Document:

Exhibit

Exhibit 10.32

LICENSE AGREEMENT
This LICENSE AGREEMENT (this “Agreement”) dated and effective as of December 28,  2015 (the “Effective Date”) is entered into by and between Tecogen Inc., a Delaware U.S. corporation (“Tecogen”), and ULTRA EMISSIONS TECHNOLOGIES LIMITED, a joint venture company organized under the laws of Jersey (“JV”), with both JV and Tecogen being sometimes referred to in this Agreement as a “Party” or collectively as the “Parties.” 
It is agreed as follows:
1.    Certain Definitions. As used herein, the following terms shall have the following meanings:
“Field” means the development, marketing and commercialization of Tecogen’s harmful emissions reduction technology for all types engines, gasoline, hybrid, diesel or natural gas-powered, but only those that are designed for, and intended to be used in, automobiles and trucks (excluding those that are designed for, and intended to be used in, fork lift trucks) or another mobile platform. 
“Licensed IP” means (a) the patents and patent applications listed on Appendix A hereto, (b) any patents that shall issue on any of the patent applications listed on Appendix A, (c) any patents derived from continuation, continuation-in-part, divisional, reissue or re-examination applications based on the patents and patent applications referred to in clauses (a) or (b) above to the extent related to the same subject matter and (d) foreign counterparts to any of the foregoing, together with any related know-how, trade secrets or other intellectual property owned by Tecogen (other than trademarks) that would be useful to practice the Licensed IP in the Field.  
“Licensed Products” means any materials, products, systems, equipment or related services which are covered by any one or more of the claims of one or more of the Licensed IP.  
“Person” means any natural person or legal entity.
"Sublicensee" of JV means a direct or indirect licensee or sublicensee of any of the Licensed IP from JV.
“Subsidiary” of a Person means an entity in which such Person owns a majority of the equity and economic interests and a majority of the voting power so as to be able to elect a majority of the Board of Directors or equivalent governance body. 
 “Third Party” means any Person other than JV or Tecogen and their respective Subsidiaries.
2.    License Grant.
2.1    License Grants.  Subject to the terms of this Agreement, Tecogen hereby grants to JV a perpetual, exclusive, worldwide, royalty-free, fully paid-up license under the Licensed IP:
		
	(i)
	to make, have made, use, sell, offer to sell, lease, license and import Licensed Products but only in the Field; and

(ii) otherwise to use the Licensed IP solely in furtherance of the rights granted under clause  2.1(i).    
2.2    No Additional Licenses; Limitations on Tecogen.  Notwithstanding any other provision of this Agreement to the contrary, Tecogen agrees that it will not during the term of this Agreement grant to any Third Party any other license to use the Licensed IP in the Field; and Tecogen and its Subsidiaries, during the term of this Agreement, will not themselves use the Licensed IP in the Field. 
2.3    Proprietary Rights.   Except for the license rights expressly granted to JV under Section 2.1 above: (a) Tecogen shall retain all right, title and interest in and to the Licensed IP; and (b) no other license, immunity or other right is granted under this Agreement, either directly or by implication, estoppel, or otherwise. 
2.4    Sublicenses.
(a)    JV shall be entitled to sublicense the Licensed IP to its Subsidiaries only, but only for such period of time that such sublicensee remains a Subsidiary of JV and only for so long as this Agreement has not terminated. 
(b)    JV shall provide written notice to Tecogen of any sublicense granted by it of the Licensed IP and provide Tecogen with a copy thereof.
(c)     Any sublicense to a Subsidiary shall be pursuant to an agreement of which JV is a party and which shall contain provisions specifying that JV shall:
(i)    name Tecogen as a third party beneficiary of the applicable sublicense entitled to enforce the relevant provisions dealing with the protection and use of the Licensed IP; and
(ii)    be and remain responsible for the operations of such sublicensee relevant to this Agreement as if such operations were carried out by JV itself; and

Exhibit 10.32

 (iii)    take such actions as are necessary to ensure that any sublicense granted by JV under this Agreement shall require the sublicensee to comply with all applicable provisions of this Agreement.
3.    Improvements. If, during the term of this Agreement, Tecogen shall develop any improvements to the technology underlying the Licensed IP, such improvements shall be disclosed to JV and any intellectual property rights related thereto shall become part of the Licensed IP for use by JV only in accordance with this Agreement.  This provision shall be applicable only if Tecogen is free to disclose and license such improvement without any incremental financial or other obligation to any Third Party. If JV, during the term of this Agreement, shall develop any improvements to the technology underlying the Licensed IP, such improvements shall be disclosed to Tecogen and any intellectual property rights related thereto are hereby deemed to be licensed to Tecogen on the same basis as this Agreement, but for use by Tecogen only outside of the Field. This provision shall be applicable only if JV is free to disclose and license such improvement without any incremental financial or other obligation to any Third Party.
4.    Forklift Trucks.  JV and its Subsidiaries shall not develop, market or commercialize any forklift trucks that use or incorporate any of the Licensed IP without first obtaining the written consent of Tecogen. It is the intention of the Parties to enter into an additional agreement related thereto which shall require payment to Tecogen in respect of each forklift truck that is sold or leased by JV or any of its Subsidiaries to which it has granted a sublicense in accordance with the terms hereof.  
5.    Diligence.  JV shall use its best efforts to research, discover, develop and market Licensed Products for commercial sale and distribution. 
6.    Operations under the License.
4.1    Compliance with Law.  JV shall comply with and shall ensure that each of its sublicensees complies with all government statutes and regulations that relate to the Licensed Products.  
4.2    Marking.  JV shall cause all Licensed Products to be marked with all applicable U.S. Patent numbers, to the full extent required by United States law or as otherwise reasonably required by Tecogen.  JV shall similarly cause all Licensed Products shipped to or sold in any other country to be marked in a similar manner and to conform with the patent laws and practice of such country. 
7.    Protection of Patents. 
(a)    In the event that either Party becomes aware of an infringement by a Third Party of any part of the Licensed IP, such Party shall notify the other in writing to that effect. During the term of this Agreement, with respect to infringement in the Field, JV shall have the first right, which it may exercise in its sole discretion, to enforce the patent rights under the Licensed IP against any such infringement at its own expense.  In the event that JV declines to bring an infringement enforcement action with respect to any of the Licensed IP, it is understood that Tecogen shall have the right, but not the obligation, to do so pursuant to the terms of this Agreement at its own expense.  
(b)    With respect to infringement of the Licensed IP outside of the Field, Tecogen shall have the sole right, which it may exercise in its sole discretion, to enforce the patent rights under the Licensed IP against any such  infringement at its own expense.   
(c)    If either Party deems it appropriate to take any enforcement action against a Third Party, or to otherwise enter discussions with a Third Party, with respect to any alleged infringement of any of the Licensed IP, the other Party agrees at its own expense to assist in such enforcement action or negotiations and shall be entitled, but not obligated, to be represented in the relevant proceedings by counsel of its own choice at its own expense. In any event, the pursuing Party shall keep the other Party reasonably informed as to such proceedings. 
(d)    Each Party shall promptly report in writing to the other Party during the term of this Agreement any claim by any Third Party that the development or commercialization of the Licensed IP in the Field by the JV infringes the intellectual property rights of any Third Party and shall provide the other Party with all available evidence supporting said infringement or suspected infringement.  To the knowledge of Tecogen, the practice of the Licensed IP in the Field by the JV will not infringe any Third Party intellectual property rights in existence on the date hereof. Tecogen shall have the obligation, at its expense, to use reasonable commercial efforts to defend, and hold the JV harmless from and against, any such claim initiated by any Third Party.  Tecogen shall control the defense thereof with counsel of its choice, and the JV shall have the right, at its expense, to participate in the defense. Alternatively, in lieu of defending against such claim, Tecogen may, at its expense, secure a royalty-free license to use the Third Party’s intellectual property that will allow the JV to develop and commercialize Licensed Products, or may re-engineer Tecogen’s technology underlying its intellectual property so as not to be infringing the Third Party’s intellectual property.  Further, if Tecogen determines that it does not have the resources to defend against such claim, then Tecogen shall be excused from its obligation to defend, and the JV may, in its sole discretion, elect to defend, at its expense, such claim, suit or proceeding, using counsel of its own choice. If the JV so elects, the Parties shall negotiate a settlement that requires Tecogen to reimburse the 

Exhibit 10.32

JV for the expenses of its defense with sole recourse to the equity securities owned by Tecogen in the JV valued at their fair market value.
7A.    Prosecution and Maintenance.  Tecogen shall use its best efforts (including but not limited to paying necessary fees and making necessary filings with the issuing jurisdiction) to prosecute and maintain the Licensed IP, at Tecogen’s own expense, except in jurisdictions where Tecogen is not engaged in business. In the case of such exception, JV shall perform such prosecution and maintenance at its own expense. The foregoing obligations shall be reciprocal with respect to any improvements by JV. Notwithstanding the foregoing, either Party may decide to abandon or discontinue prosecution of any one or more patent applications included in Licensed IP or cease maintaining any other Licensed IP if that Party determines that it is uneconomic to do otherwise.  If such a decision is made by a Party, the other Party may undertake such prosecution and maintenance at its expense.
8.    Term and Termination.  
8.1    Term.     This Agreement shall commence on the Effective Date and shall remain in effect thereafter unless and until terminated in accordance with this Section 8. 
8.2    Termination.  
(a)    Material Breach under this Agreement.  Either Party shall have the right to terminate this Agreement upon the material breach of the other Party that, with respect to breaches that are remediable, has not been remedied during the Cure Period.  For purposes of this Agreement, “Cure Period” shall mean a period of thirty (30) days following receipt of written notice of default from the non-defaulting Party to defaulting Party detailing the nature of an alleged breach. 
(b)    Bankruptcy.  Tecogen shall have the right to terminate this Agreement by providing written notice to JV upon the occurrence of any of the following events, but only to the extent such events are not dismissed within two hundred and forty (240) days from the date such events first occurred:  (i) a receiver is appointed for JV; (ii) JV makes a general assignment of all or substantially all of its assets for the benefit of its creditors; (iii) JV commences or has commenced against it, proceedings under any bankruptcy law; or (iv) JV ceases to do business.
(c)    Failure to Fund. Tecogen shall have the right to terminate this agreement by providing written notice to JV if the investors (not including Tecogen) that are receiving equity purchase warrants in the JV in connection with this Agreement do not exercise such warrants in full in accordance with their original terms within one year from the date hereof, provided, that no such exercise shall be required if the Company has sufficient cash resources to operate its business in accordance with its business plan for the year following such first year anniversary.
8.3    Effect of Termination.  Upon termination of this Agreement, JV and each of its sublicensees shall immediately cease using the Licensed IP
9.    Confidential Information.  Each Party shall treat as confidential, even after termination of this Agreement, all confidential information disclosed to it by the other Party, shall not use such confidential information except as authorized in writing by the disclosing Party, and shall implement reasonable procedures to prohibit the unauthorized use, disclosure, duplication, misuse or removal of the disclosing Party’s confidential information. Information shall be considered confidential if marked as such or is information commonly understood to be of a type that is confidential. This provision shall not be applicable with respect to any information that becomes in the public domain other than in connection with a breach of this Agreement.
10.    Disclaimers.  
JV makes no representation or warranty that it will market a Licensed Product or, if JV does market a Licensed Product, THAT IT WILL DO SO SUCCESSFULLY. Furthermore, all business decisions including, without limitation, the design, manufacture, sale, price and promotion of Licensed Products and the decision whether to sell a Licensed Product shall be within the sole discretion of JV. NEITHER PARTY MAKES ANY OTHER EXPRESS OR IMPLIED WARRANTIES AND THERE ARE NO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
TECOGEN IS PROVIDING THE LICENSED IP AND RELATED TECHNOLOGY TO JV ON AN “AS IS” BASIS AND HEREBY DISCLAIMS ANY AND ALL WARRANTIES OF NON-INFRINGEMENT, TITLE, SUITABILITY, QUIET ENJOYMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.  SPECIFICALLY, AND NOT TO LIMIT THE FOREGOING, TECOGEN MAKES NO WARRANTY OR REPRESENTATION (I) REGARDING THE VALIDITY OR SCOPE OF THE LICENSED IP, AND (II) THAT THE EXPLOITATION OF THE LICENSED IP AND THE RELATED TECHNOLOGY WILL NOT INFRINGE ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY.
IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, ANY DAMAGES FOR LOST PROFITS, INTERRUPTION OF BUSINESS, LOSS OF TECHNOLOGY OR LOST DATA, HOWEVER ARISING, 

Exhibit 10.32

WHETHER UNDER THEORIES OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  THE FOREGOING LIMITATIONS SHALL NOT APPLY TO (I) BREACH BY EITHER PARTY OF ITS CONFIDENTIALITY OBLIGATIONS HEREUNDER; OR (II) EITHER PARTY’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 11.
11.    Indemnification.  Each Party agrees, at its own expense, to defend, indemnify and hold harmless the other Party and its officers, directors and employees from all costs, expenses (including but not limited to court costs and reasonable attorney’s fees), losses, awards or judgments of or with respect to all claims of Third Parties, whether valid or invalid, and of whatever kind or nature whatsoever, arising out of, or in connection with, any breach of this Agreement by such Party.  
12.    General Provisions.
12.1    Applicable Law.  The laws of the State of New York, USA, and to the extent applicable, the patent laws of the United States, without reference to conflicts of laws principles or any international treaties or conventions, shall control the interpretation of this Agreement and the rights, remedies and duties of the Parties hereunder.   
12.2    Severability.  The Parties hereby agree that each provision herein shall be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of any of the other clauses herein.  Moreover, if any provision is found invalid by a court of competent jurisdiction, the invalid provision shall, if practicable, be replaced by a valid, legal and enforceable provision that reflects the intentions of the Parties underlying the invalid provision; the remaining provisions shall remain in full force and effect.  
12.3    Entire Agreement; Amendment.  This Agreement and the agreements and instruments contemplated hereby constitute the entire understanding of the Parties with respect to the subject matter hereof and supersede all prior agreements and understandings of the Parties pertaining to the subject matter hereof, whether written, oral, or otherwise.  This Agreement may be altered or amended only in a writing signed by the Parties.
12.4    Waiver.  No purported waiver by any Party of any breach by the other Party of its obligations, agreements, or covenants hereunder shall be effective unless made in writing and delivered to the breaching party. No failure to pursue or elect any remedy with respect to any default under or breach of any provision of this Agreement shall be deemed to be a waiver of any subsequent similar or different default or breach.
12.5    Assignment.  Either Party may assign this Agreement or any rights and obligations contemplated herein to a company acquiring substantially all of the assets of such Party to which this Agreement relates (including by merger or equity purchase) without the consent of the other Party. Subject to the foregoing, this Agreement shall bind and inure to the benefit of the respective parties hereto and their successors and assigns. For clarity, the intellectual property of an acquirer of a Party or its affiliates, or any improvement to the Licensed IP by a Party after the acquisition, shall have no applicability to this Agreement. 
12.6    Notices.  All notices required by or permitted under this Agreement shall be in writing and shall be deemed given as of the day personally delivered, sent by fax or email, or deposited in the mail, postage pre-paid, certified or registered, return receipt requested, each such delivery method delivered, sent or addressed to the Chief Executive Officer of a Party at the address shown on its website. 
12.7      Survival.  The Parties agree that their respective rights, obligations and duties that by their nature extend beyond the termination or expiration of this Agreement shall survive any such termination or expiration.
12.8    Treatment in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, for all purposes of Section 365(n) of Title 11, U.S. Code (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined in the Bankruptcy Code.  The parties agree that JV, as a licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code.  
12.9    Disputes related to this Agreement shall be settled by arbitration in accordance with the standard commercial practices where the arbitration takes place.  If arbitration is sought by Tecogen, arbitration shall take place in London.  If arbitration is sought by JV, arbitration shall take place in New York City. 
12.10    This Agreement may be executed in any number of counterparts, and each such counterpart hereof will be deemed to be an original instrument, but all such counterparts together will constitute but one agreement. Delivery of an executed counterpart of a signature page of this Agreement by fax or email will be effective as delivery of a manually executed counterpart of this Agreement.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as an instrument under seal as of the day and year first above written. 
	
			
	TECOGEN INC.
By:______________________
	 
	ULTRA EMISSIONS TECHNOLOGIES LIMITED
By: ______________________

Exhibit 10.32

Exhibit A
	
			
	PATENT OR APP. NO.
	TITLE
	STATUS

	US 8,578,704
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	AU 2010352022
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	BR 11 2012 024840 5
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	CA 2,790,314
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	CN 201080066499.6
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	CR 2012-0533
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	DO P2012-0273
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	EP 10166307.8
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	EP 14183871.4
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	IN 7909/DELNP/2012
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	JP 2013-507925
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Pending

	KR 1434373
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	MX 330039
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	NZ 602200
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	SG 184348
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	ZA 2012/07726
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

	US 13/616,752
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide, Hydrocarbons and Hydrogen Gas in Exhausts of Internal Combustion Engines and Producing an Electrical Output
	Pending

	US 14/721,694
	Assembly and Method for Reducing Ammonia in Exhausts of Internal Combustion Engines
	Pending

	US 9,121,326
	Assembly and Method for Reducing Nitrogen Oxides, Carbon Monoxide and Hydrocarbons in Exhausts of Internal Combustion Engines
	Issued

Exhibit 10.32

	
			
	US 7,243,017
	Method for Controlling Internal Combustion Engine Emissions
	Issued

	US 14/947,276
	Systems and Methods for Reducing Emissions in Exhaust of Vehicles and Producing Electricity
	PendingExhibit

Exhibit 10.33

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF TECOGEN AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED.  THE SECURITIES OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF ANY OFFERING MATERIALS OR THIS DOCUMENT.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE SHARES OFFERED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
TECOGEN INC.
Subscription Agreement
Tecogen Inc.
45 First Avenue
Waltham, MA 02451
Ladies and Gentlemen:
1.Subscription.  The undersigned (the “Investor”) hereby agrees to purchase shares of common stock (the “Shares”) and warrants to purchase common stock (the “Warrants”) of Tecogen Inc., a Delaware corporation (“Tecogen”), for the aggregate dollar amount set forth on the signature page hereto (of which a nominal amount will be allocated to the Warrants). The Shares and the Warrants, together with the shares underlying the Warrants as the context may require, are referred to together as the “Securities.”  The Warrants will be in the form previously separately supplied to the Investor. A warrant to purchase one share of common stock will be issued for each Share purchased.
THE INVESTOR UNDERSTANDS THAT AN INVESTMENT IN THE SECURITIES INVOLVES A HIGH DEGREE OF RISK, AND THAT THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND RESALE.  THERE CAN BE NO ASSURANCES THAT THE INVESTOR WILL RECOVER ALL OR ANY PORTION OF THIS INVESTMENT.
2.Execution and Acceptance of Subscription Agreement.  Upon the execution hereof by the Investor and full payment of the purchase price for the Securities, subject to acceptance by Tecogen, Tecogen will issue to the Investor the Shares and Warrants subscribed for by the Investor.  
3.Access to Information; Independent Investigation.  The Investor hereby acknowledges that:
a.The Investor understands that Tecogen is a public company and files reports and other documents with the U.S. Securities and Exchange Commission (the “SEC”) under its EDGAR filing system. The Investor is urged to review these documents (the “SEC Filings”), which can be accessed at the SEC’s website at www.sec.gov.  To the extent that the SEC Filings contain any projections of future performance or other “forward-looking information,” the Investor acknowledges that such forward-looking information is inherently uncertain and that Tecogen is unable to make any representation that any such events will or will not, in fact, occur.
b.In making the decision to purchase the Securities, the Investor and the Investor’s advisors have, prior to any sale to the Investor, been given access and the opportunity to examine all books and records of Tecogen, all contracts and documents relating to Tecogen, and an opportunity to ask questions of, and to receive answers from, Tecogen and to obtain any additional information necessary to verify the accuracy of the information provided to the Investor. The Investor and the Investor’s advisors have been furnished with all materials relating to the business, finances and operations of Tecogen and materials relating to the offer and sale of the Securities that have been requested.

Exhibit 10.33

c.No warranties or representations have been made to the Investor or the Investor’s advisors concerning the Securities, Tecogen, its business or prospects, or other matters, by Tecogen, Tecogen’s officers or employees, or any other person or entity, except as set forth in this Subscription Agreement.
4.Investment Representations.
a.Restricted Securities.  The Investor understands that the Securities are being offered and sold in reliance upon certain exemptions from the registration provisions of the Securities Act of 1933 (together with the rules and regulations thereunder, the “Securities Act”), including Regulation D thereunder.  The Investor agrees not to offer, sell, pledge, hypothecate or otherwise transfer or dispose of any of the Securities in the absence of an effective registration statement under the Securities Act covering such disposition, or an opinion of counsel, satisfactory to Tecogen, to the effect that registration under the Securities Act is not required in respect of such sale, pledge, hypothecation, transfer or disposition.
b.Illiquidity.  The Investor has been advised that the Investor must be prepared to bear the economic risk of an investment in Tecogen for an indefinite period because the Securities are subject to restrictions on transfer under the U.S. federal securities laws and the trading market for the Shares is limited.
c.Purchase for Own Account.  The Investor represents that the Securities are being acquired and will be acquired solely for the Investor’s own account for investment and not with a view to any subsequent sale or other transfer of all or any portion thereof except a sale or transfer permitted by applicable securities laws.
d.Further Representations.  The Investor further represents and warrants that:
		
	(1)
	If not an individual, the Investor was not formed for the specific purpose of acquiring the Securities, the Investor is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has full power to execute, deliver and perform this Subscription Agreement and has received any necessary corporate or regulatory approvals to do so;

		
	(2)
	This Subscription Agreement has been duly executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms; and

		
	(3)
	The execution of and performance of the transactions contemplated by this Subscription Agreement and compliance with their provisions by the Investor will not violate any provision of law and will not conflict with any agreement or other document that is binding on the Investor.

5.Representations of Tecogen. Tecogen hereby represents and warrants to the Investor as follows.
a.Valid Organization.  Tecogen is a corporation duly organized, validly existing and in good standing under the laws of Delaware.  Tecogen has all requisite power and authority to carry on its business as now conducted.
b.Exchange Act Filings.  Tecogen’s Form 10-K, as amended, for its 2014 fiscal year, as filed with the SEC, and any subsequent filings by Tecogen under the Securities Exchange Act of 1934 (together with the rules and regulations thereunder, the “Exchange Act”), did not, as of their respective dates contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances in which they were made, not misleading.  Since the filing of such Form 10-K, Tecogen has made all filings with the SEC required under the Exchange Act. 
c.Authorization.  All corporate and other action on the part of Tecogen necessary for the authorization, execution, delivery and performance of this Subscription Agreement and the consummation of the transactions contemplated herein has been taken.  When executed and delivered by Tecogen, this Subscription Agreement will be the legal, valid and binding obligation of Tecogen, enforceable against Tecogen in accordance with its terms.
d.Validity and Binding Effect of Securities.  The Securities will, upon issuance pursuant to the terms hereof, be a valid and binding obligation of Tecogen, enforceable against it in accordance with its terms.
e.Consents.  All consents, approvals, orders and authorizations required on the part of Tecogen in connection with the execution, delivery or performance of this Subscription Agreement and the consummation of the transactions contemplated herein have been obtained, other than such filings required to be made after the closing under applicable federal and state securities laws.

Exhibit 10.33

f.No Conflict.  The execution and delivery of this Subscription Agreement by Tecogen and the consummation of the transactions contemplated hereby and thereby will not conflict with or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit under (i) any provision of the organizational documents of Tecogen or (ii) any agreement or instrument, permit, franchise, license, judgment, order, statute, law, ordinance, rule or regulations, applicable to Tecogen or its  properties or assets.
6.Expenses.  The Investor and Tecogen shall each bear its own expenses incurred in connection with the negotiation and execution of this Subscription Agreement and the transactions contemplated hereby.
7.Miscellaneous.
a.Notices.  When any notice is required or authorized hereunder, such notice shall be given in writing and shall be deemed effectively given:(i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (iii) five days after having been sent by registered or certified mail (or regular mail if registered or certified mail is unavailable in the country of the recipient), (iv) if sent within the U.S., one business day after deposit with a recognized overnight courier, specifying next business day delivery, with written verification of receipt or (v) if sent from the U.S. to an address outside the U.S. or if sent from outside the U.S. to an address within the U.S., five business days after deposit with an internationally recognized courier service if, specifying that delivery be made within five business days with written verification of receipt.  All notices and other communications shall be sent if sent to the Investor, to the address, fax number or email address of the Investor set forth on the signature page to this Subscription Agreement, as it may subsequently change on Tecogen’s books by notice from the Investor; and
If to Tecogen, to:
Tecogen Inc. 
45 First Street
Waltham, MA 02451
Attention:  Chief Financial Officer
Fax No.:  (781) 622-1027
Phone No.:  (781) 622-1117
With a copy to:
Sullivan & Worcester LLP
One Post Office Square
Boston, MA 02109
Attention:  Edwin L. Miller, Jr.
Fax No.:  (617) 338-2880
Phone No.:  (617) 338-2800
Such notices or communications shall be effective when received.  If a notice or communication to Investor is sent in the manner provided above, it is duly given, whether or not the addressee receives it.  Tecogen by notice to the Investor may designate additional or different addresses for subsequent notices or communications.
b.Successors and Assigns.  This Subscription Agreement shall be binding upon the heirs, executors, administrators, successors, and assignees of the Investor.
c.Choice of Law.  This Subscription Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York and, to the extent it involves any United States statute or regulations, in accordance therewith.
d.Consent to Jurisdiction. The parties hereby consent and submit to the exclusive jurisdiction of the state and federal courts in New York City with respect to all disputes arising in connection with this Subscription Agreement.
e.Survival of Representations.  The parties agree that all of the warranties, representations, acknowledgments, confirmations, covenants and promises made in this Subscription Agreement shall survive its execution and delivery.

Exhibit 10.33

f.Counterparts.  This Subscription Agreement may be executed in any number of counterparts each of which shall be deemed an original and which, taken together, shall form one and the same agreement. Execution and delivery of this Subscription Agreement may be evidenced by faxed signatures.
g.Integration.  This Subscription Agreement together with other documents executed and delivered in connection herewith is the complete and exclusive agreement between the parties with regard to the subject matter hereof and supersedes any and all prior discussions, negotiations and memoranda related hereto.  
[Signature page immediately follows.]

Exhibit 10.33

Tecogen Inc. 
Signature Page to Subscription Agreement

The Investor hereby becomes a party to this Subscription Agreement, effective upon the execution of this signature page by Tecogen.  

	
					
	

Aggregate dollar amount being purchased:
$
	 
	________________________________________
Investor’s name 

	 
	 
	 

	Price per Share plus associated Warrants: $3.37
	 
	Investor’s signature 

	 
	 
	Investor’s Title, if any

	Warrant exercise price for one share of common stock:  $4.00
	 
	 

	 
	 
	Address of the Investor 

	Number of Shares being purchased:
	 
	 

	Number of Warrants being purchased:
	 
	 

	 
	 
	 

	ACCEPTED AND AGREED
	 
	Email address:  ______________________

	TECOGEN INC. 
	 
	 

	 
	 
	Fax number:    _______________________

	 
	 

	By:
	____________________________

	Date:
	____________________________

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