Document:

exv10w34

 

Exhibit 10.34

CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to
a request for confidential treatment and, where applicable, have been marked with an asterisk (“[****]”) to denote where
omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission.

SUPPLY AGREEMENT

This Agreement is made as of October 24, 2007 between EVERGREEN SOLAR, INC., a Delaware
corporation, having its registered office at 138 Bartlett Street, Marlboro, MA 01752 USA, ,
represented by Vice President Richard Chleboski (hereinafter “ESLR”) and SOLARICOS TRADING, LTD., a
company organized and existing under the laws of Cyprus, having its registered office at 70 JF
Kennedy Avenue, Papabasiliou House, 1st floor, Nicosia 1076, Cyprus, represented by Director
Khomchenko Evgenia (hereinafter “NITOL”).

Recitals

Whereas, NITOL desires to supply polysilicon to ESLR for its general use beginning in calendar year
2009 for a continuous period of six years from First Shipment Date;

Whereas, in exchange for NITOL’s agreement to allocate the supply of polysilicon, ESLR desires to
provide NITOL with a firm order for polysilicon upon the terms and conditions provided herein;

NOW, THEREFORE, in furtherance of the foregoing Recitals and in consideration of the mutual
covenants and obligations set forth in this Agreement, the Parties hereby agree as follows:

          1. Definitions.

The following terms used in this Agreement shall have the meanings set forth below:

          1.1. “Affiliate” shall mean, with respect to either party to this Agreement, any entity that
is controlled by or under common control with such party.

          1.2. “Agreement” shall mean this Supply Agreement and all appendices annexed to this Agreement
as the same may be amended from time to time in accordance with the provisions hereof.

          1.3. “Annual Quantity of Product” in metric tons is specified in Appendix 1 to this Agreement.

          1.4. “Business day” shall mean a day on which banks are open for business in London, New York
and Moscow.

          1.5. “Start of Test Production” shall mean the date on which the NITOL delivers by a recorded
delivery or pre-paid courier to ESLR’s address specified in Section 12.4 (or other address
notified by ESLR to NITOL) not less than [****] kilograms of polysilicon for ESLR’s internal
testing.

          1.6. “Deposit” shall mean all deposits or prepayments made by ESLR to NITOL hereunder.

          1.7. “Effective Date” shall mean the date on which the Agreement has been signed by both
Parties.

          1.8. “First Shipment Date” shall mean the first day of the calendar month in which NITOL
commences deliveries to ESLR of Products pursuant to this Agreement.

          1.9. “Facility” shall mean all buildings and other improvements now or hereafter owned,
developed, constructed, or leased by NITOL, located in Usolie-Sibirskoye and used in the
development,

 

 

manufacture, processing, storage, or distribution of Products, together with all machinery and
equipment used or usable in the operation of such buildings and improvements.

          1.10. “Incoterms” shall mean Incoterms 2000, a set of uniform rules for the interpretation of
international commercial terms defining the costs, risks, and obligations of buyers and sellers in
international transactions adopted by the International Chamber of Commerce in Paris

          1.11. “Product” shall mean the raw, ultra high purity polysilicon produced from the
decomposition of trichloro-silane in a chemical vapor deposition process in chunk form manufactured
by NITOL in accordance with the Product Specifications and sold to ESLR pursuant to this Agreement.

          1.12. “Product Specifications” shall mean the quality and other specifications set forth on
Appendix 2 to this Agreement.

          1.13. “Scheduled Delivery Date” is defined in clause 4.2.

          1.14. “Term” shall mean the period during which this Agreement is in effect, as more
specifically set forth in Section 9 of this Agreement.

          1.15. “Year” shall mean each of the six (6) twelve-month periods commencing on the First
Shipment Date.

          2. Ordering.

          2.1. Starting on the First Shipment Date and each Year during the term of this Agreement
thereafter, ESLR agrees to purchase and accept delivery from NITOL, and NITOL agrees to sell to
ESLR, the Annual Quantity of Product at the prices set forth in Appendix 1 to this Agreement (the
“Pricing Schedule”) as the same may be adjusted in accordance with section 5.5 below. This
Agreement constitutes a firm order from ESLR to purchase and a commitment for NITOL to supply
[****] metric tons of Product that cannot be cancelled during the term of this Agreement, except as
set forth in Section 9 below.

          3. Supply Obligations.

          3.1. NITOL shall deliver each Year pursuant to this Agreement starting on the First Shipment
Date the Annual Quantity of Product in approximately equal monthly shipments; provided however,
that if NITOL fails to deliver a monthly shipment, then NITOL may deliver any deficiency within
[****] calendar days of the due date without breaching this section or becoming liable to pay
liquidated damages.

          3.2. At any time during the term of this Agreement, NITOL may (but shall not be obliged to)
ship to ESLR up to the full remaining balance of the Annual Quantity of Product to be shipped in
any given Year (an “Excess Shipment”) with ESLR’s written consent. This Excess Shipment will be
credited against each subsequently due monthly shipment until the end of the applicable Year and
will be invoiced to ESLR and paid for by ESLR in the same way as a monthly shipment. For example,
if the Annual Quantity of Product for a given Year is [****] metric tons, and if NITOL delivers 500
metric tons in January, then the next monthly shipment of one twelfth of [****] metric tons is not
required until the commencement of the following Year and the full payment in respect of such
[****] metric tons delivery shall be the subject of an invoice delivered around the time of
delivery and the timing for payments under clause 5.4 shall be determined accordingly.

          3.3. If NITOL does not supply the Products pursuant to Section 3.1 within [****] calendar days
of the Scheduled Delivery Date, NITOL will pay liquidated damages to ESLR equal to [****] of the
purchase price of the respective delayed Products for each [****] that the Product shipment is
delayed beyond the [****] calendar day grace period. Any liquidated damages payments incurred as a
result of this Section 3.3 will be paid by NITOL within [****] calendar days. In lieu of making a
cash payment to ESLR pursuant to this Section 3.3,

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NITOL may, at its option, pay such liquidated damages in the form of a credit issued for the
next shipments of Products. Notwithstanding anything to the contrary, the maximum amount of such
liquidated damages shall not exceed [****]. Failure to supply a monthly shipment including the
required quantity of Product, in conformance with the Product Specifications, within [****]
calendar days of the Scheduled Delivery Date shall be deemed to constitute a material breach of
this Agreement pursuant to Section 9.2.1 below.

          3.4. Save as specified above and ESLR’s right of termination set out at Section 9 below, and
without prejudice to ESLR’s rights to the remedies set-out in Section 7 with respect to
non-conforming Product, liquidated damages shall be ESLR’s sole remedy for delay in delivery of any
Shipment of Product or part thereof and NITOL shall have no further liability whatsoever, whether
in contract, tort or otherwise arising out of or in connection with delay in the delivery of a
Shipment of Product

          4. Shipping & Delivery.

          4.1. The first shipment is due between [****], 2009 at NITOL’s sole discretion.

          4.2. Except as provided in Section 3.2 and 4.1 above, shipments shall be made from the
Facility on a monthly basis on the last day of the month in accordance with a shipment schedule
that will be provided by NITOL not later than the date of the first delivery of Product hereunder
and each Year thereafter (the “Shipment Schedule” and each date for shipment set out therein a
“Scheduled Delivery Date”). The Shipment Schedule shall provide for approximately equal monthly
shipments that add up to the Annual Quantity of Products.

          4.3. The Product shall be packed as provided for in packing specifications set out in
Appendix 2.

          5. Payments & Advances.

          5.1. The price of the Product (the “Purchase Price”) in each Year per kg shall be as set out
in Appendix 1.

          5.2. Within fifteen (15) Business days after the Effective Date, ESLR shall provide NITOL a
deposit of Ten Million U.S. Dollars ($10,000,000) with a further deposit payment of US$5,000,000
within 15 days of [****] (together the “Deposit”) as advance payment for Products to be delivered
under this Agreement. The total amount of the Deposit shall be divided equally by the number of
kilograms of Product to be delivered by NITOL during the term of this Agreement and that amount
multiplied by the number of kilograms of Product delivered and accepted shall be allocated as
payment for that shipment.

          5.3. NITOL shall invoice ESLR at or after the time of delivery of each shipment of Products to
ESLR specifying the quantity of Product delivered in the shipment, the Purchase Price of the
Product delivered and the amount of the Deposit applied to the Purchase Price and the amount of any
surplus over or any shortfall in the payment of the Purchase Price of the relevant shipment of
Product. Taxes, customs and duties, if any, will be identified as separate items on NITOL invoices.
All invoices shall be sent to ESLR in accordance with section 12.4.

          5.4. In the case of any shortfall between the Purchase Price payable for the relevant Shipment
of Product and the amount of Deposit to be offset against it, ESLR shall make a balancing payment
(the “Balancing Payment”) to NITOL by wire transfer equal to the difference between the Purchase
Price of the Shipment of Product delivered and the amount of any Deposit applied to the Purchase
Price of that Shipment of Product. Any such Balancing Payment shall be made in full in US Dollars
[****] calendar days of the date of receipt of NITOL’s invoice. If the Deposit to be offset against
a Shipment of Product exceeds the relevant Purchase Price payable, the excess shall be carried
forward and applied to reduce the next Balancing Payment payable by ESLR

          5.5. The Purchase Price for the Product does not include any excise, sales, use, import,
export or other similar taxes, such taxes will not include income taxes or similar taxes, which
taxes will be invoiced to and

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paid by ESLR, provided that ESLR is legally or contractually obliged to pay such taxes. NITOL
and ESLR will work together to eliminate the possibility of taxes, but if there are any assessed,
NITOL shall promptly remit to ESLR in full any such taxes paid by ESLR which are refunded to NITOL
in whole or in part. ESLR shall pay for all shipping, insurance, duties, export fees, tariffs and
similar charges. NITOL will handle administration of customs and export activities, and will be
responsible for all activities needed to ensure that the Product are cleared through customs and
shall supply all relevant documentation to ESLR. Title to the Product shall pass to ESLR upon
clearance of Russian customs. All deliveries shall be [****] (as per INCOTERMS) NITOL’s Facility
in Usolje-Sibirskoye (or as otherwise notified by NITOL to ESLR prior to the Scheduled Delivery
Date) (in either case being the “Delivery Location”) save that ESLR shall have the sole obligation
to arrange for loading of the Product at the Facility by ESLR’s carrier and shall meet all such
costs.

          5.6. In the event that ESLR’s carrier fails to take delivery of a shipment of Product or any
part thereof within [****] calendar days of the Scheduled Delivery Date, entirely without prejudice
to NITOL’s other rights under this Agreement or at law, NITOL shall be entitled to sell the
quantity of Product remaining and shall be entitled to claim all costs of sale and storage together
with any difference in the price obtained for the Product when compared to the Purchase Price from
ESLR.

          5.7. Late payments and outstanding balances shall accrue interest at the lesser of [****]% per
annum or the maximum allowed by law.

          5.8. In the event that ESLR fails to make any Balancing Payment or fails to pay any other sum
due under this Agreement, without prejudice to any rights NITOL may have under any security
provided by ESLR in respect of payments, NITOL may deduct the amount outstanding from ESLR together
with interest from the unused portion of the Deposit with a consequent reduction in the amount of
the Deposit available for payment in respect of later shipments of Product.

          6. Security

          6.1. NITOL shall provide ESLR with a parent company guarantee in the form agreed between the
parties hereto as security for its obligation to repay the Deposit where such obligation arises
under this Agreement.

          7. Product Quality and Testing

          7.1. The Product shall comply with the Product Specification set out at Appendix 2. For the
avoidance of doubt any polysilicon submitted to ESLR at the Start of Test Production is not a
Product as defined in this Agreement. Additionally the Product shall be free of all liens,
mortgages, encumbrances, security interests or other claims or rights.

          7.2. NITOL shall randomly test a sample of not more than [****] kilograms of all Products in
accordance with the procedure set out in Appendix 3 before they are delivered to ESLR. NITOL shall
prepare, sign and issue certificate as to the quality of the Shipment of Product to be delivered to
ESLR.

          7.3. Within [****] calendar days of Product’s title transfer to ESLR, ESLR may test a sample
of Product in accordance with Appendix 3. If ESLR does not exercise its testing option, NITOL’s
quality certificate will be binding as to quality in the absence of fraud, negligence or wilful
default. ESLR shall provide NITOL with the results of testing. Should this test indicate the
Product does not meet the Product Specifications set out in Appendix 2, then NITOL shall have the
right to inspect the Product at ESLR’s facilities within [****] calendar days from the date after
NITOL received ESLR’s results of testing. ESLR shall make available for inspection, surveying and
sampling by NITOL the entire quantity of the delivered Products in respect of which it has brought
a quality complaint and any delivered Products or part thereof for which ESLR intends to lodge a
quality claim must be kept intact and unused until such time as the inspection, sampling and
assaying procedures mentioned above have been completed. NITOL shall have the right to reject any
quantity or quality claims for any delivered Product or part

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thereof delivered under this Agreement which has already been consumed or processed or
incorporated into any other product by ESLR or any third party. Any consequential storage fees
caused hereby shall be borne by ESLR unless the claim is justified in accordance with the
stipulations of this Agreement.

If the results of NITOL’s inspection establish that the Products meet the Product Specifications
set out in Appendix 2, the Parties will request the third party inspector identified in Appendix 3
to conduct control inspection of the delivered Products. The results obtained by the third party
inspector identified in Appendix 3 will be binding as to quality in the absence of fraud or
manifest error. The costs of such third party inspector will be shared by and borne equally between
the parties.

Should the results of the control inspection and evaluation determine Product does not meet
Specifications defined in Appendix 2, and there is no indication the problem arose in shipping or
storage, then (i) ESLR shall have the right to reject the delivery or nonconforming Product or part
of Product and return the delivery or nonconforming Product or part of Product by giving written
notice thereof (identifying the amount of nonconforming Product or part of Product) to NITOL and
(ii) NITOL shall promptly replace the nonconforming Product with conforming Product. ESLR will only
be obliged under this Section to return the Product to the Delivery Location. NITOL will be
responsible for the collection of the Product from the port, customs clearance of the Product and
will pay the costs of any further storage or transportation of the Product, in relation to such
return of Product,.

If the inspection results confirm that the Product meet the Product Specifications set out in
Appendix 2 ESLR will have the obligation to accept the delivery of the Product and pay for it.

Any time taken to inspect the Product by the third party inspector identified in Appendix 3 will
not count as delay for the purposes of calculating liquidated damages or any grace period.

          7.4. In the event that any shipment of the Product is rejected by ESLR in accordance with
section 7.3, NITOL shall promptly replace the off-specification Product. Any delay in delivery of
the Product beyond the Scheduled Delivery Date occasioned thereby shall be dealt with in accordance
with Section 3.3 with the Scheduled Delivery Date being for this purpose deemed to be the date of
receipt by NITOL of the relevant valid rejection notice in respect thereof.

          7.5. Save as set out in 7.1 and 7.6, all other warranties, whether express, implied or
statutory, including the warranties of merchantability, and fitness for a particular purpose are
expressly excluded. Subject to ESLR’s right to terminate this Agreement for NITOL’s material
breach, [****]. In no event shall NITOL’s liability exceed [****]; nor shall NITOL be liable for
any claims, losses or damages of any individual or entity or for lost profits or any special,
indirect, incidental, consequential, or exemplary damages, howsoever arising, even if NITOL has
been advised of the possibility of such damages.

          7.6. NITOL warrants that the product does not infringe or breach any patent, trademark, trade
secret, copyright or other intellectual property right.

          8. Quantity Determination

          8.1. The weight of Product recorded in the carrier’s certificate, receipt issued by the
carrier or any other transportation document issued by ESLR’s carrier shall, in the absence of
manifest error or fraud, be final and irrebuttable evidence of the actual weight of Product
delivered for the purposes of calculating the Purchase Price and for calculation of any Balancing
Payment. Should the Product delivered by NITOL fall short of the quantity required by this
Agreement, NITOL at its sole discretion may deliver the outstanding amount of Product as an
additional Shipment of Product or may add the shortfall quantity to the next Shipment of Product
due for delivery.

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          9. Term and Termination.

          9.1. The term of this Agreement shall begin on the Effective Date and unless previously
terminated as hereinafter set forth, shall remain in force for a period of six Years beginning with
the First Shipment Date.

          9.2. Each Party may, at its discretion, upon written notice to the other Party, and in
addition to its rights and remedies provided under this Agreement or any other agreement executed
in connection with this Agreement and at law or in equity, terminate this Agreement in the event of
any of the following:

               9.2.1. Upon a material breach of the other Party of any material provision in this Agreement,
and failure of the other Party to cure such material breach within [****] calendar days after
written notice thereof; provided, however, that such cure period shall not (i) apply to any
termination pursuant to Section 9.2.2 or 9.2.3; or (ii) modify or extend the [****] calendar day
cure period for NITOL’s delivery obligations pursuant to Section 3.3 above; and provided, further
that such [****] calendar day cure period shall not apply to ESLR’s failure to make any payment to
NITOL pursuant to this Agreement. In the event of ESLR’s failure to make payment on the [****]
calendar day payment terms set forth in Section 5.4 hereof, termination by NITOL shall require the
issuance of a written notice of default containing the threat of immediate termination if payment
is not made within an additional period of not less than [****] calendar days.

               9.2.2. Upon the voluntary or involuntary initiation of bankruptcy or insolvency proceedings
against the other Party; provided, that for an involuntary bankruptcy or insolvency proceeding, the
party subject to the proceeding shall have [****] Business days within which to dissolve the
proceeding or demonstrate to the terminating Party’s satisfaction the lack of grounds for the
initiation of such proceeding;

               9.2.3. If the other Party (i) becomes unable, or admits in writing its inability, to pay its
debts generally as they mature, (ii) becomes insolvent (as such term may be defined or interpreted
under any applicable statute); or

               9.2.4. In accordance with the provisions of Section 11 below.

          9.3. Without limiting the foregoing, ESLR shall have the right to terminate this Agreement,
effective upon written notice to NITOL, in the event of the First Shipment Date not occurring on or
before [****]. 

          9.4. NITOL shall have the right to terminate this Agreement if ESLR fails to pay the Deposit
or any part thereof to NITOL within [****] Business days after the due date.

          9.5. Upon the expiration or termination of this Agreement howsoever arising the following
Sections shall survive such expiration or termination: Sections 1 (Definitions); Section 10
(Liability); Section 11 (Force Majure); and Section 12 (General Provisions).

          9.6. If ESLR terminates this Agreement pursuant to Section 9.2.1, 9.2.2, 9.2.3, or 11 then
NITOL shall within [****] Business days of the date of receipt of a valid termination notice issued
by ESLR reimburse to ESLR any part of the Deposit that has not been applied against the price of
Product delivered to ESLR or any other payment due to NITOL from ESLR; provided however that if
ESLR is in breach of this Agreement at the time it terminates this Agreement, [****].

          9.7. In the event that NITOL terminates this Agreement it shall be entitled to hold any
Deposit already paid by ESLR and not applied by NITOL to full or part payment of any sum due to
NITOL pursuant to the Agreement, until such time as NITOL calculates its reasonable loss arising
from ESLR’s breach; such calculation to occur within [****] calendar days. NITOL shall then set-off
against the retained Deposit the amount of such loss. To the extent NITOL’s loss is not
extinguished by the retained Deposit, any balance may be claimed from ESLR. Any balance of the
Deposit remaining after the set off will be repaid to ESLR.

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          10. Liability.

          10.1. In no event shall either party be liable for indirect, special, incidental or
consequential damages or for exemplary or punitive damages, even if ESLR or NITOL has been advised
of the possibility of such damages.

          11. Force vMajeure.

          11.1. Neither Party to this Agreement shall be liable for any delay in performing or failure
to perform its obligations due to events beyond the reasonable control of the parties including but
not limited to war, blockade, revolution, riot, insurrection, strike or lockout, explosion, fire,
flood, storm, tempest, earthquake, regulations or orders of government authorities, including but
not limited to prohibition of export or import and/or any other cause or causes beyond reasonable
control of NITOL or ESLR whether or not similar to the causes enumerated above (“Force Majeure”).
For the purposes of this Agreement, any event or occurrence of Force Majeure shall not exclude
ESLR’s obligation to pay any sum of money when due for shipments made prior to the Force Majeure
event. Failure to deliver or to accept delivery in whole or in part because of the occurrence of an
event of Force Majeure shall not constitute a default hereunder or subject either Party to
liability for any resulting loss or damage.

          11.2. Upon the occurrence of any event of Force Majeure, the Party affected by the event of
Force Majeure shall within [****] Business days of it becoming aware that the occurrence thereof
will or is likely to affect the performance by such Party of its obligations hereunder notify the
other Party hereto in writing of such event and shall specify in reasonable detail the facts
constituting such event of Force Majeure. Where such notice is not given within the time required,
Force Majeure shall not justify the non-fulfillment of any obligations under this Agreement.

          11.3. Both Parties agree to use their respective reasonable efforts to cure any event of Force
Majeure to the extent that it is reasonably possible to do so, it being understood that the
settlement of strikes, lockouts, and any other industrial disputes shall be within the sole
discretion of the Party asserting Force Majeure.

          11.4. During the continuation of such force majeure, NITOL shall use [****] efforts to
allocate its actual production output to each of its customers, including ESLR, on a pro rata basis
based on NITOL’s total contractual obligations to supply each such customer during the respective
period. If the Force Majeure applies for a period of more than [****] consecutive calendar months,
then the Party that did not declare the force majure shall be entitled to terminate this Agreement
by written notice to the other Party. Upon such termination, any remaining Deposit shall be
refunded to ESLR.

          12. General Provisions.

          12.1. This Agreement shall be construed under and governed by English Law.

          12.2. Dispute Resolution

12.2.1. Any dispute arising out of or in connection with this Agreement,
including any question regarding its existence, validity or termination,
shall be referred to and finally resolved by arbitration under the London
Court of International Arbitration (LCIA) Rules, which Rules are deemed
to be incorporated by reference into this Section.

12.2.2. The number of arbitrators shall be three.

12.2.3. The arbitrators shall have a working knowledge of Russian.

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12.2.4. The seat, or legal place, of arbitration shall be London, England.

12.2.5. The language to be used in the arbitral proceedings shall be English.

12.2.6. The parties undertake to keep confidential all awards in any
arbitration, together with all materials in the proceedings created for
the purpose of the arbitration and all other documents produced by
another party in the proceedings not otherwise in the public domain -
save and to the extent that disclosure may be required of a party by
legal duty, to protect or pursue a legal right or to enforce or challenge
an award in bona fide legal proceedings before a state court or other
judicial authority.

12.2.7. Parties may submit documents in Russian and in English, but in
the event of any discrepancy arising between the Russian and English
versions of a document, the English version shall prevail.

          12.3. Neither NITOL nor ESLR may assign this Agreement to a third party without the prior
written consent of the other party, which consent shall not be unreasonably withheld.
Notwithstanding the foregoing, either party may assign this Agreement in connection with a merger,
acquisition, or sale of all or substantially all of the assets or capital stock of such party
without the consent of the other party. If this Agreement is assigned effectively to a third
party, this Agreement shall bind upon successors and assigns of the parties hereto. However,
should the successors for any reason fail to fulfill their obligations with respect to this
Agreement, the Parties shall remain responsible with respect to any provision within this
Agreement.

          12.4. Except as provided elsewhere in this Agreement, a notice is effective only if the Party
giving or making the notice has complied with this Section 12.4 and if the addressee has received
the notice. A notice is deemed to have been received as follows:

	 	(a)	 	If a notice is delivered in person, or sent by registered or certified
mail, or nationally or internationally recognized overnight courier, upon receipt
as indicated by the date on the signed receipt;
	 
	 	(b)	 	If a notice is sent by facsimile, upon receipt by the Party giving the
notice of an acknowledgment or transmission report generated by the machine from
which the facsimile was sent indicating that the facsimile was sent in its entirety
to the addressee’s facsimile number; or
	 
	 	(c)	 	If a notice is sent by e-mail, upon receipt by the Party giving the
notice of an acknowledgement or transmission report indicating that the e-mail was
sent in its entirety to the addressee’s e-mail address.

Each Party giving a notice shall address the notice to the appropriate person at the receiving
Party at the address listed below or to a changed address as the Party shall have specified by
prior written notice:

ESLR:

EVERGREEN SOLAR, INC.

138 Bartlett Street

Marlborough, MA 01752 USA

Attn: Richard Chleboski, Vice President

E-mail: rchleboski@evergreensolar.com

Facsimile: (508) 463-1361

NITOL:

SOLARICOS TRADING LIMITED

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70 JF Kennedy Avenue, Papabasiliou House,

1st floor, Nicosia 1076, Cyprus.

FOR THE ATTENTION OF

Director: Khomchenko Evgenia

EMAIL: homchenko@nitol.ru

FAX: +357 22493000

COPY TO:

NITOL GROUP

3A, Krasnokazarmennaya St.,

111250, Moscow, Russia

FOR THE ATTENTION OF

Commercial Director: Zaitsev Vadim

Executive assistant: Kazantseva Larisa

EMAIL: zaitsev@nitol.ru, kazantseva@nitol.ru

Tel: +7 (495) 741-00-00

Fax: +7 (495) 995-56-78

          12.5. The waiver by either Party of the remedy for the other Party’s breach of or its right
under this Agreement will not constitute a waiver of the remedy for any other similar or subsequent
breach or right.

          12.6. If any provision of this Agreement is or becomes, at any time or for any reason,
unenforceable or invalid, no other provision of this Agreement shall be affected thereby, and the
remaining provisions of this Agreement shall continue with the same force and effect as if such
unenforceable or invalid provisions had not been inserted in this Agreement.

          12.7. No changes, modifications or alterations to this Agreement shall be valid unless reduced
to writing and duly signed by respective authorized representatives of the Parties.

          12.8. No employment, agency, trust, partnership or joint venture is created by, or shall be
founded upon, this Agreement. Each Party further acknowledges that neither it nor any Party acting
on its behalf shall have any right, power or authority, implied or express, to obligate the other
Party in any way.

          12.9. Neither Party shall make any announcement or press release regarding this Agreement or
any terms thereof without the other Party’s prior written consent; provided, however, that the
Parties will work together to issue a joint press release within two (2) Business days after the
Effective Date. Notwithstanding the foregoing, either Party may publicly disclose the material
terms of this Agreement pursuant to the United States Securities Act of 1933, as amended, the
United States Securities Exchange Act of 1934, as amended, or other applicable law; provided,
however, that the Party being required to disclose the material terms of this Agreement shall
provide reasonable advance notice to the other Party, and shall use commercially reasonable efforts
to obtain confidential treatment from the applicable governing entity for all pricing and technical
information set forth in this Agreement.

          12.10. This Agreement constitutes the entire agreement between the Parties and supersedes all
prior proposal(s) and discussions, relative to the subject matter of this Agreement and neither of
the Parties shall be bound by any conditions, definitions, warranties, understandings or
representations with respect to such subject matter other than as expressly provided herein. This
Section 12.10 shall not apply to any warranty, representation or

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statement made fraudulently. No oral explanation or oral information by either party hereto
shall alter the meaning or interpretation of this Agreement.

          12.11. The headings are inserted for convenience of reference and shall not affect the
interpretation and or construction of this Agreement.

          12.12. Words expressed in the singular include the plural and vice-versa.

          12.13. It is the intention of the Parties that no term of this Agreement may be enforced by
any person who is not a party to this Agreement (a “third party”) notwithstanding that any such
term of this Agreement may purport to confer, or may be construed as conferring, any benefit on
such third party and irrespective of whether such third party is identified in this Agreement. The
Contracts (Rights of Third Parties) Act 1999 shall not apply to any provisions of this Agreement.

	12.14	 	As a condition precedent to this Agreement, legal counsel for NITOL shall furnish an opinion
to ESLR to the satisfaction of ESLR, in the form set forth in Appendix 4.

10

 

IN WITNESS WHEREOF, the Parties have executed this Supply Agreement as of the date first set forth
above.

	 	 	 	 	 	 	 	 	 
	   ESLR:	 	NITOL:	 	 
	 
	 	 	 	 	 	 	 	 
	   EVERGREEN SOLAR, INC.	 	NITOL MATERIALS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	   By:

	 	/s/ Richard G. Chleboski
	 	By:
	 	/s/ Khomchenko Evgenia	 	 
	 
	   Name:

	 	 

Richard G. Chleboski
	 	Name:
	 	 

Khomchenko Evgenia
	 	 
	 
	   Title:

	 	 

Vice President
	 	Title:
	 	 

Director
	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	   Authorized Signatory	 	Authorized Signatory	 	 

11

 

Appendix 1

Pricing Schedule

	 	 	 	 	 
	Planned Delivery Period	 	Quantity	 	Price / kg
	2009

	 	[****] MT
	 	[****]
	2010

	 	[****] MT
	 	[****]
	2011

	 	[****] MT
	 	[****]
	2012

	 	[****] MT
	 	[****]
	2013

	 	[****] MT
	 	[****]
	2014

	 	[****] MT
	 	[****]
	TOTALs

	 	[****] MT
	 	[****] M$

12

 

Appendix 2

Product Specifications

[****]

Product PACKING Specifications

	 	 	 
	Weight

	 	[****]
	 
	 	 
	Inner Packing

	 	[****] labelled with indication of manufacturer, net weight,
lot number and quality control confirmation.
	 
	 	 
	Outer Packing

	 	Pallets and carton or wooden boxes suitable for long
distance transportation; each pallet labelled with pallet
number, indication of manufacturer, net and gross weight,
lot number(s), delivery number.
	 
	 	 
	Packing List

	 	For each delivery transmitted per Fax or E-mail with
delivery number, number of pallets, for each pallet: pallet
number, net and gross weight and lot number(s),

13

 

Appendix 3

Testing Procedures

	 	 	 	– Product Specifications shall be tested in accordance with the following
procedures: [****]

Third Party Inspector:

Fraunhofer Institute for Solar Energy Systems (ISE), Heidenhofstrasse 2, 79110 Freiburg.

14

 

Appendix 4

Pursuant to Section 12.14 of the Agreement, legal counsel for NITOL shall furnish an opinion to
ESLR to the effect that:

	(i)	 	NITOL is validly existing as a company and in good standing under the laws of the country of
its incorporation,
	 
	(ii)	 	NITOL has the corporate power to execute and deliver the Agreement and to perform its
obligations hereunder;
	 
	(iii)	 	NITOL has duly authorized, executed and delivered the Agreement, and such Agreement
constitutes its valid and binding obligations enforceable against it in accordance with its
terms,
	 
	(iv)	 	the execution and delivery by NITOL of the Agreement does not and the performance by it of
its obligations thereunder will not (A) violate any applicable international, national or
local law or any applicable law governing the Agreement, (B) violate any court order, judgment
or decree, (C) result in a breach of, or constitute a default under, any contractual
obligation or agreement of NITOL, or (D) violate any of its organic documents (charter,
by-laws, etc),
	 
	(v)	 	no consent, approval, license or exemption by, order or authorization of, or filing,
recording or registration with any applicable governmental authority is required to be
obtained or made by NITOL in connection with its execution and authorization of the Agreement
or the performance by it of its obligations thereunder,
	 
	(vi)	 	there is no pending litigation or in any litigation that is overtly threatened, that
challenges the validity or enforceability of, or seeks to enjoin the performance of, the
Agreement,
	 
	(vii)	 	Neither NITOL or any of its assets is entitled to immunity from suit, execution, attachment
or other legal process,
	 
	(viii)	 	no deduction or withholding (whether on account of tax or otherwise) will be required from
any payment by NITOL under this Agreement,
	 
	(ix)	 	this Agreement is in proper legal form for enforcement against NITOL in the country of its
incorporation and contains no provision which is contrary to law or public policy in such
country or which would for any reason not be upheld by the courts in such country,
	 
	(x)	 	the choice of English Law to govern this Agreement is valid and would be recognised and given
effect to by the courts in the country of incorporation of NITOL, and
	 
	(xi)	 	the agreement to refer all disputes arising out of or in connection with this Agreement to
arbitration under the London Court of International Arbitration in London is valid and
irrevocable. Any determination or judgment obtained against NITOL through such arbitration in
respect of any sum payable by NITOL or other dispute would be recognized and enforced by the
courts in the country of incorporation of NITOL without re-examination of the issues

15exv10w35

 

Exhibit 10.35

CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted
pursuant to a request for confidential treatment and, where applicable, have been marked
with an asterisk (“[****]”) to denote where omissions have been made. The confidential
material has been filed separately with the Securities and Exchange Commission.

	 	 	 
	FINAL
	 	October 25, 2007

MEMORANDUM OF UNDERSTANDING

     THIS MEMORANDUM OF UNDERSTANDING (the “MOU”) is entered into as of October 25, 2007 by and
among Evergreen Solar, Inc., a corporation organized under the laws of Delaware, USA (“ESLR”),
Q-Cells AG, a stock corporation organized under the laws of Germany (“QC”), Renewable Energy
Corporation ASA, a stock corporation organized under the laws of Norway (“REC”, and together with
ESLR and QC, the “Parents”), and EverQ GmbH, a limited liability company organized under
the laws of Germany (“EQ”). Each of the Parents respectively and EverQ may individually
hereinafter sometimes be referred to as “a Party” and collectively as “the Parties”). Capitalized
terms used herein shall have the definitions set forth in Section A of this MOU.

R E C I T A L S:

     WHEREAS, EQ was organized by the Parents to manufacture solar wafers, cells and panels for
commercial and residential solar electric systems utilizing ESLR’s String Ribbon Technology;

     WHEREAS, in accordance with the business plan developed and approved by the Parties the
“Business Plan”), the Parents desire that EQ become a stand-alone company, focused on low-cost
manufacturing, with its own personnel to perform the marketing, sales, production, engineering,
research and design and general and administrative functions of the business, and an enhanced
expanded management team;

     WHEREAS, in approving the Business Plan, the Parents and the management of EQ have determined
that EQ should complete an IPO as soon as practicable and thereafter endeavor to expand its
production capacity to 600 MW;

     WHEREAS, EQ will need to secure a supply of polysilicon for its continued production of solar
panels and for the expansion of its production capacity, and REC desires to grant EQ an option to
enter into a polysilicon supply agreement;

     WHEREAS, certain rights and obligations under the existing licensing agreement between ESLR
and EQ related to the String Ribbon Technology, including both the Gemini String Ribbon Technology
and the Quad/COF Technology will need to be amended and modified to enable EQ’s operation as a
stand-alone business;

     WHEREAS, other amendments and modifications to existing agreements among the Parties will need
to be made in connection with the proposed strategic changes in EQ’s business operations; and

 

			
	FINAL
	2	October 25, 2007

     WHEREAS, EQ will need additional financial resources and other assistance to rapidly position
EQ as a worldwide leader in the manufacture of low cost solar panels;

     NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto
hereby agree as follows:

     A. Definitions. For purposes of this Agreement, the following terms have the meaning set
forth below:

     “Actual Base Rate” shall have the meaning as set forth in Section F.II.3.

     “Actual Quad Cost” shall have the meaning as set forth in Section F.II.3.

     “Added Value” shall have the meaning as defined in the LTTA.

     “Additional SR Technology” shall have the meaning as set forth in Section G.I.

     “Banks” shall have the meaning as set forth in Section J.II.

     “Base Rate” shall have the meaning as set forth in Section F.II.1.

     “Business Plan” shall have the meaning as set forth in the Recitals to this MOU.

     “Commercial Improvements” shall mean any patentable improvement or patentable development
arising from the String Ribbon Technology that reduces the production costs or increases the
output, effectiveness, utility or value of the Licensed Products.

     “Cost Savings” shall have the meaning as defined in the LTTA, however, taking into account the
specifics in the MOU.

     “Declining Factor” shall have mean the factor multiplied by the Base Rate in the
2nd through 8th years of production pursuant to Section 4.1(f)(i) of the
LTTA.

     “End of First Year” shall have the meaning as set forth in Section F.II.1.

     “EQ 2 Cost Base” shall have the meaning as set forth in Section F.II.1.

     “EQ 2” shall mean the existing production facilities of EQ as of the date of this Agreement
using the string ribbon technology licensed from ESLR.

     “EQ 3” shall mean the planned expansion of EQ with a capacity of further 75 MW based on the
Quad/COF Technology.

     “First Year” shall have the meaning as set forth in Section F.II.1.

     “Full Production” shall have the meaning as set forth in Section F.II.1.

 

			
	FINAL
	3	October 25, 2007

     “Gemini Compensation Value” shall have the meaning as set forth in Section E.IV.

     “Gemini Right” shall have the meaning as set forth in Section E.I.

     “Gemini String Ribbon Technology” shall mean the String Ribbon Technology as used in EQ 2 as
of the date of this MOU.

     “Improved Gemini String Ribbon Technology” is the Gemini String Ribbon Technology and all
Commercial Improvements made to Gemini String Ribbon Technology by ESLR that are available as of
the IPO.

     “IPO” shall have the meaning as set forth in Section J.I.

     “Licensed Products” shall have the meaning as defined in the LTTA, however, taking into
account the specifics in the MOU.

     “LTTA” is the Amended and Restated License & Technology Transfer Agreement By and Between ESLR
and EQ as of September 29, 2006.

     “MNIP” shall have the meaning as defined in the LTTA, however, taking into account the
specifics in the MOU.

     “MOU” shall mean this Memorandum of Understanding.

     “Nominal Output” shall have the meaning as set forth in Section F.II.1.

     “Nominal Savings” shall have the meaning as set forth in Section F.II.2.

     “Parties” are ESLR, QC, REC and EQ.

     “Quad/COF License” shall have the meaning as set forth in Section F.I.

     “Quad/COF Technology” meaning the Quad ribbon process of ESLR for producing silicon wafers
including Cut on the Fly as such technology exists at the time the final Quad/COF License agreement
between EQ and ESLR is entered into pursuant to this MOU.

     “Quad Cost Savings” shall have the meaning as set forth in Section F.II.1.

     “Ramp Up Period” shall have the meaning as set forth in Section F.II.1.

     “Royalty Rate Quad” shall have the meaning as set forth in provision Section F.II.1.

     “Silicon Offer” shall have the meaning as set forth in Section D.I.

     “Spreadsheet” shall have the meaning as set forth in Section F.II.3.

 

			
	FINAL
	4	October 25, 2007

     “Start of Full Production” shall have the meaning as set forth in Section F.II.1.

     “String Ribbon Technology” shall have the meaning as defined in the LTTA as “String Ribbon”
and “Technology”.

     B. General.

     I. Announcement. EQ will, concurrently with signing this MOU, announce that the
construction of EQ 3 has been approved by the Supervisory Board of EQ and that completion of
an IPO of EQ is an objective of the Parents.

     II. Name Change. EQ will shortly thereafter change its name to a name not associated
with the names of any of the Parents. With announcement of a new name of EQ, the
re-branding of EQ shall commence. Initially the re-branding of its products will be achieved
by labeling the existing products with the new EQ name to the extent such products will not
be used to satisfy orders outstanding under sales agreements entered into by ESLR prior to
the date of this MOU.

     III. License Concerns. One or more definitive license agreement(s) regarding the
licenses contemplated by this MOU (or an amendment and restatement of the LTTA) shall be
negotiated in good faith by the parties following the date of this MOU. In the case of the
license of the Quad/COF Technology granted effective on the date of this MOU, until such
time as (a) definitive agreement(s) has been entered into (or amendment and restatement of
the LTTA has been effected), the terms of the LTTA, to the extent they are not inconsistent
with the terms of the Quad/COF Technology license set forth in this MOU shall apply to the
license of such technology. All licenses granted in accordance with this MOU shall include
all associated Technical Deliverables as defined in the LTTA.

     IV. Access to Suppliers. For one year after the IPO, except for standard purchase
agreements with suppliers, neither ESLR nor EQ will enter into exclusive supply agreements
with suppliers of string ribbon related wafer furnaces and string if such suppliers could
otherwise provide such furnaces and string to the other party. EQ and ESLR will cooperate to
negotiate in good faith a capacity plan with their string manufacturer to secure supply for
the expansion plans for both companies.

     C. Governance Changes. By 30 June 2008, if the Parents have not unanimously agreed to have EQ
abandon its efforts to complete an IPO, the Supervisory Board shall consist of three
representatives of the employees of EQ, one representative of each Parent and 3 independent
directors who shall be individuals (i) who are not affiliated with any of the Parents or EQ, (ii)
with relevant industry experience and (iii) who are capable of serving as directors of a
publicly-traded company. Each Parent will nominate one independent director and the other Parents
agree to elect each independent director so nominated. Should the IPO be cancelled/abandoned, the
Parents agree to return to a Supervisory Board that consists of 3 employee representatives and 2
directors elected by each Parent.

 

			
	FINAL
	5	October 25, 2007

     D. Silicon Supply.

     I. REC hereby offers EQ a further take or pay polysilicon supply agreement to provide
EQ with sufficient polysilicon through 2015 to meet the production needs for expanding EQ up
to annual production capacity of at least 600 MW by 2012 (the “Silicon Offer”).

     II. The commercial key parameters of the Silicon Offer shall be as follows:

     1. Volume:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	2010	 	2011	 	2012	 	2013	 	2014	 	2015
	New Contract Volume
	 	[****]t
	 	[****]t
	 	[****]t
	 	[****]t
	 	[****]t
	 	[****]t

     2. Pricing (New contract Volume):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	2010	 	 	2011	 	 	2012	 	 	2013	 	 	2014	 	 	2015	 
	Pricing for New
Volume (USD/kg)
	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 

     3. Prepayment:

EQ shall provide REC with a prepayment of USD [****] Million, this amount is equivalent to
the last 12 months payable under the contract, based upon take or pay delivery of [****] MT
at [****] USD/kg. The prepayment will be paid from the proceeds of the IPO. In recognition
of this pre-payment, REC will discount the purchase price of polysilicon in the following
fashion:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	2010	 	 	2011	 	 	2012	 	 	2013	 	 	2014	 	 	2015	 
	Discount
	 	 	—	 	 	 	[****]	%	 	 	[****]	%	 	 	[****]	%	 	 	[****]	%	 	 	[****]	%

     III. EQ has the right to accept the Silicon Offer during a period of six months
commencing on the date of this MOU. Acceptance shall be effected by providing written
notice to REC. If EQ does not accept the Silicon Offer during this six-month period, the
Silicon Offer shall automatically be deemed withdrawn, and no subsequent acceptance by EQ
shall have any binding effect on REC. Neither QC nor ESLR have the right to claim the
benefits of the Silicon Offer.

     IV. Upon acceptance, EQ and REC will prepare, negotiate and execute in good faith the
full silicon contract according to the terms laid out in this MOU. The full silicon
contract between EQ and REC shall be in substantially in the same form as the Second REC
Supply Agreement dated as of September 29, 2006, except for the volume, pricing and
prepayment terms described above.

 

			
	FINAL
	6	October 25, 2007

     V. The Silicon Offer, although it may be accepted prior to an IPO, is not valid and
will not be executed upon unless and until an IPO or any other exit, mutually agreed between
the Parents and allowing the Parents to sell shares, has taken place. For the avoidance of
doubt, no shipment of polysilicon from REC to EQ shall take place under any supply agreement
resulting from EQ’s acceptance of the Silicon Offer until the occurrence of an IPO or
another exit, mutually agreed between the Parents and allowing the Parents to sell shares.
In no event shall the Silicon Offer be valid if an IPO or another exit, mutually agreed
between the Parents and allowing the Parents to sell shares, does not take place before
December 31, 2009. Regardless of whether the IPO or another exit takes place before December
31, 2009, the current agreements between the Parties regarding the supply of polysilicon to
EQ by REC shall remain in place in accordance with their terms.

     E. Gemini String Ribbon License.

     I. At the IPO, or at any other exit, mutually agreed between the Parents and allowing
the Parents to sell shares, ESLR will grant to EQ an irrevocable, non-exclusive, perpetual,
world-wide, non-transferable, royalty-free, without the right to sublicense (except as set
forth below), license to make, but not have made, Licensed Products based on the Gemini
String Ribbon Technology and all Commercial Improvements made to Gemini String Ribbon
Technology by ESLR that are available as of the IPO (such license rights related to the
Gemini String Ribbon Technology, the “Gemini Right”).

     II. EQ is only entitled to sublicense the Gemini String Ribbon Technology as well as
the Commercial Improvements made by ESLR to the Gemini String Ribbon Technology, without the
right to sublicense further, to its future wholly owned affiliates as well as future
affiliates in which EQ holds [****]. EQ shall continue to hold [****] of the equity in such
affiliate for at least five years after commencement of the sublicensing agreement with such
affiliate. EQ can only sublicense the Gemini String Ribbon Technology to its affiliates for
use in countries where enforceable patent protection exists in favor of ESLR or in which
there are pending patent application for the String Ribbon Technology. Further sublicensing
by EQ to other territories or other affiliates will be considered by ESLR on a case-by-case
basis with full discretion to permit or forbid such sublicensing if ESLR determines that
there is an unreasonable risk of violation of the intellectual property rights related to
the String Ribbon Technology. In any case of sublicensing of the Gemini String Ribbon
Technology, ESLR will not receive any additional royalty.

     III. EQ is entitled to improve the Gemini String Ribbon Technology as well as the
Improved Gemini String Ribbon Technology and shall provide ESLR with a world-wide,
non-exclusive, perpetual, irrevocable, sublicenseable royalty bearing right to make and have
made license to any Commercial Improvements to the Gemini String Ribbon Technology as well
as to the Improved Gemini String Ribbon Technology. The calculation of the royalty rate
shall be made according to Section G.III.2. ESLR will pay EQ royalties from first
sublicensing or further sublicensing by the first sublicensee (or stipulate that
sublicensors pay such royalties directly to EQ) based on the same terms as

 

			
	FINAL
	7	October 25, 2007

if the volume manufactured and sold by the first sublicensee or any further sublicensee
of the first sublicensee had been manufactured and sold by ESLR. The amount of the
royalties or other consideration received by ESLR from its sublicensees for the Gemini
String Ribbon Technology and/or Improved Gemini String Ribbon Technology shall not affect
the royalty payment made by ESLR to EQ for such sublicenses.

     IV. ESLR shall be compensated by EQ for granting EQ the Gemini Right. The value of this
compensation (the “Gemini Compensation Value”) shall be [****] million USD and shall be paid
by EQ in cash to ESLR once EQ has received the proceeds of the IPO, or after any other exit,
mutually agreed between the Parents and allowing the Parents to sell shares, has taken
place,

     V. All royalty payments for Gemini String Ribbon Technology paid under the LTTA from EQ
to ESLR from January 1, 2008 until the IPO shall be credited against the Gemini Compensation
Value, reducing the Gemini Compensation Value respectively. After full payment according to
Sections E.IV. and E.V., EQ is not obliged to pay any further royalties for the Gemini
Right.

     VI. During the five-year period following the IPO, or following any other exit,
mutually agreed between the Parents and allowing the Parents to sell shares, under no
circumstances shall the technology developments and improvements by EQ or ESRL and any of
their respective affiliates and/or first and further sub-licensees of the Gemini String
Ribbon Technology (including any Commercial Improvements thereto) block or prevent further
technology development of the Gemini String Ribbon Technology (including any Commercial
Improvements thereto) by EQ or ESLR. In no event shall this provision require EQ or ESLR or
any of its their respective affiliates and/or sub-licensees to disclose or share technology
developments or improvements of the Gemini String Ribbon Technology (including any
Commercial Improvements thereto) unless such technology developments and improvements are
Commercial Improvements which are subject to the cross-license requirements provided for in
this MOU.

     F. Quad/COF License.

     I. Effective as of the date of this MOU, EQ is entitled to an irrevocable,
non-exclusive, perpetual, world-wide, non-transferable, royalty-bearing, without the right
to sublicense (except as defined below), license to make, but not have made, Licensed
Products based on the Quad/COF Technology from ESLR as well as all Commercial Improvements
ESLR makes to the Quad/COF Technology at any time after the date of this MOU until five
years after the IPO, or until five years after any other exit, mutually agreed between the
Parents and allowing the Parents to sell shares (the “Quad/COF License”).

     II. The royalty payable by EQ to ESLR for the Quad/COF License shall be based on
Royalty Rate Quad and the royalty rate for Commercial Improvements to the Quad/COF
Technology (see Section F.II.5 below) which shall be determined by the

 

			
	FINAL
	8	October 25, 2007

principles stated in Section 4.1(f) of the LTTA unless determined otherwise in this
Section F.

     1. The following shall apply:

	 	•	 	Quad/COF Technology is accepted as MNIP by all Parties.
	 
	 	•	 	EQ shall pay ESLR a royalty equal to the respective Royalty Rate
Quad multiplied by units (one unit being one Wp) manufactured and
sold by EQ for the relevant calculation period.
	 
	 	•	 	“Royalty Rate Quad” = Base Rate x Declining Factor.
	 
	 	•	 	The “Base Rate” as defined in Section 4.1(f)(i) of the LTTA shall
be set at [****] as in the LTTA) of the Quad Cost Savings (as
defined below) without giving any additional consideration to the
Added Value component stated in the LTTA (i.e. 0% of the Added
Value).
	 
	 	•	 	The Cost Savings generated by Quad/COF Technology (the “Quad Cost
Savings”) will be equal to the difference between actual costs at EQ
2 (the “EQ 2 Cost Base”) and the Actual Quad Cost (as defined below)
for the same time period. The Parties agree that the EQ 2 Cost Base
shall be calculated based on the spreadsheet attached hereto as
Exhibit A (the “Spreadsheet”), which shall be used as a
modifiable model for the calculation of the EQ 2 Cost Base, taking
into account that the Parties will improve the Spreadsheet if its
economic assumptions or methodology are incorrect or in conflict
with the actual costs related to EQ 2 and any other relevant factors
that need to be considered in order to determine the cost of
operations at EQ 2 (as reviewed below in connection with the Actual
Quad Cost calculation under Section F.II.3.). The calculation of
Quad Cost Savings is not intended to take into account circumstances
other than the cost savings generated by the implementation Quad/COF
Technology and such other circumstances therefore should not be
factored into the Spreadsheet used to calculate the EQ 2 Cost Base
or otherwise result in an increased Quad Costs Savings amount. There
will be no further changes in the EQ 2 Cost Base once calculated.
	 
	 	•	 	In accordance with Section 4.1(f)(i) of the LTTA the Royalty Rate
Quad during the First Year equals the Base Rate, the Royalty Rate
Quad for the 2nd year equals [****] x Base Rate and so
forth based on the Declining Factor. However, the Royalty Rate Quad
for the time starting once ESLR has provided EQ with the Quad/COF

 

			
	FINAL
	9	October 25, 2007

	 	 	 	Technology until commencement of the First Year (“Ramp Up Period”),
shall also equal the Base Rate.
	 
	 	•	 	The “First Year” shall be the twelve-month period commencing at
the first day of the Start of Full Production (as defined below) .
EQ shall be at full production when the average of the running
production over the period of three calendar months exceeds [****] %
of the Nominal Output (“Nominal Output”) for the first time (“Full
Production”). The Nominal Output shall mean [****]. The first of the
[****] calendar months shall be the “Start of Full Production”.
Twelve months after the first day of the Start of Full Production
shall mark the end of the first year of Full Production (“End of
First Year”).

     2. The royalty paid by EQ to ESLR for the Quad/COF License during the Ramp Up
Period and the First Year shall be an agreed nominal royalty. The Parties agree
that the nominal cost savings value due to Quad/COF Technology compared to Gemini
String Ribbon Technology (“Nominal Savings”) shall be [****] €/Wp resulting in a
Base Rate of [****] €/Wp based on the formula stated above in Section F.II.1.

     3. In the last 3 months prior to the End of First Year using Quad/COF
Technology the “Actual Quad Cost” will be calculated by taking the average
performance of the Quad/COF Technology in EQ 3 during this time period as the inputs
to the Spreadsheet, which shall be used as a modifiable model for the calculation of
the Actual Quad Cost (as stated above for the EQ 2 Base Cost calculation under
Section F.II.1.) and shall take into account the following key cost drivers:

1. [****]

The Quad Cost Savings times [****]% shall be the “Actual Base Rate”. On the basis of
the Actual Base Rate the actual royalty for the Ramp Up Period and the First Year
shall be recalculated and the difference between nominal royalty and actual royalty
shall be either reimbursed by ESLR or paid to ESLR. The Base Rate going forward
shall be the Actual Base Rate times the Declining Factor starting from
2nd year of full scale production. To ensure the efficacy of the Quad
Cost Savings amount used to determine the Actual Base Rate, the production costs of
EQ 3 using Quad/COF Technology for the last [****] months of the First Year will be
compared to the production costs of ESLR using Quad/COF Technology during the same
period and the performance immediately prior to the and immediately after the such
[****]-month period.

As a possible secondary data point for determination of the Quad Cost Savings and to
facilitate the comparison of the Gemini String Ribbon Technology and

 

			
	FINAL
	10	October 25, 2007

Quad/COF Technology, EQ shall run wafers produced on the basis of the Gemini String
Ribbon Technology through the EQ factory using Quad/COF Technology.

4. The Royalty Rate Quad is subject to the following adjustments only:

	 	•	 	If at the time the Quad Cost Savings is calculated the Quad/COF
Technology implemented at EQ performs noticeably worse compared to
Quad/COF Technology implemented at ESLR during the same period,
which ESLR can reasonably document, and the Actual Quad Cost
realized at EQ is significantly lower, than the Actual Quad Cost
that could have been realized if the Quad/COF Technology implemented
at EQ had performed as well as the Quad/COF Technology implemented
at ESLR (such performance at ESLR, the “Potential Quad Cost”), ESLR
can request once that the Actual Quad Cost be set equal to the
Potential Quad Cost. The difference between (a) the Potential Quad
Cost and (b) the EQ 2 Base Cost shall be multiplied times [****] %
to determine the Base Rate, which Base Rate shall subsequently be
reduced based on the Declining Factor.
	 
	 	•	 	The Parties agree that, when introduced to EQ by ESLR, additional
improvements to the Quad/COF Technology which are expected to result
in (a) additional reductions in wafer thickness and (b) improved
after heater performance, will be considered MNIP when such
improvements are implemented at EQ, and the Cost Savings generated
at EQ by the applicable improvement calculated according to
Section F.II.3. shall result in an increase in the royalty paid by
EQ to ESLR for the Quad/COF Technology. The Declining Factor for the
calculation of the Royalty Rate Quad shall be equal to the Declining
Factor used for the calculation of Royalty Rate Quad in the same
time period, e.g. if advancements resulting in additional wafer
thickness reductions of after heater functionality is in use by EQ
in the year after the End of First Year, the Declining Factor shall
be [****] and will be reduced by [****] % in each further year.
	 
	 	•	 	Provided that the sum of (1) the actual production costs of EQ
using Quad/COF Technology and (2) the royalty paid to ESLR exceeds
in any given calendar year the actual average production costs of
REC or QC for conventional sliced crystalline silicon, then the
royalty can be reduced in accordance with Article 4.1f (vii) of the
LTTA. If this sum exceeds the actual average production costs, EQ
can request, and ESLR is obliged to accept, a reduction of the
Royalty Rate Quad to a level such that the sum of EQ’s production
costs and the Royalty Rate Quad are equal to the average

 

			
	FINAL
	11	October 25, 2007

	 	 	 	production costs of conventional sliced crystalline silicon of REC or
QC, but the level of the Royalty Rate Quad shall never go below zero.
The request can be made once every calendar year by EQ supported
either by REC or QC provided that the supporting party must own
[****]% or more of the outstanding shares of EQ at the time the
request is made. The actual average production costs used to evaluate
such request shall include the average production costs of each of
REC or QC only if the applicable party owns 10% or more of the
outstanding shares of EQ at the time the request is made. To prove
the actual average production costs of REC or QC, as applicable, a
statement of an independent auditor has to be presented showing the
respective average productions costs evaluated by the auditor. The
auditor has to treat all information confidentially and shall not
disclose any figures or other type of information except the
evaluated result.
	 
	 	•	 	The adjustments to the Royalty Rate Quad set forth in this
Section F.II.4. first and second bullet point shall be determined
following from a recalculating of the Actual Quad Cost. In no event
will the EQ 2 Base Cost be recalculated.

	 	5. 	 	The calculation of the royalty rate for any
Commercial Improvements to the Quad/COF Technology developed after the
date of this MOU shall be made according to Section G.III.2.

     III. Effective following the IPO, or following any other exit, mutually agreed between
the Parents and allowing the Parents to sell shares, EQ is only entitled to sublicense the
Quad/COF Technology as well as the Commercial Improvements made to the Quad/COF Technology
by ESLR within five years after the IPO, without the right to sublicense further, to its
future wholly owned affiliates as well as future affiliates in which it holds [****]. EQ
shall continue to hold [****] of the equity in such affiliate for at least five years after
commencement of the sublicensing agreement with such affiliate. EQ can only sublicense the
Quad/COF Technology to its affiliates for use in countries where enforceable patent
protection exists in favor of ESLR or in which there are pending patent application for the
String Ribbon Technology. Further sublicensing by EQ to other territories or other
affiliates will be considered by ESLR on a case-by-case basis with full discretion to permit
or forbid such sublicensing if ESLR determines that there is an unreasonable risk of
violation of the intellectual property rights related to the String Ribbon Technology. As
long as EQ holds [****] interest in the applicable sublicensee affiliate, EQ will pay ESLR
royalties from sublicensing (or stipulate that sublicensors pay such royalties directly to
ESLR) based on the same terms as if the volume manufactured and sold by the sublicensee had
been manufactured and sold by EQ. In such case, the amount of the royalties or other
consideration received by EQ from its sublicensees for the Quad/COF Technology (with or
without any Commercial Improvements thereto) shall not affect the royalty payment made by EQ
to ESLR for such sublicenses. If EQ’s ownership of the applicable sublicensee affiliate
falls below [****]% at any time before

 

			
	FINAL
	12	October 25, 2007

the end of the applicable five-year period, the right for the respective affiliate
regarding the Quad/COF Technology and any Commercial Improvements thereto shall terminate.
If EQ’s ownership of the applicable sublicensee affiliate falls below [****]% at any time
after the five-year period during which EQ is required to maintain such ownership
percentage, all royalties (together with any other payments and the value of other
consideration received by EQ in lieu of royalties) in exchange for the right to use the
Quad/COF Technology shall be paid to ESLR; provided that in no event shall the royalty paid
to ESLR for sublicensed Quad/COF Technology (with or without any Commercial Improvements
thereto) be less than the royalty that would have been payable to ESLR by EQ if the same
volume of Licensed Products manufactured and sold by the sublicensee had been manufactured
and sold by EQ.

     IV. EQ is entitled to improve Quad/COF Technology and shall during the five years after
the IPO, or the five years after any other exit, mutually agreed between the Parents and
allowing the Parents to sell shares, provide ESLR with a world-wide, non-exclusive,
perpetual, irrevocable, royalty bearing (the calculation of the royalty rate shall be made
according to the provisions set forth in Section G.III.2) license to any Commercial
Improvements. ESLR is entitled to sublicense, without the right to sublicense further, the
Commercial Improvements made by EQ to the Quad/COF Technology to its affiliates or third
parties in line with, and not worse than, the terms of the license between EQ and ESLR. ESLR
will pay EQ royalties from sublicensing (or stipulate that sublicensors pay such royalties
directly to EQ) based on the same terms as if the volume manufactured and sold by the
sublicensee had been manufactured and sold by ESLR. The amount of the royalties or other
consideration received by ESLR from its sublicensees for the Quad/COF Technology (with or
without any Commercial Improvements thereto) shall not affect the royalty payment made by
ESLR to EQ for such sublicenses.

     V. During the five-year period following the IPO, or following any other exit, mutually
agreed between the Parents and allowing the Parents to sell shares, under no circumstances
shall the technology developments and improvements by EQ or ESRL and any of its affiliates
and/or sub-licensees of the Quad/COF Technology (including any Commercial Improvements
thereto) block or prevent further technology development of the String Ribbon Technology
(including any Commercial Improvements thereto) by EQ or ESLR. In no event shall this
provision require EQ or ESLR or any of its their respective affiliates and/or sub-licensees
to disclose or share technology developments or improvements of the Quad/COF Technology
(including any Commercial Improvements thereto) unless such technology developments and
improvements are Commercial Improvements which are subject to the cross-license requirements
provided for in this MOU.

     G. Additional String Ribbon Technology License.

     I. For a period of five years beginning with the IPO, or beginning with any other exit,
mutually agreed between the Parents and allowing the Parents to sell shares, ESLR and EQ are
obliged to offer to license to each other any Commercial

 

			
	FINAL
	13	October 25, 2007

Improvements to the String Ribbon Technology which are not already subject to Section E
or Section F that leads to MNIP, as defined in the LTTA, improvements on the wafer, cell or
module manufacturing step or wafer, cell or module performance (“Additional SR Technology”).
For clarification purposes, such obligation does not exist for technology that is not
related to the String Ribbon Technology for manufacturing string ribbon wafers (i.e.
improvements of cell or module manufacturing are excluded from Commercial Improvements which
must be offered by either ESLR or EQ to the other Party).

     II. If any license offer required pursuant to Section G.I. is accepted by the other
Party, the license from one party to the other shall be world-wide, non-exclusive,
perpetual, irrevocable and royalty bearing.

     III. The royalty fee for these individual licenses shall be negotiated at market terms,
however the following requirements shall also apply:

     1. [****]

     2. If one party has not granted a license (or is not allowed to sublicense) for
a particular Additional SR Technology to any third party, the royalty fee shall be
negotiated at arm’s length in line with rates of similar licensing arrangements. The
royalty rate shall be initially set at [****]. If the Parties cannot agree on the
amount of the [****], EQ and ESLR shall agree on an independent expert who shall
determine the [****] according to the provisions mentioned above. If one Party does
not accept the result or the Parties cannot agree on the independent expert an
arbitration proceeding in accordance with Section 9.8 of the LTTA shall take place.

     3. If one party has not granted a license for a particular Additional SR
Technology to any third party at the time of the offer of such particular Additional
SR Technology to the other party but grants a license for such a particular
Additional SR Technology to any third party afterwards within the five-year period
following the IPO, the conditions of the license to the other party shall be amended
accordingly if the conditions of the license to such third party are more favorable
per the directions under Section G.III.1. above. This amendment shall be on a going
forward basis only and in no case will any paid royalties be refunded provided that
the one party informs the other party about the conditions of the license to the
third party promptly.

     IV. EQ is entitled to sublicense any Additional SR Technology developed by ESLR within
five years after the IPO, or within five years after any other exit, mutually agreed between
the Parents and allowing the Parents to sell shares, without the right to sublicense
further, to its future wholly owned affiliates as well as and future affiliates in which it
holds [****]. EQ shall continue to hold [****] of the equity in such affiliate for at least
five years after commencement of the sublicensing agreement with such affiliate. EQ can
only sublicense the Additional SR Technology developed by ESLR to its

 

			
	FINAL
	14	October 25, 2007

affiliates for use in countries where enforceable patent protection exists in favor of
ESLR or in which there are pending patent application for the Additional SR Technology.
Further sublicensing by EQ to other territories or other affiliates will be considered by
ESLR on a case-by-case basis with full discretion to permit or forbid such sublicensing if
ESLR determines that there is an unreasonable risk of violation of the intellectual property
rights related to the String Ribbon Technology. As long as EQ holds [****] interest in the
applicable sublicensee affiliate, EQ will pay ESLR royalties from sublicensing (or stipulate
that sublicensors pay such royalties directly to ESLR) based on the same terms as if the
volume manufactured and sold by the sublicensee had been manufactured and sold by EQ. In
such case, the amount of the royalties or other consideration received by EQ from its
sublicensees for the Additional SR Technology (with or without any Commercial Improvements
thereto) shall not affect the royalty payment made by EQ to ESLR for such sublicenses. If
EQ’s ownership of the applicable sublicensee affiliate falls below [****]% at any time
before the end of the applicable five-year period, the right for the respective affiliate
regarding the Additional SR Technology and any Commercial Improvements thereto shall
terminate. If EQ’s ownership of the applicable sublicensee affiliate falls below [****]% at
any time after the five-year period during which EQ is required to maintain such ownership
percentage, all royalties (together with any other payments and the value of other
consideration received by EQ in lieu of royalties) in exchange for the right to use the
Additional SR Technology shall be paid to ESLR; provided that in no event shall the royalty
paid to ESLR for sublicensed Additional SR Technology (with or without any Commercial
Improvements thereto) be less than the royalty that would have been payable to ESLR by EQ if
the same volume of product manufactured and sold by the sublicensee had been manufactured
and sold by EQ.

     V. ESLR is entitled to sublicense any Additional SR Technology developed by EQ, without
the right to sublicense further, to its affiliates or third parties. ESLR will pay EQ
royalties from sublicensing (or stipulate that sublicensors pay such royalties directly to
EQ) based on the same terms as if the volume manufactured and sold by the sublicensee had
been manufactured and sold by ESLR. The amount of the royalties or other consideration
received by ESLR from its sublicensees for the Additional SR Technology (with or without any
Commercial Improvements thereto) shall not affect the royalty payment made by ESLR to EQ for
such sublicenses.

     VI. Within the five-year period following the IPO, or following any other exit,
mutually agreed between the Parents and allowing the Parents to sell shares, EQ and ESLR are
both entitled to improve any Additional SR Technology licensed from each other and must
offer each other with a world-wide, non-exclusive, perpetual, irrevocable, royalty bearing
license, to any such improvements that constitute Commercial Improvements. Any such
Commercial Improvements shall be deemed to be Additional SR Technology and this Section G
shall apply to such Commercial Improvements accordingly.

     VI. During the five-year period following the IPO, or following any other exit,
mutually agreed between the Parents and allowing the Parents to sell shares, under no

 

			
	FINAL
	15	October 25, 2007

circumstances shall the technology developments and improvements by EQ or ESLR and/or
any of its affiliates and/or sub-licensees of the String Ribbon Technology (including any
Commercial Improvements thereto) block or prevent further technology development of the
string ribbon technology (including any Commercial Improvements thereto) by EQ or ESLR. In
no event shall this provision require EQ or ESLR or any of its their respective affiliates
and/or sub-licensees to disclose or share technology developments or improvements of the
String Ribbon Technology (including any Commercial Improvements thereto) unless such
technology developments and improvements are Commercial Improvements which are subject to
the cross-license requirements provided for in this MOU.

     I. Sales.

     I. The current sales representative agreement between ESLR and EQ will remain in force
until EQ decides it has built up its own reasonably complete sales and marketing force. A
transition agreement to deal with existing and future customers of Evergreen and EQ shall be
negotiated by the Parties in good faith as soon as practicable.

     II. Under the sales representative agreement, EQ will provide a sufficient quantity of
product to ESLR (branded as Evergreen Solar product) so that ESLR will be able to honor all
sales contracts and other customer commitments already entered into by the time of signing
this MOU. However, the following activities shall commence immediately after signing this
MOU:

     1. The transfer of the sales function from ESLR to EQ should take place as
early as possible. As the product produced by EQ today is branded and sold by ESLR,
a thoughtful customer and product transition plan needs to be created early.
Therefore new sales contracts and other customer commitments and volumes committing
more of EQ’s future volumes must carefully be evaluated by the Supervisory Board.

     2. EQ will be renamed and as such a new brand will be developed for EQ. Any
sales contracts entered into by EQ should be based on products to be sold under EQ’s
new brand.

     3. ESLR will continue to receive a sales fee according to the Sales
Representative Agreement dated September 29, 2006 for all sales or sales agreements
made by the ESLR sales team at the time of signing this MOU and further sales
agreements approved by the Supervisory Board of EQ. According to the contract, this
fee will be reviewed and renegotiated during autumn 2007 for 2008. ESLR shall
support EQ in building its own sales capabilities in terms of customer contacts,
sales contract structure etc. and will be reimbursed at a rate determined as part of
the customer and product transition plan.

 

			
	FINAL
	16	October 25, 2007

     J. IPO.

     I. All Parties desire to pursue a listing of the shares in EQ on a stock exchange of
recognized international standing or on an authorized marketplace of recognized
international standing (an “IPO”).

     II. Subject to applicable fiduciary duties and applicable law, all Parties hereby
undertake to co-operate and approve such IPO, including the taking of all steps necessary to
facilitate such IPO, including but not limited to, (i) retaining one or more internationally
renowned investment banks (the “Banks”); and (ii) subject to the Banks’ advice in favor of
proceeding with the preparations for an IPO, conducting a due diligence regarding EQ,
amending the Articles of Association and the legal form of EQ as reasonably required to
complete the IPO, and retaining legal counsel for the purposes of, inter alia, preparing the
necessary prospectus; and (iii) voting in favor of an increase of EQ’s share capital to the
effect that the free-float after the IPO, resulting from the shares sold in the IPO plus the
new shares, correspond to at least [****].

     III. The Parties shall have the right to sell part of their shares in EQ in the IPO
only if and to the extent that (i) the financing needs of EQ are met by the IPO; and (ii)
such sale is not deemed, by the Banks, to jeopardize the success of the IPO. The Parties
expect to be able to sell up to [****] % of their shares in EQ at the IPO. Unless the
Parties agree otherwise, the Parties shall be entitled to sell their shares in the IPO on a
pro-rata basis.

     IV. The Parties shall not sell, transfer, assign or otherwise dispose of any shares in
EQ during a lock-up period of up to 180 days after the IPO, to the extent required by the
Banks.

     V. The Parties agree to negotiate in good faith a stockholders’ agreement related to
customary additional rights and obligations of principal stockholders related to an IPO,
which rights and obligations the Parties acknowledge may vary depending on the stock
exchange or authorized marketplace that is selected by the Parties for the IPO.

     K. Confidentiality. Subject to any required disclosure of this MOU required by United States
securities laws or otherwise, this MOU and its contents are confidential and all Parties hereby
agree to keep confidential and not to disseminate this MOU or any of its contents except (i) to
legal, technical and financial advisors who have agreed to be bound by the confidentiality
obligations in this paragraph, (ii) if agreed by the Parents in advance or (iii) if required by law
or court or administrative order. The Parties acknowledge that United States securities laws may
require this MOU to be filed with the Securities and Exchange Commission by ESLR, at which time it
may become publicly available, provided that ESLR shall, upon the request by the other Parties,
use its best efforts to limit the extent to which the MOU and/or its content is made publicly
available. Any costs arising out of activities undertaken by ESLR as part of such best effort,
shall be borne equally by the Parents.

 

			
	FINAL
	17	October 25, 2007

     L. Jurisdiction.  Insofar as permissible, exclusive jurisdiction for all disputes arising from
and in connection with this MOU shall be Berlin, Germany. The laws of Germany shall apply
exclusively, excluding its provisions concerning private international law and excluding the UN
Sales Convention.

     M. Existing Agreements.  Where this MOU deviates from the existing agreements between the
Parties in relation to EQ, including the agreements as of September 29, 2006, the MOU shall
prevail. In all other respects the existing agreements remain in full force until they are amended
or cancelled accordingly and new agreements are entered into.

     N. Severability.  If individual parts of this MOU are wholly or in part invalid, the other
sections shall retain their validity unless the severed portion was essential to the purpose of
this MOU.

     O. Binding nature.  

     I. This MOU shall be legally binding and may only be amended or terminated by the
unanimous written agreement of the Parties. No modification or amendment to this MOU will
be valid or binding except if stated in writing and executed by duly authorized
representatives of each Party.

     II. The agreements to be entered into in regards to implementation of the IPO shall be
negotiated in good faith having the mutual aim of the IPO in mind.

     P. Validity.  

     This MOU (or the agreements entered into pursuant to this MOU) shall remain valid after
an IPO as contemplated in the terms of this MOU (e.g., Commercial Improvements are required
to be licensed during the five-year period following an IPO, the license rights contemplated
are perpetual, the silicon supply agreement calls for the supply of silicon through 2015
etc.) or after any other exit mutually agreed to among the Parents which allows the Parents
to sell shares, if an IPO or any other mutually agreeable exit has taken place by December
31, 2009. Alternatively, if no IPO or no other mutually agreeable exit has taken place by
December 31, 2009 the MOU (or the agreements entered into pursuant to this MOU) shall
terminate.

     Q. Process and timetable.  The process will be to prepare, negotiate and enter into amended
and/or new definitive legal agreements to the extent required to give effect to the terms and
conditions set forth in this MOU.

     An expected non-binding timetable for moving forward is as follows:

	 	 	 	 	 
	 	 	Date	 	Action
	 
	 

	 	End October, 2007
	 	Make public announcement
	 
	 	 	 	 
	 

	 	November/December, 2007
	 	Negotiation of agreements
	 
	 	 	 	 
	 

	 	December, 2007
	 	Finalize agreements

 

			
	FINAL
	18	October 25, 2007

     IN WITNESS WHEREOF, the undersigned duly authorized representatives of the Parties have
executed this MOU as of the date first referenced above.

	 	 	 	 	 	 	 	 	 
	Evergreen Solar, Inc.	 	 	 	   Q-Cells AG
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Michael El-Hillow
	 	 	 	By:
	 	/s/ F. Holzapfel — /s/ H. Schüning
	 

	 	 
	 	 	 	 	 	 
	 
	Print name:

	 	Michael El-Hillow
	 	 	 	Print name:
	 	F. Holzapfel — H. Schüning
	 

	 	 
	 	 	 	 	 	 
	 
	Title:

	 	Chief Financial Officer
	 	 	 	Title:
	 	CTO — CFO
	 

	 	 
	 	 	 	 	 	 
	 
	Date:

	 	October 25, 2007
	 	 	 	Date:
	 	25/10/07
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Renewable Energy Corporation	 	 	 	EverQ GmbH
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Erik Thorsen
	 	 	 	By:
	 	/s/ R. Mohr — /s/ G. Marhan
	 

	 	 
	 	 	 	 	 	 
	 
	Print name:

	 	Erik Thorsen
	 	 	 	Print name:
	 	R. Mohr — G. Marhan
	 

	 	 
	 	 	 	 	 	 
	 
	Title:

	 	President & CEO
	 	 	 	Title:
	 	CFO — COO
	 

	 	 
	 	 	 	 	 	 
	 
	Date:

	 	25-10-2007
	 	 	 	Date:
	 	25/10/07
	 

	 	 
	 	 	 	 	 	 

 

			
	FINAL
	 	October 25, 2007

Exhibit A

[****]

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