Document:

Exhibit 10.2

 

 

 

GLOBANT, LLC

 

BRIDGE BANK, NATIONAL ASSOCIATION

 

LOAN AND SECURITY AGREEMENT

 

    	 

    	 

    

 

This
Loan And Security Agreement is entered into as of May 6, 2011, by and between Bridge
Bank, National Association (“Bank”) and GLOBANT, LLC (“Borrower”).

 

Recitals

 

Borrower wishes to
obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on
which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank.

 

Agreement

 

The parties agree as follows:

 

1.          Definitions
and Construction. 

 

1.1          Definitions.
As used in this Agreement, the following terms shall have the following definitions:

 

“Accounts”
means all presently existing and hereafter arising accounts, contract rights, payment intangibles, and all other forms of obligations
owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other
technology) or the rendering of services by Borrower, whether or not earned by performance, and any and all credit insurance, guaranties,
and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating
to any of the foregoing.

 

“Advance”
or “Advances” means a cash advance or cash advances under the Revolving Facility.

 

“Affiliate”
means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls
or is controlled by or is under common control with such Person,
and each of such Person’s senior executive officers, directors, and partners.

 

“Approved Exchange”
means an internationally recognized stock market or automated trading exchange located in New York, Brazil, Argentina, London,
Luxembourg or Madrid or in any other internationally recognized jurisdiction for similar transactions.

 

“Audit Documents”
means the statements, reports and other information set forth on Exhibit E.

 

“Bank Expenses”
means all: reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the
preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; costs
incurred in connection with the establishment and operation of the Virtual Data Room; and Bank’s reasonable attorneys’
fees and expenses incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred
before, during and after an Insolvency Proceeding, whether or not suit is brought.

 

“Borrower’s
Books” means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or
liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment,
containing such information.

 

“Borrowing Base”
means an amount equal to eighty percent (80%) of Eligible Accounts, as determined by Bank with reference to the most recent Borrowing
Base Certificate delivered by Borrower.

 

“Business Day”
means any day that is not a Saturday, Sunday, or other day on which banks in the State of California are authorized or required
to close.

 

    	1.

    	 

    

 

“Change in Control”
shall mean a transaction which results in the Sponsors, altogether, (a) owning directly or indirectly less than thirty five percent
(35%) of the outstanding voting shares of Borrower’s capital stock or (b) losing the ability to elect a majority of Borrower’s
board of directors or (c) otherwise losing the power to direct or cause the direction of the management and policies of Borrower;
provided, however, that (i) an IPO carried out by Borrower or by any Affiliate thereof or (ii) Reorganization in no event shall
either constitute a Change in Control.

 

“Closing Date”
means the date of this Agreement.

 

“Code”
means the California Uniform Commercial Code.

 

“Collateral”
means the property described on Exhibit A attached hereto.

 

“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i)
any indebtedness, lease, dividend, letter of credit or other obligation of another; (ii) any obligations with respect to undrawn
letters of credit, corporate credit cards, or merchant services issued or provided for the account of that Person; and (iii) all
obligations arising under any agreement or arrangement designed to protect such Person against fluctuation in interest rates, currency
exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include
endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed
to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by Bank
in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the
guarantee or other support arrangement.

 

“Copyrights”
means any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship
and derivative work thereof.

 

“Credit Extension”
means each Advance, Letter of Credit, use of Credit Card Services, or any other extension of credit by Bank for the benefit of
Borrower hereunder.

 

“Current Assets”
means, as of any applicable date, all amounts that should, in accordance with GAAP, be included as current assets on the consolidated
balance sheet of Borrower and its Subsidiaries as at such date.

 

“Current Liabilities”
means, as of any applicable date, all amounts that should, in accordance with GAAP, be included as current liabilities on the consolidated
balance sheet of a Person, as at such date, plus, to the extent not already included therein, all outstanding Obligations owed
by Borrower to Bank.

 

“Daily Balance”
means the amount of the Obligations owed at the end of a given day.

 

“Eligible Accounts”
means those Accounts that arise in the ordinary course of Borrower’s business that comply with all of Borrower’s
representations and warranties to Bank set forth in Section 5.4; provided, that standards of eligibility may be fixed and revised
from time to time by Bank in Bank’s reasonable judgment and upon notification thereof to Borrower in accordance with the
provisions hereof. Unless otherwise agreed to by Bank, Eligible Accounts shall not include the following:

 

(a)          Accounts
that the account debtor has failed to pay within ninety (90) days of invoice date; 

 

(b)          Accounts
with respect to an account debtor, 35% of whose Accounts the account debtor has failed to pay within ninety (90) days of invoice
date;

 

(c)          Accounts
with respect to which the account debtor is an officer, employee, or agent of Borrower; 

 

(d)          Accounts
with respect to which goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, or other
terms by reason of which the payment by the account debtor may be conditional;

 

    	2.

    	 

    

 

(e)          Accounts
with respect to which the account debtor is an Affiliate of Borrower;

 

(f)          Accounts
with respect to which the account debtor does not have its principal place of business or an operating presence doing business
on a regular basis in the United States, except for Eligible Foreign Accounts;

 

(g)          Accounts
with respect to which the account debtor is the United States or any department, agency, or instrumentality of the United States;

 

(h)          Accounts
with respect to which Borrower is liable to the account debtor for goods sold or services rendered by the account debtor to Borrower
or for deposits or other property of the account debtor held by Borrower, but only to the extent of any amounts owing to the account
debtor against amounts owed to Borrower; 

 

(i)          Accounts
with respect to an account debtor, including Subsidiaries and Affiliates, whose total obligations to Borrower exceed twenty-five
percent (25%) of all Accounts, to the extent such obligations exceed the aforementioned percentage, except as approved in writing
by Bank;

 

(j)          Accounts
with respect to which the account debtor disputes liability or makes any claim with respect thereto as to which Bank believes,
in its sole discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or
claim), or is subject to any Insolvency Proceeding, or becomes insolvent, or goes out of business; and 

 

(k)          Accounts
the collection of which Bank reasonably determines to be doubtful.

 

“Eligible Foreign
Accounts” means Accounts with respect to which the account debtor does not have its principal place of business in the United
States and that (i) are supported by one or more letters of credit in an amount and of a tenor, and issued by a financial institution,
acceptable to Bank, or (ii) that Bank approves on a case-by-case basis.

 

“Equipment”
means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments
in which Borrower has any interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 

“Event of Default”
has the meaning assigned in Article 8.

 

“Foreign Exchange
Sublimit” means a sublimit for foreign exchange contracts under the Revolving Line, subject to the availability under the
Revolving Line and the Borrowing Base, in an aggregate amount not to exceed $2,000,000 less, in each case, any amounts outstanding
under the Letter of Credit Sublimit and the Cash Management Sublimit.

 

“GAAP”
means generally accepted accounting principles as in effect from time to time.

 

“Guarantor”
means Globant IT Outsourcing S.L. and any other Person that signs a Guaranty

 

“Guaranty”
means the Unconditional Guaranty by Globant IT Outsourcing S.L. and any other guaranty signed by a Guarantor.

 

“Indebtedness”
means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation
reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes,
bonds, debentures or similar instruments, (c) all capital lease obligations and (d) all Contingent Obligations.

 

    	3.

    	 

    

 

“Insolvency Proceeding”
means any proceeding commenced by or against any person or entity under any provision of the United States Bankruptcy Code, as
amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal
moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual
Properly” means all of Borrower’s right, title, and interest in and to the following: Copyrights, Trademarks and Patents;
all trade secrets, all design rights, claims for damages by way of past, present and future infringement of any of the rights included
above, all licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising
from such use to the extent permitted by such license or rights; all amendments, renewals and extensions of any of the Copyrights,
Trademarks or Patents; and all proceeds and products of the foregoing, including without limitation all payments under insurance
or any indemnity or warranty payable in respect of any of the foregoing.

 

“Inventory”
means all inventory in which Borrower has or acquires any interest, including work in process and finished products intended
for sale or lease or to be furnished under a contract of service, of every kind and description now or at any time hereafter owned
by or in the custody or possession, actual or constructive, of
Borrower, including such inventory as is temporarily out of its custody or possession or in transit and including any returns upon
any accounts or other proceeds, including insurance proceeds. resulting from the sale or disposition of any of the foregoing
and any documents of title representing any of the above, and Borrower’s Books relating to any of the foregoing.

 

“Investment”
means any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance
or capital contribution to any Person.

 

“IPO” means
a public offering of equity securities listed on an Approved Exchange.

 

“IRC” means
the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

“Loan Documents”
means, collectively, this Agreement, any note or notes executed by Borrower, and any other agreement entered into in connection
with this Agreement, all as amended or extended from time to time.

 

“Material Adverse
Effect” means a material adverse effect on (i) the business operations, condition (financial or otherwise) or prospects of
Borrower and its Subsidiaries taken as a whole or (ii) the ability of Borrower to repay the Obligations or otherwise perform its
obligations under the Loan Documents or (iii) the value or priority of Bank’s security interests in the Collateral.

 

“Negotiable Collateral”
means all letters of credit of which Borrower is a beneficiary, notes, drafts, instruments, securities, documents of title, and
chattel paper, and Borrower’s Books relating to any of the foregoing.

 

“Obligations”
means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or
any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any
interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation
owing from Borrower to others that Bank may have obtained by assignment or otherwise.

 

“Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations,
renewals, reissues, extensions and continuations-in-part of the same.

 

    	4.

    	 

    

 

“Periodic Payments”
means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant
to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank.

 

“Permitted Indebtedness”
means:

 

(a)          Indebtedness
of Borrower in favor of Bank arising under this Agreement or any other Loan Document;

 

(b)          Indebtedness
existing on the Closing Date and disclosed in the Schedule;

 

(c)          Indebtedness
secured by a lien described in clause (j) of the defined term “Permitted Liens,” provided (i) such Indebtedness does
not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness and (ii) such Indebtedness
does not exceed $100,000 in the aggregate at any given time 

 

(d)          Subordinated
Debt; and

 

(e)          Extensions,
renewals, refinancings and replacements of any Indebtedness described in precedent points (a), (b), (c), (d) and (e), provided
that such extension, renewal, refinancing or replacement do not increase the outstanding principal amount thereof.

 

“Permitted Investment” means:

 

(f)          Investments
existing on the Closing Date disclosed in the Schedule; and

 

(g)          (i)
marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof
maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from
the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard &
Poor’s Corporation or Moody’s Investors Service, (iii) certificates of deposit maturing no more than one (1)
year from the date of investment therein issued by Bank and (iv) Bank’s money market accounts.

 

“Permitted Liens” means the
following:

 

(h)          Any
Liens existing on the Closing Date and disclosed in the Schedule or arising under this Agreement or the other Loan Documents;

 

(i)          Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith
by appropriate proceedings, provided the same have no priority over any of Bank’s security interests; 

 

(j)          Liens
(i) upon or in any Equipment that was not financed by Bank acquired or held by Borrower or any of its Subsidiaries to secure the
purchase price of such equipment or indebtedness incurred solely for the purpose of financing the acquisition of such equipment,
or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so
acquired and improvements thereon, and the proceeds of such Equipment;

 

(k)          Liens
incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described
in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered
by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase.

 

    	5.

    	 

    

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental
agency.

 

“Pre-IPO
Reorganization” means a corporate reorganization of IT Outsourcing S.L. or any Affiliate thereof carried out
exclusively in contemplation of an IPO. “Prime Rate” means the variable rate of interest, per annum, most
recently announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available
from Bank.

 

“Responsible
Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer and the Controller
of Borrower.

 

“Revolving Facility”
means the facility under which Borrower may request Bank to issue Advances, as specified in Section 2. I(a) hereof.

 

“Revolving
Line” means a credit extension of up to Ten Million Dollars ($10,000,000).

 

“Revolving Maturity Date” means
the second anniversary of the Closing Date.

 

“Schedule” means the schedule of exceptions attached hereto and
approved by Bank, if any.

 

“Sponsors”
means any of Paldwick S.A., Riverwood Capital, LLC, RW Holdings Sárl, ITO Holdings Sárl, Martín Migoya, Martín Gonzalo Umaran,
Néstor Augusto Nocetti, Guibert Andrés Englebienne, or any Affiliate thereof.

 

“Subordinated
Debt” means any debt incurred by Borrower that is subordinated to the debt owing by Borrower to Bank on terms acceptable
to Bank (and identified as being such by Borrower and Bank).

 

“Subsidiary”
means any corporation, company or partnership in which (i) any general partnership interest or (ii) more than 50% of the stock
or other units of ownership which by the terms thereof has the ordinary voting power to elect the Board of Directors, managers
or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through
an Affiliate.

 

“Tangible Net
Worth” means at any date as of which the amount thereof shall be determined, the sum of (a) total assets of Borrower minus
(b) the sum of (i) Total Liabilities of Borrower, (ii) any amounts due from Guarantor, and (iii) any and all intangible assets,
such as goodwill, and capitalized financing or software costs, on a consolidated basis determined in accordance with GAAP.

 

“Total Liabilities”
means at any date as of which the amount thereof shall be determined, all obligations that should, in accordance with GAAP be classified
as liabilities on the consolidated balance sheet of Borrower, including in any event all Indebtedness.

 

“Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same
and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.
“Virtual Data Room” means a website maintained by or at the direction of Bank in respect of this Agreement.

 

1.2           Accounting
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP and all calculations
made hereunder shall be made in accordance with GAAP. When used herein, the terms “financial statements” shall include
the notes and schedules thereto.

 

    	6.

    	 

    

 

2.          Loan
and Terms Of Payment. 

 

2.1          Credit
Extensions. 

 

Borrower promises to
pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit
Extensions made by Bank to Borrower hereunder. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions
at rates in accordance with the terms hereof.

 

(a)          Revolving
Advances. 

 

(i)          Subject
to and upon the terms and conditions of this Agreement, Borrower may request Advances in an aggregate outstanding amount not to
exceed the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus, in each case, the aggregate face amount of
all outstanding Letters of Credit and the Credit Card Exposure. Subject to the terms and conditions of this Agreement, amounts
borrowed pursuant to this Section 2.1(a) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which
time all Advances under this Section 2.1(a) shall be immediately due and payable. Borrower may prepay any Advances in whole or
in part at any time without penalty or premium.

 

(ii)          Whenever
Borrower desires an Advance, Borrower will notify Bank by facsimile transmission or telephone no later than 3:00 p.m. Pacific
time, on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Payment/Advance
Form in substantially the form of Exhibit B hereto. Bank is authorized to make Advances under this Agreement, based upon
instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s
discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to
rely on any telephonic notice given by a person who Bank reasonably believes to be a Responsible Officer or a designee thereof,
and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank
will credit the amount of Advances made under this Section 2.1(a) to Borrower’s deposit account. 

 

(b)          Letters
or Credit. Subject to the terms and conditions of this Agreement, at any time prior to the Revolving Maturity Date, Bank agrees
to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, the “Letters
of Credit”) in an aggregate outstanding face amount not to exceed the lesser of the Revolving Line or the Borrowing Base
minus, in each case, the aggregate amount of the outstanding Advances and the Credit Card Exposure at any time, provided
that the aggregate face amount of all outstanding Letters of Credit shall not exceed $2,000,000. All Letters of Credit shall be,
in form and substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s
form of standard application and letter of credit agreement (the “Application”), which Borrower hereby agrees to execute,
including Bank’s standard fee equal to 2.0% per annum of the face amount of each Letter of Credit. On any drawn but unreimbursed
Letter of Credit, the unreimbursed amount shall be deemed an Advance under Section 2.1(a). Prior to the Revolving Maturity Date,
Borrower shall secure in cash all obligations under any outstanding Letters of Credit on terms acceptable to Bank. The obligation
of Borrower to reimburse Bank for drawings made under Letters of Credit shall be absolute, unconditional and irrevocable, and shall
be performed strictly in accordance with the terms of this Agreement, the Application, and such Letters of Credit, under all circumstances
whatsoever. Borrower shall indemnify, defend, protect, and hold Bank harmless from any loss, cost, expense or liability, including,
without limitation, reasonable attorneys’ fees, arising out of or in connection with any Letters of Credit,
except for expenses caused by Bank’s gross negligence or willful misconduct.

 

(c)          Cash
Management, Credit Cards Sublimit. Subject to the terms and conditions of this Agreement and the availability under the
Revolving Line and the Borrowing Base, Borrower may request cash management services which may include merchant services, direct
deposit of payroll, business credit card, and check cashing services identified in various cash management services agreements
related to such services (the “Cash Management Services”) by delivering to Bank such applications on Bank’s
standard forms as requested by Bank; provided, however, that the total amount of the Cash Management Services shall not exceed
$2,000,000 less any amounts outstanding under the Letter of Credit Sublimit and the Foreign Exchange Sublimit, and that availability
under the Revolving Line shall be reduced by the Cash Management Sublimit. In addition, Bank may, in its sole discretion, charge
as Advances any amounts that become due or owing to Bank in connection with the Cash Management Services. If at any time the Revolving
Facility is terminated or otherwise ceases to exist, Borrower shall immediately secure to Bank’s satisfaction its obligations
with respect to any Cash Management Services, and, effective as of such date, the balance in any deposit accounts held by Bank
and the certificates of deposit issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including
any amounts payable upon the maturity or liquidation of such certificates), shall automatically secure such obligations to the
extent of the then outstanding Cash Management Services. Borrower authorizes Bank to hold such balances in pledge and to decline
to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances
for so long as the Cash Management Services continue.

 

    	7.

    	 

    
 

(d)          Foreign
Exchange Sublimit. Subject to and upon the terms and conditions of this Agreement and any other agreement that Borrower may
enter into with the Bank in connection with foreign exchange transactions (“FX Contracts”) and subject to the availability
under the Revolving Line and the Borrowing Base, a Borrower may request Bank to enter into FX Contracts with Borrower due not later
than the Revolving Maturity Date unless cash secured on terms satisfactory to Bank. Borrower shall pay any standard issuance and
other fees that Bank notifies Borrower will be charged for issuing and processing FX Contracts for a Borrower. The FX Amount shall
at all times be equal to or less than $2,000,000 minus any amounts outstanding under the Letter of Credit Sublimit and the Cash
Management Sublimit. The “FX Amount” shall equal the amount determined by multiplying (i) the aggregate amount, in
United States Dollars, of FX Contracts between Borrower and Bank remaining outstanding as of any date of determination by (ii)
the applicable Foreign Exchange Reserve Percentage as of such date. The “Foreign Exchange Reserve Percentage”
shall be a percentage as determined by Bank, in its sole discretion from time to time. If at any time the Revolving Facility is
terminated or otherwise ceases to exist, Borrower shall immediately secure in cash all obligations under the Foreign Exchange Sublimit
on terms acceptable to Bank.

 

2.2          Overadvances.
If the aggregate amount of the outstanding Advances plus the aggregate face amount of all outstanding Letters of Credit,
FX Amount and the exposure in respect of Cash Management Services (including credit cards) exceeds the lesser of the Revolving
Line or the Borrowing Base at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.

 

2.3          Interest
Rates, Payments, and Calculations. 

 

(a)          Interest
Rates. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at
a rate equal to the Prime Rate for any month in which the average monthly balance in a demand deposit account with Bank is greater
than $3,000,000, and at a rate equal to the Prime Rate plus 0.75% for any month in which such balance is less than or equal to
$3,000,000, provided that the interest rate shall in no case be less than 3.25% per annum. Any adjustment to the interest rate
based on the account balance shall be made as of the last day of each calendar quarter.

 

(b)          Late
Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay
Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii)
the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All Obligations
shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five
(5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

 

(c)          Payments.
Interest hereunder shall be due and payable on the tenth calendar day of each month during the term hereof. Bank shall, at its
option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts or
against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder.
Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue
interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions
or other charges, to the end that Bank will receive the entire amount of any Obligations payable hereunder, regardless of source
of payment.

 

    	8.

    	 

    
 

(d)          Computation.
In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased
or decreased when the Prime Rate changes by an amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.

 

2.3          Lockbox;
Crediting Payments. Borrower shall cause all remittances made by any account debtor for any Accounts to be made to a lock box
(the “Lockbox”) maintained with Bank, over which Bank shall have exclusive control. All invoices and other instructions
submitted by Borrower to an account debtor relating to Account payments shall designate the Lockbox as the place to which such
payments shall be made. All checks will be deposited into an account (the “Collateral Account”) maintained as “Bridge
Bank Account for the benefit of Globant, LLC”, over which Bank shall have sole control. All incoming wires, ACH, and other
electronic deposits shall be paid into the Collateral Account. As long as an Event of Default is not continuing, Bank shall sweep
the Collateral Account at the close of business each Business Day and credit all collected funds to Borrower’s operating
account with Bank. After the occurrence of an Event of Default, the receipt by Bank of any wire transfer of funds, check, or other
item of payment shall be immediately applied to conditionally reduce Obligations, but shall not be
considered a payment on account unless such payment is of immediately available federal funds or unless and until such check
or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any
wire transfer or payment received by Bank after 12:00 noon Pacific time shall be deemed to have been received by Bank as of the
opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise
be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be
due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period
of such extension.

 

2.4          Fees.
Borrower shall pay to Bank the following:

 

(a)          Facility
Fee. On the Closing Date, a fee equal to $75,000, and on the earliest to occur of (i) the first anniversary of the Closing
Date, (ii) the date that Borrower terminates this Agreement, and (iii) the date that all amounts outstanding under this Agreement
become due, a fee equal to $25,000, which fees shall be nonrefundable; and

 

(b)          Bank
Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, including reasonable attorneys’ fees
and expenses and, after the Closing Date, all Bank Expenses, including reasonable attorneys’ fees and expenses, as and when
they are incurred by Bank. Bank and Borrower agree and acknowledge that Borrower shall bear all Bank Expenses incurred by Bank
in connection with the preparation, negotiation and administration of the Guaranty, provided that Bank Expenses in connection therewith
shall not exceed the amount of $15,000.00.

 

2.5          Term.

 

(a) This Agreement
shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force and effect for so long as
any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the
foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and
without notice upon the occurrence and during the continuance of an Event of Default. Notwithstanding termination, Bank’s
Lien on the Collateral shall remain in effect for so long as any Obligations are outstanding.

 

(b) Anything
herein to the contrary notwithstanding, upon prepayment of any existing Advances and as long as there are no Obligations outstanding,
Borrower shall be entitled to terminate this Agreement and all its obligations hereunder (except for those indemnification obligations
intended to survive pursuant to Section 12.7 hereof) at any time prior to the Revolving Maturity Date by giving Bank ten (10) days
prior written notice.

 

    	9.

    	 

    

 

3.            Conditions
of Loans. 

 

3.1          Conditions
Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)          this
Agreement;

 

(b)          a
certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this
Agreement, together with Borrower’s Limited Liability Company Agreement and Certificate of Limited Partnership;

 

(c)          UCC
National Form Financing Statement;

 

(d)          agreement
to provide insurance; 

 

(e)          evidence
that Borrower has received at least $2,500,000 of proceeds from the sale or issuance of its equity securities; 

 

(f)          the
Guaranty;

 

(g)          payment
of the fees and Bank Expenses then due specified in Section 2.4 hereof;

 

(h)          current
financial statements of Borrower and Guarantor;

 

(i)          an
audit of the Collateral, the results of which shall be satisfactory
to Bank; and

 

(j)          such
other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

3.2          Conditions
Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit
Extension, is further subject to the following conditions:

 

(a)          timely
receipt by Bank of the Payment/Advance Form as provided in Section 2.1; and

 

(b)          the
representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date
of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date, and
no Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit Extension. The making
of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as
to the accuracy of the facts referred to in this Section 3.2.

 

4.           Creation
of Security Interest. 

 

4.1          Grant
of Security Interest. Borrower grants and pledges to Bank a continuing security interest in all presently existing and hereafter
acquired or arising Collateral in order to secure prompt repayment of any and all Obligations and in order to secure prompt performance
by Borrower of each of its covenants and duties under the Loan Documents. Except as set forth in the Schedule, such security interest
constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first
priority security interest in Collateral acquired after the date hereof.

 

4.2          Delivery
of Additional Documentation Required. Borrower shall from time to time execute and deliver to Bank, at the request of
Bank, all Negotiable Collateral, all financing statements and other documents that Bank may reasonably request, in form
satisfactory to Bank, to perfect and continue the perfection of Bank’s security interests in the
Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. Borrower from time
to time may deposit with Bank specific time deposit accounts to secure specific Obligations. Borrower authorizes Bank to hold
such balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay
or otherwise transfer any part of such balances for so long as the Obligations are outstanding.

 

    	10.

    	 

    

 

4.3          Right
to Inspect. Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from
time to time during Borrower’s usual business hours but no more than twice a year (unless an Event of Default has occurred
and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test, and appraise the Collateral
in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral.

 

5.            Representations
and Warranties. 

 

Borrower represents and warrants as follows:

 

5.1          Due
Organization and Qualification. Borrower is a limited liability company duly existing under the laws of its jurisdiction of
formation and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property
requires that it be so qualified.

 

5.2          Due
Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s powers,
have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s
organizational documents, nor will they constitute an event of default under any material agreement to which Borrower is a party
or by which Borrower is bound. Borrower is not in default under any material agreement to which it is a party or by which it is
bound.

 

5.3          No
Prior Encumbrances. Borrower has good and marketable title to its property, free and clear of Liens, except for Permitted Liens.

 

5.4          Bona
Fide Eligible Accounts. The Eligible Accounts are bona fide existing obligations. The property and services giving rise to
such Eligible Accounts has been delivered or rendered to the account debtor or to the account debtor’s agent for immediate
and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent Insolvency Proceeding
of any account debtor that is included in any Borrowing Base Certificate as an Eligible Account.

 

5.5          Merchantable
Inventory. All Inventory is in all material respects of good and marketable quality, free from all material defects, except
for Inventory for which adequate reserves have been made.

 

5.6          Intellectual
Property. Borrower is the sole owner of the Intellectual Property, except for non-exclusive licenses granted by Borrower to
its customers in the ordinary course of business. Each of the Patents is valid and enforceable, and no part of the Intellectual
Property has been judged invalid or unenforceable, in whole or in part, and no claim has been made that any part of the Intellectual
Property violates the rights of any third party. Except as set forth in the Schedule, Borrower’s rights as a licensee of
intellectual property do not give rise to more than five percent (5%) of its gross revenue in any given month, including without
limitation revenue derived from the sale, licensing, rendering or disposition of any product or service. Except as set forth in
the Schedule, Borrower is not a party to, or bound by, any agreement that restricts the grant by Borrower of a security interest
in Borrower’s rights under such agreement.

 

5.7          Name;
Location of Chief Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other
than that specified on the signature page hereof. The chief executive office of Borrower is located at the address indicated in
Section 10 hereof. All Borrower’s Inventory and Equipment is located only at the location set forth in Section 10 hereof.

 

5.8          Litigation.
Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any Subsidiary before
any court or administrative agency.

 

5.9           No
Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower
and any Subsidiary that Bank has received from Borrower fairly present in all material respects Borrower’s financial condition
as of the date thereof and Borrower’s consolidated and consolidating results of operations for the period then ended. There
has not been a material adverse change in the consolidated or the consolidating financial condition of Borrower since the date
of the most recent of such financial statements submitted to Bank.

 

    	11.

    	 

    

 

5.10          Solvency,
Payment of Debts. Borrower is solvent and able to pay its debts (including trade debts) as they mature.

 

5.11          Regulatory
Compliance. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with respect to any employee
benefit plans subject to ERISA, and no event has occurred resulting from Borrower’s failure to comply with ERISA that
could result in Borrower’s incurring any material liability. Borrower is not an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940. Borrower is not engaged principally, or as one of the important activities, in the business of extending credit for the
purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the
Federal Reserve System). Borrower has complied with all the provisions of the Federal Fair Labor Standards Act. Borrower has
not violated any statutes, laws, ordinances or rules applicable to it.

 

5.12          Environmental
Condition. Except as disclosed in the Schedule, none of Borrower’s or any Subsidiary’s properties or assets has
ever been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous owners or operators, in
the disposal of, or to produce, store, handle, treat, release, or transport, any hazardous waste or hazardous substance other than
in accordance with applicable law; to the best of Borrower’s knowledge, none of Borrower’s properties or assets has
ever been designated or identified in any manner pursuant to any environmental protection statute as a hazardous waste or hazardous
substance disposal site, or a candidate for closure pursuant to any environmental protection statute; no lien arising under any
environmental protection statute has attached to any revenues or to any real or personal property owned by Borrower or any Subsidiary;
and neither Borrower nor any Subsidiary has received a summons, citation, notice, or directive from the Environmental Protection
Agency or any other federal, state or other governmental agency concerning any action or omission by Borrower or any Subsidiary
resulting in the releasing, or otherwise disposing of hazardous waste or hazardous substances into the environment. 

 

5.13          Taxes.
Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made
adequate provision for the payment of, all taxes reflected therein.

 

5.14          Subsidiaries.
Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted Investments.

 

5.15          Government
Consents. Borrower and each Subsidiary have obtained all material consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s
business as currently conducted.

 

5.16          Deposit
and Securities Accounts. None of Borrower’s nor any Subsidiary’s investment property is maintained or invested
in any deposit account or securities account maintained with a Person other than Bank.

 

5.17          Full
Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished
to Bank contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
contained in such certificates or statements not misleading.

 

    	12.

    	 

    

 

6.          Affirmative
Covenants.

 

Borrower shall do all of the following:

 

6.1          Good
Standing. Borrower shall maintain its and each of its Subsidiaries’ existence and good standing in its jurisdiction
of incorporation and maintain qualification in each jurisdiction in which it is required under applicable law. Borrower shall
maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements required
under applicable law.

 

6.2          Government
Compliance. Borrower shall meet, and shall cause each Subsidiary
to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall
comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to
which it is subject.

 

6.3          Financial
Statements, Reports, Certificates. Borrower shall deliver the following to Bank: (a) as soon as available, but in any event
within thirty (30) days after the end of each calendar month, a company prepared balance sheet, income, and cash flow statement
covering Borrower’s operations during such period, prepared in accordance with GAAP, consistently applied, in a form acceptable
to Bank and certified by a Responsible Officer; (b) as soon as available, but in any event within thirty (30) days after the end
of each calendar month, a company prepared consolidated and consolidating balance sheet, income, and cash flow statement covering
Guarantor’s operations during such period, prepared in accordance with GAAP, consistently applied, in a form acceptable to
Bank and certified by a Responsible Officer; (c) as soon as available, but in any event within thirty (30) days after the end of
each calendar quarter, a balance sheet, income, and cash flow statement covering Borrower’s operations during such period,
compiled by a certified public accounting firm reasonably acceptable to Bank (limited review opinion), prepared in accordance with
GAAP, consistently applied, in a form acceptable to Bank and certified by a Responsible Officer; (d) as soon as available, but
in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated and consolidating financial statements
of Borrower prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such financial statements
of an independent certified public accounting firm reasonably acceptable to Bank; (e) as soon as available, but in any event within
180 days after the end of Borrower’s fiscal year, audited consolidated and consolidating financial statements of Guarantor
prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such financial statements of an
independent certified public accounting firm reasonably acceptable to Bank; (f)
copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to
any holders of Subordinated Debt and, if applicable, all reports on Forms 10-K and 10-Q filed with the Securities and Exchange
Commission; (g) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower,
Guarantor or any Subsidiary that could result in damages or costs of Fifty Thousand Dollars ($50,000) or more; (h) at least 30
days before the first day of each fiscal year, an annual budget (including balance sheet, income statement and statement of cash
flows, the consolidating financial statements of Borrower and consolidated financial statements of Guarantor and its Subsidiaries)
approved by Borrower’s Board of Directors; and (i) such budgets, sales projections, operating plans or other information
as Bank may reasonably request from time to time.

 

Within 30 days after
the last day of each month, Borrower shall deliver to Bank (i) a Borrowing Base Certificate signed by a Responsible Officer in
substantially the form of Exhibit C hereto, together with aged listings of accounts receivable and accounts payable, aged
by invoice date, to include customer name, balance outstanding and current payment status, and a statement of deferred revenue,
and (ii) copies of related customer invoices (limited to the top 10 customers) uploaded to the Virtual Data Room.

 

Within 30 days after
the last day of each month, Borrower shall deliver to Bank a Compliance Certificate signed by a Responsible Officer in substantially
the form of Exhibit D hereto.

 

Within 30 days after
the last day of each fiscal quarter, Borrower shall upload the Audit Documents to the Virtual Data Room, provided that if the Asset
Coverage Ratio at any time is less than 1.35:1.0, then Borrower thereafter shall upload the Audit Documents to the Virtual Data
Room monthly within 10 days after the earlier to occur of Borrower’s delivery to Bank of the Compliance Certificate or the
date that such delivery is due. Borrower may upload documents into the Virtual Data Room and view such documents, but may not edit,
delete or withdraw any documents or data from the Virtual Data Room.

 

    	13.

    	 

    

 

Bank, by itself or
through a third party appraiser, shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise
Collateral at Borrower’s expense, provided that such audits will be conducted no more often than every three months unless
an Event of Default has occurred and is continuing.

 

6.4          Inventory;
Returns. Borrower shall keep all Inventory in good and marketable condition, free from all material defects except for Inventory
for which adequate reserves have been made. Returns and allowances, if
any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices
of Borrower, as they exist at the time of the execution and delivery of this Agreement. Borrower shall promptly notify Bank of
all returns and recoveries and of all disputes and claims, where the return, recovery, dispute or claim involves more than Fifty
Thousand Dollars ($50,000).

 

6.5          Taxes.
Borrower shall make, and shall cause each Subsidiary to make, due and timely payment or deposit of all material federal, state,
and local taxes, assessments, or contributions required of it by law, and will execute and deliver to Bank, on demand, appropriate
certificates attesting to the payment or deposit thereof; and Borrower will make, and will cause each Subsidiary to make, timely
payment or deposit of all material tax payments and withholding taxes required of it by applicable laws, including, but not limited
to, those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request,
furnish Bank with proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits; provided
that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by
appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower.

 

6.6          Insurance.

 

(a)          Borrower,
at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards
and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations
where Borrower’s business is conducted on the date hereof. Borrower shall also maintain insurance relating to Borrower’s
business, ownership and use of the Collateral in amounts and of a type that are customary to businesses similar to Borrower’s.

 

(b)          All
such policies of insurance shall be in such form, with such companies, and in such amounts as are reasonably satisfactory to Bank.
All such policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank,
showing Bank as an additional loss payee thereof, and all liability insurance policies shall show the Bank as an additional insured
and shall specify that the insurer must give at least twenty (20) days notice to Bank before canceling its policy for any reason.
Upon Bank’s request, Borrower shall deliver to Bank certified copies of such policies of insurance and evidence of the payments
of all premiums therefor. All proceeds payable under any such policy shall, at the option of Bank, be payable to Bank to be applied
on account of the Obligations.

 

6.7          Accounts.
Borrower shall maintain and shall cause each of its Subsidiaries to maintain all of their respective primary depository, operating,
and investment accounts with Bank. If any account is maintained outside Bank, the balance in such account shall not be included
in the calculation specified in Section 6.8 unless such account is subject to a control agreement acceptable to Bank that provides,
among other things, that funds on deposit in such account may be transferred only to the Collateral Account.

 

6.8          Asset
Coverage Ratio. Borrower shall maintain at all times, tested as of the last day of each month, a ratio of (a) the sum of (i)
unrestricted cash maintained with Bank plus (ii) the balance of Eligible Accounts owned, billed and collected by Borrower, based
on the most recent Borrowing Base Certificate to (b) any Obligations that Borrower owes to Bank, of at least 1.25 to 1.00.

 

6.9          Tangible
Net Worth. Borrower shall maintain, as of the last day of each quarter, a Tangible Net Worth of at least the following:

 

    	14.

    	 

    

 

	Quarter Ending	 	Minimum TNW	 
	 	 	 	 
	March 31 , 2011	 	$	1,500,000	 
	 	 	 	 	 
	June 30, 2011	 	$	2,500,000	 
	 	 	 	 	 
	September 30, 2011	 	$	3,200,000	 
	 	 	 	 	 
	December 31, 2011	 	$	3,900,000	 

 

Minimum Tangible Net
Worth levels for 2012 will be mutually agreed upon after receipt of Borrower’s 2012 projections, provided that if Borrower
and Bank do not agree, then Borrower shall repay all Obligations by March 31, 2012.

 

6.10       Alternative
Tangible Net Worth. Upon Borrower’s achieving a Tangible Net Worth of greater than or equal to the following (as evidenced
by the financial statements delivered to Bank pursuant to Section 6.3, and effective from the date Bank receives such statements),
as long as an Event of Default is not then continuing, the Guaranty shall terminate and be of no further force or effect. From
and after such date, Section 6.9 shall be of no further force and
effect, and Borrower shall maintain, as of the last day of each quarter, a Tangible Net Worth of at least the following:

 

	Quarter Ending	 	Minimum TNW	 
	 	 	 	 
	March 31, 2011	 	$	2,025,000	 
	 	 	 	 	 
	June 30, 2011	 	$	3,375,000	 
	 	 	 	 	 
	September 30, 2011	 	$	4,320,000	 
	 	 	 	 	 
	December 31, 2011	 	$	5,265,000	 

 

Minimum Tangible Net
Worth levels for 2012 will be mutually agreed upon after receipt of Borrower’s 2012 projections, provided that if Borrower
and Bank do not agree, then Borrower shall repay all Obligations by March 31, 2012.

 

6.11        Cash.
Borrower shall at all times maintain a balance of at least $500,000 in a deposit account maintained with Bank.

 

6.12        Intellectual
Property Rights. 

 

(a)          Borrower
shall promptly give Bank written notice of any applications or registrations of intellectual property rights filed with the United
States Patent and Trademark Office, including the date of such filing and the registration or application numbers, if any. Borrower
shall (i) give Bank not less than 30 days prior written notice of the filing of any applications or registrations with the United
States Copyright Office, including the title of such intellectual property rights to be registered, as such title will appear on
such applications or registrations, and the date such applications or registrations will be filed, and (ii) prior to the filing
of any such applications or registrations, shall execute such documents as Bank may reasonably request for Bank to maintain its
perfection in such intellectual property rights to be registered by Borrower, and upon the request of Bank, shall file such documents
simultaneously with the filing of any such applications or registrations. Upon filing any such applications or registrations with
the United States Copyright Office, Borrower shall promptly provide Bank with (i) a copy of such applications or registrations,
without the exhibits, if any, thereto, (ii) evidence of the filing of any documents requested by Bank to be filed for Bank to maintain
the perfection and priority of its security interest in such intellectual property rights, and (iii) the date of such filing.

 

(b)          Bank
may audit Borrower’s Intellectual Property to confirm compliance with this Section, provided such audit may not occur
more often than twice per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but not
the obligation, to take, at Borrower’s sole expense, any actions that Borrower is required under this Section to take
but which Borrower fails to take, after 15  days’ notice to Borrower. Borrower shall reimburse and indemnify Bank for
all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section.

 

    	15.

    	 

    

 

6.13        Further
Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further
action as may reasonably be requested by Bank to effect the purposes of this Agreement.

 

7.
          Negative Covenants.

 

Borrower will not do any of the following:

 

7.1          Dispositions.
Convey, sell, lease, transfer or otherwise dispose of (collectively, a “Transfer”), or permit any of its Subsidiaries
to Transfer, all or any part of its business or property, other than: (i) Transfers of Inventory in the ordinary course of business;
(ii) Transfers of non-exclusive licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in
the ordinary course of business; or (iii) Transfers of worn-out or obsolete Equipment which was not financed by Bank.

 

7.2         Change
in Business; Change in Control or Executive Office. Engage in any business, or permit any of its Subsidiaries to engage in
any business, other than the businesses currently engaged in by Borrower and any business substantially similar or related thereto
(or incidental thereto); or cease to conduct business in the manner conducted by Borrower as of the Closing Date; or suffer or
permit a Change in Control; or without thirty (30) days prior written notification to Bank, relocate its chief executive office
or state of incorporation or change its legal name; or without Bank’s prior written consent, change the date on which its fiscal
year ends.

 

7.3         Mergers
or Acquisitions. Without Bank’s consent, not to be unreasonably withheld, merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other business organization, or acquire, or permit any of its Subsidiaries to acquire,
all or substantially all of the capital stock or property of another Person.

 

7.4         Indebtedness.
Without Bank’s consent, not to be unreasonably withheld, create, incur, assume or be or remain liable with respect to any Indebtedness,
or permit any Subsidiary so to do, other than Permitted Indebtedness.

 

7.5          Encumbrances.
Create, incur, assume or suffer to exist any Lien with respect to any of its property, or assign or otherwise convey any right
to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted
Liens, or agree with any Person other than Bank not to grant a security interest in, or otherwise encumber, any of its property,
or permit any Subsidiary to do so.

 

7.6         Distributions.
Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any capital
stock, or permit any of its Subsidiaries to do so, except that Borrower may repurchase the stock of former employees pursuant to
stock repurchase agreements as long as an Event of Default does not exist prior to such repurchase or would not exist after giving
effect to such repurchase. Notwithstanding the foregoing, Borrower may pay dividends of up to 80% of its consolidated annual net
profits (such profits being the profits only of Borrower, and not consolidated profit with Guarantor or any Affiliated or Subsidiaries),
as long as an Event of Default does not exist prior to such payment or would not exist after giving effect to such payment.

 

7.7         Investments.
Without Bank’s consent, not to be unreasonably withheld, directly or indirectly acquire or own, or make any Investment in or to
any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments; or maintain or invest any of its
property with a Person other than Bank or permit any of its Subsidiaries to do so unless such Person has entered into an account
control agreement with Bank in form and substance satisfactory to Bank; or suffer or permit any Subsidiary to be a party
to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower.

 

    	16.

    	 

    

 

7.8         Transactions
with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower
except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length
transaction with a non-affiliated Person.

 

7.9         Subordinated
Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such payment
except in compliance with the terms of such Subordinated Debt, or amend any provision contained in any documentation relating
to the Subordinated Debt without Bank’s prior written consent. 

 

7.10       Inventory
and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman, or other third party unless the third party
has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding
or will hold the Inventory or Equipment for Bank’s benefit or (b) is in pledge possession of the warehouse receipt, where negotiable,
covering such Inventory or Equipment. Store or maintain any Equipment or Inventory at a location other than the location set forth
in Section 10 of this Agreement.

 

7. 11     Compliance.
Become an “investment company” or be controlled by an “investment company,” within the meaning of
the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business
of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such
purpose. Fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined
in ERISA, to occur, fail to comply with the Federal Fair Labor Standards Act or violate any law or regulation, which violation
could have a Material Adverse Effect, or a material adverse effect on the Collateral or the priority of Bank’s Lien on the Collateral,
or permit any of its Subsidiaries to do any of the foregoing.

 

8.
          Events Of Default. 

 

Anyone or more of the following
events shall constitute an Event of Default by Borrower under this Agreement:

 

8.1          Payment
Default. If Borrower fails to pay, when due, any of the Obligations.

 

8.2          Covenant
Default.

 

(a)          
If Borrower fails to perform any obligation under Article 6 or violates any of the covenants
contained in Article 7 of this Agreement; or 

 

(b)          
If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this
Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to
any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within
ten days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the
default cannot by its nature be cured within the ten day period or cannot after diligent attempts by Borrower be cured within
such ten day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable
period (which shall not in any case exceed 30 days) to attempt to cure such default, and within such reasonable time period the
failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made.

 

8.3          Material
Adverse Effect. If there occurs any circumstance or circumstances that could have a Material Adverse Effect;

 

    	17.

    	 

    

 

8.4          Attachment.
If any portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into
the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant
or levy has not been removed, discharged or rescinded within ten thirty (10) days, or if Borrower is enjoined, restrained,
or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment
or other claim becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if
a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the United States
Government, or any department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency,
and the same is not paid within ten (10) days after Borrower receives notice thereof, provided that none of the foregoing shall
constitute an Event of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest
by Borrower (provided that no Credit Extensions will be required to be made during such cure period);

 

8.5         Insolvency.
If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if
an Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within thirty (30) days (provided
that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding);

 

8.6         Other
Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a party or by which it
is bound resulting in a right by a third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness
in an amount in excess of Fifty Thousand Dollars ($50,000) or which could have a Material Adverse Effect;

 

8.7         Judgments.
If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least Fifty Thousand
Dollars ($50,000) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of ten (10) days (provided
that no Credit Extensions will be made prior to the satisfaction or stay of such judgment); or

 

8.8         Misrepresentations.
If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation
set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank
to enter into this Agreement or any other Loan Document.

 

8.9         Guaranty.
If a Guaranty ceases for any reason to be in full force and effect (except as contemplated in Section 6.10 hereof), or any guarantor
fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the “Guaranty
Documents”), or any event of default occurs under any Guaranty Document or any Guarantor revokes or purports to revoke a Guaranty,
or any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth
in any Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances
described in Sections 8.3 through 8.8 occur with respect to any Guarantor.

 

9.
          Bank’s Rights And Remedies. 

 

9.1         Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice
of its election and without demand, do anyone or more of the following, all of which are authorized by Borrower:

 

(a)           Declare
all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable
(provided that upon the occurrence of an Event of Default described in Section 8.5, all Obligations shall become immediately due
and payable without any action by Bank);

 

(b)           Cease
advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between
Borrower and Bank;

 

(c)           Settle
or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably
considers advisable

 

    	18.

    	 

    

 

(d)           Make
such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral. Borrower
agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower
authorizes Bank to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any
part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination
appears to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect
to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and
to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity,
or otherwise;

 

(e)           Set
off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, or (ii) indebtedness at any time
owing to or for the credit or the account of Borrower held by Bank;

 

(f)           Ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided
for herein) the Collateral Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section
9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names,
trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral,
in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of
its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s
benefit;

 

(g)           Dispose
of the Collateral by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including
Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever
manner or order Bank deems appropriate;

 

(h)           Bank
may credit bid and purchase at any public sale; and

 

(i)           Any
deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

 

9.2         Power
of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably
appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests
for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name
on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign Borrower’s name on any invoice
or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications
of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions
with respect to Borrower’s policies of insurance; (f) settle and
adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines
to be reasonable; and (g) to file, in its sole discretion, one or more financing or continuation statements and amendments
thereto, relative to any of the Collateral. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s
rights and powers, being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed
and Bank’s obligation to provide Credit Extensions hereunder is terminated.

 

9.3         Accounts
Collection. At any time after the occurrence of an Event of Default, Bank may notify any Person owing funds to Borrower of
Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower
for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form
as received from the account debtor, with proper endorsements for deposit.

 

    	19.

    	 

    

 

9.4         Bank
Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as
required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a)
make payment of the same or any part thereof; (b) set up such reserves under a loan facility in Section 2.1 as Bank deems necessary
to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance policies of the type discussed
in Section 6.6 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid
or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and shall bear interest at the then
applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an
agreement by Bank to make similar payments in the future or a waiver by Bank of any Event of Default under this Agreement.

 

9.5         Bank’s
Liability for Collateral. So long as Bank complies with reasonable banking practices, Bank shall not in any way or manner be
liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in any manner
or fashion from any cause; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee,
forwarding agency, or other person whomsoever, except in case of gross negligence, fraud or willful misconduct by Bank or any of
its officers, employees, or agents. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower.

 

9.6         Remedies
Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative.
Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise
by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on Borrower’s part shall
be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall
be effective unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance
and for the specific purpose for which it was given.

 

9.7         Demand;
Protest. Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment,
notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments,
chattel paper, and guarantees at any time held by Bank on which Borrower may in any way be liable.

 

10.           Notices.

 

Unless otherwise
provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into
in connection herewith shall be in writing and (except for financial statements and other informational documents which may be
sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service, certified
mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses
set forth below:

 

	If to Borrower:	GLOBANT, LLC
	 	34 Hayden Rowe Street
	 	Hopkinton, MA 01748
	 	Attn: Alejandro Scannapieco, Chief Financial Officer
	 	FAX: (54 11) 41091800
	 	 
	If to Bank:	Bridge Bank, National Association
	 	55 Almaden Blvd.
	 	San Jose, CA 95113
	 	Attn: Dick Sweeney
	 	FAX: (408) 423-8520

 

The parties hereto may change
the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other.

 

    	20.

    	 

    

 

11.           CHOICE
OF LAW AND VENUE; JURY TRIAL WAIVER. 

 

This Agreement
and all Loan Documents unless otherwise specified therein shall be governed by, and construed in accordance with, the
internal laws of the State of California, without regard to principles of conflicts of law. Each of Borrower and Bank hereby
submits to the exclusive jurisdiction of the state and Federal courts located in the County of Santa Clara, State of
California. BORROWER AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE
FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

If
the jury waiver set forth in Section 11 is not enforceable, then any dispute, controversy or claim arising out of or
relating to this Agreement or any of the transactions contemplated herein shall be settled by judicial reference pursuant to
Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually acceptable
to the parties or, if no agreement is reached, by a referee appointed by the Presiding Judge of the California Superior Court
for Santa Clara County. This Section shall not restrict a party from exercising remedies under the Code or from exercising
pre-judgment remedies under applicable law.

 

12.
          General Provisions. 

 

12.1       Successors
and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each
of the parties; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s
prior written consent, which consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the
consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in,
Bank’s obligations, rights and benefits hereunder.

 

12.2       Indemnification.
Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands,
claims, and liabilities claimed or asserted by any other Party in connection with the transactions contemplated by this Agreement;
and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank as a result of or in any way arising out of,
following, or consequential to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without
limitation reasonable attorneys’ fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct.

 

12.3       Time
of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.

 

12.4       Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose
of determining the legal enforceability of any specific provision.

 

12.5     Amendments
in Writing, Integration. Neither this Agreement nor the Loan Documents can be amended or terminated orally. All prior agreements.
understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of
this Agreement and the Loan Documents, if any, are merged into this Agreement and the Loan Documents.

 

12.6      Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one
and the same Agreement.

 

12.7      Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
remain outstanding or Bank has any obligation to make Credit Extensions to Borrower. The obligations of Borrower to indemnify Bank
with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall survive until all applicable
statute of limitations periods with respect to actions that may be brought against Bank have run.

 

    	21.

    	 

    

 

12.8      Confidentiality.
In handling any confidential information Bank and all employees and agents of Bank, including but not limited to accountants, shall
exercise the same degree of care that it exercises with respect to its own proprietary information of the same types to maintain
the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure
of such information may be made (i) to the subsidiaries or affiliates of Bank in connection with their present or prospective business
relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Credit Extensions, provided that
they have entered into a comparable confidentiality agreement in favor of Borrower and have delivered a copy to Borrower, (iii)
as required by law, regulations, rule or order, subpoena, judicial order or similar order, (iv) as may be required in connection
with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of
any remedies hereunder. Confidential information hereunder shall not include information that either: (a) is in the public domain
or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank
through no fault of Bank; or (b) is disclosed to Bank by a third party, provided Bank does not have actual knowledge that such
third party is prohibited from disclosing such information.

 

12.9      Patriot Act.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions
to obtain, verity, and record information that identifies each person who opens an account. WHAT THIS MEANS FOR YOU: when you open
an account, we will ask for information that will allow us to identify you.

 

    	22.

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first above written.

 

	 	GLOBANT, LLC
	 	 
	 	By:	[Illegible]	 
	 	Title: 	CHIEF EXECUTIVE OFFICER	 
	 	 
	 	Bridge Bank, National Association
	 	 
	 	By:	/s/ Derek Almeida	 
	 	Title:	Derek Almeida	 

 

    	1.

    	 

    

 

	DEBTOR:	GLOBANT, LLC
	 	 
	SECURED PARTY:	BRIDGE BANK, NATIONAL ASSOCIATION

 

EXHIBIT A 

 

COLLATERAL DESCRIPTION
ATTACHMENT

TO LOAN AND SECURITY AGREEMENT

 

All personal property of Borrower
(herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired,
and wherever located, including, but not limited to:

 

(a)          all
accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), deposit
accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles
(including payment intangibles and software), goods (including fixtures), instruments (including promissory notes), inventory (including
all goods held for sale or lease or to be furnished under a contract of service, and including returns and repossessions), investment
property (including securities and securities entitlements), letter of credit rights, money, commercial tort claims, and all of
Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said books and records;

 

(b)          any
and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds,
and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to
them in the California Uniform Commercial Code, as amended or supplemented from time to time.

 

Notwithstanding the
foregoing, the Collateral shall not include any copyrights, patents, trademarks, servicemarks and applications therefor, now owned
or hereafter acquired, or any claims for damages by way of any past, present and future infringement of any of the foregoing (collectively,
the “Intellectual property”); provided, however, that the Collateral shall
include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition
of all or any part, or rights in, the foregoing (the “Rights to Payment”). Notwithstanding the foregoing, if applicable
law, including any judicial authority provides that a security interest in the underlying Intellectual property
is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of
the Closing Date, include the Intellectual property to the extent necessary to permit
perfection of Bank’s security interest in the Rights to Payment.

 

    	1

    	 

    

 

EXHIBIT B

 

ADVANCE REQUEST FORM

 

Exhibit B

 

ADVANCE REQUEST FORM

 

ADVANCE REQUEST

(To be submitted no later than 2:00 PM Eastern Time to be
considered for same day processing) 

 

	To:	Bridge Bank, National Association	 
	 	 	 
	Fax:	(703) 964-1620	 
	 	 	 
	Date:	 	 
	 	 	 
	From:	Globant, LLC	 
	 	Borrower’s Name	 
	 	 	 
	 	 	 
	 	Authorized Signature	 
	 	 	 
	 	 	 
	 	Authorized Signer’s Name (please print)	 
	 	 	 
	 	5411 41091700	 
	 	Phone Number	 

 

	To Account #	 	 

 

Borrower hereby requests funding
in the amount of $ ___ in accordance with the Advance as defined in the Loan and Security Agreement dated May 6, 2011.

 

Borrower hereby authorizes Bank
to rely on facsimile stamp signatures and treat them as authorized by Borrower for the purpose of requesting the above advance.

 

  All representations and
warranties of Borrower stated in the Loan and Security Agreement are true, correct and complete in all material respects as
of the date of this Advance Request; provided that those representations and warranties expressly referring to another
date shall be true, correct and complete in all material respects as of such date.

 

Capitalized terms used herein and not otherwise defined have
the meanings set forth in the Loan and Security Agreement.

 

    	1

    	 

    

 

EXHIBIT C

 

BORROWING BASE CERTIFICATE 

 

	Borrower: GLOBANT, LLC	Lender:   Bridge Bank, National Association
	 	 
	Commitment Amount: $10,000,000	 

 

	ACCOUNTS RECEIVABLE	 	 	 	 
	1.	Accounts Receivable Book Value as of     	 	 	 	$____________
	2.	Additions (please explain on reverse)	 	 	 	$____________
	3.	TOTAL ACCOUNTS RECEIVABLE	 	 	 	$____________
	 	 	 	 	 	 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)	 	 	 	 
	4.	Amounts over 90 days due	 	$____________	 	 
	5.	Balance of 35% over 90 day accounts	 	$____________	 	 
	6.	Concentration Limits	 	 	 	 
	7.	Foreign Accounts	 	$____________	 	 
	8.	Governmental Accounts	 	$____________	 	 
	9.	Contra Accounts	 	$____________	 	 
	10.	Demo Accounts	 	$____________	 	 
	11.	Intercompany/Employee Accounts	 	$____________	 	 
	12.	Other (please explain on reverse)	 	$____________	 	 
	13.	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	 	 	 	$____________
	14.	Eligible Accounts (#3 minus #13)	 	 	 	$____________
	15.	LOAN VALUE OF ACCOUNTS (80% of #14)	 	 	 	$____________
	 	 	 	 	 	 
	BALANCES	 	 	 	 	 
	16.	Maximum Loan Amount	 	 	 	$____________
	17.	Total Funds Available [Lesser of #16 or #15]	 	 	 	$____________
	18.	Present balance owing on Line of Credit	 	 	 	$____________
	19.	Outstanding under Sublimits	 	 	 	$____________
	20.	RESERVE POSITION (#17 minus #18 and #19)	 	 	 	$____________

 

The
undersigned represents and warrants that the foregoing is true, complete and correct, and that the information reflected in this
Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement between
the undersigned and Bridge Bank, National Association. 

 

GLOBANT, LLC

 

	By:	 	 
	 	Authorized Signer	 

 

    	1

    	 

    

 

EXHIBIT D

COMPLIANCE CERTIFICATE

 

	TO:	BRIDGE BANK, NATIONAL ASSOCIATION
	 	 
	FROM:	GLOBANT, LLC

 

The undersigned
authorized officer of GLOBANT, LLC hereby certifies that in accordance
with the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i)
Borrower is in complete compliance for the  period ending _____________with all required covenants except as noted below and
(ii) all representations and warranties of Borrower stated in the Agreement are true and correct as of the date hereof.
Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are
prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to
the next except as explained in an accompanying letter or footnotes.

 

Please indicate compliance status by circling
Yes/No under “Complies” column. 

 

	Reporting Covenant	 	Required	 	 	 	Complies
	 	 	 	 	 	 	 
	Monthly financial statements Borrower and Guarantor	 	Monthly within 30 days	 	Yes	 	No
	Annual (CPA Audited) Borrower and Guarantor	 	FYE within 180 days	 	Yes	 	No
	10K and 10Q	 	(as applicable)	 	Yes	 	No
	A/R & A/P Agings, Borrowing Base Cert.	 	Monthly within 30 days	 	Yes	 	No
	A/R Audit	 	Initial and Quarterly	 	Yes	 	No
	Audit Documents	 	Quarterly within 30 days if ACR> 1.35,	 	Yes	 	No
	 	 	Monthly within 10 days of CC if	 	 	 	 
	 	 	ACR<1.35.	 	 	 	 
	Annual Board projections	 	30 days before fiscal year	 	Yes	 	No
	Deposit balances with Bank	 	$__________	 	 	 	 
	Deposit balances outside Bank	 	$__________	 	 	 	 

 

	Financial Covenant	 	Required	 	Actual	 	 	 	Complies
	 	 	 	 	 	 	 	 	 
	Minimum Asset Coverage Ratio Monthly	 	1.25: 1.00	 	____:1.00	 	Yes	 	No
	Minimum TNW Quarterly	 	*            	 	$____        	 	Yes	 	No
	Minimum Cash at BB at all times	 	$500,000	 	$____         	 	Yes	 	No
	 	 	 	 	 	 	 	 	 
	*3/11: $1,500,000; 6/11: $2,500,000;
    9/11:	 	 	 	 	 	 	 	 
	$3,200,000; 12/11: $3,900,000; 2012 to be agreed	 	 	 	 	 	 	 	 
	upon. If Guaranty is released, minimum TNW is	 	 	 	 	 	 	 	 
	3/11: $2,025,000; 6/11: $3,375,000;
    9/11:	 	 	 	 	 	 	 	 
	$4,320,000; 12/11: $5,265,000; 2012 to be agreed	 	 	 	 	 	 	 	 
	upon.	 	 	 	 	 	 	 	 

 

	Comments Regarding Exceptions: See Attached.	 	 
	 	 	BANK USE ONLY

 

	 	 	Received by:	 
	Sincerely,	 	 	AUTHORIZED SIGNER

 

	 	 	Date:	 

 

	 	 	Verified:	 
	SIGNATURE	 	 	AUTHORIZED SIGNER

	 	 	Date:	 
	TITLE	 	 	 

	 	 	Compliance Status	Yes	No
	 	 	 	 	 
	DATE	 	 	 	 

 

    	1

    	 

    

 

EXHIBIT E 

 

GLOBANT AUDIT REQUEST LIST 

 

Electronic files in a sortable format are requested
where applicable. 

 

The Borrower will upload the
following information (“Audit Documents”) to the virtual data room within 30 days after each quarter end. The
financial items should include information as of the most recent quarter end: 

 

The list below may be adjusted to include such
other items as the Bank may reasonably request.

 

Cash

 

		1	Bank
reconciliations for the 12 months.

 

		2.	List of all bank accounts and their purpose.

 

Accounts Receivable

 

		3.	Accounts receivable detailed
aging as of the most recent quarter end and the prior month.

 

		4.	Month-end accounts receivable
summary aging for the prior 13-months

 

		5.	Monthly sales and credit journals for the prior 12-months

 

		6.	Monthly cash receipts journals
for the prior 12-months

 

		7.	Allowance for doubtful accounts as of the most recent
quarter end, as well as a schedule of bad debt write-offs for the prior 12-months.

 

		8.	Credit policy for new and
existing customers.

 

		9.	Explanation of significant
accounts receivable over 90 days past invoice date as of the most recent quarter end

 

		10.	Concentration of top ten customers in accounts receivable
as of the most recent quarter end

 

		11.	Top ten customers in terms of sales months for the prior
12-months

 

    	1

    	 

    

 

Accounts Payable

 

		12.	Month-end accounts payable summary aging for the prior
13-months

 

		13.	Schedule of cash disbursements journals for the prior
12-months

 

Customer and Vendor Infonnation

 

		14.	Customer invoices for all accounts listed on the most
recent accounts receivable aging

 

		15.	The name, address (mailing and location), phone number,
and contact person (email address if applicable) for each customer and vendor listed on the provided accounts receivable and accounts
payable agings.

 

Other

 

		16.	Current general liability and personal property insurance
policy and updated endorsements.

 

		17.	Current credit insurance policy, if applicable.

 

		18.	General ledger trial balance as of the most recent quarter
end

 

		19.	Financial statements issued by the independent accountant
for the most recent two fiscal years and interim year-to-date financial statements

 

		20.	Payroll register for the most recent fiscal year end
and year-to-date

 

		21.	941 Payroll Tax filings for the most recent two quarters. 

 

		22.	Schedule of notes payable as of the most recent quarter
end

 

		23.	Borrowing base certificate, if applicable.

 

    	2

    	 

    

 

SCHEDULE OF EXCEPTIONS 

 

Permitted Indebtedness (Section 1.1)
NONE

 

Permitted Investments (Section 1.1)
NONE

 

Permitted Liens (Section 1.1) NONE

 

Inbound Licenses (Section 5.6) NONE

 

Prior Names (Section 5.7) NONE

 

Litigation (Section 5.8) NONE

 

    	1

    	 

    
 

LOAN AND SECURITY MODIFICATION AGREEMENT

 

This Loan
and Security Modification Agreement (this “Loan and Security Modification Agreement”)
is entered into as of May 6, 2013 by and between GLOBANT, LLC (“Borrower”) and BRIDGE BANK,
NATIONAL ASSOCIATION (“Bank”).

 

1.           Description
Of Existing Indebtedness. Among other indebtedness which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to, among other documents, that certain Loan and Security Agreement dated as of May 6, 2011 by and between Borrower
and Bank, as may be amended from time to time (the “Loan and Security Agreement”). Capitalized terms
used without definition herein shall have the meanings assigned to them in the Loan and Security Agreement.

 

Hereinafter, all indebtedness owing
by Borrower to Bank shall be referred to as the “Indebtedness to the Bank” and the Loan and Security
Agreement and any and all other documents executed by Borrower in favor of Bank shall be referred to as the “Existing
Documents.”

 

2.           Description
Of Change In Terms.

 

		A.	Modifications to Loan and Security Agreement:

 

1.           The following definitions in Section 1.1
are added or amended to state as follows:

 

“Borrower’s Total Assets”
means the total assets of the Borrower.

 

“EBITDA”
means (a) Net Income, plus (b) Interest Expense, plus (c) to the extent deducted in the calculation of Net Income, depreciation
expense and amortization expense, plus (d) income tax expense.

 

“Guarantor” means Globant
S.A., a Luxembourg corporation, and

Globant S.A., a Spanish corporation, and any other Person
that signs a Guaranty.

 

“Guaranty”
means the Unconditional Guaranty by Globant S.A., a Luxembourg corporation, the Unconditional Guaranty by Globant S.A., a Spanish
corporation, and any other guaranty signed by a Guarantor.

 

“Interest
Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance with GAAP
for the relevant period ending on such date, including, in any event, interest expense with respect to any Indebtedness.

 

“Net
Income” means, as calculated for any period as at any date of determination, the net profit (or loss), after provision
for taxes, for such period taken as a single accounting period.

 

“Net Worth” means Borrower’s
Total Assets minus Borrower’s Total Liabilities.

 

    	1

    	 

    

 

“Revolving Line” means
a credit extension of up to Fifteen Million Dollars ($15,000,000).

 

“Revolving Maturity Date”
means May 6, 2015.

 

“Sponsors”
means any of Paldwick S.A., Riverwood Capital, LLC, Endeavor Global Inc., Riverwood Capital Partners (Parallel-B) L.P., Riverwood
Capital Partners L.P., Riverwood Capital Partners (Parallel-A) L.P., FTVentures III, L.P., FTVentures III-N L.P., WPP Luxembourg
Gamma Three S.à.r.l., Martín Migoya, Martín Gonzalo Umaran, Néstor Augusto Nocetti, Guibert Andrés
Englebienne, or any Affiliate thereof.

 

“Total
Funded Debt” means the sum of Obligations owed to Bank plus all other Indebtedness (except for Indebtedness with
any Affiliate of Guarantor that is subordinated in right of payment to the Indebtedness to Bank on terms acceptable to Bank) owed
by Guarantor.

 

		2.	Clause (f) of the defined term “Eligible
Accounts” is amended to read as follows:

 

(f)            Accounts
with respect to which the account debtor does not have its principal place of business or an operating presence doing business
on a regular basis in the United States or Canada, except for Eligible Foreign Accounts;

 

		3.	Section 2.3(a) is amended to read as follows:

 

(a)           Interest
Rates.    Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily
Balance thereof, at a rate equal to the Prime Rate plus 0.25%, provided that the interest rate shall in no case be less than 3.25%
per annum. Any adjustment to the interest rate based on the account balance shall be made as of the last day of each calendar
quarter

 

		4.	Section 6.8 is amended in its entirety to read as follows:

 

6.8          Asset
Coverage Ratio. Borrower shall maintain at all times, tested as of the last day of each month, a ratio of (a) the sum of (i)
unrestricted cash maintained with Bank plus (ii) the balance of Eligible Accounts owned, billed and collected by Borrower, based
on the most recent Borrowing Base Certificate to (b) any Obligations that Borrower owes to Bank, of at least 1.50 to 1.00.

 

    	2

    	 

    

 

		5.	Section 6.9 is amended in its entirety to read as follows:

 

6.9           Net
Worth. Borrower shall maintain at all times, tested as of the last day of each month, a Net Worth of at least $4,000,000,
plus, beginning June 30, 2013, 40% of Borrower’s cumulative, quarterly Net Income.

 

		6.	Section 6.10 is amended in its entirety to read as follows:

 

6.10         Total
Leverage Ratio. Globant S.A., on a consolidated basis, tested as of the last day of each quarter, shall maintain a ratio of
(a) Total Funded Debt to (b) EBITDA of not more than the following:

 

	Quarter Ending	 	Maximum Total 
Leverage Ratio
	 	 	 
	March 31, 2013	 	2.25: 1.0
	June 30, 2013	 	2.25: 1.0
	September 30, 2013	 	2.00: 1.0
	December 31, 2013	 	2.00: 1.0
	March 31, 2014	 	1.50: 1.0
	Each quarter thereafter	 	1.50: 1.0

 

		7.	Section 6.11 is deleted.

 

8.           Borrower
may maintain deposit accounts with Wells Fargo Bank, JPMorganChase Bank, and Citibank. Promptly upon opening any such account
Borrower shall provide Bank a schedule showing the name and address of the branch or office of the bank holding the account, together
with the account numbers of each such account. Borrower shall not maintain a balance in any such account in excess of that necessary
to fund the operations of Borrower in the ordinary course of business. Upon request by Bank, Borrower shall promptly deliver to
Bank copies of the bank statements issued by each bank with which Borrower maintains accounts.

 

9.           Bank consents to the merger of Nextive
Solutions LLC into Globant LLC.

 

10.         In
determining advance rates, Eligible Accounts and the Borrowing Base, Bank may take into consideration in its sole and reasonable
discretion the results of any audits or other examinations of Collateral, including the rate of dilution in respect of Accounts.

 

11.         On
the date hereof and on the earliest to occur of (i) the first anniversary of the date hereof, (ii) the date that Borrower terminates
this Agreement, and (iii) the date that all amounts outstanding under this Agreement become due, Borrower shall pay Bank a fee
of $50,000, which fees shall be nonrefundable.

 

12.        Exhibit
D to the Loan and Security Agreement is replaced in its entirety with the Exhibit D attached hereto

 

13.         Within
60 days of the date hereof, Borrower shall deliver to Bank a Guarantee and related documents from Globant S.A., a Luxembourg corporation.

 

    	3

    	 

    

 

		3.	Consistent
                                                                                     Changes. The Existing Documents
                                                                                     are each hereby amended wherever necessary to reflect the changes described above.

 

4.           Continuing
Validity. Borrower understands and agrees that in modifying the existing Indebtedness to the Bank, Bank is relying
upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Documents. Except as expressly
modified pursuant to this Loan and Security Modification Agreement, the terms of the Existing Documents remain unchanged and in
full force and effect. Bank’s agreement to modifications to the existing Indebtedness pursuant to this Loan and Security
Modification Agreement in no way shall obligate Bank to make any future modifications to the Indebtedness. Nothing in this Loan
and Security Modification Agreement shall constitute a satisfaction of the Indebtedness. It is the intention of Bank and Borrower
to retain as liable parties all makers and endorsers of Existing Documents, unless the party is expressly released by Bank in
writing. No maker, endorser, or guarantor will be released by virtue of this Loan and Security Modification Agreement. The terms
of this paragraph apply not only to this Loan and Security Modification Agreement, but also to any subsequent loan and security
modification agreements.

 

5.           Conditions
to Loan and Security Modification Agreement. As a condition to the effectiveness of this Loan and Security Modification
Agreement, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)          payment
of all Bank Expenses incurred through the date of this Loan and Security Modification Agreement;

 

(b)          a Guarantee and related documents from
Globant S.A., a Spanish corporation; and

 

(c)          such other documents,
and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

6.           Countersignature.
This Loan and Security Modification Agreement shall become effective only when executed by Bank and Borrower.

 

[Signature
Page Follows]

 

    	4

    	 

    

 

	BORROWER:	 	BANK:
	 	 	 
	GLOBANT, LLC	 	BRIDGE BANK, NATIONAL ASSOCIATION
	 	 	 
	By:	/s/ Alejandro Scannapieco	 	By:	 

 

	Name:	Alejandro Scannapieco	 	Name:	 

 

	Title:	Chief Financial Officer	 	Title:	 

 

Signature
Page To Loan And Security Modification Agreement

 

    	 

    	 

    

 

EXHIBIT D COMPLIANCE

CERTIFICATE

 

		TO:	BRIDGE BANK, NATIONAL ASSOCIATION

 

		FROM:	GLOBANT, LLC

 

The undersigned authorized officer of GLOBANT, LLC
hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and Bank
(the “Agreement”), (i) Borrower is in complete compliance for the period ending _____________ with all required covenants
except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct as
of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies
that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one
period to the next except as explained in an accompanying letter or footnotes.

 

Please indicate compliance status
by circling Yes/No under “Complies” column.

 

	Reporting
    Covenant	 	Required	 	Complies
	 	 	 	 	 
	Monthly financial
    statements Borrower and Guarantor	 	Monthly within 30 days	 	Yes        No
	Annual (CPA Audited) Borrower and Guarantor	 	 FYE within 180 days	 	Yes        No
	10K and 10Q	 	(as applicable)	 	Yes        No
	A/R & A/P Agings, Borrowing Base Cert.	 	  Monthly within 30 days	 	Yes        No
	A/R Audit	 	Initial and Quarterly	 	Yes        No
	 	 	 	 	 
	Annual Board projections	 	30 days before fiscal year	 	Yes        No
	Deposit balances with Bank	 	$                      	 	 
	Deposit balances outside Bank	 	$                      	 	 

 

	Financial Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Minimum Asset Coverage Ratio Monthly	 	1.5:1.00	 	       :1.00	 	Yes        No
	Minimum Net Worth Quarterly	 	$4,000,000*	 	$       	 	Yes        No
	Globant S.A. Total Leverage Ratio	 	**	 	       :1.00	 	Yes        No
	 	 	 	 	 	 	 
	*plus 40% of Borrower’s cumulative, quarterly Net Income.	 	 	 	 	 	 
	**3/31 and 6/30/13: 2.25; 9/30 and 12/31/13: 2.00;	 	 	 	 	 	 
	3/31/14 and thereafter: 1.50	 	 	 	 	 	 

 

	Comments Regarding Exceptions: See Attached.	 	BANK
    USE ONLY
	 	 	 
	 	 	Received by:	 
	Sincerely,	 	 	 	AUTHORIZED
    SIGNER
	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 
	 	 	Verified:	 	 
	SIGNATURE	 	 	 	AUTHORIZED
    SIGNER
	 	 	 	 	 
	 	 	Date:	 	 
	 	 	 	 	 
	 	 	Compliance
    Status                      Yes     No
	DATEExhibit 10.3

 

 

 

 

1

 

LEASE AGREEMENT

 

In Buenos Aires on May 31st,
2010, Laminar S.A. de Inversiones Inmobiliarias domiciled at Ing. Butty 240, City of Buenos Aires, represented herein by Julio
Amancio Cueto Rúa as its President (hereinafter "Lessor") and Sistemas Globales S.A., domiciled at Reconquista
341, Piso 5to., City of Buenos Aires, represented herein by Alejandro Scannapieco as its attorney in fact (hereinafter "Lessee")
make this Lease Agreement (hereinafter the "Lease") under the following terms and conditions:

 

ONE: LEASE

 

1.1. Lessor lets unto Lessee
the following: (i) the Unit FOUR of the 6th (sixth) floor owned by you, Northwest sector and (ii) 2 (two) complementary parking
garage spaces for 3 (three) vehicles identified as Complementary Units CXCVIII and C (the units previously described in (i) and
(ii) shall collectively constitute the "Leased Premises") located in the building owned by Lessor called "Edificio
Laminar Plaza" at Ingeniero Enrique Butty 240, City of Buenos Aires.

 

1.2. The plans of the 6th floor
and the related parking garage spaces where the sector related to the Leased Premises is indicated are attached hereto as
Annex I.

 

TWO: TERM

 

The term of duration of the Lease
herein stipulated shall be for a period of three (3) years to commence on January 1st, 2010 and therefore expiring on
December 31st, 2012. Upon expiration, Lessee shall vacate the Leased Premises and immediately surrender
the Leased Premises to Lessor free of occupants and effects and in the same conditions as when delivered to Lessee
by Lessor without prior demand whether judicial or extrajudicial. If the Leased Premises are not vacated on the agreed
date, Lessee shall pay the rent and, as damages, a fine of five hundred US dollar notes (USD 500) per day of delay in surrendering
the Leased Premises without prior demand, whether judicial or extrajudicial, and without prejudice of the actions Lessor
may bring.

 

THREE: PRICE, PLACE AND DATE OF
PAYMENT

 

3.1. The monthly rent shall be eight thousand
and one hundred ninety US dollars (USD 8,190) plus the pertaining VAT resulting from the multiplication of the total surface of
the offices as a whole (273 square meters) by thirty US dollars per square meter. The rent shall be paid monthly in advance within
the first ten days of each month pursuant to paragraph 3.2. of this section. In the event of delay in payment, Lessee shall
pay a default interest (calculated daily) at one and a half the interest rate used by the Banco de la Nación Argentina [Argentine
Nation Bank] for 30-day discount transactions in US dollars. Such default interest shall be paid together with the rent in
arrears. Notwithstanding the foregoing, Lessor may: (i) cause termination hereof pursuant to section 5 of Act 23091 in the
event of default in payment of two (2) monthly rents; and (ii) bring the appropriate action for eviction and in both cases enforce
any right to

collect the amounts due plus direct damages.
Lessor shall give payment receipt to Lessee. Lessor may refuse to accept the payment of rent in arrears without
the provided default interest. Lessor may also receive payment of the amounts due and reserve the right to claim interest.

 

 

 

1 [From pages 1 to 15 there
appears a seal at the upper right corner stating:] GUSTAVO BADINO; Notary Public [Escribano Público]; License 4346.

 

    	 

    	 

    

 

3.2. All payments herein provided may be
made by Lessee, at its option, either by delivering a check at Lessor's domicile or by bank transfer to an account
identified by Lessor through reliable means provided the domicile or the bank are located in the City of Buenos Aires and, in every
case, with free and immediately available funds in dollars or its equivalent in legal tender at the free exchange rate, using as
exchange rate, the relation ARS-USD selling rate from the Banco de la Nación Argentina for the operation closing of the
foreign exchange business day previous to the day of payment as published by the Ámbito Financiero or alternatively the
Cronista Comercial. Until Lessor states otherwise, payment shall be made at the bank HSBC S.A. Argentina, checking account
6233204068, Uniform Banking Code (CBU): 1500623500062332040682. Such payments shall be net of any cost or expense. Therefore, if
any such payment is subject to tax or withholding, Lessee shall include the additional amount to cover the expense, cost,
tax or withholding in such amount that, once the expense, cost, tax or withholding is paid, Lessor receives the amount of
rent due.

 

3.3. If, at the date of payment, a change
in the foreign exchange regulations in force in the country or any other reason prevents the payment in the agreed fashion or the
delivery of USD, or the free foreign exchange rate has ceased to trade or there exist foreign exchange restrictions preventing
the payment in the agreed currency, Lessee shall pay the rent, or any other amount due expressed in dollars, by giving Lessor US-denominated
Argentine Republic securities enough to purchase, at Lessor's option in the Montevideo (Oriental Republic of Uruguay) or New York
(USA) markets, net and free of any commission, expense, fee or tax, the sufficient amount of USD to perform the obligations arising
herefrom. If payment of rent is made by giving such Securities, Lessee shall be granted an additional term of 5 (five) business
days to purchase such Securities in the said markets. If such Securities are not outstanding when they should be purchased, the
same procedure for similar Securities denominated in dollars listed in the above-mentioned markets for any other bond or securities
to the satisfaction of Lessor shall be used.

 

It is expressly agreed that the equivalence
arrangements provided in this paragraph are exceptional and they shall be used in cases where circumstances force the use of such
arrangements. There shall be no change in the price due which shall remain in the currency provided in paragraph 3.1.

 

    	 

    	 

    

 

3.4. Whenever the payments are made through
the arrangements described in paragraph 3.3., such payments shall be on account. Any difference that may arise on the day of actual
payment between the amounts due in USD and the amounts actually credited in ARS (or any other legal tender) in Lessor's
account at the foreign exchange rate or listing price of the Securities pursuant to the previous provisions shall remain outstanding
or pending reimbursement. In such case, Lessor shall issue the appropriate credit or debit note for the mentioned difference
as the case may be. No debt shall be deemed paid, and Lessee shall not be released from payment, until Lessor receives
the exact amount of USD due or its equivalent in ARS at the foreign exchange rate stated in paragraph 3.3 in Lessor's bank
accounts. Every payment shall be net of any tax, fee, charge and/or cost of conversion, exchange or transfer that Lessor
should pay or incur to obtain the amount due in USD or its equivalent in ARS at the foreign exchange rate hereinbefore provided
on the day of actual payment.

 

3.5. After carrying out a thorough evaluation,
with due professional assistance, of the applicable provisions of the Civil Code, the Urban Leasing Act number 23091, the evolution
of the foreign exchange market and its unbalances, Lessee expressly waives to use the theory of imprevision, condition of
necessity, abuse of right, laesio enormis, unjust enrichment and any other circumstance, act or right intended to change
the agreed price and currency.

 

3.6. Lessor covenants to grant Lessee
the following discounts in the Rent: (i) USD 546 (five hundred and forty-six US dollars) per month during the first year
of the Lease; (ii) USD 273 (two hundred and seventy-three US dollars) per month during the second year of the Lease. Lessee
shall be entitled to both discounts as long as Lessee complies in timely fashion with all its obligations hereunder.

 

3.7. Notwithstanding the provisions set
forth from paragraphs 3.1 to 3.6, in order to address possible fluctuations in the market value of the offices, any party may request,
every 6 (six) months after the execution hereof, a review and adjustment of the rental value of the Leased Premises subject-matter
of this lease (hereinafter the "Rent") considering the rental value of similar offices in the market. If the parties
are unable to reach an agreement during the 15 (fifteen) days' term after notice of the request for consideration of a new value
of Rent has been reliably given, any party shall appoint a renowned real estate firm to render a written opinion on the
rental value of the Leased Premises within 10 (ten) calendar days from the reliably-given request. If there is a difference
of less than 10% between the estimates made by both firms, the new value of the Rent for the Leased Premises shall
be the average of the value informed by the two (2) appointed firms. If the difference is more than 10%, the firms shall appoint
a third equally renowned real estate firm in order for it to estimate the new value of the Rent. The new estimated value
rendered by the third real estate firm shall be the new value of the Rent hereof. If the real estate firms are unable to
reach an agreement on the appointment of the third real estate firm, such appointment shall be made by the President of the Cámara
de Comercio de la Ciudad de Buenos Aires [Chamber of Commerce for the City of Buenos Aires]. In every case, the new value of the
Rent shall be denominated in USD. Such change shall not be deemed as a novation. The new value of the Rent shall
be valid for the first rent payment after the expiration of the pertaining six (6) months' term. During the estimation of the new
value of the Rent, as previously agreed upon, Lessee shall pay the last agreed Rent. As soon as the new value
is set, the difference between the new value and the amounts paid shall be paid after the pertaining 6 (six) months' term. The
new Rent shall be paid until a new adjustment in accordance with the procedure herein provided is agreed upon. Each party
shall pay the fees of the real estate firm such party has appointed. If a third firm has been appointed, the Parties shall
pay the fees in equal parts.

 

    	 

    	 

    

 

FOUR: PURPOSE

 

4.1. Lessee shall use the Leased
Premises for the installation and management of business offices where Lessee shall perform the activities related to
its regular business (hereinafter the "Agreed Purpose") complying with the municipal regulations in relation to
the permitted uses of the Leased Premises. Lessee shall not change or alter, in whole o in part, the Agreed Purpose
or use the Leased Premises to store any substance that may be flammable or dangerous for the public or the Leased Premises.

 

4.2. Lessee shall be fully liable
for the compliance with sanitation, tax and safety regulations and any other legal provision that may be applied to the Leased
Premises and the Agreed Purpose.

 

4.3. Lessee covenants to comply
with, follow and cause to follow the general provisions and rules of the Building as well as any other general provision
and/or rule for the Building, Lessor and/or any administrator appointed by Lessor. Furthermore, Lessee
covenants to follow and comply with the provisions of the Co-ownership and Administration Regulations (hereinafter the "Regulations")
and the Internal Regulations of the Building where the Leased Premises are located.

 

4.4. On the other hand, the parking spaces,
as part of the Leased Premises, shall be used only by Lessee to park three (3) cars whether owned by Lessee,
its employees or any person authorized by Lessee solely for the Agreed Purpose. Lessee shall not use the parking
garage for a different purpose as herein stated or for storing effects of any kind.

 

FIVE: TENANTABLE CONDITION

 

5.1. Lessor hereby delivers the
Leased Premises with its fittings and fixtures in good, usable, tenantable and cleanliness condition, being Lessee
responsible to surrender the Leased Premises in tenantable condition, reasonable wear and tear excepted. Lessee shall
also bear the cost of the necessary repairs to maintain the good condition of the Leased Premises and its equipment and
the replacement of missing effects for other with similar characteristics.

 

    	 

    	 

    

 

5.2. Upon surrendering the Leased Premises,
Lessee shall give evidence of the payment of all the items it was responsible for as stated in section EIGHT or any other
applicable provision hereof.

 

5.3. If Lessee fails to comply with
the obligations set forth in paragraphs 5.1 and 5.2, Lessor may refuse to receive the Leased Premises being applicable
the provisions of section TWO for the cases of late surrender. Such effects shall remain in force until actual surrender takes
place as agreed upon. All of the foregoing is without prejudice to Lessor's right to receive the Leased Premises
in their current condition and claim for damages.

 

5.4. In case of partial destruction of
the Leased Premises during the term hereof by fire or any other circumstance generated by force majeure without Lessee's
fault, Lessee shall give Lessor immediate and reliable notice in order for Lessor to make the repairs at its
cost. In such case, the price of the Rent shall be proportionately reduced in relation to the loss of space created by the
event from the date when notice of such event is given and until repairs are finished by Lessor. If the nature or extension
of the damage prevents the repairs to be completed within 30 (thirty) calendar days after the event, Lessee may cause the
termination hereof within 15 (fifteen) days after giving Lessor reliable notice of such decision without payment of any
compensation by Lessee. Such notice may only be given after the expiration of the above-mentioned 30 (thirty) days' term.

 

5.5. Total destruction of the Leased
Premises generated by force majeure without Lessee's fault or any destruction over 50% (fifty per cent) of the Leased
Premises shall automatically cause termination hereof from the date of destruction without payment of any compensation by Lessor
or Lessee. Within 30 (thirty) calendar days after being given reliable notice of the event, Lessor may give Lessee
notice of its intention to rebuild the Leased Premises. Lessee may accept or refuse in writing within 10 (ten) calendar
days after being given notice by Lessor. In no case shall Lessor have right to any compensation. If Lessee
accepts the rebuilding, this Lease shall remain in force. Lessor shall rebuild the Leased Premises at its
cost and the Rent from the occurrence of the event until rebuilding is complete shall be agreed upon again between the Parties.
Once rebuilding is complete, the Rent shall be adjusted automatically to an amount in accordance with the provisions hereof.

 

SIX: EQUIPMENT. IMPROVEMENTS. AUTHORIZATIONS.

 

6.1. Any work or improvement on the Leased
Premises shall be previously approved in writing by Lessor. Such approval shall be granted if the work does not alter
the structure, front or services of the Leased Premises. If Lessor does not answer within 30 days after the date
of the notice, the work or improvement on the Leased Premises shall be deemed approved by Lessor.

 

    	 

    	 

    

 

6.2. Upon expiration hereof, Lessor
may, at its sole discretion, accept the Leased Premises with some or all the improvements made by Lessee or demand
the Leased Premises be surrendered in the same condition as when delivered to Lessee by Lessor. In the first
case, the improvements or alterations on the Leased Premises, even with Lessor's consent, shall be for the benefit
of the Leased Premises and Lessee shall not claim any compensation or hold over on such grounds. In the second case,
Lessee shall not claim any compensation or hold over on such grounds.

 

SEVEN: AUTHORIZATION

 

Lessee shall bear the risk and cost
of processing, obtaining and maintaining all the national or municipal licenses, permits or authorizations, or any such license,
permit or authorization requested by any centralized or decentralized public agency, required by legislation in force for the present
or future performance of the activities to be performed in the Leased Premises as set forth in section FOUR. Lessee
shall bear the payment of the charges, taxes, fees, patents or services in relation to its activity or the documentation supporting
such activity. Lessor covenants to assist Lessee with the information and documentation necessary for such purpose
as long as such documentation is available to Lessor. Lessee shall bear any cost arising from such assistance.

 

EIGHT: TAXES. FEES. MAINTENANCE
FEES AND EXPENSES

 

8.1. Lessee shall bear the payment
of Common Maintenance Fees, Lighting, Sweeping and Cleaning Fees for the City of Buenos Aires and AySA [Water and Sanitation] in
relation to the Leased Premises as well as any other present or future tax and/or fee and/or contribution that may be imposed
on the Leased Premises. In the case of taxes and/or fees and/or contributions imposed on the whole Building as well
as Ordinary Maintenance Fees, Lessee shall pay 2.98230% of the total amount of the Ordinary Maintenance Fees for the Building.
Lessor shall bear the extraordinary expenses that are expressly excluded from the Ordinary Maintenance Fees. Lessor
may request the Building administrator to inform, with proper anticipation before due date for payment of obligations provided
in this section, the amount and items as well as any other information Lessor may reasonably request for such purpose.

 

8.2. Lessee shall (a) pay the Value-Added
Tax (VAT) and any other tax that may change or substitute such tax in the future; (b) respect and cause to respect morals and good
habits in the Leased Premises; (c) pay on time any service hired in relation to the Leased Premises such as
electricity, telephone, links; (d) maintain such services connected and in proper operation and pay the reconnection fees and any
fine for any disconnected, interrupted or canceled service for lack of payment and/or any other cause by Lessee's fault;
(e) pay on time the Ordinary Maintenance Fees and all present or future taxes, fees and contributions on the Leased Premises
and the activity performed by Lessee in the Leased Premises; and (f) comply with all the obligations herein assumed.

 

    	 

    	 

    

 

8.3. All the payments referred to in this
section shall be made by Lessee when due. Evidence of such payments shall be given to Lessor within the first five
days of the next month after payment. In case of non-compliance, Lessee shall bear any delay or default interest or fine
arising from such non-compliance as well as any other expense arising from such non-compliance.

 

NINE: ACCESS AND INSPECTION

 

Lessee covenants to allow Lessor
to perform any necessary work for the maintenance of the Building. Lessee shall also allow Lessor to enter
the Leased Premises during office hours and with 24 hours' notice in order to check the maintenance condition of the Leased
Premises or to inspect such premises. Lessor shall do its best efforts to avoid exercising this power at times when
the normal performance of Lessee's activities may be reasonably disturbed.

 

TEN: BODILY INJURY AND PROPERTY
DAMAGE LIABILITY

 

Lessee shall indemnify Lessor
from any damage, cost, expense or similar disbursement suffered by Lessee on its person or property due to any deterioration
of the Leased Premises or their fitting or fixtures for any reason without Lessor's fault including, but not
limited to works or improvements made by Lessee, the lapse of time, improper use of the Leased Premises, floods,
seismic movements, damage caused by third parties, humidity, fire, theft, any type of event and the use of such property.

 

Lessee shall be fully liable for
any damage suffered by Lessor or third persons including Lessee's staff, clients or suppliers on their person or
property as a consequence of the use of the Leased Premises by Lessee, the works made on the Leased Premises,
any element installed in the Leased Premises, the purpose of the Leased Premises or any other act performed by Lessee
or its subordinates.

 

Therefore, Lessee shall hold Lessor
harmless against any demand, action, penalty, fine or damage that may suffer due to the circumstances described above.

 

Lessee shall assume full liability
to any staff, professional or third parties hired affecting the works to be performed in the Leased Premises at any time.

 

ELEVEN: ASSIGNMENT

 

11.1. Lessee shall not sublet the
Leased Premises in whole or in part or assign the rights and duties arising herefrom. If Lessee requests authorization
from Lessor to sublet to a Lessee's controlled or controlling company with similar activities, such assignment shall
not be unreasonably denied by Lessor. In such cases, Lessee shall remain fully liable to Lessor hereunder
without prejudice of the terms of the agreement entered into by Lessee and the subtenant. Any such authorization from Lessor
shall be made in writing and signed.

 

    	 

    	 

    

 

11.2. At its sole discretion, Lessor
may assign in whole or in part this Lease or the rights arising herefrom without prior Lessee's consent. Lessor shall
give Lessee express notice of the assignment.

 

TWELVE: AUTOMATIC ARREARS

 

12.1. The Parties shall fall into
arrears by operation of law and by expiration of the terms herein provided or by failure to comply with the obligations hereby
assumed without prior demand, whether judicial or extrajudicial, being sufficient the expression of the pertaining party's will.

 

12.2. Upon default in payment of two (2)
monthly rents, and pursuant to the provisions of section THREE, Lessor may cause termination hereof without prior demand,
whether judicial or extrajudicial and file an action for eviction and collection of the items due as well as damages.

 

THIRTEEN:  INSURANCE

 

13.1. Within thirty (30) days after execution
hereof, Lessee shall buy an insurance policy with a front line insurer to the satisfaction of Lessor against fire
and tenant's liability covering the Leased Premises and the existing improvements owned by Lessee or installed in
the Leased Premises as well as the risk of its activity. Such insurance shall remain in force during all the term hereof
and until the Leased Premises are actually surrendered. Furthermore, such insurance policy shall state that Lessor
shall be the insured and beneficiary of the rights arising therefrom except for Lessee's property and improvements. At any
time, Lessor may request from Lessee any documentation giving evidence that insurance is in force and Lessee is complying
with the obligations arising therefrom.

 

FOURTEEN: GROUNDS FOR TERMINATION

 

14.1. Without prejudice of the automatic
arrears provided in paragraph 12.1, this Lease may be terminated when notice demanding compliance with any obligation assumed
by the Parties hereto has been reliable given and such failure was not cured within fifteen (15) calendar days after reception
of the notice of demand for compliance. NOTE: Changes were made since the automatic arrears of paragraph 12.1 and the provisions
of this paragraph were not coherent.

 

14.2. Lessee may cause termination
hereof unilaterally and without cause 12 (twelve) months after the execution hereof paying as complete and sole compensation for
such early termination the amount equivalent to one (1) monthly Rent. In any case, Lessee shall give reliable 60
(sixty) days' notice of its intention to terminate.

 

    	 

    	 

    

 

FIFTEEN:  EXPIRATION

 

15.1. Upon expiration of the term hereof,
surrender of the Leased Premises shall only be evidenced by written document issued by Lessor. No other evidence
shall be admitted.

 

15.2. If Lessor refuses to receive
the Leased Premises, Lessee may deposit the Leased Premises keys with a court. In such case, Lessee
shall only pay the rent until the date when Lessor actually and willingly receives the Leased Premises, unless judgment
for the Lessee is passed and Lessee shall only pay the rent, and any other related amount, until the date when the
action was filed or any date determined by a court with jurisdiction.

 

SIXTEEN: GUARANTEE DEPOSIT

 

On March 13th, 2007, Lessee
deposited with Lessor the amount of twelve thousand and nine hundred and twenty two US dollars (USD 12,922) as guarantee
deposit in relation to the lease agreement executed on the same date. Lessee hereby authorizes and covenants that Lessor
may allocate such amount of twelve thousand and nine hundred and twenty two US dollars (USD 12,922) as guarantee deposit for all
Lessee's obligations herein provided. Lessor shall retain such amount which shall not accrue interest. Such guarantee
deposit shall be reimbursed by Lessor within 30 (thirty) days after the surrender of the Leased Premises. Such amount
shall be reimbursed in the same currency as when given by Lessee. Any amount in relation to possible non-compliance, fines
or debts by Lessee of the obligations arising herefrom shall be previously deducted. If the expenses due by Lessee
are over such amount, Lessee covenants to pay Lessor the difference at first demand. Lessee shall not use
such deposit for the payment of rent.

 

SEVENTEEN:  CONFIDENTIALITY

 

The Parties covenant they shall
not disclose the terms hereof during the term hereof or after expiration hereof, unless: (a) said terms were made public for any
reason other than non-compliance with this provision; (b) disclosure is required by law, court order or any other regulation by
administrative or regulatory agencies.

 

EIGHTEEN: SPECIAL DOMICILES AND
JURISDICTION

 

Lessor and Lessee establish
their special domiciles as stated in the opening paragraph hereof where any summons, notice and process shall be deemed valid.
Lessor and Lessee shall submit to the jurisdiction of the Ordinary Courts in the City of Buenos Aires expressly waiving
any other courts or jurisdiction.

 

The Parties hereof may change their
domiciles within the City of Buenos Aires giving prior written notice of the new domicile to the other party.

 

NINETEEN: CO-OWNERSHIP REGULATIONS.
RULES FOR BUILDING, INSTALLATION AND REPAIRS OF THE LEASED PREMISES

 

    	 

    	 

    

 

Lessee acknowledges and agrees with
the Co-ownership Regulations, the Internal Regulations and the rules for building, installation and repairs of the Leased Premises
and the Building.

 

TWENTY:  SURETY

 

Lessee hereby gives Lessor
a surety insurance policy taken with Seguro de Caución de Fianzas y Créditos S.A. for the first twelve months of
the lease. Such policy shall be renewed, as necessary condition, 30 (thirty) days before the expiration of each contractual year
to the satisfaction of Lessor under the terms provided in the following paragraph and in accordance with the model attached
as Annex II Seguro de Caución de Fianzas y Créditos S.A., domiciled at ..................... of the City of Buenos
Aires, issued under number *****, for a value of USD 147,420 (one hundred and forty-seven thousand and four hundred and twenty
US dollars) in force from midnight on ../../200_ to midnight on ...... ....., for the benefit of Lessor. The Parties
covenant that Lessee shall give Lessor, thirty (30) days before expiration, a new policy with the same company and
coverage and an express waiver of its right of discussion. Lessee may propose another front line company in the insurance
market previously and expressly accepted in writing by Lessor to its satisfaction for an insured amount equivalent to the
amount of twelve (12) months of the lease. The same procedure shall be followed every twelve months for all the years of the term
hereof until the last policy is delivered which shall have a coverage of six months after the expiration of the term hereof. In
such case, six months before the expiration of the term hereof, Lessee shall replace the policy in force with a new policy
covering the next twelve (12) months. All the policies shall be taken with a renowned insurance company and to the satisfaction
of Lessor and in every case for the benefit of Lessor. Lessee shall comply with such obligation at least one
month before the expiration of the policy. Upon failure to comply with any of the obligations hereby assumed, or its partial performance,
Lessor shall be immediately entitled to, without any notice, demand Lessee pay a fine of USD 500 (five hundred USD
notes) per day automatically since the date when Lessee has failed to comply until compliance. All of the foregoing is without
prejudice to Lessor's right to cause termination hereof due to lack of proper coverage expressly agreed upon. Upon Lessor's
requirement, Lessee shall show the payment receipt of insurance.

 

TWENTY-ONE:  SAFETY MEASURES

 

Lessee acknowledges and agrees with
each and every safety measure implemented in the Building and the Leased Premises by Lessor included in the Internal
Regulations and the Evacuation Plan.

 

TWENTY-TWO:  SEALS

 

The Parties agree that stamp tax
in relation hereof shall be borne in equal parts by Lessor and Lessee.

 

    	 

    	 

    

 

In witness whereof, two counterparts of
the same tenor and for only one purpose are signed in the place and at the date stated in the opening paragraph hereof.

 

	By Laminar S.A. de Inversiones 	By Sistemas Globales S.A.   
	 	 
	Inmobiliarias	 
	 	 
	/s/ Julio A. Cueto Rúa	/s/ Alejandro Scannapieco
	 	 
	Julio A. Cueto Rúa President	Alejandro Scannapieco
	 	 
	[There follows a seal reading:]	 
	 	 
	Signature(s) certified on seal No. F001394676	 
	 	 
	Buenos Aires, 01/06/2010	 

 

SIGNATURE CERTIFICATION RECORD

 

Act 404

 

	ANNEX 	 	F001394676        

 

Buenos Aires, June 1st, 2010.
As notary public [Escribano] in charge of notarial register No. 516 in the City of Buenos Aires, I CERTIFY: That the signature(s)
on the document attached hereto, such requirement of certification is formally made at the same time through RECORD number 077
of Volume number 077, was/were written in my presence by the person(s) whose name(s) and ID(s) is/are mentioned below as well as
the evidence of their identity. Alejandro Raúl SCANNAPIECO, ID [DNI] 21073043, as Attorney in fact for SISTEMAS GLOBALES
S.A. evidenced by the General Power of Attorney granted by deed 61 on 02/08/2010 before me on Folio 195 on Notarial Record Book
in this Register, that I had before me, with sufficient powers to perform this act, I attest. IT IS HEREBY RECORDED a) That I have
seen for the purpose of this act, the ID [DNI] of the requiring party and I attest the capacity of the named person pursuant
to subsection “c” of section 1004 of the Civil Code; b) That the said Company is recorded in the Legal Entity Registry
in this City on 09/14/2005 under number 10527, Book 28, Volume for Corporations; c) That execution date of the document does not
match the certification date; d) That two counterparts of the same tenor and to a single effect have been signed; e) That, on the
document, the signature of one executing party is missing; and (f) That the executing party to the Lease is informed that such
party shall pay the appropriate tax rate for the Seal Tax due to the nature of the lease. Original Seal F 006096977 and Annex Seal
No. F 001394676.-

 

/s/ Gustavo Badino

 

Gustavo Badino

 

Notary Public [Escribano]

 

License 4346

 

    	 

    	 

    

 

ENTRY OF SURRENDERING AND AGREEMENT
TO ALLOCATE THE GUARANTEE DEPOSIT

 

ENTRY OF SURRENDERING AND AGREEMENT TO
ALLOCATE THE GUARANTEE DEPOSIT made by and between Laminar Sociedad Anónima de Inversiones Inmobiliarias domiciled at Ing.
Butty 240, City of Buenos Aires, represented herein by Julio Amancio Cueto Rúa as its President (hereinafter "LESSOR")
and Sistemas Globales S.A., domiciled at Uruguay 660, Piso 10, City of Buenos Aires, represented herein by Mariano Agustín
Degui as Chief Financial Officer (hereinafter "LESSEE") collectively the "PARTIES".

 

WHEREAS:

 

(a) On January 8th, 2004, LESSOR
and LESSEE made a Lease (hereinafter "Lease 1") in relation to the following property in the Building located at Ingeniero
Enrique Butty No. 240 in the City of Buenos Aires. (i) One (1) physical space with an approximate surface of 260 square meters
on the ninth floor and (ii) one (1) parking space numbered LXXXVI for 3 cars (hereinafter the OFFICE).

 

(b) The parties set the duration of this
Lease in 36 (thirty-six) months to commence on January 1st, 2004 and therefore expiring on December 31st,
2006.

 

(c) The intention of the Parties is to
surrender and receive the OFFICE.

 

(d) On April 10th, 2007 LESSOR
and LESSEE made a LEASE (hereinafter "Lease 2") in relation to (i) the Unit FOUR of the 6th (sixth) floor owned by you,
Northwest sector, and (ii) 2 (two) complementary parking garage spaces for 3 (three) vehicles identified as Complementary Units
CXCVIII and C (the units previously described in (i) and (ii) shall collectively constitute the "Leased Premises") located
in the building owned by Lessor called "Edificio Laminar Plaza" at Ingeniero Enrique Butty 240, City of Buenos Aires.

 

(e) Pursuant to section SIXTEEN of Lease
2, LESSEE covenanted to pay LESSOR twelve thousand and nine hundred twenty-two US dollars (USD 12,922) as guarantee deposit.

 

IN WITNESS WHEREOF, the Parties make this
ENTRY OF SURRENDERING AND AGREEMENT TO ALLOCATE THE GUARANTEE DEPOSIT under the following terms:

 

ONE: LESSEE hereby surrenders the OFFICE
and LESSOR accepts it.

 

    	 

    	 

    

 

TWO: After the preliminary examination
of the OFFICE, it is acknowledged that the OFFICE is surrendered in good and usable condition with divisions made in dry construction
and aluminum partitions. Such improvements shall be owned by LESSOR. The OFFICE is willingly accepted in compliance with the provisions
of LEASE 1.

 

THREE: As for the guarantee deposit of
five thousand and four hundred US dollars (USD 5,400) made by LESSEE in relation to LEASE 1, the Parties agree to allocate such
amount as a partial performance of the obligation assumed by LESSEE in the whereas clause (e). The payment of the balance of seven
thousand and five hundred and twenty-two US dollars (USD 7,522) shall be made within 48 hours of the execution hereof.

 

FOUR: LESSEE acknowledges in favor of LESSOR
the amount of thirty-five thousand and eight hundred and eighty US dollars (USD 35,880), plus the appropriate VAT, as rent for
the period from January to June 2007. Such amount has been calculated as USD 23 per square meter per month. The said amount shall
be paid within 48 hours of the execution hereof. The said amount having been credited in LESSOR's checking account, the PARTIES
state there is nothing to demand in relation to LEASE 1 mentioned in the whereas clause (a).

 

In witness whereof, two counterparts of
the same tenor and for only one purpose are signed in Buenos Aires on July 1st, 2007.

 

By Laminar S.A. de Inversiones Inmobiliarias:

 

/s/ Julio A. Cueto Rúa

 

[There follows a seal:]

 

Laminar S.A. de Inv. Inmob.

 

Julio A. Cueto Rúa

 

President

 

By SISTEMAS GLOBALES S.A.:

 

/s/ Alejandro Scannapieco

 

    	 

    	 

    

 

2

 

EARLY TERMINATION. ENTRY OF SURRENDERING
AND AGREEMENT TO ALLOCATE THE GUARANTEE DEPOSIT

 

ENTRY OF SURRENDERING AND AGREEMENT TO
ALLOCATE THE GUARANTEE DEPOSIT made by and between Laminar Sociedad Anónima de Inversiones Inmobiliarias domiciled at Ing.
Butty 240, City of Buenos Aires, represented herein by Julio Amancio Cueto Rúa as its President (hereinafter "LESSOR")
and Sistemas Globales S.A., domiciled at Uruguay 660, Piso 10, City of Buenos Aires, represented herein by Mariano Agustín
Degui as Chief Financial Officer (hereinafter "LESSEE") collectively the "PARTIES".

 

WHEREAS:

 

(a) On September 3rd, 2004,
LESSOR and LESSEE made a Lease (hereinafter "Lease A") in relation to the following property in the Building located
at Ingeniero Enrique Butty No. 240 in the City of Buenos Aires. (i) One (1) physical space with an approximate surface of 327 square
meters and (ii) two (2) parking spaces numbered CV and CVI for 3 cars (collectively the OFFICE).

 

(b) The parties set the duration of this
Lease in 36 (thirty-six) months to commence on September 1st, 2004 and therefore expiring on August 31st,
2006.

 

(c) The intention of the parties is to
early terminate this Lease and respectively surrender and accept the OFFICE.

 

(d) On April 10th, 2007 LESSOR
and LESSEE made a LEASE ("Lease A") in relation to (i) the Unit FOUR of the 6th (sixth) floor owned by you, Northwest
sector, and (ii) 2 (two) complementary parking garage spaces for 3 (three) vehicles identified as Complementary Units CXCVIII and
C (the units previously described in (i) and (ii) shall collectively constitute the "Leased Premises") located in the
building owned by Lessor called "Edificio Laminar Plaza" at Ingeniero Enrique Butty 240, City of Buenos Aires.

 

(e) Pursuant to section SIXTEEN of Lease
B, LESSEE covenanted to pay LESSOR twelve thousand and nine hundred twenty-two US dollars (USD 12,922) as guarantee deposit.

 

(f) On July 1st, 2007, LESSOR
and LESSEE made an ENTRY OF SURRENDERING AND AGREEMENT TO ALLOCATE THE GUARANTEE DEPOSIT. Pursuant to section THREE thereof, five
thousand and four hundred US dollars (USD 5,400) were allocated as guarantee deposit as stated in the whereas clause (e), being
seven thousand and five hundred and twenty two US dollars (USD 7,522) the balance to reimburse.

 

 

 

2 [On the left margin of pages
20 and 21, there appears a signature.]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties make this
ENTRY OF SURRENDERING AND AGREEMENT TO ALLOCATE THE GUARANTEE DEPOSIT under the following terms:

 

ONE: The Parties hereby agree to early
terminate the Lease A and LESSEE surrenders the OFFICE and LESSOR accepts the said OFFICE

 

TWO: After the preliminary examination
of the OFFICE, it is acknowledged that the OFFICE is surrendered in good and usable condition with divisions made in dry construction
and aluminum partitions. Such improvements shall be owned by LESSOR. The OFFICE is willingly accepted in compliance with the provisions
of LEASE A.

 

THREE: As for the guarantee deposit of
seven thousand and five hundred and twenty-two US dollars (USD 7,522) made by LESSEE in relation to LEASE A, the Parties agree
to allocate such amount as performance of the obligation assumed by LESSEE in the whereas clauses (e) and (f).

 

Therefore, LESSEE does not owe anything
to LESSOR in relation to guarantee deposit. LESSOR shall reimburse the guarantee deposit of USD 12,922 to LESSEE upon expiration
of Lease B.

 

In witness whereof, two counterparts of
the same tenor and for only one purpose are signed in Buenos Aires on July 1st, 2007.

 

By Laminar S.A. de Inversiones Inmobiliarias:

 

By SISTEMAS GLOBALES S.A.:

 

/s/ Mariano Degui

 

MARIANO DEGUI

 

ATTORNEY IN FACT

 

SISTEMAS GLOBALES S.A.

 

    	 

    	 

    

  

Buenos Aires, September 21st,
2012 

 

Mr. Julio Amancio Cueto Rua

Laminar S.A.

Ing. Butty 240

City of Buenos Aires

 

Re: Offer of Lease Extension 

 

Dear Sirs,

 

SISTEMAS GLOBALES S.A. represented herein
by its attorney in fact Alejandro Scannapieco, I.D. [D.N.I.] 21073043, domiciled at Reconquista 341, 4th floor
of the City of Buenos Aires (hereinafter the "Lessee") writes to you, Julio Amancio Cueto Rua, attorney in fact
of Laminar S.A., domiciled at Ing. Butty 240 of the City of Buenos Aires (hereinafter the "Lessor" and together
with Lessee, the "Parties") according to previous discussions and in order to let you know our irrevocable offer
of extension of the contracts hereinafter listed (the "Offer").

 

This Offer shall be considered fully and
unconditionally accepted by Lessor if such Lessor sends Lessee an express note of acceptance within 5 (five) days after reception
of this Offer. Once accepted by Lessor, the relationship between the Parties shall be in accordance with the following terms and
conditions:

 

WHEREAS 

 

I) On June 1st, 2009, the Parties
executed a lease (hereinafter "First Lease") in relation to (i) the Unit number FOUR of the 6th (sixth) floor
owned by you, Southeast and Northeast sectors and (ii) 6 (six) complementary parking garage spaces for 6 (six) vehicles located
in the building owned by Lessor called "Edificio Laminar Plaza" at Ingeniero Enrique Butty 240, City of Buenos Aires
(hereinafter the "Building"). The First Lease expired on June 5th, 2012.

 

II) On August 31st, 2009, the
Parties executed a lease (hereinafter "Second Lease") in relation to (i) a physical space belonging to
the Unit FOUR, South and West sectors with a surface of 327 square meters and (ii) 2 parking spaces numbered XXXVIII and LXXXVIII
for 3 cars located on the sixth floor, first basement and second floor of the Building. The Second Lease expired on August 31st,
2012.

 

III) On May 31st, 2010, the
Parties executed a lease (hereinafter "Third Lease") in relation to (i) the Unit FOUR of the 6th (sixth)
floor owned by you, Northwest sector and (ii) 2 (two) complementary parking garage spaces for 3 (three) vehicles identified as
Complementary Units CXCVIII and C all located in the Building. The Third Lease expires on December 31st, 2012.

 

V) The intention of the Parties
is to execute a new lease consolidating surfaces and expiration dates and cause termination of the Third Lease before its expiration
date.

 

    	 

    	 

    

 

ONE: LEASE

 

1.1. Lessor lets unto Lessee
and the Lessee accepts the following: (i) a physical space of the Unit FOUR with an approximate surface of 1,310 square
meters and (ii) 10 parking spaces numbered XXXVIII and LXXXVIII, LXIX, C, CI, CX, CLXX, CXCI, CXCIII, CXCVIII located in the Building
(the units previously described in (i) and (ii) shall collectively constitute the "Leased Premises").

 

1.2. The plans of the 9th
floor and the related parking garage spaces where the sector related to the Leased Premises is indicated are attached hereto
as Annex I.

 

TWO: TERM

 

The term of duration of the lease herein
stipulated shall be for a period of 3 (three) years to commence on June 6th, 2012 and therefore expiring on June 5th,
2015. Upon expiration, Lessee shall vacate the Leased Premises and immediately surrender the Leased Premises
to Lessor free of occupants and effects and in the same conditions as when delivered to Lessee by Lessor without
prior demand, whether judicial or extrajudicial. If the Leased Premises are not vacated on the agreed date, Lessee
shall pay the rent and, as damages, a fine of one thousand three hundred US dollar notes (USD 1300) per day of delay in surrendering
the Leased Premises without prior demand, whether judicial or extrajudicial, and without prejudice of the actions Lessor
may bring.

 

THREE: PRICE, PLACE AND DATE OF
PAYMENT

 

3.1. The monthly rent shall be thirty-six
thousand and six hundred eighty US DOLLARS (USD 36,680) plus the pertaining VAT resulting from the multiplication of the total
surface of the offices as a whole (1,310 square meters) by TWENTY-EIGHT US dollars per square meter. The rent shall be paid monthly
in advance within the first ten days of each month pursuant to paragraph 3.2. of this section. In the event of delay in payment,
Lessee shall pay a default interest (calculated daily) at one and a half the interest rate used by the Banco de la Nación
Argentina [Argentine Nation Bank] for 30-day discount transactions in US dollars. Such default interest shall be paid together
with the rent in arrears. Notwithstanding the foregoing, Lessor may: (i) cause termination hereof pursuant to section 5
of Act 23091 in the event of default in payment of 2 (two) monthly rents; and (ii) bring the appropriate action for eviction and
in both cases enforce any right to collect the amounts due plus direct damages. Lessor shall give payment receipt to Lessee.
Lessor may refuse to accept the payment of rent in arrears without the provided default interest. Lessor may also receive
payment of the amounts due and reserve the right to claim interest.

 

    	 

    	 

    

 

3.2. All payments herein provided
may be made by Lessee, at its option, either by delivering a check at Lessor's domicile or by bank transfer to an
account identified by Lessor through reliable means provided the domicile or the bank are located in the City of Buenos
Aires and, in every case, with free and immediately available funds in dollars or its equivalent in legal tender at the official
exchange rate, using as exchange rate, the relation ARS-USD note selling rate from the Banco de la Nación Argentina for
the operation closing of the foreign exchange business day previous to the day of payment as published by the Ámbito Financiero
or alternatively the Cronista Comercial. Until Lessor states otherwise, payment shall be made at the bank HSBC S.A. Argentina,
checking account 6233204068, Uniform Banking Code (CBU) 1500623500062332040682. Such payments shall be net of any cost or expense.
Therefore, if any such payment is subject to tax or withholding, Lessee shall include any additional amount to cover the
expense, cost, tax or withholding in such amount that, once the expense, cost, tax or withholding is paid, and Lessor receives
the amount of rent due.

 

3.3. If, at the date of payment,
a change in the foreign exchange regulations in force prevents the option by Lessee to make payments in dollars or its equivalent
in legal tender at the official exchange rate, using as exchange rate the relation ARS-USD note selling rate from the Banco de
la Nación Argentina, as provided in the previous section, Lessee shall pay the rent, or any other amount due expressed
in dollars, by giving Lessor US-denominated Argentine Republic securities enough to purchase, at Lessor's option
in the Montevideo (Oriental Republic of Uruguay) or New York (USA) markets, net and free of any commission, expense, fee or tax,
the sufficient amount of USD to perform the obligations arising herefrom. If payment of rent is made by giving such Securities,
Lessee shall be granted an additional term of 5 (five) business days to purchase such Securities in the said markets. If
such Securities are not outstanding when they should be purchased, the same procedure for similar Securities denominated in dollars
in the above-mentioned markets o for any other bond or securities to the satisfaction of Lessor shall be used.

 

It is expressly agreed that the equivalence
arrangements provided in this paragraph are exceptional and they shall be used in cases where circumstances force the use of such
arrangements. There shall be no change in the price due which shall remain in the currency provided in paragraph 3.1.

 

3.4. Whenever the payments were
made through the arrangements described in paragraph 3.3., such payments shall be on account. Any difference that may arise on
the day of actual payment between the amounts due in USD and the amount actually credited in ARS (or any other legal tender) in
Lessor's account at the foreign exchange rate or listing price of the Securities pursuant to the previous provisions shall
remain outstanding or pending reimbursement. In such case, Lessor shall issue the appropriate credit or debit note for the
mentioned difference as the case may be. No debt shall be deemed paid, and Lessee shall not be released from payment, until Lessor
receives the exact amount of USD due or its equivalent in ARS at the foreign exchange rate stated in paragraph 3.3 in Lessor's
bank accounts. Every payment shall be net of any tax, fee, charge and/or cost of conversion, exchange or transfer that Lessor
should pay or incur to obtain the amount due in USD or its equivalent in ARS at the foreign exchange rate hereinbefore provided
on the day of actual payment.

 

    	 

    	 

    

 

3.5. Notwithstanding the provisions
set forth from paragraphs 3.1 to 3.5, in order to address possible fluctuations in the market value of the offices, any party
may request, every 8 (eight) months after the execution hereof, a review and adjustment of the rental value of the Leased Premises
subject-matter of this lease (hereinafter the "Rent") considering the rental value of similar offices in
the market. The requesting party shall give reliable notice of its request to the other party who shall answer within 15 (fifteen)
calendar days. If the parties are unable to reach an agreement during the 15 (fifteen) days' term after notice of the request
for consideration of a new value of Rent has been reliably given, any party shall appoint a renowned real estate firm to
render a written opinion on the rental value of the Leased Premises within 10 (ten) calendar days from the reliably-given
request. Such opinion shall be binding for the purposes hereof. If there is a difference of less than 10% between the estimates
made by both firms, the new value of the Rent for the Leased Premises shall be the average of the value informed
by the 2 (two) appointed firms. If the difference is more than 10%, the firms shall appoint a third equally renowned real estate
firm in order for it to estimate the new value of the Rent. The new estimated value rendered by the third real estate firm
shall be the new value of the Rent hereof. If the real estate firms are unable to reach an agreement on the appointment
of the third real estate firm, such appointment shall be made by the President of the Cámara de Comercio de la Ciudad de
Buenos Aires [Chamber of Commerce for the City of Buenos Aires]. In every case, the new value of the Rent shall
be denominated in USD. Such change shall not be deemed as a novation. The new value of the Rent shall be valid for the
first rent payment after the expiration of the pertaining 8 (eight) months' term. During the estimation of the new value of the
Rent, as previously agreed upon, Lessee shall pay the last agreed Rent. As soon as the new value is set,
the difference between the new value and the amounts paid shall be paid after the pertaining 8 (eight) months' term. The new Rent
shall be paid until a new adjustment in accordance with the procedure herein provided is agreed upon. Each party shall pay
the fees of the real estate firm such party has appointed. If a third firm has been appointed, the Parties shall pay the
fees in equal parts.

 

FOUR: PURPOSE

 

4.1. Lessee shall use the
Leased Premises for the installation and management of business offices where Lessee shall perform the activities
related to its regular business (hereinafter the "Agreed Purpose") complying with the municipal regulations in
relation to the permitted uses of the Leased Premises. Lessee shall not change or alter, in whole o in part, the
Agreed Purpose or use the Leased Premises to store any substance that may be flammable or dangerous for the public
or the Leased Premises.

 

4.2. Lessee shall be fully
liable for the compliance with sanitation, tax and safety regulations and any other legal provision that may be applied to the
Leased Premises and the Agreed Purpose.

 

4.3. Lessee covenants to
comply with, follow and cause to follow the general provisions and rules of the Building as well as any other general provision
and/or rule of the Building, Lessor and/or any administrator appointed by Lessor. Furthermore, Lessee
covenants to follow and comply with the provisions of the Co-ownership and Administration Regulations (hereinafter the "Regulations")
and the Internal Regulations of the Building where the Leased Premises are located.

 

    	 

    	 

    

  

4.4. On the other hand, the parking
spaces, as part of the Leased Premises, shall be used only by Lessee to park twelve (12) cars whether owned by Lessee,
its employees or any person authorized by Lessee solely for the Agreed Purpose. Lessee shall not use the parking
garage for a different purpose as herein stated or for storing effects of any kind.

 

FIVE: TENANTABLE CONDITION

 

5.1. Lessor hereby delivers
the Leased Premises with the furniture set out in the Annex II and its fittings and fixtures in good, usable,
tenantable and cleanliness condition, being Lessee responsible to surrender the Leased Premises in tenantable condition,
reasonable wear and tear excepted. Lessee shall also bear the cost of the necessary repairs to maintain the good condition
of the Leased Premises and its equipment and the replacement of missing effects for other with similar characteristics.

 

5.2. Upon surrendering the Leased
Premises, Lessee shall give evidence of the payment of all the items it was responsible for as stated in section EIGHT
or any other applicable provision hereof.

 

5.3. If Lessee fails to comply
with the obligations set forth in paragraphs 5.1 and 5.2, Lessor may refuse to receive the Leased Premises being
applicable the provisions of section TWO for the cases of late surrender. Such effects shall remain in force until actual surrender
takes place as agreed upon. All of the foregoing is without prejudice to Lessor's right to receive the Leased Premises
in their current condition and claim for damages.

 

5.4. In case of partial destruction
of the Leased Premises during the term hereof by fire or any other circumstance generated by force majeure without Lessee's
fault, Lessee shall give Lessor immediate and reliable notice in order for Lessor to make the repairs at its
cost. In such case, the price of the Rent shall be proportionately reduced in relation to the loss of space created by the
event from the date when notice of such event is given and until repairs are finished by Lessor. If the nature or extension
of the damage prevents the repairs from being completed within 30 (thirty) calendar days after the event, Lessee may cause
the termination hereof within 15 (fifteen) days after giving Lessor reliable notice of such decision without payment of
any compensation by Lessee. Such notice may only be given after the expiration of the above-mentioned 30 (thirty) days'
term.

 

    	 

    	 

    

 

5.5. Total destruction of the Leased
Premises generated by force majeure without Lessee's fault, or any destruction over 50% (fifty per cent) of the Leased
Premises, shall automatically cause termination hereof from the date of destruction without payment of any compensation by
Lessor or Lessee. Within 30 (thirty) calendar days after being given reliable notice of the event, Lessor
may give Lessee notice of its intention to rebuild the Leased Premises. Lessee may accept or refuse in writing
within 10 (ten) calendar days after being given notice by Lessor. In no case shall Lessor have right to any compensation.
If Lessee accepts the rebuilding, the Offer shall remain in force. Lessor shall rebuild the Leased Premises
at its cost and the Rent from the occurrence of the event until rebuilding is complete shall be agreed upon again between
the Parties. Once rebuilding is complete, the Rent shall be adjusted automatically to an amount in accordance with
the provisions hereof.

 

SIX: EQUIPMENT. IMPROVEMENTS.
AUTHORIZATIONS.

 

6.1. Any work or improvement on
the Leased Premises shall be previously approved in writing by Lessor. Such approval shall be granted if the work
does not alter the structure, front or services of the Leased Premises. If Lessor does not answer within 30 days after the
date of the notice, the work or improvement on the Leased Premises shall be deemed approved by Lessor.

 

6.2. Upon expiration hereof, Lessor
may, at its sole discretion, accept the Leased Premises with some or all the improvements made by Lessee or
demand the Leased Premises be surrendered in the same condition as when delivered to Lessee by Lessor.
In the first case, the improvements or alterations on the Leased Premises, even with Lessor's consent, shall be for
the benefit of the Leased Premises and Lessee shall not claim any compensation or hold over on such grounds. In the
second case, Lessee shall not claim any compensation or hold over on such grounds.

 

SEVEN: AUTHORIZATION

 

Lessee shall bear the risk and
cost of processing, obtaining and maintaining all the national or municipal licenses, permits or authorizations, or any such license,
permit or authorization requested to any centralized or decentralized public agency, required by legislation in force for the
present or future performance of the activities to be performed in the Leased Premises as set forth in section FOUR. Lessee
shall bear the payment of the charges, taxes, fees, patents or services in relation to its activity or the documentation supporting
such activity. Lessor covenants to assist Lessee with the information and documentation necessary for such purpose
as long as such documentation is available to Lessor. Lessee shall bear any cost arising from such assistance.

 

EIGHT: TAXES. FEES. MAINTENANCE
FEES AND EXPENSES

 

8.1. Lessee shall bear the
payment of Common Maintenance Fees, Lighting, Sweeping and Cleaning Fees for the City of Buenos Aires and AySA [Water and Sanitation]
in relation to the Leased Premises as well as any other present or future tax and/or fee and/or contribution that may be
imposed on the Leased Premises. In the case of taxes and/or fees and/or contributions imposed on the whole Building as well
as Ordinary Maintenance Fees, Lessee shall pay 5.5292% of the total amount of the Ordinary Maintenance Fees for the Building.
Lessor shall bear the extraordinary expenses which are expressly excluded from the Ordinary Maintenance Fees. Lessor
may request the Building administrator to inform, with proper anticipation before due date for payment of obligations provided
in this section, the amount and items as well as any other information Lessor may reasonably request for such purpose.

 

    	 

    	 

    

 

8.2. Lessee shall (a) pay
the Value-Added Tax (VAT) and any other tax that may change or substitute such tax in the future; (b) respect and cause to respect
morals and good habits in the Leased Premises; (c) pay on time any service hired in relation to the Leased Premises
such as electricity, telephone, links; (d) maintain such services connected and in proper operation and pay the reconnection fees
and any fine for any disconnected, interrupted or canceled service for lack of payment and/or any other cause by Lessee's
fault; (e) pay on time the Ordinary Maintenance Fees and all present or future taxes, fees and contributions on the Leased Premises
and the activity performed by Lessee in the Leased Premises; and (f) comply with all the obligations herein assumed.

 

8.3. All the payments referred to
in this section shall be made by Lessee when due. Evidence of such payments shall be given to Lessor within the first
five days of the next month after payment. In case of non-compliance, Lessee shall bear any delay or default interest or
fine arising from such non-compliance as well as any other expense arising from such non-compliance.

 

NINE: ACCESS AND INSPECTION RIGHT

 

Lessee covenants to allow Lessor
to perform any necessary work for the maintenance of the Leased Premises and/or the Building. Lessee shall
also allow Lessor to enter the Leased Premises during office hours and with 24 hours' notice in order to check the
maintenance condition of the Leased Premises or to inspect such premises. Lessor shall do its best efforts to avoid
exercising this power at times when the normal performance of Lessee's activities may be reasonably disturbed.

 

TEN: BODILY INJURY AND PROPERTY
DAMAGE LIABILITY

 

Lessee shall indemnify Lessor from
any damage, cost, expense or similar disbursement suffered by Lessee on its person or property due to any deterioration
of the Leased Premises or their fitting or fixtures for any reason without Lessor's fault including, but not
limited to works or improvements made by Lessee, the lapse of time, improper use of the Leased Premises, floods,
seismic movements, damage caused by third parties, humidity, fire, theft, any type of event and the use of such property and any
other event occurred without Lessor's fault. Lessee shall be fully liable for any damage suffered by Lessor
or third persons including Lessee's staff, clients or suppliers on their person or property as a consequence of the use
of the Leased Premises by Lessee, the works made on the Leased Premises, any element installed in the Leased
Premises, the purpose of the Leased Premises or any other act performed by Lessee or its subordinates. Therefore,
Lessee shall hold Lessor harmless against any demand, action, penalty, fine or damage that may suffer due to the circumstances
described above. Lessee shall assume full liability to any staff, professional or third parties hired affecting the works
to be performed in the Leased Premises at any time.

 

    	 

    	 

    

 

ELEVEN: ASSIGNMENT PROHIBITION

 

11.1 Lessee shall not sublet
the Leased Premises in whole or in part or assign the rights and duties arising herefrom. If Lessee requests authorization
from Lessor to sublet to a Lessee's controlled or controlling company with similar activities, such assignment shall
not be unreasonably denied by Lessor. In such cases, Lessee shall remain fully liable to Lessor hereunder
without prejudice of the terms of the agreement entered into by Lessee and the subtenant. Any such authorization from Lessor
shall be made in writing and signed.

 

11.2. At its sole discretion, Lessor
may assign in whole or in part this Offer or the rights arising herefrom without prior Lessee's consent. Lessor
shall give Lessee express notice of the assignment.

 

TWELVE: AUTOMATIC ARREARS

 

12.1. The Parties shall fall
into arrears by operation of law and by expiration of the terms herein provided or failure to comply with the obligations hereby
assumed without prior demand, whether judicial or extrajudicial, being sufficient the expression of the pertaining party's will.

 

12.2. Upon default in payment of
2 (two) monthly rents, and pursuant to the provisions of section Three, Lessor may cause termination hereof without prior demand,
whether judicial or extrajudicial and file an action for eviction and collection of the items due as well as damages.

 

THIRTEEN: INSURANCE

 

13.1. Upon execution hereof, Lessee
shall buy an insurance policy with a front line insurer to the satisfaction of Lessor against fire and tenant's liability
covering the Leased Premises and the existing improvements owned by Lessee or installed in the Leased Premises
as well as the risk of its activity. Such insurance shall remain in force during all the term hereof and until the Leased Premises
are actually surrendered. Furthermore, such insurance policy shall state that Lessor shall be the insured and beneficiary
of the rights arising therefrom except for Lessee's property and improvements. At any time, Lessor may request from
Lessee any documentation giving evidence that insurance is in force and Lessee is complying with the obligations arising
therefrom.

 

FOURTEEN: GROUNDS FOR TERMINATION

 

14.1. Without prejudice of the automatic
arrears provided in paragraph 12.1, this Offer may be terminated when notice demanding compliance with any obligation assumed
by the Parties hereto has been reliable given and such failure was not cured within 15 (fifteen) calendar days after reception
of the notice of demand for compliance.

 

    	 

    	 

    

  

14.2. Lessee may cause termination
hereof unilaterally and without cause 12 (twelve) months after the execution hereof paying as complete and sole compensation for
such early termination the amount equivalent to 1 (one) monthly Rent. In any case, Lessee shall give reliable 60
(sixty) days' notice of its intention to terminate.

 

FIFTEEN: EXPIRATION

 

15.1. Upon expiration of the term
hereof, surrender of the Leased Premises shall only be evidenced by written document issued by Lessor. No other evidence
shall be admitted.

 

15.2. If Lessor refuses to
receive the Leased Premises, Lessee may deposit the Leased Premises keys with a court. In such case,
Lessee shall only pay the rent until the date when Lessor actually and willingly receives the Leased Premises,
unless judgment for Lessee is passed and Lessee shall only pay the rent, and any other related amount, until the
date when the action was filed or any date determined by a court with jurisdiction.

 

SIXTEEN: GUARANTEE DEPOSIT

 

On March 13th, 2007, July 27th,
2009 and August 31st, 2009 Lessee deposited with Lessor the amount of twelve thousand and nine hundred
and twenty two US dollars (USD 12,922), nineteen thousand US dollars (USD 19,000) and nine thousand and one hundred and fifty-six
US dollars (USD 9,156) respectively, a total amount of forty-one thousand and seventy-eight US dollars (USD 41,078) as guarantee
deposit. Lessor shall retain such amount, which shall not accrue interest. Such guarantee deposit shall be reimbursed by
Lessor within 30 (thirty) days after the surrender of the Leased Premises. Such amount shall be reimbursed in its
equivalent in legal tender at the free foreign exchange rate using as exchange rate, the relation ARS-USD note selling rate from
the Banco de la Nación Argentina for the operation closing of the foreign exchange business day previous to the day of payment,
as published by the Ámbito Financiero or alternatively the Cronista Comercial. Any amount in relation to non-compliance,
fines or debts by Lessee of the obligations arising herefrom shall be previously deducted. If the expenses due by Lessee
are over such amount, Lessee covenants to pay Lessor the difference at first demand. Lessee shall not use
such deposit for the payment of rent.

 

SEVENTEEN: CONFIDENTIALITY

 

The Parties covenant they shall
not disclose the terms hereof during the term hereof or after expiration hereof, unless: (a) said terms were made public for any
reason other than non-compliance with this provision; (b) disclosure is required by law, court order or any other regulation by
administrative or regulatory agencies.

 

EIGHTEEN: SPECIAL DOMICILES AND
JURISDICTION

 

Lessor and Lessee establish
special domiciles as stated in the opening paragraph hereof where any summons, notice and process shall be deemed valid. Lessor
and Lessee shall submit to the jurisdiction of the Ordinary Courts in the City of Buenos Aires expressly waiving any other
courts or jurisdiction. The Parties hereof may change their domiciles within the City of Buenos Aires giving prior written
notice of the new domicile to the other party.

 

    	 

    	 

    

 

NINETEEN: CO-OWNERSHIP REGULATIONS.
RULES FOR BUILDING, INSTALLATION AND REPAIRS OF THE LEASED PREMISES

 

Lessee acknowledges and agrees with
the Co-ownership Regulations, the Internal Regulations and the rules for building, installation and repairs of the Leased Premises
and the Building.

 

TWENTY: SURETY

 

Lessee hereby gives Lessor
a surety insurance policy taken with Seguro de Caución de Fianzas y Créditos S.A. for the first twelve months of
the lease. Such policy shall be renewed, as necessary condition, 30 (thirty) days before the expiration of each contractual year
to the satisfaction of Lessor. The said policy is attached as Annex III. The Parties covenant that Lessee
shall give Lessor, thirty (30) days before expiration, a new policy with the same company and coverage and an express waiver
of its right of discussion. Lessee may propose another front line company in the insurance market previously and expressly
accepted in writing by Lessor to its satisfaction for an insured amount equivalent to the amount of twelve (12) months of
the lease. The same procedure shall be followed every twelve months for all the years of the term hereof until the last policy
is delivered which shall have a coverage of six (6) months after the expiration of the term hereof. In such case, six (6) months
before the expiration of the term hereof, Lessee shall replace the policy in force with a new policy covering the next twelve
(12) months. All the policies shall be taken with a renowned insurance company and to the satisfaction of Lessor and in
every case for the benefit of Lessor. Lessee shall comply with such obligation at least one month before the expiration
of the policy. Lessee's failure to comply with any obligations herein assumed or partial performance shall entitle Lessor
to demand Lessee's immediate compliance with its obligation within five (5) business days. If not complied with, Lessor
may, without any notice, demand Lessee pay a fine of USD 1,000 (one thousand USD notes) per day automatically since the
date when Lessee has failed to comply until compliance. All of the foregoing is without prejudice to Lessor's right
to cause termination hereof due to lack of proper coverage expressly agreed upon. Upon Lessor's requirement, Lessee
shall show the payment receipt of insurance and the pertaining policies.

 

TWENTY-ONE: SAFETY MEASURES

 

Lessee acknowledges and agrees with
each and every safety measure implemented in the Building and the Leased Premises by Lessor included in the
Internal Regulations and the Evacuation Plan.

 

TWENTY-TWO: Should Lessor
accept this Offer, Lessee shall give Lessor, within five business days after acceptance, a copy of the surety
insurance policy in relation to the agreement arising herefrom.

 

TWENTY-THREE: To any legal effect,
the Parties shall establish the following special domiciles where any notice or process shall be deemed valid even when
the interested parties do not live or are not there: Lessor at Butty 240, City of Buenos Aires and Lessee at Butty
240 floor 9, City of Buenos Aires.—

 

    	 

    	 

    

 

[On all pages hereof there appear a seal
of Globant’s Legal Department and a signature.]

 

                           

 

Alejandro Scannapieco

I.D. [D.N.I.] 21073043

Attorney in fact for SISTEMAS GLOBALES
S.A.

 

    	 

    	 

    

 

LAMINAR
SOCIEDAD ANÓNIMA

DE
INVERSIONES INMOBILIARIAS

Ing.
Enrique Butty 240 C1001AFB

Autonomous
City of Buenos Aires

Argentine
Republic Tel 5238 6637/8

 

September
24th, 2012

 

 

Sistemas Globales
S.A.

Reconquista
341, Piso 4. Autonomous City of Buenos Aires. 

 

Re:
Irrevocable Offer of Lease Extension on 09/21/2012

 

Dear
Sirs:

 

We
hereby give notice of the acceptance of your Irrevocable Offer of Extension dated 09/21/2012 in all its terms and conditions.

 

Sincerely,

 

	 	LAMINAR S.A. DE INVERSIONES INMOBILIARIAS
	 	 
	 	/s/ Julio A. Cueto Rúa
	 	 
	 	Julio A. Cueto Rua 
	 	President

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