EX-10.29



 Exhibit 10.29 
 



 
  
 Lease
contract Contract No. ¡ 2015002 The landlord: Jiangsu Jianhao Transmission Machinery Co., Ltd (hereinafter referred to as “Party An) Address of Party A: 128 Changzhou Road, high-tech Zone of Changzhou, Dafeng Legal representative of Party
A: Wu, JianJun The lessee: TPI Wind Blade Dafeng Co. ¡ALtd.(hereinafter referred to as “Party B”) Address of Party B: Building 1 Changzhou Road West side and Weisan Road North side, Dafeng Wayne G. Monie Legal representative of Party
B: Wayne G. Monie On basis of equality, free-will, fairness and good faith through consultation ,Party A and Party B hereby legally enter into this Contract on subject matter of leasing the industry estate and related land located at 128 Changzhou
Road in High-tech Zone of Changzhou in Dafeng City, Jiangsu Province (same site and scope as the land of use certificate, hereinafter referred to as ‘‘the premises” )in accordance with the Constitution of the People’,s Republic
of China and relevant laws and regulations. 







 



 
  
 I. Rental
location, area and use Party A agrees to legally lease the entire aforementioned industrial premises to Party B. The main factory, containing structure area of 41064 square meters and auxiliary structure area of 374 square meters, shall be leased by
Party B for the production of wind power blades or tooling. Total area of land occupation of the premises and auxiliary land is 61888.6 square meters. Please see the figure for specific scope including the following premises. Party B should ensure
compliance with the relevant national and city laws and regulations pertinent to leasehold and property management, use the premises as per rental location, area, use and management agreement in this Contract. During the lease period, Party B is
allowed to make relevant modifications, expansion or demolishment of the structure of the premises, and sublease to other parties due to the needs of the operations, subject to written consent from Party A. Party B guarantees that business
activities meet relevant national and city laws and regulations, holds valid business license and qualification certificates in compliance with the starting of business. Party B is responsible and will undertake all the consequences for business
activities. When signing the contract, Party B should provide Party A with copies of business license and qualification certificates for filing. Period of the lease, delivery and withdrawal The initial lease period is five years, starting from Jan.
1st, 2016 and ending on Dec. 31st, 2020 and Party B will have two options of five years each to lease the premises after the initial term expires Party A should have transferred the premises to Party B, and Party B is allowed to have possession and
occupancy upon signing the lease. 







 



 
  
 Upon the
expiry of the lease, Party A has the right to immediately retrieve the premises. Party B should return the undamaged and whole occupation of the premises which are intact with the original structure when leasing or, with the confirmation by Party A,
after premises fitment that is safe for immediate use to Party A within 5 business days after the expiry of leasing period without any condition. Any request for exercising the renewal options by Party B should be filed to Party A at least 90 days
prior to the expiry. With the agreement of Party A, Party B should sign the renewing lease contract with Party A at least 30 days prior to the expiry in order to continue renting. If Party A agrees on renewing the lease while Party B fails to sign
the renewing lease contract 30 days prior to the expiry of the lease period, Party A has the right to retrieve workshop for self-use or sign a lease contract with any third party and Party B should not raise any objection. Rental fee and payment
Party A and Party B both agree that the currency of the rental fee is Chinese Yuan. The rental fee is calculated from January 1st,¡A2016. The total rental fee of the first year (from Jan 1st,,2016 to Dec 31st ¡A2016) is 6
million yuan, which includes 3.6 million yuan of factory rental, 600 thousand yuan of property management fee, and 1.8 million yuan of equipment and resources fee. The total rental fee of the second year (from Jan 1st, 2017 to Dec 31st, 2017) is
6.36 million yuan, which includes 3.816 million yuan of factory rental, 636 thousand yuan of property 







 



 
  
 management
fee, and 1.908 million yuan of equipment and resources fee. The total rental fee of the third year (from Jan 1st, 2018 to Dec 31st, 2018) is 6.7416 million yuan, which includes 4.045 million yuan of factory rental, 674 thousand yuan of property
management fee, and 2.0226 million yuan of equipment and resources fee. The total rental fee of the fourth year (from Jan 1st, 2019 to Dec 31st, 2019) is 7.15 million yuan, which includes 4.29 million yuan of factory rental, 715 thousand yuan of
property management fee, and 2.145 million yuan of equipment and resources fee. The total rental fee of the fifth year (from Jan 1st, 2020 to Dec 31st, 2020) is 7.579 million yuan, which includes 4.547 million yuan of factory rental, 757.9 thousand
yuan of property management fee, and 2.2741 million yuan of equipment and resources fee. In the above rental fees, the equipment and resources fee does not contain the deductible value-added tax. Other rental fee includes all taxes responsible by
Party A. The annual total rental fee for each of the two renewal option periods will start at no more than the previous year’s rental fee and shall escalate thereafter at no more than six percent per year. 







 



 
  
 Both Party
A and Party B agree on “payment cycle” of every three months. Party B should agree on the aforementioned rental fee standard and pay rental fee before lease and use. Party B has to make payment 15 days prior to each “payment
cycle” date and should pay the first rental fee upon the signing of this contract. There are four payments, 1.5 million yuan each, during the first year (from Jan 1st, 2016 to Dec 31st, 2016). There are four payments, 1.59 million yuan each,
during the second year (from Jan 1st, 2017 to Dec 31st, 2017). There are four payments, 1.6854 million yuan each, during the third year (from Jan 1st, 2018 to Dec 31st, 2018). There are four payments, 1.7875 million yuan each, during the fourth year
(from Jan 1st, to Dec 31st, 2019). There are four payments, 1.89475 million yuan each, during the fifth year (from Jan 1st, to Dec 31st, 2020). Party B shall pay the rental fee by cheque, bank credit voucher, online banking or other ways which can
transfer fee to Party A,,s designated bank account. Party A shall provide invoice within five business days after receiving rental fee from Party B. Deposit, management, water, electricity and other fees 







 



 
  
 When
signing the contract,Party B should payl million yuan as rental deposit to Party A. 200 thousand has been paid and it is necessary to make a supplementary payment of 800 thousand yuan. Party A shall provide a written receipt voucher to Party B. Upon
the expiry of leasing period or contract termination, if Party B has no violation, Party A shall return the rental deposit to Party B without any interest. If there are outstanding rental fees, costs and relevant funds for Party B, Party A has the
right to make deduction in advance from the deposit. The rental fee for the premises does not contain the management fees of Industrial Park. During the lease period, if Industrial Park needs to charge any management fee, Party B shall pay for it.
Party B is responsible for the delay of payment. Before leasing, Party A should change the name of representative of electricity and water fee payments under the name of Party B. During the leasing period, all relevant fees in respect of water and
electricity shall be paid by Party B in three days after receiving the bill or invoice. Overdue fine will be paid by Party B. Party B is responsible for the losses any water or power cut caused by delayed payments and the restore of water and
electricity supply. Upon expiration of the lease, Party A has the right to change the name of representative of electricity and water fee payments bank to Party A. During the leasing period, Party B is responsible for the installation and fees of
telephone and other communication equipment. Use and maintenance of building,facilities and equipment Party A should deliver the premises to Party B on the date of agreement, and the premises should be in the state of safety and normal use. After
Party A hands over the premises, Party B shall enhance the management on premises, auxiliary facilities and equipment (refer to the contract appendix), use them in a rational way and keep them in good condition. Party B is responsible for the
maintenance and repair for internal auxiliary facilities, equipment and fitment in the premises at Party B5s own expense. 







 



 
  
 During the
leasing period, Party A shall provide facilities and equipment to Party B for production (for details please refer to the facility and equipment list). Party B must use the equipment according to the national provisions on using of hoisting
equipment requirements, and responsible for annual inspection of crane at Party B ,s own expense. Except for the facilities and equipment listed in the contract and appendix, Party B is in charge of keeping, using, maintaining and repairing other
equipment like maintenance manual for facilities and equipment, qualification certificates, diagram for power distribution, some office furniture, electric-door remote controller and keys at Party B,s own expense. Lists signed and confirmed by both
parties shall be regarded as appendix of the contract. Party B has been aware of the current nature and status of the premises. With written consent ¡A and not to be unreasonably withheld by Party A,Party B is allowed to change structure
,purpose of use ,building style of the premises, and to construct necessary buildings for operation purposes, etc. Due to needs arise from operations, Party B shall pay RMB500k for Party B to make modifications, expansion, demolishment for the
building of 5000 square meters that causes inconvenience to Party B,s operations, to Party B,s satisfaction. For a 5-year lease, Party A has the right to require Party B to make rectifications and recover the modification, expansion and demolishment
to the original state of the building (the original book value of the 5000 square meters building is RMB5.0 million). Upon completing the 2nd 5-year lease, Party A and Party B will each cover 50% of the cost of recovering the building to its
original state (RMB2.5 million). Upon completing the 3rd 5-year lease, Party A will waive the right in requesting Party B to rectify and recover the building to its original state. If intending to reform or re-construct the premises other than
what’s stated in clause 6,5¡A Party B shall be required to submit written report and construction plan to Party A. Party B cannot start any construction without Party A,s written agreement or autographed special agreement If the
construction involves the overall structure or transformation of the premises, it is necessary to declare or file report to local relevant departments. After construction, Party B can 







 



 
  
 only start
using new facilities after relative apartment’s qualification approval,which should be sent to Party A to be filed. All the costs from constructions are responsible by Party B. Party B is responsible for all the costs of and caused by new
construction, facilities, and equipment on the premises. Upon the expiry of the lease period or termination of the contract, except for the mobile facilities and equipment, all facilities and equipment including fitment shall not be damaged and
owned by Party A without any condition. Party B should move any mobile facilities or equipment owned or constructed by Party B within 5 business days upon the expiry of the lease or termination of the contract, otherwise all the remaining facilities
and equipment are owned by Party A without any condition. Party A has the right of disposition and Party B is not allowed to require Party A to make purchase, reimbursement, compensation or delay the time of returning the premises for any reason.
Party A to provide a list of all equipment owned by Party A at the signing of the lease. The power supply capacity of the premises offered by Party A which passes the test conducted by power supply bureau is 500KVA,and can be upgraded up to 1300KVA.
Party A shall assist to apply and obtain approval for the power supply capacity upgrade if Party B requires. The fees incurred shall be paid by Party B. Upon contract expiry or termination, please subject to aforementioned provisions. Safety, fire
control and public security management in rental site Both Party A and Party B shall implement each and every effective measurements of the contract to ensure the safe operation at the leased sites. The legal representative or entrusted agency of
Party B is the first person responsible for safety, fire protection and security management of Party B and shall be responsible for the safety, security and fire protection management at the leased sites, including all buildings and sites that are
not returned to Party A at the expiry of the lease term or the termination date of the contract. Party B undertakes sole responsibility for all safety,environmental protection and fire protection accidents and various criminal and public security
cases in leasing sites. 







 



 
  
 Party B
practices manufacturing activities and shall be equipped with corresponding safety protection qualifications and conditions. Party B should set up complete responsibility systems about safe production, fire protection safety and special equipment
safety and provide education and training about safety and fire protection to all employees involved in production and operation activities. Personnel to participate in special posts shall possess relevant qualifications and certificates, which
should be reviewed in line with regulations. Party B shall prepare corresponding fire protection facilities and equipment based on the fire resistance rating and fireproof category at the leased sites. The location of fire extinguishers should be
reasonable, obvious, and convenient to utilize. These facilities or equipment shall be kept clean and secure. Party B should inspect these fire protection facilities and equipment at least once per month with regular testing, identification,
replacement and maintenance. Written report should be recorded. During the leasing period, with Party B,s written permission, Party A has the right to check the plant security, fire protection, and other safety inspections. If safety problems are
identified, Party B shall promptly fix the problems. If Party B refuses or delays to fix the problems over 30 days, Party A has the right to unilaterally terminate this contract without any condition. Party B is responsible for all the losses caused
by termination. Contract termination and contract breach liability Once the contract is signed, both Party A and Party B has no right to terminate the contract except the second, third, fourth, fifth, or eighth terms below occurs. If one Party
breaks the contract, then that Party has to pay the whole rental fee of the remaining date, based on the lease, to the other Party. After signing the contract, if Party A fails to deliver the premises to Party B as scheduled in the contract, Party B
can terminate the contract without paying the rental fee for the month. After 







 



 
  
 signing
the termination agreement, Party A shall pay Party B the rental fee for the month as compensation. In case of force majeure incidents in the leasing period resulting in the damage or loss of premises, facilities and equipment, etc. causing the lease
contract cannot proceed with performance, the contract shall be spontaneously terminated and neither Party A nor Party B shall undertake any resulting loss. If the premises is legally appropriated, relocated or developed due to municipal (district)
construction demand during the lease period, the contract shall be unconditionally terminated. However, Party A shall inform Party B in writing 360 days in advance, Party A shall discuss with Party B to agree upon certain compensation based on the
remaining time on the lease, if Party A is compensated by the government, and Party B shall obey and relocate as scheduled in the notice. At time of relocating,,if government does not require buildings on the premises to be recovered to the
original state, Party A will waive the right in requesting Party B to rectify and recover the building to its original state. Party B shall pay the rental fee on time. Each day overdue, Party B must pay 1% of daily rental fee as reimbursement. If
payment is overdue for more than thirty days, Party A has the right to unilaterally terminate this contract without any condition. All the losses caused by the termination of this contract shall be borne by Party B. If Party B could not return the
premises in good condition to Party A within 5 business days upon the expiry of the lease period or contract termination, Party B shall pay double rental fee to Party A for further using of the premises. During the lease period, any damage on the
premises, auxiliary facilities and equipment caused by Party B shall be responsible by Party B to repair. In case of failure to repair or loss of equipment, Party B should pay Party A compensation as per amount of actual loss. 







 



 
  
 During the
lease period, if Party B violates relevant provisions in the contract or operates illegal acts in the rental premises by Party B resulting in punishment from public security¡A administrative and judicial authorities, Party A has the right to
take all measures such as cutoff the power and water till the contract is terminated without any condition. Party B shall move out of the premises before deadline specified by Party A. All the resulting losses shall be undertaken by Party B. Other
supplementary provisions Both parties agree through friendly negotiation: Party B,during the lease period, has priority to purchase the premises. Party A reserves the right to sell the premises and Party B,s lease will not be affected. For existing
products and equipment (occupied around 800-1000 square meters) in the premises belonged to Party A,Party B agrees that Party A continues to store for free and promises not to use them until additional disposal made by Party A (store period around 1
year from the time this contract is signed). Party A should move them to Party B,s designated location if they hinder Party B,s operation. Others Party A and Party B shall strictly follow this contract. In terms of the outstanding issues of this
contract or to change to the contract, both parties can sign supplementary agreement in written form which has the same legal effect as this contract. In case of any dispute in performing the contract,it shall be settled through negotiations between
Party A and Party B. If no agreement is reached, it shall be allowed to file proceedings to 







 



 
  
 Party A
(Seal): Jiangsu Jianhao Transmission Machinery Co., Ltd. Contact Add.: 1288 Boxue Road, Jiading District, Shanghai Signedby The place of signing: Taicang city, Jiangsu Province Party B (Seal): TPI Wind Blade Dafeng Co., Ltd. Contact Add.: Building
#1,North of Weisan Rd, West of Changzhou Rd., Dafeng Economic Development Zone Signed by: IMONIE 1320585192718!l