Document:

Exhibit
4.85

    

    AMENDMENT NO. 10
TO

    SECURITIES PURCHASE AND LOAN
AGREEMENT

     

    This
Amendment No. 10 to Securities Purchase and Loan Agreement (this “Agreement”) is made
as of the 24th day of November, 2010 by and among NATIONAL INVESTMENT MANAGERS
INC., a Florida corporation (the “Company”), each of
the guarantors identified as such on the signature pages hereto (each a “Guarantor,” and
collectively, the “Guarantors”),
WOODSIDE CAPITAL PARTNERS IV, LLC (“Woodside IV”),
WOODSIDE CAPITAL PARTNERS IV QP, LLC (“Woodside IV QP”),
WOODSIDE CAPITAL PARTNERS V, LLC, as assignee of Woodlands Commercial Bank
(f/k/a Lehman Brothers Commercial Bank) (“Woodside V”),
WOODSIDE CAPITAL PARTNERS V QP, LLC, as assignee of Woodlands Commercial Bank
(f/k/a Lehman Brother Commercial Bank) (“Woodside V QP”, and
together with Woodside IV, Woodside IV QP, and Woodside V, the “Holders”) and
WOODSIDE AGENCY SERVICES, LLC as collateral agent for the Holders (the “Collateral
Agent”).

     

    RECITALS

     

    WHEREAS, the Company, the
Holders and the Collateral Agent are parties to that certain Securities Purchase
and Loan Agreement, dated November 30, 2007 (as amended, restated, supplemented
or otherwise modified from time to time, the “Securities Purchase
Agreement”).  Capitalized terms used but not defined herein
shall have the same meanings herein as in the Securities Purchase
Agreement;

     

    WHEREAS, the following Events
of Default (collectively, the “Identified Events of
Default”) have occurred and are continuing as of the date hereof or may
occur:

     

    (i)           The
Company has failed to comply with the Minimum EBITDA covenant set forth on
Schedule 7.6 to the Securities Purchase Agreement for certain periods ending
prior to the date hereof;

     

    (ii)         
The Company has failed to comply with the Maximum Leverage Ratio covenant set
forth on Schedule 7.6 to the Securities Purchase Agreement for certain periods
ending prior to the date hereof;

     

    (iii)         The
Company has failed to comply with the Fixed Charge Coverage Ratio covenant set
forth on Schedule 7.6 to the Securities Purchase Agreement for certain periods
ending prior to the date hereof;

     

    (iv)         The
Company has failed to comply with Section 10.1(f) of the Securities Purchase
Agreement due to the occurrence of certain “Events of Default” under the Senior
Loan Agreement and the other Senior Documents; and

     

    (v)          The
Company anticipates that one or more Events of Default may occur during the
Forbearance Period (as defined below) with respect to the various covenants set
forth on Schedule 7.6 to the Securities Purchase Agreement and under Section
10.1(f) and 10.1(t) of the Securities Purchase Agreement;

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    WHEREAS, pursuant to that
certain Amendment No. 8 to Securities Purchase and Loan Agreement dated as of
April 26, 2010 (the “Eighth Amendment”)
the parties hereto amended the Securities Purchase Agreement and the Holders
agreed to forbear from exercising their rights and remedies in respect of the
Identified Events of Default for the period described and on the terms and
conditions set forth in the Eighth Amendment;

     

    WHEREAS, pursuant to that
certain Amendment No. 9 to Securities Purchase and Loan Agreement dated as of
August 12, 2010 (the “Ninth Amendment”) the
parties hereto further amended the Securities Purchase Agreement;

     

    WHEREAS, in consideration of
the Holders entering into this Agreement and providing the accommodations to the
Company set forth herein and in consideration of the additional risk undertaken
by the Holders in so doing, the Company has, having considered the alternatives,
elected and agreed to enter into this Agreement, under which the Company desires
that the Holders forbear from exercising their respective rights and remedies in
respect of the Identified Events of Default under the Securities Purchase
Agreement, the other Financing Agreements and applicable law during the
Forbearance Period (as defined below), and amend the Securities Purchase
Agreement in order to accommodate such request;

     

    WHEREAS, the Holders are
willing, subject to the terms and conditions set forth herein (including,
without limitation, the satisfaction of all covenants and agreements by the
Company set forth herein and in the Financing Agreements, as applicable), (a)
solely with respect to the Identified Events of Default, to continue to forbear
from exercising their rights and remedies under the Financing Agreements and
applicable law in respect of the Identified Events of Default and (b) amend the
Securities Purchase Agreement in connection therewith, but only, in each case,
as and to the extent provided herein; and

     

    WHEREAS, each of the Financing
Agreements is hereby incorporated herein by reference and, except as altered or
modified by the terms of this Agreement, remain valid, binding and of full force
and effect.

     

    NOW, THEREFORE, with the
foregoing Recitals incorporated by reference and made a part hereof, in
consideration of the mutual agreements contained in the Financing Agreements and
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     

    1.           Identified
Events of Default and Anticipated Events of Default.  The
Company acknowledges and agrees that the Identified Events of Default have
occurred or may occur under the Securities Purchase Agreement and that the
Holders are entitled to exercise their respective rights and remedies with
respect to such Identified Events of Default under the Financing Agreements and
applicable law.  The Company further acknowledges and agrees that the
Holders have no obligation:  (i) to forbear from the exercise of their
respective rights and remedies, except as specifically set forth herein, or (ii)
to make additional loans or advance any funds to the Company under the Financing
Agreements or applicable law.  The Company further acknowledges and
agrees that the fact that the Holders have not elected to take any of the
actions described in the Financing Agreements is not a waiver of the Holders’
respective rights to do so at any time in the future, except as specifically
provided herein.

    
      
         

      

      
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    Exhibit
4.85

    

    2.           Confirmation
of Indebtedness; Ratification of Loan Documents.

     

    (a)         The
Company hereby agrees and acknowledges that:

     

    (i)           as
of the date hereof, (A) there exists no defense to the repayment by the Company
of the Obligations, and (B) the Company does not have any Claim (as defined
below) against the Collateral Agent or any Holder in respect of any matter
relating to or arising under this Agreement or any of the Financing Agreements
or any of the transactions contemplated hereby or thereby;

     

    (ii)          the
Company remains obligated to pay all principal, interest, fees and other amounts
owing to the Collateral Agent and the Holders under and in respect of the
Financing Agreements when due and payable in accordance with the terms thereof;
and

     

    (iii)         the
liens and security interests granted in favor of the Collateral Agent for the
benefit of the Holders under the terms of the Financing Agreements secure
payment of the Obligations and all other obligations under the Financing
Agreements, are perfected, effective, enforceable and valid and such liens and
security interests are, in each case, junior only to the Senior Liens (as
defined in the Intercreditor Agreement) pursuant to the terms of the
Intercreditor Agreement, except to the extent otherwise expressly permitted by
the Securities Purchase Agreement or the other Financing
Agreements.

     

    (b)         The
Company hereby (i) ratifies, confirms, and approves each of the terms and
conditions, and its liabilities and obligations under, each of the Financing
Agreements (ii) for the avoidance of doubt grants to the Collateral Agent, for
the benefit of the Holders, a continuing security interest in and lien on the
Collateral as security for the performance of the Company’s obligations under
the Financing Agreements and (iii) acknowledges and agrees that its liabilities
and obligations under the Securities Purchase Agreement and the other Financing
Agreements are owing without offset, defense or counterclaim.  The
Company further acknowledges and agrees that (1) except as specifically modified
by this Agreement, all terms and conditions of the Securities Purchase Agreement
and the other Financing Agreements shall be unaffected hereby and shall remain
in full force and effect and (2) it shall continue to make all payments required
under the Securities Purchase Agreement when due, except to the extent that any
such payments shall be prohibited pursuant to the terms of the Intercreditor
Agreement.

     

    (c)         Without
limiting any other provision of this Agreement, the Company acknowledges and
agrees that the Holders are entering into this Agreement in reliance upon, among
all other agreements and representations of the Company, including, without
limitation, those agreements and representations of the Company set forth in the
Financing Agreements, the agreements, acknowledgements, ratifications and
provisions set forth in this Section 2.

    
      
         

      

      
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    Exhibit
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    3.           No
Present Claims; Release.  The Company and each Guarantor
acknowledges and agrees that: (a) it does not have any claim or cause of
action against the Collateral Agent or any of the Holders (or any of their
respective predecessors, directors, officers, employees, agents, affiliates or
attorneys); (b) it does not have any offset right, counterclaim or defense of
any kind against the Obligations or any portion thereof; and (c) the Collateral
Agent and the Holders have heretofore properly performed and satisfied in a
timely manner all of their respective obligations and commitments to the
Company.  The Collateral Agent and the Holders wish (and the Company
and Guarantors agree) to eliminate any possibility that any past conditions,
acts, omissions, events or circumstances would impair or otherwise adversely
affect any of the rights, interests, security and/or remedies of the Collateral
Agent, on behalf of the Holders, or the Holders.  For and in
consideration of the agreements contained in this Agreement and other good and
valuable consideration, the Company and each Guarantor unconditionally and
irrevocably releases, waives and forever discharges the Collateral Agent and the
Holders, together with their respective predecessors, successors, assigns,
subsidiaries, affiliates, agents and attorneys (collectively, the “Released Parties”),
from the following (each a “Claim”): (x) any and
all liabilities, obligations, duties, promises or indebtedness of any kind of
the Released Parties to the Company or the Guarantors which existed, arose or
occurred at any time from the beginning of the world to the execution of this
Agreement, and (y) all claims, offsets, causes of action, suits or defenses of
any kind whatsoever (if any), which the Company or any Guarantor might otherwise
have against the Released Parties, or any of them, in either case (x) or (y) on
account of any condition, act, omission, event, contract, liability, obligation,
indebtedness, claim, cause of action, defense, circumstance or matter of any
kind which existed, arose or occurred at any time from the beginning of the
world to the execution of this Agreement.

     

    4.           Forbearance
by Holders.

     

    (a)           The
Company acknowledges and agrees that the Identified Events of Default have
occurred and are continuing, and further acknowledges and agrees that the
Holders have the right to immediately commence enforcement of their respective
rights and remedies under the Financing Agreements and applicable law as a
result thereof.  In consideration of the Company’s performance and
strict compliance in accordance with each term and condition of this Agreement
(TIME BEING OF THE ESSENCE), as and when due, the Holders shall forbear from
enforcing their respective rights and remedies under the Financing Agreements
and applicable law as a result of the Identified Events of Default until the
earliest of:  (i) 4:00 pm (Boston time) on March 15, 2011, (ii) the
date of the occurrence of any Default or Event of Default (other than the
Identified Events of Default) under the Securities Purchase Agreement or any
other Financing Agreement, (iii) the date of the occurrence of any breach by the
Company of any of the terms set forth in this Agreement, including but not
limited to the obligations set forth in Section 6 hereof, the
obligations set forth in the Eighth Amendment (including, without limitation,
Section 6 thereof), as adopted and incorporated by reference herein, and the
obligations set forth in the Ninth Amendment, as adopted and incorporated by
reference herein, or (iv) the date on which the Company, any Guarantor, or any
affiliate of the Company or any Guarantor, or any person or entity claiming by
or through either the Company or any Guarantor joins in, assists, cooperates or
participates as an adverse party or adverse witness in any suit or other
proceeding against the Collateral Agent or any of the Holders, or any their
respective affiliates, relating to the Obligations or any of the transactions
contemplated by the Securities Purchase Agreement, the other Financing
Agreements, this Agreement or any other documents, agreements or instruments
executed in connection with this Agreement.  Each of the events
described in the foregoing clauses (i), (ii), (iii) and (iv) are referred to
herein as a “Termination Event,”
and the date of the earliest to occur of any Termination Event is referred to
herein as the “Forbearance Termination
Date.”  The period commencing as of the date of the
effectiveness of this Agreement and ending on the Forbearance Termination Date
shall be referred to as the “Forbearance
Period.”  The Company agrees that nothing contained in this
Agreement or the fact that the Holders may, in their sole discretion, make
advances or other financial accommodations to the Company during the Forbearance
Period, shall constitute a waiver of the Identified Events of Default or of any
other Defaults or Events of Default, whether now existing or hereafter arising
under the Financing Agreements.

    
      
         

      

      
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    Exhibit
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    (b)           The
Company hereby acknowledges and agrees that notwithstanding the forbearance
granted by the Holders pursuant to clause (a) immediately above, the unpaid
principal amount of the Notes is currently accruing interest at the rate of 18%
(plus the Additional PIK Interest defined below) per annum pursuant to Section
3.5 of the Securities Purchase Agreement and clause (c) below.

     

    (c)           Notwithstanding
anything to the contrary contained in Section 3.5 of the Securities Purchase
Agreement, the interest rate otherwise applicable to the unpaid principal amount
of the Notes outstanding from time to time shall increase by (a) 2% per annum on
October 1, 2010 and (b) an additional 1% per annum on January 1, 2011 (the
“Additional PIK
Interest”).  The Additional PIK Interest shall be compounded
monthly by adding the Additional PIK Interest to the principal amount of the
Notes and shall be due and payable, in cash, at the Maturity Date and on the
date of any repayment or prepayment of the Notes (with respect to the portion of
such Notes so repaid or prepaid).  Notwithstanding anything contained
to the contrary in this clause (c), (a) in the event that all Obligations are
paid in full in cash on or prior to the January 31, 2011, the Additional PIK
Interest shall be waived and forgiven and (b) during the Forbearance Period
only, with respect to any month, if the outstanding balance of the Converted
Interest Amount (as defined in the Ninth Amendment) is zero for at least 22 days
of such month, then the applicable per annum Additional PIK Interest rate shall
be reduced by fifty percent (50%) for such month.  This clause (c)
supersedes Section 3 contained in the Ninth Amendment.

     

    (d)           The
Company acknowledges and agrees that upon the occurrence of the Forbearance
Termination Date, the Holders shall have the right to immediately commence
enforcement of their respective rights and remedies under the Financing
Agreements and applicable law in respect of all then existing Defaults and
Events of Default, including the Identified Events of Default.

     

    5.           Amendments
to Securities Purchase Agreement and other Financing
Agreements.  Each and every reference to the defined term
“Maturity Date” in the Securities Purchase Agreement and any other Financing
Agreement shall be amended such that “Maturity Date” shall mean March 15,
2011.

     

    6.           Terms of
Forbearance.

     

    (a)           Except
to the extent expressly modified by this Agreement, the terms of the Eighth
Amendment and Ninth Amendment, including but not limited to the terms of
forbearance set forth in Section 6 of the Eighth Amendment, shall remain in full
force and effect and are incorporated by reference herein.

    
      
         

      

      
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    Exhibit
4.85

    

    (b)           The
Company shall enter into, and deliver copies thereof to the Holders and the
Collateral Agent, not later than December 7, 2010, an Acceptable Voting
Agreement with the holders of each class of shares of the Company’s capital
stock.  Once executed, the Company shall keep each such Acceptable
Voting Agreement in full force and effect, without modification, at all times
from and after such execution, and shall enforce its rights under the Acceptable
Voting Agreements to the fullest extent possible under applicable
law.  Except for the Acceptable Voting Agreements, there will be no
other agreements or understandings, written or oral, among the Company and the
holders of its equity securities with respect to the voting arrangements by or
among the holders of the equity securities of the Company in regard to any sale
of the Company.  The Company confirms and acknowledges that the
Acceptable Voting Agreements are, or will be once executed, subject to the
perfected security interest granted to the Collateral Agent for the benefit of
the Holders in connection with the Securities Purchase Agreement.  As
used herein, an “Acceptable Voting
Agreement” shall mean an agreement, in form and substance satisfactory to
the Holders, pursuant to which, among other things, the holders of a class of
the Company’s capital stock shall agree to vote their shares in favor of a sale
of the Company which has been approved by the Company’s Board of Directors and
which sale will provide an amount of net proceeds to the Company’s equity
holders, after payment of all indebtedness, of at least $8,000,000 (an “Approved
Sale”).  Each Acceptable Voting Agreement shall be executed by
the Company and by those holders which constitute a sufficient percentage of the
shares of such class of the Company’s capital stock as shall be sufficient to
cause such class to approve such Approved Sale.

     

    Any
failure to comply with any of the requirements, agreements, milestones or
covenants set forth in this Section 6 (including,
without limitation, those requirements, agreements, milestones and covenants set
forth in Section 6 of the Eighth Amendment, which are incorporated by reference
herein) shall constitute a Termination Event.

     

    7.           Remedies
Following Termination Event.

     

    (a)           On
and after the occurrence of a Termination Event, upon written notice to the
Company, and in each case without any further demand, presentment, notice and/or
other action of any nature by any of the Holders (all of which are hereby
expressly waived by the Company), and without limiting any other remedy
available to any of the Holders under any other agreement, document or
instrument or under applicable law, the Forbearance Period shall terminate, the
Holders shall be immediately and permanently relieved of their forbearance
obligations set forth in this Agreement, and (a) at the Holders’ option, upon
written notice to the Company, the Holders may accelerate the obligations due
under the Financing Agreements and declare the full amount of such obligations
to be immediately due and payable (without further notice or demand), and
(b) the Holders may proceed to enforce their respective rights under and in
respect of the Financing Agreements and applicable law, which rights and
remedies are expressly reserved.  The failure (or delay) of any Holder
in exercising any remedy after any particular Termination Event shall not
constitute a waiver of such remedy or any other remedy in that or in any
subsequent instance, or otherwise prejudice the rights of such Holder in any
manner.

    
      
         

      

      
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    Exhibit
4.85

    

    (b)           Without
limiting the generality of the foregoing, and notwithstanding anything to the
contrary in this Agreement, the Company expressly agrees that, at any time after
seven (7) business days following written notice by the Holders to the Company
of the occurrence of a Termination Event (the “Notice Period”), the
Holders may seek the appointment of a receiver, trustee or similar official to
take possession of all or any portion of the Collateral or to operate same and,
to the maximum extent permitted by law, may seek the appointment of such a
receiver.  If the Company fails by the end of the Notice Period to
initiate a legal proceeding to halt the appointment of a receiver, the Company
will be deemed to have irrevocably consented to and waived any right to object
to or otherwise contest the appointment of a receiver, trustee or similar
official, and will be deemed to have (i) granted such waiver and consented
knowingly after having discussed the implications thereof with its counsel; (ii)
acknowledged that (A) the uncontested right to have a receiver, trustee or
similar official appointed is considered essential by the Holders in connection
with the enforcement of the Holders’ rights and remedies hereunder and under the
Financing Agreements, and (B) the availability of such remedies under the
foregoing circumstances was a material factor in inducing the Holders to enter
into this Agreement; and (iii) in furtherance of the Holders’ rights under this
Section 7(b),
agreed to enter into any and all stipulations in any legal actions, or
agreements or other instruments in connection with the appointment of a receiver
as provided for herein and to cooperate fully with the Holders in connection
with the assumption and exercise of control by the receiver, trustee or similar
official over all or any portion of the Collateral.

     

    8.           Representations
and Warranties.  The Company hereby
represents and warrants to the Holders that:

     

    (a)           the
execution, delivery, and performance of this Agreement, the Securities Purchase
Agreement and the other Financing Agreements are within the Company’s corporate
powers and have been duly authorized by all necessary corporate
action.  This Agreement has been duly executed and delivered by the
Company and constitutes, and each of the other previously executed Financing
Agreements to which the Company is a party constitute, legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with
their respective terms;

     

    (b)           all
financial information delivered by the Company to the Collateral Agent, for the
benefit of the Holders, or the Holders fairly presents in all material respects
the financial position of the Company as at the dates thereof and the results of
operations and cash flows of the Company for each of the periods then ended,
subject, in the case of any such unaudited financial statements, to changes
resulting from audit and normal year-end adjustments and the absence of
footnotes;

     

    (c)           the
Company has read and fully understands each of the terms and conditions of this
Agreement and is entering into this Agreement freely and voluntarily, without
duress, after having had an opportunity for consultation with independent
counsel of its own selection and not in reliance upon any representations,
warranties or agreements made by the Collateral Agent or the Holders and not set
forth in this Agreement;

     

    (d)           each
of the representations and warranties in the Securities Purchase
Agreement (as amended hereby), as updated by Schedules thereto previously
delivered to the Holders, and each of the other Financing Agreements (other
than the representations and warranties set forth in Sections 4.5 and 4.8
of the Securities Purchase Agreement) remain true, complete and correct in all
material respects as of the date hereof (except to the extent such
representations and warranties expressly relate solely to an earlier date);
provided, however, that to the
extent that the representations and warranties set forth in Sections 4.22, and
4.23 of the Securities Purchase Agreement are not true, complete and correct in
all material respects as of the date hereof solely because
Schedules 4.22 and 4.23 of the Securities Purchase Agreement have not been
updated, the Company shall not be deemed to have violated this Section 8(d) so long
as the Company delivers to the Holders updated Schedules 4.22 and 4.23 that
are true, complete and accurate in all material respects by no later than
December 14, 2010; and

    
      
         

      

      
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    Exhibit
4.85

    

    (e)           no
Default or Event of Default (other than the Identified Events of Default) has
occurred and is continuing and no Default or Event of Default shall occur or
result from the consummation of this Agreement and the transactions contemplated
hereby.

     

    9.           Conditions
Precedent.  The satisfaction of each of the following shall
constitute conditions precedent to the effectiveness of this
Agreement:

     

    (a)           The
Holders shall have received this Agreement fully executed by each of the parties
hereto.

     

    (b)           The
Holders shall have received a copy of that certain Twelfth Amendment to
Revolving Line of Credit and Term Loan Agreement, by and among the Company,
Guarantors and the Senior Creditor, in form and substance satisfactory to the
Holders, executed by each of the parties thereto.

     

    (c)           The
Collateral Agent shall have received payment in full of any costs and expenses
(including, without limitation, the fees of Morgan, Lewis & Bockius LLP, its
legal counsel) incurred by the Collateral Agent in connection with the Financing
Agreements and this Agreement;

     

    (d)           The
representations and warranties set forth in this Agreement, the Securities
Purchase Agreement, as updated by Schedules thereto previously delivered to the
Lender, and each of the other Financing Agreements (other than the
representations and warranties set forth in Sections 4.5 and 4.8 of the
Securities Purchase Agreement) shall be true and correct in all material
respects on and as of the date hereof, as though made on such date (except to
the extent such representations and warranties expressly relate solely to an
earlier date), subject to the qualifications described in Section 8(d)
hereof;

     

    (e)           No
Default or Event of Default (other than the Identified Events of Default) shall
have occurred and be continuing on the date hereof, nor shall any Default or
Event of Default result from the consummation of the transactions contemplated
herein; and

     

    (f)
           No
injunction, writ, restraining order, or other order of any nature prohibiting,
directly or indirectly, the consummation of the transactions contemplated herein
shall have been issued and remain in force by any court or other governmental
authority against the Company, the Collateral Agent or any Holder.

     

    The date
upon which the last of the foregoing events shall have occurred shall be
referred to as the “Effective
Date.”

    
      
         

      

      
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    Exhibit
4.85

    

    10.         Control.
 The Company
acknowledges and agrees that the Collateral Agent and the Holders have not
exerted any measure of control over the Company, its business or any property
(real and/or personal) of the Company, nor does the business plan of the Company
relating to the agreements herein provide for or contemplate any of the
aforementioned measures of control.  As such, the Company acknowledges
and agrees that the Collateral Agent and the Holders have not taken, nor does
said plan provide for or contemplate the Collateral Agent or any of the Holders
taking, any action that would make the Collateral Agent or any of the Holders an
“insider” or a “joint venture partner” of the Company.

     

    11.         Business
Purpose; Compliance With Usury Laws.  The Company represents
and warrants to the Holders that the extensions of credit made under the
Securities Purchase Agreement (the “Loans”) are made
solely for business purposes.  All agreements between the Company, the
Collateral Agent and the Holders are hereby expressly limited so that in no
event whatsoever, whether by reason of acceleration of maturity of the
indebtedness evidenced by the Financing Agreements or otherwise, shall the
amount paid or agreed to be paid to the Holders for the use or the forbearance
of the indebtedness evidenced by the Financing Agreements exceed the maximum
rate of interest permissible under applicable law.  As used herein,
the term "applicable
law" shall mean the law in effect as of the date hereof, provided, however, that in the
event there is a change in the law which results in a higher permissible rate of
interest, then such indebtedness shall be governed by such new law as of its
effective date.  In this regard, it is expressly agreed that it is the
intent of the Company, the Collateral Agent and each of the Holders in the
execution and delivery of this Agreement to contract in strict compliance with
the laws that are applicable to the Loans as set forth in the Financing
Agreements from time to time in effect.  If, under or from any
circumstances whatsoever, fulfillment of any provision hereof or of any of the
Financing Agreements at the time performance of such provision shall be due,
shall exceed the limits prescribed by such applicable law, then the obligation
to be fulfilled shall automatically be reduced to such applicable limit, and if
under or from any circumstances whatsoever any of the Holders should ever
receive as interest an amount which would exceed the highest lawful rate, such
amount which would be excessive interest shall be applied to the reduction of
the principal balance evidenced hereby and not to the payment of
interest.

     

    12.         Assignment.  The
Company may not assign, delegate or transfer this Agreement or any of its rights
or obligations hereunder and any such delegation, transfer or assignment in
violation hereof shall be null and void.  No rights are intended to be
created under this Agreement for the benefit of any third party donee, creditor
or incidental beneficiary of the Company or any other person or entity other
than the Holders.  Each Holder’s ability to assign, sell or transfer
all of any part of this Agreement shall be governed by the Securities Purchase
Agreement; provided, however,
notwithstanding anything in the Securities Purchase Agreement to the contrary,
there shall be no limitations on any Holder’s right to assign its right, title
and interest in and to the Exit Fee (as defined in the Fee
Agreement).  The Company hereby agrees that, upon receiving notice
information for said assignee, the Company shall deliver to said assignee any
and all notices and reports to said assignee that the Company is required to
provide to the Collateral Agent or the Holders under the Financing
Agreements.

     

    13.         Entire
Agreement; Amendments and Waivers.  There are no other
understandings, express or implied, between the Collateral Agent, the Holders,
the Company or Guarantor regarding the subject matter hereof.  This
Agreement may not be amended or modified, and no provision of this Agreement may
be waived, orally but only by a written agreement executed and approved in
accordance with Section 19 of the Securities Purchase
Agreement.

    
      
         

      

      
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    Exhibit
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    14.         Choice of
Law.  The validity of this Agreement, its construction,
interpretation and enforcement, and the rights of the parties hereunder, shall
be determined under, governed by, and construed in accordance with the laws of
the Commonwealth of Massachusetts without regard to conflicts of laws
principles.

     

    15.         Construction.  This
Agreement constitutes a Financing Agreement.  Upon and after the
Effective Date, each reference in the Securities Purchase Agreement to “this
Agreement,” “hereunder,” “herein,” “hereof” or words of like import referring to
the Securities Purchase Agreement, and each reference in the other Financing
Agreements to “the Securities Purchase Agreement,” “thereunder,” “therein,”
“thereof,” or words of like import referring to the Securities Purchase
Agreement, shall mean and be a reference to the Securities Purchase Agreement as
amended hereby.

     

    16.         Expenses.  All
costs and expenses incurred or sustained by the Collateral Agent and the Holders
in connection with this Agreement, including the fees and disbursements of legal
counsel for the Collateral Agent and the Holders, in producing, reproducing and
negotiating this Amendment, will be for the account of the Company and shall be
due and payable on demand.

     

    17.         Counterparts;
Delivery by Facsimile or Electronic Mail.  This Agreement may
be executed in any number of counterparts and by different parties in separate
counterparts, each of which when so executed and delivered, shall be deemed an
original, and all of which, when taken together, shall constitute one and the
same instrument.  Delivery of an executed counterpart of a signature
page to this Agreement by facsimile or electronic mail shall be as effective as
delivery of a manually executed counterpart of this Agreement.  Any
party delivering an executed counterpart of this Agreement by facsimile or
electronic mail also shall deliver a manually executed counterpart of this
Agreement but the failure to deliver a manually executed counterpart shall not
affect the validity, enforceability, and binding effect of this
Agreement.

     

    18.         Consent.  The
Holders hereby consent to the subordinated Indebtedness of the Company to CAMOFI
Master LDC, evidenced by the Subordinated Promissory Note attached hereto as
Exhibit A, in a
principal amount not to exceed $440,000.

     

    [Signature
Pages Follow]

    
      
         

      

      
        - 10
-

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the date first above written.

    

    
      
        	 
      	
                NATIONAL
      INVESTMENT MANAGERS, INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Steven J. Ross

              
	 
      	
                Name:
      Steven J. Ross

              
	 
      	
                Title:
      Chief Executive Officer

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    
      
        	
                WOODSIDE CAPITAL PARTNERS IV,
      LLC, as a Holder

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                  
      Woodside Opportunity Partners, LLC, its Manager

              	 
      
	 
      	
                By:

              	
                  Woodside
      Capital Management, LLC, its Manager

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 /s/ Scott Schooley

              	 
      
	 
      	 
      	
                Name:
      Scott Schooley

              	 
      
	 
      	 
      	
                Title:
      Manager

              	 
      
	 
      	 
      	 
      	 
      
	
                WOODSIDE CAPITAL PARTNERS IV
      QP, LLC, as a Holder

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                  
      Woodside Opportunity Partners, LLC, its Manager

              	 
      
	 
      	
                By:

              	
                  Woodside
      Capital Management, LLC, its Manager

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 /s/ Scott Schooley

              	 
      
	 
      	 
      	
                Name:
      Scott Schooley

              	 
      
	 
      	 
      	
                Title:
      Manager

              	 
      
	 
      	 
      	 
      	 
      
	
                WOODSIDE CAPITAL PARTNERS V,
      LLC, as a Holder

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                  Woodside
      Opportunity Partners II, LLC, its Manager

              	 
      
	 
      	
                By:

              	
                  Woodside
      Capital Management, LLC, its Manager

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 /s/ Scott Schooley

              	 
      
	 
      	 
      	
                Name:
      Scott Schooley

              	 
      
	 
      	 
      	
                Title:
      Manager

              	 
      
	 
      	 
      	 
      	 
      
	
                WOODSIDE CAPITAL PARTNERS V QP,
      LLC, as a Holder

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 
      Woodside Opportunity Partners II, LLC, its Manager

              	 
      
	 
      	
                By:

              	
                 
      Woodside Capital Management, LLC, its Manager

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 /s/ Scott Schooley

              	 
      
	 
      	 
      	
                Name:
      Scott Schooley

              	 
      
	 
      	 
      	
                Title:
      Manager

              	 
      
	 
      	 
      	 
      	 
      
	
                WOODSIDE AGENCY SERVICES,
      LLC, as Collateral Agent

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                  
      Woodside Capital Management, LLC, its Manager

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                 /s/ Scott Schooley

              	 
      
	 
      	 
      	
                Name:
      Scott Schooley

              	 
      
	 
      	 
      	
                Title:
      Manager

              	 
      

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    Guarantors’
Acknowledgement

    

    Each of the undersigned Guarantors
hereby (a) acknowledges and consents to the foregoing Agreement and the
Company’s execution thereof; (b) joins the foregoing Agreement; (c) ratifies and
confirms all of their respective obligations and liabilities under the Financing
Agreements to which any of them is a party and ratifies and confirms that such
obligations and liabilities extend to and continue in effect with respect to,
and continue to guarantee and secure, as applicable, the Obligations under the
Securities Purchase Agreement and other Financing Agreements; (d) acknowledges
and confirms that the liens and security interests granted pursuant to the
Security Documents are and continue to be valid and perfected liens and security
interests, junior in priority only to the liens and security interests of the
Senior Creditor pursuant to the Intercreditor Agreement, that secure all of the
Obligations on and after the date hereof; and (e) acknowledges, affirms and
agrees that, as of the date hereof, such Guarantor does not have any defense,
claim, cause of action, counterclaim, offset or right of recoupment of any kind
or nature against any of their respective obligations, indebtedness or
liabilities to the Collateral Agent or any Holder.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    
      
        	 
      	
                ABR
      ADVISORS, INC.

              
	 
      	
                ALAN
      N. KANTER & ASSOCIATES, INC.

              
	 
      	
                ALASKA
      PENSION SERVICES, LTD.

              
	 
      	
                ASSET
      PRESERVATION CORP.

              
	 
      	
                BENEFIT
      DYNAMICS, INC.

              
	 
      	
                BENEFIT
      MANAGEMENT INC.

              
	 
      	
                BPI/PPA,
      INC.

              
	 
      	
                CALIFORNIA
      INVESTMENT ANNUITY SALES, INC.

              
	 
      	
                CIRCLE
      PENSION, INC.

              
	 
      	
                COMPLETE
      INVESTMENT

              
	 
      	
                MANAGEMENT,
      INC. OF PHILADELPHIA

              
	 
      	
                HADDON
      STRATEGIC ALLIANCES, INC.

              
	 
      	
                LAMORIELLO
      & CO., INC.

              
	 
      	
                NATIONAL
      ACTUARIAL PENSION

              
	 
      	
                SERVICES,
      INC.

              
	 
      	
                NATIONAL
      ASSOCIATES, INC., N.W.

              
	 
      	
                PENSION
      ADMINISTRATION SERVICES, INC.

              
	 
      	
                PENSION
      TECHNICAL SERVICES, INC.

              
	 
      	
                (d/b/a
      REPTECH CORP.)

              
	 
      	
                PENTEC,
      INC.

              
	 
      	
                PENTEC
      CAPITAL MANAGEMENT, INC.

              
	 
      	
                SOUTHEASTERN
      PENSION SERVICES, INC.

              
	 
      	
                STEPHEN
      H. ROSEN & ASSOCIATES, INC.

              
	 
      	
                THE
      PENSION ALLIANCE, INC.

              
	 
      	
                THE
      PENSION GROUP, INC.

              
	 
      	
                VEBA
      ADMINISTRATORS, INC.

              
	 
      	
                VALLEY
      FORGE ENTERPRISES, LTD.

              
	 
      	
                V.F.
      ASSOCIATES, INC.

              
	 
      	
                VF
      INVESTMENT SERVICES CORP.

              
	 
      	
                VALLEY
      FORGE CONSULTING CORPORATION

              

      

    

    

    
      
        	 
      	
                By:

              	
                /s/ Steven J. Ross

              
	 
      	 
      	
                  Name:
      Steven J. Ross

              
	 
      	 
      	
                  Title:  Chief
      Executive Officer

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
4.85

    

    Exhibit
A

    

    Form
of Subordinated Promissory NoteExhibit
10.1

      

    TERMINATION,
RELEASE

    AND SETTLEMENT
AGREEMENT

     

    THIS
TERMINATION, RELEASE AND SETTLEMENT AGREEMENT (“Agreement”) is made by and among
the following parties (each, a “Party” and collectively, the
“Parties”):

     

    Nordic
Windpower USA, Inc., a Delaware corporation, having its principal place of
business at 125 University Avenue, Berkeley, California, USA 94710 (“Nordic
USA”);

     

    Nordic
Windpower Limited, a private limited company organized and existing under the
laws of England and Wales, having its registered office at 100 New Bridge
Street, London EC4V 6JA (“Nordic UK”);

     

    Nordic
Windpower Holdings, Inc., a Delaware corporation, having its principal place of
business at 125 University Avenue, Berkeley, California, USA 94710 (“Nordic
Holdings”);

     

    Deltawind
AB, a limited liability company organized and existing under the laws of Sweden,
having its registered offices at Box 7315, 103 90 Stockholm, Sweden
(“Deltawind”);

     

    GC China
Turbine Corp., a Nevada corporation formerly known as Nordic Turbines, Inc.,
having its principal place of business at No. 86, Nanhu Avenue East Lake
Development Zone, Wuhan, Hubei Province, PRC (“GC China”);

     

    Luckcharm
Holdings Limited, a limited liability company organized and existing under the
laws of Hong Kong, having its principal place of business at Flat/Room 703, Nan
Dao Comm. Building, 359-361 Queen’s Road Central, Hong Kong
(“Luckcharm”);

     

    Wuhan
Guoce Nordic New Energy Co., Ltd. a limited liability company established and
existing under the laws of China, having its registered office at No. 86, Nanhu
Avenue East Lake Development Zone, Wuhan, Hubei Province, People’s Republic of
China (PRC) (“Wuhan”);

     

    Wuhan
Guoce Science & Technology Co., Ltd., a limited liability company
established and existing under the laws of China, having its registered office
at #456, Luoyu Rd, Hongshan District, Wuhan, China (“WGST”); and

     

    Wuhan
Zhongjieneng New Energy Investment Ptd., Ltd., a limited liability company
established and existing under the laws of China, having its registered office
at Room 501, 5th Floor, Unit 1, Building 10, Shuguang Cun, East Lake Development
Zone, Wuhan, China (“ZJN”).

     

    
      
         

      

      
        - 1
-

        
          

        

      

      
         

      

    

      

    BACKGROUND

     

    This
Agreement is made binding and effective as of 09:00 A.M. (UTC) November 30, 2010
(the “Effective Date”), and it is made with reference to the following
facts:

     

    
      	
              I.

            	
              Nordic
      Holdings, Nordic UK, Nordic USA and their respective predecessors,
      successors, assigns and affiliates shall collectively be referred to
      herein as the “Nordic Group.”

            

    

     

    
      	
              II.

            	
              GC
      China owns 100% of the outstanding stock of Luckcharm, which owns 100% of
      the outstanding stock of Wuhan.  GC China, Luckcharm, Wuhan,
      WGST, ZJN and their respective predecessors, successors, assigns and
      affiliates shall collectively be referred to herein as the “GC China
      Group.”

            

    

     

    
      	
              III.

            	
              On
      June 30, 2006, Wuhan and Deltawind signed a Technical License Contract
      (the “Technical License”).  The Technical License granted Wuhan
      certain rights with respect to certain manufacturing technology and
      know-how owned or developed by
Deltawind.

            

    

     

    
      	
              IV.

            	
              On
      June 30, 2006, WGST, ZJN, and Deltawind signed a Foreign Equity Joint
      Venture Contract (the "Equity Joint Venture Contract").  In
      August 2006 Wuhan was incorporated.  On or about September 22,
      2006, WGST, ZJN, and Deltawind signed a revised Equity Joint Venture
      Contract and Share Transfer Agreement (“Share Transfer Agreement”)
      transferring certain shares of Wuhan to Deltawind.  In early
      2007, WGST, ZJN and Deltawind signed a termination agreement of the
      revised Equity Joint Venture Contract (the “JV Termination Agreement”) and
      a share transfer agreement whereby Deltawind transferred all of its shares
      in Wuhan back to WGST (“Second Share Transfer Agreement”).  WGST
      received approval from the relevant Chinese governmental authority to
      purchase all of the Wuhan shares from Deltawind on March 19, 2007 and the
      change in registration of shareholders of Wuhan was completed on March 27,
      2007.  The Share Transfer Agreement, revised Equity Joint
      Venture Contract, JV Termination Agreement, Second Share Transfer
      Agreement and other related agreements signed by WGST, ZJN, and Deltawind
      are collectively referred to herein as the "China JV
      Agreements."

            

    

     

    
      	
              V.

            	
              The
      Nordic Group has never been a party to the China JV
      Agreements.

            

    

     

    
      	
              VI.

            	
              In
      accordance with an Asset Transfer Agreement between Nordic UK and
      Deltawind dated August 24, 2007 (the “Asset Transfer Agreement”), Nordic
      UK acquired certain rights related to the wind turbine technology and
      know-how owned or developed by
Deltawind.

            

    

     

    
      	
              VII.

            	
              The
      GC China Group has never been a party to the Asset Transfer
      Agreement.

            

    

     

    
      	
              VIII.

            	
              Subsequent
      to the consummation of the Asset Transfer Agreement, the Parties have
      unresolved disagreements with regard to their respective rights and
      obligations in relation to the Technical License and the China JV
      Agreements.

            

    

     

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

       

    
      	
              IX.

            	
              Nordic
      USA is the owner of U.S. Trademark Registration No. 3,536,392 for the mark
      NORDIC WINDPOWER for use in connection with wind turbines and wind-powered
      electricity generators and U.S. Trademark Registration No. 3,536,393 for
      the mark NORDIC WINDPOWER & Design for use in connection with wind
      turbines and wind-powered electricity
  generators.

            

    

     

    
      	
              X.

            	
              GC
      China is the owner of certain trademarks and trademark registrations in
      China that include the word NORDIC.

            

    

     

    
      	
              XI.

            	
              On
      December 23, 2009, Nordic USA instituted civil case no. 09-03672-PJH in
      the United States District Court for the Northern District of California,
      alleging that GC China was engaged in activities that infringed the Nordic
      Group’s rights and caused confusion in the Nordic Group’s target audiences
      (the “Lawsuit”).

            

    

     

    
      	
              XII.

            	
              GC
      China has answered and vigorously disputes the
  Lawsuit.

            

    

     

    
      	
              XIII.

            	
              The
      Nordic Group and Deltawind, on the one hand, and the GC China Group, on
      the other hand, now wish to reach a full and final settlement of the
      Lawsuit and all other disputes among them and to terminate all agreements,
      arrangements, relationships and understandings among them other than as
      set forth in this Agreement.

            

    

     

    
      	
              XIV.

            	
              For
      purposes of this Agreement, “China” or PRC” shall mean the People’s
      Republic of China, which shall include Macau and Hong Kong SAR, but
      expressly excludes Taiwan.

            

    

     

    Now
Therefore, in
consideration of the respective promises, and the terms, conditions, provisions
and covenants of this Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

     

    AGREEMENT

     

    
      	
              1.

            	
              Consideration and
      Dismissal of Litigation and other
  Disputes

            

    

     

    
      
        	
              	
                1.1

              	
                Dismissal of
      Litigation.  Following
      the Effective Date, within fifteen (15) business days after receipt of a
      fully executed and stamped copy of the Termination Application(s) (as
      defined in Section 1.3 below) filed with the relevant PRC authority, the
      Parties shall file a joint stipulated dismissal with prejudice of the
      Lawsuit and all claims and
defenses.

              

      

    

     

    
      
        	
              	
                1.2

              	
                Mutual Waiver of
      Costs.  All
      Parties waive any right to recover court costs and attorneys’ fees and
      expenses incurred in connection with the
  Lawsuit.

              

      

    

     

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                1.3

              	
                Termination of
      Technical License.  The
      GC China Group has stated and believes that the GC China Group has not
      received proprietary technology or know-how pursuant to the Technical
      License (other than copies of the WO 02079643A1 ("System for a Turbine
      with a Gaseous or Liquideous Working Medium") patent application) and the
      Nordic Group and Deltawind disagree with such statement and
      belief.  Without regard to the foregoing, the Parties hereby
      agree that the Technical License is hereby terminated effective as of the
      Effective Date of this Agreement in any and all
      jurisdictions.  All past, present and future rights and
      obligations under the Technical License shall be null, void and of no
      further force or effect as of the Effective Date of this
      Agreement.  Within fifteen (15) business days after the
      Effective Date, Wuhan will duly apply for cancellation of the Technical
      License at the relevant PRC authority and any other relevant governmental
      authority or agency (each, a “Termination Application”) and shall provide
      Nordic Holdings with a true, complete and correct copy of each Termination
      Application.

              

      

    

     

    
      
        	
              	
                1.4

              	
                Further
      Assistance.  Each
      Party agrees to provide timely assistance for dismissal of the Lawsuit and
      cancellation of the Technical License, as reasonably requested, including
      without limitation, signing and delivering the required dismissal,
      settlement, cancellation and termination documents and agreements and
      timely delivering them to the requesting Party.  The Parties
      further covenant and agree to cooperate regarding termination of the
      Technical License and changes to any registrations, approvals or recordals
      necessary or appropriate to carry out the cancellations and assignments
      contemplated in this Agreement, including but not limited to filing
      applications to the appropriate government authorities, providing
      information required by the authorities and executing related documents to
      complete the cancellations and
assignments.

              

      

    

     

    
      	
               
      

            	
              1.5

            	
              Trademarks.

            

    

     

    
      
        	
              	
                (i)

              	
                China.  The
      Parties acknowledge and agree that the Nordic Group shall not use the mark
      NORDIC WINDPOWER in China.  The Parties understand and agree
      that as between the GC China Group and the Nordic Group, the GC China
      Group shall have the exclusive right to use the marks GC NORDIC and GUOCE
      NORDIC in China in connection with the sale, advertisement, marketing or
      promotion of any wind-related power generating devices or wind-related
      power generating technologies.  The Nordic Group has not
      directly or indirectly, registered or attempted to register, and shall not
      directly or indirectly register or attempt to register the mark NORDIC in
      China in connection with the sale, advertisement, marketing or promotion
      of any wind-related power generating devices or
      technologies.  Notwithstanding anything to the contrary
      contained in this Agreement, the members of the Nordic Group may at all
      times use their respective legal corporate names in China as legally
      required and such use is not and shall not be an infringement of the GC
      China Group’s marks.

              

      

    

     

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

       

    
      
        	
              	
                (ii)

              	
                Worldwide.  From
      and after the Effective Date, the GC China Group also covenants and agrees
      not to use any blue and orange or any other color scheme anywhere in the
      world where such color scheme is reasonably likely to be confusingly
      similar to a color scheme employed by the Nordic Group as of the Effective
      Date on its www.nordicwindpower.com website or its other websites or
      products, components, logos, trademarks, trade dress, designs, service
      marks, copyrights, components, business cards, letterhead or other
      stationery, buildings, signage, packaging, advertising material, corporate
      information, investor presentations, manuals, product information or other
      items, which are directed towards the sale, advertisement,marketing,
      promotion, financing, manufacturing, development, production, or use of
      any wind-related power generating devices or
  technologies.

              

      

    

     

    
      
        	
              	
                (iii)

              	
                Outside
      China.  The
      GC China Group hereby acknowledges and agrees that it shall cease using
      and shall not use the mark NORDIC or any confusingly similar mark outside
      China in connection with the sale, advertisement, marketing, promotion,
      financing, manufacturing, development, production, or use of any
      wind-related power generating devices or technologies.  The GC
      China Group shall not sell, manufacture, distribute, license, use, or
      transfer any wind-related power generating devices or wind-related power
      generating technologies to any person or entity that it knows or
      reasonably should know intends to use a NORDIC mark or any confusingly
      similar mark outside of China.  The covenants and agreements of
      the GC China Group in Sections 1.5(i) and (ii) above and this Section 1
      .5(iii) shall apply regardless of the language, English, Chinese, or any
      other language, into which the term “Nordic” may be
      translated.  The GC China Group has not directly or indirectly
      registered or attempted to register and shall not directly or indirectly
      use, register or attempt to register the mark NORDIC or any confusingly
      similar mark outside of China in connection with the sale, advertisement,
      marketing or promotion of any wind-related power generating devices or
      technologies.

              

      

    

     

    
      	
               
      

            	
              (iv)

            	
              The
      GC China Group consents to and will not object to or otherwise challenge
      the Nordic Group’s use and registration of the mark NORDIC or any mark
      incorporating the term NORDIC outside of China, including, but not limited
      to, filing an opposition, cancellation, revocation or invalidity
      proceeding.  The Nordic Group consents to and will not object to
      or otherwise challenge the GC China Group’s use and registration of the
      mark GC NORDIC or GUOCE NORDIC in China including, but not limited to,
      filing an opposition, cancellation, revocation or invalidity
      proceeding.

            

    

     

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

      

    
      
        	
              	
                1.6

              	
                Termination of all
      Agreements.  Other
      than as set forth in this Agreement, the Nordic Group and Deltawind, on
      the one hand, and the GC China Group, on the other hand, hereby confirm
      and agree that any and all agreements, arrangements, understandings and
      other rights or obligations between them are hereby terminated, canceled
      and are null and void and of no further force or effect.  This
      confirmation and termination includes, but is not limited to, termination
      of the revised Equity Joint Venture Contract, which was cancelled in early
      2007, termination of the Technical License and termination of all other
      China JV Agreements.

              

      

    

     

    
      
        	
              	
                1.7

              	
                Rights.  Each
      Party retains all right, title and interest in and to its intellectual
      property subject to all of the terms and conditions of this
      Agreement.

              

      

    

     

    
      	
              2.

            	
              Mutual General
      Release

            

    

     

    
      
        	
              	
                2.1

              	
                Release by GC China
      Group.  Excepting
      the obligations imposed by this Agreement and any claims that may arise
      out of the breach of this Agreement (including any representation,
      warranty or covenant contained herein), and the other consideration set
      forth in this Agreement, the GC China Group, on behalf of themselves and
      their past and present respective predecessors, subsidiaries, parent
      companies, affiliates, divisions, successors and assigns, and all of their
      past and present respective officers, directors, agents, insurers,
      security holders, attorneys, servants and employees, does hereby covenant
      not to sue and does hereby completely waive and forever release, cancel,
      forgive, discharge and generally release Deltawind and the Nordic Group
      and each of their past and present respective predecessors, subsidiaries,
      affiliates, divisions, successors and assigns, and all of their past and
      present officers, directors, agents, attorneys, beneficiaries, insurers,
      servants and employees (the “Deltawind & Nordic Group Released
      Parties”) from any and all actions, claims, demands, rights, judgments,
      defenses, actions, charges, causes of action (including but not limited to
      counter-claims, malicious prosecution claims and the like), damages,
      obligations, liabilities, controversies, product liability (including
      without limitation injuries, death, or disability to persons and
      destruction of property), customer complaints, charges and executions
      (collectively, “Claims”), of any kind or nature whatsoever anywhere in the
      world, of any and every kind and description, in law or in equity, which
      any of them ever had, now has, or hereafter can, shall or may have or
      assert against all or any of the Deltawind & Nordic Group Released
      Parties, whether known or unknown, foreseen or unforeseen, based on any
      act or omission occurring prior to the date of the signing of this
      Agreement, to the maximum extent permitted by
  law.

              

      

    

     

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                2.2

              	
                Release by Nordic
      Group and Deltawind.  Excepting
      (i) the obligations imposed by this Agreement, (ii) any claims relating to
      any infringement or violation of any patent right of the Nordic Group or
      Deltawind, including without limitation WO 02079643A1 (“System for a
      Turbine with a Gaseous or Liquideous Working Medium”) and any patent
      throughout the world that claims priority thereto, and (iii) any claims
      that may arise out of the breach of this Agreement (including any
      representation, warranty or covenant contained herein), and the other
      consideration set forth in this Agreement, the Deltawind & Nordic
      Group Released Parties, on behalf of themselves, respectively, and their
      past and present respective predecessors, subsidiaries, parent companies,
      affiliates, divisions, successors and assigns, and all of their past and
      present respective officers, directors, agents, insurers, security
      holders, attorneys, servants and employees, do hereby covenant not to sue
      and do hereby completely waive and forever release, cancel, forgive,
      discharge and generally release the GC China Group and their past and
      present respective predecessors, subsidiaries, affiliates, divisions,
      successors and assigns, and all of their officers, directors, agents,
      attorneys, beneficiaries, insurers, servants and employees (the “GC China
      Group Released Parties”) from all Claims of any kind or nature whatsoever
      anywhere in the world, of any and every kind and description, in law or in
      equity, which any of them ever had, now has, or hereafter can, shall or
      may have or assert against all or any of the GC China Group Released
      Parties, known or unknown, foreseen or unforeseen, based on any act or
      omission occurring prior to the date of the signing of this Agreement, to
      the maximum extent permitted by
law.

              

      

    

     

    
      
        	
              	
                2.3

              	
                No
      Claims.  No
      Party hereto nor anyone on its behalf, shall assert or file any claim,
      complaint, arbitration proceeding, charge, suit or action against any
      other Party hereto or person released pursuant hereto (“Releasee”) arising
      out of any matter released pursuant to Section 2.1 (Release by GC China
      Group) or Section 2.2 (Release by Nordic Group and Deltawind)
      above.  In the event that any such claim, complaint, arbitration
      proceedings, charge, suit or action is asserted or filed in breach of this
      Section 2.3 (No Claims), each affected Party hereto or Releasee shall be
      entitled to recover from the releasing Party or Parties his, her or its
      costs, including attorneys’ fees, incurred in defending against such
      action.  Claims released pursuant to this Agreement include
      without limitation claims based on or arising out of all common law and
      statutory claims, including (but not limited to) breach of contract,
      negligence, gross negligence, libel, slander or other tortious acts on the
      part of any Party hereto or Releasee; provided, however, that fraud and
      intentional misrepresentation Claims related to this Agreement are not
      released hereunder.

              

      

    

     

    
      
         

      

      
        - 7
-

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                2.4

              	
                Release and California
      Civil Code Section 1542 Waiver.  The
      Parties expressly acknowledge and agree that this Agreement fully and
      finally releases and forever resolves all Claims, including those that are
      unknown, unanticipated or unsuspected or that may hereafter arise as a
      result of the discovery of new or additional facts.  Each Party
      acknowledges that it has had the benefit of independent legal advice with
      respect to the advisability of entering into this Agreement, and fully
      understands and knowingly and expressly waives any rights or benefits
      which it otherwise might have under California Civil Code Section 1542 (or
      any other similar local, state, federal or foreign statute, doctrine or
      principle of law), which
provides:

              

      

    

     

    A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH
THE DEBTOR.

     

    
      	
              3.

            	
              Mutual
      Confidentiality; Non-Use and
  Non-Disparagement

            

    

     

    The terms
of this Agreement are intended by the Parties to be
confidential.  Other than any disclosure that may be required by law
or order of a court, or may be made to a Party’s lawyers or accountants or other
advisors, who are bound by the same duty of confidentiality, as reasonably
necessary for the rendering of professional services to a Party, the terms of
this Agreement are strictly confidential.  Each Party shall not use or
disclose trade secrets, confidential or proprietary information of the other
Parties that it received, if any, prior to the Effective Date.

     

    
      	
              4.

            	
              Additional
      Representations and Warranties of the
  Parties

            

    

     

    
      
        	
              	
                4.1

              	
                No
      Reliance.  Except
      as expressly stated in this Agreement, no Party (nor any officer, agent,
      employee, representative, nor attorney) has made any statement or
      representation to any other Party regarding any fact relied upon in
      entering into this Agreement, and no Party is relying upon any statement,
      representation, or promise of any other Party (nor any officer, agent,
      employee, representative, nor attorney) in executing this Agreement or in
      making this settlement, except as expressly stated in this
      Agreement.

              

      

    

     

    
      
        	
              	
                4.2

              	
                Independent
      Advice.  Each
      Party represents and declares that in executing this Agreement such Party
      has relied solely upon its own judgment, belief, and knowledge after it
      has obtained the advice of such Party’s own independently-selected
      counsel, concerning the nature, extent, and duration of its rights and
      claims.

              

      

    

     

    
      
        	
              	
                4.3

              	
                Investigation.  Each
      Party has made a reasonable investigation of the facts pertaining to this
      Agreement, and all of the matters pertaining to
  it.

              

      

    

     

    
      
        	
              	
                4.4

              	
                Agreement
      Read.  Each
      Party has read this Agreement and understands its contents and
      consequences.

              

      

    

     

    
      
         

      

      
        - 8
-

        
          

        

      

      
         

      

    

      

    
      
        	
              	
                4.5

              	
                No Assignments of
      Claims.  No
      Party has assigned, transferred or conveyed any of the claims, demands,
      rights, judgments, defenses, actions, charges or causes of action that are
      settled and resolved by this
Agreement.

              

      

    

     

    
      
        	
              	
                4.6

              	
                Contractual
      Terms.  Each
      term of this Agreement is contractual and not merely a
      recital.

              

      

    

     

    
      
        	
              	
                4.7

              	
                Full
      Authority.  This
      Agreement constitutes valid and legally binding obligations of each of the
      Parties, and this Agreement is enforceable according to its
      terms.  Each Party is duly organized, validly existing and in
      good standing under the laws of their respective states of incorporation
      or formation, and each has the full right, power, and authority to execute
      and deliver this Agreement.

              

      

    

     

    
      	
               
      

            	
              4.8

            	
              Necessary
      Entities.

            

    

     

    
      
        	
              	
                (i)

              	
                By GC China
      Group.  The
      GC China Group represents and warrants that GC China, Luckcharm, WGST, ZJN
      and Wuhan are all of the entities necessary or appropriate (i) to
      terminate any and all agreements, arrangements, understandings and other
      rights or obligations between Deltawind and the Nordic Group, on the one
      hand, and the GC China Group, on the other hand, which includes, but is
      not limited to, termination of the revised Equity Joint Venture Contract,
      which was cancelled in early 2007, termination of the Technical License
      and termination of all other China JV Agreements, and (ii) to assign all
      of the rights, transfer all of the property and perform all of the
      obligations set forth in this Agreement for the GC China
      Group.  No other person or affiliate of the GC China Group is
      necessary or appropriate to include as a party to this Agreement to
      terminate all of the agreements, arrangements, understandings and other
      rights or obligations between the Parties or to assign all of the rights,
      transfer all of the property and perform all of the obligations set forth
      in this Agreement or to otherwise fully effectuate the terms and
      conditions set forth in this
Agreement.

              

      

    

     

    
      
         

      

      
        - 9
-

        
          

        

      

      
         

      

    

       

    
      
        	
              	
                (ii)

              	
                By
      Deltawind.  Deltawind
      represents and warrants that Deltawind is the only entity necessary or
      appropriate (i) to terminate any and all agreements, arrangements,
      understandings and other rights or obligations between Deltawind, on the
      one hand, and the GC China Group, on the other hand, which includes, but
      is not limited to, termination of the revised Equity Joint Venture
      Contract, which was cancelled in early 2007, termination of the Technical
      License and termination of all other China JV Agreements, and (ii) to
      assign all of the rights, transfer all of the property and perform all of
      the obligations set forth in this Agreement for Deltawind.  No
      other person or affiliate of Deltawind is necessary or appropriate to
      include as a party to this Agreement to terminate all of the agreements,
      arrangements, understandings and other rights or obligations between the
      Parties or to assign all of the rights, transfer all of the property and
      perform all of the obligations set forth in this Agreement or to otherwise
      fully effectuate the terms and conditions set forth in this
      Agreement.

              

      

    

     

    
      
        	
              	
                (iii)

              	
                By Nordic
      Group.  The
      Nordic Group represents and warrants that Nordic USA, Nordic UK, and
      Nordic Holdings are all of the entities necessary or appropriate (i) to
      terminate any and all agreements, arrangements, understandings and other
      rights or obligations between the Nordic Group, on the one hand, and the
      GC China Group, on the other hand, which includes, but is not limited to,
      termination of the Technical License, and (ii) to assign all of the
      rights, transfer all of the property and perform all of the obligations
      set forth in this Agreement for the Nordic Group.  No other
      person or affiliate of the Nordic Group is necessary or appropriate to
      include as a party to this Agreement to terminate all of the agreements,
      arrangements, understandings and other rights or obligations between the
      Parties or to assign all of the rights, transfer all of the property and
      perform all of the obligations set forth in this Agreement or to otherwise
      fully effectuate the terms and conditions set forth in this
      Agreement.

              

      

    

     

    
      
         

      

      
        - 10
-

        
          

        

      

      
         

      

    

      

    
      	
              5.

            	
              Assignment of
      Trademarks and Logos

            

    

     

    
      
        	
              	
                5.1

              	
                Assignment of
      Non-China Marks.  The
      GC China Group represents and warrants that it is the sole legal and
      beneficial owner of the NordicTurbines.com website and domain name and
      that it has full right, power and authority to assign, sell, transfer and
      convey all of its right, title and interest in and to the domain
      NordicTurbines.com.  For good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the GC China
      Group hereby assigns, sells, transfers and conveys to Nordic UK or its
      designee, and Nordic UK or its designee hereby purchases, acquires and
      receives from the GC China Group, all of the GC China Group’s right, title
      and interest in and to the domain NordicTurbines.com and any and all logos
      or marks that include the term “Nordic” and any common law rights in and
      to the term “Nordic” outside of China for wind-related power generating
      devices or wind-related power generating technologies together with all of
      the goodwill of the business symbolized by the mark “Nordic” and together
      with all rights to recover for damages and profits and all other rights
      and remedies for infringement of the mark “Nordic,” whether past, present
      or future infringement.  As of the Effective Date, Nordic UK or
      its designee shall own and be the sole owner of all of the rights title
      and interest in and to the “Nordic” mark for wind-related power generating
      devices or wind-related power generating technologies (the “Non-China
      Marks”) to be held and enjoyed by Nordic UK or its designee and each of
      their respective affiliates, successors, heirs and assigns as fully and
      entirely as the GC China Group held and enjoyed immediately before this
      assignment was made.  The Parties understand and agree that the
      foregoing assignment is as to the Non-China Marks only, and that marks in
      China are not included in such assignment.  The Parties
      understand and agree that on and as of the Effective Date, Nordic UK or
      its designee shall solely and exclusively own and hold all of the GC China
      Group’s right, title and interest in and to the Non-China
      Marks.  The GC China Group shall not retain any right, title or
      interest in or to the Non-China Marks or any right therein or thereof or
      registration therefor.  For the avoidance of doubt, Nordic UK or
      its designee shall solely and exclusively have the right and be entitled,
      in its sole discretion, in and under the laws of any country and
      jurisdiction outside China, to (i) initiate any action, litigation,
      arbitration or other proceeding, and seek, enforce, and benefit from any
      right, remedy or award, in connection with the Non-China Marks, or any
      infringement thereof before, on or after the Effective Date, and (ii)
      maintain, cancel or let expire the registrations for the Non-China
      Marks.  It is the intent of the Parties that these assignments
      shall be effective pursuant to the applicable federal and state laws of
      the United States.

              

      

    

     

    
      
        	
              	
                5.2

              	
                Assignment of China
      Marks.  For
      good and valuable consideration, the receipt and sufficiency of which are
      hereby acknowledged, the Nordic Group hereby assigns, sells, transfers and
      conveys to GC China Group or its designee, and GC China Group or its
      designee hereby purchases, acquires and receives from the Nordic Group,
      all of the Nordic Group’s right, title and interest in and to any and all
      logos or marks that include the term “Nordic” and any common law rights in
      and to the term “Nordic” in China together with all rights to recover for
      damages and profits and all other rights and remedies for infringement of
      the mark “Nordic,” whether past, present or future
      infringement.  As of the Effective Date, the GC China Group
      shall own, and be the sole owner of, all of the rights, title and interest
      in and to the “Nordic” mark in China for wind-related power generating
      devices or wind-related power generating technologies (the “China Marks”)
      to be held and enjoyed by the GC China Group or its designee and each of
      their respective affiliates, successors, heirs and assigns as fully and
      entirely as the Nordic Group held and enjoyed immediately before this
      assignment was made.  The Parties understand and agree that the
      foregoing assignment is as to the China Marks only, and that any other
      logos or marks (including without limitation any logos or marks outside
      China) are not included in such assignment.  The Parties
      understand and agree that on and as of the Effective Date, the GC China
      Group or its designee shall solely and exclusively own and hold all of the
      Nordic Group’s right, title and interest in and to the China
      Marks.  The Nordic Group shall not retain any right, title to
      interest in or to the China Marks or any right therein or thereof or
      registration therefor in China.  For the avoidance of doubt, the
      GC China Group or its designee shall solely and exclusively have the right
      and be entitled, in its sole discretion, in and under the laws of China,
      to (i) initiate any action, litigation, arbitration or other proceeding,
      and seek, enforce, and benefit from any right, remedy or award, in
      connection with the China Marks, or any infringement thereof before, on or
      after the Effective Date, and (ii) maintain, cancel or let expire the
      registrations for the China Marks.  It is the intent of the
      Parties that these assignments shall be effective pursuant to the laws of
      China.

              

      

    

     

    
      
         

      

      
        - 11
-

        
          

        

      

      
         

      

    

      

    
      	
              6.

            	
              Ownership of Domain
      Names

            

    

     

    
      
        	
              	
                6.1

              	
                GC China
      Group.  The
      GC China Group represents and warrants that it has ceased to use, own and
      operate the website and domain name NordicTurbines.com and further
      covenants that it will not use, own or operate NordicTurbines.com or any
      other website or domain name that uses or incorporates the term “Nordic”,
      excepting websites and domain names using the .cn country code top level
      domain and using the word or mark GC NORDIC or GUOCE NORDIC, but not
      NORDIC by itself.  The GC China Group agrees that it has not and
      will not register any website or domain name that uses or incorporates the
      term “Nordic”, excepting (i) www.gc-nordic.com and (ii) websites and
      domain names using the .cn country code top level domain and using the
      work or mark GC NORDIC or GUOCE NORDIC, including gcnordic.cn,
      gc-nordic.cn,
      wuhangoucenordic.cn and guocenordic.cn, but not NORDIC by
      itself.  Within seven (7) days of the Effective Date, the GC
      China Group shall execute and deliver evidence of its assignment of the
      NordicTurbines.com domain name to Nordic
  Holdings.

              

      

    

     

    
      
        	
              	
                6.2

              	
                Nordic
      Group.  The
      Nordic Group represents and warrants that it does not use, own or operate
      any website or domain name in China that uses the .cn top level domain and
      that uses or incorporates the term “Nordic” by itself.  The
      Nordic Group further covenants and agrees that it will not grant any third
      party rights to conduct targeted internet marketing efforts in China for
      sales of wind turbines using “Nordic
Windpower.”

              

      

    

     

    
      
        	
              	
                6.3

              	
                Allowable
      Uses.  The
      Parties understand and agree that because of the nature of the Internet
      and the Worldwide Web, websites in both generic top level domains (such as
      .com) and also country code top level domains (such as .cn) may be visible
      to users anywhere on earth.  Accordingly, any use of the word or
      mark “GC Nordic” or “Guoce Nordic” by any GC China Group member on any
      website or in a domain name otherwise permissible under this Agreement
      shall not be deemed a prohibited use of the mark outside China, regardless
      of whether visible to users outside of
China.

              

      

    

     

    
      
         

      

      
        - 12
-

        
          

        

      

      
         

      

    

      

    
      	
              7.

            	
              Additional
      Covenants

            

    

     

    
      
        	
              	
                7.1

              	
                Destruction of
      Infringing Materials.  The
      GC China Group shall destroy all sales, advertisement, marketing,
      packaging, labeling and promotional material, including without limitation
      investor presentation material, which use the Non-China Marks that are in
      the possession of the GC China Group.  The GC China Group shall
      undertake reasonable efforts to destroy all sales, advertisement,
      marketing, packaging, labeling and promotional material, including without
      limitation investor presentation material, which use the Non-China Marks
      that the GC China Group has provided to third
  parties.

              

      

    

     

    
      
        	
              	
                7.2

              	
                Use of
      Name.  Except
      as set forth in Section 6 (Ownership of Domain Names) and except to the
      extent legally required for non-marketing identification purposes, the GC
      China Group covenants and agrees that outside China commencing on the
      Effective Date and continuing in perpetuity, none of the GC China Group
      shall be referred to as “Nordic Turbines” or any other name or word that
      uses or incorporates Nordic in any materials, documents, filings or
      reports, including without limitation any press release or U.S. Securities
      and Exchange Commission filing, except if and to the extent it is legally
      required by applicable laws in the relevant jurisdiction.  In
      addition, the Parties understand and agree that the GC China Group may use
      the term “Nordic” and the names of the Nordic Group members in a factual
      manner in public disclosures, including those on any websites owned or
      operated by the GC China Group, where required or advisable under
      applicable law.  For the avoidance of doubt, the GC China Group
      shall not use the language “formerly known as NORDIC TURBINES” except if
      and to the extent it is legally required to do so by applicable laws in
      the relevant jurisdiction.

              

      

    

     

    
      
        	
              	
                7.3

              	
                Disassociation.  The
      GC China Group covenants and agrees that it will not claim any association
      or affiliation with the Nordic Group commencing on the Effective Date and
      continuing in perpetuity except if and to the extent it is legally
      required by laws in the applicable
jurisdiction.

              

      

    

     

    
      
        	
              	
                7.4

              	
                Further
      Assurances.  Each
      Party covenants and agrees that it will execute and deliver such further
      certifications, documents, other instruments and take such further actions
      as are reasonably requested by another Party from time to time to effect
      the trademark and domain name assignments, registrations, cancellations
      and other rights granted pursuant to this Agreement; provided, however,
      that any costs or fees required with respect to the foregoing shall be
      borne solely by the requesting
Party.

              

      

    

     

    
      	
              8.

            	
              Limitation of
      Liability

            

    

     

    NO PARTY
SHALL HAVE ANY LIABILITY WHATSOEVER FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL
OR SPECIAL DAMAGES, LOST PROFITS, LOST REVENUES, LOST OPPORTUNITIES, REPLACEMENT
COSTS OR SUBSTITUTION OF GOODS UNDER THIS AGREEMENT.

     

    
      
         

      

      
        - 13
-

        
          

        

      

      
         

      

    

      

    
      	
              9.

            	
              No
      Warranties

            

    

     

    ANY AND
ALL TECHNOLOGY, KNOW-HOW OR OTHER ITEMS PROVIDED BY A PARTY TO ANY OTHER PARTY
PRIOR TO THE EFFECTIVE DATE HAVE BEEN PROVIDED ON AN “AS IS” BASIS, AND NO PARTY
MAKES ANY WARRANTIES TO ANY OTHER PARTY, EXPRESS OR IMPLIED, EITHER IN FACT OR
BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND INCLUDING WITHOUT LIMITATION
ANY IMPLIED WARRANTY OF QUALITY, WARRANTY OF MERCHANTABILITY, ERROR-FREE
PERFORMANCE, SAFETY OR WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE OR ANY
WARRANTY AS TO THE VALIDITY OF ANY PATENT OR THE NON- INFRINGEMENT OF ANY
INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.  EACH PARTY REPRESENTS,
WARRANTS AND COVENANTS THAT ITS PAST, PRESENT OR FUTURE USE OR OTHER
EXPLOITATION OF ANY SUCH ITEMS, INCLUDING WITHOUT LIMITATION DISTRIBUTION TO
THIRD PARTIES, WAS, IS AND SHALL FOREVER BE, AT ITS OWN RISK.  EACH
PARTY ACKNOWLEDGES AND AGREES THAT IT WAS, IS AND SHALL FOREVER BE SOLELY
RESPONSIBLE FOR ENSURING HUMAN AND ENVIRONMENTAL SAFETY RELATED TO ANY AND ALL
PAST, PRESENT OR FUTURE USE OR OTHER EXPLOITATION OF ANY SUCH
ITEMS.  EACH PARTY REPRESENTS, WARRANTS AND COVENANTS THAT IT SHALL BE
SOLELY LIABLE FOR ANY BODILY INJURY, PERSONAL INJURY, DEATH OR PROPERTY DAMAGE
DIRECTLY OR INDIRECTLY CAUSED BY SUCH PARTY’S PAST, PRESENT OR FUTURE USE OR
OTHER EXPLOITATION OF ANY SUCH ITEMS.

     

    
      	
              10.

            	
              Indemnification

            

    

     

    
      
        	
              	
                10.1

              	
                Indemnification by the
      GC China Group.  The
      GC China Group will, at its expense and the Nordic Group’s request,
      defend, indemnify and hold harmless the Nordic Group and their respective
      officers, directors, employees, contractors and agents against any and all
      Claims (including reasonable attorneys’ and other reasonable
      professionals’ fees and costs) arising, in whole or in part, in connection
      with any breach of this Agreement (including any representation, warranty
      or covenant contained herein) by the GC China Group; provided that the
      Nordic Group shall promptly notify the GC China Group in writing about any
      such claim and if prejudice occurs as a result of the Nordic Group’s delay
      in providing notice, then the GC China Group shall not be liable for any
      losses that directly result from the delay of providing such notice to the
      extent of such prejudice.

              

      

    

     

    
      
         

      

      
        - 14
-

        
          

        

      

      
         

      

    

      

    
      
        	
              	
                10.2

              	
                Indemnification by the
      Nordic Group.  The
      Nordic Group will, at its expense and the GC China Group’s request,
      defend, indemnify and hold harmless the GC China Group and their
      respective officers, directors, employees, contractors and agents against
      any and all Claims (including reasonable attorneys’ and other reasonable
      professionals’ fees and costs) arising, in whole or in part, in connection
      with any breach of this Agreement (including any representation, warranty
      or covenant contained herein) by the Nordic Group; provided that the GC
      China Group shall promptly notify the Nordic Group in writing about any
      such claim and if prejudice occurs as a result of the GC China Group’s
      delay in providing notice, then the Nordic Group shall not be liable for
      any losses that directly result from the delay of providing such notice to
      the extent of such prejudice.

              

      

    

     

    
      
        	
              	
                10.3

              	
                Indemnification
      Procedure.  A
      person or entity that intends to claim indemnification under this Section
      10 (an “Indemnitee”) must promptly notify the other Party (the
      “Indemnitor”) in writing of any Claim in respect of which the Indemnitee
      intends to claim such indemnification, and the Indemnitor will assume the
      defense thereof whether or not such Claim is rightfully brought; provided,
      however, that an Indemnitee will have the right to take sole control of
      the defense and retain its own counsel, with the fees and expenses to be
      paid by the Indemnitee, unless Indemnitor does not assume the defense, in
      which case the reasonable fees and expenses of counsel retained by the
      Indemnitee will be paid by the Indemnitor.  The Indemnitee, and
      its employees and agents, will cooperate fully with the Indemnitor and its
      legal representatives in the investigations of any Claim.  The
      Indemnitor may not enter into any settlement or compromise unless such
      settlement or compromise unconditionally releases the Indemnitee from all
      liability for all Claims or unless such settlement or compromise is
      consented to in writing by the Indemnitee, which consent shall not be
      unreasonably withheld or delayed.  The Indemnitor will not be
      liable for the indemnification of any Claim settled or compromised by the
      Indemnitee without the written consent of the Indemnitor, which consent
      shall not be unreasonably withheld or
delayed.

              

      

    

     

    
      	
              11.

            	
              Deltawind and the
      Nordic Group

            

    

     

    Notwithstanding
anything to the contrary contained in this Agreement, as between only Deltawind
and the Nordic Group, each of Deltawind and the Nordic Group agrees that nothing
in this Agreement amends, terminates, changes, modifies or alters the rights or
obligations of Deltawind and the Nordic Group with respect to the Asset Transfer
Agreement, or any other provision thereof, and that the Asset Transfer Agreement
shall continue to be in full force and effect between Deltawind and the Nordic
Group, without regard to this Agreement.

     

    
      
         

      

      
        - 15
-

        
          

        

      

      
         

      

    

      

    
      	
              12.

            	
              Notices

            

    

     

    All
notices and other communications given or made pursuant to this Agreement shall
be in writing and shall be deemed effectively given upon the earlier of actual
receipt or: (a) personal delivery to the Party to be notified, (b) if within the
United States of America, either five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or one
(1) business day after the business day of deposit with a nationally recognized
overnight courier, freight prepaid, specifying next-day delivery, with written
verification of delivery, or (c) if outside of the United States of America,
three (3) business days after the business day of deposit with an
internationally recognized courier, freight prepaid, for delivery within the
specified period, with written verification of delivery within said
period.  All communications shall be sent to the attention of each
Party’s Chief Executive Officer to such Party’s address as set forth on the
first page of this Agreement, or such other address as subsequently modified by
such Party by written notice given in accordance with this
Section.  If notice is given to any member of the Nordic Group, a
copy, which shall not constitute notice, shall also be sent to Baker &
McKenzie LLP, c/o Maria P. Sendra, Esq., 12544 High Bluff Drive, 3rd Floor, San
Diego, CA 92130.  If notice is given to any member of the GC China
Group, a copy, which shall not constitute notice, shall also be sent to
Greenberg Traurig, LLP, c/o Mark Lee, Esq., 1201 K Street, Suite 1100,
Sacramento CA 95814.

     

    
      	
              13.

            	
              Counterparts

            

    

     

    This
Agreement may be executed in counterparts, all of which, when taken together,
shall constitute a fully-executed original.  Facsimile signatures will
be effective and binding.  A Party providing a facsimile signature
shall promptly provide an original signature to the other Party’s
counsel.

     

    
      	
              14.

            	
              Entire
      Agreement

            

    

     

    This
Agreement constitutes the final and exclusive agreement between the Parties with
respect to the subject matter, and all prior and contemporaneous agreements,
representations, negotiations, and understandings of the Parties regarding the
same, whether oral or written are superseded and merged into this
Agreement.

     

    
      	
              15.

            	
              Modification

            

    

     

    No
modification, waiver, amendment, discharge or change of this Agreement shall be
valid unless the same is in writing and signed by the Parties.

     

    
      
         

      

      
        - 16
-

        
          

        

      

      
         

      

    

      

    
      	
              16.

            	
              Construction and
      Section Headings

            

    

     

    This
Agreement shall be written in English and Mandarin Chinese; provided, however,
that the English language version shall control in the event of any
conflict.  This Agreement was not drafted by any one Party and shall
not be construed or interpreted against any one Party.  The Section
headings in this Agreement are provided for convenience only and will not affect
its construction or interpretation.  All references to “Section” or
“Sections” refer to the corresponding section or sections of this Agreement
unless otherwise specified.  All words used in this Agreement will be
construed to be of such gender or number as the circumstances
require.  Unless otherwise expressly provided, the word “including”
does not limit the preceding words or terms.

     

    
      	
              17.

            	
              Severability

            

    

     

    If any
provision or any portion of this Agreement shall become illegal, null, or void
or against public policy, for any reason, or shall be held by any court of
competent jurisdiction to be illegal, null, or void or against public policy,
then the remainder of this Agreement shall not be affected and shall remain in
full force and effect in such jurisdiction to the extent permissible by
applicable law, and the entire Agreement shall remain in full force and effect
in all other jurisdictions to the extent permissible by the applicable laws in
such jurisdictions.

     

    
      	
              18.

            	
              No Admission of
      Liability

            

    

     

    This
Agreement constitutes a compromise disposition of controverted claims, and by
executing this Agreement, the Parties do not admit liability for any of the
matters discussed in the course of negotiating this Agreement.  Except
as specified or otherwise provided for in this Agreement, no statements made in
this Agreement may be used against any Party for any purpose, and no statements
of the Parties (nor their officers, agents, employees, representatives, nor
attorneys) in the course of negotiating this Agreement may be admissible as
evidence for any purpose in any proceeding.

     

    
      	
              19.

            	
              Successors and
      Assigns

            

    

     

    Each and
all covenants and conditions of this Agreement shall inure to the benefit of and
shall be binding upon successors and interest, assigns and legal representatives
of the Parties.

     

    
      	
              20.

            	
              Governing Law;
      Arbitration of Disputes

            

    

     

    
      
        	
              	
                20.1

              	
                Choice of
      Law.  Notwithstanding
      anything to the contrary contained herein, this Agreement shall be
      construed in accordance with and governed by the substantive laws of the
      State of New York and the applicable federal laws of the United States of
      America, without giving effect to any choice of law rule that would cause
      the application of the laws of any jurisdiction other than the substantive
      laws of the State of New York and the applicable federal laws of the
      United States of America to the rights and duties of the
      Parties.  The United Nations Convention on Contracts for the
      International Sale of Goods shall not apply to this
    Agreement.

              

      

    

     

    
      
         

      

      
        - 17
-

        
          

        

      

      
         

      

    

      

    
      
        	
              	
                20.2

              	
                Arbitration.  All
      disputes arising out of or in connection with the present contract shall
      be submitted to the International Court of Arbitration of the
      International Chamber of Commerce and shall be finally settled under the
      Rules of Arbitration of the International Chamber of Commerce by one (1)
      or three (3) arbitrator(s) appointed in accordance with the said
      rules.  The place of arbitration shall be
      Singapore.  The arbitration will be conducted in English, with a
      translator provided for those persons who speak Mandarin
      Chinese.  The award rendered by the arbitrator(s) shall be final
      and judgment may be entered thereon in any court having jurisdiction
      thereon.

              

      

    

     

    
      	
              21.

            	
              Authorization to
      Bind

            

    

     

    The
Parties warrant that their respective signatories have full authority to enter
into this Agreement on behalf of any entities for whom they are
signing.

     

    [THE
REST OF THIS PAGE INTENTIONALLY LEFT BLANK

    
      
         

      

      
        - 18
-

        
          

        

      

      
         

      

    

      

    IN WITNESS OF THE FOREGOING,
the Parties execute this Termination, Release and Settlement Agreement as
of the Effective Date:

     

    
      
        	
                Nordic
      Windpower USA, Inc.

              	 
      	
                GC
      China Turbine Corp.

              
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/ Thomas M. Carbone

              	 
      	
                By:

              	
                /s/ Qi Na

              
	 
      	
                Name
      Thomas M. Carbone

              	 
      	 
      	
                Name
      Qi Na

              
	 
      	 
      	 
      	 
      	 
      
	
                Its:

              	
                CEO

              	 
      	
                Its:

              	
                CEO

              
	 
      	 
      	 
      	 
      	 
      
	
                Date:

              	
                11/30/10

              	 
      	
                Date:

              	
                11/30/10

              
	 
      	 
      	 
      	 
      	 
      
	
                Nordic
      Windpower Limited

              	 
      	
                Luckcharm
      Holdings Limited

              
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/ Thomas M. Carbone

              	 
      	
                By:

              	
                /s/ Qi Na

              
	 
      	
                Name
      Thomas M. Carbone

              	 
      	 
      	
                Name
      Qi Na

              
	 
      	 
      	 
      	 
      	 
      
	
                Its:

              	
                CEO

              	 
      	
                Its:

              	
                Authorized Signatory

              
	 
      	 
      	 
      	 
      	 
      
	
                Date: 

              	
                11/30/10

              	 
      	
                Date: 

              	
                11/30/10

              
	 
      	 
      	 
      	 
      	 
      
	
                Nordic
      Windpower Holdings, Inc.

              	 
      	
                Wuhan
      Guoce Nordic New Energy Co., Ltd.

              
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	
                /s/ Thomas M. Carbone

              	 
      	
                By:

              	
                /s/ Qi Na

              
	 
      	
                Name
      Thomas M. Carbone

              	 
      	 
      	
                Name
      Qi Na

              
	 
      	 
      	 
      	 
      	 
      
	
                Its:

              	
                CEO

              	 
      	
                Its:

              	
                General Manager

              
	 
      	 
      	 
      	 
      	 
      
	
                Date:

              	
                11/30/10

              	 
      	
                Date:

              	
                11/30/10

              

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

      

    
      
        
          
            
              
                	
                        Deltawind
      AB

                      	 
      	
                        Wuhan
      Guoce Science & Technology Co., Ltd.

                      
	 
      	 
      	 
      	 
      	 
      
	
                        By:

                      	
                        /s/ Arne J. Myre

                      	 
      	
                        By:

                      	
                        /s/ Qi Na

                      
	 
      	
                        Name
      Arne J. Myre

                      	 
      	 
      	
                        Name
      Qi Na

                      
	 
      	 
      	 
      	 
      	 
      
	
                        Its:

                      	
                        Chairman

                      	 
      	Its:	Authorized Signatory
	 
      	 
      	 
      	 
      	 
      
	
                        Date:

                      	
                        11/30/10

                      	 
      	
                        Date:

                      	
                        11/30/10

                      
	 
      	 
      	 
      	 
      	 
      
	
                        and

                      	 
      	
                        Wuhan
      Zhongjieneng New Energy Investment Ptd.

                      
	 
      	 
      	 
      	 
      	 
      
	
                        By:

                      	
                        /s/ Joar Viken

                      	 
      	
                        By:

                      	
                        /s/ Qi Na

                      
	 
      	
                        Name
      Joar Viken

                      	 
      	 
      	
                        Name
      Qi Na

                      
	 
      	 
      	 
      	 
      	 
      
	
                        Its:

                      	
                        Director

                      	 
      	
                        Its:

                      	
                        Authorized Signatory

                      
	 
      	 
      	 
      	 
      	 
      
	
                        Date:

                      	
                        11/30/10

                      	 
      	
                        Date:

                      	
                        11/30/10

                      

              

            

          

        

      

    

    

     [SIGNATURE
PAGE TO TERMINATION, RELEASE AND SETTLEMENT

    AGREEMENT]

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