Document:

exhibit108.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.8

ESCROW AGREEMENT

ESCROW AGREEMENT (this "Escrow Agreement") made as of the date set forth on the signature page below, by and among, EcoloCap Solutions Inc. ("Ecos"), United Best Technology Limited ("United") and the law firm of Pellerin Attorneys, a Montreal Nominal partnership, as escrow agent (the "Escrow Agent").

W I T N E S S E T H:

     WHEREAS, on February12, 2008 Ecos and United (the “Accepting Shareholder”) have executed a Service Agreement (the “Agreement”) by wish Ecos is issuing Three Million Five Hundred Thousand (3,500,000) restricted shares of Common Stock of Ecos (the “Consideration”) for the services of United, as it appears from said agreement annexed hereby;

     WHEREAS it was also agreed in said Agreement that out of the Three Million Five Hundred Thousand (3,500,000) restricted shares, Two Million Five Hundred Thousand were to be delivered to United on the date of execution of said Agreement, the remaining One Millions (1,000,000) restricted Shares were to be deposited in Escrow with the Escrow Agent (the “Escrow Assets or Securities”);

     WHEREAS, the Agreement contemplates that the delivery of Escrow Asset will close into escrow of the Escrow Agent until certain post closing covenants are satisfied or waived by Ecos and the Escrow Agent has agreed to receive, hold, pay and deliver such Securities, and take such actions thereof, upon the terms and subject to the conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties to this Escrow Agreement hereby agree as follows:

          1.      Defined Terms. Capitalized terms used and not otherwise defined herein shall have the meanings respectively assigned to them in the Agreement.

          2.      Escrow. On or prior to the Closing Date, the following shall occur: Ecos shall deliver or instruct its transfer agent to deliver to the Escrow Agent the Securities. The Escrow Agent shall hold the Securities pursuant to the conditions of the Agreement.

          3.      Interest on Assets. During the period of effectiveness of this Escrow Agreement, none of the Securities shall accrue any interest to the benefit of, or be payable to, Ecos or United.

          4.      Release of Securities. The Escrow Agent shall release the Securities as follow : (i) Five Hundred Thousand shares when the first contracts or projects permitting the

Escrow Agreement

issuance of a total of Six Hundred Thousand CERs are delivered; and (ii) One Hundred Thousand shares for each following contracts or projects permitting the issuance of an additional Six Hundred Thousand CERs, as more fully describe in the Agreement.

          5.      Further Assurances; Anti-Money Laundering Compliance. Ecos and United agree to do such further acts and to execute and deliver such statements, assignments, agreements, instruments and other documents as the Escrow Agent from time to time reasonably may request in connection with the administration, maintenance, enforcement or adjudication of this Escrow Agreement in order (a) to give the Escrow Agent confirmation and assurance of the Escrow Agent's rights, powers, privileges, remedies and interests under this Escrow Agreement and applicable law, (b) to better enable the Escrow Agent to exercise any such right, power, privilege, remedy or interest, or (c) to otherwise effectuate the purpose and the terms and provisions of this Escrow Agreement, each in such form and substance as may be reasonably acceptable to the Escrow Agent. Without limiting the foregoing, United shall promptly deliver to the Escrow Agent any and all information and due diligence materials relating to anti-money laundering due diligence as may be requested by the Escrow Agent, the extent and sufficiency of which shall be determined by the Escrow Agent in its sole discretion.

          6.      Conflicting Demands. If conflicting or adverse claims or demands are made or notices served upon the Escrow Agent with respect to the escrow provided for herein, Ecos and United agree that the Escrow Agent shall refuse to comply with any such claim or demand and withhold and stop all further performance of this escrow so long as such disagreement shall continue. In so doing, the Escrow Agent shall not be or become liable for damages, losses, costs, expenses or interest to any or any other person for its failure to comply with such conflicting or adverse demands. The Escrow Agent shall be entitled to continue to so refrain and refuse to so act until such conflicting claims or demands shall have been finally determined by a court or arbitrator of competent jurisdiction or shall have been settled by agreement of the parties to such controversy, in which case the Escrow Agent shall be notified thereof in a notice signed by such parties. The Escrow Agent may also elect to commence an interpleader or other action for declaratory judgment for the purpose of having the respective rights of the claimants adjudicated, and may deposit with the court all funds held hereunder pursuant to this Escrow Agreement; and if it so commences and deposits, the Escrow Agent shall be relieved and discharged from any further duties and obligations under this Escrow Agreement.

          7.      Disputes. Each of the parties hereto hereby covenants and agrees that the Superior Court sitting in the District of Montreal shall have jurisdiction over any dispute with the Escrow Agent or relating to this Escrow Agreement.

          8.      Expenses of the Escrow Agent. Ecos agrees to pay any and all fees, costs, expenses and disbursements charged, accrued and/or incurred by the Escrow Agent in connection with performance of all duties, conditions and rights under this Agreement, in addition to all waivers, releases, discharges, satisfactions, modifications and amendments of this Escrow Agreement, the administration and holding of the Escrow Assets, the deposit of funds, and the enforcement, protection and adjudication of the Escrow Agent's rights hereunder by the Escrow Agent, including, without limitation, the out-of-pocket disbursements of the Escrow Agent with respect to any fees, costs, expenses or disbursements of its own legal counsel that

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Escrow Agreement

Escrow Agent may retain in the event of any controversy in connection with this Escrow Agreement. Ecos shall indemnify and hold harmless the Escrow Agent for any and all such fees, costs expenses and disbursements paid or accrued by the Escrow Agent.

          9.      Reliance on Documents and Experts. The Escrow Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, statement, paper, document, writing or communication (which to the extent permitted hereunder may be by telegram, cable, telex, telecopier, or telephone) reasonably believed by it to be genuine and to have been signed, sent or made by the proper person or persons, and upon opinions and advice of legal counsel (including itself or counsel for any party hereto), independent public accountants and other experts selected by the Escrow Agent and mutually acceptable to each of Ecos and United. The Escrow Agent shall not be responsible to review any certificates other than to confirm that it has been signed.

          10.      Status of the Escrow Agent, Etc. The Escrow Agent is acting under this Escrow Agreement solely in an agency capacity. No term or provision of this Escrow Agreement is intended to create, nor shall any such term or provision be deemed to have created, any joint venture, partnership or attorney-client relationship between or among the Escrow Agent and United. This Escrow Agreement shall not be deemed to prohibit or in any way restrict the Escrow Agent's representation of Ecos, who may be advised by the Escrow Agent on any and all matters pertaining to this Escrow Agreement. To the extent Ecos has been represented by the Escrow Agent, United hereby duly acknowledges and waives any conflict of interest and irrevocably authorizes and directs the Escrow Agent to carry out the terms and provisions of this Escrow Agreement fairly as to all parties, without regard to any such representation and irrespective of the impact upon the. The Escrow Agent's only duties are those expressly set forth in this Escrow Agreement, and each of Ecos and United authorizes the Escrow Agent to perform those duties in accordance with its usual practices in holding funds of its own or those of other escrows. The Escrow Agent may exercise or otherwise enforce any of its rights, powers, privileges, remedies and interests under this Escrow Agreement and applicable law or perform any of its duties under this Escrow Agreement by or through its partners, employees, attorneys, agents or designees.

          11.      Exculpation. The Escrow Agent and its designees, and their respective partners, employees, attorneys and agents, shall not incur any liability whatsoever for the investment or disposition of funds or the taking of any other action in accordance with the terms and provisions of this Escrow Agreement, for any mistake or error in judgment, for compliance with any applicable law or any attachment, order or other directive of any court or other authority (irrespective of any conflicting term or provision of this Escrow Agreement), or for any act or omission of any other person selected with reasonable care and engaged by the Escrow Agent in connection with this Escrow Agreement (other than for such Escrow Agent's or such person's own acts or omissions breaching a duty owed to the claimant under this Escrow Agreement and amounting to gross negligence or willful misconduct as finally determined pursuant to applicable law by a governmental authority having jurisdiction); and each of Ecos and United hereby waives any and all claims and actions whatsoever against the Escrow Agent and its designees, and their respective partners, employees, attorneys and agents, arising out of or related directly or indirectly to any and all of the foregoing acts, omissions and circumstances. Furthermore, the Escrow Agent and its designees, and their respective partners, employees,

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Escrow Agreement

attorneys and agents, shall not incur any liability (other than for a person's own acts or omissions breaching a duty owed to the claimant under this Escrow Agreement and amounting to gross negligence or willful misconduct as finally determined pursuant to applicable law by a governmental authority having jurisdiction) for other acts and omissions arising out of or related directly or indirectly to this Escrow Agreement or the Escrow Assets; and each of Ecos and United hereby expressly waives any and all claims and actions (other than those attributable to a person's own acts or omissions breaching a duty owed to the claimant and amounting to gross negligence or willful misconduct as finally determined pursuant to applicable law by a governmental authority having jurisdiction) against the Escrow Agent and its designees, and their respective partners, employees, attorneys and agents, arising out of or related directly or indirectly to any and all of the foregoing acts, omissions and circumstances.

          12.      Indemnification. The Escrow Agent and its designees, and their respective partners, employees, attorneys and agents, shall be indemnified, reimbursed, held harmless and, at the request of the Escrow Agent, defended, by Ecos and United from and against any and all claims, liabilities, losses and expenses (including, without limitation, the reasonable disbursements, expenses and fees of their respective attorneys) that may be imposed upon, incurred by, or asserted against any of them, arising out of or related directly or indirectly to this Escrow Agreement or the Escrow Assets, except such as are occasioned by the indemnified person's own acts and omissions breaching a duty owed to the claimant under this Escrow Agreement and amounting to willful misconduct as finally determined pursuant to applicable law by a governmental authority having jurisdiction.

          13.      Notices. Any notice, request, demand or other communication permitted or required to be given hereunder shall be in writing, shall be sent by one of the following means to the addressee at the address set forth below (or at such other address as shall be designated hereunder by notice to the other parties and persons receiving copies, effective upon actual receipt) and shall be deemed conclusively to have been given: (a) on the first business day following the day timely deposited with Federal Express (or other equivalent national overnight courier) or Post Canada Express Mail, with the cost of delivery prepaid; (b) on the fifth business day following the day duly sent by certified or registered Post Canada mail, postage prepaid and return receipt requested; or (c) when otherwise actually delivered to the addressee.

		If to Ecos:  		ECOLOCAP SOLUTIONS INC.  
		  		353, St-Nicolas Street  
		  		Montreal, Quebec H2Y 2P1  
		  		Att: Alexander C. Gilmour  
		    
		If to Escrow Agent:  		Pellerin Attorneys  
	  	  	  	375-204 Notre-Dame W.  
		  		Montreal (Quebec) H2Y 1T3  
				Att : Claude Pellerin 
		  		Telephone No.: (514) 397-0575  
		  		Facsimile No.:   (514) 397-0480  

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Escrow Agreement

		If to United:		UNITED BEST TECHNOLOGY LIMITED
				Room 1001-4A, Champion Building,  
				287-291 Des Voeux Road, Central, Hong Kong  
				Att: Dr. Tri Vu Truong  

          14.      Section and Other Headings. The section and other headings contained in this Escrow Agreement are for convenience only, shall not be deemed a part of this Escrow Agreement and shall not affect the meaning or interpretation of this Escrow Agreement.

          15.      Governing Law. This Escrow Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Province of Quebec, without regard to principles of conflicts of law. Each of Ecos and United (i) hereby irrevocably submits to the jurisdiction of the Superior Court sitting in the District of Montreal for the purposes of any suit, action or proceeding arising out of or relating to this Agreement or the Agreement and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of Ecos and United consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 15 shall affect or limit any right to serve process in any other manner permitted by law.

          16.      Counterparts. This Escrow Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts shall together constitute one and the same agreement.

          17.     Resignation of Escrow Agent. The Escrow Agent may, at any time, at its option, elect to resign its duties as Escrow Agent under this Escrow Agreement by providing notice thereof to each of Ecos and United. In such event, the Escrow Agent shall deposit the Escrow Assets with a successor independent escrow agent to be appointed by (a) Ecos and United within thirty (30) days following the receipt of notice of resignation from the Escrow Agent, or (b) the Escrow Agent if Ecos and United shall have not agreed on a successor escrow agent within the aforesaid 30-day period, upon which appointment and delivery of the Escrow Assets the Escrow Agent shall be released of and from all liability under this Escrow Agreement.

          18.     Successors and Assigns; Assignment. Whenever in this Escrow Agreement reference is made to any party, such reference shall be deemed to include the successors, assigns and legal representatives of such party, and, without limiting the generality of the foregoing, all representations, warranties, covenants and other agreements made by or on behalf of each of Ecos and United in this Escrow Agreement shall inure to the benefit of any successor escrow agent hereunder; provided, however, that nothing herein shall be deemed to authorize or permit Ecos or United to assign any of its rights or obligations hereunder to any other person (whether or not an affiliate of Ecos or United) without the written consent of each of the other parties nor to authorize or permit the Escrow Agent to assign any of its duties or obligations hereunder except as provided in Section 17 hereof.

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Escrow Agreement

          19.      No Third Party Rights. The representations, warranties and other terms and provisions of this Escrow Agreement are for the exclusive benefit of the parties hereto, and no other person, including the creditors of Ecos or United, shall have any right or claim against any party by reason of any of those terms and provisions or be entitled to enforce any of those terms and provisions against any party.

          20.     No Waiver by Action, Etc. Any waiver or consent respecting any representation, warranty, covenant or other term or provision of this Escrow Agreement shall be effective only in the specific instance and for the specific purpose for which given and shall not be deemed, regardless of frequency given, to be a further or continuing waiver or consent. The failure or delay of a party at any time or times to require performance of, or to exercise its rights with respect to, any representation, warranty, covenant or other term or provision of this Escrow Agreement in no manner (except as otherwise expressly provided herein) shall affect its right at a later time to enforce any such term or provision. No notice to or demand on either Ecos or United in any case shall entitle such party to any other or further notice or demand in the same, similar or other circumstances. All rights, powers, privileges, remedies and interests of the parties under this Escrow Agreement are cumulative and not alternatives, and they are in addition to and shall not limit (except as otherwise expressly provided herein) any other right, power, privilege, remedy or interest of the parties under this Escrow Agreement or applicable law.

          21.      Modification, Amendment, Etc. Each and every modification and amendment of this Escrow Agreement shall be in writing and signed by all of the parties hereto, and each and every waiver of, or consent to any departure from, any covenant, representation, warranty or other provision of this Escrow Agreement shall be in writing and signed by the party granting such waiver or consent.

          22.      Entire Agreement. This Escrow Agreement contains the entire agreement of the parties with respect to the matters contained herein and supersedes all prior representations, agreements and understandings, oral or otherwise, among the parties with respect to the matters contained herein.

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Escrow Agreement

     IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the 13th day of February, 2008.

United Best Technology Limited

By: DR. TRI VU TRUONG

      Name: Dr. Tri Vu TRuong

      Title: President

Pellerin Attorneys

By: CLAUDE PELLERIN

      Name: Claude Pellerin

      Title: Partner

EcoloCap Solutions Inc.

By:ALEXANDER C. GILMOUR

     Name:Alexander C. Gilmour

     Title: Chairman

7exhbiit109.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Emission Reduction Purchase Agreement                                                                                                                                       Page 1 of 12

Exhibit 10.9

EMISSION REDUCTION PURCHASE AGREEMENT

(ERPA)

between

(the "Purchaser")

ECOLOCAP SOLUTIONS (CANADA) INC., (ECOLOCAP)

740 St Maurice suite 102 

Montreal, Qc H3C1L5 

Canada 

Tel : 5148763907 

Fax: 5148764080 

Email: trivutruong@ecolocap.com

President-CEO : Dr. Tri vu Truong

and

(the " TIÈN GIANG 10MW FIRED RICE HUSK POWER PLANT- CDM Project 

Proponent”)., henceforth “VIETNAM PROJECT PROPONENT”

Owner: TAN HIEP PHUC ELECTRICITY CONSTRUCTION JOINT-STOCK COMPANY, VIET 

NAM (THP.CORP)

Address: 52 Tran Trong Cung St, Tan Thuan Dong Ward, District No 7, Ho Chi Minh City

Telephone: + 84.8. 7733306 

Fax : +84.8. 7733321

Email: tvlong@thpcorp.com.vn

General Director: Mr. Truong Van Long

Interpretation and Definitions

In this Agreement, unless otherwise required by the context, all capitalized terms shall have the meaning set forth in the definitions below.

 

Initial VN Thermo – Power Generation Rice Husk-CDM Project Proponent:_____Initial Ecolocap Solutions (Canada) inc-1:

	Emission Reduction Purchase Agreement                                                                            Page 2 of 12
	  
	  
	Additional  	Means any Certified Emission Reduction (CER) generated by the Project  
	Emission  	that is in excess of [50,000] Certified Emission Reductions (CERs) per  
	Reduction:  	annum.  
	  
	Agreement:  	Means this Emission Reduction Purchase Agreement.  
	  
	Annex B Countries:  	Means the countries listed in Annex B to the Kyoto Protocol having  
	  	committed themselves to reduce or limit their GHG emissions.  
	  
	Annex I Countries:  	Means the parties to the UNFCCC listed in Annex I thereto (Annex I  
	  	consists of industrial countries and countries in transition).  
	  
	Anticipated  	Means up to [50,000] Certified Emission Reductions (CERs) per annum  
	Emission  	during the Crediting Period, anticipated to be generated by the Project  
	Reduction:  	and calculated in accordance with the Kyoto Rules.  
	  
	Baseline:  	Means the scenario that reasonably represents the anthropogenic  
	  	emissions of GHG that would occur in the Host Country in the absence of  
	  	the Project, determined in accordance with the Kyoto Rules.  
	  
	Business Day:  	Means a day on which banks are open for general business in Vietnam.  
	  
	Carbon Dioxide  	Means a metric measure used to compare the emissions of various GHG  
	Equivalent:  	based upon their global warming potential.  
	  
	Certification:  	Means the written confirmation by an Operational Entity of an Emission  
	  	Reduction resulting from a CDM project and having passed the  
	Verification procedure according to the Kyoto Rules. 
	  
	Certified Emission  	Means a unit of Emission Reduction issued pursuant to Article 12 of the  
	Reduction (CER):  	Kyoto Protocol and the requirements of the Kyoto Rules (including  
	  	Certification), equal to one metric ton of Carbon Dioxide Equivalent  
	  	resulting from a CDM project.  
	  
	Clean Development  	Means the flexible mechanism established by Article 12 of the Kyoto  
	Mechanism (CDM) :  	Protocol providing for Annex I Countries to implement projects that reduce  
	  	emissions in non-Annex I Countries in return for CERs and assist the non-  
	  	Annex I Countries in achieving sustainable development and contributing  
	  	to the ultimate objective of the UNFCCC.  
	  
	Crediting Period:  	Means, until December 31, 2026.  
	  
	Emission  	Means reduction in emission of GHG achieved, calculated in accordance  
	Reduction:  	with the Kyoto Rules.  
	  
	Executive Board:  	Means the international authority elected by the representatives of the  
	  	parties to the Kyoto Protocol responsible for monitoring the CDM process.  
	  
	First Commitment  	Means ...June 2008 until December 31, 2019.  
	Period:  	  
	  
	Force Majeure:  	Means any circumstance or condition beyond the control of either party to  
	  	this Agreement affecting the performance of its obligations under this  
	  	Agreement including in particular wars, insurrection, natural disaster or  
	  	equivalent circumstances.  
	  
	Greenhouse Gases  	Means the six gases listed in Annex A to the Kyoto Protocol.  
	(GHG):  	  
	  
	Host Country:  	Vietnam  

Initial VN Thermo – Power Generation Rice Husk-CDM Project Proponent:_____Initial Ecolocap Solutions (Canada) inc-1:

	Emission Reduction Purchase Agreement                                                    Page 3 of 12  
	  
	  
	Kyoto Protocol:  	Means the protocol to the UNFCCC adopted at the third conference of the  
	  	parties to the UNFCCC in Kyoto, Japan, on December 11, 1997.  
	  
	Kyoto Rules:  	Means the UNFCCC, Kyoto Protocol, the Bonn agreement, the  
	  	Marrakesh Accords, any relevant decisions, guidelines, modalities and  
	  	procedures made pursuant to them and/or any succeeding international  
	  	agreements as amended and/or supplemented from time to time and  
	  	which include those rules specifically required to be met for the issuing  
	  	and transfer of CERs.  
	  
	Letter of Approval  	Means a binding approval of the Project by the Host Country together with  
	(LOA):  	an approval of the transfer of CERs.  
	  
	Monitoring Report:  	Means an annual report to be provided by Owner setting out the total  
	  	number of Emission Reductions generated by the Project during the  
	  	previous year according to the Kyoto Rules, international Monitoring rules  
	  	and the PDD.  
	  
	Monitoring:  	Means the collection and record of data allowing the assessment of  
	  	reductions in GHG emissions resulting from the Project conducted in  
	  	accordance with the Kyoto Rules.  
	  
	Operational Entity:  	Means an independent entity accredited by the Executive Board being the  
	  	executive body for CDM and inter alias responsible for determining  
	  	whether a project and the resulting Emission Reductions meet the  
	  	requirements of Article 12 of the Kyoto Protocol.  
	  
	Project Design  	Means a detailed description of the Project to be submitted for Validation  
	Document (PDD):  	prepared in accordance with the Kyoto Rules, the UFG and the Directive  
	  	and attached as Annex III. The Purchaser will be responsible for providing  
	PDD development for Registration of the Project. 
	  
	Project:  	Means the proposed CDM project described in the PDD and other  
	  	documents describing the implementation and economics of the Project  
	  	attached in Annex IV.  
	  
	Registration:  	Means the official registration of a CDM project by the Executive Board  
	  	according to the Kyoto Rules.  
	  
	UNFCCC:  	Means the United Nations Framework Convention on Climate Change  
	  	adopted in New York on May 9, 1992.  
	  
	Unit Price:  	Means the price payable by Purchaser to Project Proponent per Certified  
	  	Emission Reduction (CER) unit:  
	  
	  	The purchase unit price paid by EcoloCap Solutions Canada Inc. to Viet  
	  	Nam Project Proponent for the CER is fixed at (12)$US/CER, less  
	  	applicable tax and sale commission, for the year 2008 to 2012 and a new  
	  	agreement for purchase unit price will be negotiated for the two periods of  
	  	extension.  
	  
	  	The amount paid to the Viet Nam Project Proponent for the total certified  
	  	CER generated from this project is fixed at (85)% of the total value of  
	  	CER at this above mentioned purchase price ($(12)US), less commission,  
	  	applicable tax and the one time reimbursement of an amount of  
	  	$(75,000)USD to Ecolocap Solutions inc for funding the CDM process.  
	  
	  	TERM:  
	  
	  	Ecolocap Solutions inc will purchase certified CER generated by this  
	  	project for the year 2008 to 2012 with options of extension for two other  
	  	periods of 7 years, the period 2012-2026, under same terms and  

Initial VN Thermo – Power Generation Rice Husk-CDM Project Proponent:_____Initial Ecolocap Solutions (Canada) inc-1:

	Emission Reduction Purchase Agreement                                                                      Page 4 of 12  
	  
	  
		conditions.
	  
	Validation:  	Means the assessment of the PDD, including the Baseline, by an  
		Operational Entity, determining its compliance with the Kyoto Rules.  
	  
	Verification:  	Means the periodic independent review and ex post determination of the  
		monitored reductions in GHG emissions that the Project has achieved  
		during a specified period of time by an Operational Entity in accordance  
		with the Kyoto Rules. The project's owner will be Responsible for  
		providing periodical monitoring.
	  
	  
	Unless otherwise specified, references to clauses are to clauses of this Agreement, references to  
	legal provisions are references to such provisions as in effect from time to time, use of a gender  
	includes any gender and use of the plural includes the singular and vice versa where the context  
	requires.
	  
	All headings and titles are inserted for convenience only and shall not be deemed part of this  
	Agreement or taken into consideration in its interpretation.  
	  
	  
	1. Preamble
	  
	  	The Project is located on the territory of the Host Country.
	  
	  
	2. 	Contractual Obligations
	  
	2.1. 	Anticipated Emission Reductions
	  
	2.1.1. 	Upon Registration of the Project, Purchaser shall endeavor to implement the Project in  
	  	accordance with the PDD and other documents describing the implementation and  
	  	economics of the project attached in Annex IV at its own risk and expense. It is hereby  
	  	acknowledged and agreed between the parties hereto that Purchaser does not warrant  
	  	the generation of, and is not obliged to generate, any CERs, whether by the Project or  
	  	otherwise.
	  
	2.1.2. 	If the Project generates CERs, during the crediting period Project Proponent shall, to  
	  	the extent it is legally possible and permissible, exclusively transfer or cause to be  
	  	transferred to Purchaser all rights (and, to the extent legally possible and permissible,  
	  	legal title) which Project Proponent may have in the Anticipated Emission Reductions  
	  	generated during the Crediting Period to Purchaser.
	  
	2.1.3. 	Purchaser shall pay to Project Proponent the Unit Price for each Anticipated Emission  
	  	Reduction generated by the Project and in which the Project Proponent's rights are  
	  	transferred to Purchaser in accordance with clause 3 below.
	  
	2.2. 	Additional Emission Reductions
	  
	2.2.1. 	If Additional Emission Reductions are generated by the Project during the Crediting  
	  	Period, Project Proponent shall offer any Additional Emission Reductions to Purchaser  
	  	subject to the terms and conditions of this Agreement and at a price per Additional  
	  	Emission Reduction equal to the Unit Price. If Purchaser does not wishes to exercise  
	  	the purchase option then Project Proponent may deal with the Additional Emission  

Initial VN Thermo – Power Generation Rice Husk-CDM Project Proponent:_____Initial Ecolocap Solutions (Canada) inc-1:

	Emission Reduction Purchase Agreement                                                           Page 5 of 12                       
	  
	  
	  	Reductions as it wishes.
	  
	2.2.2. 	Additional Emission Reductions offer by the Purchaser shall be made as soon as  
	  	possible after such Additional Emission Reductions have been generated, but no later  
	  	than December 31 of the year subsequent to the calendar year in which such  
	  	Additional Emission Reductions have been generated.  
	  
	2.2.3. 	Purchaser shall be entitled to accept such offer as a whole or in part and shall notify to  
	  	Project Proponent within one month after receipt of such offer, whether and to what  
	  	extent it accepts the offer. If Purchaser does not respond within this deadline the offer  
	  	shall be deemed to be rejected by Purchaser.  
	  
	2.2.4. 	To the extent Purchaser accepts the offer, Project Proponent shall, to the extent it is  
	  	legally possible and permissible, transfer or cause to be transferred to Purchaser all  
	  	rights (and, to the extent legally possible and permissible, legal title) which Project  
	  	Proponent may have in those Additional Emission Reductions in respect of which  
	  	Purchaser has accepted such offer, within two months after acceptance of such offer  
	  	by Purchaser.  
	  
	2.2.5. 	To the extent Purchaser rejects such offer of Additional Emission Reductions or such  
	  	offer is deemed rejected by Purchaser, Project Proponent shall be free to enter into  
	  	contracts with other parties for the sale of such Additional Emission Reductions or to  
	  	otherwise deal with such Additional Emission Reductions as Project Proponent wishes.  
	  
	2.2.6. 	Purchaser shall pay to Project Proponent a price equal to the Unit Price for each  
	  	Additional Emission Reduction in respect of which Purchaser has accepted such offer.  
	  
	2.3. 	Emission Reductions generated after the Crediting Period  
	  
	  	If the Project generates any Certified Emission Reductions after the Crediting Period,  
	  	Purchaser shall enter into negotiations with Project Proponent with a view to  
	  	concluding an agreement on the purchase of such Certified Emission Reductions  
	  	based on the principles of this Agreement but amended in order to reflect the  
	  	international and/or national rules then applicable.  
	  
	  
	  
	3. 	Transfer  
	  
	  	Transfer to Purchaser of all the rights (and, to the extent legally possible and  
	  	permissible, legal title) which Project Proponent may have in a Certified Emission  
	  	Reduction shall have occurred upon the transfer of a CER from the register of the  
	  	Executive Board to a register in favor of Purchaser or such other account or register  
	  	Purchaser has notified to Project Proponent in writing.  
	  
	  
	  
	4. 	Payment  
	  
	4.1. 	Payment for Certified Emission Reductions  
	  
	4.1.1. 	Payment by Purchaser to Project Proponent for the Certified Emission Reductions (the  
	  	rights in which are transferred pursuant to clause 3) shall be made on the last Business  
	  	Day of the month in which a 40 Business Day period, starting at the day on which  
	  	Purchaser has received satisfactory evidence of the transfer as provided for in Clause  

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	Emission Reduction Purchase Agreement                                                          Page 6 of 12  
	  
	  
	  	3, has elapsed.  
	  
	4.1.2. 	All payments shall be made to the accounts specified in Annex [I] hereto or such other  
	  	account as may from time to time be notified to the other party in writing.  
	  
	4.1.3. 	All payments shall be made in US Dollars.  
	  
	4.1.4. 	Subject to clause 4.1.5 below, all taxes, fees, costs or other expenses in connection  
	  	with the generation of CERs by the Project and their Registration and transfer  
	  	(including VAT in any jurisdiction Purchaser duly notifies Project Proponent to transfer  
	  	CERs as in Clause 3, if applicable) shall be borne by Project Proponent and purchaser.  
	  
	4.1.5. 	The share of the proceeds from CERs generated by the Project to be used to cover  
	  	administrative expenses according to the Kyoto Rules shall be borne by Project  
	  	Proponent and Purchaser in equal shares .  
	  
	  	The share of the proceeds from CERs generated by the Project to be used to assist  
	  	developing countries that are particularly vulnerable to the adverse effects of climate  
	  	change to meet the costs of adaptation according to the Kyoto Rules shall be borne by  
	  	Project Proponent and Purchaser in equal shares.  
	  
	  
	5. 	Termination and Remedies  
	  
	5.1. 	Either party (the "Non-defaulting Party") shall be entitled to terminate this Agreement  
	  	by written notice to the other party with immediate effect if any of the following events  
	  	occurs:  
	  
	5.1.1. 	the other party commits a breach of any of its obligations under this Agreement and, in  
	  	the case of a breach capable of being remedied, such breach remains for more than 30  
	  	Business Days after it has been requested in writing by the Non-defaulting Party to  
	  	remedy the breach; or  
	  
	5.1.2. 	the other party goes into liquidation (whether voluntary or otherwise), is unable to pay  
	  	its debts as they fall due, is wound up, makes any compromise, composition or other  
	  	arrangement with its creditors generally, or becomes subject to any administration  
	  	order.  
	  
	5.2. 	Force Majeure  
	  
	  	Should either party be impeded wholly or in part from fulfilling any of its obligations  
	  	under the Agreement for reasons of Force Majeure, such obligation shall be suspended  
	  	to the extent and for as long as such obligation is affected by Force Majeure and the  
	  	impeded party shall be entitled to such extension of time as may be reasonably  
	  	necessary.  
	  
	  	Either party shall notify the other party of the existence and date of beginning of an  
	  	event of Force Majeure that is likely to impede its performance under the Agreement  
	  	within 5 Business Days after having obtained knowledge of any such event. Either  
	  	party shall likewise advise the other of the date when such event ended and shall also  
	  	specify the re-determined time by which the performance of its obligations hereunder is  
	  	to be completed.  
	  
	  	Project Proponent and Purchaser shall consult with each other with a view of  
	  	determining any further appropriate action if a condition of Force Majeure is to continue  

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	Emission Reduction Purchase Agreement                                                        Page 7 of 12  
	  
	  
	  	after 20 Business Days from the date of giving notice thereof.  
	  
	  	Neither party shall be liable for damages or have the right to terminate this Agreement  
	  	for any delay in performing hereunder if such delay is caused by Force Majeure;  
	  	provided, however, that the non-impeded party shall be entitled to terminate such part  
	  	of the Agreement that remains unfulfilled, if the condition of Force Majeure is to  
	  	continue after 6 months from the date of giving notice thereof.  
	  
	  
	6. 	Change in Circumstances  
	  
	  	If any change in circumstances (i.e. a change of scientific basics or applicable  
	  	standards relating to the Baseline methodology and/or the applicable criteria for  
	  	Verification and Certification of the resulting Emission Reductions) occurs which  
	  	substantially affects the Project, the parties to this Agreement shall enter into  
	  	negotiations with a view to adapt the Project and its implementation or any relevant  
	  	provision of this Agreement, as may be necessary or useful. A change in  
	  	circumstances shall in no event be considered substantially affecting the Project if at  
	  	least 50% of the Anticipated Emission Reductions can be generated.  
	  
	  	The parties to this Agreement shall cooperate and make their best efforts to enable the  
	  	continuation of the Project in accordance with the new circumstances and to achieve  
	  	the generation and transfer of the Anticipated Emission Reductions.  
	  
	  	If any of the documents related to the Project and submitted at any time during the term  
	  	of this Agreement fails to be approved by such authority whose approval is required  
	  	under the Kyoto Rules or otherwise appears to be non-compliant with any relevant  
	  	standards or conditions of the Kyoto Rules, Project Proponent and Purchaser shall  
	  	discuss whether or not the relevant documents are to be revised and resubmitted.  
	  
	  
	7. 	Conditions Precedent  
	  
	  	This Agreement shall enter into force upon satisfaction of the following conditions  
	  	precedent:  
	  
	  	1. Conclusion of a binding agreement with the Host Country.  
	  
	  
	  
	8. 	Miscellaneous  
	  
	8.1. 	Assignment and subcontracting  
	  	Neither party shall, without the written consent of the other party, assign or transfer the  
	  	Agreement or the benefits or obligations thereof or any part thereof to any other  
	  	person.  
	  
	8.2. 	Confidentiality and Disclosure  
	  	The parties shall treat as confidential all information obtained as a result of entering  
	  	into or performing this Agreement which relates to the provisions of this Agreement, the  
	  	negotiations relating to this Agreement and the subject matter of this Agreement.  
	  
	  	No party shall disclose any such confidential information to any third party, except in  
	  	those circumstances where disclosure is required in order to comply with any laws or  

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	Emission Reduction Purchase Agreement                                                                    Page 8 of 12  
	  
	  
	  	regulations, including without limitations the Kyoto Rules.  
	  
	8.3. 	Notices
	  
	  	Any communications to be made under or in connection with this Agreement shall be  
	  	made in writing (including by facsimile) to the address or facsimile number, from time to  
	  	time designated by the party to whom the communication is to be made to the other  
	  	party for that purpose. The address and facsimile number so designated are set out in  
	  	Annex [I] hereto.  
	  
	  	Communication will only be effected, if sent by mail, when delivered to or rejected by  
	  	the recipient, if sent by facsimile, when a transmission report shows that the facsimile  
	  	has been sent.
	  
	8.4. 	Entire Agreement
	  
	  	This Agreement embodies the whole and only agreement of the parties with respect to  
	  	the subject matter hereof, and no prior or contemporaneous oral or written agreement  
	  	or understanding shall be deemed to constitute a part of this Agreement, unless  
	  	expressly referred to herein, or attached hereto, or specifically incorporated by  
	  	reference herein. The Annexes and schedules to this Agreement constitute integral  
		parts of this Agreement and shall therefore be deemed part of this Agreement.
	 
	  
	8.5. 	Amendments
	  
	  	This Agreement may only be amended with the written consent of the parties hereto.  
	  
	8.6. 	Costs and Expenses
	  
	  	Each party shall bear its own costs and expenses in relation to the negotiation,  
	  	preparation, execution and carrying into effect of this Agreement.  
	  
	8.7. 	Severability
	  
	  	If any part or provision of the Agreement is or becomes illegal, void or unenforceable in  
	  	any respect, the remaining parts or provisions shall not be affected or impaired. Any  
	  	deficiency in the Agreement resulting there from shall be amended by way of  
	  	interpretation of the Agreement having due regard to the parties intent.  
	  
	8.8. 	Governing law
	  
	  	This Agreement shall be governed and construed in accordance with English law  
	  	excluding its rules on conflicts of laws.
	  
	8.9. 	Jurisdiction
	  
	  	The parties irrevocably submit to the exclusive jurisdiction of the courts having  
	  	jurisdiction in commercial matters for England with regard to all disputes arising out of  
	  	or in connection with this Agreement, its violation, termination or nullity.  
	  
	8.10. 	Counterparts
	  
	  	This Agreement shall be executed in two counterparts with one copy for Project  
	  	Proponent and one for Purchaser. If there are any discrepancies between the English  
	  	and the Vietnamese version, the English version will prevail .  

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Emission Reduction Purchase Agreement                                                                                     Page 9 of 12

PARTIES TO THE AGREEMENT

WHEREOF the parties have agreed to the terms and conditions of this agreement as outlined above, this 26th day of May, 2008, in the presence of:

	Purchaser:  	  
	   
	   
	   
	   
	                                                         	DR. TRI VU TRUONG  
		President-CEO : Dr. Tri Vu Truong
	                                                         
	Project Proponent:   	  
	   
	   
	   
	   
	                                                         	TRUONG VAN LONG  
		General Director: Mr. Truong Van Long
	                                                          
	   
	   
	Witness No 1  	Witness No 2  
	   
	   
	   
	   
	BUI THI LAN HUONG  	LE PHUC LAM  
	MSc. Bui Thi Lan Huong  	Le Phuc Lam-Engineer  
	Biology Energy-Waste Treatment  	Vietnam  
	(Vietnam) Ltd.  	  

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Emission Reduction Purchase Agreement                                                                                   Page 10 of 12

ANNEX I:

1. The salient features of 10 MW fired Rice Husk power plant – CDM Project at Hoa Dien Hamlet, Hoa Khanh 

commune, Cai Be District in Tien Giang Province, Vietnam

	No 	Parameters  	Units  	Value 
	  	BIOMASS CHARACTERIZATION  	   	   
	1 	Biomass quantity and TYPE  ________________ Historical	Tons/year  	   
	  	Biomass quantity and TYPE: Rice husk  __ Projected	Tons/year  	117440 
	  	Other biomass used in % Biomass B  _____________	   	   
	  	Other biomass used in % Biomass C  _____________	   	   
	1a 	Average biomass density  	Kg/m3  	130 
	2 	Net calorific value of bimass  	MJ/Kg  	13.00 
	  	TRANSPORTATION EMISSIONS  	  	  
	4 	Average round trip to supply biomass  	Km  	15 
	5 	Number of barge trips – transportation of biomass  	Trips/day  	9-12 
	6 	Average barge load – transportation of biomass  	Tons  	30-40 
	8 	Fuel consumption – transportation of biomass  	L/kg rice husk	0.003 
	  	ELECTRICITY GENERATION  	  	  
	11 	Total electricity generation Projected  	MWh/yr  	80 000 
	13 	Total electricity generation Historical  	MWh/yr  	0.00 
	  	Electricity exported to the grid  	MWh/yr  	72 000 
	  	On-site used of electricity  	MWh/yr  	8 000 
	  	Community use of electricity  	MWh/yr  	  
	 20 	Average net energy efficiency of electricity generation  	  	  >95%
	  	VAPOR GENERATION  	  	  No
	  14.	Heat generated (vapour) from firing biomass Projected	  MWh/yr	  
	 15 	Historical heat generated (vapour) at the project site Historical	  MWh/yr	  
	21/10b 	Energy efficency of heat generation  	-  	  
	  	START-UP or AUXILIARY FUEL  	  	  
	10 	Quantity of fossil fuel used and type  	  Mass or volume/yr	No 
	 16 	Net calorific value co-fired    	MWh / mass or volume	No
	  	OPEN AIR BURNING OF BIOMASS  	  	  

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		Carbon Fraction of biomass  	T C/T  biomass  	  
		CH4 emissions	T co2 eq /T biomass  	  
		Biomass used  	Tonnes/yr  	117 440  
		EMISSION REDUCTION  	  	  
		Estimation nof the emission reduction per Kwh (CERs)	T co2 e q/k  Wh	580.61 
		Annual estimation of the emission reduction (CERs)  	  Tco2 e q/year	41.804  

2. Project time schedule.

- Year of 2008: 1. Set up and submit for approval of basic design. 

                          2. Compensation for land clearance.

                          3. Ask for preventing and fighting fire license, environmental protecting commitment license, construction license.

                   4. Invite bidding of EPC and sign contract for plant construction. 

- Year of 2009: Construct the plant, install equipment and run trial operation.

- Year of 2010: Official Operation

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Emission Reduction Purchase Agreement                                                                                      Page 12 of 12

ANNEX 2:

Work flow of CDM Activity

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