Document:

Lease, dated as of March 27, 2008

 Exhibit 10.29 
 TRADUCCIÓN OFICIAL CERTIFICADA 
 LEASE CONTRACT EXECUTED BY,
“INMOBILIARIA CALIBERT”, S.A. DE C.V., HEREINAFTER MENTIONED AS: “CALIBERT”, REPRESENTED HEREIN BY ITS LEGAL AGENT, ENGINEER JERONIMO BERTRAN PASSANI; AND “INSTRUMENTOS MUSICALES FENDER”, S.A. DE C.V., HEREINAFTER
MENTIONED AS: “FENDER”, REPRESENTED HEREIN BY ITS LEGAL AGENT SERGIO ESTEBAN VILLANUEVA RODRIGUEZ; ACCORDING TO THE BACKGROUND, STATEMENTS AND CLAUSES STATED ON THIS DOCUMENT. 

B A C K G R O U N D: 
 I.
FENDER and CALIBERT (jointly mentioned herein as “THE PARTIES”), executed a lease agreement on September 4, 2002 with regard to the following warehouses: 

 

							
	 For CALIBERT
	 	For FENDER	 	Location	 	Monthly rental US Dollars*
	 1
	 	1	 	132 Huerta Street, surface 2,000
m2	 	$6,410.00
	 2
	 	2	 	138 Huerta Street, surface 2,000 m2	 	7,356.00
	 5
	 	4	 	279 Huerta Street, surface 2,062 m2	 	9,306.00
	 6
	 	5	 	279 Huerta Street, surface 2,062 m2	 	10.912.00
	 9
	 	8	 	279 Huerta Street, surface 6,600
m2,	 	37,136.00

 ... this last location with a space of 880 sq. meters for the fire water tank, for dining room and for mechanic shop, all
of them located at the Carlos A. Pacheco Area in Ensenada, Baja California. The expiration date of this contract has been agreed for December 31st, 2007. 
 II. THE PARTIES executed a lease contract on April 1st, 2003 on the following warehouse: 
  

							
	For CALIBERT	 	For FENDER	 	Location	 	Monthly rental US Dollars*
	 3
	 	3	 	144 Huerta Street, surface 2,000 sq. mts.	 	7,356.00

 ... all of these warehouses located at Colonia Carlos A. Pacheco in Ensenada, Baja California;
expiration date for this contract has been agreed for December 31st, 2007. 
 III. THE PARTIES agreed on a lease agreement on January 2003 on the following warehouses:

  

							
	For CALIBERT	 	For FENDER	 	Location	 	Monthly rental US Dollars$*
	 7
	 	6	 	279 Huerta Street, surface not mentioned	 	7,777.00
	 8
	 	7	 	279 Huerta Street, surface not mentioned	 	7,538.00

 ... All of these properties are located at “Colonia Carlos A. Pacheco” in Ensenada, Baja California; expiration
date for this contract has been agreed for December 31st, 2007. 
 The warehouses described in this Background Section III (the “DW
WAREHOUSES”) are now leased by Drum Work Shop, Inc. (or an affiliate of Drum Work Shop. Inc.) (“DW”) pursuant to a separate Lease Contract with CALIBERT. The DW WAREHOUSES are not leased to FENDER pursuant to this Lease Contract.

 (* = US Dollars) 

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 IV. For purposes of this Lease Contract, the warehouses to be leased by FENDER are identified as follows
(the “WAREHOUSES”): 
  

			
	WAREHOUSE	  	Location
	1	  	132 Huerta Street, surface 2,000 m2 (see attached sketch 1)
	2	  	138 Huerta Street, surface 2,000 m2 (see attached sketch 2)
	3	  	144 Huerta Street, surface 2,000 m2 (see attached sketch 3)
	4	  	279 Huerta Street, surface 2,062 m2 (see attached sketch 4)
	5	  	279 Huerta Street, surface 2,062 m2 (see attached sketch 5)
	6	  	279 Huerta Street, surface 6,600 m2 (see attached sketch 6),

 ... this last location with a space of 880 sq. meters for the fire water tank, for dining room and for
mechanic shop, all of them located at the Carlos A. Pacheco Area in Ensenada, Baja California. 
 For purposes of this Lease
Contract, the DW WAREHOUSES are identified as follows: 
  

			
	DW WAREHOUSE	  	Location
	7	  	279 Huerta Street, surface not mentioned (see attached sketch 7)
	8	  	279 Huerta Street, surface not mentioned (see attached sketch 8)

 S T A T E M E N T S: 
 A. FENDER hereby declares: 
 To have been established as a corporation according to the
Mexican Laws on May 6, 1987, pursuant to Deed N° 47,733, Book 533 recorded at the Notary Public Number 3, in Ensenada, Baja California, by Attorney Carlos Mendoza Dominguez, Adjoin Notary to Notary Public Number 3, of which Attorney Alfredo
Gonzalez is the Holder, duly recorded at the Department of Public Records in Ensenada, under File No. 3,128, Sheets 282-283, Volume XV, Commerce Section, on June 19, 1987; and further declares that its legal representative has the legal
capacity for such execution. 
 A.2. FENDER further declares that its representative has the legal capacity to execute this contract according
to Deed N° 63,080, Volume 2496, dated September 15, 2006, recorded before Notary Public No. 8 in Tijuana, Baja California, Attorney Ricardo del Monte Nunez. 
 A.3. FENDER further declares to continue leasing all the WAREHOUSES mentioned above in Background Section IV. 
 B. CALIBERT hereby declares: 
 B.1. To have been established according
to the Mexican Laws on May 6th, 1987, according to
Legal Deed No. 47,733, Book 533, recorded at Notary Public No. 3 in Ensenada, Baja California, with Attorney Alfredo Gonzalez Corral, registered at the Department of Public Records under entry number 3,128, pages 282/283, Book 15 at
Business Section. 
 B2. CALIBERT further declares that CALIBERT has legal capacity to execute this contract according to Deed No. 47,733
dated September 15,2006, recorded at Notary Public No. 3 in Ensenada, Baja California, with Attorney Alfredo Gonzalez Corral. 
 B.3.
CALIBERT further agrees to continue leasing THE WAREHOUSES to FENDER. 

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 C. The PARTIES hereby declare that with the purpose to facilitate the administration of the lease
contracts mentioned above, they want to completely substitute said lease contracts for this contract according to the following: 

C L A U S E S: 

FIRST. Completion of the lease contracts: 

FENDER and CALIBERT hereby agree that according to the agreements of the above mentioned leased contracts, said contracts will be terminated as of
December 31st, 2007; having agreed that FENDER will continue leasing THE WAREHOUSES starting January 1st, 2008, according to the terms and conditions agreed on the following clauses of this agreement. 

SECOND. Assets matter to this lease contract: 
 THE WAREHOUSES mentioned above are buildings and property owned by CALIBERT, detailed on the sketch attached to this contract duly signed. Both PARTIES will identify said WAREHOUSES as follows:

  

			
	 WAREHOUSE N° 1:
	  	 Located on 132 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 2,500 sq.2 , (attached 1).

		
	 WAREHOUSE N° 2:
	  	 Located on 138 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 2,500 sq2, (attached 2).

		
	 WAREHOUSE N° 3:
	  	 Located on 144 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 2.500 sq2, (attached 3).

		
	 WAREHOUSE N° 4:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 2,887.5 sq2, (attached 4).

		
	 WAREHOUSE N° 5:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 2,750 sq2, (attached 5).

		
	 WAREHOUSE N° 6:
	  	 Located on 279 Huerta Street , Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 8,112.5 sq2, (attached 6).

 THE DW WAREHOUSES mentioned above are buildings and property owned by CALIBERT, detailed on the sketch attached to this
contract duly signed. Both PARTIES will identify said DW WAREHOUSES as follows: 
  

			
	 WAREHOUSE N° 7:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total roof surface 2,580 sq2, (attached 7).

	 WAREHOUSE N° 8:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total roof surface 1,960 sq2, (attached 8).

 Both PARTIES agree that the following three areas are additionally described on the above mentioned sketch: 

 

			
	 RECREATIONAL AREA:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in
 Ensenada, Baja California, total surface 840 sq2, identified as letter “H”

		
	 PARKING:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 1,624 sq2, identified as letter “I”

		
	 ROAD:
	  	 Located on 279 Huerta Street, Colonia Carlos A. Pacheco in Ensenada,
 Baja California, total surface 4,250 sq2, identified as letter “J”

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 THIRD: Rental amount: 
 Both PARTIES agree to set the rental price according to square meters of each WAREHOUSE pursuant to the provisions of Clause Second. FENDER agrees to pay the monthly rental in US Dollars, plus the value
added tax according to the following monthly amounts: 
  

	I)	WAREHOUSE N° 1 the amount of US$ 6,602.00 

  

	II)	WAREHOUSE N° 2 the amount of US$ 7,577.00 

  

	III)	WAREHOUSE N° 3 the amount of US$ 7,577.00 

  

	IV)	WAREHOUSE N° 4 the amount of US$ 9,585,00 

  

	V)	WAREHOUSE N° 5 the amount of US$ 11,239.00 

  

	VI)	WAREHOUSE N° 6 the amount of US$ 38,250.00 

Consequently with the above stated, FENDER should pay CALIBERT a total monthly rental of US$ 80,830.00 plus the Value Added Tax (IVA). 

FOURTH: Assets and property under lease should be used as follows: 
 The PARTIES hereby agree that FENDER may use THE WAREHOUSES for industrial facilities, for storage, manufacturing, and assembling of all FENDER products, as well as for its offices. CALIBERT may cancel
this Lease Contract if FENDER fails to comply with the agreement and uses the WAREHOUSES for any other purpose without prior consent from CALIBERT. 
 For the effects of the stated on the foregoing paragraph, CALIBERT, prior to this contract, provided FENDER with the following documents: 

A. Attached (1) to (8), indicating dimensions of each leased area 

B. Attached (9) specifying dimensions on areas subject to commodatum 

C . Attached (10) stating the general lines for water and drainage. 

D. Attached (11) stating fire system. 
 FENDER hereby declares that being advised by an expert on this matter, it has reviewed the documents listed above, as well as the current condition of each WAREHOUSE, accepting them as they are, declaring
being aware of the scope and risk; therefore keeping CALIBERT free from any liability derived from the condition of said WAREHOUSES. 

FIFTH: Increase on rental price: 
 Both
PARTIES agree that the monthly rental payments will increase annually by 3% beginning on January 1, 2009, and on each January 1 thereafter during the Term of this Lease Contract. 
 Lease payments should be paid in monthly advanced payments to CALIBERT or whoever represents its rights, at the offices located on Ave. Pedro Loyola
#             , Colonia              , in Ensenada, Baja California, the first day of each month. FENDER should
refrain from retaining any monthly rental neither should request for any reduction, except in case pursuant to the provisions of article 2294 of the Civil Code, therefore FENDER renounces to the rights granted by articles 2295, 2319, and 2364 of
the Civil Code. 
 Should FENDER fail to pay three consecutive monthly rental payments, then CALIBERT may rescind this Lease Contract upon
30 days prior written notice to FENDER with the conventional penalty agreed on clause eighth, without any judicial proceedings, requesting FENDER to vacate the property, and FENDER paying all reasonable legal expenses, if any. As noted above, prior
to 

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 
lease rescission, and at any point prior to the rescission of this Lease Contract, Fender may cure the breach of this Lease Contract with no additional penalties or consequences by paying all of
the late monies due CALIBERT at that time plus 15% interest. Upon the payment of such late monies plus interest, the Lease Contract may not be rescinded. 
 If FENDER remains in possession of the WAREHOUSES after the expiration or other termination of the Term, then, at CALIBERT’s option, FENDER shall be deemed to be occupying the WAREHOUSES as a
non-fixed term (“tacita reconduccion”) tenant pursuant to Laws, at a monthly rental equal to 115% (1.15) times the monthly rent payable hereunder during the last month of the Term, along with Value Added Tax. 

SIXTH. Current conditions of THE WAREHOUSES: 
 It is hereby stated that all THE WAREHOUSES mentioned above are in good conditions, therefore FENDER renounces to the rights granted by articles 2286, fraction V and 2295 of the Civil Code for the State
of Baja California, accepting FENDER to return said WAREHOUSES on the same condition except for the deterioration caused for its good natural use. Otherwise FENDER will pay for the necessary repairs. It is clearly understood that CALIBERT will not
pay for any minor repairs. 
 All of the WAREHOUSES meet the hygiene conditions foreseen by the lay and FENDER agrees to keep such conditions.
Any problems with the drainage or anything related to the property will be paid by FENDER. 
 FENDER will be liable for any damage to the
WAREHOUSES, whatever the cause is, either caused by their family, workers, visitors, with exception of natural phenomena (earthquakes, hurricanes, floods, etc.) or damages caused by CALIBERT. Any problems with the drainage system or any other
problem related to the property itself, will be solved and paid by FENDER, even though such damages be caused by their use. 
 SEVENTH.
Modifications to THE WAREHOUSES: 
 FENDER requires written authorization from CALIBERT for any necessary changes or improvements to the
WAREHOUSES or to the property under lease. In the event CALIBERT gives authorization to FENDER for any changes or improvements to the WAREHOUSES, such authorization or permit should include the conditions for such changes or improvements; on the
understanding that any improvements or construction, if not movable, will remain on the property in favor of CALIBERT, if so decided by CALIBERT, without any compensation for FENDER. 
 In the event FENDER makes any changes on THE WAREHOUSES or makes any improvements without written permit from CALIBERT, it will be liable pursuant to the provisions of article 2315 of the Civil Code, and
CALIBERT will not pay for any improvements, FENDER should remove such improvements if so required by CALIBERT, repairing and paying for any damages, therefore it renounces to the benefits of articles 2297, 2298 and 2321 of the Civil Code.

 It is clearly understood by the parties that in the event any or all the WAREHOUSES and their contents suffer any damage caused by
deterioration or by any “Acts of God”, and/or destruction of the property caused by natural disasters, such as hurricanes, floods, earthquakes, etc., becoming out of control from any of the contracting parties, each of them should accept
any damages to their own property. 
 EIGHTH. Term of Lease: 
 Except as provided below, the duration of this Lease Contract is for three years for both PARTIES, starting on January 1st, 2008 and ending on December 31st, 2010 (the “Term”).
Notwithstanding the foregoing, FENDER shall have the right to terminate this Lease Contract on and after the end of
24th month of the lease Term with no penalty by providing
CALIBERT with at least six (6) months prior written notice. In order to be clear, in order for FENDER to terminate this Lease Contract effective January 1, 2010, it must deliver written notice to CALIBERT no later than July 1, 2009.

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 FENDER may request two (2), one (1) year extension terms if both PARTIES agree on the rental value
for such renewal term. 
 In addition: 

1. In the event FENDER decides to extend the Term of this Lease Contract, FENDER is required to notify CALIBERT three months in advance before expiration
date, in order to enter into an agreement with regard to terms and conditions for the new contract, rental payments will remain in force as it has been stipulated. 
 2. FENDER should meet all the obligations contained in this document until THE WAREHOUSES are returned to CALIBERT according to the law and the stipulations of this instrument. 

3. In the event FENDER decides to vacate some of the WAREHOUSES or all of them before the binding Term agreed by both PARTIES, FENDER should notify
CALIBERT in writing at least three months before and have all rental payments current, FENDER will pay CALIBERT, as compensation, the equivalent to 3 months of rental payment. 
 4. Notwithstanding any provision of this Lease Contract to the contrary, in the event CALIBERT decides to sell any or all THE WAREHOUSES, FENDER will have first purchase option. Should FENDER not be
interested in buying THE WAREHOUSES, then CALIBERT will honor the compliance of the binding lease Term for both PARTIES. 
 CALIBERT covenants
and agrees that, upon FENDER’s performance of all the terms, covenants and conditions hereof on FENDER’s part to be performed, FENDER shall have, hold and enjoy the WAREHOUSES, subject to the terms, covenants and conditions of this Lease
Contract. 
 This Lease Contract shall remain valid and binding and in full effect should there be any type of ownership change with the
property. Additionally, in the event and to the extent that foreclosure of same could lead to termination of this Lease Contract, CALIBERT shall cause the holder of any such superior mortgage or superior lease to enter into a non-disturbance
agreement with FENDER, in such form as the parties mutually agree upon, generally providing that FENDER’s use and possession of the WAREHOUSES will not be disturbed by such party upon a foreclosure or other exercise of a remedy thereunder.
CALIBERT may assign the rents and its interest in this Lease Contract to the holder of any mortgage or other loan provider; provided that, FENDER shall have been provided prior written notice of the name and address of any lender or of a lessor
under a superior lease. Upon request, FENDER shall give such party notice of any default or breach hereunder by CALIBERT. FENDER agrees to enter into one or more amendment(s) to this Lease Contract required by the holder of any mortgage and provided
such amendment(s) neither expands any obligations or liabilities nor contracts any material rights of FENDER hereunder. 
 5. In the event that
the lease for the DW WAREHOUSES is terminated for any reason during the Term of this Lease Contract, then FENDER shall have the option to lease the DW WAREHOUSES from CALIBERT on the same terms and conditions as FENDER leases the WAREHOUSES pursuant
to this Lease Contract. Upon the termination of the lease for the DW WAREHOUSES, CALIBERT shall provide written notice to FENDER of such termination. FENDER shall have thirty (30) days from receipt of notice from CALIBERT to exercise its option
to lease the DW WAREHOUSES (the “Option Period”). FENDER shall exercise this option by delivering written notice to CALIBERT prior to the expiration of the Option Period. Upon receipt of FENDER’s notice, CALIBERT and FENDER will amend
this Lease Contract to reflect the addition of the DW WAREHOUSES. If FENDER does not exercise its option during the Option Period, then FENDER’s option will terminate. 

  
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 TRADUCCIÓN OFICIAL CERTIFICADA 

 

 NINTH. “Commodatum” (loan action) for the RECREATIONAL OR RECESS AREA, PARKING AREA AND
ROADS: 
 Both PARTIES hereby agree that as long as FENDER is leasing the totality of WAREHOUSES N° 4, 5, 6, CALIBERT WILL allow FENDER
to use in “commodatum” (loan), the RECREATIONAL AREA, THE PARKING AREA AND THE ROADS mentioned on Clause Second of this Lease contract. In the event FENDER fails to meet this requirement, CALIBERT may dispose of the Recreational Area and
the Parking Area, therefore, FENDER will only have access to the roads to the leased WAREHOUSES and to the parking area of such WAREHOUSES. 

TENTH. Licences and permits: 
 It is
hereby agreed that FENDER has the obligation to obtain and keep effective all licenses, permits, authorizations, etc., from any authority for the legal operation of the business, especially for the “Use of Land” and
“Functioning”; on the understanding that FENDER should obtain such permits. 
 Should any of THE WAREHOUSES is legally intervened,
closed or foreclosed by any authority for any cause imputable to FENDER either for violation of the Law, nonpayment of taxes or by any other reason, FENDER will continue making monthly rental payments. In the event FENDER has to vacate the WAREHOUSE
or WAREHOUSES due to foreclosure or legal closing for any cause imputable to FENDER, it is clearly understood that this Lease Contract will become null and void even without a judicial order, besides, any payments paid by CALIBERT in the achievement
to obtain THE WAREHOUSE, including reasonable attorney’s fees or payments to personnel in charge of the proceedings, will be reimbursed by FENDER, who will pay the rental payments during the time that the WAREHOUSE is not being used, paying the
equivalent to three months of rental payment. 
 ELEVENTH. Any other payments: 
 Both PARTIES agree that CALIBERT will pay property taxes on THE WAREHOUSES and any other tax, contribution or cooperation of any kind on the WAREHOUSES will be paid by FENDER, especially payments for
utilities bills, such as water and electricity. 
 TWELFTH. Address: 
 It is hereby agreed that for any legal effect, the parties declare to have their domiciles as follows: FENDER: Calle Huerta N° 132, Colonia Carlos A. Pacheco, Ensenada, Baja California, renouncing to
any present or future jurisdiction, any notification will be served to this domicile. 
 THIRTEENTH. Courts: 

For the legal interpretation of this contract, they agree to be submitted to the courts in Ensenada, Baja California renouncing to their jurisdiction.

 Having read the content of this Lease Contract, the PARTIES ratify it and sign it in Ensenada, Baja California, this March 27, 2008.

  

			
	 /s/ Jeronimo Bartran Passani
	  	 /s/ Sergio Esteban Villanueva Rodriguez

	 JERONIMO BARTRAN PASSANI
	  	SERGIO ESTEBAN VILLANUEVA RODRIGUEZ
	 INMOBILIARIA CALIBERT, S.A C.V.
	  	INSTRUMENTOS MUSICALES FENDER, S.A.C.V.

  
 - 7 -First Amendment to Lease, dated as of January 3, 2011

 Exhibit 10.30 
 LEASE AGREEMENT SIGNED BY, “INMOBILIARIA CALIBERT, SA DE CV, HEREINAFTER NAMED “ CALIBERT”, REPRESENTED BY HIS LEGAL AGENT MR. JERONIMO BERTRAN PASSANI, AND , “INSTRUMENTOS
MUSICALES FENDER , SA DE CV, HEREINAFTER NAMED:” FENDER”, REPRESENTED BY HIS LEGAL AGENT MR. SERGIO ESTEBAN VILLANUEVA RODRIGUEZ IN ACCORDANCE WITH THE BACKGROUND, THE STATEMENTS AND CLAUSES HEREIN STATED} 

BACKGROUND: 
 I. No other
modifications, except as otherwise provided herein all other terms and provisions of the original Lease shall remain in full force and effect. FENDER and CALIBERT (hereinafter and collectively named “PARTIES”) signed on January 1, 2008
lease on the property (hereinafter and collectively named “WAREHOUSES” and individually, “THE WAREHOUSE”) identified by each of THE PARTIES as follows: 

 

							
	For
CALIBERT
Warehouse #	  	For
FENDER
Warehouse	  	Location	  	Monthly current
Rent
	 1
	  	1	  	Calle Huerta # 132 Surface 2,500.0
m2	  	7,004.00
	 2
	  	2	  	Calle Huerta # 138 Surface 2,500.0
m2	  	8,038.00
	 3
	  	3	  	Calle Huerta # 144 Surface 2,500.0
m2	  	8,038.00
	 5
	  	4	  	Calle Huerta # 279 Surface 2,887.5
m2	  	10,169.00
	 6
	  	5	  	Calle Huerta # 279 Surface 2,750.0
m2	  	11,923.00
	 9
	  	8	  	Calle Huerta # 279 Surface
8,112.5m2,	  	40,580.00

 ... The latter with an area of 880 m2 where the water tank for fire protection system is located, a dining room and a mechanic shop, all in the Colonia
Carlos A. Pacheco Ensenada, Baja California, having agreed that the expiration of that contract would be on December 31, 2010. 
 (* =
Dollars of the United States of America) 
 II. CALIBERT owns the property that immediately follows, and that for the purposes of this contract
is identified as Warehouses “6” and “7”, respectively: 
  

			
	6	  	Calle Huerta # 279 surface 2.580.0 m2
	7	  	Calle Huerta # 279 surface 1,960.0 m2

 STATEMENTS 
  

			
	A.	  	FENDER states:

 A.1. Been constituted under Mexican law on the 6th. day of the month of May of 1987 -, as recorded in deed N °
47,733, volume 533- granted before Mr. Carlos Mendoza Dominguez, Adjoined Notary Public to the Notary Public Number Three of the city of Ensenada, Baja California, of which title holder to said Notary is Mr. Alfredo Gonzalez Corral, which
was duly entered in the Public. 

 Registry of Property and Commerce of the City of Ensenada, Baja California, under entry number 3,128, pages
282-283, Volume XV, Commerce Section, on June 19, 1987, and that its representative has sufficient powers to do so. 
 A.2 That its
representative has sufficient authority to the signing of this contract, as stated in the Deed number 63,080, volume 2,496, dated September 15, 2006, granted before Ms. Elsa Maria Novoa Foglio, Adjoined Notary Public to the Notary Public
Number Eight of the city of Tijuana, Baja California, of which title holder to said Notary is Mr. Ricardo del Monte Nuñez 
 A.3. Be
his desire to continue leasing the warehouses that have been indicated in the Background section above noted, on the understanding that Warehouses 1 and 2 mentioned in the Background I of this document, wishes to leave them in a short time, but in
turn wants to take on lease warehouses “6” and “7” mentioned in the Background II. 
 B.1 CALIBERT states: That is a company
incorporated under Mexican law, as recorded in Deed No 21,007 Volume 257 dated August 14 1981 granted before Lic Alejandro Athie Carrasco, Notary Public No. 1 of Ensenada, Baja California which was duly recorded in the Public Registry of
Property and Commerce of Ensenada, Baja California, under entry number 382 pages 282/283 Volume 8, Commerce Section, on March 7th, 1983 electronic file No 12666*3, dated March 7, 1983 

B.2 That its representative has sufficient authority to the signing of this contract, as stated in the Deed No 69,972 Volume 1,152 dated
December 28th, 2010 granted before the Notary Public N ° 4 Ensenada, Baja California, Mr. Angel Saad Said, which was duly recorded in the Public Registry of Property and Commerce of Ensenada, Baja California, under electronic file No
12666*3 dated January 3th 2011 
 B.3. Be his desire to continue to rent the Warehouses to FENDER, replacing sometime in the future Warehouses
“1” and “2” mentioned in the Background I of this document, by the Warehouses “6” and “7” mentioned in the Background II. 
 B.4. That is carrying out a financial restructuring of the company, and is planning shortly to carry out the transfer of the usufruct of all or parts of buildings that make THE WAREHOUSES transmitting
such rights to Grupo Inmobiliario Calibert S de R.L de CV; for the purposes of Article 2321 Civil Code of the State of Baja California, under the assumption that he could give FENDER right to be preferred in such disposition, this document contains
a record of the notice of the respondent is to be done for legal purposes as appropriate. 
 CLAUSES 

 

			
	FIRST.	  	Goods covered by this lease:

 WAREHOUSES subject of the lease that the act is agreed, are identified in the sketch added to this document duly signed,
and that for both PARTIES will be identified with the numbers given by Fender in the Background I like so: 

 RECREATION AREA: Located on Calle Huerta # 279 in Colonia Carlos A. Pacheco de la
Ensenada, Baja California, with total area of 840 m2,
identified with the letter “H”. 
 PARKING: Located on Calle Huerta # 279 in Colonia Carlos A.
Pacheco de la Ensenada, Baja California, with total area of 1.624 m2, identified with the letter “I” 
 ROAD: Located on
Calle Huerta # 279 in Colonia Carlos A. Pacheco de la Ensenada, Baja California, with total area of 4.250 m2, identified with the letter “J”. 
 SECOND
                        Lease Amount: 
 The parties agree to set the monthly rent amounts based only on the number of square meters in each one of the warehouses as it was specified in clause FIRST above, FENDER must pay CALIBERT in US Dollars
, plus the corresponding Value Added Tax, as follows 
 A) WAREHOUSE N ° 1, the amount of $ 7.004.00 

B) WAREHOUSE N ° 2, the amount of $ 8,038.00 
 C) WAREHOUSE N ° 3 the amount of $ 8,038.00 
 D) WAREHOUSE # 4 the amount of $
10,169.00 
 E) WAREHOUSE N ° 5 the amount of $ 11,923.00 

F) WAREHOUSE # 6 the amount of $ 8,497.50 
 G) WAREHOUSE No. 7 the amount of $ 8,237.00 
 H) WAREHOUSE No. 8 the
amount of $ 40,580.00 
 THIRD.
                        Replacement Warehouses: 
 PARTIES agree that WAREHOUSES 1 and 2 mentioned in the Background I of this document, shall be replaced in this lease by WAREHOUSES “6” and “7” mentioned in the Background II to which
they agree on: 
 1 FENDER will return WAREHOUSE “I” to CALIBERT in a short time partially terminating this contract
solely on what refers to WAREHOUSE “1” as FENDER renders to CALIBERT that warehouse. 
 2 On April
1st, 2011 CALIBERT will give possession to FENDER of
WAREHOUSE “6 “, incorporating such WAREHOUSE to all the provisions of this contract, agreeing that the amount of monthly rent FENDER will cover to CALIBERT for that property shall be the amount of $ 8,497.50 (Eight thousand four hundred
ninety seven Dollars 50/100 ). 

 3 FENDER will return WAREHOUSE “2” to CALIBERT in a short time partially
terminating this contract solely on what refers to WAREHOUSE “2” as FENDER renders to CALIBERT that warehouse 
 4 On
May 1st, 2011 CALIBERT will give possession to FENDER of WAREHOUSE “7”, incorporating such WAREHOUSE to all the provisions of this contract, agreeing that the amount of monthly rent FENDER will cover to CALIBERT for that property shall be
the amount $ 8,237.00 (Eight Thousand two hundred thirty seven Dollars 00/100 ). 
 5 The incorporation of BODEAS “ 6
” and “ 7 ” to this contract shall be subject in everything that is in effect, its terms and conditions, ending the leasing of them on the date specified in clause Eight of this document. 

FOURTH:
                        Assets and property under lease should be used as follows: 

The PARTIES hereby agree that FENDER may use THE WAREHOUSES for industrial facilities, for storage, manufacturing, and assembling of all FENDER products,
as well as for its offices. CALIBERT may cancel this Lease Contract if FENDER fails to comply with the agreement and uses the WAREHOUSES for any other purpose without prior consent from CALIBERT 

FIFTH:
                        Increase on rental price: 
 Both PARTIES agree that the monthly rental payments will increase annually according to the US inflation “CPI” and wiil not exceed five (5) percent. 

Lease payments should be paid in monthly advanced payments to CALIBERT or whoever represents its rights, at the offices located on Ave. Pedro Loyola #
400 , Colonia Carlos A Pacheco, in Ensenada, Baja California, the first day of each month. FENDER should refrain from retaining any monthly rental neither should request for any reduction, except in case pursuant to the provisions of article 2294 of
the Civil Code, therefore FENDER renounces to the rights granted by articles 2295, 2319, and 2364 of the Civil Code. 
 Should FENDER fail to
pay three monthly rental payments, then CALIBERT may rescind this Lease Contract upon 30 days prior written notice to FENDER with the conventional penalty agreed on clause eighth, without any judicial proceedings, requesting FENDER to vacate the
property, and FENDER paying all reasonable legal expenses, if any 
 SIXTH.
                        Current conditions of THE WAREHOUSES: 
 It is hereby stated that all THE WAREHOUSES mentioned above are in good conditions, therefore FENDER renounces to the rights granted by articles 2286, fraction V and 2295 of the Civil Code for the State
of Baja California, accepting FENDER to return said WAREHOUSES on the same condition except for the deterioration caused for its good natural use. Otherwise FENDER will pay for the necessary repairs. It is clearly understood that CALIBERT will not
pay for any minor repairs. 
 All of the WAREHOUSES meet the hygiene conditions foreseen by the lay and FENDER agrees to keep such conditions.
Any problems with the drainage or anything related to the property will be paid by FENDER. 
 FENDER will be liable for any damage to the
WAREHOUSES, whatever the cause is, either caused by their family, workers, visitors, with exception of natural phenomena (earthquakes, hurricanes, floods, etc.) or damages caused by CALIBERT. Any problems with the drainage system or any other
problem related to the property itself, will be solved and paid by FENDER, even though such damages be caused by their use. 

 SEVENTH.
                        Modifications to THE WAREHOUSES: 
 FENDER requires written authorization from CALIBERT for any necessary changes or improvements to the WAREHOUSES or to the property under lease. In the event CALIBERT gives authorization to FENDER for any
changes or improvements to the WAREHOUSES, such authorization or permit should include the conditions for such changes or improvements; on the understanding that any improvements or construction, if not movable, will remain on the property in favor
of CALIBERT, if so decided by CALIBERT, without any compensation for FENDER. 
 In the event FENDER makes any changes on THE WAREHOUSES or makes
any improvements without written permit from CALIBERT, it will be liable pursuant to the provisions of article 2315 of the Civil Code, and CALIBERT will not pay for any improvements, FENDER should remove such improvements if so required by CALIBERT,
repairing and paying for any damages, therefore it renounces to the benefits of articles 2297, 2298 and 2321 of the Civil Code. 
 It is clearly
understood by the parties that in the event any or all the WAREHOUSES and their contents suffer any damage caused by deterioration or by any “Acts of God”, and/or destruction of the property caused by natural disasters, such as hurricanes,
floods, earthquakes, etc., becoming out of control from any of the contracting parties, each of them should accept any damages to their own property. 
 EIGHT.                         Lease Term: 

The lease term is for three years and will start from the 1st January 2011. 
 PARTIES agree that at all times FENDER may request termination of the contract, in whole or in part, provided it has notified the other party by written notice to that effect, at least one year in
advance. If the termination is partial, is subject to the following: 
 A. Termination shall only be the full area of any of the
warehouses mentioned in the FIRST and SECOND clause above. 
 B. In the case of termination of lease of any of the warehouses 3,
4, 5, 6, 7 and 8 in the first clause mentioned above, when it comes to recreational and parking areas will also cause the cancellation of the use of them in the same proportion of the meters of the warehouse cancelled 

C. Regarding the ROAD AREA, it will remain in possession of FENDER only for time that the warehouses 4, 5, 6, 7 and 8 set out in clause
first above are rented, as soon as this is not so, FENDER must open the access to this area to allow it to be freely used by the occupants of those warehouses that have not rented. 
 After the year of the notification referred above, in the case that Fender did not make delivery of corresponding areas in the agreed form, the parties agree that: 

1 .FENDER paid as a penalty clause for the sole reason for the delay an equivalent to one month of the rent of the
cancelled warehouses, 
 2. Regardless of the specified penalty, FENDER will pay CALIBERT as rent for each day
they remain occupying the warehouse concerned, 7% (seven percent) of the monthly rent that were in effect at the time that the vacate must have occurred , and in addition will cover the damages caused to CAL1BERT for its breach. 

 3. If CALIBERT shall have to take legal action for the evacuation of the
warehouses , shall be borne by FENDER all expenses, costs or expenses that are generated with the procedure, without conforming to the official tariffs, but the real value disbursed by CALIBERT. 

4. In the case of playgrounds and parking are not delivered timely by FENDER, it is to pay as a penalty clause for the
sole reason for the delay an equivalent to one month of the rent of the cancelled warehouses , and for each day of delay 3% (three percent) of the monthly rent that were in effect at the time that the vacate must have occurred 

5. In the case of not allowing free access to AREA OF ROAD . the penalty is will be one month rent of the cancelled
warehouses 
 6. In the case that FENDER has 2 or more months of delinquent rent payments, FENDER is not allowed
to remove any equipment from the building until the debt has been paid as a form of guarantee for payment. If FENDER is current on its rental payments FENDER will be allowed to remove machinery and equipment from the facility. 

PARTIES agree that in the event that CALIBERT decide to sell some or all of the warehouses, FENDER have the first option. 

NINTH.
                        Loan of the playground and the parking lot: 
 Both PARTIES agree that while FENDER continues leasing as a whole, all warehouses 3,4,5,6,7 and 8 under this contract, CALIBERT will allow FENDER use of the playground, parking and the adjacent road
referred to in the first clause of this contract for use in a natural form and as its name indicates: if FENDER does not rent all of the warehouses 3, 4, 5, 6, 7, and 8, CALIBERT will retain rights of use to the playground, and FENDER will only be
entitled to parking space according to law, and the use of the road solely and exclusively relevant to the warehouses that FENDER continues to lease, granting free access to any third party. 
 TENTH.                     Licences and permits: 

It is hereby agreed that FENDER has the obligation to obtain and keep effective all licenses, permits, authorizations, etc., from any authority for the
legal operation of the business, especially for the “Use of Land” and “Functioning”; on the understanding that FENDER should obtain such permits. 
 Should any of THE WAREHOUSES is legally intervened, closed or foreclosed by any authority for any cause imputable to FENDER either for violation of the Law, nonpayment of taxes or by any other reason,
FENDER will continue making monthly rental payments. In the event FENDER has to vacate the 

 
WAREHOUSE or WAREHOUSES due to foreclosure or legal closing for any cause imputable to FENDER, it is clearly understood that this Lease Contract will become null and void even without a judicial
order, besides, any payments paid by CALIBERT in the achievement to obtain THE WAREHOUSE, including reasonable attorney’s fees or payments to personnel in charge of the proceedings, will be reimbursed by FENDER, who will pay the rental payments
during the time that the WAREHOUSE is not being used, paying the equivalent to three months of rental payment. 
 ELEVENTH.
                        Any other payments: 
 Both PARTIES agree that CALIBERT will pay property taxes on THE WAREHOUSES and any other tax, contribution or cooperation of any kind on the WAREHOUSES will be paid by FENDER, especially payments for
utilities bills, such as water and electricity. 
 TWELFTH.
                        Waiver of preference: 
 Attentive to what was stated in paragraph B.4 of the Declaration B of this contract, to the transmission of usufruct CALIBERT intends to carry to Grupo Inmobiliaria Calibert S. de R.L. de C.V, FENDER in
this act, for the purposes of Article 2321 Civil Code of the State of Baja California, under the assumption that it could assist the right to be preferred in such alienation, expresses and records for legal purposes Where appropriate, that it is not
its will to exercised that right, leaving CALIBERT in absolute freedom to carry out the transfer of usufruct rights given either in one or more mutually independent events, during the term of this contract and its extensions. 

THIRTEENTH.
                        Address: 
 It is hereby agreed that for any legal effect, the parties declare to have their domiciles as follows: FENDER: Calle Huerta N° 138, Colonia Carlos A. Pacheco, Ensenada, Baja California, CALIBERT: Ave.
Pedro Loyola # 400 Colonia Carlos A. Pacheco, Ensenada, Baja California, renouncing to any present or future jurisdiction, any notification will be served to this domicile. 
 FOURTEENTH.                         Courts: 

For the legal interpretation of this contract, they agree to be submitted to the courts in Ensenada, Baja California renouncing to their jurisdiction.

 Having read the content of this Lease Contract, the PARTIES ratify it and sign it in Ensenada, Baja California, this 3rd day of January 2011,

  

			
	CALIBERT	 	FENDER
		
	INMOBILIARIA CALIBERT, S.A. DE C.V.	 	INSTRUMENTOS MUSICALES FENDER, S.A. DE C.V.
		
	

	 	

		
	JERONIMO BERTRAN PASSANI	 	SERGIO ESTEBAN VILLANUEVA RODRIGUEZ

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