Document:

EX-10.4

 Exhibit 10.4(b) 

AMENDMENT NO. 1 

Dated as of August 8, 2012 
 to 
 CREDIT AGREEMENT 

Dated as of April 27, 2012 
 THIS AMENDMENT NO. 1 (this “Amendment”) is made as of August 8, 2012 by and among Watsco, Inc., a Florida corporation (the “Company”), Watsco Canada, Inc., a New
Brunswick corporation (the “Canadian Borrower” and, collectively with the Company, the “Borrowers”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative
Agent (in such capacity, the “Administrative Agent”), under that certain Credit Agreement dated as of April 27, 2012 by and among the Borrowers, the Canadian Subsidiary Borrowers from time to time party thereto, the Lenders,
the Administrative Agent and JPMorgan Chase Bank, N.A., as Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Credit Agreement. 
 WHEREAS, the Borrowers have
requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit Agreement; 

WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth
herein; 
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment. 

1. Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in
Section 2 below, the parties hereto agree that the Credit Agreement is hereby amended as follows: 
 (a)
Section 1.01 of the Credit Agreement is hereby amended to (x) delete the defined terms “Swingline Loan” and “Interest Payment Date” appearing therein and (ii) insert the following definitions in the
appropriate alphabetical order: 
 “Canadian Swingline Exposure” means, at any time, the
aggregate principal amount of all Canadian Swingline Loans outstanding at such time. The Canadian Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Canadian Swingline Exposure at such time. 

“Canadian Swingline Loan” means a Loan made to a Canadian Borrower pursuant to Section 2.05.

 “Company Swingline Exposure” means, at any time, the
aggregate principal amount of all Company Swingline Loans outstanding at such time. The Company Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Company Swingline Exposure at such time. 

“Company Swingline Loan” means a Loan made to the Company pursuant to Section 2.05. 

“Interest Payment Date” means (a) with respect to any ABR Loan or Canadian Base Rate Loan
(including a Swingline Loan), the last day of each March, June, September and December and the Maturity Date and (b) with respect to any Eurocurrency Loan or BA Equivalent Loan, the last day of the Interest Period applicable to the Borrowing of
which such Loan is a part and, in the case of a Eurocurrency Borrowing or a BA Equivalent Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of
three months’ duration after the first day of such Interest Period and the Maturity Date. 

“Swingline Loans” means each Company Swingline Loan and each Canadian Swingline Loan. 

“WCI Debt” means the intercompany loan from the Company to Watsco Canada, Inc. made on or about
April 27, 2012. 
 (b) The definition of “Applicable Rate” appearing in Section 1.01 of the Credit
Agreement is hereby amended to delete the reference to “Canadian Base Rate Revolving Loan” appearing therein and replace such reference with a reference to “Canadian Base Rate Loan”. 

(c) The definition of “Canadian Revolving Credit Exposure” appearing in Section 1.01 of the Credit Agreement is
hereby amended to add the words “and Canadian Swingline Exposure” immediately after the words “Canadian LC Exposure” appearing therein. 
 (d) The definition of “Company Revolving Credit Exposure” appearing in Section 1.01 of the Credit Agreement is hereby amended to add the word “Company” immediately before
the words “Swingline Exposure” appearing therein. 
 (e) The definition of “Swingline Exposure” appearing in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Swingline Exposure” means, collectively, the Company Swingline Exposure and the Canadian Swingline Exposure. The Swingline Exposure of any Lender at any time shall be its Applicable
Percentage of the total Swingline Exposure at such time. 
 (f) The second sentence of Section 2.02(b) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 
 “Each Company Swingline
Loan shall be an ABR Loan and each Canadian Swingline Loan shall be a Canadian Base Rate Loan.” 
 (g) The second to last
sentence of Section 2.02(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

  
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 “Each Company Swingline Loan shall be in an amount that is an integral
multiple of $100,000 and not less than $500,000 and each Canadian Swingline Loan shall be in an amount that is an integral multiple of Cdn.$100,000 and not less than Cdn.$500,000.” 

(h) Section 2.03 of the Credit Agreement is hereby amended to delete the words “one (1) Business Day before”
appearing in clause (b) thereof and replace such words with the word “on”. 
 (i) Section 2.05 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(a) Subject to the
terms and conditions set forth herein, the Swingline Lender agrees to make (i) Company Swingline Loans in Dollars to the Company and (ii) Canadian Swingline Loans in Canadian Dollars to the Canadian Borrowers, in each case from time to
time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (u) the aggregate principal amount of outstanding Swingline Loans exceeding $65,000,000, (v) the aggregate principal
amount of outstanding Company Swingline Loans exceeding $50,000,000, (w) the aggregate principal amount of outstanding Canadian Swingline Loans exceeding $15,000,000, (x) the Dollar Amount of the total Revolving Credit Exposures exceeding
the Revolving Credit Availability at such time, (y) the Dollar Amount of the total Company Revolving Credit Exposures exceeding the Company Revolving Credit Availability at such time or (z) the Dollar Amount of the total Canadian Revolving
Credit Exposures exceeding the Canadian Revolving Credit Availability at such time; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and
subject to the terms and conditions set forth herein, the Company may borrow, prepay and reborrow Company Swingline Loans and the Canadian Borrowers may borrow, prepay and reborrow Canadian Swingline Loans. 

(b) To request a Swingline Loan, the applicable Borrower shall notify the Administrative Agent of such request by
telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), currency and
amount of the requested Swingline Loan and the account to which the proceeds of such Swingline Loan are to be credited. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company or the applicable
Canadian Borrower. The Swingline Lender shall make each Swingline Loan available to the relevant Borrower by means of a credit to the general deposit account of such Borrower (as designated by such Borrower in such notice) with the Swingline Lender
(or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested date of such Swingline
Loan. 
 (c) The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00
a.m., New York City time, on any Business Day, require the Lenders to acquire participations on such date in all or a portion of the Swingline Loans outstanding in the applicable currency of such Swingline Loans. Such notice shall specify the
aggregate amount and applicable currency of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s

  
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Applicable Percentage of such Swingline Loan or Loans and the currency of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay in the applicable currency to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation
to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same
manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the
Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline
Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from any Borrower (or other party on behalf of any Borrower) in respect of a Swingline Loan after receipt by the Swingline
Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall
have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable,
if and to the extent such payment is required to be refunded to the relevant Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve any Borrower of any default in the payment
thereof.” 
 (j) Section 2.06(e) of the Credit Agreement is hereby amended to (x) add the word
“Company” immediately before the first reference to “Swingline Loans” appearing therein and (y) add the words “or a Canadian Swingline Loan” immediately after the words “Canadian Base Rate Borrowing”
appearing therein. 
 (k) Section 2.06(h) of the Credit Agreement is hereby amended to delete the word
“Revolving” appearing immediately after the words “Canadian Base Rate” appearing therein. 
 (l)
Section 2.07(b) of the Credit Agreement is hereby amended to insert the parenthetical “(or, in the case of an ABR Borrowing or a Canadian Base Rate Borrowing, prior to the proposed time of any Borrowing)” immediately after the
words “prior to the proposed date of any Borrowing” appearing in the first sentence thereof. 
 (m)
Section 2.08(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(a) Subject to the provisions of this Section 2.08 and of Sections 2.13 and 2.14 hereof, (i) Company Revolving Loans (other than Company Swingline Loans) may be made or maintained only as
ABR Loans or Eurocurrency Loans, (ii) Company Swingline Loans may be made or maintained only as ABR Loans, (iii) Canadian Revolving Loans (other than Canadian Swingline Loans) may be made or maintained

  
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only as Canadian Base Rate Loans or BA Equivalent Loans and (iv) Canadian Swingline Loans may be made or maintained only as Canadian Base Rate Loans.” 

(n) Section 2.10(a) of the Credit Agreement is hereby amended to delete the final sentence thereof and to replace such
sentence with the sentence “The Company hereby unconditionally promises to pay to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the Maturity Date.” 

(o) Section 2.13(a) of the Credit Agreement is hereby amended to add the word “Company” immediately before the
words “Swingline Loan” appearing therein. 
 (p) Section 6.02 of the Credit Agreement is hereby amended to
(i) delete the word “and” appearing at the end of clause (g) thereof, (ii) change clause (h) thereof to a new clause (i) thereof and (iii) add the following as a new clause (h) thereof: 

(h) the pledge by the Company of the WCI Debt in favor of Watsco International, LLC, a Domestic Foreign Holdco
Subsidiary, so long as Watsco International, LLC remains a Domestic Foreign Holdco Subsidiary; and 
 (q)
Section 6.16 of the Credit Agreement is hereby amended to delete the references to “March 31, 2012” appearing therein and to replace such references with references to “June 30, 2012.” 

2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (i) the
Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders, the Swingline Lender and the Administrative Agent, (ii) the Administrative Agent shall have received counterparts of
the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary Guarantors and (iii) the Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its
affiliates’ fees and expenses (including, to the extent invoiced, fees and expenses of counsel for the Administrative Agent) in connection with this Amendment. 
 3. Representations and Warranties of the Borrowers. Each Borrower hereby represents and warrants as follows: 
 (a) This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of such Borrower and are enforceable against such Borrower in accordance with their terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

(b) As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default or Event of Default shall have
occurred and be continuing and (ii) the representations and warranties of such Borrower set forth in the Credit Agreement, as amended hereby, are true and correct in all material respects (provided that any representation or warranty qualified
by materiality or Material Adverse Effect is true and correct in all respects). 
 4. Reference to and Effect on the Credit
Agreement. 
 (a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other
Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. 

  
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 (b) Each Loan Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 (c) Except
with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision
of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 5. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 
 6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	 WATSCO, INC.,
 as
the Company

		
	By:	 	/s/ Ana M. Menendez
	Name: Ana M. Menendez
	 Title: Chief Financial Officer & Treasurer

		 	

  
  

			
	 WATSCO CANADA, INC.,

as the Canadian Borrower

		
	By:	 	/s/ Ana M. Menendez
	Name: Ana M. Menendez
	Title: Vice President & Treasurer

  
  
  

Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent

		
	By:	 	/s/ John A. Horst
	 Name: John A. Horst

Title: Credit Executive

  
  
 Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

 
			
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By:	 	/s/ David Gutierrez
	 Name: David Gutierrez
 Title: Senior Vice President

  
  

			
	 BANK OF AMERICA, N.A. (CANADA BRANCH),
 as a Lender

		
	By:	 	 /s/ David Gutierrez

	 Name: David Gutierrez
 Title: Senior Vice President

  
  
  

Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

 
			
	 WELLS FARGO BANK, NATIONALASSOCIATION,
 as a Lender

		
	By:	 	/s/ Daniel N. Gonzalez
	 Name: Daniel N. Gonzalez
 Title: Regional Vice President & Senior Vice President

  
  
 Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	/s/ Kenneth R. Fieler
	 Name: Kenneth R. Fieler
 Title: Vice President

  
  
 Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

 
			
	 THE NORTHERN TRUST COMPANY,
 as a Lender

		
	By:	 	/s/ Pritha Majumder
	 Name: Pritha Majumder
 Title: Officer

  
  
 Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

  

			
	 BRANCH BANKING & TRUST COMPANY,
 as a Lender

		
	By:	 	/s/ Taylor R. Beringer
	 Name: Taylor R. Beringer
 Title: Banking Officer

  
 Signature Page to Amendment
No. 1 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

  

			
	 BANK OF MONTREAL, CHICAGO BRANCH,
 as a Lender

		
	By:	 	/s/ Yacouba Kane
	 Name: Yacouba Kane

Title: Vice President

  

			
	 BANK OF MONTREAL, TORONTO BRANCH,
 as a Lender

		
	By:	 	/s/ Robert Wright
	 Name: Robert Wright

Title: Director

  
  
 Signature Page to Amendment No. 1 to 
 Credit Agreement dated as of April 27, 2012

 Watsco, Inc. et al 

  

			
	 REGIONS BANK,
 as a
Lender 

		
	By:	 	/s/ Stephen Hanag
	 Name: Stephen Hanag

Title: Senior Vice President

  
 Signature Page to Amendment
No. 1 to 
 Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et al 

 EXHIBIT A 
 Consent and Reaffirmation 
 Each of the undersigned hereby acknowledges
receipt of a copy of the foregoing Amendment No. 1 to the Credit Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Watsco, Inc., a
Florida corporation (the “Company”), Watsco Canada, Inc., a New Brunswick corporation (the “Canadian Borrower” and, collectively with the Company, the “Borrowers”), the Canadian Subsidiary Borrowers
from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent, which Amendment No. 1 is dated as of August 8, 2012 and is by
and among the Borrowers, the financial institutions listed on the signature pages thereof and the Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the
meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Subsidiary
Guaranty and any other Loan Document executed by it and acknowledges and agrees that the Subsidiary Guaranty and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect
and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time
hereafter be amended, modified or restated. 
 Dated August 8, 2012 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year above
written. 
  

									
	WATSCO CANADA, INC.	 		 	WATSCO HOLDINGS, INC.
					
	By:	 	/s/ Ana M. Menendez	 		 	 By:
	 	/s/ Ana M. Menendez
	 Name: Ana M. Menendez
 Title: Vice President 
	 		 	 Name: Ana M. Menendez
 Title: Vice President

  
  

									
	WATSCO HOLDINGS II, INC.	 		 	WATSCO HOLDINGS III, LLC
					
	By:	 	/s/ Ana M. Menendez	 		 	 By:
	 	/s/ Ana M. Menendez
	 Name: Ana M. Menendez
 Title: Vice President
	 		 	 Name: Ana M. Menendez
 Title: Vice President

  
  

									
	EAST COAST METAL DISTRIBUTORS LLC	 		 	
					
	By:	 	/s/ Ana M. Menendez	 		 	 	 	 
	 Name: Ana M. Menendez
 Title: Vice President
	 		 	

 Signature Page to Consent and Reaffirmation to Amendment No. 1 to 

Credit Agreement dated as of April 27, 2012 
 Watsco, Inc. et alEXHIBIT 10.10

 EXHIBIT 10.10 
 LEASE 
 between 
 Nerwal SA 
 c/o Ismeca Europe Semiconductor SA 

Rue de l’Helvétie 283 
 2301 La
Chaux-de-Fonds 
 as Landlord 
 and 
 Ismeca Europe Semiconductor SA 

Rue de l’Helvétie 283 
 P.O. Box

 2301 La Chaux-de-Fonds 

as Tenant 
 The Parties
have entered into the following Lease Agreement within the meaning of Article 253 et seq. of the Swiss code of Obligations (CO): 

  
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 1. Preamble 
 Following the sale of various real estates from Tenant to the Landlord in particular plot no. 3514, plot no. 3515 and plot no. 3516, Tenant now wishes to lease and Landlord wishes to let certain
properties and buildings as identified herein. 
 2. Premises 
 2.1 Premises & description of lease 
 The Landlord lets to the Tenant the following
areas in its building on Rue de l’Helvétie 283, 2301 La Chaux-de-Fonds, which are in a condition fit for their purpose (all as identified on Appendix A): 
  

	 	•	 	 Building “A”, including Building A0 and A1, with a total of app. 1138 m2 located on plot number 3514 and 4249 of the Cadastre des
Eplatures in 2300 La Chaux-de-Fonds 

  

	 	•	 	 Building “B”, app. 1511 m2 of B1, located mainly on plot number 3514 of the Cadastre des Eplatures in 2300 La Chaux-de-Fonds

  

	 	•	 	 Building “C”, app. 270 m2 of C1, located mainly on plot number 3514 of the Cadastre des Eplatures in 2300 La Chaux-de-Fonds

  

	 	•	 	 Building “E”, app. 83 m2 of E0, located on plot number 3515 of the Cadastre des Eplatures in 2300 La Chaux-de-Fonds

  

	 	•	 	 Building “F”, app. 142 m2, located mainly on plot number 3515 of the Cadastre des Eplatures in 2300 La Chaux-de-Fonds

 2.2 Parking and surrounding land 
 The Tenant may use exclusively 80 parking spaces, currently indicated on the ground at the locations, as identified in the plan on Appendix B. 
 Tenant is also entitled to the exclusive use of pic-nic area and bicycle-hub as identified on Appendix B. 

  
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 2.3 Use of the Premises 
 The Tenant will use the Premises as a production/assembly plant with appurtenant office spaces and ancillary uses. Landlord inspected the Premises in full and agrees with its current use, installations
and state. 
 2.4 Works carried out by Tenant 
 The Tenant has the right to execute, at his expense, all works required to make the building more suitable for his activity. 
 Any works involving the building’s structure shall be submitted to the Landlord for prior approval and possible financing. The Landlord hereby approves all other fitouts and fixtures of the Tenant in
advance. The Tenant shall inform the Landlord reasonably in advance of any works regarding the fixtures and fitouts of the Premises. Such work shall belong to the Tenant. As per the end of the lease, Tenant will reinstate the Premises to the
condition they were at the commencement of the lease, unless otherwise agreed in writing between the Landlord and the Tenant. 
 3. Lease
Term / Termination 
 The lease shall commence on 14 December 2012 and may be terminated by either party giving the other party 12
months prior notice. The earliest date of effect of termination is 31 December 2022. 
 Without notice, the lease will automatically be
extended for additional terms of two years and may be terminated by either party as per the end of any such term giving the other party 12 months prior notice. 
 Notice of termination shall be given by either party by registered mail and in accordance with the above requirements as to notice period and date of effect. The landlord shall use a form approved by the
canton. 

  
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 4. Rent / Payment / Value-Added Tax 
 4.1 Rent 
 The rental fee for the Premises (see clause 2.1 and 2.2) as identified in Clause
2 amounts to CHF 350’000.00 per annum, (exclusive of VAT) and is composed as follows: 
  

													
	 Building A
	  	 	1’138m2	  	  	 	à CHF 100.00 /m2	  	  	 	CHF 113’800.00	  
	 Building B
	  	 	1’511 m2	  	  	 	à CHF 100.00 /m2	  	  	 	CHF 151’100.00	  
	 Building C
	  	 	270 m2	  	  	 	à CHF 100.00 /m2	  	  	 	CHF 27’000.00	  
	 Building E
	  	 	83 m2	  	  	 	à CHF 100.00 /m2	  	  	 	CHF 8’300.00	  
	 Building F
	  	 	142 m2	  	  	 	à CHF 100.00 /m2	  	  	 	CHF 14’200.00	  
	 80 parking spaces
	   
	  	 	à CHF 445.00	  	  	 	CHF 35’600.00	  
	Total	  	  				  	 	CHF 350’000.00	  

 Should the measured above-mentioned m2 not reflect the actual m2 of the rented Premises at the commencement of the Lease,
such difference shall not result in any rental fee adjustment. 
 This rental fee takes due account of the actual state of the Premises.

 The rental fee shall be indexed. Any adjustment in the rental fee shall be based on the differences of the “Landesindex der
Konsumentenrpreise des Bundesamtes für Statistik” (LIK). Such adjustment can be made as per 1 January of each year (first time on 1 January 2014) based on the LIK per October of the previous year. The rental fee adjustment shall
be noticed by the Landlord with the form approved by the Canton (“amtliches Formular”) not later than on 15 November of the previous year. The basis for such rental fee adjustment shall be the LIK at the commencement date of this
Lease Agreement. 
 4.2 Payment of rent 
 The rental fee specified in Article 4.1 shall be payable monthly in advance on the first day of each month. 
 4.3 Value-added tax 
 The Premises are subject to value-added tax. Value-added tax at the
statutory rate shall be payable in addition to the rent. The Landlord undertakes to issue VAT receipts so as to enable the Tenant to reclaim input VAT. Any further restriction on the Tenant’s entitlement to deduct input tax shall not affect the
rent. 

  
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 The Tenant confirms that it is subject to VAT and that it is registered for VAT with the Federal tax
administration. The Tenant shall inform the Landlord in the event that it should lose its VAT status. 
 5. Charges 

All charges (heating, electricity, hot water costs, operating costs as listed in Appendix C, except the building insurance and the building liability
insurance costs) arising from the use of the Premises are not included in the rent. The charges shall be borne by the Tenant additionally and shall be invoiced by the Landlord separately. 
 Tenant shall pay charges of CHF 9’000.- (plus VAT, if applicable) per month on account, payable monthly in advance on the first day of each month. Landlord shall yearly deliver to the Tenant the
accounting of the charges based on the effective costs. The on account payment may be adjusted at the same time as the rental fee based on the effective calculation of the effective costs of the previous year. 

For the avoidance of doubt, the Parties clarify the following positions: 
  

	 	a)	The Tenant shall be solely responsible for all cost of installation, repair and replacement of the air conditioning system (item 4a of Appendix C) and for cost with
respect to “Analyses and follow up Energho” (item 14c in Appendix C). 

  

	 	b)	The Tenant shall be solely responsible for all cost of installation, repair and replacement of the 60Hz on-site power generator (items 7b and 7c of Appendix C)

  

	 	c)	Landlord owns the air system (items 10a and 10b of Appendix C) and the vacuum system (item 15 in Appendix C) and will charge Tenant for the running costs as well as the
costs occurring with respect to the inspection, maintenance and repair of the items, in each case proportionally to the Tenants use of the respective system in relation to the use of the respective system of any other tenants of the premises.

  
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 6. Handover of Premises and Notice of Defects 

6.1 Handover 
 The Premises shall be
handed over to the Tenant in their current state, which is fit for the intended purpose, cleaned and complete with all contents and fittings. The state of the Premises shall be recorded in writing by the Parties in a statement of condition of
premises. This statement shall be drawn up at the date of the handover of the Premises 
 6.2 Condition at handover of Premises

 At handover the Premises are in a state which is fit for the agreed purpose of the tenancy. 

7. Use and Maintenance of Premise 

7.1 Use 
 The Premises shall be used only
for the contractually agreed purpose. Any change in use shall require the Landlord’s written authorization. 
 7.2 Insurance

 The Landlord shall insure the property against building damage in accordance with such cantonal legislation as may be applicable
(insurance obligation). In addition, the Landlord shall maintain liability insurance covering third party claims in relation to the property (building liability). 
 7.3 Sublease 
 The Tenant has the right to sublease all or part of the Premises to any
entity which is controlling, controlled by or under common control with the Tenant without further approval of the Landlord. If a sublease is made to a third party, the Tenant shall obtain the Landlord’s prior written consent thereto, which
will not be unreasonably withheld. 
 7.4 Maintenance 
 As far as legally allowed, Tenant shall be responsible for all maintenance and small repairs of the Premises (with the exception of the shell of the building), but only up to an amount of 1% of the net
annual rent per year per case and in sum (all cases together) not more than 5% of the net annual rent 

  
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per year. The Landlord shall be responsible for all other refurbishment of the Premises in order to guarantee the contractually agreed use of the Premises. The allocation of the maintenance
between the Landlord and the Tenant has been considered by determining the rental fee. 
 8. Return of Premises 

The Tenant shall surrender the Premises in such condition as would result from the use of the Premises in accordance with the terms of the Lease.

 The surrender of the Premises complete with all contents and fittings and entirely vacated shall take place not later than the date on which
the Lease shall end (by 12.00 noon), or if that date should fall on a Saturday, Sunday or public holiday, by 12.00 noon on the next following working day in the locality in question. The Premises shall be surrendered in the same condition as they
were in when the Tenant took possession at the commencement of the Lease, subject only to such wear and tear as results from the use of the Premises in accordance with the terms of the Lease. Works involving the building’s structure, as well as
fixtures and fitouts agreed in written as permanent, with the Landlord, shall belong to the Landlord without any compensation. 
 The Tenant
shall be required, by the surrender date, to thoroughly clean the Premises together with all fittings and contents, to restore the Premises to the original condition and state at the begin of the lease and to repair any damage occasioned to the
Premises for which the Tenant is responsible and that is not the consequence of ordinary wear and tear. 
 Any defects or damage ascertained at
the end of the tenancy for which the Tenant is liable shall be recorded in a statement of condition of premises or notified in writing to the Tenant within 30 days after the end of the Lease. The Tenant shall also be liable for defects which were
not ascertainable upon the surrender of the Premises, provided that these are notified in writing within 30 days after the end of the Lease. The time limits governing the prosecution and expiration of claims in respect of such defects are as laid
down in the Swiss code of Obligations. 
 9. Early Termination of Lease 
 9.1 Bankruptcy 
 The Landlord shall be entitled to terminate the Lease summarily if the
Tenant is declared bankrupt or seeks protection from its creditors and the Tenant or its insolvency administrator fails to provide security for future rental liabilities within a time limit of 20 days to be notified in writing. 

  
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 9.2 Termination for serious cause 
 Nothing herein shall affect the Parties’ right of early termination of the Lease for serious cause in accordance with Article 266g of the Code of Obligations or by mutual agreement. 

10. Special Provisions 
 10.1
Effective date 
 This Lease shall enter into force upon registration of the Landlord as owner of the Premises in the land registry
(Effective date).* 
 10.2 Keys 

Locks and Keys to all doors belong to the premises. The Tenant is already in possession of the necessary number of keys which are listed in Appendix D.
Additional keys must be ordered from the Landlord and paid for by the Tenant. Reference is made to the receipts signed by the Parties. 

10.3 Land register 
 Tenant is granted
the right, at his own expense, to enter this Lease in the land register (Article 261 b CO). 
 10.4 Appendices / Amendments 

All Appendices shall form integrated part to this Lease. Amendments to this Lease shall not be valid unless in writing. 

10.5 Governing Law/Jurisdiction 
 This
Lease shall be governed exclusively by the laws of Switzerland. All disputes arising out of or in connection with this Lease shall be subject to the jurisdiction of the courts of the place where the Premises are situated. 

10.6 Counterparts 
 This Lease Agreement
is drawn up in two counterparts, one for each of the Parties hereto. 

  
 Page 8/15 

			
	La Chaux de Fonds, /s/ 14/12/2012 	  	La Chaux de Fonds, /s/ 14/12/2012 
		
	The Landlord	  	The Tenant
		
	Nerwal SA	  	Ismeca Europe Semiconductor SA
		
	acting by:	  	acting by:

  

													
	/s/ Heinz Baumgartner	 		 	/s/ Martin Klóti	 		 	/s/ Lorenzo Giarrè	 		 	/s/ Florian Wenger
	Heinz Baumgartner	 		 	Martin Klóti	 		 	Lorenzo Giarrè	 		 	Florian Wenger

 Appendices: 
 Appendix A - Overview 
 Appendix A - Building A+B+C 

Appendix A - Building E 
 Appendix A - Building F

 Appendix B - Parking and surrounding 

Appendix C - Operating Costs 
 Appendix D - Keys

  
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 Appendix A – Overview: 

 
 

 

  
 PAGE 10/15 

 Appendix A – Building A+B+C: 

 
 

 

  
 PAGE 11/15 

 Appendix A – Building E: 

 
 

 

  
 PAGE 12/15 

 Appendix A – Building F: 

 
 

 

  
 PAGE 13/15 

 Appendix B – Parking and surrounding: 

 
 

 

  
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 Appendix C – Operating costs: 

 

									
	 Nr
	  	 Installation
	  	 Type
	  	 Costs at
charge of
Landlord
	  	
Costs at
charge of
Tenant

	1a	  	Heating	  	Inspection and maintenance of burner, pumps and valves (contracts or service support)	  		  	X
	1b	  	Heating	  	Tank inspection and maintenance	  		  	X
	1c	  	Heating	  	Compliance to applicable standards	  	X	  	
	1d	  	Heating	  	Chimney sweeping	  		  	X
	1e	  	Heating	  	Repair work of failure not due to lack of inspection, maintenance, supply or cleaning	  	X	  	
	2a	  	Ventilation	  	Inspection and maintenance of ventilation main system (mono-bloc) and replacement of filters.	  	n.a	  	n.a.
	2b	  	Ventilation	  	Compliance to applicable standards	  	n.a.	  	n.a.
	2c	  	Ventilation	  	Inspection and maintenance of ventilation and replacement of filters	  	n.a.	  	n.a.
	3a	  	Sanitation	  	Maintenance of toilets, sink, pipe, plumbing fixtures, filters, washers	  		  	X
	3b	  	Sanitation	  	Cleaning, toilet paper, towels, etc.	  		  	X
	3c	  	Sanitation	  	Unblocking of pipes	  		  	X
	3d	  	Sanitation	  	Repair work of failure not due to lack of inspection, maintenance, supply or cleaning	  	X	  	
	4a	  	Air conditioning	  	All cost for installation, operating, inspection, maintenance, repair et replacement, etc.	  		  	X
	5a	  	Lifts	  	Inspection and maintenance of lifts, elevators, loading platform	  		  	X
	5b	  	Lifts	  	Compliance to applicable standards	  	X	  	
	5c	  	Lifts	  	Repair work of failure not due to lack of inspection, maintenance, supply or cleaning	  	X	  	
	6a	  	Fire alarm	  	Inspection and maintenance of the fire alarm central and fire detectors	  		  	X
	6b	  	Fire alarm	  	Modification of equipment on tenant request	  		  	X
	6c	  	Fire alarm	  	Operation of fire alarm system, including communication cost	  		  	X
	7a	  	Electricity	  	All cost of installation and operation of 50Hz electrical power system	  		  	X
	7b	  	Electricity	  	Occasional use of 60Hz electrical power system	  		  	X
	7c	  	Electricity	  	Cost linked to the 60Hz electrical power system equipment in the tenant premises	  		  	X
	8a	  	Doors and Keys	  	Inspection and maintenance of the sliding and rolling doors	  		  	X
	8b	  	Doors and Keys	  	Inspection and maintenance of external doors and coded locks	  		  	X
	8c	  	Doors and Keys	  	Cost of locks replacement and/or keys in case of loss	  		  	X
	8d	  	Doors and Keys	  	Security patrol	  		  	X
	8e	  	Doors and Keys	  	Security intervention in the tenant premises	  		  	X
	9a	  	Emergency lighting	  	Inspection and maintenance	  		  	X
	9b	  	Emergency lighting	  	Modification of equipment on tenant request	  		  	X
	9c	  	Emergency lighting	  	Compliance to applicable standards	  	X	  	
	10a	  	Compressed Air	  	Inspection and maintenance of compressors, valves, tanks and filters	  		  	X
	10b	  	Compressed Air	  	Compliance to applicable standards (interior)	  		  	X
	11a	  	Roller blinds (outside)	  	Replacement of the blind ropes due to normal wear (1x every 10 years)	  	X	  	
	11b	  	Roller blinds (outside)	  	Repair of electrical and mechanical parts not caused by an improper use	  	X	  	
	11c	  	Roller blinds (outside)	  	Replacement of the blind ropes, electrical and mechanical parts due to improper use	  		  	X
	12a	  	Exterior	  	Maintenance green areas	  		  	X
	12b	  	Exterior	  	Snow removal on road access and parking	  		  	X
	12c	  	Exterior	  	Snow removal on pedestrian access and emergency exits	  		  	X
	12d	  	Exterior	  	Snow removal on roof	  		  	X
	12e	  	Exterior	  	Cleaning out of rainwater draining system	  		  	X
	12f	  	Exterior	  	Cleaning Parking	  		  	X
	13a	  	Exterior	  	Cleaning of premises and surrounding area	  		  	X
	13b	  	Exterior	  	Cleaning of windows (Interior and Exterior)	  		  	X
	14a	  	Public Costs	  	Insurance premiums ECAP (fire and natural hazards)	  	X	  	
	14b	  	Public Costs	  	Property tax	  	X	  	
	14c	  	Public Costs	  	Analyses and follow up of Energho program (building energy efficiency)	  		  	X
	15	  	 Vacuum System

(developed by Ismeca)
	  	All maintenance and repair costs	  		  	X

  
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