SHARE PLEDGE AGREEMENT

dated as of January 29, 2015

between

Lionbridge International, 3 West Pier Business Campus, Dun Laoghaire, Co. Dublin, Ireland

(the “Pledgor”)

and

HSBC Bank USA, National Association, Corporate Trust & Loan Agency, 452 Fifth Avenue, New York, NY 10018, USA

acting as administrative agent in its own name and in the name of and for the account of the Pledgees (as defined below) as their direct representative (direkter Stellvertreter)

(the “Agent”)

and

the Pledgees

represented for all purposes hereof by the Agent acting as their direct representative (direkter Stellvertreter)

(together, the “Pledgees”)

regarding the pledge of the shares in CLS Corporate Language Services Holding AG, Switzerland, held
at any time by the Pledgor

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TABLE OF CONTENTS

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PREAMBLE

Unless the context otherwise requires, words or expressions defined in the Credit Agreement shall have the same meanings in this Agreement.

In addition, in this Agreement:

"Agent” has the meaning given to it on the first page of this Agreement.

"Agreement” has the meaning given to it in Preamble (C).

"Annex” means any annex to this Agreement.

"BEG” means the Swiss Federal Act on Book Entry Securities as amended from time to time.

"Closing Date” means the date of this Agreement.

"CO” means the Swiss Code of Obligations as amended from time to time.

"Company” has the meaning given to it in Preamble (B).

"Credit Agreement” has the meaning given to it in Preamble (A).

"Credit Documents” has the meaning given to it in the Credit Agreement.

"DEBA” means the Swiss Debt Enforcement and Bankruptcy Act as amended from time to time.

"Dividends” means all kind of dividend payments, whether in cash or in kind, in the form of additional Shares or other participation rights, or in any other form paid to the Pledgor.

"Event of Default” has the meaning given to it in the Credit Agreement.

"Lien” has the meaning given to it in the Credit Agreement.

"Participation Rights” means any kind of participation and profit share rights, such as participation certificates (Partizipationsscheine) and profit sharing certificates (Genussscheine) within the meaning of articles 656a et seq. and article 657 CO.

"Party” means any party to this Agreement.

"Pledge” has the meaning given to it in Section 2.1.

"Pledgees” means the Lenders (as defined in the Credit Agreement).

"Pledgor” has the meaning given to it on the first page of this Agreement.

"Preamble” means the preamble to this Agreement.

"Related Rights” means all moneys payable and any and all other accessory or other rights, restitution claims, benefits and proceeds in respect of, or derived from, the Shares, whether present or future and whether by way of capital reduction, redemption, substitution, conversion or otherwise, including interests, Subscription Rights, Dividends, liquidation proceeds upon liquidation of the Company and Voting Rights.

"Secured Obligations” means the Credit Party Obligations of the Borrowers (as defined in the Credit Agreement), including costs, fees and expenses, including court or reasonable out-of-court costs and reasonable attorneys’ fees and expenses arising in connection with the protection, preservation, or realization of the security granted under this Agreement, irrespective of any intermediate discharge of any but not all of the claims and obligations.

"Section” means any section of this Agreement.

"Shares” means the shares (Aktien) and the Participation Rights, together with all Related Rights, in the Company held at any time by the Pledgor as well as any shares and Participation Rights issued subsequent to the Closing Date, together with all Related Rights to be held at any time by the Pledgor.

"Subscription Rights” means the preemptive right (Bezugsrecht) and the advance subscription right (Vorwegzeichnungsrecht) of a shareholder in relation to the Shares.

"Voting Rights” means the voting rights and any other non-monetary participation rights in relation to the Shares.

The Pledgor hereby agrees to pledge and hereby unconditionally pledges to each of the Pledgees (for this purpose being represented by the Agent) individually the Shares (the “Pledge”).

The Pledge shall serve as a first ranking security interest over the Shares to each of the Pledgees for the payment and discharge of all Secured Obligations.

This Agreement shall create a continuing security for each of the Pledgees and no change or amendment whatsoever in any of the Credit Documents or any document or agreement relating thereto shall affect the validity of the Pledge or the obligations which are imposed on the Pledgor pursuant to it.

On the Closing Date, the Pledgor shall deliver to the Agent the following documents:

Upon the accrual, offer or issue and after receipt by it of any Shares to which the Pledgor is or will be entitled, the Pledgor shall promptly deliver all original share certificates and other documents representing or evidencing such Shares, in the case of registered share certificates duly assigned in blank by the Pledgor, to the Agent. In addition, the Pledgor shall procure the prompt delivery to the Agent of the documents a) and b) above as well as d) and e) above with regard to such Shares.

The Pledgor hereby represents and warrants to each of the Pledgees that on the Closing Date and the date of each Extension of Credit:

As long as no Event of Default has occurred, the Pledgor shall be entitled to exercise the Subscription Rights. All additional rights following the exercise of the Subscription Rights shall be pledged pursuant to Section 2, and additional documents shall be delivered pursuant to Section 3.

If the Pledgor does not intend to exercise any Subscription Rights, the Pledgor herewith agrees to assign and herewith assigns such Subscription Rights free of charge to the Agent, and the Agent shall be entitled, but not obliged, to exercise such Subscription Rights. For that purpose, the Pledgor shall timely co-operate with the Agent in order to permit the exercise of the Subscription Rights.

The Pledgor shall notify the Agent promptly of any grant of Subscription Rights and undertakes to notify the Agent of any intention not to exercise any Subscription Rights not less than fifteen calendar days prior to the expiration of such Subscription Rights.

Upon the occurrence and during the continuance of an Event of Default, the Agent shall be entitled, but not obliged, to exercise the Subscription Rights. In case the Agent decides to exercise the Subscription Rights, the Pledgor shall timely co-operate with the Agent in order to permit the exercise of the Subscription Rights.

As long as no Event of Default has occurred, the Pledgor shall be entitled to receive and retain all Dividends.

Upon the occurrence and during the continuance of an Event of Default, the Pledgees shall be entitled to receive and retain all Dividends in relation to the Shares, including Dividends that were approved and became due but have not been paid out prior to the occurrence of the Event of Default. The Pledgor shall co-operate in order to permit the distribution of the Dividends to the Agent acting in the name of and for the account of the Pledgees.

As long as no Event of Default has occurred, all Voting Rights remain with the Pledgor. The Pledgor shall exercise its Voting Rights in a manner consistent with this Agreement and the Credit Agreement.

Upon the occurrence and during the continuance of an Event of Default, the Pledgor shall no longer exercise its Voting Rights without the prior written consent of the Agent, acting in the name of and for the account of the Pledgees, and the Agent, acting in the name of and for the account of the Pledgees, shall have the right to exercise the Voting Rights, at its discretion, in the name of the Pledgor. For that purpose, the Pledgor herewith grants to the Agent a power of attorney to exercise the Voting Rights and shall timely (i) execute any and all proxies in favor of the Agent, acting in the name of and for the account of the Pledgees, and (ii) do all acts and things and permit all acts and things to be done which are necessary for the Agent, acting in the name of and for the account of the Pledgees, to exercise the Voting Rights.

The Pledgor shall promptly send copies to the Agent, acting in the name of and for the account of the Pledgees, of all notices and resolutions sent to the Pledgor in connection with the Shares.

For as long as the Pledge remains in effect, the Pledgor hereby undertakes, as the case may be, at its own costs:

Upon the occurrence and during the continuance of an Event of Default, the Agent, acting in the name of and for the account of the Pledgees, has the right, but not the obligation, at its full discretion and without notice or demand, to realize the Pledge by either:

Upon the occurrence and during the continuance of an Event of Default, the Pledgor shall, at its own cost, upon demand from the Agent, acting in the name of and for the account of the Pledgees, execute all documents and do all other things that the Agent may request for the realization of the Pledge.

No failure or delay on the part of the Agent and/or each of the other Pledgees to realize the Pledge or any exercise of any other right under this Agreement shall operate as a waiver thereof, nor shall any single or partial realization of the Pledge or exercise of a right under this Agreement preclude any further or other realization of the Pledge or exercise of that or any other such right.

The Agent shall not be liable towards the Pledgor for losses arising out of the realization of the Pledge, except in case of wilful misconduct or gross negligence.

Any proceeds received under this Agreement by the Agent or by any of the Pledgees shall be applied towards payment and discharge of the Secured Obligations in accordance with the Credit Agreement.

Any surplus remaining upon full and indefeasible payment and discharge in full of the Secured Obligations in accordance with Section 11 shall be returned to the Pledgor.

The Agent has been duly appointed by each of the Pledgees under the Credit Agreement to act as Agent in the name of and for the account of the Pledgees. The Agent is authorized to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with this Agreement together with any other incidental rights, powers, authorities and discretions as direct representative (direkter Stellvertreter) of the Pledgees. The Pledgor acknowledges such rights, powers, authorities and discretions.

The Agent performs this Agreement and exercises the rights of the Pledgees arising hereunder as the direct representative (direkter Stellvertreter) of each of the Pledgees. Any action with respect to this Agreement taken by the Agent shall be construed as binding upon each of the Pledgees.

The Pledgor appoints and authorizes the Agent, upon the occurrence and during the continuance of an Event of Default, to be its attorney and in its name and on its behalf to execute, deliver and perfect all documents (including to transfer Shares to an acquirer) and to do all other things that the Agent may consider to be necessary for carrying out any obligation imposed on the Pledgor under this Agreement or exercising any of the rights conferred on the Agent or any of the other Pledgees by this Agreement or by law, in particular in connection with a private realization (private Verwertung, including a self-sale (Selbsteintritt)).

The Pledgor may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Agent.

The Agent shall be permitted to transfer or delegate any rights or obligations, and to assign any claims under this Agreement subject to the terms and conditions contained in the Credit Agreement, and the Pledgor hereby explicitly consents to such assignment and transfer.

The Shares or, in case of realization of some but not all of the Shares, the remainder thereof, shall be automatically released from the Pledge if and when all Secured Obligations have been fully and indefeasibly paid and discharged in full in accordance with the terms of the Credit Agreement and no further Secured Obligations are capable of arising.

Subject to Section 11.2, if all Secured Obligations have been fully and indefeasibly paid and discharged in full and none of the Pledgees are under any further actual or contingent liability to provide funds to any Person under any Credit Document, this Agreement shall terminate and the Agent undertakes to execute and do all such reasonable acts as may be necessary to release the Shares from the Pledge. The Agent agrees to reassign and hereby reassigns all Subscription Rights assigned pursuant to Section 5.1, if any, with effect at such time when all Secured Obligations have been fully and indefeasibly paid and discharged in full and none of the Pledgees are under any further actual or contingent liability to provide funds to any Person under any Credit Document.

The Pledgees will not, and shall not be deemed to have made, any representation or warranty, whether express or implied, with respect to any assets released from the Pledge, except that at the date of the release of the Shares from the Pledge such Shares are free and clear, on such date, of any Lien arising from the acts of any of the Pledgees.

If the Agent considers in good faith that any amount received in payment or purported payment of the Secured Obligations is capable of being avoided or reduced by virtue of any insolvency, bankruptcy, liquidation or other similar laws, the Pledgor’s liability under this Agreement and the security constituted by this Agreement shall continue and such amount shall not be considered to have been fully and indefeasibly paid and discharged in full.

All notices or other communications to be given under or in connection with this Agreement shall be made in writing and, unless otherwise instructed by a Party, shall be delivered by hand, by registered mail (return receipt requested), by an internationally recognized courier or by telecopier to the following addresses:

a) If to Pledgor to:

Lionbridge International

3 West Pier Business Campus

Dun Laoghaire, Co. Dublin, Ireland

Attention: Marc Litz, Director

Telecopier: +1-781-434-6034

Telephone: 353-1-202-1200

With a copy to:

Attention: General Counsel

Telecopier: +1-781-434-6057

Telephone: +1-781-434-6000

b) If to the Agent or the Pledgees to:

HSBC Bank USA, National Association

Corporate Trust & Loan Agency

452 Fifth Avenue

New York, NY 10018, USA

Telecopier: +1-212-525-1300

Telephone: +1-212-525-1362

With a copy to:

Goulston & Storrs PC

400 Atlantic Avenue

Boston, MA 02110-3333, USA

Attention: Philip A. Herman, Esq.

Telecopier: +1-617-574-7592

Telephone: +1-617-482-1776

Either Party may notify the other Party of a substitute address or telecopier number in accordance with the above by giving not less than five calendar days’ written notice.

Any notice to be given hereunder shall be given prior to the expiry of a term or deadline set forth in this Agreement or by applicable law, or the notice shall be deemed null and void. All notices or other communications shall be effective upon receipt by the Party to whom it is addressed irrespective of whether received prior to or after the expiry of such term or deadline (provided that the notice was timely and duly given in accordance with this Section 12.1).

The Pledgor shall bear all costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, execution, amendments and enforcement of this Agreement and with the release of the Shares from the Pledge.

For the purpose of or pending the discharge of any of the Secured Obligations, the Agent may convert any money received, recovered or realized from one currency to another in accordance with the terms and conditions of the Credit Agreement.

This Agreement, including Annex 1 and any other documents referred to herein, constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof, and shall supersede all prior oral and written agreements or understandings of the Parties relating hereto. All references to this Agreement shall be deemed to include Annex 1.

If any inconsistency exists between any provision of this Agreement and the provisions of any other Credit Document with respect to the subject matter hereof, the provisions of this Agreement shall prevail.

This Agreement may only be amended or any provision thereof waived by an instrument in writing signed by the Parties.

Should any part or provision of this Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative authority having jurisdiction, the other provisions of this Agreement shall nonetheless remain valid. In this case, the Parties shall endeavor to negotiate a substitute provision that best reflects the economic intentions of the Parties without being unenforceable, and shall execute all agreements and documents required in this connection.

This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

This Agreement (including all rights in rem aspects) shall be governed by and construed in accordance with the substantive laws of Switzerland.

All disputes arising out of or in connection with this Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved exclusively by the ordinary courts of the Canton of Zurich (ordentliche Gerichte des Kantons Zürich), Switzerland, venue being Zurich 1.

The Agent and each of the other Pledgees in addition have the right to institute legal proceedings against the Pledgor at any other competent court, in which case Swiss law shall nevertheless be applicable as provided for in Section 13.1.

[remainder of page intentionally left blank]

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Annex 1

Details of Shares as of the Closing Date

[signature page follows]

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Signatures

Place : Waltham, MA

Lionbridge International
(Pledgor)

By: /s/ Marc E. Litz, Director

Place: Boston, MA

HSBC Bank USA, National Association

(acting as administrative agent in its own name and in the name of and for the account of the Pledgees as their direct representative (direkter Stellvertreter))

By: Manuel Burgueno, SVP

Place: Boston, MA

The Pledgees
represented for all purposes hereof by the Agent acting as their direct representative (direkter Stellvertreter)

By: Manuel Burgueno, SVP

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