Document:

EX-10.24

 Exhibit 10.24 
 DATED 29 OCTOBER 2012 
  

 

DEED OF VARIATION 

relating to 

GROUND, FIRST AND SECOND FLOORS 

NORDIC HOUSE 120 HIGH STREET PURLEY 

between 

SPHERION TECHNOLOGY (UK) LIMITED 

and 
 CTI
DATA SOLUTIONS LIMITED 
 Ross & Craig Solicitors 

12A Upper Berkeley Street 
 London W1H 7QE 
 REF: SAG/NMW/SPH001.269 

 CONTENTS 
 CLAUSE 
  

					
	 1. Interpretation
	  	 	1	  
	 2. Variations of the Lease
	  	 	2	  
	 3. Tenant’s covenant
	  	 	3	  
	 4. Landlord’s Covenant
	  	 	3	  
	 5. Payments
	  	 	3	  
	 6. Registration of this deed
	  	 	3	  
	 7. Contractual rights of third parties
	  	 	4	  
	 8. 1954 Act Exclusion
	  	 	4	  

 SCHEDULE 
  

							
	 SCHEDULE
	 	VARIATIONS TO THE LEASE	  	 	5	  
	1.	 	 Deletion of existing clauses
	  	 	5	  
	2.	 	 Replacement of existing clauses
	  	 	5	  
	3.	 	 Reduced rent
	  	 	5	  

 This deed is dated 29 October, 2012 
 HM Land Registry 
 Landlord’s title number: SGL530625 

Administrative area: Croydon 

Tenant’s Title Number: SGL664785 

Administrative Area: Croydon 

PARTIES 
  

	(1)	SPHERION TECHNOLOGY (UK) LIMITED incorporated and registered in England and Wales with company number 03129645 whose registered office is at C/O Bryan Cave 88
Wood Street London EC2V 7QS (Landlord). 

  

	(2)	CTI DATA SOLUTIONS LIMITED incorporated and registered in England and Wales with company number 02969593 whose registered office is at Daisyfield Business
Centre, Appleby Street, Blackburn, United Kingdom BB1 3BL (Tenant) 

 BACKGROUND 

 

	(A)	This deed is supplemental and collateral to the Lease. 

  

	(B)	The Landlord and the Tenant have agreed to vary the Lease on the terms set out in this deed. 

 

	(C)	The Landlord is entitled to the immediate reversion to the Lease. 

  

	(D)	The residue of the term granted by the Lease is vested in the Tenant. 

 AGREED TERMS 
  

	1.	Interpretation 

  

	1.1	The definitions in this clause apply in this deed. 

 Existing Rent: the yearly rent of £44,993.35 reserved by the Lease. 

Lease: a lease of the Property dated 20 April 2005 and made between (1) the Landlord and (2) the Tenant. 

New Rent: the yearly rent of £33,683.50 exclusive of Value Added Tax,. 

Property: Ground, First and Second Floors Nordic House 120 High Street Purley Surrey as more particularly described in and demised
by the Lease. 
 Rent Obligations: all obligations in the Lease relating to the yearly rent including, without limitation,
the obligation to pay the yearly rent, the provision for re-entry on the non-payment of the yearly rent, the obligation to pay interest on any arrears of the yearly rent and the provisions for the review of the yearly rent. 

Value Added Tax: value added tax chargeable under the Value Added Tax Act 1994 and any similar replacement tax and any similar
additional tax. 

  
 1 

	1.2	References to the Landlord include a reference to the person entitled for the time being to the immediate reversion to the Lease. References to the Tenant
include a reference to its respective successors in title and assigns. 

  

	1.3	A reference to the Lease includes any deed, licence, consent, approval or other instrument supplemental to it. 

 

	1.4	A reference to laws in general is to all local, national and directly applicable supra-national laws in force for the time being, taking account of any amendment,
extension, application or re-enactment and includes any subordinate laws for the time being in force made under them and all orders, notices, codes of practice and guidance made under them. 

 

	1.5	A person includes a corporate or unincorporated body. 

  

	1.6	Each of the expressions landlord covenant and tenant covenant have the meaning given to them by the Landlord and Tenant (Covenants) Act 1995.

  

	1.7	Unless the context otherwise requires, a reference to the Property is to the whole and any part of it. 

 

	1.8	Except where a contrary intention appears, a reference to a clause or Schedule, is a reference to a clause of, or Schedule to, this deed and a reference in a Schedule
to a paragraph is to a paragraph of that Schedule. 

  

	1.9	Clause, Schedule and paragraph headings do not affect the interpretation of this deed. 

 

	1.10	Except to the extent that they are inconsistent with the definitions and interpretations in clause 1 of this deed, the definitions and interpretations in clause 1 of
the Lease shall apply to this deed. 

  

	2.	VARIATIONS OF THE LEASE 

 

	2.1	Variations made 

 From and
including the date of this deed, the Lease shall be read and construed as varied by the provisions set out in the Schedule. 

  
 2 

	2.2	Lease remains in force 

The Lease shall remain fully effective as varied by this deed and the terms of the Lease shall have effect as though the provisions
contained in this deed had been contained in the Lease with effect from 1 January 2012. 
  

	3.	TENANT’S COVENANT 

 The Tenant covenants to observe and perform the tenant’s covenants in the Lease as varied by this deed. 
  

	4.	LANDLORD’S COVENANT 

 The Landlord covenants to observe and perform the landlord’s covenants in the Lease as varied by this deed. 
  

	5.	PAYMENTS 

  

	5.1	On the date of this deed, the Tenant shall pay to the Landlord all rent and other sums due under the Lease up to, and including, completion of the this Deed, to the
extent that such sums have not already been paid, or the Landlord shall pay the Tenant a refund of all sums paid in relation to the period from 1 January 2012 as annual rent or other sums relating to the Second Floor of Nordic House.

  

	5.2	It is hereby acknowledged that notwithstanding the provisions of the Lease or otherwise the Tenant shall have no repair or other liability in relation to the condition
of the Second Floor of the Property and the Landlord shall release the Tenant from such Tenant covenants in respect of the Second Floor of the Property only in the Lease and from all liability for any subsisting breach of them and the Landlord shall
not be entitled to make any claim in this respect regardless of its own liability to the Landlord as defined in the Superior Lease dated 4 April 1989 and made between Conifer Court Limited (1) GN Elmi Limited (2) and GN Elmi a.s. (3)

  

	6.	REGISTRATION OF THIS DEED 

 

	6.1	Application for registration 

 Promptly following the completion of this deed, the Tenant shall apply to register this deed at HM Land Registry against the Tenant’s registered title number. 

 

	6.2	Requisitions 

 The Tenant
shall ensure that any requisitions raised by HM Land Registry in connection with an application for registration are dealt with promptly and properly. 

  
 3 

	6.3	Official copies 

 Within
one month after completion of the registration, the Tenant shall send to the Landlord official copies of the registered titles. 

This deed and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 
  

	7.	CONTRACTUAL RIGHTS OF THIRD PARTIES 

No term of this deed shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a third party but this does not affect
any right or remedy of a third party which exists or is available apart from under that Act. 
  

	8.	EXCLUSION OF SECURITY OF TENURE 

 

	8.1	the Tenant hereby confirms that before the date of this Lease:- 

  

	 	8.1.1	The Landlord served on the Tenant a notice dated 27 July, 2012 in relation to the tenancy created by this Lease (“the Notice”) in a form complying with the
requirements of Schedule 1 to the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003 (“the Order”) 

  

	 	8.1.2	the Tenant, or a person duly authorised by the Tenant, in relation to the Notice made a statutory declaration (“the Declaration”) dated 17
September, 2012 in a form complying with the requirements of Schedule 2 of the Order 

  

	 	8.1.3	The Landlord and Tenant agree to exclude the provisions of sections 24 to 28 (inclusive) of the Landlord and Tenant Act 1954 in relation to the tenancy created by this
Lease 

 This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

  
 4 

 Schedule Variations to the Lease 

 

	1.	DELETION OF EXISTING CLAUSES 

Paragraphs 2 and 3 of the Schedule to the Lease shall be deleted. 

 

	2.	REPLACEMENT OF EXISTING CLAUSES 

There shall be deleted from Clause 1.2 of the Lease the words (“the Premises”) and there shall be inserted a new Clause 1.3 as
follows:- 
 “1.3 “The Premises” means all that Ground and First Floors of Nordic House 120 High Street Purley
Surrey comprising a total of 2,323 square feet as more particularly described in the Superior Lease save in respect of references in the Superior Lease to the Second Floor” 

 

	3.	REDUCED RENT 

  

	3.1	The Lease shall reserve the New Rent in the place of, and not in addition to, the Existing Rent. 

 

	3.2	 The New Rent shall be payable from 1st January 2012 by the same instalments and on the same dates as the Existing Rent . 

 

	3.3	All Rent Obligations shall be read and construed as referring to the New Rent. 

 

			
	 Executed as a deed by SPHERION
 TECHNOLOGY (UK) LIMITED
 acting by two directors or one director

and the Company Secretary
	  	 Ron Fuccillo – Vice President and
 Treasurer Director
  
 Steve
McMahan – Executive Vice
 President Director OR Secretary

  

			
	 Executed as a Deed by
 CTI DATA SOLUTIONS LIMITED
 acting by two directors or one director

and the Company Secretary
	  	 /s/ John Birbeck Director

/s/ Manfred Hanuschek

Secretary

  
 5EX-10.25

 Exhibit 10.25 
 Dated 23 October 2012 
 CANAL & RIVER TRUST 

and 

CTI BILLING SOLUTIONS LIMITED 
  

 
 LEASE

 relating to 
 Office Suites 502, 504 and 506 Daisyfield Business Centre 
 Appleby Street
Blackburn Lancashire 
  
  

 
 

 
 1a Tower Square 
 Wellington Street 
 LEEDS 

LS1 4DL 

 CONTENTS 

 

							
	 	 	 	  	Page	 
	 Clause
	  			
			
	 1
	 	PARTICULARS	  	 	1	  
	 2
	 	RECITALS	  	 	1	  
	 3
	 	DEMISE	  	 	2	  
	 4
	 	SAME TERMS	  	 	2	  
	 5
	 	COVENANTS	  	 	2	  
	 6
	 	NEW LEASE	  	 	2	  
	 7
	 	AGREEMENT FOR LEASE	  	 	2	  
	 8
	 	CHARTIES ACT STATEMENTS	  	 	2	  

 THIS LEASE is made on 23 October 2012 
 BETWEEN: 
  

	(1)	CANAL & RIVER TRUST (a company limited by guarantee and with company number 07807276 and registered charity number 1146792) whose principal office is at
First Floor North, Station House, 500 Elder Gate, Milton Keynes, MK9 1BB (“Landlord”); and 

  

	(2)	CTI BILLING SOLUTIONS LIMITED (Company Number 02185983) whose registered office is at Suite 504 Daisyfield Business Centre Appleby Street Blackburn BB1 3BL
(“Tenant”). 

 IT IS AGREED as follows: 

 

	1	PARTICULARS 

  

	 	1.1	Interpretation of “this Lease”. 

 The expression “this Lease” includes (unless expressly stated to the contrary) any document supplemental to or collateral with this document (including any side letter between the
parties) or entered into in accordance with this document except the Original Lease. 
  

	 	1.2	“Contractual Term” means the period commencing on and including 1 January 2012 and expiring on and including 31 December 2014.

  

	 	1.3	“Premises” means the premises known as suite 502, 504 and 506 Daisyfield Business Centre Appleby Street Blackburn BB1 3BL which were more particularly
demised in the Original Lease. 

  

	 	1.4	“Original Lease” means a lease dated 24 April 2009 and made between (1) British Waterways Board and (2) the Tenant by which the Premises
were demised to the Tenant for a term of three years expiring on 31 December 2011. 

  

	 	1.5	“VAT” means value added tax or any other tax of a similar nature and unless otherwise expressly stated all references to rents or other sums payable by
the Tenant are exclusive of VAT. 

  

	2	RECITALS 

  

	 	2.1	The reversion immediately expectant upon the expiry of the term granted by the Original Lease remains vested in the Landlord and the unexpired residue of the Term
granted by the Original Lease remains vested in the Tenant. 

  

	 	2.2	The Tenant has requested the Landlord to grant a lease to the Tenant of the Premises on the terms appearing in this Lease. 

 

	 	2.3	The Landlord was formerly the British Waterways Board whose transfer of functions were transferred to the Canal & River Trust by virtue of Statutory Instrument
2012 No. 1659 (The British Waterway Board (Transfer of Functions) Order 2012) dated 1 July 2012. 

  
 Page 1

	3	DEMISE 

 In consideration
of the covenants hereinafter contained by the Tenant the Landlord hereby grants and demises unto the Tenant the Premises TO HOLD the Premises to the Tenant TOGETHER WITH the rights granted by the Original Lease but EXCEPT AND RESERVING to the
Landlord the matters excepted and reserved by the Original Lease for the Contractual Term yielding and paying to the Landlord from the Rent Start Date the yearly rent of £76,850.00 (Seventy Six Thousand Eight Hundred and Fifty Pounds) plus VAT
and other rents to be calculated from time to time as provided by the Original Lease payable without any deduction or setoff in advance on the Rent Payment Dates the first payment (being a proportionate sum in respect of the period from and
including the Rent Start Date up to and including the next following Rent Payment Date) to be made on the date hereof 
  

	4	SAME TERMS 

 This Lease is
made upon the same terms and subject to the same covenants, provisos and conditions as are contained in the Original Lease (except as modified in the Schedule) so that this Lease shall be construed and take effect as if the terms, covenants,
provisos and conditions were repeated in this Lease in full (mutatis mutandis) with such modifications only as are necessary to make them applicable to the demise and the parties to this Lease. 

 

	5	COVENANTS 

  

	 	5.1	The Tenant covenants with the Landlord to observe and perform all the covenants and conditions on his part contained in the Original Lease as modified as above.

  

	 	5.2	The Landlord covenants with the Tenant to observe and perform all the covenants and conditions on his part contained in the Original Lease as modified as above.

  

	6	NEW LEASE 

 This Lease is
a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995. 
  

	7	AGREEMENT FOR LEASE 

 We
certify that there is no agreement for lease to which this Lease gives effect. 
  

	8	CHARTIES ACT STATEMENTS 

  

	 	8.1	The Landlord is not an exempt charity and the Premises is held by the Canal & River Trust a non-exempt charity and this Lease is not one falling within section
117(3) of the Charities Act 2011 so that the restrictions imposed by section 117-121 of that Act apply to the Premises. 

  

	 	8.2	Greta O’Shea, authorised by the trustees of the Canal & River Trust by a Resolution of its Board of Trustees dated 6 July 2012, certifies on behalf
of the trustees of the Canal & River Trust that the trustees have power under the trusts of the charity to effect this disposition and that they have complied with the provisions of sections 117-121 of the Charities Act 2011 so far as
applicable to it. 

 IN WITNESS whereof this Lease was executed as a Deed the day and year first hereinbefore written.

  
 Page 2

 SCHEDULE 
 The Original Lease shall be amended as follows: 
 Page 2 Lease Particulars 

 

			
	“Rent Start Date”	  	the words “1 July 2009” shall be deleted and replaced with the words “1 April 2012”
		
	“Rent”	  	the words in that paragraph shall be deleted and replaced with the following” £76,850.00 (seventy six thousand eight hundred and fifty pounds) exclusive of
VAT”
		
	“Break Date”	  	the definition of Break Date and the words in that paragraph shall be deleted in their entirely.
		
	“Term Commencement	  	
		
	Date”	  	the words “1 January 2009” shall be deleted and replaced with the words “1 January 2012”

 Page 4 Clause 2.1 shall be amended by deleting the words “1 July 2009” and replacing them with “1
April 2012” 
 Page 13 there shall be added a new clause 5.14 as follows: 
 “5.14 Carpets 
 The Landlord and Tenant agree that notwithstanding any terms of this
lease (whether as to repair or dilapidations) the Tenant shall have no responsibility under this Lease to the Landlord to repair or return the carpets to the Landlord at the end of the term in any better condition than they are in at the end of the
Term.” 
 Page 13 Clause 9 Right to Determine shall be deleted in its entirety. 

  
 Page 3

					
	EXECUTED as a Deed by affixing the COMMON SEAL of CANAL & RIVER TRUST in the presence of:	  	
			
	Authorised Signatory:	  	/S/ Greta O’Shea	  	
			
	Name (in block capitals)	  	GRETA O’SHEA	  	
		
	EXECUTED as a Deed by CTI BILLING SOLUTIONS LIMITED acting by two directors or one director and the secretary:	  	
			
	DIRECTOR	  	/S/ John Birbeck	  	
			
	Name (in block capitals)	  	JOHN BIRBECK	  	
			
	DIRECTOR/SECRETARY	  	/S/ Manfred Hanuschek	  	
			
	Name (in block capitals)	  	MANFRED HANUSCHEK	  	

  
 Page 4

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