Document:

Exhibit 10.19

 

Our Ref: JTC(L) JTC(L)
6512/59

 

3 September 2014

 

Reebonz Pte Ltd

 

21 Tai Seng Street BY
HAND #04-00

 

Singapore 534166

 

Attention: Mr. Samuel Lim

 

Dear Sirs,

 

APPLICATION
FOR LAND KNOWN AS PRIVATE LOT A3003310 AT 26 METERS WIDE ROAD SUBJECT TO OFFICAL NAMING IN THE FUTURE IN TAMPINES NORTH INDUSTRIAL
ESTATE

 

		1	1.1	We
                                         refer to your application for land and are pleased to inform you that subject to :

 

		(a)	the approval of the relevant governmental
                                         and statutory authorities (“Authorities”); and

 

		(b)	your unconditional
                                         acceptance of the covenants, stipulations, terms and conditions in the attached Schedule
                                         of Building Terms (“BT”) and in this letter in the manner stipulated
                                         in paragraph 7 below,

 

we
are prepared to grant you a licence for the Licence Term with effect from the Licence Commencement Date to complete
the Building Works at the Land for the purpose of the Authorised Use only and for no other purpose.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

    Page 1 

     

    

 

		1.2	Upon
                                         fulfillment of the fixed investment criteria in paragraph 3 below and compliance
                                         with all the covenants, stipulations, terms and conditions in this letter and the BT
                                         and provided that no Agreed Event (defined in clause 2.29 of the First
                                         Schedule Lease) has occurred, a lease of the Land and the buildings for
                                         the Lease Term with retrospective effect from the Licence Commencement Date shall be
                                         granted for the purpose of the Authorised Use only and for no other purpose, subject
                                         to the covenants, stipulations, terms and conditions in the First Schedule Lease.

 

		1.3	(a)	This
                                         letter and the BT constitute the full terms and conditions governing your agreement with
                                         us during the Licence Term.

 

		(b)	This letter
                                         and the First Schedule Lease in the BT constitute the full terms and conditions governing
                                         your agreement with us during the Lease Term.1

 

		(c)	In the
                                         BT and the First Schedule Lease where the context permits, reference to “this BT”
                                         or “this Lease” wherever appearing therein shall be construed to include
                                         reference to this letter. A breach of any of your obligations in this letter shall accordingly
                                         be deemed to be in breach of your obligations in the BT (and thus your agreement with
                                         us) or the First Schedule Lease, entitling us, without prejudice to any other right or
                                         remedy we may have, to exercise our rights under clause 4.1 of the BT or clause
                                         4.4 of the ML.

 

		(d)	Any variation,
                                         modification, amendment, deletion, addition or otherwise of the terms of this letter,
                                         the BT or the First Schedule Lease shall not be enforceable unless reduced in writing
                                         and signed by both parties. No terms or representation or otherwise, whether expressed
                                         or implied, shall form part of this letter, the BT or the First Schedule Lease other
                                         than what is contained herein.

 

		(e)	In the event of any inconsistency
                                         or conflict between any covenant, term, condition or stipulation of this letter and the
                                         BT or First Schedule Lease (as the case may be), the relevant covenant, term, condition
                                         or stipulation in this letter shall prevail.

 

		2	Definitions

 

For the purpose of this
letter and the BT, the following expressions shall have the following meanings :-

 

		2.1	“Area”
                                         : 8,000.00 square metres, the estimated area of the Land, subject to survey as provided
                                         in clause 2.1 in Part I of Annex A of the First Schedule Lease. The Preliminary
                                         Survey Plan reflecting the Preliminary Survey Area will be handed over to you in due
                                         course.

 

 

		1	Note
                                         to Customer :Clause 3 of the BT contains the details of when the Lease
                                         Term will be granted to you. If the Lease Term (or Reduced Term) is granted, the actual
                                         instrument of lease will then be issued to you for signing and thereafter for registration
                                         with the Singapore Land Authority.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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	 	2.2	“Authorised
    Use”	:	the
    use permitted during the Lease Term, namely Highly automated e-fulfilment hub with value- added services, e.g. break bulk,
    quality control, pick and pack, digital imaging, publishing and product care only.
	 	 	 	 	 
	 	2.3	“Building
    Works”	:	construction
    and completion of buildings, structures, installations, equipment, fixtures and fittings at the Land.
	 	 	 	 	 
	 	2.4	“First
    Schedule Lease”	:	the
    form of lease attached to the BT which includes the ML referred to in paragraph 2.11 below.
	 	 	 	 	 
	 	2.5	“Land”	:	Pte
    Lot A3003310 at 26 METERS WIDE ROAD SUBJECT TO OFFICAL NAMING IN THE FUTURE, forming part of Government Survey
    Lot 00446PPt Mukim No. MK29 and situated in the Republic of Singapore, as shown edged in red on the plan
    attached, and shall include any part of it.
	 	 	 	 	 
	 	 	 	 	For
    lodging of caveats with the Singapore Land Authority, please see paragraph 12 below.
	 	 	 	 	 
	 	2.6	“Lease
    Term”	:	A
    period of 30 years.
	 	 	 	 	 
	 	2.7	“Licence
    Commencement Date”	:	01
    December 2014
	 	 	 	 	 
	 	2.8	“Licence
    Term”	:	3
    years.
	 	 	 	 	 
	 	2.9	“Licensee”,
    which expression shall include its successors-in- title and permitted assigns, if any	:	Reebonz
    Pte Ltd (Registration No. 200909470E), a company incorporated in Singapore and having its registered office at 21 Tai
    Seng Street #04-00 Singapore 534166.
	 	 	 	 	 
	 	2.10	“Licensee’s
    Obligations”	:	covenants,
    terms,conditions,stipulations, undertakings and obligations to be performed, fulfilled and observed by you.
	 	 	 	 	 
	 	2.11	“ML”	:	the
    memorandum of lease registered with the Singapore Land Authority as Instrument No. IB/293564T (also known as ML
    11.12A) referred to in the First Schedule Lease.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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	 	2.12	“Owner”,
    which expression shall include its successors-in- title and assigns	:	Jurong
    Town Corporation (also known as “JTC Corporation”) a body corporate incorporated under the Jurong Town Corporation
    Act and having its office at The JTC Summit, 8 Jurong Town Hall Road, Singapore 609434.
	 	 	 	 	 
	 	2.13	“Prohibition Period”	:	the
    period from the Licence Commencement Date until the expiry of 15 years from –
	 	 	 	 	 
	 	 	 	 	(a)      the
    date of our written confirmation of your fulfillment of the fixed investment criteria; or
	 	 	 	 	 
	 	 	 	 	(b)      the
    date of our written confirmation that we have received the Spring Singapore Written Confirmation (definedin paragraph
    6.5 below),
	 	 	 	 	 
	 	 	 	 	for
    a lease term, whichever is the later date.
	 	 	 	 	 
	 	2.14	“Specified Date”	:	03
    December 2013, being the date you submitted full information to us (to our satisfaction) for your application for Land.

 

		3	Investment Criteria

 

		3.1	You shall :

 

		(a)	fulfil
                                         your declared aggregate investment on plant and machinery on the Land of at least $6,694,960
                                         (“fixed investment criteria”) of which at least $5,000,000
                                         must consist of new investment on plant and machinery and the remainder may consist
                                         of the net book value of your existing plant and machinery (WMS, AIDC and storage equipment)
                                         that have been invested or to-be invested between October 2013 and November 2014 to be
                                         moved to the Land as submitted on the Specified Date; and

 

		(b)	develop
                                         the Land –

 

		(b1)	to a minimum gross floor area at
                                         the gross plot ratio of not less than 2.5 (“Minimum Required GPR”),
                                         as declared by you, but not more than 2.5 (“Maximum GPR”);
                                         and

 

		(b2)	in
                                         accordance with the Aesthetic Control Guidelines,

 

all
within the Licence Term, and comply fully with and ensure full compliance with this letter and the BT. The Submission Deadline
for showing due proof of fulfillment of the fixed investment criteria under clause 3.1(a)(a3) of the BT is 31 May
2018.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		3.2	Appendix
                                         A of this letter contains the details of prorating of the Lease Term if we exercise
                                         our absolute discretion, as stipulated in clause 4.2 of the BT, to grant you a
                                         Reduced Term instead of not granting you any Lease Term at all. For avoidance of doubt,
                                         please note that under our current policy, we will in any case not grant you any Lease
                                         Term (ie, there will be no prorating whatever) if you fail within the Licence Term to
                                         meet the fixed investment criteria to qualify for a Reduced Term of at least 10 years.

 

		3A	Value
                                         Added, Remuneration and Number of Workers Declaration

 

Your
application for the Land contained a declaration of your value added, remuneration and number of workers, information we additionally
relied on in deciding whether to allocate the Land and issue the Offer letter documents to you. You shall therefore submit, by
a further declaration, details of your actual value added remuneration and number of worker as at 30 November 2019 (“5
Year Mark”). The further declaration shall be :

 

		3A.1	in
                                         the form set out in Appendix A1; and

 

		3A.2	submitted
                                         to us within 6 months from the 5 Year Mark together with your external auditor’s
                                         statement verifying the information and data in the further declaration.

 

		4	Possession of the Land

 

		4.1	Possession of the Land may be given
                                         to you within 2 months before the Licence Commencement Date, subject to due acceptance
                                         of this letter in accordance with paragraph 7 below. If so, then you shall be
                                         deemed a licensee upon the same terms and conditions in this letter and the BT from the
                                         date of possession until the Licence Commencement Date.

 

		4.2	If however we :

 

		(a)	exercise our right to Enforce under
                                         clause 4.1 of the BT; or

 

		(b)	grant you consent to terminate the
                                         BT, or surrender part of the Land, in accordance with clause 5 of the BT,

 

then
we shall also be entitled to recover from you as a debt, and you shall pay to us the equivalent of licence fees, property tax,
Outgoings, and GST, for the period commencing on the day possession of the Land is given to you until the day before the Licence
Commencement Date, in addition to all the amounts you are obliged to pay to us under or in connection with clauses 4.1
or 5 of the BT.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		5	Land Price and Licence Fee/Annual
                                         Rent Consideration

 

		5.1	The Land Price :

 

		5.1.1	You
                                         shall pay a price of $7,280,000.00 for the Land for the Lease Term (“Land
                                         Premium”) calculated at a rate of $ 910 per square metre of the
                                         Area.

 

		5.1.2	You
                                         shall –

 

		(a)	pay
                                         as part of the Mode of Due Acceptance of Offer in accordance with paragraph 7
                                         below and the Payment Table attached –

 

		(a1)	an
                                         initial down payment of 10% $(728,000) of the Land Premium;

 

		(a2)	the
                                         total GST on the whole of the Land Premium; and

 

		(b)	pay the
                                         balance of the Land Premium by the Licence Commencement Date at the latest.

 

		5.2	You
                                         shall also pay a licence fee/land rent2 of $12/- (“annual
                                         rent”) as follows:

 

		5.2.1	The
                                         annual rent is due and payable in advance on the first day of January in each year. However,
                                         as a condition of due acceptance of this letter, the annual rent and GST from the Licence
                                         Commencement Date to 31 December 2014 shall be paid together with your Letter
                                         of Acceptance in accordance with paragraph 7 below and the Payment Table
                                         attached. Thereafter, your next advance annual payment for the period 1 January
                                         2015 to 31 December 2015 is due on 1 January 2015.

 

		5.2.2	However,
                                         payment of the annual rent is temporarily waived until such a time as we may, in our
                                         absolute discretion, determine. But the BT will still contractually reflect the annual
                                         rent. You will be notified in writing should we decide to cease the waiver of payment
                                         of annual rent.

 

 

		2	Note
                                         to Customer: Land rent in this context and in the context of paragraph 10
                                         below refers to the yearly/annual rent as stipulated in the BT referred to in this
                                         offer.

 

LO-BT(Inland)/[Land Premium]/1
May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		6	Additional Conditions

 

		6.1	Qualified
                                         Person’s Certification

 

The
certification by the Qualified Person as stipulated in clause 2.7(d) of the BT shall be in the form attached at Appendix
C and shall be submitted to us within 3 years and 6 months from the Licence Commencement Date, i.e. by 31 May
2018 (“Submission Deadline”).

 

		6.2	Design
                                         Aesthetics

 

You
shall ensure that the building, boundary walls, landscaping works are aesthetically designed to our satisfaction. You shall also
comply with the attached Urban Design Guidelines (UDG) for the subject site.

 

		6.3	Replacement
                                         Authorised Use Sub-clause (Pte Ltd Cos)

 

The
following clause 2.27(b) shall replace the clause 2.27(b) in the First Schedule Lease :

 

		“(b)	Not
                                         to change the Authorised Use except with the prior written consent of the Lessor, Provided
                                         That the Lessee may only submit an application for such change in the Authorised Use
                                         if there has not been a change of more than 51% of the shareholding of the Lessee
                                         in the five (5)-year period immediately preceding the date of such application.
                                         In giving its consent, the Lessor may in his absolute discretion impose terms and conditions,
                                         including but not limited to requiring the Lessee to meet the fixed investment criteria
                                         and to show due proof of it within such period of time as the Lessor may stipulate.

 

		6.4	Proposed
                                         Permanent Road

 

		(a)	You
                                         shall allow us, our workmen, agents and their contractors and subcontractors access and
                                         a working area within the Land, free of charge, of 3 metres in width along the
                                         whole allocated boundary of the Land facing the proposed permanent road during the whole
                                         of our infrastructure development period.

 

		(b)	Until
                                         completion of permanent roads, public sewers, public drains, water pipes and street lighting
                                         for Tampines North Industrial Estate, you shall make temporary arrangements with the
                                         relevant governmental and statutory authorities to obtain public utilities and services
                                         such as electricity, water, and sewerage facilities.

 

		(c)	You
                                         shall accept the Land with full knowledge that the proposed permanent road shown on the
                                         plan attached is yet to be constructed and shall further accept the provision
                                         of a temporary road should the proposed permanent road development be delayed, and shall
                                         not hold us liable for any inconvenience, damage or loss whatsoever thereby suffered
                                         by you, your agents, contractors, subcontractors, workmen or visitors.

 

LO-BT(Inland)/[Land
Premium]/1 May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		(d)	You
                                         shall confine access to and from the Land only through the proposed permanent road to
                                         be developed by us. However, until such road is developed by us you shall confine your
                                         access to such areas and locations as may be permitted by us in writing which shall depend
                                         on the position of the temporary road which may be provided by us.

 

		(e)	The
                                         exemption from liability in clause 2.20 of the ML and your indemnity in clause
                                         2.24 of the ML shall also apply in connection with this paragraph 6.4.

 

		6.5	Spring
                                         Singapore’s Conditions

 

		(a)	You
                                         are required to submit to us, by the Submission Deadline (i.e. 31 May 2018),
                                         a written confirmation (“Spring Singapore Written Confirmation”)
                                         from Spring Singapore (an agency under the Ministry of Trade and Industry), confirming
                                         unconditionally that you have, within the Licence Term, complied with all conditions
                                         imposed by Spring Singapore as set out Appendix G.

 

		(b)	Please
                                         note that we will also not grant you any lease term if we do not receive the Spring
                                         Singapore Written Confirmation by the Submission Deadline.

 

		(c)	The
                                         clauses set out in the attached Appendix H shall replace clause 3
                                         and clause 4 of the BT. For the avoidance of any doubt, the Submission
                                         Deadline under clause 3.1(a)(a4) of the BT is 31 May 2018.

 

		6.6	No
                                         Change in Shareholders / Shareholding at all times

 

During
the Prohibition Period, you are required, at all times, and at your own cost and expense, to obtain our prior written approval
(which we are not obliged to give) before any proposed change or change to shareholding status as shown in Appendix I.
If consent is granted, such consent shall be subject to such conditions as may be imposed by us. The restriction in Section 17
of the Conveyancing and Law of Property Act (Chapter 61) shall not apply; and

 

		6.7	Mandatory
                                         Occupation Requirement

 

		(a)	At
                                         all times from the date of the first Temporary Occupation Permit for the Building Works
                                         (“First TOP Date”) until the expiry of the Prohibition Period
                                         (“Mandatory Occupation Period”), you are required to occupy
                                         -

  

		(a1)	at
                                         least 50% of the total gross floor area of the Land/Demised Premises during
                                         the first three (3) years from the First TOP Date (“First
                                         3 Years”); and

  

LO-BT(Inland)/[Land
Premium]/1 May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		(a2)	at
                                         least 70% of the total gross floor area of the Land/Demised Premises after
                                         the First 3 Years and during the remaining Prohibition Period,

 

(collectively
referred to as “Mandatory Occupation Requirement”).

  

		(b)	For the
                                         avoidance of any doubt, during the Mandatory Occupation Period, without prejudice
                                         to the generality of clause 2.22 of the BT/clause 2.29 of the First Schedule
                                         Lease,3 you may, subject always to your keeping to the Mandatory
                                         Occupation Requirement, be permitted, subject to our prior written consent (which
                                         we are not obliged to give) and on such terms and conditions as we may impose in our
                                         absolute discretion, to sublet the relevant remaining total gross floor
                                         area of the Land/Demised Premises to a Subtenant(s) (as defined in Annex B of
                                         our current guidebook, “Subletting your premises”. For information, the guidebook
                                         is available for viewing at http://www.jtc.gov.sg), if any, as may be authorised by us
                                         for such period as we may permit in our absolute discretion in accordance with the terms,
                                         covenants and conditions of the BT/First Schedule Lease (and any variation thereto).

  

		6.8	Return
                                         / Surrender the Land during Prohibition Period

 

		(a)	The
                                         clause set out in the attached  Appendix J shall replace
                                         clause 2.29 of the First Schedule Lease.

 

		(b)	If
                                         any Agreed Event (defined in clause 2.29 of the First Schedule Lease) occurs before
                                         the Lease Term (or Reduced Term) is granted, you are required to return / surrender
                                         the Land to us within such time as stipulated by us, and in such event, clauses 5.1,
                                         5.2, 7 and 8 of the BT, shall also apply.

 

		(c)	If,
                                         after the Lease Term (or Reduced Term) is granted, any Agreed Event (defined
                                         in the said clause 2.29 of the First Schedule Lease) should occur during the Prohibition
                                         Period, then pursuant to clause 2.29 of the First Schedule Lease, you are required
                                         to (amongst other things) return / surrender the Land to us.

 

 

		3	These are the assignment/subletting
                                         Prohibition/Restriction clause

 

LO-BT(Inland)/[Land
Premium]/1 May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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		7	Mode of Due Acceptance

 

Your
due acceptance of this letter in accordance with this paragraph 7 shall constitute a binding agreement. The offer under
this letter shall lapse and an application deposit of $36,094.66 (one month land rental inclusive of 7% GST) shall be payable
to JTC if we do not receive all of the following by 17 September 2014. In the event where :-

  

		7.1	the
                                         duly signed and stamped original letter of acceptance, in the form set out in the Letter
                                         of Acceptance attached (Please date as required in your letter of acceptance).
                                         Please note that the letter of acceptance must be stamped within 14 days from
                                         the date of the letter of acceptance. Your lawyer will advise you on the stamp duty payable
                                         to IRAS and arrange for the stamping. (Information is also available at the IRAS website
                                         at http://www.iras.gov.sg);

  

		7.2	payment
                                         of the sum set out in the Payment Table attached; and

 

		7.3	the
                                         duly completed GIRO authorisation form or a copy of your letter of authorisation
                                         to your banker mentioned in paragraph 10 below.

 

		8	Clearance
                                         of Payments

 

Please
note that payments made prior to you giving us the other items listed above may be cleared by and credited to us upon receipt.
However, if the other items are not received within the time stipulated herein, the offer under this letter shall lapse and there
shall be no contract between you and us arising hereunder. Any payments received shall then be refunded to you without interest
and you shall have no claim of whatever nature against us.

 

		9	Notice of Mortgage/Charge

 

Upon
due acceptance of this Offer, you may mortgage your interest by giving us a Notice of Mortgage in accordance with
our Practice Circular dated 8 September 2008 if the proposed mortgagee/chargee is a financial institution permitted
by the laws of Singapore to lend to you on security of a mortgage/charge. A summary of the Practice Circular is attached at NOM
Summary Appendix D of this letter. Please note that -

 

		9.1	Your
                                         lawyers may submit the Notice of Mortgage on your behalf.

 

		9.2	The
                                         Practice Circular may, be retrieved from our website at http://www.jtc.gov.sg
                                         under the icon “Customer Service” (or scroll all the way down
                                         to “Quick Links” and click “Policies and Procedures”), and then
                                         clicking these icons in the following order : “Existing Customer”,
                                         “Managing Your Lease”, “Practice Circular”, “Correspondence
                                         or Annex A”.

 

		9.3	Should
                                         you have any queries concerning the Practice Circular, you may contact any of these persons
                                         from our Legal Services Division at the following telephone numbers -

 

	Ms Rani Hubert	-	6883
    3181
	 	 	 
	Ms Tong Meow Hoon	-	6883
    3196
	 	 	 
	Ms Yeo Poh Lay	-	6883
    3190

 

LO-BT(Inland)/[Land
Premium]/1 May 2014 (revised fr 1 Feb 2014) JCSL +sr

  

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		10	Mode of Payment

 

		10.1	Your
                                         first payment to be made with your letter of acceptance pursuant to paragraph 7
                                         above and the attached Payment Table shall be by non-cash mode (eg,
                                         cashier’s order, cheque etc).

 

		10.2	Thereafter,
                                         during the Licence Term and subsequent Lease Term, if any, you shall pay the annual rent,
                                         and GST by Interbank GIRO or any other mode to be determined by us.

 

		10.3	We
                                         enclose the Giro authorisation form for your completion.

 

		10.4	However,
                                         pending the GIRO arrangement being finalised, you shall pay the annual rent and GST as
                                         they fall due by cheque/cash.

 

		11	11.1	To guide and assist you, please
                                         refer to the following :

 

		(a)	A
                                         “Schedule of Statutory Controls for Land and Standard Factory Customers”as
                                         well as the Plan Submission Fact Sheet.

 

As stated therein, these
are subject to change from time to time by the Authorities.

 

		(b)	The
                                         Easy & Practical Housekeeping Guide. This Guide is also subject to change
                                         from time to time.

 

However, we make no representation
as to the accuracy of their contents or otherwise, and you or your consultants should make independent enquiries to verify the
information and obtain any other information you may need.

 

		11.2	As
                                         for property tax, please note that you have to inform the Chief Assessor immediately
                                         upon obtaining TOP for the building and structures. And if you at any time thereafter
                                         rebuild, enlarge, alter or improve the building and structures, you may also wish to
                                         provide the development details to the Chief Assessor. A copy of IRAS’ circular
                                         is attached at Appendix F. If you have any queries concerning property
                                         tax matters, please contact IRAS via ptav@iras.gov.sg or via their hotline at
                                         number 1800-356 8300.

 

		11.3	You
                                         may also wish to note the following :

 

		(a)	You are
                                         required to take the Land on an “as is where is” basis. Please see clause
                                         2.5 of the BT and clause 4.3 of the ML.

 

LO-BT(Inland)/[Land
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		(b)	The current zoning for the Land is
                                         Business 1.

 

		(c)	The
                                         height restrictions (if any) indicated in the Plan Submission Fact Sheet. Please note
                                         that these are subject to change at any time without prior notice by the Authorities.

 

		12	Lodgement of Caveats
                                         with the Singapore Land Authority

 

		12.1	Singapore
                                         Land Authority (“SLA”) will accept caveats only if the whole government survey lot number has been obtained from the Chief Surveyor
                                         of Singapore. Caveats lodged with a part lot number (ie, part of a large lot)
                                         and a plan annexed will be rejected by SLA.

 

		12.2	Consequently,
                                         as the Government Survey Lot number mentioned in paragraph 2.5 above is presently
                                         only a part-lot number, please obtain the whole lot number for the Land
                                         (“caveat lot number”) if you and your mortgagee-financier wish
                                         to lodge caveats in respect of your/your mortgagee’s interest in the Land.

 

		12.3	If
                                         you wish to obtain a caveat lot number, please note the following :

 

		(a)	You
                                         must first have duly accepted the offer under this letter in accordance with the Mode
                                         of Due Acceptance in paragraph 7 above (including ensuring that any Due Acceptance
                                         payments made by cheque have been cleared by the bank).

 

		(b)	You may contact our Land Planning
                                         Division directly at Tel: 6883 3153 or Fax: 6885
5880. Our Land Planning Division will apply to the Chief Surveyor for a caveat lot number.

  

		(c)	For
                                         further clarifications on the government survey lot number or the caveat lot number,
                                         you may also contact our Land Planning Division at Tel: 6883 3153 or Fax:
                                         6885 5880. You may also want to view SLA’s website for information on the
                                         lodging of caveats at http://www.sla.gov.sg/doc/new/lr03.pdf.

 

	Yours faithfully	 
	 	 
	/s/ Pang Cheng Long	 

 

Mr Pang Cheng Long

Assistant Manager

Lifestyle Department

Food & Lifestyle Cluster

DID
      : 6883 3315

FAX
      : 6565 5301

E-MAIL : PANG_Cheng_Long@jtc.gov.sg

 

LO-BT(Inland)/[Land
Premium]/1 May 2014 (revised fr 1 Feb 2014) JCSL +sr

 

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ATTACHMENT

 

PART 1

 

The
following enclosures marked are attached to this offer letter
:

 

	Payment
    Table	 	GIRO Forms	Allocation
    Plan
	[paras
    7 + 10]	 	[paras 7 + 10]	[para 2.5 & 6.4(c)]
	 	 	 	 
	Letter of Acceptance	 	Appendix A (Prorating
    of	 
	Form
    [para 7]	 	Lease Term) [para 3]	 

 

	Appendix
    A1 (Specimen Form for Declaration of Actual Value Added, Remuneration & Number of Workers) [para 3A]	☐	Appendix
    B (CAAS Height Control Guidelines & Requirements)

 

	Appendix
    B1/1 (Plan Submission Fact Sheet) 

    [para 11.1(a)]	 	Appendix
    B1/2 (Height Restrictions) 

    [para 11.3(c)]
	 	 	 
	Appendix
    C (QP Certification Form) 

    [para 6.1]	 	Appendix D
    (NOMPractice     Circular Summary) 
     [para
    9]
	 	 	 
	☐    Jurong
    Island landscaping guidelines 
     [para
    6.]	 	Appendix
    F (IRAS Circular on Property Tax) 

    [para 11.2]

 

Appendix G (Spring
Singapore’s conditions) [para 6.5]

 

Appendix H (Amendment
to clause 3 and 4 of the BT) [para 6.5]

 

Appendix I (No change
in shareholders / shareholding) [para 6.6]

 

Appendix J (Amendment
to clause 2.29 of the First Schedule Lease) [para 6.8]

 

PART 2

 

	Schedule of Building Terms 
 [para 1.1]	 	Memorandum
    of Lease 11.12A No. IB/293564T 

[paras 2.4]
	 	 	 	 
	First Schedule Lease 
 [para 2.4]	 	Aesthetics
    Control Guidelines 

[para 3.2(b)]

 

	☐	Appendix
    B2 [Technical Guideline on Environment Baseline Study (2010 Edition)] 

[para 6.]	 	Schedule
    of Statutory Controls for Land, Standard Factory And Workshop Customers 

[para 11.1(a)]
	 	 	 	 
	The Easy & Practical Housekeeping Guide 
 [Para 11.1(b)]	 	Urban
    Design Guidelines (UDG) 

[para 6.2] 

 

     

     

    

 

PAYMENT
TABLE

 

PREMISES:
PRIVATE LOT A3003310 AT PLOT 26 METERS WIDE ROAD

SUBJECT TO OFFICAL NAMING IN THE FUTURE IN TAMPINES NORTH

INDUSTRIAL ESTATE

 

	 	 	Amount	 	 	GST
    at the prevailing rate	 
	 	 	 	 	 	 	 
	Land Premium	 	$	7,280,000.00	 	 	$	509,600.00	 
	 	 	 	 	 	 	 	 	 
	Annual rent from Licence
    Commencement Date to 31 December 2014	 	$	 Waived	 	 	$	 Waived	 
	 	 	 	 	 	 	 	 	 
	Survey fee (subject to
    adjustment on completion of final survey)	 	$	4,820.00	 	 	$	337.40	 
	 	 	 	 	 	 	 	 	 
	URA processing fee (subject
    to adjustment on completion of final survey)	 	$	1,000.00	 	 	$	70.00	 
	 	 	 	 	 	 	 	 	 
	Singapore Land Authority
    fee (subject to adjustment on completion of final survey)	 	$	3121.50	 	 	$	218.50	 
	 	 	 	 	 	 	 	 	 
	Cost of preparation of
    the Lease at $150/-	 	$	150.00	 	 	$	10.50	 
	 	 	 	 	 	 	 	 	 
	Sub-Total
    Payable	 	$	7,289,091.50	 	 	$	510,236.40	 
	 	 	 	 	 	 	 	 	 
	Total
    Payable inclusive of GST at prevailing rate	 	$	7,799,327.90	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Less
    : Initial Down Payment (To be paid during Acceptance of Offer)	 	$	1,237,600.00	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Net Total
    Payable by Licence Commencement Date	 	$	6,561,727.90Exhibit 10.2

 

AMENDED AND RESTATED FORBEARANCE AGREEMENT

 

This Amended and Restated Forbearance Agreement
(this “Agreement”) is entered into as of November 30, 2018 (the “Effective Date”), by and
between Northern Power Systems, Inc., a Delaware corporation (“Borrower”)
and Comerica Bank, a Texas banking association (“Bank”),
with reference to the following facts:

 

A.       Borrower
has borrowed funds from Bank pursuant to that certain Amended and Restated Loan and Security Agreement dated December 31, 2013
between Borrower and Bank, as amended (as amended, the “Loan Agreement”).

 

B.       The
Export Loans (as defined in the Loan Agreement) made by Bank to Borrower are evidenced by a Master Revolving Note dated June 30,
2014 made by Borrower payable to Bank in the original principal amount of $6,000,000, as previously amended and reduced to $900,000
(as amended, the “Revolving Note”).

 

C.       Borrower
failed to comply with the provisions of Section 6.6 and Section 6.7(a) of the Loan Agreement (the “Existing Defaults”),
and as a result thereof, Borrower and Bank entered into a Forbearance Agreement dated as of August 2, 2018 (the “Original
Forbearance Agreement”), under which Bank agreed to forbear until November 30, 2018 from exercising its rights with respect
to the Existing Defaults subject to satisfaction by Borrower of certain conditions set forth in the Original Forbearance Agreement.

 

D.       As
of the Effective Date, Borrower owes Bank the sum of:

 

(i) under the Revolving Note, a principal
amount of $900,000 (not including, to the extent applicable, any contingent obligations) and accrued and unpaid interest; plus

 

(ii) any overdrafts in any bank accounts
of Borrower at Bank, plus

 

(iii) amounts owing under one or more
foreign exchange facilities issued by Bank (the “FX Facility”); plus

 

(iv) legal fees and costs and all
other outstanding amounts and costs of enforcement due under the Loan Agreement and any other Loan Document.

 

The foregoing amounts, plus accruing interest
and costs and accrued and accruing attorney fees and costs are collectively referred to herein as the “Existing Debt.”

 

E.       The
term of the Original Forbearance Agreement ends November 30, 2018, and Borrower has requested time to find a replacement lender
and has asked Bank to forbear further from exercising the remedies set forth in the Loan Agreement and the Other Loan Documents
a result of the Existing Defaults, and Bank has agreed, provided Borrower enters into this Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
the parties agree as follows:

 

1.                  
Defined Terms. Capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Loan
Agreement.

 

2.                  
Acknowledgement of Liability. As of the Effective Date, Borrower owes Bank an amount equal to the Existing Debt.
Borrower reaffirms all of its obligations under the Loan Agreement and hereby forever waives and relinquishes any and all claims,
set-offs or defenses that Borrower may now have with respect to the payment of sums due to Bank and the performance of other obligations
under the Loan Agreement. The security interests granted to Bank in the Loan Documents in the Collateral remain perfected, first
priority liens.

     

     

    

3.                  
Forbearance. Borrower acknowledges the existence of the Existing Defaults under the Loan Agreement and the other
Loan Documents. Borrower further acknowledges and agrees that Bank is not in any way waiving or agreeing to waive such Existing
Defaults as a result of this Agreement or the performance by the parties of their respective obligations hereunder or thereunder.
Subject to the conditions contained herein and performance by Borrower of all of the terms of this Agreement, the Loan Agreement
and the other Loan Documents after the Effective Date, Bank shall, until the earlier of (i) April 1, 2019 or (ii) such date
that there shall occur any further Event of Default (the “Forbearance Period”), forbear from exercising any
remedies that it may have against Borrower as a result of the occurrence of the Existing Defaults. Such forbearance does not apply
to any other Event of Default or other failure by Borrower to perform in accordance with the Loan Agreement or this Agreement.
This forbearance shall not be deemed a continuing waiver or forbearance with respect to any Event of Default of a similar nature
that may occur after the Effective Date.

 

4.                  
Repayment and Reduction. Borrower shall continue to make all interest payments as they become due under the Loan
Agreement. In addition, Borrower shall make additional payments, to be applied to the principal balance of the Export Loans on
the dates and in the amounts as follows:

 

	Payment Date	Payment Amount	Principal Outstanding
	Earlier of Sale Date set forth on Exhibit A or December 7, 2018	$250,000, subject to Exhibit A	$650,000
	Earlier of Sale Date set forth on Exhibit A or February 1, 2019	$350,000, subject to Exhibit A	$300,000
	February 21, 2019	$100,000	$200,000
	March 21, 2019	$100,000	$100,000
	April 1, 2019	$100,000	$0

 

Principal repayments that are derived from the
sale of the UK service business or the Italian service business shall be wired directly to the Bank, per wire instructions to be
provided by Bank, at the time and date of the respective sale closing. Amounts repaid to Bank shall not be available for re-advance.
Bank has no obligation to make any advances to Borrower, whether under the Revolving Note or otherwise, and Borrower shall not
request any advances from Bank under the Revolving Note or otherwise.

 

5.                  
Replacement Lender. Borrower shall use its best efforts to secure replacement financing of the Existing Debt as soon
as possible, and on or before March 1, 2019, shall provide to Bank a copy of an executed commitment letter to Borrower from a refinance
source in an amount not less than the Existing Debt.

    	 	- 2 -	 

     

    

6.                  
Ratification by Borrower of Bank’s First Priority Security Interest in Collateral. Borrower hereby confirms
and ratifies Bank’s first priority lien and security interest in and to all Collateral. Borrower shall execute such security
agreements, financing statements and other documents as Bank may from time to time reasonably request to carry out the terms of
this Agreement and the Loan Agreement. Borrower authorizes Bank to file such financing statements and amendments relating to the
Collateral. Such liens and security interests shall secure all of the obligations of Borrower under this Agreement and the Loan
Agreement. Borrower covenants and agrees affirms that Borrower shall have no right to sell, transfer, convey or dispose of any
of its assets, other than Inventory in the ordinary course of business, without the prior approval of the Bank. Bank hereby consents
to the sale of Borrower’s United Kingdom service business and to the sale of Borrower’s Italian service business in
accordance with the terms set forth on Exhibit A hereto and satisfactory review by the Bank of the applicable asset purchase contract.

 

7.                  
Intellectual Property Collateral. As soon as practicable, but in any event, no later than 45 days after the Effective
Date, Borrower shall cause Bank to have a first priority perfected lien and security interest in and to all of Borrower’s
intellectual property of every type (the “IP Collateral”). Borrower shall execute such security agreements,
financing statements and other documents as Bank may from time to time reasonably request in order to create, secure, preserve,
or perfect Bank’s security interest in the IP Collateral. Borrower authorizes Bank to make any filings reasonably desirable
in connection with the IP Collateral. Bank’s lien on the IP Collateral shall secure all of the obligations of Borrower under
this Agreement, the Loan Agreement and the other Loan Documents

 

8.                  
No Additional Trades Under the FX Facility. Borrower acknowledges and agrees that Bank is under no obligation to
permit any further trades by Borrower under the FX Facility. Borrower shall only conduct spot currency transactions to the extent
required to conduct its ordinary business operations.

 

9.                  
No Testing of Liquid Assets Covenant During Forbearance Period. Bank and Borrower agree that during the Forbearance
Period only, Borrower shall not be required to be and remain the owner of Unencumbered Liquid Assets as set forth in Section 6.7(a)
of the Loan Agreement.

 

10.              
Additional Reporting. In addition to all reporting currently required by the Loan Documents:

 

(a)               
By Tuesday of each week, Borrower shall provide Bank with a written update on the sale of its UK and Italian service businesses
and an update on developments with the Italian feed-in-tariff.

 

(b)               
By Tuesday of each week, Borrower shall provide Bank with an updated rolling 13 week cash flow forecast, together with a
comparison of actual to forecasted results for the week ending on the immediately preceding Friday.

 

(c)               
Borrower shall provide Bank, within ten days of the end of each month, the following information as of the end of each month:

 

(i)                
Number of employees of Borrower and each subsidiary,

 

(ii)              
Payroll payments made during such month of Borrower and each subsidiary,

 

(iii)            
Accrued Payroll of Borrower and each subsidiary,

    	 	- 3 -	 

     

    

(iv)             
Accrued vacation and other paid time off for employees of Borrower and each subsidiary,

 

(v)               
Compensation of the 5 most highly compensated employees of Borrower and each subsidiary,

 

(vi)             
A listing any applications or registrations that Borrower has made or filed in respect of any Patents, Copyrights or Trademarks
and the status of any outstanding applications or registrations, as well as any material change in Borrower’s Intellectual
Property, including but not limited to any subsequent ownership right of Borrower in or to any Trademark, Patent or Copyright not
specified in any Intellectual Property Security Agreement delivered to Bank by Borrower, and

 

(vii)           
A written update on Borrower’s efforts to secure replacement financing together with any commitment letters or letters
of intent provided by a refinance source.

 

(d)               
Borrower shall provide Bank not less than 30 days’ prior notice of any planned equity raises, including issuance of
capital stock, securities or warrants.

 

(e)               
Borrower shall provide to Bank such other and further reporting and information as Bank may request from time to time.

 

11.              
Q3 2018 10-Q; Certified Public Accounting Firm. Bank hereby acknowledges Borrower’s notice that Borrower’s
10-Q Securities and Exchange Commission filing for the fiscal quarter ending September 30, 2018 will be delayed by approximately
4-8 weeks, and hereby consents to such delay, provided that such filing occurs on or before January 31, 2019. Bank hereby consents
to Borrower engaging Wolf & Company, P.C. as its independent certified public accounting firm.

 

12.              
Appraisals and Inspections. Borrower acknowledges and agrees to permit Bank to conduct such fair market value appraisals,
collateral audits, inspections, surveys and/or testing, that Bank deems necessary, on any and all collateral, upon which Bank may
possess a lien securing the Existing Debt, and to reimburse the Bank for the cost of such appraisals, collateral audits, inspections,
surveys and testing.

 

13.              
Forbearance Extension Fee. Borrower shall pay Bank a forbearance extension fee of $5,000.00 (the “Extension
Fee”), which Extension Fee is deemed earned upon execution of this Agreement and is not refundable in whole or in part.
$1,500 of the Extension Fee shall be due and payable upon execution of this Agreement, with the balance of $3,500 to be paid upon
the earlier of April 1, 2019 or the date upon which the Existing Debt is paid in full.

 

14.              
Preference payments, Disgorgement. To the extent any payment received by Bank is deemed a preference, fraudulent
transfer, voidable transfer, or otherwise by a court of competent jurisdiction which requires the Bank to disgorge such payment,
then such payment will be deemed to have never occurred and the Existing Debt will be adjusted accordingly.

 

15.              
Receipt and Application of Payments. All payments hereunder and under the Loan Agreement and the other Loan Documents
may, at Bank’s option, first be applied against expenses and accrued and unpaid interest, and the balance against the principal
portion of the Existing Debt in reverse order of maturity, all in Bank’s sole and absolute discretion. Acceptance by Bank
of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and the failure to pay
the entire amount then due shall be and continue to be an Event of Default pursuant to this Agreement, and at any time thereafter
and until the entire amount then due has been paid, Bank shall be entitled to exercise all rights conferred upon it herein, in
the Loan Agreement or in any other Loan Document upon the occurrence of an Event of Default. To the extent that Bank receives any
payment or benefit and such payment or benefit, or any part thereof, is required to be repaid to a trustee, receiver, or any other
party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or benefit,
the Existing Debt, or any part thereof intended to be satisfied shall be revived and continued in full force and effect as if such
payment or benefit had not been made, shall accrue interest at the highest rate applicable to any portion thereof, shall be secured
by the Collateral and payable on demand.

    	 	- 4 -	 

     

    

16.              
Representations and Warranties.

 

(a)               
Borrower hereby represents and warrants that no Event of Default or failure of condition has occurred or exists, or would
exist with notice or lapse of time or both under any of the Loan Documents, other than the Existing Defaults.

 

(b)               
The forbearance period granted pursuant to the terms of this Agreement is reasonable and is based upon the projections of
Borrower.

 

(c)               
The Certificate of Incorporation, Bylaws and resolutions of the Borrower previously delivered to Bank: remain in full force
and effect, have not been amended, repealed or rescinded in any respect and may continue to be relied upon by Bank until written
notice to the contrary is received by Bank, and Borrower continues to be in good standing under the laws of the States of Delaware
and Vermont.

 

(d)               
All representations and warranties of Borrower in this Agreement and the Loan Agreement are true and correct as of the Effective
Date, and shall survive the execution of this Agreement.

 

17.              
Default. In addition to all other Event(s) of Default under the Loan Agreement, the following shall constitute Events
of Default under this Agreement:

 

(a)               
Borrower’s failure to pay any amount when due under this Agreement or to perform any covenant or other agreement contained
in this Agreement or any other document entered into pursuant hereto;

 

(b)               
If any warranty or representation of Borrower in connection with or contained in this Agreement, or if any financial data
or other information now or hereafter furnished to Bank by or on behalf of Borrower shall prove to be false or misleading in any
material respect;

 

(c)               
If Borrower makes any payment on account of Subordinate Debt;

 

(d)               
If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $50,000
shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days; and

 

(e)               
Bank’s determination, in its sole and absolute discretion, that Borrower may not be able to pay all or any part of
the Obligations, or to satisfy any condition, or to perform any obligation under this Agreement or any of the Loan Documents.

 

18.              
Rights and Remedies.

 

(a)               
Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice of its
election and without demand, do any one or more of the following, all of which are authorized by Borrower:

    	 	- 5 -	 

     

    

(i)                
Without notice to Borrower, set off and apply to the amounts due and owing under the Loan Agreement and this Agreement:

 

		(1)	any and all cash or certificates of deposit held by Bank for whatever purpose;

 

		(2)	indebtedness at any time owing to or for the credit or the account of Borrower held by Bank;

 

(ii)              
Take action against Borrower for payment under the Loan Agreement and this Agreement; and/or

 

(iii)            
Exercise any right and remedy authorized by the Loan Agreement, any of the other Loan Documents and/or this Agreement and/or
applicable law.

 

(b)               
Bank’s rights and remedies under this Agreement, the Loan Agreement, the other Loan Documents and all other agreements
shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the UCC, by law,
or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default
on the part of Borrower shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence
by it. Bank shall have the right to take any action it deems necessary against Borrower in order to enforce or perfect, or to realize
on its security interest in the Collateral.

 

19.              
Power of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower
hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful
attorney to: (a) send requests for verification of Accounts or notify account debtors of Bank’s security interest in the
Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s
possession; (c) sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors,
schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral;
(e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle
and adjust disputes and claims respecting the Accounts directly with account debtors, for amounts and upon terms which Bank determines
to be reasonable; (g) to modify, in its sole discretion, any Memorandum and Notice of Security Interest in Intellectual Property
executed by Borrower without first obtaining Borrower’s approval of or signature to such modification by amending Exhibits
A, B, and C, thereof, as appropriate, to include reference to any right, title or interest in any Trademarks,
Patents or Copyrights acquired by Borrower after the execution hereof or to delete any reference to any right, title or interest
in any Trademarks, Patents or Copyrights in which Borrower no longer has or claims to have any right, title or interest; and (h)
to file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the
Collateral without the signature of Borrower where permitted by law; provided Bank may exercise such power of attorney to sign
the name of Borrower on any of the documents described in clauses (g) and (h) above, regardless of whether an Event of Default
has occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers,
being coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and performed and Bank’s
obligation to provide advances hereunder is terminated.

 

20.              
Conditions Precedent. The effectiveness of this Agreement is subject to satisfaction of all of the following conditions:

    	 	- 6 -	 

     

    

(a)               
Bank’s receipt of this Agreement and such other agreements and instruments reasonably requested by Bank pursuant hereto,
each duly executed by Borrower;

 

(b)               
Execution and delivery by Parent of a Reaffirmation of Guarantee in form and content acceptable to Bank in its sole discretion;

 

(c)               
Approval, as required, of Ex-Im;

 

(d)               
Bank’s receipt of payment of a portion of the Extension Fee in the amount of $1,500;

 

(e)               
Bank’s receipt of payment of all expenses incurred through the Effective Date including, without limitation, all of
Bank’s legal fees; and

 

(f)                
Bank’s receipt of such other documents and completion of such other matters as Bank may reasonably deem necessary
or appropriate.

 

21.              
Waiver of Notice and Cure. Borrower acknowledges that Events of Default have occurred under the Loan Agreement that,
but for this Agreement, would have entitled Bank to exercise all the remedies available to Bank under the Loan Agreement, the other
Loan Documents and applicable law. Borrower waives all notices of default and rights to cure that are otherwise provided in the
Loan Agreement, the other Loan Documents or applicable law, including, but not limited to, rights to notice and redemption under
California Uniform Commercial Code sections 9611, 9620 and 9623. Borrower further waives any claim that a sale or other disposition
by Bank of the Collateral is not commercially reasonable because Bank disclaims any warranties with respect to such sale or other
disposition, including, without limitation, disclaimers of warranties relating to title, possession, quiet enjoyment, or the like.

 

22.              
Release.

 

(a)               
Borrower acknowledges that Bank would not enter into this Agreement without Borrower’s assurance hereunder. Except
for the obligations arising hereafter under this Agreement, Borrower hereby absolutely discharges and releases Bank, any person
or entity that has obtained any interest from Bank under the Loan Agreement and each of Bank’s and such entity’s former
and present partners, stockholders, officers, directors, employees, successors, assignees, agents and attorneys from any known
or unknown claims which Borrower now has against Bank of any nature, including any claims that Borrower, its successors, counsel,
and advisors may in the future discover they would have now had if they had known facts not now known to them, whether founded
in contract, in tort or pursuant to any other theory of liability, including but not limited to any claims arising out of or related
to the Loan Agreement or the transactions contemplated thereby.

 

(b)               
Borrower waives the provisions of California Civil Code Section 1542, which states:

 

A general release
does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or her settlement with the debtor.

 

(c)               
The provisions, waivers and releases set forth in this section are binding upon Borrower and Borrower’s shareholders,
agents, employees, assigns and successors in interest. The provisions, waivers and releases of this section shall inure to
the benefit of Bank and its agents, employees, officers, directors, assigns and successors in interest.

    	 	- 7 -	 

     

    

(d)               
Borrower warrants and represents that Borrower is the sole and lawful owner of all right, title and interest in and to all
of the claims released hereby and Borrower has not heretofore voluntarily, by operation of law or otherwise, assigned or transferred
or purported to assign or transfer to any person any such claim or any portion thereof. Borrower shall indemnify and hold harmless
Bank from and against any claim, demand, damage, debt, liability (including payment of attorneys’ fees and costs actually
incurred whether or not litigation is commenced) based on or arising out of any assignment or transfer.

 

(e)               
The provisions of this section shall survive payment in full of the Obligations, full performance of all the terms
of this Agreement and the Loan Agreement, and/or Bank’s actions to exercise any remedy available under the Loan Agreement
or otherwise.

 

23.              
Further Assurances. Borrower will take such other actions as Bank may reasonably request from time to time to perfect
or continue Bank’s security interests in Borrower’s property, and to accomplish the objectives of this Agreement.

 

24.              
Consultation of Counsel. Borrower acknowledges that Borrower has had the opportunity to be represented by legal counsel
of its own choice throughout all of the negotiations that preceded the execution of this Agreement. Borrower has executed this
Agreement after reviewing and understanding each provision of this Agreement and without reliance upon any promise or representation
of any person or persons acting for or on behalf of Bank. Borrower further acknowledges that Borrower and its counsel have had
adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in connection with the subject
matter of this Agreement prior to the execution hereof and the delivery and acceptance of the consideration described herein.

 

25.              
Miscellaneous.

 

(a)               
Amendment and Restatement. This Agreement amends and restates in its entirety the Original Forbearance Agreement.

 

(b)               
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of Borrower and Bank
and their respective successors and assigns; provided, however, that the foregoing shall not authorize any assignment by Borrower
of its rights or duties hereunder.

 

(c)               
Integration. This Agreement, the Loan Documents and any documents executed in connection herewith or pursuant hereto
contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements,
understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced
in any judicial or arbitration proceeding, if any, involving this Agreement; except that any financing statements or other agreements
or instruments filed by Bank with respect to Borrower shall remain in full force and effect.

 

(d)               
Entire Agreement. This Agreement and the Loan Documents contain the entire agreement of the parties hereto and supersede
any other oral or written agreements or understandings with respect to the subject matter hereof and thereof.

 

(e)               
Course of Dealing; Waivers. No course of dealing on the part of Bank or its officers, nor any failure or delay in
the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall
not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of
any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver
of a right must be in writing signed by an officer of Bank. Nothing contained in this Agreement shall be deemed to constitute or
be construed as a course of dealing obligating Bank to provide any further loans or other accommodations, financial or otherwise,
to Borrower at any time, or a commitment or any agreement to make a commitment with respect to any possible waiver, amendment,
consent or other modification of the terms provided in the Loan Documents.

    	 	- 8 -	 

     

    

(f)                
Time is of the Essence. Time is of the essence as to each and every term and provision of this Agreement and the
other Loan Documents.

 

(g)               
Counterparts. This Agreement may be signed in counterparts and all of such counterparts when properly executed by
the appropriate parties thereto together shall serve as a fully executed document, binding upon the parties.

 

(h)               
Legal Effect. The Loan Documents remain in full force and effect. If any provision of this Agreement conflicts with
applicable law, such provision shall be deemed severed from this Agreement, and the balance of this Agreement shall remain in full
force and effect.

 

(i)                
WAIVER OF JURY. THE UNDERSIGNED ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT
MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES.  TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE
OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS, HIS OR HER CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES,
WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER DOCUMENT,
INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES.

 

(j)                
Reference Provision.

 

1.                  
In the event that the Jury Trial Waiver provision contained in the Agreement is not enforceable, the parties elect to proceed
under this Reference Provision.

 

2.                  
With the exception of the items specified in clause 4, below, any controversy, dispute or claim (each, a “Claim”)
between the parties arising out of or relating to the Agreement will be resolved by a reference proceeding in California in accordance
with the provisions of Section 638 et seq. of the California Code of Civil Procedure (“CCP”), or their
successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the Claim is
subject to the reference proceeding. Except as otherwise provided in the Agreement, venue for the reference proceeding will be
in the state or federal court in the county or district where venue is otherwise appropriate under applicable law (the “Court”).

 

3.                  
The matters that shall not be subject to a reference are the following: (i) non-judicial foreclosure of any security interests
in real or personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of
a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of attachment, writs of
possession, temporary restraining orders or preliminary injunctions). This Agreement does not limit the right of any party to exercise
or oppose any of the rights and remedies described in clauses (i) and (ii) or to seek or oppose from a court of competent jurisdiction
any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the
right of any party to a reference pursuant to this Agreement.

 

4.                  
The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not
agree within ten (10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected
by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an ex
parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted.
Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge of
the Court (or his or her representative).

    	 	- 9 -	 

     

    

5.                  
The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be
requested, subject to change in the time periods specified herein for good cause shown, to (a) set the matter for a status and
trial-setting conference within fifteen (15) days after the date of selection of the referee, (b) if practicable, try all issues
of law or fact within one hundred twenty (120) days after the date of the conference and (c) report a statement of decision within
twenty (20) days after the matter has been submitted for decision.

 

6.                  
The referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery
deadlines or cutoffs for good cause, including a party’s failure to provide requested discovery for any reason whatsoever.
Unless otherwise ordered, no party shall be entitled to “priority” in conducting discovery, depositions may be taken
by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after
service. All disputes relating to discovery which cannot be resolved by the parties shall be submitted to the referee whose decision
shall be final and binding.

 

7.                  
Except as expressly set forth in this Agreement, the referee shall determine the manner in which the reference proceeding
is conducted including the time and place of hearings, the order of presentation of evidence, and all other questions that arise
with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial,
shall be conducted without a court reporter, except that when any party so requests, a court reporter will be used at any hearing
conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request
shall have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the
prevailing party, the parties will equally share the cost of the referee and the court reporter at trial.

 

8.                  
The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the
State of California. The rules of evidence applicable to proceedings at law in the State of California will be applicable to the
reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will
be binding on the parties and rule on any motion which would be authorized in a trial, including without limitation motions for
summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which disposes
of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered
by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and any such decision will
be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable
decision or order entered by the referee. The parties reserve the right to findings of fact, conclusions of laws, a written statement
of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference
proceeding under this provision.

 

9.                  
If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted),
any dispute between the parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration.
The arbitration will be conducted by a retired judge or Justice, in accordance with the California Arbitration Act §1280 through
§1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to
any such arbitration proceeding.

    	 	- 10 -	 

     

    

10.              
THE PARTIES RECOGNIZE AND AGREE THAT ALL DISPUTES RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND
NOT BY A JURY. AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY KNOWINGLY
AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE PROVISION WILL APPLY TO ANY CONTROVERSY,
DISPUTE OR CLAIM BETWEEN OR AMONG THEM WHICH ARISES OUT OF OR IS RELATED TO THE AGREEMENT.

 

(k)               
Assignment and Indemnity. Borrower consents to Bank’s assignment of all or any part of Bank’s rights
under this Agreement and the Loan Agreement. Borrower shall indemnify and defend and hold Bank and any assignee of Bank’s
interests harmless from any actions, costs, losses or expenses (including attorneys’ fees) arising out of such assignment,
this Agreement and the Loan Agreement.

 

[end of agreement -- signatures appear on following
page]

 

 

 

 

 

    	 	- 11 -	 

     

    

IN WITNESS WHEREOF the undersigned have executed
this Amended and Restated Forbearance Agreement as of the first date above written.

 

	
        Comerica Bank

         

        By:/s/ Laura H. Alfaro

        Name: Laura H. Alfaro

        Title:Vice President

         
	
        NORTHERN POWER SYSTEMS, INC.

         

        By: /s/William St. Lawrence

        Name: William St. Lawrence

        Title: Co-Interim CEO

 

 

 

 

 

 

 

    	 	- 12 -	 

     

    

Exhibit A

 

 

 

 

 

 

 

 

- 13 -

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