Document:

ex10_25.htm

    
      

    

    Exhibit 10.25

     

    BASE
SALARIES OF NAMED EXECUTIVE OFFICERS

    

    
      	
              Named Executive
      Officer

            	
              Base
      Salary

            
	 
      	 
      
	
              Robert
      L. Long

              Chief
      Executive Officer

            	
              $925,000

            
	 
      	 
      
	
              Jean
      P. Cahuzac

              Executive
      Vice President, Assets

            	
              $550,000

            
	 
      	 
      
	
              Steven
      L. Newman

              Executive
      Vice President, Performace

            	
              $465,000

            
	 
      	 
      
	
              Gregory
      L. Cauthen

              Senior
      Vice President and Chief Financial Officer

            	
              $410,000

            
	 
      	 
      
	
              Eric
      B. Brown

              Senior
      Vice President and General Counsel

            	
              $390,000INVESTMENT
        AGREEMENT

      

      Party
        A:      Shanghai
        Zizhu Science Park Development Co., Ltd. 

      

      Address:     No.
        468
        Jianchuan Road, Minxing District, Shanghai

      

      Legal
        Representative: SHEN
        Wen  Title:
        CEO

      

      

      Party
        B:       Perfectenergy
        International Limited

      

      Address:  

      

      Legal
        Representative: LI
        Wennan  Title:
        CEO

      

      Article
        1:     Party
        A
        is incorporated under the state’s authority and is qualified as a Chinese legal
        person, and is responsible for the property development, land use right
        management, basic municipal construction, property investment and management,
        and the economic fundamentals for the investment and management of commercial
        high technology projects in Shanghai Zizhu Science Park.

      

      Article
        2:     Party
        B
        is in the business of investing companies specializing in silicon solar energy
        batteries, battery components, solar photovoltaic systems and related products.
        

      

      Article
        3:     Party
        B
        has conducted property evaluation and has comprehensive understanding regarding
        the investment environment of the Science Park, including its geographical
        location, industrial direction and favorable policies. After friendly
        discussions with Party A, Party B plans to secure a property in the Science
        Park
        to construct a solar energy technology research center. The new company will
        have investment capital of USD 29.8 million and registered capital of USD
        20
        million.

      

      Article
        4:     In
        support of, and as special consideration to, Party B, Party A agrees to transfer
        the approximately 6.1-acre property described as bordering Jianchuan Road
        on the
        north, the Yamaha Project on the south, the E+H Project on the east and the
        Danshui River on the west (see attached map), to Party B for construction
        of a
        solar energy research center, offices and related buildings. The property
        price
        is set according with the current policy governing state-owned lands, and
        the
        application for the land transfer certificate will commence once the project
        is
        approved. 

      

      Article
        5:     Party
        B
        shall undertake to invest not less than RMB 100 Million into the property
        within
        two years, and to achieve a constructed surface area ratio of 1.0 to 1.2.
        The
        construction period for this project is tentatively set from June 2008 to
        May
        2009. 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
Article
        6:     Party
        A
        shall be responsible ensuring that the property has the seven basic
        infrastructural connections (surface water, sewage, road, communication,
        heat,
        electricity and energy) and is suitable for construction, and shall assist
        Party
        B, without charge, with obtaining a 50-year land use right and all applications
        for the approval of the new company.

      

      Article
        7:     Party
        A
        shall undertake, after the execution of the property transfer agreement,
        to
        assist Party B with completing all applications relating to the transfer
        of the
        property so that Party B can obtain the property use right. 

      

      Article
        8:     Party
        B
        shall undertake, with respect to the property and the development plans as
        described in Article 4 of this agreement, to comply with Party A’s uniform
        planning and construction requirements and to provide Party A with records,
        and
        Party B must be willing at all time to discuss changes.

      

      Article
        9:     Party
        A
        shall undertake to provide “one-stop” service for Party B’s investment project
        and business registration, and shall be responsible for dealings with the
        local
        government to ensure the successful progress of Party B’s investment project.
        Concurrently, with the support of the local government, for a support period
        of
        five years beginning January 1, 2007, Party B’s investment project shall enjoy
        the following favorable policies:

      

      
        	 	
                1.

              	
                Business
                  Tax Support

              

      

      

      Party
        A
        agrees, during the support period and after Party B’s new company begins paying
        business tax, to refund thirty percent (30%) of the portion of the new company’s
        annual business tax that is designated for the Science Park district, in
        support
        of the new company.

      

      
        	 	
                2.

              	
                Company
                  Income Tax Support

              

      

      

      Party
        A
        agrees, during the support period and after the new company begins paying
        company income tax, to refund fifty percent (50%) of the portion of the new
        company’s annual company income tax that is designated for the Science Park
        district, in support of the new company.

      

      
        	 	
                3.

              	
                Personal
                  Income Tax Support

              

      

      

      Party
        A
        agrees, during the support period and after the new company begins to pay
        personal income tax, to refund twenty-five percent (25%) of the portion of
        the
        new company’s annual personal income tax that is designated for the Science Park
        district, in support of the new company.

      

      
        	 	
                4.

              	
                Value-added
                  Tax Support

              

      

      

      Party
        A
        agrees, during the support period and after the new company begins to pay
        value-added tax, to refund thirty percent (30%) of the portion of the new
        company’s value-added tax that is designated for the Science Park district, in
        support of the new company, provided that if state regulations regarding
        value-added tax change, this provision shall be effected
        accordingly.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Article
        10:    
After
        the
        acquisition of the property and before commencement of development, Party
        B
        shall be responsible for environmentally-sound maintenance of the property,
        and
        Party B shall not transfer the property without consent. The property is
        designated for industrial use, and Party B shall not proceed with any commercial
        or residential development on the property.

      

      Article
        11:     Party
        B
        acknowledges that the project described in Article 3 of the agreement must
        be
        registered to Shanghai Zizhu Science Park, and any change to the address
        on the
        company or tax registry shall require Party A’s consent. Party A shall provide
        any required assistance with respect to the foregoing. Party B warrants not
        to
        change the registration address outside of Shanghai Zizhu Science Park without
        Party A’s written consent. 

      

      Article
        12:     Subject
        to compliance with applicable mandates and regulations of the state and
        Shanghai, Party B shall undertake to conform to any reasonable requirements
        of
        Wenxing District: after the conclusion of the bidding process for Party B’s
        construction projects in the Science Park, a Science Park affiliated general
        contractor shall execute the construction contract to ensure that
        government-related policies are implemented, which Party A warrants shall
        not
        change the quality, schedule and cost of the construction project.

       

      Article
        13:     Party
        B
        has an obligation to maintain in confidence the price of the property, and
        shall
        not disclose to any third party without Party A’s written consent. Party A has
        an obligation to maintain in confidence Party B’s project, and shall not
        disclose to any third party without Party B’s written consent. If any party
        breaches its obligation, the breaching party shall be liable for all resulting
        damages. 

      

      Article
        14:     The
        parties shall conduct themselves in a friendly manner to carry out the terms
        of
        this agreement. The parties shall negotiate on friendly terms regarding any
        matter not covered by this agreement, and if any matter cannot be resolved
        through negotiation, the dispute shall be resolved by the People’s Court in
        Wenxing District, Shanghai, in accordance with law. 

      

      Article
        15:      This
        agreement shall have four originals, with each party holding two originals.
        This
        agreement shall be executed on behalf of the parties by their respective
        representative. 

      

       

      
        	Party A’s Representative:	[signature]	 	Party B’s Representative: 	[signature]
	 	 	 	 	 
	 	[company seal]	 	 	[company seal]
	 	 	 	 	 
	Date: 	10/18/2007	 	Date:	10/16/2007

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