Document:

Employee Share Purchase Plan

 Exhibit 10.3 

 
 AMENDED AND RESTATED PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
EMPLOYEE SHARE PURCHASE PLAN 
 (Effective as of April 1, 1999, Amended and Restated as of June 3, 2010) 

 
  
  

 

 AMENDED AND RESTATED PENNSYLVANIA REAL ESTATE INVESTMENT 

TRUST EMPLOYEE SHARE PURCHASE PLAN 

(Effective as of April 1, 1999, Amended and Restated as of June 3, 2010) 

TABLE OF CONTENTS 
  

			
	 	  	PAGE
	 1.      PURPOSE
	  	B-1
		
	 2.      ADMINISTRATION
	  	B-1
		
	 3.      ELIGIBILITY
	  	B-1
		
	 (a)  General Rule
	  	B-1
		
	 (b)  Exceptions
	  	B-1
		
	 4.      SHARES
	  	B-2
		
	 5.      GRANT OF OPTION
	  	B-2
		
	 (a)  Grant of Option
	  	B-2
		
	 (b)  Purchase Periods
	  	B-2
		
	 (c)  Number of Shares Purchasable Under Option
	  	B-2
		
	 (d)  Limitation on Aggregate Number of Shares Purchasable Under Option
	  	B-2
		
	 6.      PARTICIPATION
	  	B-3
		
	 (a)  Payroll Deductions
	  	B-3
		
	 (b)  Maximum Payroll Deduction
	  	B-3
		
	 (c)  General Assets; Taxes; No Interest
	  	B-3
		
	 (d)  Automatic Refund
	  	B-3
		
	 (e)  Participation after Surrender
	  	B-3
		
	 (f)  No Contract to Purchase
	  	B-3
		
	 (g)  Waiver of Rights
	  	B-3
		
	 7.      EXERCISE OF OPTION
	  	B-3
		
	 (a)  Method of Exercise
	  	B-3
		
	 (b)  Tax Withholding
	  	B-3
		
	 (c)  Return of Excess Payroll Deductions
	  	B-4
		
	 8.      EMPLOYEE’S RIGHT TO SURRENDER OPTION
	  	B-4
		
	 (a)  Surrender of Option
	  	B-4
		
	 (b)  Effect on Later Participation
	  	B-4
		
	 9.      TERMS AND CONDITIONS OF OPTIONS
	  	B-4
		
	 (a)  Employee Notification and Agreement
	  	B-4
		
	 (b)  Option Price
	  	B-4
		
	 (c)  Medium and Time of Payment
	  	B-4
		
	 (d)  Term of Option
	  	B-4
		
	 (e)  Termination of Employment; Change in Status
	  	B-4
		
	 (f)  Designation of Beneficiary
	  	B-5
		
	 (g)  Nontransferability
	  	B-5

  

 B-i 

			
	 	  	PAGE
	 (h)  Changes In Capital Structure
	  	B-5
		
	 (i)  Rights as a Shareholder
	  	B-6
		
	 (j)  Investment Purpose
	  	B-6
		
	 (k)  Adjustment in Number of Shares Exercisable
	  	B-6
		
	 (l)  Delivery
	  	B-6
		
	 (m)  Registration and Listing of Shares
	  	B-6
		
	 (n)  Other Provisions
	  	B-6
		
	 10.      COMPLIANCE WITH RULE 16B-3
	  	B-7
		
	 11.      INDEMNIFICATION OF COMMITTEE
	  	B-7
		
	 12.      AMENDMENT OR TERMINATION OF PLAN
	  	B-7
		
	 13.      EFFECTIVE DATE OF PLAN
	  	B-7
		
	 14.      ABSENCE OF RIGHTS
	  	B-7
		
	 15.      APPLICATION OF FUNDS
	  	B-8
		
	 16.      MISCELLANEOUS
	  	B-8
		
	 (a)  Provisions of Plan Binding
	  	B-8
		
	 (b)  Employment
	  	B-8
		
	 (c)  Applicable Law
	  	B-8

  

 B-ii 

 AMENDED AND RESTATED PENNSYLVANIA REAL ESTATE INVESTMENT 

 TRUST EMPLOYEE SHARE PURCHASE PLAN 

(EFFECTIVE AS OF APRIL 1, 1999, 

AMENDED AND RESTATED AS OF JUNE 3, 2010) 
  

	1.	PURPOSE 

 The Pennsylvania Real
Estate Investment Trust (the “Trust”) adopted this Amended and Restated Employee Share Purchase Plan (the “Plan”) in order to encourage share ownership by all eligible employees by providing them the opportunity to acquire a
proprietary interest (or increase their proprietary interest) in the Trust. Prior to the effective date of Amendment No. 2 to the Plan, it was intended that options issued pursuant to the Plan would constitute options issued pursuant to an
“employee stock purchase plan,” within the meaning of ss.423 of the Internal Revenue Code of 1986, as amended (the “Code”). Immediately prior to the effectiveness of Amendment No. 2, there were only three employees eligible
to participate in the Plan (each of whom has consented to Amendment No. 2) and there were more than 120 participants in the Pennsylvania Real Estate Investment Trust Non-Qualified Employee Stock Purchase Plan (the “Non-Qualified
Plan”). No shares remain available under the Non-Qualified Plan and more than 50,000 shares are currently available under the Plan. In order to afford employees of PREIT Services, LLC (“Services”) an opportunity to continue to
purchase Shares (as hereinafter defined) at the option price determined under Section 9(b), the Plan is amended to eliminate the requirement that participants be employees of either the Trust or a subsidiary corporation, thereby permitting
employees of Services and any other designated entity to participate. It is recognized that, prospectively from the effective date of Amendment No. 2, the Plan will cease to be an “employee stock purchase plan” within the meaning of
ss. 423 of the Code. The Executive Compensation and Human Resources Committee of the Board of Trustees of the Trust (the “Committee”) may, from time to time, approve participation in the Plan by employees of any designated entity
controlled, directly or indirectly, by the Trust. 
  

	2.	ADMINISTRATION 

 The Plan shall
be administered by the Committee. Acts approved by a majority of the Committee at which a quorum is present, or acts without a meeting reduced to or approved in writing by a majority of the members of the Committee, shall be the valid acts of the
Committee. Each member of the Committee, while serving as such, shall be deemed to be acting in his or her capacity as a trustee of the Trust. 

The Committee shall have full and final authority, in its discretion but subject to the express provisions of the Plan: (i) to
interpret the Plan; (ii) to make, amend, and rescind rules and regulations relating to the Plan; (iii) to determine the terms and provisions of the instruments by which options shall be evidenced; and (iv) to make all other
determinations necessary or advisable for the administration of the Plan. No member of the Board or of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any option granted hereunder. Any and
all authority of the Committee may be delegated by the Committee to a plan administrator. 
  

	3.	ELIGIBILITY 

 
(a) General Rule. Except as provided in paragraph (b) 
below and subject to ss. 9(e), each employee of the Trust, Services or a designated entity who has been employed by the Trust, Services or a designated entity for at least six months shall be eligible for option grants described in ss. 5. 

(b) Exceptions. An employee will not be eligible to participate in the Plan if he or she is customarily
employed by the Trust or a designated subsidiary corporation for 20 hours or less per week or if he or she is customarily employed by the Trust or a designated subsidiary corporation for not more than five months in any calendar year. In addition,
in no event may an employee be granted an option if such employee, immediately after the options granted, would own shares possessing five percent or more of the total combined voting power or value of all classes of shares of the Trust or its
parent corporation (if any) or of a subsidiary corporation (if 
  

 B-1 

 
any) then outstanding. For purposes of determining share ownership under this paragraph(b), the rules of ss.424(d) of the Code (relating to attribution of share ownership) shall apply, and shares
which the employee may purchase under outstanding options shall be treated as shares owned by the employee. 
  

	4.	SHARES 

 The shares subject to
the options as provided herein shall be shares of beneficial interest in the Trust, par value $1.00 per share (“Shares”). The aggregate number of Shares that may be issued under options shall not exceed 332,000; provided that such number
shall be adjusted if required by ss.9(h). Shares issuable under the Plan may be authorized but unissued shares or reacquired shares, and the Trust may purchase shares required for this purpose, from time to time, if it deems such purchase to be
advisable. 
  

	5.	GRANT OF OPTION 

 
(a) Grant of Option. Employees shall have the right to purchase Shares under options granted as of January 
1, 1999 (or, in the Committee’s discretion, as soon as administratively practicable thereafter) and as of each subsequent January 
1 (the “Grant Dates”). Each employee who meets the eligibility requirements of ss.3 shall be granted an option on the first Grant Date coinciding with or immediately following the date he or she becomes an eligible employee, and on each succeeding
 Grant Date, provided he or she continues to meet the eligibility requirements of ss.3. The term of the options (the “Option Term”) shall be 12 calendar months (from January 1 to December 
31). Commencing on the effective date of Amendment No. 2, options granted as of January 1, 2009 under the Non-Qualified Plan shall be deemed to have been granted hereunder. 

(b) Purchase Periods. Each Option Term shall contain four three-month Purchase Periods (January-March,
April-June, July-September, and October-December). 
 (c) Number of Shares Purchasable Under
Option. Subject to the limitation in paragraph (d) below, at the beginning of each Option Term each eligible employee shall be granted an option, exercisable in installments at the end of each Purchase Period during such Option Term, to
purchase up to a number of Shares equal to the total of the number of Shares purchasable by the employee for each Purchase Period in the Option Term. The number of Shares purchasable for a Purchase Period shall be determined by dividing the
employee’s accumulated payroll deductions (as described in ss.6) for the Purchase Period by the per-share exercise price (determined in accordance with ss.9(b)) of the option installment for such Purchase Period. For example, if an employee
makes payroll deductions of $6,000 for a 12-month Option Term ($1,500 for each Purchase Period in the Option Term) and the per-share exercise price for each Purchase Period is $19.55, $20.40, $21.25, and $22.10, respectively, then the number of
Shares purchasable by the employee for the Option Term is 286, determined as follows: 
  

									
	 $1,500
	  	 $1,500
	  	 $1,500
	  	 $1,500
	  	= 76 + 73 + 70 + 67 = 286
	 $19.55 +
	  	$20.40 +	  	$21.25 +	  	$22.10	  

 Full and fractional Shares shall be purchasable under the Plan.
However, in accordance with ss.9(l), no fractional Share certificates shall be issued. 
 (d)
Limitation on Aggregate Number of Shares Purchasable Under Option. Subject to the limitations described in ss.9(m), the aggregate number of full Shares purchasable under an option for an Option Term shall not exceed the lesser of (i) 2,000
(subject to adjustment under ss.9(h)), or (ii) the number determined by dividing $25,000 by the fair market value of a share (as described in ss.9(b)) on the most recent business day before the Grant Date for such Option Term. Further, if the
total number of Shares to be purchased on any date in accordance with ss.7(a) exceeds the Shares then available under the Plan (after deduction of all Shares that have been purchased under ss.7(a)), the Committee shall make a pro rata allocation of
the Shares remaining available in as nearly a uniform manner as shall be practical and as it shall determine to be equitable. 
  

 B-2 

	6.	PARTICIPATION 

 
(a) Payroll Deductions. Subject to rules established by the Committee from time to time, an eligible employee may elect to participate in the Plan by making payroll deductions (as a whole percentage of the employee’s compensation, subject to the
 limits set forth in paragraph (b) 
below) for each Option Term in which the employee is eligible to participate. For purposes of this Plan, “compensation” shall mean the total salary or wages paid to an employee during an Option Term, excluding any commissions, bonuses, overtime,
 or other extra or incentive pay. Commencing on the effective date of Amendment No. 2, elections made under paragraph (a) of ss. 6 of the Non-Qualified Plan in respect of the Option Term which commenced January 
1, 2009 shall be deemed to have been made under paragraph (a) of ss. 6 of the Plan. 
 (b)
Maximum Payroll Deduction. The maximum total payroll deductions for any employee for an Option Term may not exceed 10 percent of the employee’s compensation for the Option Term. 

(c) General Assets; Taxes; No Interest. All payroll deductions made for an employee shall be credited to
his or her account as of the payday as of which the deduction is made. All payroll deductions shall be held by the Trust (or by a designated subsidiary corporation as agent for the Trust). All such contributions shall be held as part of the general
assets of the Trust , and shall not be held in trust or otherwise segregated from the Trust’s general assets. No interest shall be paid or accrued on any such contributions. Each employee’s right to the contributions credited to his or her
account shall be that of a general and unsecured creditor of the Trust. 
 (d) Automatic Refund.
The balance credited to the account of an employee automatically shall be refunded in full (without interest) if his or her status as an employee of the Trust and all designated subsidiary corporations terminates for any reason whatsoever during a
Purchase Period. Such refunds shall be made as soon as practicable after the Committee has actual notice of any such termination. 

(e) Participation after Surrender. Each employee who has satisfied the eligibility requirements of ss.3 but
who has elected to surrender all or a portion of his or her option in accordance with ss.8 (or, as described in paragraph (g) below, is deemed to have surrendered his or her option) for an Option Term, shall be granted an option in accordance
with ss.5 in subsequent Option Terms, provided the employee continues to meet the eligibility requirements of ss.3. However, such employee must submit a new payroll deduction agreement under paragraph (a) above in order to begin payroll
deductions for a subsequent Option Term. 
 (f) No Contract to Purchase. Electing to make payroll
deductions for any Option Term will not constitute a contract to purchase any of the Shares purchasable under an option. 
 
(g) Waiver of Rights. An employee who fails to elect to participate in the Plan for an Option Term in the manner and within the time provided under paragraph (a) 
above shall be deemed to have surrendered the option granted to the employee for such Option Term and shall have no further rights under the Plan with respect to such surrendered option. 

 

	7.	EXERCISE OF OPTION 

 
(a) Method of Exercise. Unless the employee has surrendered his or her option in accordance with ss.8(a) (or is deemed to have surrendered his or her option under ss.6(g)) before the end of a Purchase Period, as of the last business day of the Purchase
 Period (the “Exercise Date”), the employee will be credited for such number of whole Shares and any fraction of a whole share (computed to the number of decimal places set by the Committee) as his or her accumulated payroll deductions shall
 be sufficient to pay for, subject to the limitations of ss.5(d). 
 (b) Tax Withholding. The
Trust and each designated subsidiary corporation shall have the right to make such provisions as it deems necessary or appropriate to satisfy any tax laws with respect to purchases of Shares made under this Plan, including (without limitation) by
withholding tax amounts from other amounts then payable to an employee. 
  

 B-3 

 (c) Return of Excess Payroll Deductions. Any payroll
deductions remaining after the employee exercises an option for an Option Term shall be refunded to the employee. 
  

	8.	EMPLOYEE’S RIGHT TO SURRENDER OPTION 

(a) Surrender of Option. An employee may elect to surrender his or her option during any Purchase Period of
an Option Term and withdraw any payroll deductions already made for such Purchase Period under the Plan by giving written notice to the Trust. However, in order for such surrender to be effective for the Purchase Period, the employee’s written
notice must be received by the Trust on or before thirty calendar days prior to the end of the Purchase Period. All of such employee’s payroll deductions will be refunded to him or her as soon as practicable after the Trust receives the
employee’s notice of withdrawal, and no further payroll deductions will be made from the employee’s pay until the employee completes a new payroll deduction agreement in accordance with ss.6(a) for a subsequent Option Term. As to any
option so surrendered, the employee shall have no further right of any nature at any subsequent time. 
 
(b) Effect on Later Participation. An election to surrender an option during a Purchase Period of an Option Term shall preclude the employee from participating in any remaining Purchase Periods of such Option Term, but will not have any effect upon
 his or her eligibility to participate in the Plan for subsequent Option Terms. 
  

	9.	TERMS AND CONDITIONS OF OPTIONS 

Options granted pursuant to the Plan shall be evidenced by agreements in such form as the Committee shall prescribe, provided that all
employees granted such options shall have the same rights and privileges (except as otherwise required by ss.5), and provided further that such options and option agreements shall comply with and be subject to the terms and conditions set forth
below. 
 (a) Employee Notification and Agreement. Employees shall be notified (i) of the
requirements they must meet to be granted options under the Plan, (ii) about the terms and conditions of such options, and (iii) that any employee eligible to be granted options under the Plan may request a copy of the Plan. An employee’s
agreement to the terms of an option will be evidenced by his or her payroll deduction agreement with the Trust or a subsidiary corporation for an Option Term. 

(b) Option Price. The per-share exercise price of an option for each Purchase Period of an Option Term
shall be the lesser of (i) 85% of the fair market value of a Share as of the most recent business day before the Grant Date for such Option Term, or (ii) 85% of the fair market value of a Share as of the applicable Exercise Date. In making
such determination for a Purchase Period, during such time as the Shares are listed upon an established stock exchange or exchanges, the per share “fair market value” shall be deemed to be the mean between the highest and lowest quoted
selling prices on the relevant date. During such time as the Shares are not listed upon an established stock exchange, the per-share fair market value shall be determined by the Committee by a method sanctioned by the Code, or rules and regulations
thereunder. The fair market value per share is to be determined in accordance with Treas. Reg. ss.ss.1.421-7 (e) and 20.2031-2. Subject to the foregoing, the Committee in fixing the exercise price shall have full authority and be fully
protected in doing so. 
 (c) Medium and Time of Payment. The exercise price of an option for a
Purchase Period shall be payable in United States dollars upon the exercise of the option for such Purchase Period, and shall be payable only by accumulated payroll deductions made in accordance with ss.6. 

(d) Term of Option. No option may be exercised after the end of the Option Term in which the option was
granted. 
 (e) Termination of Employment; Change in Status. In the event that an employee ceases
to be employed by the Trust and all designated subsidiary corporations as an eligible employee for any reason during the employee’s participation in an Option Term, he or she will be deemed to have surrendered his or her option and his or her

  

 B-4 

 
accumulated payroll deductions shall be refunded in accordance with ss.6(d). Whether an authorized leave of absence for military or governmental service shall constitute termination of employment
for the purposes of the Plan shall be determined by the Committee in accordance with applicable law, which determination, unless modified by the Board (in accordance with applicable law), shall be final and conclusive. 

(f) Designation of Beneficiary. An eligible employee may designate a beneficiary (i) who shall receive
the balance credited to his or her account if the employee dies before the end of a Purchase Period and (ii) who shall receive the Shares, if any, purchased for the employee under this Plan if the employee dies after the end of a Purchase
Period but before either the certificate representing such Shares has been delivered to the employee or before such Shares have been credited to a brokerage account maintained for the employee. Such designation may be revised in writing at any time
by the employee by filing an amended designation, and his or her revised designation shall be effective at such time as the Committee receives such amended designation. If a deceased employee failed to designate a beneficiary or, if no person so
designated survives an employee or, if after checking his or her last known mailing address, the whereabouts of the person so designated are unknown, then the employee’s estate shall be treated as his or her designated beneficiary under this
paragraph (g). 
 (g) Nontransferability. Except as provided in paragraph (g) above, neither
payroll deductions made by an employee, nor any rights with regard to the exercise of an option or to receive Shares, nor any rights to a return of payroll deductions under the Plan may be assigned, transferred, pledged, or otherwise disposed of in
any way by the employee or by his or her beneficiary. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect. An option may be exercised only by the employee. 

(h) Changes In Capital Structure. Subject to any required action by the shareholders, the number of Shares
designated in ss.4 and ss.5(d)(i), the number of Shares covered by each outstanding option, and the price per share of each such option, shall be proportionately adjusted for any increase or decrease in the number of issued Shares of the Trust
resulting from a subdivision (share-split) or consolidation (reverse-split) of shares or the payment of a share dividend (but only on the Shares) or any other similar change in the capitalization of the Trust, without receipt of consideration by the
Trust. 
 Subject to any required action by the shareholders, if the Trust is not the surviving entity in any merger or
consolidation, the Committee, in its discretion may either (i) cause each outstanding option to apply to the securities to which a holder of the number of Shares subject to the option would have been entitled, or (ii) cause each
outstanding option to terminate, provided that each employee then holding an option under this Plan shall, in such event, have the right immediately prior to such merger or consolidation, to exercise his or her option to the extent of his or her
accumulated payroll deductions. In the event of the dissolution or liquidation of the Trust, the Committee shall cause each outstanding option to terminate, provided that each employee then holding an option under this Plan shall, in such event,
have the right immediately prior to such dissolution or liquidation, to exercise his or her option to the extent of his or her accumulated payroll deductions. 

In the event of a change in the Shares of the Trust as presently constituted which is limited to a change of all of its authorized shares
with par value into the same number of shares with a different par value or without par value, the shares resulting from any such change shall be deemed to be Shares within the meaning of the Plan. 

To the extent that the foregoing adjustments relate to shares or securities of the Trust, such adjustments shall be made by the
Committee, whose determination in that respect shall be final, binding and conclusive. 
 Except as expressly provided in this
paragraph (i), an employee shall have no rights by reason of any subdivision or consolidation of shares of any class, the payment of any share dividend, any other increase or decrease in the number of shares of any class, or any dissolution,
liquidation, merger, or consolidation or spin-off of assets or shares of another corporation; and any issue by the Trust of shares of any class, or securities convertible into shares of any class, shall not affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of Shares subject to the option. 
  

 B-5 

 The grant of an option pursuant to the Plan shall not affect in any way the right or power
of the Trust to make adjustments, reclassification, reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any part of its business or assets. 

(i) Rights as a Shareholder. An employee shall have no rights as a shareholder with respect to any Shares
covered by his or her option until the date the option is exercised in accordance with the terms of the Plan. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities, or other property) or distributions or
other rights for which the record date is prior to the date such share have been reflected in the book-entry record maintained by the Share transfer agent or the certificate for such Shares has been delivered, except as provided in paragraph
(i) above. 
 (j) Investment Purpose. Each option under the Plan shall be granted on the
condition that the purchases of Shares thereunder shall be for investment purposes and not with a view to resale or distribution, except that in the event the Shares subject to such option are registered under the Securities Act of 1933, as amended
(the “Securities Act”), or in the event a resale of such Shares without such registration would otherwise be permissible, such condition shall be inoperative if in the opinion of counsel for the Trust such condition is not required under
the Securities Act or any other applicable law, regulation or rule of any governmental agency. 

(k) Adjustment in Number of Shares Exercisable. If the aggregate number of Shares to be purchased under
options granted under the Plan exceeds the aggregate number of Shares specified in ss.4, the Trust shall make a pro rata allocation of the Shares available for distribution so that the limit of ss.4 is not exceeded, and the balance of payroll
deductions made by each participating employee shall be returned to him or her as promptly as possible. 
 
(l) Delivery. A book-entry record of the Shares purchased by each employee shall be maintained by the Trust’s Share transfer agent. Notwithstanding the foregoing, when a refund is made to an employee pursuant to ss.6(d), the employee may leave
 the Shares in the Plan or may direct that all Shares then held for the employee under the Plan be delivered to him or her. However, (i) 
no Share certificate representing a fractional Share shall be delivered to an employee or to an employee and any other person, (ii) 
cash equal to the fair market value of an employee’s fractional share shall be distributed (when an employee requests a distribution of certificates for all of the Shares held for him or her) in lieu of such fractional share unless an employee in light
 of Rule 16b-3 (as described in ss.10) waives his or her right to such cash payment, and (iii) 
the Committee shall have the right to charge an employee for registering Shares in the name of the employee and any other person. No employee (or any person who makes a claim for, on behalf of, or in place of an employee) shall have any interest in any
 Shares under this Plan until they have been reflected in the book-entry record maintained by the Share transfer agent or the certificate for such Shares has been delivered to such person. 

(m) Registration and Listing of Shares. If the Trust shall deem it necessary to register under the
Securities Act or any other applicable statutes any Shares purchased under this Plan, or to qualify any such Shares for an exemption from any such statutes, the Trust shall take such action at its own expense. If Shares are listed on any national
securities exchange at the time any Shares are purchased hereunder, the Trust shall make prompt application for the listing on such national share exchange of such Shares, at its own expense. Purchases of Shares hereunder shall be postponed as
necessary pending any such action. 
 (n) Other Provisions. The option agreements authorized under
the Plan shall contain such other provisions as the Committee shall deem advisable, provided that no such provision may in any way be in conflict with the terms of the Plan. 

 

 B-6 

	10.	COMPLIANCE WITH RULE 16B-3 

 All
elections and transactions under this Plan by persons subject to Rule 16b-3, promulgated under ss.16(b) of the Securities Exchange Act of 1934, as amended, or any successor to such Rule, are intended to comply with at least one of the exemptive
conditions under such Rule. The Committee shall establish such administrative guidelines to facilitate compliance with at least one such exemptive condition under Rule 16b-3 as the Committee may deem necessary or appropriate. If any provision of
this Plan, any administrative guideline, or any act or omission with respect to this Plan (including any act or omission by an employee) fails to satisfy such exemptive condition under Rule 16b-3 or otherwise is inconsistent with such condition,
such provision, guideline, or act or omission shall be deemed null and void. 
  

	11.	INDEMNIFICATION OF COMMITTEE 

In addition to such other rights of indemnification as they may have as trustees or as members of the Committee, the members of the
Committee shall be indemnified by the Trust against the reasonable expenses, including attorneys’ fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Trust) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding
that such Committee member is liable for negligence or misconduct in the performance of his or her duties; provided that within 60 days after institution of any such action, suit or proceeding a Committee member shall in writing offer the Trust the
opportunity, at its own expense, to handle and defend the same. 
  

	12.	AMENDMENT OR TERMINATION OF PLAN 

The Committee may, to the extent permitted by law, from time to time, with respect to any Shares, including those Shares subject to
options that may be exercised in the Purchase Period in which the action occurs, suspend, discontinue, revise, or amend the Plan in any respect whatsoever. Notwithstanding any other provision of this Plan, the Committee may terminate this Plan at
any time after January 1, 2011, upon 10 days notice to employees, by declaring an early end to the Option Term then in effect. In that event, the end of the Purchase Period then in effect will be accelerated to the date designated by the
Committee, and all accumulated payroll deductions will be used to purchase Shares in accordance with ss. 7. Furthermore, the Plan may not, without the approval of a majority of the votes cast at a duly held shareholders meeting at which a quorum
representing a majority of all shares is, either in person or by proxy, present and voting on the Plan, be amended in any manner that will increase the number of shares subject to the Plan or change the class of employees eligible to receive options
under the Plan. 
  

	13.	EFFECTIVE DATE OF PLAN 

 In the
discretion of the Committee, the Plan was approved by the Board and became effective as of April 1, 1999, was approved by the holders of at least a majority of the Shares present or represented, and entitled to vote, on April 29, 1999, and
was amended and restated and approved by shareholders effective June 3, 2010. 
  

	14.	ABSENCE OF RIGHTS 

 The granting
of an option to a person shall not entitle that person to continued employment by the Trust or a subsidiary corporation or affect the terms and conditions of such employment. The Trust or any subsidiary corporation shall have the absolute right, in
its discretion, to terminate an employee’s employment, whether or not such termination may result in a partial or total termination of his or her option under this Plan. 

 

 B-7 

	15.	APPLICATION OF FUNDS 

 The
proceeds received by the Trust from the sale of Shares pursuant to options will be used for general corporate purposes. 
  

	16.	MISCELLANEOUS 

 
(a) Provisions of Plan Binding. The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each employee participating in the Plan, including, without limitation, such employee’s
 estate and the executors, administrator or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such employee. 

(b) Employment. The right to participate in this Plan shall not constitute an offer of employment and no
election to participate in this Plan shall constitute an employment agreement for an employee. Any such right or election shall have no bearing whatsoever on the employment relationship between an employee and any other person. Finally, no employee
shall be induced to participate in this Plan, or shall participate in this Plan, with the expectation that such participation will lead to continued employment. 

(c) Applicable Law. Pennsylvania law shall govern all matters relating to this Plan except to the extent it
is superseded by federal law. 
  

 B-8Lease dated as of April 26, 2010

 Exhibit 10.1 

 

			
		  	DETROIT BOARD OF REALTORS
		
		  	 (1) THIS LEASE made this 26th day of April, 2010, by and between ADF PROPERTIES, L.L.C., a Michigan Limited Liability
Company, 26171 Valhalla Drive, Farmington Hills, Michigan 48331, the Lessor, hereinafter designated as the Landlord, and LIONBRIDGE TECHNOLOGIES, INC., a Delaware corporation, 1050 Winter Street,
Suite 2300, Waltham, Massachusetts 02451 , the Lessee, hereinafter designated as the Tenant.

		
	DESCRIPTION	  	 (2) WITNESSETH: The Landlord, in consideration of the rents to be paid and the covenants and agreements to be
performed by the Tenant, does hereby lease unto the Tenant the following described premises situated in the City of Madison Heights, County of Oakland, State of Michigan, to-wit:

 
 commonly known as 1521 E. Avis Drive.

		
	TERM	  	 (3) For the term of two (2) months, which may be extended at Tenant’s sole option to thirty six (36) months by giving notice to Landlord at least
20 days prior to the conclusion of the initial 60 day period, from and after the first (1st)
day of occupancy by Tenant to be May 1, 2010, fully to be completed and ended, the Tenant yielding and paying during the continuance of this lease unto the Landlord

		
	RENT	  	 for the rent of said premises for said term, the sum of Sixteen Thousand and 00/100 ( $16,000) Dollars (plus Two Hundred Seventy Two
Thousand and 00/100 ($272,000.00) Dollars Gross Rent if extended to thirty-six (36) months as stated above) in lawful money of the United States payable in monthly installments in advance, on or before the first
(1st) day of each and every month as follows:

 
 Months 1 thru 2 – Pay Eight Thousand and
00/100 ($8,000.00) Dollars per month
  

Months 3 thru 36 – Pay Eight Thousand and 00/100 ($8,000.00) Dollars per month.

		
	RENT	  	 (4) The Tenant hereby hires the said premises for the said term as above mentioned and covenants well and truly to pay, or cause to be paid unto the
Landlord at the dates and times mentioned, the rent above reserved.

		
		  	 (5) All payments of rent or other sums to be made to the Landlord shall be made at such a place as the Landlord
shall designate in writing from time to time.
  
 (6) If
the Tenant shall default in any payment or expenditure other than rent required to be paid or expended by the Tenant under the terms hereof, then within 5 business days of written notice, the Landlord may at its option make such payment or
expenditure, in which event the amount thereof shall be payable as rental to the Landlord by the Tenant on the next ensuing rent day together with interest at ten (10%) percent per annum from the date of such payment or expenditure by the
Landlord and on default in such payment the Landlord shall have the same remedies as on default in payment of rent.

		
	ASSIGNMENT	  	 (7) Except to a majority owned subsidiary or affiliate for which consent is not required, the Tenant covenants not to assign or transfer this lease or
hypothecate or mortgage the same or sublet said premises or any part thereof without the written consent of the Landlord, which consent shall not be unreasonably withheld or delayed. Any assignment, transfer, hypothecation, mortgage or subletting
without said written consent shall give the Landlord the right to terminate this lease and to reenter and repossess the leased premises.

		
	 BANKRUPTCY
 AND

INSOLVENCY
	  	 (8) The Tenant agrees that if the estate created hereby shall be taken in execution, or by other process of law, or if the Tenant shall be declared
bankrupt or insolvent, according to law, or any receiver be appointed for the business and property of the Tenant, or if any assignment shall be made of the Tenant’s property for the benefit of creditors, then and in such event this lease may
be cancelled at the option of the Landlord.

			
	RIGHT TO MORTGAGE	  	 (9) The Landlord reserves the right to subject and subordinate this lease at all times to the lien of any mortgage or mortgages now or hereafter
placed upon the Landlord’s interest in the said premises and on the land and buildings of which the said premises are a part or upon any buildings hereafter placed upon the land of which the leased premises form a part. And the Tenant covenants
and agrees to execute and deliver within 15 days such further instrument or instruments subordinating this lease to the lien of any such mortgage or mortgages as shall be desired by the Landlord and any mortgagees or proposed mortgagees. However, as
long as Tenant is not in default under this Lease, the foreclosure of a mortgage given by Landlord shall not affect Tenant’s leasehold rights. If the Landlord defaults on the payment of its mortgage on the premises, Tenant has the option of
making the monthly payment owed and deducting the amount from the rent owed hereunder.

		
	USE AND OCCUPANCY	  	 (10) It is understood and agreed between parties hereto that said premises during the continuance of this lease shall be used and occupied for
automotive examination and related activities and for no other purpose or purposes without the written consent of the Landlord, and that the Tenant will not use the premises for any purpose in violation of any law, municipal ordinance or
regulation, and that on any breach of this agreement the Landlord may at his option terminate this lease forthwith and reenter and repossess the leased premises.

		
	FIRE	  	 (11) It is understood and agreed that if the premises hereby leased be damaged or destroyed in whole or in part by fire or other casualty during the
term hereof, the Landlord will repair and restore the same to good tenantable condition with reasonable dispatch, and that the rent herein provided for shall abate entirely in case the entire premises are untenantable and pro rata for the portion
rendered untenantable, in case a part only is untenantable, until the same shall be restored to a tenantable condition; provided, however, that if the Tenant shall fail to adjust his own insurance or to remove his damaged goods, wares, equipment or
property within a reasonable time, and as a result thereof the repairing and restoration is delayed, there shall be no abatement of rental during the period of such resulting delay, and provides further that there shall be no abatement of rental if
such fire or other cause damaging or destroying the leased premises shall result from the negligence or willful act of the Tenant, his agents or employees, and provided further that if the Tenant shall use any part of the leased premises for storage
during the period of repair a reasonable charge shall be made therefor against the Tenant, and provided further that in case the leased premises, or the building of which they are a part, shall be destroyed to the extent of more than one-half of the
value thereof, or if destroyed in whole and cannot be repaired within ninety (90) days, then either party may at his option terminate this lease forthwith by a written notice to the other. Notwithstanding the forgoing, if more than 25% of the
Premises is destroyed by fire, and Landlord can not restore the Premises within 90 days of the incident, Tenant can terminate this :Lease and will have no further payment obligations from the date of the incident forward.

		
	REPAIRS	  	 (12) The Landlord after receiving written notice from the Tenant and having reasonable opportunity thereafter to obtain the necessary workmen therefor
agrees to keep in good order and repair the roof and the four outer walls of the premises but not the doors, door frames, the window glass, window casings, window frames, windows or any of the appliances or appurtenances of said doors or window
casings, window frames and windows, or any attachment thereto or attachments to said building or premises used in connection therewith. Tenant shall be responsible for maintenance of electrical, plumbing, and HVAC in accordance with
manufacturer’s specifications, provided all are in good working condition upon commencement of the Lease.

		
	TENANT TO INDEMNIFY	  	 (13) The Tenant agrees to indemnify and hold harmless the Landlord from any liability for damages to any person or property in, on or about said
leased premises except for liability resulting from the negligence, omission, intentional acts, or breach of this Lease by the Landlord, its employees, agents, invitees, or business visitors; and Tenant will procure and keep in effect during the
term hereof public liability and property damage insurance for the benefit of the Landlord in the sum of One Million and 00/100 ($1,000,000.00) Dollars for damages resulting to one person and Two Million and 00/100 ($2,000,000.00)
Dollars for damages resulting from one casualty, and One Million and 00/100 ($1,000,000.00) Dollars property damage insurance resulting from any one occurrence. Tenant shall deliver certificates of said policies to the Landlord and upon
Tenant’s failure to do so within fifteen (15) days of Landlord’s request, the Landlord may at his option obtain such insurance and the cost thereof shall be paid as additional rent due and payable upon the next ensuing rent
day.

			
	REPAIRS AND ALTERATIONS	  	 (14) Except as provided in Paragraph 12 hereof, the Tenant further covenants and agrees that he will, at his own expense, during the continuation of
this lease, keep the said premises and every part thereof in as good repair and at the expiration of the term yield and deliver up the same in like condition as when taken, reasonable use and wear thereof and damage by the elements excepted. The
Tenant shall not make any alterations, additions or improvements to said premises without the Landlord’s written consent, which consent shall not be unreasonably withheld or delayed, and all alterations, additions or improvements made by either
of the parties hereto upon the premises, except movable office furniture and trade fixtures put in at the expense of the Tenant, shall be the property of the Landlord, and shall remain upon and be surrendered with the premises at the termination of
this lease, without molestation or injury. See Rider attached hereto and by this reference made a part hereof.

		
	EMINENT DOMAIN	  	 (15) If the whole or any substantial part of the premises hereby leased shall be taken by any public authority under the power of eminent domain, then
the term of this lease shall cease on the part so taken from the day the possession of that part shall be required for any public purpose and the rent shall be paid up to that day, and from that day the Tenant shall have the right either to cancel
this lease and declare the same null and void or to continue in possession of the remainder of same under the terms herein provided, except that the rent shall be reduced in proportion to the amount of the premises taken. All damages awarded for
such taking shall belong to and be the property of the Landlord, whether such damages shall be awarded as compensation for diminution in value to the leasehold or to the fee of the premises herein leased provided, however, that the Landlord shall
not be entitled to any portion of the award made to the Tenant for loss of business. Notwithstanding the forgoing, if more than 25% of the Premises is taken by eminent domain, and Landlord can not restore within 90 days, Tenant may terminate this
Lease.

		
	RESERVATION	  	 (16) The Landlord reserves the right of free access at all times to the roof of said leased premises. The Tenant shall not erect any structures for
storage or any aerial, or use the roof for any purpose without the consent in writing of the Landlord.

		
	CARE OF PREMISES	  	 (17) The Tenant shall not perform any acts or carry on any practices which may injure the building or be a nuisance
or menace to other Tenants in the building and shall keep premises under his control (including adjoining drives, streets, alleys or yard) clean and free from rubbish, dirt, snow and ice at all times, and it is further agreed that in the event the
Tenant shall not comply with these provisions, the Landlord may enter upon said premises and have rubbish, dirt and ashes removed and the side walks cleaned, in which event the Tenant agrees to pay all reasonable charges that the Landlord shall pay
for hauling rubbish, ashes and dirt, or cleaning walks. Said charges shall be paid to the Landlord by the Tenant within ten (10) days after the bill is presented to him and the Landlord shall have the same remedy as is provided in Paragraph 6 of
this lease in the event of Tenant’s failure to pay.
  

(18) The Tenant shall at his own expense under penalty of forfeiture and damages promptly comply with all lawful laws, orders,
regulations or ordinances of all municipal, County, State and Federal authorities affecting the premises hereby leased and the cleanliness, safety, occupation and use of same. The Landlord represents and warrants that the premises complies with all
building codes or any rules or regulations promulgated by any governmental agency as of the date of this Lease.

		
	CONDITION OF PREMISES AT TIME OF LEASE	  	 (19) The Tenant further acknowledges that he has examined the said leased premises prior to the making of this
lease, and knows the condition thereof, and that no representations as to the condition or state of repairs thereof have been made by the Landlord, or his agent, which are not herein expressed, and the Tenant hereby accepts the leased premises in
their present condition at the date of the execution of this lease “as is”.
  

(20) The Landlord shall not be responsible or liable to the Tenant for any loss or damage that may be occasioned by or through the
acts or omissions of persons occupying adjoining premises or any part of the premises adjacent to or connected with the premises hereby leased or any part of the building of which the leased premises are a part or for any loss or damage resulting to
the Tenant or his property from bursting, stoppage or leaking of water, gas, sewer or steam pipes.

		
	RE-RENTING	  	 (21) The Tenant hereby agrees that for a period commencing One Hundred Twenty (120) Days prior to the termination of this lease or options, the
Landlord may with reasonable notice to Tenant, show the premises to prospective Tenants or Purchasers, and Sixty (60) Days prior to the termination of this lease, may display in and about said premises and in the windows thereof, the usual and
ordinary marketing signs.

			
	HOLDING OVER	  	 (22) It is hereby agreed that in the event of the Tenant herein holding over after the termination of this lease, thereafter the tenancy shall be from
month to month in the absence of a written agreement to the contrary.

		
	GAS, WATER, HEAT, ELECTRICITY	  	 (23) The Tenant will pay all charges made against said leased premises for gas, water, heat and electricity during the continuance of this lease, as
the same shall become due.

		
	ADVERTISING DISPLAY	  	 (24) It is further agreed that all signs and advertising displayed in and about the premises shall be such only as advertise the business carried on
upon said premises, and that the Landlord shall control the character and size thereof, and that no sign shall be displayed excepting such as shall be approved in writing by the Landlord, and that no awning shall be installed or used on the exterior
of said building unless approved in writing by the Landlord.

		
	ACCESS TO PREMISES	  	 (25) The Landlord shall have the right to enter upon the leased premises at all reasonable hours for the purpose of inspecting the same upon twenty
four (24) hour notice to Tenant. If the Landlord deems any repairs necessary to maintain the building in the same or similar condition in which it was at the commencement of this Lease, he may demand that the Tenant make the same and if the Tenant
refuses or neglects forthwith to commence such repairs and complete the same with reasonable dispatch the Landlord may make or cause to be made such repairs and shall not be responsible to the Tenant for any loss or damage that may accrue to his
stock or business by reason thereof, and if the Landlord makes or causes to be made such repairs the Tenant agrees that he will forthwith on demand pay to the Landlord the cost thereof with interest at eight (8%) percent per annum, and if he shall
make default in such payment the Landlord shall have the remedies provided in Paragraph 6 hereof.

		
	REENTRY	  	 (26) In case any rent shall be due and unpaid or if default be made in any of the covenants herein contained and fails to cure the default within ten
(10) days of receiving written notice of the default from Landlord, or if said leased premises shall be deserted or vacated, then it shall be lawful for the Landlord, his certain attorney, heirs, representatives and assigns, to reenter into,
repossess the said premises and the Tenant and each and every occupant to remove and put out.

		
	QUIET ENJOYMENT	  	 (27) The Landlord covenants that the said Tenant, on payment of all the aforesaid installments and performing all the covenants aforesaid, shall and
may peacefully and quietly have, hold and enjoy the said demised premises for the term aforesaid.

		
	EXPENSES - DAMAGES REENTRY	  	 (28) In the event that the Landlord shall, during the period covered by this lease, obtain possession of said premises by reentry, summary
proceedings, or otherwise, the Tenant hereby agrees to pay the Landlord the reasonable expense incurred in obtaining possession of said premises, and also all reasonable expenses and commissions which may be paid in and about the letting of the
same, and all other damages. Notwithstanding the above, if occurrence described above occurs within the last three (3) months of this lease term, Tenant shall not be charged for expenses and commissions for reletting.

		
	REMEDIES NOT EXCLUSIVE	  	 (29) It is agreed that each and every of the rights, remedies and benefits provided by this lease shall be cumulative, and shall not be exclusive of
any other of said rights, remedies and benefits, or of any other rights, remedies and benefits allowed by law.

		
	WAIVER	  	 (30) One or more waivers of any covenant or condition by the Landlord shall not be construed as a waiver of a further breach of the same covenant or
condition.

		
	DELAY OF POSSESSION	  	 (31) It is understood that if the Tenant shall be unable to enter into and occupy the premises hereby leased at the time above provided, by reason of
the said premises not being ready for occupancy, or by reason of the holding over of any previous occupant of said premises, or as a result of any cause or reason beyond the direct control of the Landlord, the Landlord shall not be liable in damages
to the Tenant therefor, but during the period the Tenant shall be unable to occupy said premises as hereinbefore provided, the rental therefor shall be abated and the Landlord is to be the sole judge as to when the premises are ready for occupancy.

			
	NOTICES	  	 (32) Whenever under this lease a provision is made for notice of any kind it shall be deemed sufficient notice and
service thereof if such notice to the Tenant is in writing addressed to the Tenant at his last known Post Office address or at the leased premises and deposited in the mail with postage prepaid and if such notice to the Landlord is in writing
addressed to the last known Post Office address of the Landlord and deposited in the mail with postage prepaid. Notice need be sent to only one Tenant or Landlord where the Tenant or Landlord is more than one person.

 
 (33) It is agreed that in this lease the word “he”
shall be used as synonymous with the words “she”, “it” and “they”, and the word “his” synonymous with the words “her”, “its” and “their”.

 
 (34) The covenants, conditions and agreements made and entered
into by the parties hereto are declared binding on their respective heirs, successors, representatives and assigns.
  

(35) In the event security is given, Paragraph 37 on the last page shall be deemed a part of this lease.

 
 (36) This Lease has been prepared for submission to your
attorney for approval. No representation or recommendation is made by Colliers International as to the legal sufficiency, legal effect or tax consequences of this Lease or the transaction relating thereto. The parties shall rely solely upon the
advice of their own legal counsel as to the legal and tax consequences of this Lease.
  

TRUTH IN RENTING ACT PROVISIONS: Landlord and Tenant specifically agree that this lease shall not, is not intended, nor shall it be
construed, to violate any of the provisions of the Truth in Renting Act. If, however, any provision of this lease does in fact reach any such result, then such provision shall be null and void, but the other provisions of this lease shall continue
to remain in full force and effect.
  
 The address of
the Landlord for purposes of notice under the Truth in Renting Act and for all other purposes is 26171 Valhalla Drive, Farmington Hills, Michigan 48331.
  

IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written.

 

							
		  	WITNESSED BY:	  	LANDLORD: ADF PROPERTIES,
		  	L.L.C.,	  	
		  		  	a Michigan Limited
		  	Liability Company	  	
		  		  	
		  	 /s/ Steven A. Kohl
	  	By:	  	 /s/ Aaron Friedman

		  		  		  	Aaron Friedman
				
		  		  	Its:	  	Manager
			
		  		  	 TENANT:LIONBRIDGE TECHNOLOGIES,
INC.,
 a Delaware corporation

				
		  		  	By:	  	 /s/ Donald Muir

				
		  		  	Its:	  	CFO

 SECURITY PROVISION 

PARAGRAPH 37 (REFER TO PARAGRAPH 35 OF LEASE) 

The Landlord herewith acknowledges the receipt of Fifteen Thousand and 00/100 ($15,000.00) Dollars, which she is to retain as security for
the faithful performance of all of the covenants, conditions, and agreements of this lease, but in no event shall the Landlord be obliged to apply the same upon rents or other charges in arrears or upon damages for the Tenants’ failure to
perform the said covenants, conditions, and agreement; the Landlord may so apply the security at her option; and the Landlord’s right to the possession of the premises for non-payment of rent or for any other reason shall not in any event be
affected by reason of the fact that the Landlord holds her security. The said sum if not applied toward the payment of rent in arrears or toward the payment of damages suffered by the Landlord by reason of the Tenant’s breach of the covenants,
conditions, and agreements of this lease is to be returned to the Tenant within 15 days after the termination of this lease if not in breach , according to these terms, and in no event is the said security to be returned until the Tenant has vacated
the premises and delivered possession to the Landlord. 
 In the event that the Landlord repossesses herself of the said premises because of the
Tenant’s default or because of the Tenant’s failure to carry out the covenants, conditions, and agreements of this lease, the Landlord may apply the said security upon all damages suffered to the date of said repossession as determined by
a court of competent jurisdiction or by agreement of the parties, and may retain the said security to apply upon such damages as may be suffered or shall accrue thereafter by reason of the Tenant’s default or breach. The Landlord shall
not be obliged to keep the said security as a separate fund, but may mix the said security with her own funds. 
  

			
		 	 /s/ Aaron Friedman

	(L.S.)	 	
		 	ADF PROPERTIES, L.L.C., a Michigan Limited Liability
	Company	 	
		 	  By: Aaron Friedman, its Manager

 RIDER attached to and made a part of Lease dated April 26, 2010, by and between ADF
PROPERTIES, L.L.C., a Michigan Limited Liability Company, Landlord, and LIONBRIDGE TECHNOLOGIES, INC., a Delaware corporation, Tenant, covering premises commonly known as 1521 E.
Avis Drive, Madison Heights, Michigan. 
  

			
	38. INSURANCE	  	Landlord agrees to provide fire and extended coverage insurance for the benefit of Landlord and Tenant for the entire premises known as 1521 E. Avis Drive, Madison Heights,
Michigan.
		
	39. BUILDING INSPECTION	  	Tenant will inspect all aspects of the building within the first sixty (60) days of the lease, at no cost to Landlord. All reports of those inspections will be given to Landlord
during that period of time, again at no cost to Landlord.
		
	40. ALTERATIONS	  	Tenant shall further be required to comply with all building codes or any rules or regulations promulgated by any governmental agency, provided, however, that regarding any changes
that are mandated by ADA (or similar government mandates) to the extent that they are not tenant specific, such changes shall be the responsibility of the Landlord. Upon expiration of the Lease, the Landlord shall have the option of requiring the
Tenant to remove any alterations and restore the building to its original condition at the time of rent commencement, normal wear and tear excepted. or require that the Tenant leave the premises in the altered condition without any cost to the
Landlord provided Landlord gave Tenant notice upon consent that such removal was required. Landlord shall approve the selected contractor and shall not unreasonably withhold such approval. All such alterations which occur during the term of this
Lease or subsequent to its expiration, must be paid for in accordance with the Contractor’s invoicing so as to prevent any liens from being filed against the leased premises. Should such a lien be filed against the premises, Tenant agrees to
cause such lien to be removed or bonded over not later than thirty (30) days thereafter.
		
	41. WAIVER OF SUBROGATION	  	Each party hereto does hereby remise, release and discharge the other party hereto and any partner, officer, agent, employee or representative of such party, of and from any
liability whatsoever arising from loss, damage, or injury caused by fire or other casualty for which insurance (permitting waiver of liability and containing a waiver of subrogation) is carried by the injured party at the time of such loss, damage
or injury to the extent of any recovery by the injured party under such insurance.
		
	42. LAWN MAINTENANCE	  	Tenant agrees to maintain the lawn and landscaping, including necessary weed control and fertilization, by licensed contracted service. Underground lawn sprinkler lines must be
maintained by Tenant during the growing season and protected each Fall before the first freeze by blowing out system to rid lines of water, thus avoiding freezing and subsequent splitting of lines.
		
	43. PARKING LOT	  	Tenant agrees to maintain parking lot, which includes, at the minimum, necessary repairs, sealing and re-striping (when notified by Landlord of such need) by a licensed asphalt
paving contractor. Tenant will also provide for snow removal as required at Tenant’s own expense. Tenant agrees to fully indemnify Landlord for any damages caused by such snow removal activities.
		
	44. UTILITIES	  	Tenant agrees to pay for all utilities for the premises known as 1521 E. Avis Drive, Madison Heights, Michigan, including gas, electricity, water, CATV, sewage charges, and trash
removal.
		
	45. OPTION TO RENEW	  	Provided Tenant is not in default of the terms of this Lease, Tenant may have one (1) three (3) year option to renew upon the same terms and conditions of this Lease, except that
the monthly base rental shall be the lesser of Fair Market Value at the time of notice or Nine Thousand Five Hundred and 00/100 ($9,500.00) Dollars Per Month. Tenant shall exercise its option by written notice to Landlord one hundred twenty (120)
days prior to the expiration of the lease term. Said option shall be personal to Tenant.

  

					
	WITNESSED BY:	  	LANDLORD:	  	 ADF PROPERTIES, L.L.C.,

a Michigan Limited Liability Company

			
		  	By:	  	 /s/Aaron Friedman

		  		  	Aaron Friedman
		  	Its:	  	Manager
			
		  	TENANT:	  	LIONBRIDGE TECHNOLOGIES, INC.
		  		  	a Delaware corporation
			
		  	By:	  	 /s/ Donald Muir

		  	Its:	  	CFO

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