Document:

Exhibit 10.29

 

MRV
COMMUNICATIONS, INC.

STOCK
OPTION AGREEMENT

 

This AGREEMENT is
made effective as of the 29th day of October, 2002 (the “Option Grant Date”),
by and between MRV Communications, Inc. (the “Company”) and NOAM LOTAN (“Optionee”).

 

RECITALS

 

WHEREAS, the Board
of Directors of the Company has established the 1997 Incentive Stock Option
Plan and the 1997 Non-Statutory Stock Option Plan (either such Plan the “Plan”
unless otherwise specified) effective as of November 11, 1997 and amended on August
3, 1998, October 25, 1999, October 31, 2000, and February 1, 2002 and NOAM LOTAN.

 

WHEREAS, pursuant
to the provisions of said Plan, the Board of Directors of the Company, by
action duly taken on OCTOBER 29, 2002,  granted to the Optionee an option or options (the “Option(s)”)
to purchase shares of the Common Stock of the Company on the terms and
conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants set forth herein and other good and
valuable consideration, the parties hereto agree as follows:

 

1.     The
Option(s). The Optionee may, at his option, purchase all or any part of an
aggregate of 100,000 shares of
Common Stock (the “Optioned Shares”), at the price of $0.99
per share (the “Option Price”), on the terms and conditions set forth herein.

 

2.     Plan
Type; Exercise Dates and Exercise. 
Options intended to qualify as Incentive Stock Options under Plan A are
designated by an “A” under the category “Plan.” Options intended as separate
Non-Statutory options under Plan B are designated by a “B” under the category “Plan.”  Subject to the conditions set forth in this
Agreement, the right to exercise the Optioned Shares shall accrue in accordance
with Schedule 1 attached hereto and hereby made a part hereof.

 

Optionee
acknowledges that he understands he has no right whatsoever to exercise the
Option(s) granted hereunder with respect to any Optioned Shares covered by any
installment until such installment accrues as provided in Schedule 1 and that
all unaccrued installments shall cease to accrue on the date of termination of
Optionee’s employment, directorship, consulting or other arrangement with the
Company. Optionee further understands that the Option(s) granted hereunder
shall expire and become non-exercisable as provided in Section 3(c) below.

 

This Option shall be deemed exercised as
to the shares to be purchased when written notice of such exercise has been
given to the Company at its principal business office by the Optionee with
respect to the Common Stock to be purchased. 
Such notice shall be accompanied by (i) full payment in cash or cash
equivalents, (ii) with shares of Common Stock pursuant to Section 14 of the
Plan, or (iii) by any combination of (i) and (ii) as may be determined by the
Board (or Committee if so authorized) with respect to the shares to be
purchased.

 

 

3.     Governing
Plan.  This Agreement hereby incorporates
by reference the Plan and all of the terms and conditions of the Plan as
heretofore amended and as the same may be amended from time to time hereafter
in accordance with the terms thereof, but no such subsequent amendment shall
adversely affect the Optionee’s rights under this Agreement and the Plan except
as may be required by applicable law. 
The Optionee expressly acknowledges and agrees that the provisions of
this Agreement are subject to the Plan; the terms of this Agreement shall in no
manner limit or modify the controlling provisions of the Plan, and in case of
any conflict between the provisions of the Plan and this Agreement, the
provisions of the Plan shall be controlling and binding upon the parties
hereto.  The Optionee also hereby
expressly acknowledges, represents and agrees as follows:

 

(a)  Acknowledges receipt of a copy of the Plan, a
copy of which is attached hereto and by reference incorporated herein, and
represents that he is familiar with the terms and provisions of said Plan, and
hereby accepts this Agreement subject to all the terms and provisions of said
Plan.

 

(b)  Agrees to accept as binding, conclusive and
final all decisions or interpretations of the Board of Directors (or the
Committee, if so authorized) upon any questions arising under the Plan.

 

(c)  Acknowledges that he is familiar with Sections
of the Plan regarding the exercise of the Option(s) and represents that he
understands that said Option(s) must be exercised on or before the earliest of
the following dates, whichever is applicable: 
(i) the day prior to the tenth anniversary of the Option(s) Grant Date
with respect to Options granted under Plan A and B, in each as provided in
Subsection 7(c) of the Plan; (ii) the effective date of a sale or other
disposition of all or substantially all of the stock or assets of the Company,
as provided in Subsection 8(a) of the Plan; (iii) the date which is 30 days
following the Optionee’s termination of employment, directorship or consulting
or other arrangement (unless extended) for any reason other than death or
disability as provided under Section 10 of the Plan; or (iv) the date that is
one year following the Optionee’s termination of employment, directorship or
consulting or other arrangement by reason of his death, or the date that is one
year following his termination of employment, directorship or consulting or
other arrangement by reason of disability, whichever is applicable, as provided
in Subsection 10(b) of the Plan.

 

(d)  Acknowledges, understands and agrees that the
existence of the Plan and the execution of this Agreement are not sufficient by
themselves to cause any exercise of any Option(s) granted under Plan A to
qualify for favorable tax treatment through the application of Section 422(A) of
the Internal Revenue Code; that Optionee must, in order to so qualify,
individually meet by his own action all applicable requirements of Section 422A,
including without limitation the following holding period and employment
requirements:

 

(1)  Holding
period requirement:  no disposition
of an Optioned Share may be made by Optionee within two (2) years from the date
of the granting of the Option(s) nor within one (1) year after the transfer of
such Optioned Share to him, and

 

(2)  Employment
requirement:  at all times during the
period beginning on the date of the granting of the Option(s) and ending on the
three (3) months before the date of exercise, the Optionee must have been an
employee of the Company, its parent, or a subsidiary of the Company, or a
corporation or a parent or subsidiary of such corporation issuing or assuming
the Option(s) in a transaction to which

 

Section 425(a) of the
Internal Revenue Code applies, except where the termination of employment is by
means of the 

 

 

employee’s disability, in
which case said 3 month period may be extended to 1 year, as provided under
Internal Revenue Code Section 422A.

 

4.     Representations
and Warranties.  As a condition to
the exercise of any portion of an Option, the Company may require the person
exercising such Option to make any representation and/or warranty to the
Company as may, in the judgment of counsel to the Company, be required under
any applicable law or regulation, including but not limited to a representation
and warranty that the shares are being acquired only for investment and without
any present intention to sell or distribute such shares if, in the opinion of
counsel for the Company, such a representation is required under the Securities
Act of 1933 or any other applicable law, regulation or rule of any governmental
agency.  Optionee hereby represents to
the Company that each of the Option evidenced hereby and the shares purchasable
upon exercise thereof is being acquired only for investment and without any
present intention to sell or distribute such securities.

 

5.     Options
Not Transferable.  The Option(s) may
be exercised during the lifetime of the Optionee only by the Optionee.  The Optionee’s rights and interests under
this Agreement and in and to the Option(s) may not be sold, pledged,
hypothecated, assigned, encumbered, gifted or otherwise transferred in any
manner, either voluntarily or involuntarily by operation of law, except by will
or the laws of descent or distribution.

 

6.     No
Enlargement of Employee Rights. 
Nothing in this Agreement shall be construed to confer upon the Optionee
(if an employee) any right to continued employment with the Company (or an
Affiliated Company), or to restrict in any way the right of the Company (or an
Affiliated Company if he is an employee thereof) to terminate his
employment.  Optionee acknowledges that
in the absence of an express written employment agreement to the contrary,
Optionee’s employment with the Company may be terminated by the Company at any
time, with or without cause.

 

7.     Withholding
of Taxes.  Optionee authorizes the
Company to withhold, in accordance with any applicable law, from any
compensation payable to him any taxes required to be withheld by federal, state
or local law as a result of the grant of the Option(s) or the issuance of stock
pursuant to the exercise of such Option(s).

 

8.     Laws
Applicable to Construction.  This
Agreement shall be construed and enforced in accordance with the laws of the
State of California.

 

9.     Agreement
Binding on Successors.  The terms of
this Agreement shall be binding upon the executors, administrators, heirs,
successors, transferees and assignees of the Optionee.

 

10.   Costs
of Litigation.  In any action at law
or in equity to enforce any of the provisions or rights under this Agreement or
the Plan, the unsuccessful party to such litigation, as determined by the court
in a final judgment or decree, shall pay the successful party or parties all
costs, expenses and reasonable attorneys’ fees incurred by the successful party
or parties (including without limitation costs, expenses end fees on any
appeals), and if the successful party recovers judgment in any such action or
proceeding such costs, expenses and attorneys’ fees shall be included as part
of the judgment.

 

11.   Necessary
Acts.  The Optionee agrees to perform
all acts and execute and deliver any documents that may be reasonably necessary
to carry out the provisions of this Agreement, including but not limited to all
acts and documents related to compliance with federal and/or state securities
laws.

 

 

12.   Counterparts.  For convenience this Agreement may be
executed in any number of identical counterparts, each of which shall be deemed
a complete original in itself and may be introduced in evidence or used for any
other purpose without the production of any other counterparts.

 

13.   Invalid
Provisions.  In the event that any
provision of this Agreement is found to be invalid or otherwise unenforceable
under any applicable law, such invalidity or unenforceability shall not be
construed as rendering any other provisions contained herein invalid or
unenforceable, and all such other provisions shall be given full force and
effect to the same extent as though the invalid and unenforceable provision was
not contained herein.

 

14.   Limitation
on Value of Optioned Shares. 
Optionee acknowledged that the Plan provides that the aggregate fair
market value (determined as of the date hereof) of the shares of Common Stock
to which Options granted under Plan A are exercisable for the first time by
Optionee during any calendar year under all incentive stock option plans of the
Company and its Affiliated Companies shall not exceed $100,000.  It is understood and agreed that should it be
determined that an Option if granted pursuant to Plan A hereunder would exceed
such maximum, such Option shall be not be considered granted under Plan A to
the extent, but only to the extent of such excess.  This limitation shall not apply to any option
granted under Plan B.

 

IN WITNESS WHEREOF, the Company and the
Optionee have executed this Agreement effective as of the date first written
herein above.

 

 

	
  MRV COMMUNICATIONS,
  INC.

  	
   

  	
  OPTIONEE

  
	
   

  	
   

  	
   

  
	
  By 

  	
  /s/ Noam Lotan

  	
   

  	
  By 

  	
  /s/ Noam Lotan

  
	
   

  	
  NOAM
  LOTAN

  	
   

  	
   

  	
  NOAM
  LOTAN

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  PRESIDENT
  & CEO

  	
   

  	
  [Redacted]

  
	
   

  	
   

  	
  SOCIAL SECURITY
  NUMBER

  
						

 

By his or her signature
below, the spouse of the Optionee, of such Optionee be legally married as of
the date of his execution of this Agreement, acknowledges that he or she has
read this Agreement and the Plan and is familiar with the terms and provisions
thereof, and agrees to be bound by all the terms and conditions of said
Agreement and said Plan document.

 

	
   

  	
  Spouse

  	
  S.W. Lotan

  
	
   

  	
   

  	
   

  
	
   

  	
  Dated:

  	
  12/5/02

  

 

By his or her signature
below the Optionee represents that he or she is not legally married as of the
date of execution of this Agreement.

 

	
   

  	
  Optionee

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

 

MRV
COMMUNICATIONS, INC.

STOCK
OPTION AGREEMENT

 

SCHEDULE
1

 

RIGHT
TO EXERCISE

 

Subject to the conditions set forth in
this agreement, the right to exercise the Optioned Shares shall accrue as
follows:

 

	
  Plan

  	
   

  	
  Number of Shares

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B

  	
   

  	
  100,000

  	
   

  	
  October 29, 2012Exhibit 10.30

 

Workshop Lease of

The Science Park Administration (1 Year)

 

Parties to this lease:

 

Landlord:                                  Science
Park Administration (hereinafter referred to as Party A)

 

Tenant:                                             Optronics
International Corp. (hereinafter referred to as Party B)

 

Whereas Party B falls into the category of science park enterprises,
research institutes, venture incubator centres, branch offices of the
administration authorities or commercial or industrial service firms approved
by Party A consistent with Article 4 or Article 8 under the
Regulation Regarding the Establishment of the Science Park, and Party A and
Party B have agreed that Party A will lease a workshop illustrated under Article 1
of this agreement that are located in the Hsin Chu Science Park (hereinafter
referred to as the Workshop under this Agreement) for Party B’s use according
to the following terms and conditions:

 

Article 1

 

The Workshop under this Agreement is located on the 1st Floor No. 40, 2nd Road of Hsin Chu Science Park with an area of
877 square meters.

 

Article 2

 

This lease shall remain in force for the period from January 1,
2009 till December 31, 2009. Upon the expiration date, this lease shall be
terminated automatically unless Party A and Party B conclude a separate lease
under the provisions of Article 4 of this lease. Party B is not allowed to
claim the continuation of the lease or lease from time to time under any
circumstances.

 

Article 3

 

During the conclusion of this lease and its existence, Party B shall at
all times maintain its status as a science park enterprise, a research
institute, a venture incubator centre, a branch office of the administration
authorities or a commercial or industrial service firms approved by Party A
consistent with Article 4 or Article 8 under the Regulation Regarding
the Establishment of the Science Park. Where Party B fails to meet the above
mentioned eligibilities at the time of the signing of the lease, this lease
shall be void and null. Where Party B no longer maintains such eligibilities
hereafter and both Parties to this agreement agree to the immediate termination
of this lease, Party A is not required to notify such termination of such legal
forces.

 

Article 4

 

Party A shall have the right to mail out copies of lease renewal for
the extension of this lease one month before the expiration of this lease.

 

Party B shall make it clear whether it wishes to extend the lease or
not after the expiration of such lease within 15 days after it receives the
lease under the preceding paragraph. In case it wishes to extend the lease,
Party B shall affix its seal on a copy of the lease renewal and attach related
documents to be delivered to Party A within the time limit prescribed above.

 

Where Party B breaches any terms and conditions of this lease during
the term of this lease, Party A shall have the right to ask Party B to fulfill
notary procedures for the renewal of lease by Party B at its own expense.

 

Article 5

 

Where Party B intends to terminate this lease before its expiration
during the term of this lease, it shall notify Party A in writing 2 months in
advance. Party B shall continue to pay its rent during this 2 month notification
period, regardless if it vacates the Workshop under this Agreement.

 

Party A shall have the right to terminate this lease by way of notification
to Party B in writing 2 months in advance at any time if it is required by any
changes in law or government policies.

 

Article 6

 

The rent for the Workshop under this Agreement shall be NT$110,502 per
month. Party B shall, from the date of the commencement of this lease, download
the form for next month rent payment from Party A’s website on its own
(website: www.sipa.gov.tw), and shall make the payment of its rent to Party A
before the 15th day of every month according to the procedures
of rent payment established by Party A while calculating and payment the
business tax separately. Party B shall pay its utility bills separately while
paying the rent.

 

Party A shall have the right, consistent with the provisions of related
laws and regulations, announced land prices of the location of the Workshop
under this Agreement as well as any adjustments in the rent of state-owned land
approved by the Executive Yuan, to modify the amount of rent mentioned above.
Party B shall pay attention to the announced land prices and adjustments in the
rent of state-owned land approved by the Executive Yuan on its own.

 

Any adjustment of rent mentioned above shall enter into force in the
second month after such announced land prices or adjustments in the rent of
state-owned land prices. Any differences between the rent already paid and
actual adjustments before Party A completes its website updates under paragraph
1 shall be collected or refunded.

 

[illegible seal]

 

1

 

Article 7

 

Party B shall pay penalties according to the following provisions if it
fails to pay its rent and utility bills on time:

 

1.               It shall pay
penalties equal to 2% of the total amount due if its rent and utility bills are
less than 1 month overdue;

 

2.               It shall pay
penalties equal to 5% of the total amount due if its rent and utility bills are
more than 1 month but less than 2 months overdue;

 

3.               It shall pay
penalties equal to 10% of the total amount due if its rent and utility bills
are more than 2 months but less than 3 months overdue;

 

4.               It shall pay
penalties equal to 15% of the total amount due if its rent and utility bills
are more than 3 month overdue.

 

Article 8

 

Party B shall pay a deposit of NT$284,148 to Party A, which is
equivalent to 3 months’ rent at the time of the conclusion of the lease, in
order to ensure that it will perform all the terms and conditions under this
lease. Party B shall pay this lease deposit on the date of the signing of the
lease and Party A shall issue a receipt accordingly. The amount of the lease
deposit shall not be modified even if the rent is adjusted or this lease is
extended or prolonged.

 

Upon the termination or expiration of this lease and where Party B
returns the Workshop under this Agreement without any unpaid rents, utility
bills or any breach of contract, Party A shall return the lease deposit without
any interest.

 

Party B is not allowed to compensate its rent with the deposit.

 

Article 9

 

The Workshop under this Agreement rented by Party B shall be limited to
its own purposes of research, production or operations and is not allowed to be
sub-lease, transferred or in any way assigned to any other party for use. It is
further not allowed to make use of it against laws and regulations. However,
upon prior consent by Party A in writing, Party B shall have the right to
sublease part of the Workshop under this Agreement to other enterprises or
agencies approved by Party A.

 

Article 10

 

Party B shall excise due care to maintain the Workshop under this
Agreement and its facilities and shall be responsible for keeping its
surroundings clean.

 

Party B shall not pile any articles in the attics, stair wells,
basement of the building of the Workshop under this Agreement or any other
public space or engage in any acts that contravene public safety. In case of
any pile, Party B shall hire workers to remove the pile at its expense upon
notification of time sensitive removal from Party A. In case the pile is not
removed within the time limit, Party A will take steps to remove the pile, the
cost of which shall be paid by Party B. In case there is no information as to
who should be responsible for the pile of the above mentioned articles, the
removal fees shall be shared by Party B according to the ratio of its leased
area to the entire workshop building.

 

In case the Workshop under this Agreement or its public facilities are
damaged or lost, Party B shall restore them to the original status and
compensate the damages or losses except for those caused by Force Majeure.

 

Where Force Majeure mentioned above or any natural causes are
responsible for any damages or losses, Party B shall fill out a Notification
for Repair before informing Party A for handling.

 

Party B shall undertake thorough inspection of the facilities of the
Workshop under this Agreement immediately after take over and shall inform
Party A of any existing defects, which shall be fixed by Party A. Party B shall
have no right to claim any existing defects of the Workshop under this
Agreement and ask for reduction of rent 1 month after it takes over the
Workshop under this Agreement.

 

Article 11

 

Party B shall bear joint responsibilities for restoration to the
original state and damages and losses caused to the Workshop under this
Agreement and its public facilities as a result of its approval for use by its
employees, users and other persons.

 

Article 12

 

Party B shall be held responsible for keeping clean the Workshop under
this Agreement and shrinkage land, ports and parking lots outside its
buildings.

 

Article 13

 

Party B is not allowed to conduct any additions or changes to the
Workshop under this Agreement without approval, unless otherwise agreed to in
writing by Party A beforehand.

 

Party B shall have the right to install water, electricity, telephone
and other renovation facilities inside the Workshop under this Agreement;
however, it is not allowed to affect or change the structure of the building or
men’s and women’s toilets.

 

Any renovation conducted by Party B shall be handled in accordance with
building codes, fire prevention rules and other laws and regulations.

 

Article 14

 

Party A shall have the right to dispatch personal wearing its ID into
the Workshop under this Agreement to check how Party B makes use of the
Workshop under this Agreement. Party B shall not refuse to grant access and
shall provide full assistance.

 

Article 15

 

The house tax and property tax of the Workshop under this Agreement
shall be paid by Party A.

 

Party B shall purchase insurance for the [illegible] facilities and
other articles placed inside the Workshop under this Agreement according to its
own needs and Party A shall be held harmless against any damages thereof.

 

[illegible seal]

 

2

 

Article 16

 

Party A shall have the right to terminate [illegible] the Workshop
under this Agreement by notification to Party B and the rent paid shall not be
refunded under the following circumstances:

 

1.               Party B is
disqualified to do business or provide services within the Science Park or is
asked by Party A on the basis of law to move out of the Science Park;

 

2.               Party B fails to
make us of the Workshop under this Agreement more than 2 months after the
commence date of this lease, or ceases the use or fails to make use according
to the terms of this lease for more than 2 months; and Party B fails to rectify
the situation within the time limit set forth by Party A in its written
notification to that effect.

 

3.               Party B is behind
rent payment schedule for more than 2 months.

 

4.               Party B breaches
the provisions of Article 9 or Article 14 of this lease.

 

5.               Party B breaches
the provisions of Articles 10, 12, 13, 19, 20, 22 (1), 22 (4), 22 (5), or 23
(2);  and Party B fails to rectify the
situation within the time limit set forth by Party A in its written notification
to that effect.

 

Article 17

 

Upon the expiration or termination of this lease, Party B shall restore
the Workshop under this Agreement to its original state and vacate it before
handing it over back to Party A.

 

Party B shall clean up the Workshop under this Agreement at its own
expense when it hands it over pursuant to the provisions of the preceding
paragraph. In case Party B fails to clean up the Workshop under this Agreement
and its public facilities, Party A may clean them up in its stead and the costs
shall be paid by deduction from the lease deposit. Where the lease deposit is
not sufficient, Party B shall make up for the deficiency.

 

Anything left over by Party B inside the Workshop under this Agreement after
its handover shall be regarded as waste, which shall be subject to the disposal
by Party A and Party B shall have no right to claim any compensation. In case
Party A needs to dispose of any wastes, the cost shall be deducted from the
lease deposit of Party B and Party B shall make up for any deficiency.

 

Upon the expiration or termination of this lease, Party B shall fulfill
the handover procedures for the Workshop under this Agreement back to Party A
according to the provisions of this Article. Party B agrees without any
pre-conditions that, in case of failure on the part of Party B, Party A shall
have the right to open the door or change the lock of the Workshop under this
Agreement to gain entry on its own upon its finding that nobody from Party B is
still using the Workshop under this Agreement based on 3 consecutive checks
within 10 days. Party A shall also have the right to clean up the Workshop
under this Agreement, restore it to its original state and treat anything left
over in the Workshop under this Agreement as waste.

 

Party B hereby agrees that it shall pay all the expenses related to
Party A’s opening the door, changing the lock, clean-up, restoration to the
original state and disposal of waste pursuant to the provisions of paragraphs 2
and 3.

 

Article 18

 

Upon the expiration or termination of this lease, where Party B delays
the handover of the Workshop under this Agreement back to Party A under the
terms and conditions of this lease, it shall pay a daily penalty twice the
daily rent to Party A and make up for the losses that Party A sustains as a
result.

 

Article 19

 

Party B shall file timely applications with regard to the Workshop
under this Agreement according to the Inspection Code of Public Buildings, Rules of
Application, Regulation regarding Fire Prevention and Inspection and their
standards.

 

Article 20

 

The designed carrying capacity of the floors of the Workshop under this
Agreement is 500 kilograms per square meter. For the purpose of ensuring the
safety of the building structure, Party B shall pay attention to the designed
carrying capacity of the floors and consult with structural technicians or
architectures and shall not exceed the limit of carrying capacity.

 

Article 21

 

All the requests and notifications related to this lease shall be made
in Chinese in writing and they shall be hand delivered or mailed to the other
party according to the addresses listed under this lease.

 

Both parties shall notify the other party in writing of any changes in
their addresses within 7 days after such changes.

 

Deliveries according to the addresses listed under this lease shall be
deemed as lawful deliveries before such notifications.

 

Article 22

 

Party B shall absolutely perform its obligations prescribed under the
terms and conditions of this lease and shall seek a guarantor of joint
responsibilities on its own. The guarantor shall, after thoroughly reading this
lease, sign its name and affix its seal in the column reserved for guarantors.
A photocopy of its ID shall also be retained as an attachment of this lease.
The photocopy of the ID shall be the front side of the ID. Party B and the
guarantor of joint responsibilities shall warrant that the photocopy is exactly
the same as the original and is free of any fraud or dishonesty.

 

The guarantor of joint responsibilities shall unconditionally bear
joint responsibilities along with Party B in case Party B breaches any of the
terms and conditions of this lease. It shall also agree to waive its right of discussion
under Article 745 of the Civil Code.

 

The guarantor of joint responsibilities is not allowed to relieve
itself of its responsibilities without prior approval from Party A if it wants
to exit from the guarantee midway.

 

Apart from a guarantor of joint
responsibilities, Part B can also fulfil obligations by written joint
guarantee of banks, joint guarantee insurance policy of insurance company, time
deposit certificate with pledge of financial institutions, or other forms
approved by Party A, provided that the guarantee commences prior to or on the
execution date of the agreement.

 

[illegible
seal]

 

3

 

For written joint guarantee of banks, joint
guarantee insurance policy of insurance company, time deposit certificate with
pledges of financial institutions, or other forms approved by Party A, the
executor of guarantee liabilities shall hold the same responsibilities and
guarantee with the guarantor of joint responsibilities. The due time or expiration
date to which the written guarantee is kept in registration in light of related
authority or financial laws and regulations shall extend over sixty (60) days
more than the lease period hereto.

 

Article 23

 

Both parties concluding the lease hereto herby
make the presentation that they are duly authorized, and are properly empowered
to enter into this lease.

 

The stamp and seal with which Party B uses for
lease execution shall be both consistent with the same that Party B deposits
with Party A in the corporate registration procedures.

 

Article 24

 

Parties agree that any lawsuit arising out
of the lease shall be governed by the laws of Republic of China and the Taiwan Hsin
Chu District Court shall
have jurisdiction as the court of first instance.

 

Article 25

 

The lease is made in duplicate copies and
each party shall keep one copy for filing.

 

[illegible seal]

 

4

 

Parties to this lease:

 

Party A: Science Park
Administration

Duly authorized representative: Yan Zongming
[illegible seals]

Address: No. 2, Xin’an Road, Hsin
Chu, Taiwan

 

Party B: Optronics International Corp

Duly authorized representative: Magnier

Address: No 46 Park Road 2nd,
Hsin Chu Science Park, TW.  [illegible
seals]

 

Guarantor of joint responsibilities for Party
B: Qiu Mingji  [seal]: Qiu Mingji

ID Number of the guarantor of joint
responsibilities: Q120811843

 

January 1, 2009

 

5

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