EXHIBIT 10.22
LEASE AGREEMENT
Lessor: Choo Chun-Hwan, / Hanjin Precision Co., Ltd. 613-10 Bukokdong
Ansan-city, Kyonggido
Lesser: Liquidmetal Co., Ltd.
Hong Xxxxx-Xxxx, Representative director
Referring to the lessor as "A" and the lesser as "B", the land and building
lease agreement is temporarily entered into as follows:
ARTICLE 1 OBJECT GOODS- INDICATION OF THE LAND AND BUILDING
It shall be the land and the building (hereinafter referred to as "real
estate") and as indicated in the following, which are owned by A.
Location: 4Ba Xx. 000, 0000 Xxxxxxxxxxxx Xxxxx-xxxx, Kyonggido
Area: Approximately 380 xxxxx
ARTICLE 2 KEY MONEY
The deposit shall be paid within 10 days after the agreement, which is
equivalent to 10% of the key money. (7,600,000 won)
Key money: 68,400,000 won shall be paid within 15 days after moving in
(finishing the completion inspection).
ARTICLE 3 PAYMENT OF THE RENT
Rent: Monthly rent of 9,500,000 won (excluding VAT) shall be paid on
the 4th of the next month.
3-1 The general management fee and public electricity fee shall be
calculated and paid in proportion to the area.
ARTICLE 4 LEASE PERIOD
The lease period shall be from Nov. 4, 2002 to Nov. 3, 2003. Also, it
shall be automatically extended for one year if there is no defect on
the agreement or additional cause to terminate it among both parties.
The general commercial practice shall apply to other issues.
ARTICLE 5 CANCELLATION OF THE AGREEMENT
A shall guarantee the lease agreement period to B and if not performing
the agreement, A shall meet the demand of B entirely.
ARTICLE 6 TERMINATION OF THE AGREEMENT
In case of termination of the agreement, both parties shall give the
minimum period notice 6 days or more in advance in principle.
ARTICLE 7 SUPPLEMENTARY RULES
If there is any lawsuit related to the lease of this agreement between
A and B, Seoul Civil District Court shall be the competent court for
it.
ARTICLE 8 ENFORCEMENT DATE
This agreement shall be enforced from the execution date.
A and B shall keep one copy of this agreement respectively to prove and to
comply with the aforementioned promises.
October, 2002
Lessor: Choo Chun-Hwan
Hanjin Precision Co., Ltd.
613-10 Bukokdong Ansan city, Kyonggido
Lesser: Hong Xxxxx-Xxxx
Representative director
Liquidmetal Co., Ltd.
Lease deposit 76,000,000 won (380 xxxxx x 200,000 won/xxxxx)
Rent 9,500,000 won (380 xxxxx x 25,000 won/xxxxx)
Rent VAT 950,000 won
Paid amount of the agreement amount -5,600,000 won
Amount to be paid 80,850,000 won
--------------
TRANSLATION CERTIFICATE
The undersigned hereby certifies that the foregoing is a fair and accurate
English translation of the original Lease Agreement, which is in the Korean
language.
By: /s/ XX Xxx
---------------------------------------
XX Xxx, Chief Financial Officer of
Liquidmetal Korea Co., Ltd.
