Document:

Executive Employment Agreement dated as of March 2, 2005

 EXHIBIT 10.14 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  

			
	PARTIES:	 	FLIR Systems, Inc.                (“Company”)
	 	 	16505 S.W. 72nd Avenue
	 	 	Portland, Oregon 97224
		
	 	 	Earl
Lewis                                   
 (“Executive”)
	 	 	58 Ford Road
	 	 	Sudbury, Massachusetts 01776

  
 EFFECTIVE DATE: January 1, 2005

  
 RECITALS: 
  
 Company wishes to obtain the services of Executive for the duration of this Agreement, and
the Executive wishes to provide his services for such period, all upon the terms and conditions set forth in this Agreement. 
  
 Therefore, in consideration of the mutual promises contained herein, the parties agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 “Base
Salary”    means regular cash compensation paid on a periodic basis exclusive of benefits, bonuses or incentive payments. 
  
 1.2 “Board”    means the Board of Directors of Company. 
  
 1.3 “Cause”    means Executive committed any one or more of the following: (i) the repeated
failure to perform any material duties under this Agreement or negligence of Executive in the performance of such duties, and if such failure or negligence is susceptible of cure, the failure to effect such cure within 30 days after written notice
of such failure or negligence is given to Executive; (ii) use of alcohol or illegal drugs which interferes with the performance of Executive’s duties hereunder; (iii) theft, embezzlement, fraud, misappropriation of funds, other acts of
dishonesty or the violation of any law, ethical rule or fiduciary duty relating to Executive’s employment by Company; (iv) a felony or any act involving moral turpitude; (v) the violation of any confidentiality or proprietary rights agreement
between Executive and Company, or (vi) the violation of Company policy or procedure, or the breach of any material provision of this Agreement, and if such violation or breach is susceptible of cure, the failure to effect such cure within 30 days
after written notice of such breach is given to Executive. 
  
 1.4
“Disability”    means the inability of Executive to perform his duties under this Agreement, with or without reasonable accommodation, because of physical or mental incapacity for a continuous period of
five (5) months, as determined by the Board. 
  
 1.5
“FLIR”    shall mean FLIR Systems, Inc., and its wholly owned subsidiaries. 
  
 ARTICLE II 
 EMPLOYMENT, DUTIES AND
TERM 
  
 2.1 Employment.    Upon the
terms and conditions set forth in this Agreement, Company hereby employs Executive as President and Chief Executive Officer, and Executive accepts such employment. Except as expressly provided herein, termination of this Agreement by either party
shall also terminate Executive’s employment by Company.  

 2.2    Duties.    Executive shall devote his full-time and best
efforts to Company and to fulfilling the duties of President and Chief Executive Officer, which shall include such duties as may from time to time be assigned him by the Board, provided that such duties are reasonably consistent with
Executive’s education, experience and background. Executive shall comply with Company’s policies and procedures to the extent they are not inconsistent with this Agreement in which case the provisions of this Agreement prevail. Executive
shall also be permitted to serve on outside boards, commissions and partnerships to the extent such service does not conflict with the provisions of this Agreement. 
  
 2.3    Term.    The term of this Agreement shall be until January 1, 2007, unless
earlier terminated in accordance with Article IV. This Agreement may be extended by mutual agreement of the parties. 

 ARTICLE III 
 COMPENSATION AND EXPENSES 
  
 3.1    Base Salary.    For all services rendered under this Agreement during the term of Executive’s employment, Company shall pay Executive a minimum annual Base Salary of $650,000
for 2005 and $700,000 for 2006. 
  
 3.2    Bonus.    Executive shall be eligible for an annual Bonus based on the following formula: 
  

A bonus of up to one hundred percent (100%) of Executive’s Base Salary shall be deemed earned in the event the Company achieves $1.16 in earnings
per share at the end of 2005 , excluding one-time charges relating to any acquisitions or relating to any other non-operating events as determined by the Board (the “Base EPS”). Such bonus shall be increased or decreased by ten percent
(10%) of Executive’s Base Salary for every incremental increase or decrease of $0.025 in the Base EPS at the end of the applicable year. For example, in 2005 should the Company achieve $1.06 in earnings per share for the year, Executive shall
be deemed to have earned a bonus of sixty percent (60%) of Executive’s Base Salary, and should the Company achieve $1.27 in earnings per share for the year, Executive shall be deemed to have earned one hundred forty four percent (144%) of
Executive’s Base Salary. If necessary, the increments used in the bonus calculation shall be rounded up to the nearest decimal to permit bonus awards to be made at even dollar amounts. The Compensation Committee of the Board and Executive shall
meet to discuss and agree to the bonus award and calculation for 2006 and this Agreement shall be amended to reflect that agreement. 
  
 3.3    Stock Options.    Executive shall annually be eligible for grants of options to purchase shares of FLIR
stock, based upon achievement of objectives and for such quantity of options as determined by the Board. Notwithstanding any other provision of this Agreement, except for Termination for Cause under Section 4.2 herein, Executive shall have a period
of one year from the date of termination of this Agreement, whether by expiration or otherwise, in which to exercise any vested options. 
  
 3.4    Vacation.    Executive shall have four weeks of paid vacation annually. 
  
 3.5    Benefits.    Executive shall be
eligible to participate in all Company-sponsored health and welfare benefit plans made available to other executives of the Company until age 65. 
  
 3.6    Supplemental Employee Retirement Plan.    Company shall make all contributions to its Supplemental Employee
Retirement Plan on behalf of Executive for each Plan year based on Executive’s total compensation for that year. For purposes of calculating the amount of such annual contribution, Executive’s annual compensation shall include all bonuses
earned for that year. 
  
 3.7    Housing and
Relocation.    Company shall pay for reasonable housing for Executive’s use while in Portland. In the event Executive elects to relocate from Boston to Portland, Company shall pay Executive’s moving expenses.

  
 3.8    Automobile.    Company shall pay for an automobile for Executive’s use while in Portland. 
  
 3.9    Travel Expenses.    Company shall pay for reasonable travel expenses for
Executive and his wife between Boston and Portland. 
  
 3.10    Business Expenses.    Company shall, in accordance with, and to the extent of, its policies in effect from time to time, bear all ordinary and necessary business expenses
reasonably incurred by Executive in performing his duties as an employee of Company, provided that Executive accounts promptly for such expenses to Company in the manner prescribed from time to time by Company. 
  
 3.11    Taxes and Withholding.    All
amounts payable to Executive under this Agreement shall be net of amounts required to be withheld by law. To the extent there is any tax consequence to Executive in connection with the provision of housing or payment for work between two states,
Executive’s Base Salary shall be grossed up to cover the tax consequence to Executive. 

 ARTICLE IV 
 EARLY TERMINATION 
  
 4.1    Early Termination.    This Article sets forth the terms for early termination of this Agreement. 
  
 4.2    Termination for Cause.    Company may terminate this Agreement for Cause
immediately upon written notice to Executive. In the event of termination for Cause pursuant to this Section 4.2, Executive shall be paid at the then current rate of Executive’s Base Salary through the date of termination. 
  
 4.3    Termination Without
Cause.    Either Executive or Company may terminate this Agreement and Executive’s employment without Cause on no less than 30 days’ written notice. In the event Executive terminates this Agreement without Cause
pursuant to this Section 4.3, Executive shall be paid his base salary through the date of termination. In the event Company terminates Executive without Cause pursuant to this Section 4.3, Company shall pay to Executive either an amount equal to
Executive Base Salary in effect at the time of termination for a period of eighteen months, or for the duration of the remaining term of the Agreement, whichever is greater. Further, in the event Company terminates Executive without Cause pursuant
to this Section 4.3, all options granted to Executive shall immediately vest and Executive shall have a period of one year from the date of termination within which to exercise those options. Executive shall also be entitled to a prorated portion of
the annual bonus to be paid for that year as determined by the Board. 
  
 4.4    Termination in the Event of Death or Disability.    This Agreement shall terminate in the event of death or disability of Executive. 
  
 (a)    In the event of Executive’s death, Company shall pay all
accrued wages owing through the date of termination, plus an amount equal to one years’ Base Salary. Such amount shall be paid (1) to the beneficiary or beneficiaries designated in writing to Company by Executive, (2) in the absence of such
designation, to the surviving spouse, or (3) if there is no surviving spouse, or such surviving spouse disclaims all or any part, then the full amount, or such disclaimed portion, shall be paid to the executor, administrator or other personal
representative of Executive’s estate. The amount shall be paid as a lump sum as soon as practicable following Company’s receipt of notice of Executive’s death. 
  
 (b)    In the event of Disability, Base Salary shall be paid through the final day of the fifth month referenced in the
definition of “Disability.” 
  
 4.5    Entire
Termination Payment.    The compensation provided for in this Article IV shall constitute Executive’s sole remedy for termination pursuant to this Article. Executive shall not be entitled to any other termination or
severance payment which may be payable to Executive under any other agreement between Executive and Company or under any policy in effect at, preceding or following the date of termination. 
  
 4.6    Moving Expenses.    Upon
termination of this Agreement pursuant to either Sections 4.2, 4.3 or 4.4, Company shall pay all of Executive’s moving expenses from Portland to Boston, or to any other location designated by Executive. 
  
 ARTICLE V 
 CONFLICT OF INTEREST 
  
 5.1    During the term of employment with Company, Executive will engage in no activity or employment which may conflict with the interest of Company, and will comply with Company’s policies and guidelines
pertaining to business conduct and ethics. 

 ARTICLE VI 
 GENERAL PROVISIONS 
  
 6.1    Successors and Assigns.    Except as otherwise provided in Article VI, This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns, administrators, executors, legatees, and heirs. In that this Agreement is a personal services contract, it shall not be assigned by Executive. 
  
 6.2    Notices.    All notices, requests and demands given to or made pursuant hereto shall, except as otherwise
specified herein, be in writing and be delivered or mailed to any such party at its address as set forth at the beginning of this Agreement. Either party may change its address, by notice to the other party given in the manner set forth in this
Section. Any notice, if mailed properly addressed, postage prepaid, registered or certified mail, shall be deemed dispatched on the registered date or that stamped on the certified mail receipt, and shall be deemed received within the third business
day thereafter or when it is actually received, whichever is sooner. 
  
 6.3    Caption.    The various headings or captions in this Agreement are for convenience only and shall not affect the meaning or interpretation of this Agreement. 
  
 6.4    Governing Law and
Jurisdiction.    The validity, construction and performance of this Agreement shall be governed by the laws of the State of Oregon, which shall be the exclusive jurisdiction for any action to interpret or enforce this
Agreement. 
  
 6.5    Mediation.    In the case of any dispute arising under this Agreement which cannot be settled by reasonable discussion, the parties agree that, prior to commencing any proceeding,
they will first engage the services of a professional mediator agreed upon by the parties and attempt in good faith to resolve the dispute through confidential nonbinding mediation. Each party shall bear one-half ( 1/2) of the mediator’s fees and expenses and shall pay all of its own attorneys’ fees and expenses related
to the mediation. This Section 6.5 shall not apply to any action to enforce Executive’s obligations under a confidentiality or proprietary rights agreement. 
  
 6.6    Attorney Fees.    In the event of any suit, action or arbitration to interpret
or enforce this Agreement, the prevailing party shall be entitled to recover its attorney fees, costs and out-of-pocket expenses at trial and on appeal. 
  
 6.7    Construction.    Wherever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions of this Agreement. 
  
 6.8    Waivers.    No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy granted hereby or by any related document or by law. 
  
 6.9    Modification.    This Agreement
may not be and shall not be modified or amended except by written instrument signed by the parties hereto. 
  
 6.10    Entire Agreement.    This Agreement constitutes the entire agreement between the parties and supersedes all prior or contemporaneous oral or written
understandings, statements, representations or promises with respect to its subject matter. This Agreement was the subject of negotiation between the parties and, therefore, the parties agree that the rule of construction requiring that the
agreement be construed against the drafter shall not apply to the interpretation of this agreement. 
  
 Signed this 2nd day of March, 2005. 
  

							
	EARL R. LEWIS	 	 	 	FLIR SYSTEMS, INC.
				
	 /s/    EARL R. LEWIS

	 	 	 	By:	 	 /s/    Angus L. Macdonald

	 	 	 	 	Title:	 	 Chairman of the
 Compensation CommitteeLease Agreement dated July 1, 2004

  
 Exhibit 10.15

  

					
	

	  	 LEASE AGREEMENT
 FOR
NON-RESIDENTIAL PREMISES No. 5010004
	  	Page 1(4)
	  	  	 

  

			
	The undersigned have this day entered into the following Lease Agreement	 	An X in a box means that the text following thereafter applies

  

									
	Landlord	 	AB Skutkrossen & Co KB	 	 	 	 	 	National ID/company registration no.
	 	 	 	 	 	 	 	 	916402-2270
					
	Tenant	 	Flir Systems AB	 	 	 	 	 	National ID/company registration no.
	 	 	 	 	 	 	 	 	556256-6579
					
	Premises Address, etc	 	Municipality:	 	Property designation	 	 	 	 
	 	Danderyd	 	Skruven 1	 	 	 	 
					
	 	 	 Street:
 Rinkebyvágen
19
	 	 	 	Floor/building	 	Apartment no.
	 	 	 	 	 	  
 ________
	 	___________________________
					
	 	 	Billing address	 	 	 	 	 	 
	 	 	Box 3, 182 11 DANDERYD	 	 	 	 	 	 
		
	Condition and use of premises	 	Unless otherwise stated, the premises and appurtenant storage areas are let in their existing condition for use as:         App.
1

																							
							
	Size and extent of premises	 	 Retail space
	 	 Office space
	 	 	 	 Storage space
	 	 Other space
	  	 
	 	 floor
	  	 Sq. m.
	 	 floor
	  	 Sq. m.
	 	 floor
	  	 Sq. m.
	 	 floor
	  	 Sq. m.
	 	 floor
	  	 Sq. m.
	  	 
												
	 	 	_______	  	_______	 	_______	  	_______	 	_______	  	_______	 	_______	  	_______	 	_______	  	_______	  	 

													
			
	 	 	 The designated areas
	 	 
	 	 	  ̈   have
	 	 x  have not
	 	been measured jointly prior to the execution of the Agreement
			
	 	 	Should the area shown in the Agreement deviate from that actually measured, this does not entitle the Tenant to any repayment of rent nor entitle the Landlord to any increased
rent	 	Appendix
	 	 	 	 	 	 	 	 	 	 	 	 	1, 6, 7, 8
	 	 	 x  The extent of the leased premises is marked on appended
plan(s)

							
	 	 	 x  access for cars loading/ unloading
	 	 x  place for sign
	 	  ̈   place for display
cabinet/ vending machine
	 	 x  parking space(s) for 141 car(s)
	 	  ̈   garage space(s)
for 41 car(s)
	 	  ̈   

	Furnishings/ Fixtures/ Fittings	 	The premises are let:	 	 	 	 	 	 	 	Appendix
	 	 	 	 	 	 	 	 	 	 	 	__________
	 	 	 x  without furnishings/fixtures/fittings specific to the Tenants use of the
premises
	 	  ̈   with
furnishings/fixtures/fittings specific to the Tenants use of the premises according to appendix

		
	 	 	Unless otherwise agreed upon, at the termination of the tenancy, the Tenant shall remove all property belonging to him and surrender the premises in acceptable
condition.
		
	 	 	The parties agree to carry out a joint inspection of the premises not later than the last day of the tenancy. If, as a result of the Tenant’s actions – carried out with or
without the Landlord’s consent – the premises upon surrender should contain material, which it had not previously been agreed that the Landlord should be responsible for, the Tenant shall remove such material or pay the Landlord’s
expenses in so doing, including but not limited to, transportation costs, waste disposal taxes and storage charges.
		
	Telephone lines	 	 x  The Tenant shall pay for the installation of the necessary telephone lines from a
connection point designated by the service provider to those points in the premises chosen by the Tenant in consultation with the Landlord.

		
	 	 	  ̈   The
Landlord shall pay for the corresponding installation of lines to the premises. The installation of the lines inside the premises shall be carried out by the Tenant in consultation with the Landlord; the cost, however, to be borne by the
Tenant.

		
	 Data
 communication lines
	 	 x  The Tenant shall pay for the installation of the necessary data communication
lines from a connection point designated by the service provider to those points in the premises chosen by the Tenant in consultation with the Landlord.

		
	 	 	  ̈   The
Landlord shall pay for corresponding installation of lines to the premises. The installation of lines inside the premises shall be carried out by the Tenant in consultation with the Landlord; the cost, however, to be borne by the
Tenant.

			
	Term of lease	 	 Commencing
	 	 Up to and including

	 	 	 2005-10-01
	 	 2012-09-30

		
	 Termination/
 Extensions
	 	 Notice of termination of this Agreement must be given in writing at least 12 months prior to the expiry of this Agreement.
  
 In the absence thereof, this Agreement is extended by a term of 3 years at a
time.

					
	Heating and hot water	 	Requisite heating of the premises is provided by	 	 x  the Landlord
	 	 	 	  ̈   the Tenant

	 	Hot water is provided	 	 x  throughout the year
	 	  ̈   not provided
	 	  ̈   
	 	 	 	 

  
 Notice 
  
 Note that in certain cases, in addition to marking a box with an X, an appendix must be
appended to the Agreement in order for the agreement set forth in such appendix to be binding. This applies, for example, with respect to an index clause, a property tax clause and the Tenant’s right to a reduction of rent in conjunction with
customary maintenance. 
  
 In addition, see Instructions prepared by the
organizations. 
  

					
	Swedish Property Federation form no. 12B, prepared in 1998 in consultation with the Swedish Federation of Trade and the Swedish Hotels– and Restaurants Association (SHR). Copying
prohibited.	  	 Initial
	  	 Initial

	Notice: This is a translation into English of form no. 12B.	  	 	  	 
	License number: 2065-3358-7598-47. Ver nr: 6.01. Registered to: Byggplanering fastighetsteknik.	  	 	  	 

  

					
	 	  	 LEASE AGREEMENT
 FOR
NON-RESIDENTIAL PREMSIES NO. 5010004
	  	Page 2(4)
	  	  	 

  

													
	The undersigned have this day entered into the following Lease Agreement	  	An X in a box means that the text following thereafter applies

  

													
	Rent	  	 SEK
 see Appendix
	  	Per annum comprising	  	  ̈   total rent
	  	 x   rent excluding supplements marked below

				
	 	 	 Index
 clause
	  	 x   Changes to the above-stated rent shall be effected pursuant to the appended
index clause
	  	 Appendix
 2

				
	 	 	 Heating and
 hot water
costs
	  	 x   Fuel/heating supplement payable in accordance with appended
clause
	  	 Appendix
 1

				
	 	 	 Water and
 sewerage
costs
	  	 x   Water and sewerage supplement payable in accordance with appended
clause
	  	 Appendix
 1

				
	 	 	 Cooling
 Ventilation
	  	 x   Costs for the operation of special cooling and ventilation appliances shall
be reimbursed in accordance with appended clause
	  	 Appendix
 1

					
	 	 	Electricity	  	  ̈   included in
rent
	  	  ̈   Tenant
has own contract with the provider
	  	App 1
							
	 	 	 Cleaning of
 stairwell
	  	  ̈   included in
rent
	  	 x   arranged for and paid for by the Tenant
	  	 	  	 	  	 
			
	 	 	 Refuse and
 waste
removal
	  	Insofar as the Landlord is responsible for the provision of storage space for refuse/waste, and arranging for the removal of such refuse/waste, it is the Tenant’s responsibility
to sort and deposit refuse/waste in the appropriate containers as directed, in their designated place, as well as without recompense contribute towards further and/or additional sorting, as directed by the Landlord.
			
	 	 	 	  	Refuse and waste removal
			
	 	 	 	  	  ̈   included in rent

			
	 	 	 	  	 x   Arranged for and paid for by the Tenant (the Landlord however shall provide
the necessary refuse/waste containers and the requisite storage space for such)

			
	 	 	 	  	  ̈   included in rent with respect to the types of refuse/waste indicated below. The Tenant shall be responsible for, and pay for the costs of, collection, sorting, storage and transportation of the categories of refuse/waste
not indicated below which are to be found on the Tenants premises.

					
	 	 	 	  	  ̈   household
waste
	  	  ̈   fluorescent
tubes
	  	  ̈   hard
plastic packaging

					
	 	 	 	  	  ̈   heavy
refuse
	  	  ̈   metal
packaging
	  	  ̈   Hazardous waste pursuant to the Hazardous Waste Ordinance (1996:971)

					
	 	 	 	  	  ̈   compostable
waste
	  	  ̈   clear glass
containers
	  	  ̈                                      
                     

					
	 	 	 	  	  ̈   newspapers
	  	  ̈   coloured glass
containers
	  	  ̈                                      
                     

					
	 	 	 	  	  ̈   batteries
	  	  ̈   cardboard
packaging
	  	  ̈                                      
                     

							
	 	 	 Snow clearance
 and
gritting
	  	 x   included in rent
	  	  ̈   to be
arranged for and paid for by the Tenant
	  	 	  	 ̈ as per appendix	  	Appendix
							
	 	 	Property taxes	  	  ̈   included in
rent
	  	 x   reimbursement payable as per special agreement
	  	 	  	 	  	 Appendix
 1

		
	Unforeseen costs	  	 Where, following the execution of this Agreement, unforeseen increases in costs arise in relation to the property as a consequence
of:
  
 a)  the introduction
of, or increases in taxes, charges or duties levied specifically on the property as a result of decisions taken by Parliament, Government, municipalities, or other relevant authorities;
  
 b)  general rebuilding measures or suchlike in respect of the property which do not
relate solely to the premises and which the Landlord is obliged to execute as a result of decisions of the Parliament, Government, municipalities, or other relevant authorities;
  
 The Tenant shall, commencing at the time of the cost increase, reimburse the Landlord in relation to that proportion of the total annual
increase in costs for the property represented by the premises.
  
 The proportion
represented by the premises is 57,04 per cent. Where the proportion has not been indicated, it shall be comprised of that proportion of the total rents for premises (excluding any value-added tax) represented by the Tenant’s rent (excluding any
value-added tax) at the time of the increase in costs. In respect of unlet premises, the market rent for the premises shall be estimated.
  
 ‘Taxes’ in accordance with a) above does not refer to value-added tax and property tax to the extent that reimbursement in respect of this is paid as per
agreement. ‘Unforeseen cost’ means such costs as were not decided upon by the authorities as set forth in sections a) and b) at the inception of the Agreement. Reimbursement shall be paid in the same manner as set forth below for rental
payments.

  
 Notice 
  
 Note that in certain cases, in addition to marking a box with an X, an appendix must be
appended to the Agreement in order for the agreement set forth in such appendix to be binding. This applies, for example, with respect to an index clause, a property tax clause and the Tenant’s right to a reduction of rent in conjunction with
customary maintenance. 
  
 In addition, see Instructions prepared by the
organizations. 
  

					
	 Swedish Property Federation form no. 12B, prepared in 1998 in consultation with the Swedish Federation of Trade and the Swedish
Hotels– and Restaurants Association (SHR). Copying prohibited.
 Notice: This is a translation into English of form no. 12B.
 License number: 2065-3358-7598-47. Ver nr: 6.01. Registered to: Byggplanering
fastighetsteknik.
	  	 Initial
	  	 Initial

	  	 	  	 

  

					
	 	  	LEASE AGREEMENT	  	Page 3(4)
	 	  	FOR NON-RESIDENTIAL PREMISES No. 5010004	  	 

  

			
	The undersigned have this day entered into the following Lease Agreement	  	An X in a box means that the text following thereafter applies

  

											
	Value-added tax (VAT)	 	 x   The property owner/Landlord is liable
to pay value-added tax for the letting of the premises. In addition to rent, the Tenant shall on each occasion pay the VAT currently applicable.
  
  ̈   Where, following a decision by the Tax Authorities, the property owner/Landlord becomes liable to pay VAT for the letting of the premises, the Tenant shall on each occasion in addition to the rent pay the VAT currently
applicable.
  
 The VAT paid together with rent shall be calculated on the stated
rental amount and where applicable on supplemental charges and other reimbursements paid in accordance with the Agreement, pursuant to the rules applicable at the time in respect of VAT payable on rent.
  
 Where the Landlord becomes liable to pay VAT pursuant to the provisions of the Value Added
Tax Act as a consequence of the Tenant’s independent actions, such as a subletting of the premises (including subletting to its own company) or assignment, the Tenant shall reimburse the Landlord in full. In addition, the Tenant shall reimburse
the Landlord in respect of the increased costs arising as a consequence of the Landlord’s loss of the entitlement to deduct VAT on operating expenses incurred as a consequence of the Tenant’s actions.

				
	Payment of rent	 	The rent shall be paid in advance without prior demand, not later than the last working day prior to the commencement of	 	Postal giro no.	 	Bank giro no.
						
	 	 	  ̈   each
calendar month
	 	 x   each quarter
	 	 by direct transfer to either of
 following accounts
	 	 	 	181-5075
		
	Interest, Payment reminders	 	Upon delay in the payment of rent, the Tenant shall pay interest in accordance with the Interest Act as well as compensation for written payment reminders in accordance with the
Debt Recovery Act, etc. Compensation for payment reminders shall on each occasion be paid in an amount currently applicable pursuant to the Debt Recovery Ordinance, etc.

							
				
	Maintenance, etc.	 	  ̈   The Landlord shall
carry out and bear the cost of necessary maintenance of the premises and furnishings/fittings/ fixtures supplied by him.
	  	 However, the Tenant shall be responsible for
  
	  	Appendix
				
	 	 	  ̈   The Tenant shall
carry out and bear the cost of necessary maintenance of the surface of floors, walls and ceiling, as well as of furnishings/fittings/fixtures provided by the Landlord.
	  	In addition, the Tenant’s maintenance obligations includes	  	Appendix
		
	 	 	 Where the Tenant does not fulfil his maintenance obligations and does not within a reasonable time carry out rectification works following a written
demand, then the Landlord shall be entitled to fulfil these obligations at the Tenant’s expense.

			
	 	 	 x   The allocation of the maintenance obligations is set forth as per separate
appendix.
	  	 Appendix
 3

			
		
	Management and operation	 	 Unless otherwise agreed, the Landlord shall, where applicable, manage, operate, and maintain the public and common areas.
  
 The Tenant shall not be entitled, without the Landlord’s written consent, to carry out
any fitting out and/or installation or alteration works within the premises or otherwise within the property, which directly effects the structural components of the building or installations important to the functioning of the property, such as
water and sewerage, electricity, ventilation systems, etc., which are the property of the Landlord.
  
 Sprinkler heads and ventilation equipment may not be covered by any fixtures/fittings by the Tenant in such a manner as to reduce the functioning of such equipment. In conjunction with the performance of fitting out
works, the Tenant shall ensure that the functioning of radiators and other heating equipment is maintained in all significant respects.

		
	Inspections	 	Where any defects and/or deficiencies are found subsequent to an inspection by a relevant authority, in the electrical and sprinkler equipment which is the property of the Tenant, the Tenant
shall, at his own cost and within the period prescribed by the relevant authority, carry out any measures required. Where the Tenant has not rectified the defects and/or deficiencies within the stated time, the Landlord shall be entitled, at the
Tenant’s expense, to carry out such measures as are required by the relevant authority.
		
	Access to certain spaces	 	The Tenant shall keep areas to which the maintenance personnel and personnel from the energy utilities, water and sewerage utilities, the telephone company, and any like organization must
have access to, easily accessible by keeping such areas free of cupboards, crates, goods, or any other obstruction.
		
	Building material specifications	 	Whether, pursuant to the provisions of this Agreement or otherwise, the Tenant performs maintenance, improvement, or alteration works in respect of the premises, the Tenant shall provide the
Landlord, in good time prior to the execution of such work, with specifications of the building materials – to the extent such have been prepared – for the products and materials to be used on the premises.
		
	Planning and Building Code (PBL) fines	 	Where the Tenant undertakes alterations to the premises without the requisite construction permit and, as a consequence thereof the Landlord is compelled to pay construction fines or
supplemental fees pursuant to the rules set forth in the Planning and Building Code (PBL), the Tenant shall reimburse the Landlord in respect of this.
		
	Reduction of rent	 	The Tenant shall not be entitled to a reduction in rent for the period during which the Landlord allows work to be carried out in order to place the premises in the agreed condition, or other
works specifically set forth in the Agreement.

									
			
	 	 	  ̈   The
Tenant’s right to a reduction in rent during the Landlord’s performance of customary maintenance of the leased premises or the property shall be governed by a separate appendix.
	  	 Appendix

				
	Requirement Imposed by relevant authorities, etc	 	  ̈   The
Landlord
	 	 x   The Tenant
	 	shall be solely responsible for, and bear the cost of, undertaking measures which may be required for the intended use of the premises by insurance companies, building
authorities, environmental or health authorities, fire departments, or other relevant authorities after the date of taking possession. The Tenant shall consult with the Landlord prior to undertaking any such measures.

  
 Notice 
  
 Note that in certain cases, in addition to marking a box with an X, an appendix must be
appended to the Agreement in order for the agreement set forth in such appendix to be binding. This applies, for example, with respect to an index clause, a property tax clause and the Tenant’s right to a reduction of rent in conjunction with
customary maintenance. 
  
 In addition, see Instructions prepared by the
organisations. 
  

					
	Swedish Property Federation form no. 12B, prepared in 1998 in consultation with the Swedish Federation of Trade and Swedish Hotels – and Restaurants Association (SHR). Copying
prohibited.	  	Initial	  	Initial
	Notice: This is translation into English of form no. 12B.	  	 	  	 
	License number: 2065-3358-7598-47. Ver nr: 6.01. Registered to: Byggpianering fastighetsteknik.	  	 	  	 

  

					
	 	  	 LEASE AGREEMENT
 FOR NON-RESIDENTIAL PREMISES No. 5010004
	  	Page 4(4)
	  	  	 

  

			
	The undersigned have this day entered into the following Lease Agreement	 	An X in a box means that the text following thereafter applies

  

											
	Signs, awnings windows, doors, etc	  	 Following consultation with the Landlord, the Tenant shall be entitled to display a customary business sign provided that the Landlord
has not reasonably denied the same and that the Tenant has obtained the requisite permit from the relevant authority. Upon surrender of the premises, the Tenant shall restore the façade of the building to an acceptable condition.

In conjunction with more extensive property maintenance, such as the renovation of facades etc, the Tenant shall, at his own cost and without compensation, dismantle
and reassemble signs, awnings, and antennas.
 The Landlord undertakes not to fix vending machines and display cabinets on the exterior walls of the premises
let to the Tenant without the Tenant’s consent, and grants to the Tenant an option to fix vending machines and display cabinets on the walls in question.

						
	 	  	  ̈   The Landlord
	  	 	  	 	  	 	  	 
	 	  	 	  	is liable for any damage due to negligence or malicious intent to	  	 	  	 	  	 
						
	 	  	 x  The Tenant
	  	 	  	 x  windows
	  	  ̈   display/shop windows
	  	 x  entrance doors

	 	  	 	  	 	  	 x  signs
	  	 ̈	  	 
		
	 	  	  ̈   The
Tenant shall purchase and maintain glass insurance with respect to all display/shop windows and entrance doors appurtenant to the premises.

											
						
	Locks	  	  ̈   The Landlord
	  	 x  The Tenant
	  	shall equip the premises with such locks and anti-theft devices as may be required to ensure the validity of the Tenant’s business insurance.	  	 	  	 

											
		
	Force majeure	  	The Landlord shall not be compelled to perform his obligations under this Agreement or pay any damages where, as a consequence of acts of war or riots, work stoppages, blockades,
fires, explosions, or intervention by a public authority over which the Landlord has no control and which could not have been foreseen, and the Landlord is prevented entirely from performing his obligations or may only be able to do so at abnormally
high cost.

											
			
	Security	  	This Agreement is contingent upon the provision of security in the form of a	  	Appendix
						
	 	  	  ̈   Bank
guarantee
	  	  ̈   Personal
guarantee
	  	 ̈                        	  	To be provided no later than	  	_____
			
	Special provisions	  	Specification of appendix, see Appendix 1 side 2	  	 Appendix
  
 ______

		
	Signature	  	This Agreement which may not be registered without specific consent, has been prepared in two identical counterparts of which each party has received one. All prior agreements
between the parties with respect to these premises shall cease to apply commencing on the date of execution of this Agreement.
						
	 	  	Place/date	  	 	  	 	  	Place/date	  	 
						
	 	  	Danderyd	  	2004-07-01	  	 	  	Danderyd             2004-07-01	  	 
						
	 	  	Landlord	  	 	  	 	  	Tenant	  	 
					
	 	  	AB Skutkrossen & Co KB	  	 	  	Flir Systems AB	  	 
					
	 	  	 /s/ Kristian Wale
	  	/s/ Carl Wale	  	/s/ Arne Almerfors	  	 
						
	 	  	Printed name	  	 	  	 	  	Printed name	  	 
					
	 	  	Kirstian Wale	  	Carl Wale	  	Arne Almerfors	  	 
		
	Agreement with respect to the surrender of the premises	  	As a consequence of an agreement entered into this day, the Agreement shall cease to apply commencing
                                        ,
at which time the Tenant undertakes to surrender the premises.
						
	 	  	Place/date	  	 	  	 	  	Place/date	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
						
	 	  	Landlord	  	 	  	 	  	Tenant	  	 
						
	 	  	 	  	 	  	 	  	 	  	 
		
	Assignment	  	This Lease Agreement is hereby assigned to
                         commencing
                        

							
				
	 	  	Assignor	  	Assignee	  	National ID/company registration no.
				
	 	  	 	  	 	  	 

							
				
	The above referenced assignment is hereby approved	  	 Place/date
  
	  	 Landlord
  
	  	 

  
 Notice 
  
 Note that in certain cases, in addition to marking a box with an X, an appendix must be
appended to the Agreement in order for the agreement set forth in such appendix to be binding. This applies, for example, with respect to an index clause, a property tax clause and the Tenant’s right to a reduction of rent in conjunction with
customary maintenance. 
  
 In addition, see Instructions prepared by the
organizations. 
  

					
	Swedish Property Federation form no. 12B, prepared in 1998 in consultation with the Swedish Federation of Trade and the Swedish Hotels – and Restaurants Association (SHR).
Copying prohibited.
	Notice: This is a translation into English of form no. 12B.	  	 	  	 
	License number: 2065-3358-7598-47. Ver nr: 6.01. Registered to: Byggplanering fastighetsteknik.	  	 	  	 

  

  
 Annexure 1 

 
 Landlord: AB Skutkrossen & Co KB 
  
 Tenant: Flir Systems AB 
  
 Address of the Premises: Rinkebyvägen 19, Danderyd 
  
 1. Premises 
  

									
	 Specification of leased premises
 Type of
premises

	  	Area mz, Qty Kr/mz; pc

	 	 	Rent

	 New building:
	  	 	 	 	 	 	  	 
	 Garage / Warehouse
	  	 	1282	 	 	 	  	 
	 Production
	  	 	1361	 	 	 	  	 
	 Office/lab
	  	 	1625	 	 	 	  	 
	 Kitchen/diner
	  	 	780	 	 	 	  	 
	 	  	
	
	
	 	 	  	 
	 	  	BRA	 5048	 	 	(Approx. area to
be corrected when
approved drawings
exist)
	 Rent based on investment of:
	  	 	86,000,000	 	 	(Acc. to applicable
budget 18 June,
2004)
	 Rent premises, annuity
	  	 	9.730	%	 	 	  	8,367,800
	 	  	
	
	
	 	
	  	

	 	  	 	Total sum inc p-pl*	 	 	1,658	  	8,367,800
	 Existing building:
	  	 	 	 	 	 	  	 
	 Warehouse
	  	 	724	 	 	900	  	651,600
	 Production
	  	 	2,098	 	 	1,050	  	2,202,900
	 Kontor/lab
	  	 	3,329	 	 	1,240	  	4,128,370
	 Motion/LAB
	  	 	423	 	 	800	  	338,400
	 BRA approx.
	  	 	6,574	 	 	1,114	  	7,321,270
	 Parking space
	  	 	141	 	 	0	  	0
	 	  	
	
	
	 	
	  	

	 	  	 	Tot. sum incl p-pl	 	 	1,114	  	7,321,270
	 	  	
	
	
	 	
	  	

	 Sum base rent
	  	tot	 11,622	 	 	1,350	  	15,689,070
	 Heating/Cold actual.
	  	 	 	 	 	80	  	929,760
	 Property tax actual.
	  	 	 	 	 	17	  	197,574
	 	  	 	 	 	 	
	  	

	 Tot. rent from 1 Oct. 2005
	  	 	 	 	 	1,447	  	16,816,404

  

	*	p-pl is parking spaces 100% index on above base rent and VAT on Tot. rent to be added on to Tot rent. 

  

 Page 1 of 4 

 Summary of Annexures: 
  
 1 Special provisions 
  
 2 Index provision 
  
 3 Boundary list 

 
 4 Summary of landlord’s actions for modernizing existing premises 
  
 5 Annuity table 
  
 6 Drawings of leased premises 
  
 7 Site plan with p-p1 
  
 8 Summary areas 
  
 2. Taking possession

  
 The term of lease and rent is calculated according to this contract for
existing premises from 1 Oct. 2005. For newly built premises rent is calculated from the date when the premises are ready to move in to. 
  
 3. Construction of new building and renovation of premises, etc 
  
 The Landlord will provide for and pay for renovation/modernization of existing premises according to Annexure 4 and according to the agreed time plan. 
  
 For new buildings: 
  
 During the project, the Landlord and the Tenant shall together jointly prepare budget and monitor accrued costs. Quality level to be based
on short work description 24 June 2004 
  
 The Landlord and the Tenant shall
jointly take part in the design work for the rebuilding and both parties shall aim for lowest possible costs at acceptable standard. See Annexure 4 
  
 4. Renegotiation of rent at term extension 
  
 During extension negotiations, the new rent shall be adjusted to conditions on the market for comparable premises. In case this market based rent is lower than the rent
payable in 2012 for the part of the contract belonging to the new building (that was constructed in 2005), remaining annuities shall be paid as rent for the new premises from the first rental period, see Annexure 5. 
  
 5. The condition and restoring of the premises 
  
 At the end of the lease, the Tenant is responsible for restoring the premises to an
acceptable general condition. Specially designed layouts performed by the Tenant during the term shall be restored to their original condition, should the Landlord so request. Thus, the Tenant is obligated on his own account, provided the Landlord
so request, to remove installed interior fittings and installations as well as perform all repair works resulting there from. The Tenant shall further pay for repairs that cannot be attributed to normal wear and tear, such as removal of foundations
for machinery, anchoring bolts, pipes, etc. In case the Tenant omits to complete his obligations, the Landlord shall be compensated for the cost to restore the premises to an acceptable condition. 
  
 The above described obligation to restore does not apply to such interior fittings that the
Landlord in writing have consented to exclude. 
  
 At removal from the premises,
the Tenant shall at his own cost leave the premise well cleaned and return all gate and door keys and similar, also if those have been provided for by the Tenant. 
  
 6. Heating/cold 
  
 The Tenant shall pay the cost for heating according to Stockholm’s Fastighetsägareförening’s (Association of Stockholm property owners) fuel provision
BL/82 for premises. Currently heating/cold is invoiced annually at 80:- SEK/sq.m. excl. applicable VAT. The Landlord is permitted to adjust the debiting for heat/cold quarterly when energy prices changes. 
  
 The Landlord will provide cold to the premises but can not give any guarantees regarding
reliability. The amount of cold that can possibly be provided depends on the humidity in the premises (this is because condensation is not allowed to arise on cold baffles). 
  

 Page 2 of 4 

 The Tenant must provide his own back-up solution for refrigeration of sensitive equipment such as servers, etc. In this
case the Tenant is responsible to pay the costs for installation as well as operation. 
  
 7. Ventilation uptimes 
  
 The Landlord provides operation of the
ventilation plant during daytime from 5 a.m. to 7 p.m. (0500 - 1900). In case extended uptimes are agreed, the heating cost shall be adjusted accordingly. 
  
 8. Costs for water supply and sewage system 
  
 Cost for water supply and sewage system is included in the rent according to point 1. (Possible cooling water is not included). The Tenant is responsible for the increase
of the costs, which may arise through changed rates compared to July 2005 based on actual consumption. 
  
 9. Electricity subscription 
  
 The
property has a common electricity subscription. The consumption by the Tenant is measured through sub-meters and is invoiced monthly according to actual consumption. 
  
 10. Property taxes 
  
 The Tenant shall as an add-on to the rent, and at the same time as the payment of the rent, pay the at each time applicable part of the property taxes attributed to the
premises rented as well as any other duty or levy that parliament, city council or authority have decided or might decide. The add-on to the rent shall be changed without any foregoing notice of termination if the tax rate is changed or if the
rateable value of the property is changed. 
  
 11. Investments, operation and
maintenance 
  
 Interface between Landlord and Tenant regarding investments,
operation and maintenance as well as change to new is provided in the Boundary list, Annexure 3. 
  
 The Tenant shall take good care of and maintain the premises. Should the premises deteriorate in addition to normal wear and tear through neglect by the Tenant, the Landlord has the right to be compensated.

  
 Vinyl shall be cared for by soft wax method and not with polish. 

 
 12. Subleasing 
  
 The Tenant is permitted to sublease part of the premises to another sub-tenant acceptable to the Landlord. Such acceptance shall be obtained
prior to the sub-tenant moving in. 
  
 13. VAT 
  
 In case the Tenant after acceptance from the Landlord or in applicable cases after consent
by the rent tribunal (hyresnämnden) transfers the right of tenancy to somebody who does not run a business liable to pay VAT, then the Tenant shall reimburse the Landlord for such amount as the Landlord is forced to repay as a consequence of
the return provisions in the VAT act. 
  
 The same applies if the Tenant
sub-leases all or part of the premises in such a way that liability for repayment falls on the Landlord. Desire to make such a change shall be notified in writing to the Landlord at least 3 months in advance. 
  
 14. Cleaning 
  
 The Tenant is responsible for cleaning of rented premises. 
  

 Page 3 of 4 

 15. Changes during term 
  

The Tenant is allowed to make changes of the premises at his own cost. The Tenant shall inform the Landlord in advance and provide drawings for approval. In case
approvals from authorities are required the Landlord shall arrange, at the cost of the Tenant, that drawings are submitted to the authorities for approval before the work is performed. Once the work is finished, basis for relation drawings shall
be submitted to the Landlord. 
  
 16. Reduction of rent during normal
maintenance 
  
 The Tenant has no right of reduction of the rent due to
impediment or detriment of the right of use and enjoyment as a consequence of the Landlord performing normal maintenance of the rented premises or other parts of the property. However, it falls on the Landlord to inform the Tenant well in advance
about the type and scope of the work and when and during which time the work will be performed. 
  
 17. Parking spaces 
  
 The Tenant’s
parking spaces can be seen in Annexure 6 for parking spaces in garage and Annexure 7 for parking spaces on ground within the framework of this contract. The Tenant shall mark the spaces with his company’s name. 
  
 18. Signs 
  
 The lease conveys only after separate agreement the right of use of the front wall or other surface area for neon signs or other displaying.
Sign proposals shall be approved by the Landlord before application for building permit is submitted. Operation and maintenance and any change of neon signs or other displays shall be on the account of the Tenant. 
  
 19. Disputes 
  
 Disputes arising from this agreement shall be settled by the rent tribunal, court or executive authority. 
  
 This agreement, which may not without special consent be mortgaged, has been drawn up in two
identical exchanged copies. 
  

					
	 Danderyd 1 July, 2004
	 	 	 	 Danderyd 1 July, 2004

			
	Skutkrossen & Co KB	 	 	 	Flir Systems AB
			
	 signed
	 	 	 	 signed

	 Carl Wale
	 	 	 	 

  

					
	 Kristian Wale
	 	 	 	 Arne Almerfors

			
	 signed
	 	 	 	  
	 Kristian Wale
	 	 	 	 

  

 Page 4 of 4 

					
	

	 	INDEX CLAUSE	 	Page 1(2)
	 	for non-residential premises	 	Appendix no: 2

  

							
	Concerning	  	 Lease Agreement no.
 5010004
	  	Property designation
Skruven 1	  	 
				
	Landlord	  	AB Skutkrossen & Co KB	  	 	  	 
				
	Tenant	  	Flir Systems AB	  	 	  	 
		
	Clause	  	Of the rent of SEK see App. 1 stipulated in the Lease Agreement 100% or SEK ____________ shall constitute the base rent. During the period of the Lease Agreement, a surcharge to
the rent, constituting a certain percentage of the base rent, shall be payable with regard to changes in the consumer price index (using the total index for 1980 as a base) according to the following:
		
	 	  	 •      For lease agreements commencing during the
period 1/1 - 30/6 the base rent is deemed to be adjusted to the index level for that of the previous October.
  
 •      For lease agreements commencing during the period 1/7 - 31/12 the base rent is
deemed to be adjusted to the index level for October of that year.
  
 •      The index level for the October that the base rent is deemed to be adjusted to, as
shown above, becomes the base figure unless otherwise agreed by designating a year as per the following. Alternative agreed base figure: the index level for October
                    .

		
	 	  	Should the index level any following October have risen in relation to the base figure, the surcharge shall be calculated on the percentage by which the index has changed in
relation to the base figure. Future surcharges due will be based on the changes in the index, the rental change to be calculated on the percentage change between the base figure and the index level for the October in question.
		
	 	  	The rent payable shall nevertheless never be adjusted below that stipulated in the Lease Agreement. A change in the rent is always effective from 1st January following an adjustment occasioned by a recomputation due to a change in the Index the previous
October.
		
	 	  	The instructions in page 2 are applicable to the agreement.
				
	Signature	  	Place/date	  	 	  	Place/date
				
	 	  	Danderyd                     2004-07-01	  	 	  	Danderyd                    
2004-07-01
				
	 	  	 Landlord
  
 AB Skutkrossen & Co KB
	  	 	  	 Tenant
  
 Flir Systems AB

				
	 	  	/s/ Kristian Wale                    /s/ Carl Wale	  	 	  	 Printed name
  
 /s/ Arne Almerfors

				
	 	  	 	  	 	  	 Tenant
  

				
	 	  	 Printed name
  
 Kristian Wale                        Carl
Wale
  
	  	 	  	Printed name
				
	 	  	The Landlord’s notes regarding the base figure:	  	 	  	 

  
 Swedish Property Federation.

  
 Form no. 6E, prepared in 1999 in consultation with the Swedish
Federation of Trade and the Swedish Hotels- and Restaurants Association (SHR). The examples in the instructions were revised in May 2002. Copying prohibited. Notice: This is a translation into English of form no. 6E. 
  
 License number:             .
Ver nr:             . Registered to: 
  

 Page 2(2) 
  

Instructions in respect of Index Clause for non-residential premises 
  

Base Rent 
  
 Whether all or a part of the rent stipulated in the Lease Agreement shall consist of base rent, is a matter for negotiation and can depend on the terms of the Lease Agreement (for example the quantum of the rent
expressed as SEK/sq m/per annum and also for what other obligations the Tenant is responsible). 
  
 Base Figure 
  
 The index level for the
October that the base rent is deemed to be aligned to becomes the base figure, unless otherwise agreed by designating a year (as per conditions stated in page 1). 
  
 Comparison of index levels shall be done as soon as the annual October index is published. During recent years the October index has been
published by the middle of November. 
  
 Calculation of the surcharge

  

	1)	Calculate the difference between the relevant October index and the base figure. 

  

	2)	If the difference is positive, divide the difference by the base figure. 

  

	3)	The surcharge is calculated by multiplying the base rent by the factor thus determined. 

  
 Example 
  
 Calculation of the surcharge for 2002 
  
 Presume that the base rent is SEK 100 000 pa (per annum) and is aligned to the consumer price index for October 1999, which is 259,7 (base figure). The
October index for 2001 is 269,1. 
  

	 	1.	Calculate the difference between the index figure 269,1 and 259,7. The difference is positive and amounts to 9,4. 

  

	 	2.	Divide 9,4 by 259,7 and multiply the quotient (without rounding off) by the base rent SEK 100 000. The result is SEK 3 619:56, which according to the clause becomes the
surcharge for 2002. 

  
 Alternative A: Assume
that the consumer price index for October 2001 had been lower than the year before for example 262,0 (the index for October 2000 was 262,6). 
  
 The Difference between the assumed index level 262,0 and the base figure 259,7 would still be positive and amount to 2,3. The quotient between 2,3 and the
base figure 259,7, multiplied by the base rent would have amounted to a surcharge of SEK 885:63. The total rent would however have been lower than for 2001. 
  
 Alternative B: Assume that the consumer price index for October 2001 had instead been lower than the base figure 259,7 for example 259,5.

  
 The difference between 259,5 and the base figure 259,7 would
then have been negative. No surcharge would apply. The rent stated in the Lease Agreement would apply.

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