing that Tenant shall have complied with all of its covenants under this Lease and shall not otherwise be in default
hereunder, Tenant shall have the right to lawfully, peaceably and quietly occupy the Leased Premises during the Term of this Lease without hindrance or eviction by any persons lawfully claiming under Landlord to have title to the Leased Premises,
superior to the Lease. 

  
 17 

 27. RULES AND REGULATIONS. Tenant agrees to comply with (and cause its agents, contractors, employees
and invitees to comply with) the rules and regulations attached hereto as Exhibit “C” and with such reasonable modifications thereof and additions thereto as Landlord may from time to time make. Landlord agrees to enforce the rules
and regulations uniformly against all tenants of the Property. Landlord shall not be liable, however, for any violation of said rules and regulations by other tenants or occupants of the Building or Property, In the event of any conflict between the
terms and conditions of this Lease and the rules and regulations, the terms and conditions of this Lease shall govern. 
 28. ENVIRONMENTAL
RESTRICTIONS. 
 (a) “Environmental Laws” shall mean all federal, state and local laws, statutes, regulations, ordinances or
the like which regulate, govern or in any way deal with the storage, generation, release, clean-up, use or abatement of substances or wastes for the protection of health, safety and/or the environment. Also, “Hazardous Substances”
shall mean those toxic, hazardous or other substances or wastes, the generation, storage, discharge, and/or disposal of which are regulated and/or controlled by any Environmental Law. 
 (b) Tenant shall not (i) generate, utilize, store or dispose of on the Leased Premises or Property any Hazardous Substances or (ii) suffer or permit to occur any violation of Environmental Laws
on or with respect to the Leased Premises or Property. Tenant shall forever indemnify, defend and hold harmless Landlord and its partners, officers, directors, employees, agents, successors, grantees, assigns and mortgagees (collectively the
“Landlord Group”) from any and all claims, demands, damages, expenses, fees, costs, fines, penalties, suits, proceedings, actions, causes of action and losses of any and every kind and nature, including, without limitation, diminution in
value of the Property, damages for the loss or restriction on use of the rentable or usable space or of any amenity, damages arising from any adverse impact on leasing space on the Property, and sums paid in settlement of claims and for
attorneys’ fees, consultant fees and expert fees that may arise during or after the Term or any extension of the Term as a result of any breach by Tenant of the covenants contained in this Section 28. For purposes of the foregoing, the
term “costs” includes, without limitation, costs and expenses incurred in connection with any investigation of site conditions or any cleanup, remedial, removal or restoration work required by any federal, state or local governmental
agency or political subdivision, or as a result of any public or private enforcement action because of the presence of Hazardous Substances on or about the Property or because of the presence of Hazardous Substances anywhere else that came or
otherwise emanated from the Property or the Leased Premises, or the existence of any other violation of Environmental Law. This covenant of indemnity shall survive the termination of this Lease. 

29. FINANCIAL STATEMENTS. From time to time, but not more often than twice each calendar year and on written request from Landlord, Tenant shall
furnish Landlord within ten (10) business days of such request, with copies of any financial statements that are available to Tenant showing Tenant’s current financial condition and the results of the previous year’s operations,

  
 18 

 30. BROKERS. Landlord utilized the services of CB Richard Ellis-New England (the “Listing
Broker”) and Tenant utilized the services of T3 Realty Advisors, LLC (the “Non-Listing Broker”) in connection with this Lease. Tenant represents to Landlord that Tenant did not involve any other brokers in procuring this
Lease. Landlord shall pay a commission to the Non-Listing Broker and the Listing Broker as is agreed to by the parties per a separate agreement Tenant hereby agrees to (A) forever indemnify, defend and hold Landlord harmless from and against
any commissions, liability, loss, cost, damage or expense (including reasonable attorneys’ fees) that may be asserted against or incurred by Landlord (1) by any other broker other than the Non-Listing Broker that claims representation of
Tenant in excess of the amount specified in said separate agreement with the Non-Listing Broker) or (2) as a result of any misrepresentation by Tenant regarding the Non-Listing Broker hereunder and (B) discharge any lien placed against the
Property by any broker which claims representation of Tenant as a result of the foregoing. 
 31. MISCELLANEOUS. 

(a) Time is of the essence of this Lease and each of its provisions. 
 (b) This Lease and all covenants and agreements herein contained shall be binding upon, apply, and inure to the respective heirs, executors, successors, administrators, and assigns of all parties to this
Lease; provided, however, that this Lease shall not inure to the benefit of any assignee, heir, administrator, devisee, legal representative, successor, transferee or successor of Tenant except upon the prior written consent of Landlord, which
consent shall not be unreasonably withheld. 
 (c) This Lease contains the entire agreement of the parties, all other and prior representations,
negotiations and agreements having been merged herein and extinguished hereby. No modification, waiver or amendment of this Lease or of any of its conditions or provisions shall be binding upon either party hereto unless in writing signed by both
parties. 
 (d) The captions of sections and subsections are for convenience only and shall not be deemed to limit, construe, affect or alter the
meaning of such sections or subsections. 
 (e) Interpretation of this Lease shall be governed by the laws of the Commonwealth of Massachusetts.

 (f) This Lease is and shall be deemed and construed to be the joint and collective work product of Landlord and Tenant and, as such, this
Lease shall not be construed against either party, as the otherwise purported drafter of same, by any court of competent jurisdiction in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms or provisions
contained herein. 
 (g) In the event that either party thereto shall be delayed or hindered in or prevented from the performance of any act
required hereunder by reason of strikes, lock-outs, labor troubles, inability to procure materials, failure of power, restrictive government laws or regulations, riots, insurrection, war or other reason of a like nature not at the fault of the party
delayed in performing work or doing as required under the terms of this Lease, than performance of such act shall be excused for the period of delay and the period for the performance of any such act shall be extended for a period equivalent to the
period of such delay. The provisions of this Subsections shall not operate to excuse Tenant from the prompt payment of rent or any other payments required under the terms of this Lease. 

  
 19 

 32. CHANGES TO IMPROVEMENTS: TENANT DELAY. 
 (a) No changes (“TI Changes”) shall be made to the Improvements unless same are set forth in a written change order executed by Landlord and Tenant which specifies (i) the nature of
the TI Changes, (ii) the cost or credit to Tenant as a result of such TI Changes, and (iii) whether such TI Changes will constitute a Tenant Delay under Section 32(b) below. 
 (b) Upon the occurrence of a Tenant Delay (as hereinafter defined) then (A) Tenant’s obligation to pay Rent (but not to occupy the Leased Premises) shall begin as of the date the Original
Completion Deadline would have occurred but for a Tenant Delay, (B) Tenant shall pay to Landlord all costs and expenses reasonably incurred by Landlord as a result of such Tenant Delay including, without limitation, any costs and expenses
attributable to increases in the cost of labor or materials, and (C) Tenant’s right of occupancy shall not arise until Substantial Completion of the Improvements. As used herein the term “Tenant Delay” shall mean the
occurrence of any one or more of the following which directly contribute to the inability of Landlord (without the use of overtime, labor or heroic measures) to Substantially Complete the Improvements on or prior to the Original Completion Deadline:
(i) Tenant is Delinquent (as hereafter defined) in furnishing, approving or authorizing any plans for the Improvements, including, without limitation, architectural drawings and finished/color selections; (ii) Tenant is Delinquent in
submitting to Landlord, when requested, any information, authorization or approvals in compliance with the intended Improvements set forth on Exhibit “B” including, without limitation, any information required by Landlord to prepare
plans for same; (iii) TI Changes requested by Tenant; (iv) Tenant’s request to itself (or through its own contractors or subcontractors) perform any work or improvements within the Leased Premises prior to the date it may occupy the
Leased Premises; (v) Tenant’s request for, or selection of, materials, components, finishes or improvements other than those which are normally used by Landlord or which are otherwise readily available to Landlord within a commercially
reasonable time frame given the Original Completion Deadline; (vi) Tenant’s failure to pay, when due, any amounts required to be paid by Tenant hereunder; (vii) Tenant’s failure to comply with all federal, state or local laws,
regulations, codes or ordinances; (viii) Tenant’s request for additional bidding or re-bidding of the cost of all or any portion of the work related to the Improvements; (ix) any postponements or delays requested by Tenant and agreed
to by Landlord regarding the completion of the Improvements; (x) any error in the plans for the Improvements caused or related to any act or omission by Tenant or its employees or agents; or (xi) any other act or omission of the Tenant,
its employees or agents. For purposes of this Section 32(b), all actions required, or information/decisions requested of Tenant shall be deemed “Delinquent” if not taken and communicated to Landlord (A) by the time
specified in Landlord’s critical path schedule or (B) within three (3) business days following written request from Landlord to Tenant for such action or decision. Landlord’s determination that a Tenant Delay has occurred shall
be conclusive and binding upon the parties upon written notice by Landlord to Tenant. 

  
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 33. PARKING. Tenant shall be entitled to the non-exclusive use, on a first come-first serve basis, of
no more than twenty seven (27) parking spaces in parking areas designated by Landlord. Landlord may grant other occupants or tenants of the Building the right to use parking 
 spaces, and Landlord shall not be obligated to enforce parking limitations imposed on other tenants. If Tenant uses parking in excess of that provided for herein, and if such excess use occurs on a
regular basis, and if Tenant fails, after written notice from Landlord of any one violation, to reduce its excess use of the parking areas, then such excess use shall constitute an Event of Default under this Lease without further notice or
opportunity to cure such Event of Default. 
 34. SUBSTITUTION OF LEASED PREMISES. Landlord may, during the first three (3) years of
the Term of the Lease (the “Substitution Period”), substitute other premises in the Building for the Leased Premises (“Substitute Premises”), in which event the Substitute Premises shall be deemed to be the Leased Premises
for all purposes under this Lease; provided, however, that: (i) the Substitute Premises shall be located in the Building and shall be similar to the Leased Premises in square footage and appropriateness for the Permitted Uses; (ii) if
Tenant is then occupying the Leased Premises, Landlord shall pay the expense of moving Tenant, its property and equipment to the Substitute Premises, and such moving shall be done at such time and in such manner so as not to cause unreasonable
inconvenience to Tenant; (iii) Landlord shall give to Tenant not less than ninety (90) days’ prior written notice of such substitution; (iv) Landlord shall, at its sole cost, improve the Substitute Premises with improvements
substantially similar to those located in the Leased Premises; and (v) in no event shall Landlord substitute other premises for the Leased Premised more than one (1) time during the Substitution Period. 

35. PRIOR ACCESS. At such point as, in Landlord’s reasonable judgment, the Improvements if any have proceeded to such point where Tenant may
install wires, cables, furniture, fixtures and equipment (“Tenant’s Work”) within the Leased Premises without interfering with the performance of the Improvements (approximately fifteen days prior to the Possession Date),
Landlord shall so notify Tenant and, from and after such date of notification, Tenant and its contractors shall have access to the Leased Premises for the purposes of performing Tenant’s Work in preparation for Tenant’s occupancy of the
Leased Premises. In connection with such access, Tenant agrees (a) to cease promptly upon notice from Landlord any activity or work which has not been approved by Landlord or is not in compliance with the provisions of this Lease or which shall
interfere with or delay the performance of the Improvements, and (b) to comply promptly with all reasonable procedures and regulations prescribed by Landlord from time to time for coordinating work being performed by Landlord and work being
performed by Tenant, each with the other and with any other activity or work in the Building, including, without limitation, the use of labor which shall work in harmony with all other contractors performing work at the Building. Such access by
Tenant shall be deemed to be subject to all of the applicable provisions of the Lease, except that (x) there shall be no obligation on the part of Tenant solely because of such access to pay any Rent prior to the Original Completion Deadline,
and (y) Tenant shall not be deemed thereby to have taken or accepted possession of the Leased Premises or any portion thereof. If Tenant fails or refuses to comply or cause its contractors to comply with, any of the obligations described or
referred to above, then immediately upon notice to Tenant, Landlord may revoke Tenant’s rights of access to the Leased Premises. Landlord shall assume no responsibility for the quality or completion of Tenant’s work under this
Section 35, and shall not be responsible for equipment or supplies left or stored on the Leased Premises by Tenant or Tenant’s contractors. 

  
 21 

 36. CERTAIN RIGHTS RESERVED TO LANDLORD. Landlord reserves the following rights, each of which
Landlord may exercise without notice to Tenant and without liability to Tenant, and the exercise of any such rights shall not be deemed to constitute an eviction or disturbance of Tenant’s use or possession of the Leased Premises and shall not
give rise to any claim for set-off or abatement of rent or any other claim: (a) to change the name or street address of the Building or the suite number of the Leased Premises; (b) to install, affix and maintain any and all signs on the
exterior or interior of the Building; (c) to make repairs, decorations, alterations, additions or improvements, whether structural or otherwise, in and about the Building or the Common Areas, and for such purposes to enter upon the Leased
Premises, temporarily close doors, corridors and other areas of the Building and interrupt or temporarily suspend services or use of Common Areas, and Tenant agrees to pay Landlord for overtime and similar expenses incurred if such work is done
other than during ordinary business hours at Tenant’s request; (d) to retain at all times, and to use in appropriate instances, keys to all doors within and into the Leased Premises; (e) to grant to any person or to reserve unto
itself the exclusive right to conduct any business or render any service in the Building; (f) to show or inspect the Leased Premises at reasonable times and, if vacated or abandoned, to prepare the Leased Premises for reoccupancy; (g) to
install, use and maintain in and through the Leased Premises pipes, conduits, wires and ducts serving the Building, provided that such installation, use and maintenance does not unreasonably interfere with Tenant’s use of the Leased Premises;
(h) to take any other action which Landlord deems reasonable in connection with the operation, maintenance, marketing or preservation of the Building; and (i) to approve the weight, size and location of safes or other heavy equipment or
articles, which articles may be located in the Leased Premises or moved in, about or out of the Building or Leased Premises only at such times and in such manner as Landlord shall direct, at Tenant’s sole risk and responsibility. 

37. OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day
of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the
right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension Term”) upon written notice to Landlord given not less than nine
(9) months and not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term
strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted
hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be
increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as
the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of
Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental
Notice”). If Tenant does not object to Landlord’s determination of such fair market rent by 

  
 22 

 
written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s
Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market
rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effect. 

38. TERMINATION RIGHT. Tenant shall have a one-time right and option to terminate this Lease (“Termination Right”), which
termination shall become effective as of the last day of thirty eight (38th) month of the Term by providing prior written notice to Landlord, not less than nine (9) months but no more than twelve (12) months prior to the effective
date of such termination, time being of the essence, provided that Tenant is not in default under the terms of this Lease either at the time it exercises such right or as of the date the termination becomes effective, and provided such notice shall
be accompanied by a termination payment equal to (i) the unamortized balance of Landlord’s “Lease Costs” (as hereinafter defined) plus (ii) five (5) month’s Base Rent (as defined in Section 1 of this
Lease) at the rate payable as of the year of the effective date of the termination. The parties agree that if Tenant fails to exercise its option to terminate this Lease strictly in accordance with this Section, then Tenant’s right to terminate
this Lease shall automatically lapse and Tenant shall have no right to terminate this Lease. Upon timely exercise of Tenant’s Termination Right, the last day of 38* month of the Term shall be deemed the expiration date of the Term of the Lease
and Tenant shall surrender the Leased Premises on or before of first day of the thirty ninth (39th) month of the Term in accordance with the terms of this Lease. For the purposes hereof, “Lease Costs” shall be the cost of the
Improvements, initial brokerage commission, and legal fees. 
 39. LEASE COMMENCEMENT/ACCEPTENCE PREMISES. Promptly after the
determination of the Rent Commencement Date, Landlord and Tenant shall enter into a commencement letter agreement (the “Commencement Letter”) in the form attached as Exhibit “D”. Tenant’s failure to execute and return the
Commencement Letter, or to provide written objection to the statements contained in the Commencement Letter, within 15 days after the date of the Commencement Letter shall be deemed an approval by Tenant of the statements contained therein.

 40. WAIVER OF RIGHT TO JURY TRIAL. Landlord and Tenant hereby waive their respective rights to a trial by jury of any claim, action,
proceeding or counterclaim by either party against the other on any matters arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant, and/or Tenant’s Use or occupancy of the Premises or Building (including
any claim of injury or damage or the enforcement of any remedy under any current or future laws, statutes, regulations, codes or ordinances). 

41. SHORT FORM LEASE. 
 Tenant shall not
record this Lease without the prior written consent of Landlord. Tenant, upon the request of Landlord, shall execute and acknowledge a short form memorandum of this Lease for recording purposes. 

[Signatures on the Following Page] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the date of Lease
stated above. 
  

									
	TENANT:	 		 	LANDLORD:
		 		 	
	Globoforce, Inc.	 		 	 CRP-2 Holdings AA, L.P.,
 a Delaware limited partnership

		 		 	
	By:	 	/s/ Stephen Cromwell	 		 	By:	 	CRP-2 Holdings GP-AA, LLC, a Delaware limited liability company, its general partner
	Name:	 	Stephen Cromwell	 		 		 
	Title:	 	CFO	 		 		 
					
		 		 		 	By:	 	/s/ Robert W. Holmes
		 		 		 	Name:	 	Robert W. Holmes
		 		 		 	Title:	 	Vice President

 STATE/COMMONWEATLTH OF MASSACHUSETTS 

 

			
	 County of Worchester, ss,
	  	July 26, 2007

 On this 26th day of July, 2007, before me, the undersigned notary public, personally appeared Stephen Cromwell, proved to
me through satisfactory evidence of identification, which were Mass. Driver’s License, to be the person whose name is signed on the preceding document, and acknowledged to me that he signed it voluntarily for its stated purpose as CFO
of Globoforce, Inc. 
  

	
	
	/s/ Courtney S. Moore
	 Notary Public
 My commission
expires: August 16, 2007

 STATE/COMMONWEATLTH OF MASSACHUSETTS 

 

			
	 County of Suffolk, ss,
	  	August 7, 2007

 On this 7th day of August, 2007, before me, the undersigned notary public, personally appeared Robert Holmes, proved to
me through satisfactory evidence of identification, which were personally known, to be the person whose name is signed on the preceding document, and acknowledged to me that he signed it voluntarily for its stated purpose as Vice President
of CRP-2 Holdings GP-AA, LLC. 
  

	
	
	/s/ Julie Phapasso
	 Notary Public
 My commission
expires: April 18, 2014

 EXHIBIT C 
 RULES AND REGULATIONS 
 1. The water and wash closets and other plumbing
fixtures shall not be used for any purposes other than those for which they were constructed, and no sweepings, rubbish, rags or other substances (including, without limitation, coffee grounds) shall be thrown therein. All damages resulting from
misuse of the fixtures shall become by Tenant if Tenant or its servants, employees, agents, visitors or licensees shall have caused the same. 
 2. No cooking (except for hot-plate and microwave cooking by Tenants’ employees for their own consumption, the location and equipment of which is first approved by Landlord), sleeping or lodging
shall be permitted by any tenant on the Leased Premises. No tenant shall cause or permit any unusual or objectionable odors to be produced upon or permeate from the Leased Premises. 

3. Except as otherwise provided in the Lease, no inflammable, combustible, or explosive fluid, material, chemical or substance shall be
brought or kept upon, in or about the Leased Premises. Fire protection devices, in and about the Building, shall not be obstructed or encumbered in any way. 
 4. Canvassing, soliciting and peddling in the Building is prohibited and each tenant shall cooperate to prevent the same. 
 5. There shall not be used in any space, or in the public halls of the Building, either by any tenant or by its agents, contractors, jobbers or others, in the delivery or receipt of merchandise, freight,
or other matters, any hand trucks or other means of conveyance except those equipped with rubber tires, rubber side guards, and such other safeguards as Landlord may require, and Tenant shall be responsible to Landlord for any loss or damage
resulting from any deliveries to Tenant in the Building. Deliveries of mail, freight or bulky packages shall be made through the freight entrance or through doors specified by Landlord for such purpose. 

6. Mats, trash or other objects shall not be placed in the public corridors. The sidewalks, entries, passages, elevators, public
corridors and staircases and other parts of the Building which are not occupied by Tenant shall not be obstructed or used for any other purpose than ingress or egress. 
 7. Tenant shall not install or permit the installation of any awnings, shades, draperies and/or other similar window coverings, treatments or like items visible from the exterior of the Leased Premises
other than those approved by the Landlord in writing. 
 8. Tenant shall not construct, maintain, use or operate within said
Leased Premises or elsewhere in the Building or on the outside of the Building, any equipment or machinery which produces music, sound or noise which is audible beyond the Leased Premises. 

9. Bicycles, motor scooters or any other type of vehicle shall not be brought into the lobby or elevators of the Building or into the
Leased Premises except for those vehicles which are used by a physically disabled person in the Leased Premises. 

 10. All blinds for exterior windows shall be building standard and shall be maintained by
Tenant. 
 11. No additional locks shall be placed upon doors to or within the Leased Premises except as shall be necessary
adequately to safeguard United States Government security classified documents stored with the Leased Premises. The doors leading to the corridors or main hall shall be kept closed during business hours, except as the same may be used for ingress or
egress. Notwithstanding anything to the contrary in the foregoing, Tenant shall be permitted to place locks on doors in the Leased Premises provided that Tenant provides keys to such doors to Landlord, the property manager, and cleaning staff.

 12. Landlord reserves the right to temporarily shut down the air conditioning, electrical systems, heating, plumbing and/or
elevators when necessary by reason of accident or emergency, or for repair, alterations, replacements or improvement. 
 13. No
carpet, rug or other article shall be hung or shaken out of any window of the Building and Tenant shall not sweep or throw or permit to be swept or thrown from the Leased Premises any dirt or other substances into any of the corridors or halls,
elevator, or out of the doors or windows or stairways of the Building. Tenant shall not use, keep or permit to be used or kept any foul or noxious gas or substance in the Leased Premises, or permit or suffer the Leased Premises to be occupied or
used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors and/or vibrations, or interfere in any way with other tenants or those having business therein, nor shall any animals or birds be
kept in or about the Building. Smoking or carrying lighted cigars or cigarettes in the elevators of the Building is prohibited. 

14. Landlord reserves the right to exclude from the Building on weekdays between the hours of 6:00 p.m. and 8:00 a.m. and at all hours on
weekends and legal holidays, all persons who do not present a pass to the Building signed by Landlord; provided, however, that reasonable access for Tenant’s employees and customers shall be accorded. Landlord will furnish passes to persons for
whom Tenant requires same in writing. Tenant shall be responsible for all persons for whom it requests such passes and shall be liable to Landlord for all acts of such persons. 

15. Tenant agrees to keep all windows closed at all times and to abide by all rules and regulations issued by Landlord with respect to
the Building’s air conditioning and ventilation systems. 
 16. Tenant will replace all broken or cracked plate glass
windows and doors at its own expense, with glass of like kind and quality, provided that such windows and doors are not broken or cracked by Landlord, its employees, agents or contractors, 

17. In the event it becomes necessary for the Landlord to gain access to the underfloor electric and telephone distribution system for
purposes of adding or removing wiring, then upon request by Landlord, Tenant agrees to temporarily remove the carpet over the access covers to the underfloor ducts for such period of time until work to be performed has been completed. The cost of
such work shall be borne by Landlord except to the extent such work was requested by or is intended to benefit Tenant or the Leased Premises, in which case the cost shall be borne by Tenant. 

  
 26 

 18. Violation of these rules, or any amendments thereof or additions thereto, may be
considered a default of Tenant’s lease and shall be sufficient cause for termination of the Lease pursuant to the provisions of Section 23 of the Lease at the option of Landlord. 

  
 27 

 EXHIBIT D 
 Lease Commencement/Acceptance of Premises 
 Date
10/5/07 
 Ms. Stephen Cromwell 

Globoforce, Inc. 
 144 Turnpike Rd. 

Southborough, MA 01772 
 RE: Lease Agreement,
dated 9/12/07, between Entity CRP-2 Holdings AA, LP (“Landlord”), and Globoforce (“Tenant”) concerning 

144 Turnpike Road, Southborough, MA 01772 
 In accordance with the referenced Lease Agreement (the “Lease”), we request that you and/or the proper authority, please confirm the following: 

 

	 	1.	The Term and Base Rent commenced on September 12, 2007 for a term of 62 months ending on October 31, 2012. 

 

	 	2.	Tenant acknowledges and agreed that as of September 12, 2007 (i) the Improvements to the Premises have been substantially completed; (ii) and that as of the date of
this letter the Landlord has fulfilled all of its obligations to complete Tenant Improvements at the Premises, and that the Tenant has accepted the Premises in its current condition. 

 

	 	3.	Rent checks should continue to be made payable to CRP-2 Holdings AA, LP at P.O Box 30830, New York, NY 10087-0802. 

 

	 	4.	The approximate number of rentable square feet within the Premises is 7,785 SF. 

 

	 	5.	Tenant’s Proportionate Share is calculated based upon the number of rentable square feet within the Premises, which is 7.79% of building related expenses.

 Please confirm your agreement with the aforementioned terms by signing below and returning a copy to [CBRE-New England]
for our lease. 
 Again, thank you for your tenancy, and we look forward to a long and harmonious relationship! 

Sincerely, 
  

					
	CBRE-New England:	 		 	AGREED TO & ACCEPTED BY:
	 	 		 	/s/Stephen Cromwell
	 /s/Geoffrey Grab
  

Geoffrey Grab, its
 Assistant Property Manager
	 		 	 By
  
 Its:
CFO                                        
                                

Date:
10/26/2007                                       
                     

 FIRST AMENDMENT TO LEASE 

This FIRST AMENDMENT TO LEASE (this “First Amendment”) is dated as of September 30, 2010 (the “Effective
Date”) by and between CRP-2 HOLDINGS AA, L.P., a Delaware limited partnership (“Landlord”) and GLOBOFORCE, INC., a Massachusetts corporation (“Tenant”). 

WHEREAS, Landlord and Tenant are parties to that certain Commercial Lease dated July 26, 2007 (the “Lease”), for
the lease of certain premises consisting of approximately 7,785 square feet located at 144 Turnpike Road, Southborough, Massachusetts, as more particularly described in the Lease (the “Existing Premises”); and 

WHEREAS, Landlord and Tenant wish to amend certain provisions of the Lease as shall be set forth in this First Amendment. 

NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Landlord and
Tenant hereby agree to amend the Lease as follows. 
 AGREEMENT 
 1. Definitions. Capitalized terms used in this First Amendment shall have the same meanings ascribed to such capitalized terms in the Lease, unless otherwise provided for herein. 

2. Modifications. Modifications to Lease: 
 A. Expansion Premises. The “Expansion Premise” shall mean the 3,886 square feet of rentable area commonly known as Suite 350 located at 144 Turnpike Road, Southborough,
Massachusetts, as shown on Exhibit A attached hereto. Beginning on the later of (i) October 1, 2010 or (ii) substantial completion of the Expansion Premises Improvements, as said term is defined herein (the
“Expansion Date”), Landlord shall deliver possession of the Expansion Premises to Tenant and the Expansion Premises shall be added to the Existing Premises and the term “Leased Premises”, as used in the Lease, shall
refer to the Existing Premises and the Expansion Premises. The Expansion Premises shall be subject to all the terms and provisions of the Lease, except that Tenant’s obligation to pay Base Rent and Tenant’s Proportionate Share of
Additional Rent with respect to the Expansion Premises shall be as provided herein. 
 B. Extension. The Term of the Lease
shall be extended as to the entire Leased Premises so that it shall hereafter expire on that certain day which is the last calendar day of the sixtieth (60th) complete calendar month following the Expansion Date (the “Expiration
Date”). 
 C. Security Deposit. Upon execution of this First Amendment, the Security Deposit shall be increased
from $42,817.50 to $55,000.00. 

 D. Base Rent for the Leased Premises. Beginning on the Expansion Date, the Base Rent
for the entire Leased Premises shall be payable according to the following schedule: 
  

													
	 Months of Term
	  	Base Rent
(per annum)	 	  	Base Rent
(per month)	 	  	Base Rent
(per rentable 
square
foot, per annum)	 
	 Rent Commencement Date-12
	  	$	233,420.00	  	  	$	19,451.67	  	  	$	20.00	  
	 13-24
	  	$	239,255.50	  	  	$	19,937.96	  	  	$	20.50	  
	 25-36
	  	$	245,091.00	  	  	$	20,424.25	  	  	$	21.00	  
	 37-48
	  	$	250,926.50	  	  	$	20,910.54	  	  	$	21.50	  
	 49-60 (plus any additional days necessary for the Term to expire on the Expiration Date)
	  	$	256,762.00	  	  	$	21,396.83	  	  	$	22.00	  

 E. Tenant’s Percentage. Beginning on the Expansion Date: (i) the rentable area of the
Expansion Premises shall be deemed to be 3,886 square feet; (ii) the rentable area of the entire Leased Premises shall be deemed to be 11,671 square feet; (iii) Tenant’s Percentage of Additional Rent for the Expansion Premises shall
be deemed to be 3.89%; and (iv) Tenant’s Percentage of Additional Rent for the entire Leased Premises shall be deemed to be 11.68%. 
 F. Base Taxes. Effective upon the Expansion Date, “2008” shall be deleted from the fifth (5th) line of Section 2 of the Lease, and “2011” inserted in its place. 

G. Base Insurance. Effective upon the Expansion Date, “2007” shall be deleted from the third
(3rd) line or Section 3(D) of the Lease, and
“2010” inserted in its place. 
 H. Base Common Area, Charges. Effective upon the Expansion
Date, “2007” shall be deleted from the third
(3rd) line of the third (3rd) paragraph of Section 4 of the Lease, and “2010”
inserted in its place. 
 I. HVAC Maintenance. Effective upon the Expansion Date, “2007”
shall be deleted from the eighth (8th) line of
Section 5 of the Lease, and “2010” inserted in its place. 
 J. Electricity. Tenant shall contract directly
with the electricity provider, which electricity shall be separately metered to the Expansion Premises, and Tenant shall pay such electricity provider directly and promptly when due. 

K. Separate or Combined Billings; Prorations. Landlord may bill Rent for the Expansion Premises separately or treat the Expansion
Premises and the Existing Premises as one unit for billing purposes. Any default respecting any separate billing shall be a default with respect to the entire Leased Premises and the Lease. 

L. Parking. Effective upon the Expansion Date, “twenty seven (27)” shall be deleted from the second
(2nd) line of Section 33 of the Lease, and
“forty-one (41)” inserted in its place. 

  
 1 

 M. Condition of Premises; Improvements. Landlord, at Landlord’s own expense and
using materials consistent with the minimum standards of the Building (or as otherwise determined by Landlord), will make certain improvements to the Expansion Premises consisting of paint, carpet, and newly finished doors consistent with those
located in the Existing Premises, and using Building standard materials, as are more fully set forth in the plan attached hereto and made a part hereof as Exhibit B (the “Expansion Premises Improvements”). 

N. Renewal. So long as (i) there then exists no event of default either at the time of exercise or on the first day of the
Extension Term (as hereinafter defined), (ii) the Lease, as amended hereby is in full force and effect, and (iii) the Tenant named herein has not assigned the Lease, as amended hereby and is in occupancy of the entire Leased Premises,
Tenant shall have the right and option to extend the Term hereof for one (1) additional five (5) year period (the “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than
twelve (12) months-prior to the Expiration Date. The parties agree that if Tenant fails to exercise its option to extend the Term strictly within the time periods set forth in this Section, then Tenant’s right to extend the Term shall
automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant exercises the option granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under the Lease, as
amended hereby, immediately preceding the commencement of such Extension Term except that the Annual Base Rent due from the Tenant shall be increased to Landlord’s determination of Annual Base Rent as provided herein and Tenant shall have no
farther rights or options whatsoever to extend the Term beyond the expiration of such Extension Term. If Tenant exercises the right to extend the Term as heron provided, then no later than thirty (30) days following receipt of Tenant’s
notice, Landlord shall notify Tenant in writing of Landlord’s determination of the annual Base Rent for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Landlord’s
determination of the Annual Base Rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the Annual Base Rent set forth in Landlord’s Rental
Notice. If Tenant does timely object to Landlord’s Rental Nonce, the parties shall use commercially reasonable efforts to agree upon the annual Base Rent for toe Extension Term, however, if the parties cannot agree upon the annual Base Rent
within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section shall terminate and be of no further force or effect. Tenant acknowledges,
confirms and agrees that it shall have no other right or option to extend or renew the Lease except as provided in this Section. 

For the purposes of this section, Base Rent for the Extension Term shall reflect Landlord’s reasonable determination of the fair
market value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the date on which the Extension Term is to begin for a comparable term and for space comparable to the Leased Premises in the Building and
buildings comparable to the Building in the market area. Such determination of fair market value shall take into account any material economic differences between the terms of the Lease, as amended hereby, and any comparison lease, such as rent
abatements, construction costs and other concessions and 

  
 2 

 
the manner if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of fair market value shall also take into consideration any
reasonably anticipated changes in rental conditions from the time such fair market value is being determined and the date upon which the Extension Term will begin. 

O. Option to Terminate. Tenant shall have the right to terminate the Lease (“Termination
Right”) effective as of that certain day which is the last calendar day of the forty-second (42nd) complete calendar month following the Expansion Date (the “Early Termination Date”) upon not less than nine (9) months prior written notice to Landlord (the “Notice to
Terminate”); provided (A) Tenant is not in default under the terms of the Lease either as of the date Landlord receives the Notice to Terminate or as of the Early Termination Date, and (B) the Notice to Terminate is accompanied by
a termination payment equal to (i) the unamortized balance of Landlord’s “Lease Costs” (as hereinafter defined) plus (ii) an amount equal to the Base Rent that would have been due and payable for the five
(5) full calendar months following the Early Termination Date. The parties agree that if Tenant fails to exercise the Termination Right strictly in accordance with this Section, then said Termination Right shall automatically lapse and Tenant
shall have no further right to terminate the Lease. Upon timely exercise of the Termination Right, the Early Termination Date shall be deemed the Expiration Date of the Lease and Tenant shall surrender the Leased Premises on or before the Early
Termination Date, in accordance with the terms of the Lease. For the purposes hereof “Lease Costs” shall be the (i) cost of improvements to the Expansion Premises constructed at Landlord’s expense, and (ii) the following
amounts, paid or provided in connection with this First Amendment only: brokerage commissions, any free rent or rent reductions, Landlord legal fees, and tenant allowances or other Tenant inducement 

P. Deletions. Section 37 of the Lease and Section 38 of the Lease are hereby made null and void and of no further force
or effect. 
 Q. Notices. All notices required or permitted by the Lease, as amended hereby, to be delivered to Landlord
shall hereafter be delivered as follows: 
  

					
		  	To Landlord:	  	 CRP-2 Holdings AA, LP
 c/ o
Colony Realty Partners, LLC
 Two International Place
 Boston, MA 02110
 Attn: Mr. Greg Lauze
 Fax: 617-235-6399

			
		  	And to:	  	 Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
 One Financial Center
 Boston, MA 02111
 Attn: Daniel O. Gaquin, Esq.
 Fax: 617-542-2241

  
 3 

 R. Real Estate Brokers. Landlord utilized the services of CB Richard
Ellis-New England (the “Listing Broker”) and Tenant utilized the services of T3 Realty Advisors (the “Non-Listing Broker”) in connection with this First Amendment. Tenant represents to Landlord that Tenant
did not involve any other brokers in procuring this First Amendment. Landlord shall pay a commission to the Non-Listing Broker and the Listing Broker as is agreed to by the parties per a separate agreement. Tenant hereby agrees to (A) forever
indemnify, defend and hold Landlord harmless from and against any commissions, liability, loss, cost, damage or expense (including reasonable attorneys’ fees) that may be asserted against or incurred by Landlord (1) by any other broker
other than the Non-Listing Broker that claims representation of Tenant in excess of the amount specified in said separate agreement with the Non-Listing Broker or (2) as a result of any misrepresentation by Tenant regarding the Non-Listing
Broker hereunder and (B) discharge any lien placed against the Building by any broker which claims representation of Tenant as a result of the foregoing. 
 3. Governing Law. This First Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts (without regard to conflicts of law). 

4. Ratification of Lease. Except as modified hereby, all other terms and conditions of the Lease remain unchanged and in full force and effect and
are hereby ratified and confirmed by the parties hereto. Tenant accepts the Existing Premises in its “as is” and “where is” condition. Tenant accepts the Expansion Premises in its “as is” and “where is”
condition except as specifically provided otherwise in this First Amended Tenant represents and warrants to Landlord that as of the date of Tenant’s execution of this First Amendment: (a) Tenant is not in default under any of the terms and
provisions of the Lease; (b) Landlord is not in default in the performance of any of its obligations under the Lease and Tenant is unaware of any condition or circumstance which, with the giving of notice or the passage of time, or both, would
constitute a default by Landlord; (c) Landlord has completed, to Tenant’s satisfaction, any and all improvements to the Leased Premises, except as specifically provided in Section 2 above as to the Expansion Premises, and has paid any
and all allowances required of it under the Lease; and (d) Tenant has no defenses, liens, claims, counterclaims or right to offset against Landlord or against the obligations of Tenant under the Lease. Tenant acknowledges, confirms, and agrees
that Tenant has no right or option to expand the Leased Premises or to extend, renew or terminate the Lease except as may be provided in this First Amendment. 
 5. Limitation of Liability. Neither Landlord nor any officer, director, member or employee of Landlord nor any owner of the Building, whether disclosed or undisclosed, shall have any personal
liability with respect to any of the provisions of the Lease, as hereby amended, or the Leased Premises, and if Landlord is in breach or default with respect to Landlord’s obligations under the Lease, as hereby amended, or otherwise, Tenant
shall look solely to the interest of Landlord in the Building for the satisfaction of Tenant’s remedies or judgments. 
 6. Entire
Agreement. This First Amendment, in conjunction with the Lease, constitutes the entire agreement of Landlord and Tenant with respect to the subject matter hereof and supersedes all oral and written agreements and understandings made and entered
into by the parties prior to the date hereof. 

  
 4 

 7. Multiple Counterparts. This First Amendment may be executed in multiple counterparts, all of
which, when taken together, shall constitute one and the same instrument. 
 [Signatures on the Following Page] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the
Effective Date stated above. 
  

											
	 TENANT:
	 		 	LANDLORD:
			
	 Globoforce, Inc.,

a Massachusetts corporation
	 		 	 CRP-2 Holdings AA, L.P.
 a Delaware limited partnership

		 		 	
	By:	 	/s/ Stephen Cromwell	 		 	By:	 	CRP-2 Holdings GP-AA, LLC,
		 	Stephen Cromwell	 		 		 	a Delaware limited liability company,
		 	Treasurer	 		 		 	its general partner
		 		 		 		 	
	Date: October 8, 2010	 		 		 	By:	 	/s/ Robert W. Holmes
		 		 		 		 		 	Robert W. Holmes
		 		 		 		 		 	Vice President
					
		 		 		 	Date:	 	 

 EXHIBIT A 
 Expansion Premises 
 See attached 

 EXHIBIT B 
 Plan of Expansion Premises Improvements 
 See attached 

 

 

 SECOND AMENDMENT TO LEASE 

This SECOND AMENDMENT TO LEASE (this “Second Amendment”) is dated as of July 19, 2012 (the “Effective
Date”) by and between CRP-2 HOLDINGS AA, L.P., a Delaware limited partnership (“Landlord”) and GLOBOFORCE, INC., a Massachusetts corporation (“Tenant”). 

WHEREAS, Landlord and Tenant are parties to that certain Commercial Lease dated July 26, 2007, as amended by that certain First
Amendment to Lease (“First Amendment”) dated September 30, 2010, (collectively, the “Lease”), for the lease of certain premises consisting of approximately 11,671 square feet located at 144 Turnpike Road,
Southborough, Massachusetts, as more particularly described in the Lease (the “Existing Premises”): and 

WHEREAS, Landlord and Tenant wish to amend certain provisions of the Lease as shall be set forth in this Second Amendment; 

NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Landlord and
Tenant hereby agree to amend the Lease as follows. 
 AGREEMENT 
 1. Definitions. Capitalized terms used in this Second Amendment shall have the same meanings ascribed to such capitalized terms in the Lease, unless otherwise provided for herein. Any duplication
of defined terms between this Second Amendment and the First Amendment shall have the meaning ascribed to them in this Second Amendment. 
 2.
Modifications. Modifications to Lease: 
 A. Expansion Premises. The “Expansion Premises” shall
mean the 2,369 square feet of rentable area commonly known as Suite 320 located at 144 Turnpike Road, Southborough, Massachusetts, as shown on Exhibit A attached hereto. Beginning on the later of (i) September 1, 2012 or
(ii) substantial completion of the Expansion Premises Improvements, as said term is defined herein (the “Expansion Date”). Landlord shall deliver possession of the Expansion Premises to Tenant and the Expansion Premises shall
be added to the Existing Premises and the term “Leased Premises”, as used in the Lease, shall refer to the Existing Premises and the Expansion Premises. The Expansion Premises shall be subject to all the terms and provisions of the
Lease, except that Tenant’s obligation to pay Base Rent and Tenant’s Proportionate Share of Additional Rent with respect to the Expansion Premises shall be as provided herein. 

B. Extension. The Term of the Lease shall be extended as to the entire Leased Premises so that it shall
hereafter expire on that certain day which is the last calendar day of the fifty-second (52nd) complete calendar month following the Expansion Date (the “Expiration Date”). 

 C. Base Rent for the Leased Premises. Beginning on the Expansion Date, the Base Rent
for the entire Leased Premises shall be payable according to the following schedule: 
  

							
	 Months of Term
	  	 Base Rent

(per annum)
	  	 Base Rent

(per month)
	  	 Base Rent

(per rentable square

foot, per annum)

	 Expansion Date-4
	  	$287,820.00	  	$23,985.00	  	$20.50
	 5-16
	  	$294,840.00	  	$24,570.00	  	$21.00
	 17-28
	  	$301,860.00	  	$25,155.00	  	$21.50
	 29-40
	  	$308,880.00	  	$25,740.00	  	$22.00
	 41-52 (plus any additional days necessary for the Term to expire on the Expiration
Date)
	  	$322,920.00	  	$26,910.00	  	$23.00

 D. Tenant’s Percentage. Beginning on the Expansion Date: (i) the rentable area of the
Expansion Premises shall be deemed to be 2,369 square feet; (ii) the rentable area of the entire Leased Premises shall be deemed to be 14,040 square feet; (ill) Tenant’s Percentage of Additional Rent for the Expansion Premises shall
be deemed to be 2.37%; and (iv) Tenant’s Percentage of Additional Rent for the entire Leased Premises shall be deemed to be 14.06%. 
 E. Base Taxes. Effective upon the Expansion Date, “2011” shall be deleted from the fifth (5th) line of Section 2 of the Lease, and “2013” inserted in its place. 

F. Base Insurance. Effective upon the Expansion Date, “2010” shall be deleted from the third
(3rd) line of Section 3(D) of the Lease, and
“2012” inserted in its place. 
 G. Base Common Area Charges. Effective upon the Expansion
Date, “2010” shall be deleted from the third
(3rd) line of the third (3rd) paragraph of Section 4 of the Lease, and “2012”
inserted in its place. 
 H. HVAC Maintenance. Effective upon the Expansion Date, “2010”
shall be deleted from the eighth (8th) line of
Section 5 of the Lease, and “2012” inserted in its place. 
 I. Electricity. Tenant shall contract directly
with the electricity provider, if electricity is separately metered to the Expansion Premises, and shall pay such electricity provider directly and promptly when due. If electricity is not separately metered to the Expansion Premises, the cost of
such electricity consumed at the Expansion Premises, as reasonably determined by Landlord, shall be paid by Tenant as Additional Rent. 
 J. Separate or Combined Billings; Prorations. Landlord may bill Rent for the Expansion Premises separately or treat the Expansion Premises and the Existing Premises as one unit for billing
purposes. Any default respecting any separate billing shall be a default with respect to the entire Leased Premises and the Lease. 
 K. Parking. Effective upon the Expansion Date, “forty-one (41)” shall be deleted from the second (2nd) line of Section 33 of the Lease, and “forty-nine (49)” inserted in its place. 

  
 1 

 L. Condition of Premises: Improvements. Landlord, at Landlord’s own expense and
using materials consistent with the minimum standards of the Building (or as otherwise determined by Landlord), will make certain improvements to the Expansion Premises consisting of demolition, paint, carpet, and newly finished doors within the
Expansion Premises consistent with those located in the Existing Premises using Building standard materials, as are more fully set forth in the plan attached hereto and made a part hereof as Exhibit B (the “Expansion Premises
Improvements”). Tenant acknowledges and agrees that the Expansion Premises Improvements may be performed during regular business hours. Tenant agrees to cooperate with Landlord and Landlord’s contractor(s) in the performance of the
Expansion Premises Improvements and to follow all reasonable directions given by Landlord or Landlord’s contractors in connection with the performance of the Expansion Premises Improvements. Landlord will use commercially reasonable efforts to
substantially complete the Expansion Premises Improvements prior to the Expansion Date. “Substantial Completion” or “substantially completed” or words of similar import means that the work in question has been sufficiently
completed such that it is suitable for its intended purpose. 
 M. Right of First Offer. Provided that (i) Tenant is
not then in default under this Lease, (ii) this Lease is then in full force and effect, (iii) the Tenant named herein has not assigned this Lease or sublet any part of the Leased Premises and is then in actual occupancy of the entire
Leased Premises, and (iv) Tenant’s financial condition meets the financial criteria Landlord requires for the lease of such space, if, at any time during the Term, those certain spaces known as Suite 340, 360, and 370 is or will be
“available for lease” and Landlord desires to lease such space, Landlord shall notify Tenant. Landlord’s notice shall identify the space available (the “Offered Space”), set forth the terms and conditions on which it
is willing to lease the Offered Space, which may include a term whose expiration date is not coterminous with the Term applicable to the Leased Premises, and the date on which such Offered Space is expected to be available (collectively, the
“Terms”). Tenant shall thereupon have the one time right and option to lease the Offered Space for a minimum of three (3) years on the Terms by delivering notice to Landlord within three (3) business days after receipt of
Landlord’s notice, time being of the essence. If Tenant elects to lease the Offered Space, it shall, within fifteen (15) business days after such election, enter into an amendment to this Lease on a form prepared by Landlord incorporating
the Offered Space as part of the Leased Premises subject to the Terms for a minimum of three years and the Termination Right as provided for in Section 2.N. below shall be null and void. If Tenant shall not elect to lease the Offered Space
within such 3-business day period, or fails to enter into such an amendment to this Lease within such 15-day period, then Tenant shall have no further rights under this section with respect to the Offered Space, and Landlord shall be free to lease
any or all of such Offered Space to a third party or parties from time to time on such terms and conditions as it may deem appropriate. Space shall not be deemed to be “available for lease” if such space is the subject of any renewal or
extension of an expiring lease with a then existing tenant. Landlord shall not be liable to Tenant for any failure to deliver such space as a result of any holdover tenant or other occupant of any Offered Space. 

  
 2 

 N. Renewal. The parties hereby acknowledge and agree that the renewal option as
provided in Section 2.N. of the First Amendment shall remain in full force and effect and may be exercised by Tenant in accordance with the terms and conditions thereof 
 O. Option to Terminate. Tenant shall have the right to terminate the Lease (“Termination Right”) effective as of September 30,2014 (the “Early Termination
Date”) upon prior written notice to Landlord on or before January 15, 2014 (the “Notice to Terminate”), provided (A) Tenant has not exercised its Right of First Offer for any of the three (3) Offered Spaces
as provided in Section 2.M. above, (B) Tenant is not in default under the terms of the Lease either as of the date Landlord receives the Notice to Terminate or as of the Early Termination Date, and (B) the Notice to Terminate is
accompanied by a termination payment equal to (i) the unamortized balance of Landlord’s “Lease Costs” (as hereinafter defined) plus (ii) an amount equal to the Base Rent that would have been due and payable for the five
(5) full calendar months following the Early Termination Date. Landlord shall provide Tenant a copy of the Lease Costs incurred along with the amortization schedule upon completion of the Expansion Premises Improvements to determine amount owed
if Tenant exercises this Option to Terminate. The parties agree that if Tenant fails to exercise the Termination Right strictly in accordance with this Section, then said Termination Right shall automatically lapse and Tenant shall have no further
right to terminate the Lease. Upon timely exercise of the Termination Right, the Early Termination Date shall be deemed the Expiration Date of the Lease and Tenant shall surrender the Leased Premises on or before the Early Termination Date, in
accordance with the terms of the Lease. For the purposes hereof, “Lease Costs” shall be the (i) cost of improvements to the Expansion Premises constructed at Landlord’s expense, and (ii) the following amounts, paid or
provided in connection with this Second Amendment only: brokerage commissions, any free rent or rent reductions, Landlord legal fees, and tenant allowances or other Tenant inducement. 

P. Deletions. Sections 37 and 38 of the Lease and Section 2.0. of the First Amendment are hereby made null and void and of no
further force or effect. 
 Q. Real Estate Brokers. Landlord utilized the services of CBRE - New England (the
“Listing Broker”) and Tenant utilized the services of T3 Realty Advisors (the “Non-Listing Broker”) in connection with this Second Amendment. Tenant represents to Landlord that Tenant did not involve any other
brokers in procuring this Second Amendment. Landlord shall pay a commission to the Non-Listing Broker and the Listing Broker as is agreed to by the parties per a separate agreement. Tenant hereby agrees to (A) forever indemnify, defend and hold
Landlord harmless from and against any commissions, liability, loss, cost, damage or expense (including reasonable attorneys’ fees) that may be asserted against or incurred by Landlord (1) by any other broker other than the Non-Listing
Broker that claims representation of Tenant in excess of the amount specified in said separate agreement with the Non-Listing Broker or (2) as a result of any misrepresentation by Tenant regarding the Non-Listing Broker hereunder and
(B) discharge any lien placed against the Building by any broker which claims representation of Tenant as a result of the foregoing. 

  
 3 

 3. Governing Law. This Second Amendment shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts (without regard to conflicts of law). 
 4. Ratification of
Lease. Except as modified hereby, all other terms and conditions of the Lease remain unchanged and in full force and effect and are hereby ratified and confirmed by the parties hereto. Tenant accepts the Existing Premises in its “as
is” and “where is” condition. Tenant accepts the Expansion Premises in its “as is” and “where is” condition except as specifically provided otherwise in this Second Amendment. Tenant represents and warrants to
Landlord that as of the date of Tenant’s execution of this Second Amendment: (a) Tenant is not in default under any of the terms and provisions of the Lease; (b) Landlord is not in default in the performance of any of its obligations
under the Lease and Tenant is unaware of any condition or circumstance which, with the giving of notice or the passage of time or both, would constitute a default by Landlord; (c) Landlord has completed, to Tenant’s satisfaction, any and
all improvements to the Leased Premises, except as specifically provided in Section 2 above as to the Expansion Premises, and has paid any and all allowances required of it under the Lease; and (d) Tenant has no defenses, liens, claims,
counterclaims or right to offset against Landlord or against the obligations of Tenant under the Lease. Tenant acknowledges, confirms, and agrees that Tenant has no right or option to expand the Leased Premises or to extend, renew or terminate the
Lease except as may be provided in this Second Amendment. 
 5. Limitation of Liability. Neither Landlord nor any officer,
director, member or employee of Landlord nor any owner of the Building, whether disclosed or undisclosed, shall have any personal liability with respect to any of the provisions of the Lease, as hereby amended, or the Leased Premises, and if
Landlord is in breach or default with respect to Landlord’s obligations under the Lease, as hereby amended, or otherwise, Tenant shall look solely to the interest of Landlord in the Building for the satisfaction of Tenant’s remedies or
judgments. 
 6. Entire Agreement. This Second Amendment, in conjunction with the Lease, constitutes the entire agreement
of Landlord and Tenant with respect to the subject matter hereof and supersedes all oral and written agreements and understandings made and entered into by the parties prior to the date hereof. 

7. Multiple Counterparts. This Second Amendment may be executed in multiple counterparts, all of which, when taken together, shall
constitute one and the same instrument. 
 [Signatures on the Following Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the
Effective Date stated above. 
  

											
	 TENANT:
	 		 	LANDLORD:
			
	 Globoforce, Inc.,
	 		 	CRP-2 Holdings AA, L.P.,
	 a Massachusetts
	 		 	a Delaware limited partnership
					
	 By:
	 	 /s/ Stephen Cromwell
	 		 	By:	 	CRP-2 Holdings GP-AA, LLC,
	 Name:
	 	Stephen Cromwell	 		 		 	a Delaware limited liability company,
	 Title:
	 	Treasurer	 		 		 	its general partner
						
	 Date:
	 	July 19, 2012	 		 		 	By:	 	 /s/ Jeffrey R. Foresman

		 		 		 		 	Name:	 	Jeffrey R. Foresman
		 		 		 		 	Title:	 	Vice President
					
		 		 		 	Date:	 	August 3, 2012

  

 EXHIBIT A 
 Expansion Premises

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