Document:

DC9544.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
EXHIBIT 10.3

	
When Recorded Return To:

Evergreen Clean Energy, LLC 3rd Floor, Vintage Building No. 3 4626 North 300 West Provo, Utah 84604 Telephone: 801-404-3943

Attention: Dean Rostrom and Mark Burdge

______________________________________________________________________________

DEED OF TRUST AND SECURITY AGREEMENT

	
FROM

RASER POWER SYSTEMS, LLC, a Delaware limited liability company

	
(as Trustor, Debtor and Grantor)

	
TO

[
___________________________________
[insert Trustee’s name]] for the benefit of

Evergreen Clean Energy, LLC, a Delaware limited liability company (Beneficiary, Secured Party and Grantee)

	
October 28, 2010

RECITALS 

A. Grantor has executed that certain Letter Agreement and Grantor’s parent company has executed that certain Secured Promissory Note of even date herewith (the “Promissory Note”) pursuant to which the Beneficiary
has agreed to extend a loan in the principal amount of up to $2,500,000 (the “Loan”) to Grantor’s parent company upon the terms and conditions set forth in the Promissory Note, and Grantor desires to enter into the terms and
conditions of this Deed of Trust as security for the Promissory Note. 

B. The Beneficiary desires to secure the payment and performance of the Obligations (as defined below). 

	
ARTICLE I DEFINITIONS

Section 1.1 Definitions. In addition to the terms defined elsewhere in this Deed of Trust, the following terms shall have the meanings specified in this Section
1.1, unless the context clearly requires otherwise. The terms defined herein include the plural as well as the singular. 

Deed of Trust shall mean this Deed of Trust and Security Agreement, as it may be amended or supplemented from time to time. 

Event of Default shall have the meaning specified in Section 4.1. 

Indebtedness shall mean any and all advances, debts, obligations and liabilities of the Grantor under or pursuant to the Promissory Note, and any amendments, renewals, replacements, substitutions
and extensions thereof. 

Lien shall mean any statutory or common law consensual or non-consensual mortgage, pledge, grant, security interest, lien, encumbrance or charge of any kind against property, including, without
limitation, any conditional sale or other title retention transaction, any lease transaction in the nature of a security interest and any security interest under the Uniform Commercial Code.

Material Adverse Effect shall mean (a) a material adverse effect on the financial condition, results of operation, business, or property of Grantor, and its subsidiaries, considered in the
aggregate, or (b) an adverse effect on the ability of Grantor to perform its obligations under this Deed of Trust. 

Obligations shall mean all indebtedness, obligations and liabilities of the Grantor to the Trustee and Beneficiary under this Deed of Trust and the Promissory Note.

Permitted Encumbrances shall mean as to the property specifically described in Granting Clause I, the restrictions, exceptions, reservations, conditions, limitations, interests and other matters
which are set forth or referred to in Appendix “B” hereto.

Rents and Profits shall mean all of the rents, revenue, income, profits, and proceeds derived and to be derived from the Trust Estate or any portion thereof, or arising from the use or enjoyment of
any portion thereof, all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by damage to any part of the Trust Estate, together with any sums of money that may now or at any time hereafter be
or become due and payable to the Grantor by virtue of any and all royalties, overriding royalties, present and future oil, gas, mineral and mining leases covering the Trust Estate or any portion thereof, and all proceeds and other amounts paid or
owing to the Grantor under or pursuant to any and all contracts and bonds relating to the construction or renovation of the Trust Estate. 

Taxes and Charges shall mean all real estate and personal property and use taxes, water, gas, sewer, electricity and other utility rates and charges, charges for any easement, license or agreement
maintained for the benefit of the Trust Estate, and all other taxes, maintenance fees, charges and assessments and any interest, costs or penalties with respect thereto, of any kind and nature which at any time may be assessed, levied or imposed
upon the Trust Estate, or the ownership, use, occupancy or enjoyment of them. 

Trust Estate shall have the meaning specified in Section 2.1. 

Uniform Commercial Code shall mean the Uniform Commercial Code of any state in which any of the Trust Estate is located. 

	
ARTICLE II GRANTING CLAUSES

Section 2.1 Granting Clauses. In order to secure the Obligations, whether such Obligations are

made pursuant to a commitment, made at the option of the Beneficiary, made after a reduction to zero or other balance or made otherwise, and to declare the terms and conditions upon which the Obligations are to be secured, the
Grantor, in consideration of the premises, does hereby grant, bargain, sell, alienate, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm unto the Trustee, in trust with power of sale and right of entry, for the benefit of
the Beneficiary, all property, rights, privileges and franchises of the Grantor of every kind and description, real, personal or mixed, tangible or intangible, whether now owned or hereafter acquired by the Grantor wherever located, in and to the
following described property (all of which is hereinafter called the “Trust Estate”): 

	
I

All right, title and interest of the Grantor in and to all fee and leasehold estates in real property described in Appendix “A” hereto (“Land”), subject in each case to those matters, if any, set forth in such
Appendix “B” hereto, together with all minerals and mineral rights, which are, have been, or may be used on or in connection with, or are appurtenant to, or located on or underlying, or in any way associated with, the Land, including, but
not limited to, the rights listed on Appendix “A” hereto; and

	
II

All right, title and interest of the Grantor in and to all other estates and interests in real property now owned, or hereafter acquired, by the Grantor and located on or benefiting the Land, including, without limitation, all
fixtures, easements, permits, licenses and rights of way comprising real property;

TOGETHER WITH all and singular the rights, privileges, tenements, hereditaments and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and
remainders and all Rents and Profits and other rents, income, revenues, profits, cash, proceeds, products and benefits at any time derived, received or had from any and all of the above-described property of the Grantor and all deposits or other
accounts into which the same may be deposited. 

TO HAVE AND TO HOLD all and singular the Trust Estate unto the Trustee and its substitutes, successors, and assigns for the uses and purposes set forth herein, in trust, forever, to secure the payment and performance of the
Obligations, including, without limitation, the due performance of the covenants, agreements and provisions herein contained, and for the uses and purposes and upon the terms, conditions, provisos and agreements hereinafter expressed and declared.

ARTICLE III PARTICULAR REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GRANTOR 

The Grantor represents warrants and covenants with the Beneficiary as follows: 

Section 3.1 Authority to Execute and Deliver this Deed of Trust; All Action Taken; Enforceable Obligations. The Grantor is authorized under its governing documents
and all applicable laws

and by corporate action to execute and deliver this Deed of Trust; and this Deed of Trust is, and any amendment, supplement or restatement of this Deed of Trust, when executed and delivered will be, the legal, valid and binding
obligations of the Grantor which are enforceable in accordance with their respective terms, subject only to limitations on enforceability imposed by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and general equitable principles. 

Section 3.2 Authority to Convey Trust Estate; No Liens: Exception for Permitted Encumbrances; Grantor to Defend Title and Remove Liens. The Grantor has good and
indefeasable title to all fee and leasehold estates in real property included in the Trust Estate, good and marketable title to all personal property included in the Trust Estate, and good right and lawful authority to mortgage and convey the Trust
Estate for the purposes herein expressed. The Trust Estate is free and clear of any Lien affecting the title thereto, except Permitted Encumbrances. The Grantor will, so long as any of the Obligations shall remain unpaid, maintain and preserve the
Lien of this Deed of Trust superior to all other Liens, other than Permitted Encumbrances, and will bind itself, its successors and assigns to forever warrant and defend the title to the Trust Estate against any and all claims and demands other than
Permitted Encumbrances.

Section 3.3 No Encumbrances on Trust Estate. The Grantor will not create, incur, suffer or permit to exist any Lien on any of the Trust
Estate, except for Permitted Encumbrances. Except for claims giving rise to Permitted Encumbrances, the Grantor will promptly pay or discharge any and all obligations for or on account of which any such Lien might exist. 

Section 3.4 Payment of Taxes and Charges. Except to the extent the subject of a Good Faith Contest, the Grantor will duly pay and discharge, or cause to be paid and
discharged, the Taxes and Charges before they are delinquent, and upon the Trustee’s request, the Grantor will furnish to the Trustee certificates showing that the Taxes and Charges have been paid when due, unless such Taxes and Charges shall
be contested in good faith by appropriate actions or legal proceedings and the Grantor shall establish adequate reserves therefor.

Section 3.5 Sale or Transfer of Trust Estate. The Grantor shall not sell, lease or transfer all or any part of the Trust Estate to any person or entity unless and
only to the extent permitted in the Promissory Note. 

Section 3.6 Payment of Obligations. The Grantor will duly and punctually pay all amounts due under the Obligations, at the dates and places and in the manner
provided in the Promissory Note, and all other sums becoming due hereunder. 

Section 3.7 Preservation of Franchises and Compliance with Laws. The Grantor will take or cause to be taken all such action as may from time to time be necessary to
obtain, preserve and renew all franchises, rights of way, easements, permits, and licenses now or hereafter granted or upon it conferred necessary to the operations of the Grantor on the Land, and will comply in all material respects with all laws,
ordinances, regulations, and requirements applicable to it or the Trust Estate, except to the extent failure to so comply could not reasonably be expected to result in a Material Adverse Effect. 

Section 3.08 Beneficiary’s Right to Expend Money to Protect Trust Estate. From time to time,

the Beneficiary may, in its sole discretion, but shall not be obligated to, advance funds on behalf of the Grantor, in order to ensure compliance with any covenant or agreement of the Grantor made in or pursuant to this Deed of
Trust, to preserve or protect any right or interest of the Beneficiary in the Trust Estate or under or pursuant to this Deed of Trust, including, without limitation, the payment of any insurance premiums or taxes and the satisfaction or discharge of
any judgment or any Lien upon the Trust Estate other than Permitted Encumbrances; provided, however, that the making of any such advance by the Beneficiary shall not constitute a waiver by the Beneficiary of any Event of Default with respect to
which such advance is made nor excuse the Grantor from any performance required hereunder. The Grantor shall pay to the Beneficiary upon demand all such advances made by the Beneficiary with interest thereon at a rate equal at all times to the
Default Interest Rate. All such advances and accrued interest shall be secured by this Deed of Trust.

Section 3.09 Further Assurances. Upon the request of the Beneficiary, the Grantor shall promptly do all acts and things, including the execution, acknowledgment and
delivery of such financing statements, instruments and documents as the Beneficiary may reasonably request, to enable the Beneficiary to perfect and maintain the Lien of this Deed of Trust and/or the Beneficiary’s rights and remedies hereunder.
The Grantor shall notify the Beneficiary promptly of (i) any change in its name and (ii) any change in its principal place of business or its chief executive office. In the event the Grantor fails to take any action required under this Section, .the
Beneficiary may take any such action and make, execute and record any such financing statements, instruments and documents for and in the name of the Grantor, and the Grantor hereby irrevocably appoints the Beneficiary as its attorney-in-fact to
take such actions, which appointment is coupled with an interest and irrevocable. 

Section 3.10 Condemnation, Etc. The Grantor agrees to notify the Beneficiary immediately upon learning of the institution of any proceeding for the condemnation of
all or any part of the Trust Estate. The Grantor agrees, at its expense, to file or defend its claim in that proceeding and to prosecute it with due diligence to a final disposition, and to cause any awards or settlements to be paid to the
Beneficiary. 

Section 3.11 Conflict with Deed of Trust Terms. This Deed of Trust shall, to the greatest extent possible, be construed as consistent with the provisions of the
Promissory Note. In the event of an irreconcilable conflict between the provisions of this Deed of Trust and the Promissory Note, the provisions of this Deed of Trust shall control. 

ARTICLE IV EVENTS OF DEFAULT AND REMEDIES OF THE BENEFICIARY 

Section 4.1 Events of Default. Each of the following shall be an “Event of Default”: 

(A) the default in the due observance or performance of any of the covenants, conditions or agreements on the part of the Grantor in this Deed of Trust, and such default shall continue for a period of fifteen (15) days after
written notice specifying such default and requiring the same to be remedied shall have been given to the Grantor by the Beneficiary; 

(B) any representation or warranty made by the Grantor herein, or in any certificate, instrument or document delivered hereunder, shall prove to be false or misleading in any material respect on 

	
or as of the date made; and

(C) an “Event of Default” shall have occurred and be continuing under the Promissory Note. 

Section 4.2 Remedies of the Beneficiary. If one or more Events of Default shall occur and be continuing, the Beneficiary (personally or by attorney), in its
discretion, may:

(A) take immediate possession of the Trust Estate, collect and receive all credits, outstanding accounts and bills receivable of the Grantor and the Rents and Profits, and all other rents, income, revenues, profits and proceeds
pertaining to or arising from the Trust Estate, or any part thereof, whether then past due or accruing thereafter, and issue binding receipts therefor, and manage, control and operate the Trust Estate as fully as the Grantor might do if in
possession thereof, including, without limitation, the making of all repairs or replacements reasonably deemed necessary or advisable; 

(B) proceed to protect and enforce the rights of the Grantor and the rights of the Beneficiary by suits or actions in equity or at law in any court or courts of competent jurisdiction, whether for specific performance of any
covenant or any agreement contained herein or in aid of the execution of any power herein granted or for the foreclosure hereof or hereunder or for the sale of the Trust Estate, or any part thereof, or to collect the Obligations or for the
enforcement of such other or additional appropriate legal or equitable remedies as may be deemed necessary or advisable to protect and enforce the rights and remedies herein granted or conferred, and in the event of the institution of any such
action or suit, the Beneficiary shall have the right to have appointed a receiver of the Trust Estate and of the Rents and Profits, and all other rents, income, revenues, profits and proceeds pertaining thereto or arising therefrom, whether then
past due or accruing after the appointment of such receiver, derived, received or had from the time of the commencement of such suit or action, and such receiver shall have all the usual powers and duties of receivers in like and similar cases, to
the fullest extent permitted by law, and if application shall be made for the appointment of a receiver, the Grantor hereby expressly consents that the court to which such application shall be made may make said appointment; and 

(C) request the Trustee to proceed with foreclosure and, in such event, the Trustee is hereby authorized and empowered to sell or cause to be sold all and singular the Trust Estate or any part thereof, and all right, title,
interest, claim and demand of the Grantor therein or thereto, as follows: 

(1) Notice of sale of all or part of the Trust Estate by the Trustee shall be given as provided by applicable law. In addition, the Beneficiary shall, at least twenty-one (21) days preceding the date of sale, serve written notice
of the proposed sale by certified mail on the Grantor and each debtor obligated to pay the Obligations secured hereby according to the Beneficiary’s records. Service of such notice shall be completed upon deposit of the notice, enclosed in a
postpaid wrapper, properly addressed to such debtor at the most recent address as shown by the records of the Beneficiary, in a post office or official depository under the care and custody of the United States Postal Service. The affidavit of any
person having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service. Any notice that is required or permitted to be given to the Grantor may be addressed to the Grantor at the
Grantor’s address in Section 6.3 hereof. Any notice that is to be given by certified mail to any 

other debtor may, if no address for such other debtor is shown by the records of the Beneficiary, be addressed to such other debtor at the address of the Grantor as is shown by the records of the Beneficiary. The Trustee or his
successor or substitute may appoint or delegate anyone or more persons as agent to perform any act or acts necessary or incident to any sale held by the Trustee, including the posting of notices and the conduct of sale, but in the name and on behalf
of the Trustee, his successor or substitute. If the Trustee or his successor or substitute shall have given notice of sale hereunder, any successor or substitute Trustee thereafter appointed may complete the sale and the conveyance of the property
pursuant thereto as if such notice had been given by the successor or substitute Trustee conducing the sale.

(2) All sales shall take place at such time and place designated by applicable law, after giving notice of the time, place and terms of said sale (including the earliest time at which such sale shall occur) and of the Trust Estate
to be sold in the manner hereinafter described. To the extent permitted by applicable law, any sale may be adjourned by announcement at the time and place appointed for such sale without further notice except as may be required by law. The Trustee
may sell all or any portion of the Trust Estate, together or in lots or parcels. In no event shall the Trustee be required to exhibit, present or display at any such sale any of the Trust Estate to be sold at such sale. The Beneficiary may bid and
become the purchaser of all or any part of the Trust Estate at any trustee’s or foreclosure sale hereunder, and the amount of the Beneficiary’s successful bid may be credited to the Obligations. In the event any sale hereunder is not
completed or is defective in the opinion of the Beneficiary, such sale shall not exhaust the power of sale hereunder and the Beneficiary shall have the right to cause a subsequent sale or sales to be made hereunder. 

(3) If there is an Event of Default on account of the nonpayment of any portion of the Obligations, and the Beneficiary elects not to accelerate the unpaid balance of the Obligations, the Beneficiary shall have the option to
proceed with foreclosure in satisfaction of such unpaid installment or other amount either through judicial proceedings or by directing the Trustee to proceed as if under a full foreclosure, conducting the sale as herein provided without declaring
the entire Obligations due. It is agreed that such sale, if so made, shall not in any manner affect the unmatured part of the Obligations, but as to such unmatured part this Deed of Trust shall remain in full force and effect as though no sale had
been made under the provisions of this Section. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the Obligations. 

 (4) The Trustee shall deliver to the purchaser a Trustee’s deed and such other bills of sale, assignments and documents of transfer and sale as the Trustee may deem necessary conveying the Trust Estate so sold in fee simple
with covenants of general warranty. The Grantor covenants and agrees to defend generally the purchaser’s title to the Trust Estate against all claims and demands, subject only to the Permitted Encumbrances. The Grantor hereby agrees, in its
behalf and in behalf of the Grantor’s heirs, executors, administrators, personal representatives, successors and assigns, that any and all recitals made in any deed of conveyance, bill of sale or other assignments given by the Trustee with
respect to the identity of the Beneficiary, the occurrence or existence of any default, the acceleration of the maturity of any of the Obligations, the request to sell, the notice of sale, the giving of notice to all debtors legally entitled
thereto, the time, place, terms and manner of sale, and receipt, distribution and application of the money realized therefrom, or the due and proper appointment of a substitute Trustee, and, without being

limited by the foregoing, with respect to any other act or thing having been duly done by the Beneficiary or by the Trustee hereunder, shall be taken by all courts of law and equity as prima facie evidence that the statements or
recitals state facts and are without further question to be so accepted, and the Grantor hereby ratifies and confirms every act that the Trustee or any substitute Trustee hereunder may lawfully do in the premises by virtue hereof. The purchaser at
any such sale may disaffirm any easement, restriction, preliminary plan, or subdivision plat granted or filed, or rental, lease or other contract made in violation of any provision of this Deed of Trust, and may take immediate possession of the
Trust Estate free from, and despite the terms of, such easement, restriction, plan, or plat, or rental, lease or other contract. 

(5) The Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including but not limited to, reasonable Trustee’s fees and attorney’s fees and costs of
title evidence; (b) to all sums secured by this Deed of Trust in such order as the Beneficiary, in the Beneficiary’s sole discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto. 

(6) If the Trust Estate is sold pursuant to Section 4.2(C)(2) hereof, the Grantor or any person holding possession of the Trust Estate through the Grantor shall immediately surrender possession of the Trust Estate to the purchaser
at such sale upon the purchaser’s written demand. If possession is not surrendered upon the purchaser’s written demand, the Grantor or such person shall be a tenant at sufferance and may be removed by writ of possession or by an action for
forcible entry and detainer. 

(7) The Beneficiary shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including but not limited to, attorneys’ fees and costs of documentary evidence, abstracts, and title reports.

Section 4.3 Application of Proceeds from Remedial Actions. Any proceeds or funds arising from the exercise of any rights or the enforcement of any remedies herein
provided after the payment or provision for the payment of any and all costs and expenses including without limitation charges for reasonable attorneys’ fees in connection with the exercise of such rights or the enforcement of such remedies
shall be applied to the Obligations in such order and manner as the Beneficiary shall elect in its sole discretion subject to applicable law and so long as not inconsistent with the provisions of the Promissory Note, and the balance, if any, shall
be paid to whomsoever else shall be entitled thereto. Any other provision herein notwithstanding, no credit shall be given upon the Obligations for any Rents and Profits, either before or after the Beneficiary obtains possession of the Trust Estate,
unless and until the Rents and Profits are actually received by the Beneficiary and are actually used and applied by the Beneficiary for that purpose.

Section 4.4 Remedies Cumulative; No Election. Every right or remedy herein conferred upon or reserved to the Beneficiary or the Trustee shall be cumulative and
shall be in addition to every other right and remedy given hereunder or now or hereafter existing at law, or in equity, or by statute. The pursuit of any right or remedy shall not be construed as an election.

Section 4.5 Waiver of Appraisement Rights. The Grantor, for itself and all who may claim through or under it, covenants that it will not at any time insist upon or
plead, or in any manner

whatever claim, or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption laws now or hereafter in force in any locality where any of the Trust Estate may be situated, in order to prevent,
delay or hinder the enforcement or foreclosure of this Deed of Trust, or the absolute sale of the Trust Estate, or any part thereof, or the final and absolute putting into possession thereof, immediately after such sale, of the purchaser or
purchasers thereat, and the Grantor, for itself and all who may claim through or under it, hereby waives the benefit of all such laws unless such waiver shall be forbidden by law. 

Section 4.6 Exercise by Trustee. Notwithstanding anything herein to the contrary, the Trustee (i) shall not exercise, or waive the exercise of, any of its rights or
remedies hereunder (other than its right to reimbursement) except upon the request of the Beneficiary, and (ii) shall exercise, or waive the exercise of, any or all of such rights or remedies upon the request of the Beneficiary and at the direction
of the Beneficiary as to the manner of such exercise or waiver, provided that the Trustee shall have the right to decline to follow any such request or direction if the Trustee shall be advised by counsel that the action or proceeding, or manner
thereof, so directed may not lawfully be taken or waived. 

Section 4.7 Waiver of Marshalling. Notwithstanding the existence of any other security interests in the Trust Estate held by the Beneficiary or by any other party,
the Beneficiary shall have the right to determine the order in which any or all portions of the Obligations are satisfied from the proceeds realized upon the exercise of the remedies provided in this Article IV. The Grantor, any party who consents
to this Deed of Trust, and any party who now or hereafter acquires a security interest in the Trust Estate and who has actual or constructive notice of this Deed of Trust and the Beneficiary’s rights and interests under this Deed of Trust,
hereby waive any and all right to require the marshalling of assets in connection with the exercise of any of the remedies permitted by applicable law or provided by this Deed of Trust. 

ARTICLE V POSSESSION UNTIL DEFAULT; SATISFACTION

Section 5.1 Possession Until Default. So long as no Event of Default shall have occurred and be continuing, the Grantor shall be permitted to retain actual
possession of the Trust Estate, and to manage, operate and use the same and any part thereof, with the rights and franchises appertaining thereto, including, without limitation, to collect, receive, take, use and enjoy the Rents and Profits and all
other rents, revenues, issues, earnings, income, products, profits and proceeds thereof or therefrom, subject to the provisions of this Deed of Trust. 

Section 5.2 Satisfaction. If the Grantor shall well and truly pay or cause to be paid the Obligations at the times and in the manner provided in the Promissory
Note, and shall also pay or cause to be paid all other sums payable by the Grantor hereunder, and shall keep and perform all covenants herein required to be kept and performed by it, then and in that case, the Trust Estate shall, upon the written
request of the Grantor, be wholly released and cleared of the Lien of this Deed of Trust, and in such case, at the Grantor’s cost and expense, the Beneficiary and the Trustee shall execute and deliver to the Grantor such instruments of release,
cancellation, satisfaction or reconveyance as shall be required by law in the circumstances, if any. Upon the repayment in full of all Obligations, the liens arising hereunder shall terminate and all rights to the Trust Estate shall revert to the
Grantor. Upon any such termination of the liens arising hereunder, the Trustee will, at the expense of the Grantor, execute and deliver to the Grantor

such documents as the Grantor shall reasonably request to evidence the termination and release of the lien of this Deed of Trust on the Trust Estate.

	
ARTICLE VI MISCELLANEOUS

Section 6.1 Deed of Trust to Bind and Benefit Successors and Assigns. Without in any way waiving the prohibitions of Section 3.5 hereof, all of the covenants,
stipulations, promises, undertakings and agreements herein contained by or on behalf of the Grantor shall bind its successors and assigns, whether so specified or not, and all titles, rights and remedies hereby granted to or conferred upon the
Trustee or the Beneficiary shall pass to and inure to the benefit of the successors and assigns of the Trustee or the Beneficiary, as the case may be. The Grantor hereby agrees to execute such consents, acknowledgments and other instruments as may
reasonably be requested by the Trustee in connection with the transfer to a successor trustee of the rights or interests of the Trustee hereunder. Upon the indefeasible payment in full of all Obligations, the liens arising hereunder shall terminate
and all rights to the Trust Estate shall revert to the Grantor. Upon any such termination of the liens arising hereunder, the Trustee will, at the expense of the Grantor, execute and deliver to the Grantor such documents as the Grantor shall
reasonably request to evidence the termination and release of such liens on the Trust Estate. 

Section 6.2 Headings. The descriptive headings of the various articles and sections of this Deed of Trust were formulated and inserted for convenience only and
shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

Section 6.3 Notices. All demands, notices, reports, approvals, designations or directions required or permitted to be given hereunder (i) shall be in writing and
addressed as set forth below and shall be personally delivered or sent by facsimile transmission, nationally recognized overnight courier service, or United States Mail, certified and return receipt requested, and (ii) shall be deemed to have been
given or made: (a) if delivered personally, immediately upon delivery, (b) if by facsimile transmission, immediately upon sending and upon confirmation of receipt, (c) if by nationally recognized overnight courier service with instructions to
deliver the next business day, one business day after sending, and (d) if by United States Mail, certified mail, return receipt requested, five days after mailing: 

	
As to the Grantor: 

Raser Power Systems, LLC

5152 N. Edgewood Dr., Suite 200

Provo, Utah 84604

Attention: General Counsel

As to the Trustee: 

	
As to the Beneficiary:

Evergreen Clean Energy, LLC

3rd Floor, Vintage Building No. 3

4626 North 300 West

Provo, Utah 84604

Telephone: 801-404-3943

Attention: Dean Rostrom and Mark Burdge

Any party may from time to time designate to each other party a new address to which demands, notices, reports, approvals, designations or directions may be addressed, and from and after any such designation, the address
designated shall be deemed to be the address of such party in lieu of the address given above. 

Section 6.4 Severability. The invalidity of anyone or more phrases, clauses, sentences, paragraphs or provisions of this Deed of Trust shall not affect the
remaining portions hereof. 

Section 6.5 Governing Law. The effect and meaning of this Deed of Trust, and the rights of all parties hereunder, shall be governed by, and construed according to,
the laws of the State in which the Trust Estate is located, except to the extent governed by federal law. 

Section 6.6 Indemnification by the Grantor of the Beneficiarv. THE GRANTOR AGREES TO INDEMNIFY AND SAVE HARMLESS THE BENEFICIARY AGAINST ANY LIABILITY OR DAMAGES
WHICH THE BENEFICIARY MAY INCUR OR SUSTAIN IN THE EXERCISE AND PERFORMANCE OF ITS RIGHTFUL POWERS AND DUTIES HEREUNDER, INCLUDING ANY LIABILITY OR DAMAGES ARISING FROM THE GRANTOR’S FAILURE TO COMPLY WITH ANY ENVIRONMENTAL LAW OR THE LIKE
APPLICABLE TO THE TRUST ESTATE OR ANY LIABILITY UNDER ANY LEASE, PROVIDED THAT THE GRANTOR SHALL HAVE NO OBLIGATION TO INDEMNIFY THE BENEFICIARY AGAINST ANY SUCH LIABILITY OR DAMAGES TO THE EXTENT THAT A COURT OF COMPETENT JURISDICTION RENDERS A
FINAL NON-APPEALABLE DETERMINATION THAT THEY ARE SOLELY THE RESULT OF THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF THE BENEFICIARY. FOR SUCH INDEMNITY, THE BENEFICIARY SHALL BE SECURED UNDER THIS DEED OF TRUST IN THE SAME MANNER AS THE OBLIGATIONS.
THE GRANTOR’S OBLIGATIONS UNDER THIS SECTION SHALL SURVIVE THE EXERCISE BY THE BENEFICIARY OF ITS RIGHTS AND REMEDIES HEREUNDER, ANY FORECLOSURE ON ALL OR ANY PART OF THE TRUST ESTATE AND THE RELEASE, CANCELLATION OR SATISFACTION OF THIS DEED
OF TRUST. 

	
Section 6.7 Trustee.

(A) Subject to applicable law, the Trustee may resign by an instrument in writing addressed to the Beneficiary, or the Trustee may be removed at any time with or without cause by an instrument in writing executed by the
Beneficiary. In case of the death, resignation, removal or disqualification of the Trustee or if for any reason the Beneficiary shall deem it desirable to appoint a substitute or successor Trustee, then the Beneficiary shall have the right and is
hereby

authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed by the Beneficiary, and the authority hereby conferred shall extend to
the appointment of other successor and substitute Trustees successively until the Obligations have been fully satisfied or until the Trust Estate is sold hereunder. Such appointment and designation by the Beneficiary shall be full evidence of the
right and authority to make the same and all facts therein recited. If the Trustee is a corporation, a national banking association or a federally chartered instrumentality of the United States and its appointment as Trustee is executed in its
behalf by an officer of such corporation or national banking association, or an authorized representative of such federally chartered instrumentality, such appointment shall be conclusively presumed to be executed with authority and shall be valid
and sufficient without proof of any action by the board of directors or any superior officer. Upon the making of such appointment and designation, all of the estate and title of the Trustee in the Trust Estate shall vest in the named successor or
substitute Trustee and it shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee; but nevertheless, upon the written request of the Beneficiary or of
the successor or substitute Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute Trustee all of the estate and title in the Trust Estate of the Trustee ceasing to act, together with
all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee, and shall duly assign, transfer and deliver any of the properties and moneys held by said Trustee hereunder to said successor or substitute Trustee. All
references herein shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder. Except as otherwise required by applicable law, the Trustee shall not
perform any act or omit to act hereunder unless, prior to such act or omission, the Beneficiary delivers to the Trustee direction to so act or omit to act. The Grantor hereby ratifies and confirms any and all acts which the Trustee herein named or
its successor or successors, substitute or substitutes, in this trust, shall do lawfully by virtue hereof. 

(B) The Trustee shall not be liable for any error of judgment or act done by the Trustee in good faith, or otherwise be responsible or accountable under any circumstances whatsoever, except for the Trustee’s gross negligence
or willful misconduct. The Trustee shall have the right to rely upon any instrument, document or signature authorizing or supporting any action taken or proposed to be taken by it hereunder, believed by it in good faith to be genuine. All moneys
received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other moneys (except to the extent required by law or by the
Beneficiary), and the Trustee shall be under no liability for interest on any moneys received by it hereunder. 

(C) THE GRANTOR HEREBY AGREES TO INDEMNIFY AND SAVE HARMLESS THE TRUSTEE FROM AND AGAINST ANY LIABILITY OR DAMAGES WHICH THE TRUSTEE MAY INCUR OR SUSTAIN IN THE EXERCISE AND PERFORMANCE OF ITS RIGHTS AND DUTIES HEREUNDER, UNLESS
INCURRED OR SUSTAINED AS A RESULT OF THE TRUSTEE’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

	
[SIGNATURE PAGE FOLLOWS]

EXECUTED AND DELIVERED effective as of the date first written above.

	
TRUSTOR:

	
RASER POWER SYSTEMS, LLC, a Delaware

limited liability company, as Trustor

	
By: /s/ Richard D. Clayton_______

Name: Richard D. Clayton

Title: Manager

	
THE STATE OF 
		
 		
) 
	
	
 
		
 		
: ss. 
	
	
COUNTY OF 
		
 		
) 
	

This instrument was acknowledged before me on this ____ day of 
_____________
, 2010, by 

_________________
, 
___________________
of RASER POWER SYSTEMS, LLC, a Delaware limited liability company, for and on behalf of said company.

_______________________________________
 Notary Public

	
Exhibit A—Trust Estate

[Description of Alvord Prospect (formerly the Borax Lake Prospect)]

	
Exhibit B

That certain Subordination, Nondisturbance and Attornment Agreement dated as of June 29, 2010 by and between Raser Power Systems, LLC and Rabo Agrifinance, Inc.DC9545.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
EXHIBIT 10.4

	
SECURITY AGREEMENT

     SECURITY AGREEMENT dated as of October 28, 2010 (as amended, supplemented, or otherwise modified from time to time, this “Agreement”) is entered into by and between Raser Power Systems, LLC, a Delaware limited liability company (the “Company”) and Evergreen Clean Energy, LLC, a Delaware limited liability company (the “Lender”). Company and Lender are sometimes hereinafter collectively referred to as “Parties” and individually
as a “Party”.

	
R E C I T A L S:

     The Company is a wholly-owned subsidiary of Raser Technologies, Inc. (“Raser” or “Borrower”), and the Lender has agreed to make loans to Raser pursuant to that certain
Letter Agreement of even date herewith among the Parties and Raser and under that certain Secured Promissory Note of even date herewith made by Borrower in favor of Lender (as amended or restated from time to time, the “Note”). The Borrower acknowledges this Agreement and agrees to cause the Company to enter into and comply with all of the Company’s obligations described herein.

     The Lender has requested and the Company has agreed to grant to the Lender a security interest in the Collateral to secure the Obligations (as hereinafter defined).

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

     1. Definitions. As used in this Agreement, the following terms have the respective meanings specified below, unless the
context requires otherwise:

“Collateral” shall have the meaning given thereto in Section 2 hereof. “Event of
Default” shall have the meaning given thereto in Section 6 hereof.

     “Governmental Authority” shall mean the government of the United States of America, any other nation or any
political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative
powers or functions of or pertaining to government.

     “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or other),
pledge, hypothecation, collateral assignment, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any
financing lease having substantially the same economic effect as any of the foregoing) relating to such asset, (c) the filing under the UCC or comparable law of any jurisdiction of any financing statement naming the owner of such asset as debtor,
and (d) any other preferential arrangement of any kind or nature whatsoever intended to assure payment of any indebtedness or other obligation.

     “Obligations” shall mean all obligations, liabilities, indebtedness and other amounts of every nature owing
from time to time by the Company to the Lender under the Note (including all interest which accrues after the commencement of any case or proceeding in bankruptcy after the insolvency of, or for the reorganization of the Company, whether or not
allowed or allowable in such case or proceeding).

     “Person” shall mean any individual, partnership, joint venture, firm, corporation, association, limited
liability company, trust or other enterprise or any Governmental Authority.

“UCC” means the Uniform Commercial Code as in effect from time to time in any applicable

	
jurisdiction.

     2. Grant of Security Interest. As collateral security for the punctual payment and performance of all Obligations when
due, the Company hereby pledges, assigns, and grants to the Lender a first priority security interest in, and lien on, all of the Company’s right, title, and interest in and to the following property, regardless of where located (collectively,
for purposes of this Agreement, the “Collateral”): (i) the property identified on Schedule A
hereto, together with any and all parts, additions, and replacements made to such property, and (ii) all proceeds, profits, rents, royalties or other benefits appertaining to of any of the foregoing.

     3. Representations and Warranties. The Company represents and warrants to the Lender that: (a) as of the date hereof,
the information regarding the Company set forth on Schedule B hereto is true, correct, and complete, (b) the Company has all necessary right, power, and authority to grant to
the Lender a security interest in the Collateral and has taken all necessary action to authorize the Company’s execution, delivery, and performance of this Agreement, including all necessary actions by partners, members, or managers, as the
case may be, (c) the Company is, and at all times will continue to be, the legal and beneficial owner of the Collateral, (d) except for the security interest granted to the Lender hereunder, the Company owns the Collateral free and clear of any Lien
and all Collateral has been duly and validly pledged hereunder, and (e) there are no filings or recordations against the Collateral that grant or purport to grant a Lien in any Collateral to any other Person. 

     4. Covenants. The Company covenants and agrees with the Lender that: (a) the Company will (i) be solely responsible for
all matters relating to the Collateral, (ii) not, and will not purport to, grant or suffer Liens against, or sell, transfer or dispose of any Collateral, (iii) from time to time take all actions and make all filings, registrations, and recordations
reasonably requested by the Lender in order to perfect or maintain the priority of the Lender’s security interest in the Collateral, including, without limitation, filing UCC financing statements, with the Secretary of State of the State of
Delaware and of each other jurisdiction reasonably requested by Lender, and (iv) hold in trust for the Lender in the form received (except for any necessary endorsements) all property, proceeds, or distributions received by the Company on account of
any Collateral, (b) at any time and from time to time, after the occurrence and during the continuance of any Event of Default, the Lender may transfer all or any part of the Collateral to the Lender’s name or that of its nominee, and exercise
all rights as if the absolute owner thereof, and file a proof of claim for, receive payments or distributions on, and exchange or release Collateral in any bankruptcy, insolvency or similar proceeding, (c) the Lender is authorized to file UCC
financing statements and/or a copy of this Agreement and give notice to third parties regarding the Collateral without the Company’s signature to the extent permitted by applicable law, (d) the Company will not change its name, type of
organization, address, or legal domicile without providing written notice to the Lender within 30 days following such change, and (e) the Lender may rely upon any written (including telecopy), telephonic, or oral communication in good faith believed
by the Lender to have been authorized by the Company.

     5.  No Discharge of the Company.  The Company hereby irrevocably, unconditionally and expressly waives, to the fullest
extent permitted by applicable law, all defenses, counterclaims, rights of setoff, any requirement that the Lender first proceed against any guarantor or any other security, all requirements for notice of any kind, demand, protest, presentment,
notice of non-payment, default or dishonor of any Obligation, notice of acceptance hereof, marshalling of assets and the like, including, without limitation, any right to notice or judicial hearing in connection with the Lender’s taking
possession

2

of, or disposition of, any Collateral, any notice of any sale, transfer or other disposition by the Lender of any Obligation, and all damages occasioned by any of the foregoing. No invalidity or unenforceability of any
Obligations shall affect, impair or be a defense to any of the Company’s obligations or agreements or any of the Lender’s rights or remedies hereunder.  To the fullest extent permitted by law, the Company also waives any and all rights or
defenses arising by reason of any law that in any other way would otherwise require any election of remedies by the Lender.

     6. Events of Default. Each of the following events or conditions is an “Event
of Default”: (a) any representation or warranty made by the Company or the Borrower under or in connection with the Note or this Agreement shall have been incorrect in any material respect when made or
deemed made, (b) the Company or the Borrower shall fail, in any material respect, to perform or comply with any covenant or agreement contained in the Note or this Agreement required to be performed or observed by it, including, without limitation,
payment in full of all Obligations under the Note on the Maturity Date, (c) the Company or the Borrower (i) shall institute any proceeding or voluntary case seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution, liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian or other similar official for the Company or the Borrower or for any substantial part of its or their property, (ii) shall be generally not paying its debts as such debts become due or shall admit in
writing its inability to pay its debts generally, (iii) shall make a general assignment for the benefit of creditors, or (iv) shall take any action to authorize or effect any of the actions set forth above in this subsection (c), (d) any proceeding
shall be instituted against the Company or the Borrower seeking to adjudicate it as bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief of debtors, or seeking the entry
of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for the Company or the Borrower or for any substantial part of its property, and either such proceeding shall remain undismissed or unstayed for a
period of 30 days or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against the Company or the Borrower or the appointment of a receiver, trustee, custodian or other similar official for
it or for any substantial part of its property) shall occur, (e) any Lien or security interest created by this Agreement shall, for any reason, cease to be valid, or any action is commenced by the Company or the Borrower which contests the validity,
perfection or enforceability of any of the Lien and security interest of the Lender created by this Agreement, or (f) this Agreement shall for any reason fail or cease to create a valid and perfected and, except to the extent permitted by the terms
hereof or thereof, first priority Lien in favor of the Lender on any Collateral purported to be covered thereby.

     7.  Remedies.  Upon the occurrence, and during the continuation, of any Event of Default, the Lender shall have the
right to take possession of, and sell, redeem, assign, liquidate, transfer and deliver all or any part of the Collateral, at any brokers’ board or exchange, or at public or private sale or otherwise, at the option of the Lender, for cash or on
credit for future delivery, in such parcel or parcels and at such times and places, and upon such terms and conditions as the Lender may deem proper, and in connection therewith may grant options and impose reasonable conditions, all without (except
as same are required by applicable law and cannot be waived or are expressly required herein) advertisement or demand upon or notice to the Company or any other person entitled to notice or right of stay, extension, moratorium, appraisal or
redemption of the Company, all of which are hereby expressly waived to the fullest extent permitted by applicable law; upon each such sale, the Lender, to the extent permitted by law, may purchase all or any of the Collateral, free and clear of all
claims, rights of redemption and equities of the Company; and the Lender shall have all of the rights and remedies of a secured party under the UCC and any other applicable law.  Notwithstanding any other provisions of this Agreement to the
contrary, any sale or disposition of the Collateral by Lender shall be conducted in a commercially reasonable manner. Without limiting the generality of the foregoing, Lender shall (i) advertise at least three times the sale of such Collateral 45 or
more days in advance of the sale in publications that specialize in power generation

3

equipment; (ii) utilize a professional auctioneer with prior experience in the sale of technical equipment who has contacts in the power industry; and (iii) prepare such Collateral for sale in a reasonable manner.

     8. Sales of Collateral. To the extent required by applicable law that cannot be waived, the Lender will give the Company
notice of the time and place of any public sale or of the time after which any private sale or other disposition of Collateral is to be made, by sending notice at least 20 days before the time of sale or disposition, which the Company agrees is
reasonable. The Lender shall comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and such compliance will not be considered adversely to affect the commercial reasonableness of any sale of
the Collateral. The Lender may convert any proceeds in foreign currency to U.S. dollars at the average of the buying spot rates of exchange for freely transferable U.S. dollars in effect at the lending office selected by the Lender as at the close
of business on the date of payment of the sales price for such Collateral. After deducting its actual costs and expenses from the proceeds of sale, the Lender may apply any residue to pay the Obligations in such order as it elects.

     9. Attorney-in-fact. The Company hereby irrevocably designates and appoints each of the Lender and any designee or agent
(each an “Attorney”) as attorney-in-fact of the Company, with full power of substitution, each with authority acting alone, following the occurrence and during the
continuance of any Event of Default, to execute assignments and other instruments of conveyance, and do all other acts and things necessary and advisable in the sole discretion of Attorney to carry out and enforce Lender’s rights in and to the
Collateral under this Agreement. All acts of each Attorney are hereby ratified and approved and no Attorney shall be liable for any acts of commission or omission or for errors of judgment or mistake of fact or law. This power of attorney is
irrevocable and coupled with an interest.

     10.  Severability.  In the event and to the extent that any provision of this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions, or of such provision in any other jurisdiction, shall not in any way be affected or impaired thereby.

     11. Waivers. No failure or delay by the Lender in exercising any right or remedy and no course of dealing between the
Lender and the Company shall operate as a waiver thereof, nor shall any single or partial exercise of any right preclude any other or future exercise thereof. All rights and remedies of the Lender shall be cumulative and may be exercised singly or
concurrently. No notice to or demand on the Company shall entitle the Company to any other or further notice or demand, or constitute a waiver of the Lender’s rights.

     12.  Amendment; Successors and Assigns.  This Agreement may not be assigned, modified, changed, waived or discharged,
except by a writing signed by the parties hereto; provided, that Lender may assign this Agreement and its rights hereunder to any affiliate of Lender without the consent of the Company and may assign such to a third party with the prior written
consent of the Borrower, which consent will not be unreasonably withheld. Any waiver of any provision of this Agreement or any consent to any departure by the Company therefrom shall be effective only in the specific instance and for the specific
purpose for which given. This Agreement shall be and remain the independent obligation of the Company, shall inure to the benefit of and be enforceable by the Lender and its successors and permitted transferees and assigns, and shall be binding upon
the Company and the Company’s successors.  This Agreement shall terminate upon final payment in full in cash to the Lender of all of the Obligations, and shall continue to be effective or shall be reinstated, as the case may be, if at any time
payment of or on account of any of the Obligations is rescinded or must otherwise be restored or returned by the Lender upon the insolvency, bankruptcy or reorganization of the Company or any other person or otherwise, all as though such payment had
not been made.

4

     13. Notices. Any notice, request, instruction or other document to be given hereunder by any party hereto to another
party shall be in writing and shall be deemed effective (i) upon personal delivery, if delivered by hand, or (ii) three days after the date of deposit in the mails, postage prepaid if mailed by certified or registered mail, or (iii) on the next
business day, if sent by prepaid overnight courier service, addressed as follows:

	 	
Addresses for Notice:

	
Company:

Raser Power Systems, LLC

c/o Raser Technologies, Inc.

5152 N. Edgewood Drive, Suite 200

Provo, Utah 84604

Telephone: 801-765-1200

Attention: Nick Goodman

Borrower:

Raser Technologies, Inc.

5152 N. Edgewood Drive, Suite 200

Provo, Utah 84604

Telephone: 801-765-1200

Attention: Nick Goodman

Lender:

Evergreen Clean Energy, LLC

3rd Floor, Vintage Building No. 3

4626 North 300 West

Provo, Utah 84604

Telephone: 801-404-3943

Attention: Dean Rostrom and Mark Burdge

Either party may change the address to which notices are to be sent by giving notice of such change of address to the other party in the manner herein provided for giving notice.

     14. Counterparts. This Agreement may be executed in any number of counterparts on separate counterparts, each of which
shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by any electronic means that reproduces an image of the actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Agreement.

     15. GOVERNING LAW AND JURISDICTION. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF UTAH (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT
IN THE COURTS OF THE STATE OF UTAH OR OF THE UNITED STATES FOR THE DISTRICT OF UTAH, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE COMPANY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS.  THE COMPANY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER THE COMPANY,

5

AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER THE COMPANY. THE COMPANY
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS ADDRESS SET
FORTH ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.  THE COMPANY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING
COMMENCED HEREUNDER THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE LENDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
AGAINST THE COMPANY IN ANY OTHER JURISDICTION.

	
(Signature page to follow)

6

     IN WITNESS WHEREOF, the parties have executed and delivered this Security Agreement as of the day and year first above written.

	
RASER POWER SYSTEMS, LLC

	
By: /s/ Richard D. Clayton

Name: Richard D. Clayton

Title: Manager

	
EVERGREEN CLEAN ENERGY, LLC

	
By: /s/ Dean Rostrom

Name: Dean Rostrom

Title:Principal

	
ACKNOWLEDGED AND AGREED:

RASER TECHNOLOGIES, INC.

	
By: /s/ Nicholas Goodman

Name: Nicholas Goodman

Title: CEO

	
Schedule A
	
	
Collateral
	
	

	
	
 
	
	
 
	
	
    Equipment Type 
		
 		
                                              Description 
		
 		
                Serial Number 
	
	

		
		

		
		

	
	
Transformer 
		
 		
ABB 12000/16000/20000/22400 KVA 
		
 		
HC28872-001 
	
	
 
		
 		
Mineral Oil Field Substation Transformer 
		
 		
 
	
	
 
		
 		
69000 delta 
		
 		
 
	
	

		
		

		
		

	
	
 
	
	
*Original purchase price $542,900 
		
 		
 
	

8

	
Schedule B 
		
 		
 
	
	
 
		
 		
Company’s Information 
	
	
 
	
	
 
	
	
Type of Organization: 
		
 		
                                                    a limited
liability company 
	
	
 
	
	
 
	
	
Chief Executive Office: 
		
 		
                                                    5152 N.
Edgewood Drive, Suite 200 
	
	
 
		
 		
                                                    Provo, UT
84604 
	
	
 
		
 		
                                                    Telephone
No.: 801 765-1200 
	
	
 
		
 		
                                                    Telecopy No.:
[
___________
] 
	
	
 
		
 		
                                                    Attention:
Nick Goodman 
	
	
 
	
	
 
	
	
Jurisdiction of Organization: 
		
 		
                                                    Delaware 
	
	
 
	
	
 
	
	
Taxpayer Id. No.: 
		
 		
 
	
	
Organization Id. No.: 
		
 		
 
	
	
 
	
	
 
		
 		
*** 
	

9

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