Rental Agreement Summary between BIG Power Centers and Vringo (Israel) Ltd. dated March 27, 2006
This agreement is between BIG Power Centers and Vringo (Israel) Ltd. for the rental of approximately 351.5 square meters of office space, including common areas. The initial lease term is 24 months starting June 1, 2006, with two automatic 24-month renewal options unless Vringo opts out six months before renewal. Rent is set at $10 per square meter for the first term, increasing slightly in subsequent terms, and is paid in Israeli Shekels based on a fixed exchange rate and linked to the Consumer Price Index. BIG will reimburse Vringo $50 per square meter for renovation expenses.
Exhibit 10.14
English Summary of Rental Agreement, dated March 27, 2006, by and between
BIG Power Centers & Vringo (Israel) Ltd.
| • | The total area rented is equal to approximately 340 sq. meters (this was later adjusted to 351.5 sq. meters after final measurements were taken). This includes 25% over the actual space for common spaces (lobby, bathroom, parking spaces etc.) |
| • | The first rental period is for 24 months from June 1, 2006 through May 31, 2008 |
| • | There are then two further options for 24 months each that will automatically renew unless Vringo indicates that it does not intend to take these options up six months prior to the end of the rental period |
| • | The cost of the rent during the first period will be $10/ sq. meter plus VAT. This amount is to be paid in New Israeli Shekels (NIS) according to the NIS-USD exchange rate of March 27, 2006. The amount is also linked to the Consumer Price Index as published by the Israeli Central Bureau of Statistics on March 15, 2006. |
| • | The cost of the rent during the second rental period will be $10.35/ sq. meter |
| • | The cost of the rent during the third period will be $10.72/ sq. meter |
| • | BIG will reimburse the Company for $50/ sq. meter for all expenses incurred in the renovation of the offices (Received in October 2006) |
