Document:

altn_ex103.htm

EXHIBIT 10.3
 
 
	DATED	December 20, 2019

 
	(1)	Coöperatie Unisun Energy U.A.
	 
	as the Lender

	 
	 

	(2) 
	Alternus Energy Inc.

	 
	as the Borrower

	 
	 

	(3) 
	AEN 01 B.V.

	 
	as the Purchaser

	 
	 

	 

 
 
LOAN AGREEMENT
 
 
	 

 
 

 
 
 
	 
	
	
 
	 

  
	1. 
	DEFINITIONS AND INTERPRETATION
	 
	2
	 

	 
	 
	 
	 
	 

	2.
	LOAN
	 
	4
	 

	 
	 
	 
	 
	 

	3.
	INTEREST
	 
	4
	 

	 
	 
	 
	 
	 

	4.
	MATURITY; REPAYMENT AND PREPAYMENTS
	 
	4
	 

	 
	 
	 
	 
	 

	5.
	NO SET-OFF
	 
	5
	 

	 
	 
	 
	 
	 

	6.
	PAYMENTS
	 
	5
	 

	 
	 
	 
	 
	 

	7. 
	NOTICES
	 
	5
	 

	 
	 
	 
	 
	 

	8.
	ENTIRE AGREEMENT. NO DISSOLUTION
	 
	5
	 

	 
	 
	 
	 
	 

	9. 
	GENERAL
	 
	5
	 

 
	 
	- 1 -
	
 
	 

 
This loan agreement ("Agreement") is dated December 20, 2019 and made between:
 
PARTIES
 
	(1)	Coöperatie Unisun Energy U.A., a cooperative association with exclusion of liability (coöperatie met uitgesloten aansprakelijkheid) incorporated under the laws of the Netherlands, with its statutory seat in Rotterdam, the Netherlands and its business address at Westblaak 35, 3012 KD, the Netherlands and registered with the Commercial Register of the Dutch Chamber of Commerce under number 66682037 ("Lender");
	 
	 

	(2)	Alternus Energy Inc. a corporation registered with the secretary of state of the State of Nevada,
		United States of America under number E0837352006-2 ("Borrower"); and
	 
	 

	(3)	AEN 01 B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, with its statutory seat in Amsterdam, the Netherlands and its business address at Evert van de Beekstraat 104, The Base B, 1118 CN Schiphol, the Netherlands and registered with the Commercial Register of the Dutch Chamber of Commerce under number 75068370 ("Purchaser").
	 
	 

		The parties set out above under number (1) through (3) are hereinafter jointly referred to as the “Parties” and individually as a “Party”.

 
INTRODUCTION
 
	(A)	The Lender (as the seller) and the Purchaser (as the purchaser) are parties to a sale and purchase agreement in respect of the sale and purchase of all of the issued and outstanding shares in Zonnepark Rilland B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, with its statutory seat in Rotterdam, the Netherlands and its business address at Marten Meesweg 8, 3068 AV Rotterdam, the Netherlands and registered with the Commercial Register of the Dutch Chamber of Commerce under number 69321361, dated 29 July 2019, as amended pursuant to an addendum on 13 December 2019 ("SPA").
	 
	 

	(B)	The Borrower is the sole shareholder of the Purchaser.
	 
	 

	(C)	Pursuant the SPA, the Lender, the Borrower and the Purchaser have agreed that part of the Purchase Price (as defined in the SPA) in the amount of EUR 1,689,864.40 (“Deferred Purchase Price”) which is due from the Purchaser to the Lender, will be paid by the Borrower through a loan between the Lender and the Borrower, which loan will be made available by the Lender to the Borrower on Completion (as defined in the SPA).
	 
	 

	(D)	As a result of the loan provided pursuant to this Agreement, the Deferred Purchase Price shall no longer due be from the Purchaser.
	 
	 

	(E)	The Borrower has certain “Earn Out” obligations as set forth under the SPA, which Parties wish to acknowledge in this agreement.
	 
	 

	(F)	The Parties wish to record the terms applicable to the loan in this Agreement.

 
AGREEMENT
 
	1.	DEFINITIONS AND INTERPRETATION

 
	1.1 	Definitions
	 
	 

	1.1 	Unless the context indicates otherwise, terms defined in the SPA shall have the same meaning in this Agreement.

 
	 
	- 2 -
	
 
	 

 
	1.2 	Construction

  	 
	In this Agreement, unless the context otherwise requires:
	 
	 
	 

	 
	(A)	a reference to a person shall be construed so as to include any individual, firm, body corporate (wherever incorporated), government, state or agency of a state or any joint venture, association, partnership, limited partnership, limited liability partnership, works council or employee representative body (in each case whether or not having separate legal personality);
	 
	 
	 

	 
	(B)	references to "this Agreement" shall include the Introduction which form part of this Agreement, references to clauses and the Introduction are to clauses of and the Introduction to this Agreement;
	 
	 
	 

	 
	(C)	the headings are inserted for convenience only and shall not affect the construction of this Agreement;
	 
	 
	 

	 
	(D)	words in the singular shall include the plural and vice versa;
	 
	 
	 

	 
	(E)	a reference to one gender includes all genders;
	 
	 
	 

	 
	(F)	references to any Dutch legal term for any action, remedy, method or judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any jurisdiction other than the Netherlands, be deemed to include that which in that jurisdiction most nearly approximates to the English legal term in question;
	 
	 
	 

	 
	(G)	references to "EUR" or "euro" are references to the single currency of any member state, from time to time, of the European Union that adopts or has adopted the Euro as its lawful currency;
	 
	 
	 

	 
	(H)	except where expressly provided to the contrary, references to statutory provisions shall be construed as references to those provisions as respectively amended, consolidated, extended or re-enacted from time to time and shall include the corresponding provisions of any earlier legislation (whether repealed or not) and any orders, regulations, instruments or other subordinate legislation made from time to time under the statute concerned;
	 
	 
	 

	 
	(I)	a reference to "includes" or "including" will be construed as "includes without limitation" or "including without limitation" (as the case may be);
	 
	 
	 

	 
	(J)	general words shall not be given a restrictive meaning by reason of their being preceded or followed by words indicating a particular class or examples of acts, matters or things;
	 
	 
	 

	 
	(K)	if a period of time is specified and dates from a given day or the day of an act or event, it will be calculated exclusive of that day; and
	 
	 
	 

	 
	(L)	references to "writing" or "written" include any modes of reproducing words in a legible and non transitory form but do not include writing on the screen of a visual display unit or other similar device.

 
	 
	- 3 -
	
 
	 

 
	1.3 	Dutch terms
	 
	 

	 
	In this Agreement, where it relates to a Dutch entity, a reference to:

 
	 
	(A)	a winding-up, administration or dissolution includes a Dutch entity being (i) declared bankrupt (failliet verklaard) or (ii) dissolved (ontbonden);

 
	 
	(B)	a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;

 
	 
	(C)	a liquidator includes a curator;
	 
	 
	 

	 
	(D)	an administrator includes a bewindvoerder;
	 
	 
	 

	 
	(E)	a receiver or an administrative receiver does not include a curator or bewindvoerder; and
	 
	 
	 

	 
	(F)	an attachment includes a beslag.

 
	2.  
	LOAN

	 
	 

	2.1 	Subject to Completion and the terms of this Agreement, the Lender shall at Completion lend to the Borrower and the Borrower shall, upon the occurrence of Completion and without any further action being required, borrow from the Lender an amount of EUR 1,689,864.40 (the "Loan").
	 
	 

	2.2	Instead of a disbursement of the Loan in cash, the Lender and the Borrower agree that the Loan will be applied by the Borrower towards payment of the Deferred Purchase Price owed by the Purchaser to the Lender, subject to and in accordance with the terms and conditions of this Agreement. To the extent required the Borrower hereby explicitly assumes the obligation to pay the Deferred Purchase Price, which assumption is hereby accepted by all Parties.
	 
	 

	2.3 	For the avoidance of doubt, the Borrower shall not be entitled to request a disbursement in cash of the Loan, and the Lender shall not be under any obligation to make any such disbursement in cash under this Agreement.
	 
	 

	3.	INTEREST
	 
	 

	3.1 	No interest is payable in respect of the Loan.
	 
	 

	4.	MATURITY, REPAYMENT AND PREPAYMENTS
	 
	 

	4.1 	The Loan shall become due and payable, and shall be repaid by the Borrower in one instalment, on 31 January 2020.
	 
	 

	4.2 	The Borrower is entitled to prepay the Loan in full and any other amounts then outstanding under this Agreement, but without any other premium or penalty, at any time.
	 
	 

	4.3 	The Lender may, by written notice to the Borrower, declare that all or part of the Loan be immediately due and payable, at which time they shall become immediately due and payable, if any of the following events or circumstances has occurred and has not been remedied or waived, in which case the provisions of Article 4.2 shall similarly apply:

 
	 
	(A)	any default in payment by the Borrower of any amount payable under this Agreement within five Business Days after the respective due date;
	 
	 
	 

	 
	(B)	any default by the Borrower in the observance or performance of any other covenant or agreement contained in this Agreement (other than in paragraph (a) above), and such default shall continue unremedied for a period of 30 days after the earlier of (i) the Borrower has become aware of such default, and (ii) written notice thereof from the Lenders;
	 
	 
	 

	 
	(C)	the Borrower becoming unable to pay its debts as they fall due, suspends or threatens to suspend making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness;

 
	 
	- 4 -
	
 
	 

  
	 
	(D)	any corporate action, legal proceedings or other procedure or step is taken in relation to:

 
	 
	(1)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower;
	 
	 
	 

	 
	(2)	a composition, compromise, assignment or arrangement with any creditor of the Borrower for reasons of financial difficulty; or
	 
	 
	 

	 
	(3)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Borrower or any of its assets.

  
	 
	in each case other than any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

	 
	 

	5.	DISCHARGE OF DEFERRED PURCHASE PRICE
	 
	 

		The Lender hereby irrevocably discharges the Purchaser of payment of the Deferred Purchase Price.
	 
	 

	6.	NO SET-OFF
	 
	 

		All payments to be made by the Borrower under this Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.
	 
	 

	7.	PAYMENTS
	 
	 

		All payments by the Borrower to the Lender under this Agreement shall be paid into such account or accounts as the Lender may reasonably direct.
	 
	 

	8.	EARN OUT
	 
	 

		Parties hereby further acknowledge and agree that in connection with the obligations under 2.10 of the SPA (‘Earn Out Obligations”) that these are obligations solely for the Borrower towards the Lender and that Purchaser will have no obligations, nor liability from these Earn Out Obligations. To the extent required the Borrower hereby explicitly assumes the Earn Out Obligations, which assumption is hereby accepted by all Parties.
	 
	 

	9.	NOTICES
	 
	 

	9.1 	Without prejudice to any other method available for the giving of notice or to any acknowledgement by any Party that it has received the same, any notice or other communication to be given under this Agreement shall be in writing and shall be delivered or sent to:

 
	 
	(A)	in the case of the Lender:
	 
	 
	 

	 
	 
	Address: Westblaak 35, 3012 KD, the Netherlands
 
Email: andre.kempenaars@unisun-energy.eu 
 
Attention: Andre Kempenaars

 
	 
	- 5 -
	
 
	 

  
	 
	(B)	in the case of the Borrower:
	 
	 
	 

	 
	 
	Address: One World Trade Center, Suite 8500, New York, NY 10007, USA
 
Email: td@alternusenergy.com

	 
	 
	 

	 
	 
	Attention: T. Durant, Esq.

 
	 
	(C)	in the case of the Purchaser:
	 
	 
	 

	 
		Address: One World Trade Center, Suite 8500, New York, NY 10007, USA
Email: td@alternusenergy.com

	 
	 
	 

	 
		Attention: T. Durant, Esq.
	 
	 
	 

	 
	or in the case of any Party, such other address or email address as may be notified from time to time by that Party to the other Party in accordance with this clause 8.

 
	9.2 	Any notice or other communication shall be deemed to have been given:

 
	 
	(A)	if delivered in person, at the time of delivery; or
	 
	 
	 

	 
	(B)	if sent by post, at 10.00 a.m. on the second business day after it was sent by recorded delivery post (aangetekende post met ontvangstbevestiging) or at 10.00 a.m. (local time at the place of destination) on the fifth Business Day after it was sent by overnight courier; or
	 
	 
	 

	 
	(C)	if sent by email, on the date of transmission, if transmitted before 5.00 p.m. (local time at the place of destination) on any Business Day and in any other case on the Business Day following the date of transmission.

 
	10.	ENTIRE AGREEMENT. NO DISSOLUTION
	 
	 

	10.1 	The Parties confirm that this Agreement represents the entire understanding, and constitutes the whole agreement, in relation to its subject matter and supersedes any previous agreement between the Parties with respect to such subject matter.
	 
	 

	10.2 	Each of the Parties hereby waives any right to dissolve (ontbinden) this Agreement, or to demand the dissolution in legal proceedings, within the meaning of article 6:265 of the Dutch Civil Code.
	 
	 

	10.3 	Each of the Parties hereby waives any right to, in whole or in part, cancel (opzeggen), nullify (vernietigen) or amend (wijzigen) this agreement, or demand such in legal proceedings.

 
	 
	- 6 -
	
 
	 

 
	11.	GENERAL
	 
	 

	11.1 	This Agreement may be executed in any number of counterparts, and by the Parties on separate counterparts, but will not be effective until all the Parties have executed at least one counterpart but all the counterparts will together constitute one and the same instrument. Each counterpart will constitute an original of this Agreement.
	 
	 

	11.2 	In the event that any provision of this Agreement is void or unenforceable by reason of any provision of applicable law, such provision will be deemed to be modified to the extent necessary to render it legal, valid and enforceable. If no such modification is possible, it will be deleted and the remaining provisions of this Agreement will continue in full force and effect and if necessary, be so amended as is necessary to give effect to the spirit of this Agreement so far as possible.

  	11.3 	This Agreement will be governed by and construed in accordance with the laws of the Netherlands.
	 
	 

	11.4 	Any dispute arising out of or in connection with this Agreement, including disputes concerning the existence and validity thereof and including disputes arising in connection with agreements that are connected with this Agreement (unless the relevant agreement expressly provides otherwise), shall, if no amicable settlement can be reached within 30 (thirty) days, be settled by the competent court in Rotterdam.

 
EXECUTION
 
The Parties have executed this Agreement on the date first mentioned above as evidence of their agreement to its terms.
 
––– SIGNATURE PAGE FOLLOWS –––
 
	 
	- 7 -
	
 
	 

 
	LENDER
	
	 
	 

	Cooperatle Unlsun Energy U.A.
	 

	 	 	 
	By:	/s/ Han Feng Xu	
	Name:
	Han Feng Xu	 
	Title:	Director
	 
	 	 	 
	BORROWER
 
Alternus Energy Inc.
	 

	 
	 
	 

	By:
	/s/ Vincent Browne
	 

	Name: 
	V. Browne
	 

	Title: 
	Chief Executive Officer
	 

	 
	 
	 

	PURCHASER
 
AEN 01 B.V.
	 

	 
	 
	 

	By:
	/s/ Vincent Browne
	 

	Name: 
	V. Browne
	 

	Title:
	Director
	 

  
- Loan Agreement -
 
 
	- 8 -altn_ex104.htm

EXHIBIT 10.4
 
	 

	CALL OPTION AGREEMENT

	 

 
20 December 2019
 
relating to
 
AEN 01 B.V.
 
Between
 
ALTERNUS ENERGY, INC.
 
and
 
[*]
 
	 
	 
	
 
	 

 
THIS CALL AGREEMENT (this Agreement) is dated 20 December 2019 and made between:
 
	(1)	Alternus Energy, Inc. a company governed by the laws of the State of Nevada, United States of America, with registered address at 112 N Curry Street, 89703 Carson City, Nevada, United States of America and registered with the Nevada Secretary of State under number E0837352006-2 (Alternus);
	 
	 

	(2)	[*] ([*]); and
	 
	 

	(3)	AEN 01 B.V., private limited liability company under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands, and its registered office address at Evert van de Beekstraat 104, The Base B, 1118CN Schiphol, the Netherlands, registered with the Dutch trade register under number 75068370 (the Company);

 
Parties (1) up to (3) are also jointly referred to as the Parties and individually as a Party;
 
WHEREAS:
 
	(A)	on the same date of this Agreement, the shares in the capital of Zonnepark Rilland B.V. (Zonnepark Rilland) have been transferred from Coöperatie Unisun Energy U.A. (Unisun) to the Company (the Transaction);
	 
	 

	(B)	as a result of the Transaction, Unisun has a receivable amounting to EUR 1.689.864,00 on Alternus which amount is not to be increased with interest (the Deferred Purchase Price);
	 
	 

	(C)	Unisun, the Company and Alternus agreed that the Deferred Purchase Price will be paid by Alternus through a loan between Unisun and Alternus, which loan has been made available by Unisun to Alternus just prior to this Agreement in the amount of the Deferred Purchase Price (the Loan) and which Loan has been applied by Alternus towards payment of the Deferred Purchase Price, all in accordance with the loan agreement entered into between Unisun, Alternus and the Company just prior to entering into of this Agreement;
	 
	 

	(D)	as a result of the Transaction, the Company holds 100% (hundred per cent) of the issued and outstanding share capital of Zonnepark Rilland;
	 
	 

	(E)	the Company has an issued and outstanding share capital of EUR 1,- (one euro) divided into 100 (one hundred) shares with a nominal value of EUR 0.01 (one eurocent) each (the Call Shares);
	 
	 

 
	 
	1
	
 
	 

 
	(F)	the Call Shares constitute 100% (hundred per cent) of the issued and outstanding share capital of the Company;
	 
	 

	(G)	as per the date of this Agreement, Alternus holds the legal and beneficial title to 100% (hundred per cent) of the Call Shares;
	 
	 

	(H)	Parties have agreed that [*] shall have the right to purchase, and to require Alternus to sell and transfer the Call Shares to [*] or to a Designated Transferee (as defined below), on the terms and conditions as set out in this Agreement; and
	 
	 

	(I)	the Company shall sign this Agreement for acknowledgement and agreement to comply with its obligations under this Agreement.

 
IT IS AGREED as follows:
 
	1
	DEFINITIONS AND INTERPRETATION

	 
	 

	1.1
	Definitions

	 
	 

	 
	Capitalised words and expressions used in this Agreement have the meaning set out below.
	 
	 
	 

	 
	Affiliate	means (i) in relation to any person other than a natural person, any person which is Controlled by, Controls or is under common Control with, such person, (ii) in relation to a natural person, his first- and second-degree relatives (whether by blood or marriage) and any person of which he or his first- or second-degree relatives have Control, in each case from time to time, and (iii) in relation to [*] any funds Controlled by [*] and the persons managing or advising such funds;
	 
	 
	 

	 
	Agreement 	has the meaning given in the introduction of this Agreement;
	 
	 
	 

	 
	Alternus	has the meaning given in the introduction of this Agreement;
	 
	 
	 

	 
	Business Day	means a day (other than a Saturday, a Sunday or a public holiday) on which banks are open for business in the Netherlands and France;
	 
	 
	 

	 
	Call Option Completion	has the meaning given in Clause 3.1.1;
	 
	 
	 

	 
	Call Option
	has the meaning given in Clause 2.1; 

	 
	 
	 

	 
	Call Option Exercise Notice
	has the meaning given in Clause 2.1.4;

 
	 
	2
	
 
	 

 
	 
	Call Shares
	has the meaning given in Recital (E);

	 
	 
	 

	 
	Company
	has the meaning given in the introduction of this Agreement;

	 
	 
	 

	 
	Confidential Information
	has the meaning given in Clause 6;

	 
	 
	 

	 
	Deferred Purchase Price 
	has the meaning given in Recital (B);

	 
	 
	 

	 
	Designated Transferee 
	has the meaning given in Clause 2.1;

	 
	 
	 

	 
	Deed of Transfer
	means the deed of transfer of the Call Shares to [*] or the Designated Transferee, as determined and provided by the Notary;

	 
	 
	 

	 
	Encumbrance
	means any pledge, mortgage, right of usufruct, attachment, right of retention, reservation of title, title defect (titelgebrek), leasehold interest, tenancy, easement, any right of first refusal, right of pre-emption or any other right to acquire, any arrangement concerning depositary receipts (certificering), restriction on voting or transfer, or any other third party right or security interest of any kind, or the commitment to create any of the foregoing; and Encumber shall be construed accordingly;

	 
	 
	 

	 
	Governmental Entity
	means any international, supranational, European Union, national, federal, regional, provincial, municipal or local body or authority exercising a legislative, judicial, executive, regulatory or self-regulatory, administrative or other governmental function and with jurisdiction in respect of the relevant matter;

	 
	 
	 

	 
	Law
	means, with respect to the relevant subject matter or person, all applicable legislation, regulations, rules, directives, statutes, judgements, decrees and other legislative measures or decisions having the force of law, as well as treaties, conventions and other agreements between states, or between states and the European Union or other supranational bodies, rules of common law, customary law and equity, and all other laws of, or having effect in, any jurisdiction from time to time;

 
	 
	3
	
 
	 

 
	 
	Loan	has the meaning given in Recital (C);
	 
	 
	 

	 
	Loan Amount	means the aggregate amount outstanding under the Loan, from time to time;
	 
	 
	 

	 
	Notary 	means a civil law notary (notaris) (or such notary’s substitute) in the Netherlands, as determined and appointed by [*];
	 
	 
	 

	 
	Party 	has the meaning given in the introduction of this Agreement;
	 
	 
	 

	 
	[*] 	has the meaning given in the introduction of this Agreement;
	 
	 
	 

	 
	Transaction	has the meaning given in Recital (A);
	 
	 
	 

	 
	Transfer Date	has the meaning given in Clause 3.1.1;
	 
	 
	 

	 
	Unisun	has the meaning given in Recital (A);
	 
	 
	 

	 
	Zonnepark Rilland	has the meaning given in Recital (A);

 
	1.2
	Interpretation

	 
	 

	1.2.1
	In this Agreement, unless the context requires otherwise:

	 
	 
	  

	 
	(a)	the singular includes the plural and vice versa, and each gender includes the other genders;
	 
	 
	 

	 
	(b)	except as otherwise provided in this Agreement, references to any time of day are to the time on that day in the Netherlands;
	 
	 
	 

	 
	(c)	references to Recitals, Clauses, Schedules or Annexes are to recitals, clauses, schedules or annexes of this Agreement, and references to this Agreement include the Recitals, Schedules, Annexes and other attachments to this Agreement;
	 
	 
	 

	 
	(d)	a reference to a person includes any natural person, corporate body, governmental entity or any other entity, whether or not having separate legal personality;
	 
	 
	 

	 
	(e)	references to any Dutch legal term or concept shall in any jurisdiction other than the Netherlands be construed as a reference to the term or concept which most nearly corresponds to it in that jurisdiction;

 
	 
	4
	
 
	 

 
	 
	(f)	English terms to which another language translation has been added in italics shall be interpreted in accordance with such other language translation, disregarding the English term to which such other language translation relates;
	 
	 
	 

	 
	(g)	the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, unless the context clearly requires otherwise;
	 
	 
	 

	 
	(h)	references to “written” or “in writing” shall mean in the form of any message transmitted and received in writing via any normal means of communication, including e-mail.

 
	1.2.2	Headings and sub-headings in this Agreement are inserted for convenience only and shall not affect the interpretation of this Agreement.
	 
	 

	1.2.3	Except as otherwise provided in this Agreement, all periods of time set out in this Agreement shall start on the day following the day on which the event triggering the relevant period of time occurred. The expiration date shall be included in the period of time. If the expiration date is not a Business Day, the expiration date shall be the next Business Day.
	 
	 

	1.2.4	 No provision of this Agreement shall be interpreted against a Party solely as a result of the fact that such Party was responsible for drafting such a provision.
	 
	 

	2	CALL OPTION
	 
	 

	2.1	Call Option
	 
	 

	2.1.1	Subject to Clause 2.1.4, [*] shall have the irrevocable right (i) to acquire (or to designate one or more persons (a Designated Transferee) to acquire) the Call Shares from Alternus; and (ii) to require Alternus to sell and transfer the Call Shares to [*] (or to the Designated Transferee, as the case may be) against payment of a consideration of EUR 1.689.864,00 (the Call Option).
	 
	 

	2.1.2	The Call Option shall be binding on Alternus and its successors and assignees, including without limitation, any entity into which Alternus is merged or which results from the merger or other combination of Alternus and any other entities of any nature whatsoever.
	 
	 

	2.1.3	Alternus hereby waives (and agrees to get the written waiver of) any rights of pre-emption and other restrictions on the transfer of the Call Shares to [*] (or to a Designated Transferee) following the exercise of the Call Option, if any.
	 
	 

	2.1.4	The Call Option may be exercised by [*] if Alternus has not provided written evidence to [*] of payment by Alternus to Unisun of the Loan Amount in full before 1 February 2020. The Loan Amount may only be set-off by Alternus or Unisun to the extent sufficient evidence is provided to [*] that the set-off has been made against a bona-fide receivable from Alternus on Unisun.

 
	 
	5
	
 
	 

 
	2.2	Call Option Exercise Notice
	 
	 

	2.2.1	The Call Option may be exercised by [*] by written notice to Alternus (the Call Option Exercise Notice).
	 
	 

	3	TRANSFER OF CALL SHARES
	 
	 

	3.1	Transfer Date
	 
	 

	3.1.1	The Parties shall procure that the transfer of the Call Shares to [*] shall be effectuated (Call Option Completion) within 10 (ten) Business Days after the Call-Option Exercise Notice having been received by Alternus, unless determined otherwise by [*] (the Transfer Date).
	 
	 

	3.1.2	The respective obligations of the Parties to effectuate the Call Option Completion are only subject to the conditions precedent (opschortende voorwaarden) that, if applicable:

 
	 
	(i)	all required filings with the European Commission and/or any national competition authorities as required to effectuate the Call Option (the Competition Authorities) shall have been made; and
	 
	 
	 

	 
	(ii)	all required waiting periods under the relevant competition laws shall have expired or the Competition Authorities shall have given all required approvals to the effectuation of the Call Option Completion, as the case may be.

 
	3.1.3	Following the delivery of the Call Option Exercise Note, Parties shall as soon as reasonably possible do all such things reasonably necessary to effectuate or perfect the transfer of the Call Shares to [*] or the Designated Transferee.
	 
	 

	3.1.4	Ultimately one (1) Business Day prior to the Transfer Date, Parties shall delivery to the Notary all signatures, powers of attorney or other (signed) documents that the Notary requests to be delivered to him to execute the Deed of Transfer and all Parties shall instruct the Notary to execute the Deed of Transfer on the Transfer Date, whereby Alternus shall transfer to [*] or the Designated Transferee the Call Shares free and clear of any Encumbrances.

  
	 
	6
	
 
	 

 
	3.2	Payment
	 
	 

	3.2.1	One (1) Business Day after the Transfer Date, [*] shall pay the Loan Amount to Alternus.
	 
	 

	3.3	Penalty
	 
	 

		In the event of a breach by Alternus of its obligations under Clause 3.1, Alternus shall at [*]’s first request, immediately pay an amount equal to EUR 888,- per day, without prejudice to any other rights or remedies that may be available to [*] and/or the Company, including a claim for damages.
	 
	 

	4	COVENANTS
	 
	 

	 
	Except as (i) otherwise provided in this Agreement, (ii) required by Law, or (iii) approved in advance in writing by [*], Alternus shall from the date of this Agreement until the Transfer Date procure that:

 
	 
	(a)	the Company and Zonnepark Rilland shall carry on its business as a going concern, in the ordinary course
	 
	 
	 

	 
	(b)	the Company and Zonnepark Rilland shall not enter into any agreements, incurring any borrowings or liabilities;
	 
	 
	 

	 
	(c)	no Call Shares are sold, transferred, otherwise disposed of, or Encumbered, and that no profit instruments relating to, or shares or options for shares or any other debt or equity securities in the capital of the Company are granted or issued;
	 
	 
	 

	 
	(d)	no shares in Zonnepark Rilland are sold, transferred, otherwise disposed of, or Encumbered, and that no profit instruments relating to, or shares or options for shares or any other debt or equity securities in the capital of Zonnepark Rilland are granted or issued;
	 
	 
	 

	 
	(e)	no option or right to acquire the Call Shares or the shares in Zonnepark Rilland will be granted or allowed to be granted; and
	 
	 
	 

	 
	(f)	no agreements or commitments will be made or shareholders’ or board resolution (or equivalent resolution) relating to the Company will be passed (whether at or outside of any general meeting) to the extent the same would result in a breach of (a) through (e).

 
	5	WARRANTIES
	 
	 

	5.1	Alternus warranties

 
	 
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	5.1.1	Alternus hereby represents and warrants to [*] that each of the following statements is true and accurate at the date of signing of this Agreement and at the Call Option Completion:

 
	 
	(i)	Alternus is a company duly incorporated and validly existing under the laws of the State of Nevada, United States of America and has full power and capacity and has taken all necessary action to authorise it, to enter into and fulfil its obligations under this Agreement and each document to be executed by Alternus for the purposes hereof and this Agreement constitutes, and each ancillary document will, when executed, constitute legally valid and binding obligations on Alternus, enforceable in accordance with the terms thereof;
	 
	 
	 

	 
	(ii)	Alternus is the sole legal and beneficial owner of the Call Shares, free and clear of any Encumbrances and with full right and capacity to sell and transfer the Call Shares;
	 
	 
	 

	 
	(iii)	the Company is the sole legal and beneficial owner of 100% of the shares in the Company, free and clear of any Encumbrances other than a right of pledge in favour of the Coöperatieve Rabobank U.A.;
	 
	 
	 

	 
	(iv)	the Call Shares comprise all shares in the Company; and
	 
	 
	 

	 
	(v)	other than the Call Option as set out in this Agreement, there is no (i) agreement, commitment or instrument of any kind, obligating Alternus or any of its affiliated entities, to create or give an Encumbrance on the Call Shares or the shares in Zonnepark Rilland other than a right of pledge in favour of the Coöperatieve Rabobank U.A. and no person has claimed to be entitled to any of the foregoing, and (ii) profit instrument relating to, or shares or options for shares or any other debt or equity securities in the capital of the Company or Zonnepark Rilland.

 
	5.2	[*] warranties
	 
	 

	5.2.1	[*] hereby represents and warrants to Alternus that the following statement is true and accurate at the date of signing of this Agreement and at the Call Option Completion:

 
	 
	(I)	[*] 
	or the Designated Transferee is a company duly incorporated and validly existing under the laws of its jurisdiction and has full power and capacity and has taken all necessary action to authorise it, to enter into and fulfil its obligations under this Agreement and each document to be executed by [*] or the Designated Transferee for the purposes hereof and this Agreement constitutes, and each ancillary document will, when executed, constitute legally valid and binding obligations on [*] or the Designated Transferee, enforceable in accordance with the terms thereof.

 
	 
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	6	CONFIDENTIALITY AND ANNOUNCEMENTS
	 
	 

	6.1	Confidential Information
	 
	 

	6.1.1	Subject to Clause 6.2, each Party shall, and shall procure that its representatives and each other person to whom it discloses Confidential Information or to whom Confidential Information is disclosed at its request, shall keep confidential and not disclose or make available to anyone:

 
	 
	(a)	the existence or contents of the Call Option;
	 
	 
	 

	 
	(b)	the subject matter or process of negotiations or any disputes between the Parties in connection with the Call Option and any transactions contemplated by this Agreement; or
	 
	 
	 

	 
	(c)	in case of Alternus, any information of a secret, confidential or commercially sensitive nature received or held by Alternus or any of its representatives which relates to the Company or Zonnepark Rilland,

 
	 
	(together, the Confidential Information),
  
unless and to the extent the Confidential Information is in or comes into the public domain other than as a result of a breach of any undertaking or duty of confidentiality by that Party, in which case such information shall no longer be deemed to form part of the Confidential Information.

	 
	 

	6.2	Permitted disclosures of Confidential Information
	 
	 

	6.2.1	A Party may disclose Confidential Information only:

 
	 
	(a)	with the prior written approval of the other Party (which shall not be unreasonably withheld);
	 
	 
	 

	 
	(b)	to the extent required by Law or pursuant to an order of a Governmental Entity;
	 
	 
	 

	 
	(c)	to the extent required for the purposes of fulfilling its obligations under this Agreement or any ancillary documents;
	 
	 
	 

	 
	(d)	to the extent reasonably required to conduct the defence of a claim or to enforce any rights or to exercise any remedies under this Agreement or any ancillary documents;

 
	 
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	(e)	to a Designated Transferee;
	 
	 
	 

	 
	(f)	to that Party’s representatives or Affiliates, but only to the extent necessary and provided that before any such disclosure is made, the person to whom such disclosure will be made is informed of the terms of this Clause 6 and instructed to adhere to those terms as if such person were bound by them;
	 
	 
	 

	 
	provided that if a Party is required by Law or pursuant to an order of a Governmental Entity to disclose any Confidential Information, it shall promptly and if reasonably possible and lawful before disclosure occurs notify the other Party. The Party required to disclose Confidential Information shall, if reasonably possible and lawful, co-operate with the other Party with regard to the timing and content of such disclosure, or any action which the other Party may reasonably elect to challenge such requirement.

 
	6.3	Announcements
	 
	 

	6.3.1	No announcement or press release regarding the Call Option or any other transaction contemplated by this Agreement or any element thereof shall be made or issued other than with the prior written approval of each of the Parties. This shall not affect any announcement required by Law (including the regulations of any relevant stock exchange as applicable to either Party), provided that the Party with an obligation to issue an announcement shall as soon as reasonably possible and if reasonably possible and lawful before disclosure occurs notify the other Party. The Party with an obligation to make or making an announcement shall, if reasonably possible and lawful, co-operate with the other Party with regard to the timing and content of such announcement, or any action which the other Party may reasonably elect, to challenge such requirement.
	 
	 

	7	TERMINATION
	 
	 

	7.1	Events of termination
	 
	 

	7.1.1	This Agreement may be terminated:

 
	 
	(a)	at any time by mutual agreement between the Parties with immediate effect; or
	 
	 
	 

	 
	(b)	by Alternus if Alternus provides sufficient evidence to [*] of payment by Alternus to Unisun of the Loan Amount in full before 1 February 2020.

 
	7.2	Consequences of termination
	 
	 

	7.2.1	Termination of this Agreement shall not affect the accrued rights and obligations of the Parties at that time, nor the continued validity of the provisions of Clauses 1 (Definitions and interpretation) and 6 (Confidentiality and announcements), this Clause 7 (Termination), and Clauses 9 (Costs and expenses), 10 (Entire agreement), 11 (Assignment), 12 (Remedies), 13 (Waiver and variation), 14 (No Third Party beneficiaries), 15 (Severability), 16 (Notices), 17 (Governing law and jurisdiction), and 18 (Counterparts).

 
	 
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	7.2.2	To the extent any of the obligations under this Agreement were performed prior to termination of this Agreement, the Parties shall reverse any performance already received.
	 
	 

	8	FURTHER ASSURANCES
	 
	 

		Each Party shall, at its own cost and expense, execute such documents and do such things, or procure (as far as it is reasonably able) that another person executes such documents and does such things, as the other Party may from time to time reasonably require in order to give full effect to, and give each Party the full benefit of, this Agreement.
	 
	 

	9	COSTS AND EXPENSES
	 
	 

	9.1.1	Except as otherwise provided in this Agreement, each Party shall pay its own costs and expenses relating to the negotiation, preparation and execution by it of this Agreement and fulfilling its obligations hereunder.
	 
	 

	9.1.2	The costs and expenses related to all notarial documents required to give effect to the transfer of the Call Shares shall be borne by the Company, except to the extent such (additional) costs and expenses are made or incurred as a result of a breach by Alternus of its obligations under this Agreement, which costs shall be for the account of Alternus.
	 
	 

	10	ENTIRE AGREEMENT
	 
	 

		This Agreement represents the entire understanding, and constitutes the whole agreement, in relation to the Call Option and replaces any prior agreement including undertakings, arrangements, offer letters, understandings or statements of any nature (whether or not in writing) between the Parties with respect thereto.
	 
	 

	11	ASSIGNMENT
	 
	 

		The rights and obligations of a Party under this Agreement cannot be assigned, otherwise transferred (whether directly or indirectly) or Encumbered, without the prior written consent of the other Party, such consent not to be unreasonably withheld, delayed or made conditional. Any purported assignment, transfer or Encumbrance in breach of this Clause shall be null and void.

 
	 
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	12	REMEDIES
	 
	 

		Except as expressly otherwise provided in this Agreement, each Party hereby excludes or irrevocably waives its right to (i) rescind (ontbinden) this Agreement in whole or in part; (ii) suspend (opschorten) any of its obligations under this Agreement; and (iii) nullify (vernietigen) or amend (wijzigen) this Agreement in whole or in part.
	 
	 

	13	WAIVER AND VARIATION
	 
	 

	13.1.1	Except as otherwise provided in this Agreement, no omission or delay on the part of any Party in exercising any right or remedy under this Agreement or by Law shall be construed as a waiver thereof or of any other right or remedy, nor shall prejudice or impair any further exercise of such or any other right or remedy. Any single or partial exercise of any right or remedy under this Agreement or by Law shall not preclude the further or any future exercise thereof or of any other right or remedy.
	 
	 

	13.1.2	A waiver of any right or remedy under this Agreement shall only be effective if given in writing and executed by or on behalf of the Party giving the waiver, and shall not be deemed a waiver of any right or remedy in respect of any subsequent breach or default.
	 
	 

	13.1.3	An amendment of or supplement to this Agreement shall only be valid if it is in writing and duly signed by or on behalf of the Parties.
	 
	 

	14	NO THIRD PARTY BENEFICIARIES
	 
	 

		This Agreement is concluded for the benefit of the Parties and their respective successors and permitted assigns, and nothing in this Agreement is intended to or implicitly confers upon any other person any right, benefit or remedy of any nature whatsoever, except to the extent explicitly stated in this Agreement. In the event that any Third Party stipulation contained in this Agreement is accepted by any Third Party, such Third Party will not become a party to this Agreement.
	 
	 

	15	SEVERABILITY
	 
	 

		If any provision of this Agreement, or the application thereof to any Party or circumstance, is held to be illegal, invalid or unenforceable in whole or in part under any Law, then such provision shall to that extent be deemed not to form part of this Agreement and, to the extent reasonably possible, replaced by the Parties with a legal, valid and enforceable provision that, seen in the context of this Agreement as a whole, achieves as closely as possible the intention of the Parties under this Agreement, without affecting the legality, validity and enforceability of the remainder of this Agreement.

 
	 
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	16	NOTICES
	 
	 

	16.1.1	Any notice or other formal communication given under this Agreement must be in writing (which includes email) and may be delivered in person, or sent by post or email to the party to be served at the following address:

 
	 
	(i)	to [*] at:
	 
	 
	 

	 
	 
	[*]
 
Address: 
Attention: 
Tel: 
Email: 
 
with a copy to 

	 
	 
	 

	 
	(ii)
	to Alternus at:

	 
	 
	 

	 
	 
	Alternus Energy Inc.
 
Address: One World Trade Center, Suite 8500, New York, NY 10007
Attention: Vincent Browne
Tel: +1 913 815 1557
Email: vb@alternusenergy.com
 
with a copy to td@alternusenergy.com,

	 
	 
	 

	 
	or at such other address or email address as it may notify to the other Parties under this clause. Any notice or other document sent by post shall be sent by recorded delivery post (aangetekende post met ontvangstbevestiging) (if the place of destination is the same as the country of origin) or by overnight courier (if the destination is elsewhere).

	 
	 
	 

	16.1.2
	Any notice shall be delivered by hand or courier, or sent by registered post or email, and shall be deemed to have been received:

 
	 
	(a)	in the case of delivery by hand or courier service, at the time of delivery;
	 
	 
	 

	 
	(b)	in the case of registered post, on the 3rd (third) Business Day following the date of posting;
	 
	 
	 

	 
	(c)	in the case of email, on the date and time transmitted, as evidenced by confirmation of delivery by a delivery receipt.

 
	 
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	16.1.3	Any notice not received on a Business Day or received after 17:00 on any Business Day in the place of receipt shall be deemed to be received at the start of the following Business Day in the place of receipt.
	 
	 

	16.1.4	For purposes of any dispute under this Agreement, Alternus has irrevocably chosen domicile in the Netherlands to serve process in the Netherlands and to deliver any documents relating to dispute resolution at Concertgebouwplein 20, 1071 LN Amsterdam, the Netherlands, marked for the attention of Mr. Marc Rijkaart van Cappellen.
	 
	 

	17	GOVERNING LAW AND JURISDICTION
	 
	 

	17.1.1	This Agreement (including the provisions of Clause 17.1.2 and 17.1.3) and any non- contractual obligations arising out of or in connection with it are governed by and shall be construed in accordance with the laws of the Netherlands.
	 
	 

	17.1.2	Except as expressly otherwise provided in this Agreement, any disputes arising out of or in connection with this Agreement, including regarding the existence or validity of this Agreement, including this Clause 17.1.2, and any non-contractual obligations arising out of or in connection with this Agreement, are subject to the exclusive jurisdiction of the competent court in Rotterdam, the Netherlands, without prejudice to the right of appeal and appeal to the Supreme Court.
	 
	 

	17.1.3	Nothing prevents a Party from requesting interim or protective measures from the relevant courts.
	 
	 

	17.1.4	This Clause 17 shall also apply to disputes arising out of or in connection with agreements which are connected with this Agreement, unless the relevant agreement expressly provides otherwise.
	 
	 

	18	COUNTERPARTS
	 
	 

		This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 
THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.
 
[signature page to follow]
 
	 
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SIGNATURE PAGES
 
Altemus
 
Signed for and on behalf of ALTERNUS ENERGY INC. by,
 
	/s/ Vincent Browne
	 
	 
	
	Name: 
	 
	 
	 
	Title:	 
	 
	 
	 	 
	 
	 
	[*]
  
Signed for and on behalf of [*] by,
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By: [*] 
	 
	 
	 

	Name: 
	 
	 
	 

	Title: President
	 
	 
	 

	 
	 
	 
	 

	Company
   
Signed for and on behalf of AEN 01 B.V. by,
	 
	 
	 

	  	 
	 
	 

	/s/ Vincent Browne
	 
	 
	 

	Name: Vincent Browne
	 
	 
	 

	Title: Director
	 
	 
	 

 
- Call Option Agreement -
 
	 
	15

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