Document:

exv10w7w1

    EXHIBIT 10.7.1

 

    LIST OF
    INDEMNITEES

 

    Each of the individuals identified below is party to an
    indemnification agreement with TranS1 Inc. in the form included
    as Exhibit 10.7 to TranS1’s Annual Report on
    Form 10-K
    for the fiscal year ended December 31, 2010:

 

    Kenneth Reali
    

    Joseph Slattery

    Michael Carusi

    Mitchell Dann

    Paul LaViolette

    Jonathan Osgood

    Richard Randall

    James Shapiro

    David Simpson

    Stephen Ainsworth

    Rick Feiler

    Dwayne Montgomery

    

    65exv10w1

Exhibit 10.1

Confidential

Share Purchase Agreement

by and between

the Shareholders of The Switch Engineering Oy

and

American Superconductor Corporation

concerning

The Switch Engineering Oy

12.3.2011

 

 

Contents

	 	 	 	 	 

	1 Definitions
	 	 	1	 
	2 Ownership and Corporate Structure of the Company
	 	 	7	 
	2.1 Ownership
	 	 	7	 
	2.2 Corporate Structure
	 	 	7	 
	3 Object of the Agreement
	 	 	8	 
	4 Purchase Price
	 	 	8	 
	4.1 Purchase Price
	 	 	8	 
	4.2 Payment of Purchase Price
	 	 	8	 
	4.3 Allocation of Purchase Price
	 	 	9	 
	4.4 Escrow Arrangement
	 	 	10	 
	5 Transfer of Title and Assignment
	 	 	10	 
	6 Closing
	 	 	11	 
	6.1 Closing
	 	 	11	 
	6.2 Sellers’ Conditions Precedent
	 	 	11	 
	6.3 Purchaser’s Conditions Precedent
	 	 	11	 
	6.4 Deliveries at Closing
	 	 	12	 
	6.5 Extraordinary General Meetings
	 	 	13	 
	6.6 Reasonable Efforts to Close
	 	 	13	 
	7 Representations and Warranties of Sellers
	 	 	14	 
	7.1 Ownership of Shares and Authority of Sellers
	 	 	14	 
	7.2 Existence
	 	 	15	 
	7.3 The Audited Annual Accounts
	 	 	15	 
	7.4 Corporate Records and Documentation
	 	 	15	 
	7.5 Assets
	 	 	16	 
	7.6 Leases
	 	 	16	 
	7.7 Governmental Authorizations
	 	 	16	 
	7.8 Claims and Litigation
	 	 	16	 
	7.9 Taxes
	 	 	16	 
	7.10 Intellectual Property Rights
	 	 	18	 
	7.11 Employment and Pensions
	 	 	19	 
	7.12 Environmental Matters
	 	 	19	 
	7.13 Material Contracts
	 	 	20	 
	7.14 Suppliers and Customers
	 	 	21	 
	7.15 Ordinary Course of Business
	 	 	21	 
	7.16 Insurance
	 	 	22	 
	7.17 Product Liability and Warranty Claims
	 	 	22	 
	7.18 Dividends
	 	 	22	 
	7.19 Subsidiaries
	 	 	22	 
	7.20 Compliance with Laws; Anti-Bribery Laws
	 	 	23	 
	7.21 Affiliate Transactions
	 	 	23	 
	7.22 No Other Warranties
	 	 	23	 
	7.23 Disclosure
	 	 	24	 
	8 Representations and Warranties of Purchaser
	 	 	24	 
	8.1 Existence
	 	 	24	 
	8.2 Power and Authority of Purchaser
	 	 	24	 
	8.3 Financing
	 	 	24	 
	8.4 Issuance of Shares
	 	 	24	 
	8.5 No Basis for Claims
	 	 	24	 
	9 Indemnity
	 	 	25	 
	9.1 Indemnity of Purchaser
	 	 	25	 

 

 

	 	 	 	 	 

	9.2 Limitation of Sellers’ Liability
	 	 	25	 
	9.2.1 Monetary Limitations
	 	 	25	 
	9.2.2 Time Limitations
	 	 	26	 
	9.2.3 Mitigation and Compensation from Third Parties
	 	 	26	 
	9.2.4 Other limitations
	 	 	27	 
	9.3 Joint and Several Liability
	 	 	27	 
	9.4 Third Party Claim
	 	 	28	 
	9.5 Indemnity of Sellers
	 	 	28	 
	10 Confidentiality
	 	 	29	 
	11 Covenants
	 	 	29	 
	11.1 Release from Liability of the Directors of the Group Companies
	 	 	29	 
	11.2 Non-Competition
	 	 	29	 
	11.3 Non-Solicitation
	 	 	30	 
	11.4 Ordinary Course of Business
	 	 	30	 
	11.5 Obligation to Inform
	 	 	31	 
	11.6 Access to Information
	 	 	32	 
	11.7 U.S. GAAP Financial Statements
	 	 	32	 
	11.8 Ordinary Course of Business of Purchaser
	 	 	32	 
	12 Miscellaneous
	 	 	33	 
	12.1 Notices and Sellers’ Representatives
	 	 	33	 
	12.2 Appendices Incorporated
	 	 	34	 
	12.3 Headings
	 	 	34	 
	12.4 Assignment
	 	 	35	 
	12.5 Entire Agreement
	 	 	35	 
	12.6 Transfer Tax
	 	 	35	 
	12.7 Costs
	 	 	35	 
	12.8 Governing Law
	 	 	35	 
	12.9 Arbitration
	 	 	35	 
	12.10 Amendments
	 	 	35	 
	12.11 Provisions Severable
	 	 	36	 
	12.12 Counterparts of Agreement
	 	 	36	 

 

 

List of appendices

	 	 	 

	Appendix A

	 	Company’s Shareholders’ Register
	Appendix 1.5

	 	Audited Annual Accounts
	Appendix 1.18

	 	Disclosure Material
	Appendix 1.19

	 	Disclosure Letter
	Appendix 1.24

	 	Escrow Agreement
	Appendix 1.35

	 	Material Contracts
	Appendix 1.46

	 	Registered IP
	Appendix 1.52

	 	Stockholders Agreement
	Appendix 1.62

	 	Warrantors
	Appendix 2.1

	 	Form of Accession Letter
	Appendix 4.2

	 	Payment and Allocation of Purchase Price
	Appendix 5

	 	Share Transfer Form
	Appendix 7.1

	 	Shares of Subsidiaries owned by the Company
	Appendix 7.4

	 	Corporate Records and Documentation
	Appendix 7.6

	 	Business Premises
	Appendix 7.8

	 	Claims and Litigation
	Appendix 7.9

	 	Taxes
	Appendix 7.10 (a)

	 	Intellectual Property Rights
	Appendix 7.10 (b)

	 	Licenses In and Licenses Out
	Appendix 7.11 (a)

	 	Deferred Compensations
	Appendix 7.11 (b)

	 	Labour Claims
	Appendix 7.14

	 	Suppliers and Customers
	Appendix 7.15

	 	Government Loans
	Appendix 7.16

	 	Insurances
	Appendix 7.21

	 	Affiliate Transactions
	Appendix 11.2

	 	Certain Sellers Bound by Non-Competition Obligation
	Appendix B

	 	Sellers Represented by Sellers’ Representatives

 

1

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT is entered into on this 12th day of March,
2011, by and between

private
persons, corporations and private equity funds listed in Appendix A (“Sellers”)

and

American Superconductor Corporation, a corporation incorporated and existing under the
laws of Delaware, United States, having its principal place of business at 64 Jackson
Road Devens, MA 01434, United States (“Purchaser”).

(Each also referred to as “Party” or together as “Parties”)

PREAMBLE

A. Sellers own one hundred per cent (100%) of the issued and outstanding shares in The
Switch Engineering Corporation (Business Identity Code 2046716-9), a limited liability
company incorporated and existing under the laws of Finland, having its registered
domicile in Vaasa, Finland, and being engaged in the business of megawatt-class
permanent magnet generator and full-power converter packages for wind power and other
new energy applications (“Company”); and

B. Purchaser is willing to acquire all of the issued and outstanding shares in the
Company and Sellers are willing to sell and transfer such shares to Purchaser upon the
terms and subject to the conditions set forth below.

NOW THEREFORE, the Parties agree as follows:

1 Definitions

As used in this Agreement, the following terms shall have the meanings defined
below. The singular (where appropriate) shall include the plural and vice versa and
references to Appendices and Sections shall mean appendices and sections of this
Agreement:

	 	 	 	 	 	 	 	 	 
	 	 	 	1.1	 	 	“Accounting Principles”
	 	means (i) in case of audited consolidated statutory financial
statements of the Group Companies, the International
Financial Reporting Standards (IFRS), (ii) in case of audited
parent company statutory financial statements of the Company,
the generally accepted accounting principles in Finland and
(iii) in case of audited statutory financial statements of
the Subsidiaries, the generally accepted accounting
principles in the respective jurisdictions of the
Subsidiaries, in each case as consistently applied by the
Company and the Subsidiaries.

 

2

	 	 	 	 	 	 	 	 	 
	 	 	 	1.2	 	 	“Affiliate”
	 	of any Person shall mean any Person directly or indirectly
controlling, controlled by, or under common control with,
such Person; provided, that, for the purposes of this
definition, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”),
as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such
Person, whether through the ownership of voting securities,
by contract or otherwise.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.3	 	 	“Agreement”
	 	means this Share Purchase Agreement and the appendices hereto.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.4	 	 	Anti-Bribery Laws
	 	shall have the meaning set forth in Section 7.20 (b).

	 	 	 	 	 	 	 	 	 

	 	 	 	1.5	 	 	“Audited Annual
Accounts”
	 	means (i) the audited consolidated statutory financial
statements (and the notes thereto) of the Group Companies,
(ii) the audited parent company statutory financial
statements (and the notes thereto) of the Company and (iii)
the audited statutory financial statements (and the notes
thereto) of each of the Subsidiaries, in each case as of the
Balance Sheet Date and together with the auditor’s statutory
reports, as set forth in Appendix 1.5.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.6	 	 	“Balance Sheet Date”
	 	means 31 December 2010.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.7	 	 	“Board”
	 	means the current board of directors of the Company.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.8	 	 	“Business Day”
	 	means a day on which banks are open for business in Finland
and the United States (excluding Saturdays, Sundays and
public holidays).

	 	 	 	 	 	 	 	 	 

	 	 	 	1.9	 	 	“Business Information”
	 	means material financial, commercial and technical
information, including drawings, specifications,
manufacturing data, quality assurance and test and evaluation
procedures and records, research and development results and
reports, marketing studies, and all other information used by
and material for a Group Company in the course of its
business.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.10	 	 	“Business IP”
	 	means Intellectual Property Rights used or held for use by
any Group Company for the purposes of its business.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.11	 	 	“Claim”
	 	means any claim made by Purchaser in accordance with this
Agreement against Sellers or any of them in respect of any
breach of this Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.12	 	 	“Closing”
	 	means the consummation of the transactions contemplated in
this Agreement as described in Section 6 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.13	 	 	“Closing Date”
	 	shall have the meaning set forth in Section 6.1.

 

3

	 	 	 	 	 	 	 	 	 
	 	 	 	1.14	 	 	“Company”
	 	shall have the meaning set forth in the Preamble, Section A.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.15	 	 	“Confidential
Information”
	 	means any and all non-public information of any kind or
nature whatsoever, whether written or oral, including,
without limitation, financial information, trade secrets,
client lists and other proprietary business information
regarding Seller(s), the Group Companies or Purchaser, which
information is not publicly known or known to persons
unaffiliated with Seller(s), or the Company and/or Purchaser,
as the case may be.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.16	 	 	“Definitive Agreements”
	 	means the following agreements: this Agreement, the
Employment Contracts of the Directors, the Stockholders
Agreement and the Escrow Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.17	 	 	“Directors”
	 	means each of Dag Sandås, Jukka-Pekka Mäkinen, Pertti
Kurttila, Reijo Takala, Jari Kemppi, Jukka Rantanen and
Anders Troedson.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.18	 	 	“Disclosure Material”
	 	means all the documents contained in the data room and other
written information and answers to questions presented by
Purchaser and its advisors in connection with the due
diligence review, in each case as contained in the data room
or submitted to Purchaser no later than three (3) Business
Days prior to the Signing and listed in Appendix 1.18.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.19	 	 	“Disclosure Letter”
	 	means the Disclosure Letter issued by Sellers no later than
three (3) Business Days prior to the Signing as set forth in
Appendix 1.19.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.20	 	 	“Employee Benefit
Plans”
	 	means each employee benefit plan and pension, retirement,
early retirement, bonus or unemployment agreement, fund,
commitment or similar arrangement maintained by the Group
Companies or to which any of the Group Companies contributes
(or has any obligation to contribute) with respect to any of
its current or former employees.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.21	 	 	“Employment Contracts”
	 	means the new employment contracts of the Directors executed
simultaneously with this Agreement and taking effect as at
the Closing.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.22	 	 	“Escrow Account”
	 	shall have the meaning set forth in Escrow Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.23	 	 	“Escrow Agent”
	 	means Skandinaviska Enskilda Banken AB (publ).

	 	 	 	 	 	 	 	 	 

	 	 	 	1.24	 	 	“Escrow Agreement”
	 	means the escrow agreement as set forth in Appendix 1.24 to
be executed at the Closing.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.25	 	 	“Escrow Payment”
	 	means ten per cent (10%) of the Purchase Price as defined in
Section 4.2 below, which shall be withheld and placed into
escrow as security to pay for any Claims or part of such
Claims.

 

4

	 	 	 	 	 	 	 	 	 
	 	 	 	1.26	 	 	“Governmental Entity”
	 	shall mean any domestic or foreign court, arbitral tribunal,
administrative agency or commission or other governmental or
regulatory agency or authority or any securities exchange.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.27	 	 	“Group Company”
	 	means the Company or any of its Subsidiaries.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.28	 	 	“Hardware”
	 	means computer, telecommunications and network equipment
(including computer peripherals) and all associated user,
maintenance and other documentation.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.29	 	 	“Intellectual Property
Rights”
	 	means patents, trademarks, copyrights and registered designs
and applications for any of the same in any part of the
world, trade and business names, design rights, database
rights, rights in inventions, domain names, trade secrets and
Confidential Information, rights under licenses and other
proprietary rights of a similar nature in any part of the
world.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.30	 	 	“Licenses In”
	 	shall have the meaning set forth in Section 7.10 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.31	 	 	“Licenses Out”
	 	shall have the meaning set forth in Section 7.10 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.32	 	 	“Long-Stop Date”
	 	shall have the meaning set forth in Section 6.6 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.33	 	 	“Loss”
	 	shall have the meaning set forth in Section 9.1 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.34	 	 	“Material Adverse
Effect”
	 	means any material adverse change in or effect on the assets
or financial condition or business, prospects or operations
of the Company or the Subsidiaries, taken as a whole,
excluding however any change or effect arising out of general
economic or general market conditions which do not
disproportionately impact the Company or the Subsidiaries
relative to other companies in the industry in which the
Company and the Subsidiaries operate.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.35	 	 	“Material Contracts”
	 	means existing contracts of the Company listed in Appendix
1.35.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.36	 	 	“Minor Sellers”
	 	Means Sellers owning 550 Shares or less as listed in Appendix
4.2.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.37	 	 	“Non-Accredited
Investor”
	 	shall mean a Person investor who does not meet the
requirements to be an “accredited investor,” as that term is
defined in Rule 501 of Regulation D under the U.S. Securities
Act of 1933, as amended by the Dodd-Frank Wall Street Reform
and Consumer Protection Act.

 

5

	 	 	 	 	 	 	 	 	 
	 	 	 	1.38	 	 	“Non-Sophisticated
Investor”
	 	shall mean a Person who, alone or together with such Person’s
Purchaser Representative, does not have such knowledge,
sophistication and experience in business and financial
matters that it is capable of evaluating the merits and risks
of the transactions contemplated by the Stockholders’
Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.39	 	 	“Payment”
	 	shall have the meaning set forth in Section 4.2 (i) below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.40	 	 	“Person”
	 	shall mean and include an individual, a partnership, a
limited liability partnership, a joint venture, a
corporation, a limited liability company, a trust, an
unincorporated organization, a group and a Governmental
Entity

	 	 	 	 	 	 	 	 	 

	 	 	 	1.41	 	 	“Pre-Closing Period”
	 	shall mean all taxable years or other taxable periods that
end on or before the Closing Date and, with respect to any
taxable year or other taxable period beginning on or before
and ending after the Closing Date, the portion of such
taxable year or period ending on and including the Closing
Date.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.42	 	 	“Purchase Price”
	 	shall have the meaning set forth in Section 4.1 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.43	 	 	“Purchaser”
	 	shall have the meaning set forth in the introductory
paragraph above.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.44	 	 	“Purchaser Common
Stock”
	 	shall mean shares in common stock of Purchaser to be issued
to Sellers (other than Minor Sellers) pursuant to Section
4.2.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.45	 	 	“Purchaser
Representative”
	 	shall have the meaning set forth in Rule 501 of Regulation D
under the U.S. Securities Act of 1933, as amended.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.46	 	 	“Registered IP”
	 	means registered patents, registered trademarks, registered
designs and registered copyrights and registered domain names
and applications for any of the same in any part of the world
owned by any Group Company, including that listed in Appendix
1.46.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.47	 	 	“Release Date”
	 	shall have the meaning set forth in Section 4.4 below and in
the Escrow Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.48	 	 	“Returns”
	 	shall have the meaning set forth in Section 7.9 (a).

	 	 	 	 	 	 	 	 	 

	 	 	 	1.49	 	 	“Sellers”
	 	means persons, corporations and private equity funds together
as set forth in Appendix A.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.50	 	 	“Sellers’ Knowledge”
	 	means the actual knowledge of the members of the Board and
the Directors, as a collective, after due and diligent review
of the relevant Warranties and the subject matter thereof.

 

6

	 	 	 	 	 	 	 	 	 
	 	 	 	1.51	 	 	“Sellers’
Representatives”
	 	shall have the meaning set forth in Section 12.1.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.52	 	 	“Stockholders
Agreement”
	 	means the Stockholders Agreement as set forth in Appendix
1.52 hereto executed simultaneously with this Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.53	 	 	“Shareholders’
Agreement”
	 	means the shareholders’ agreement by and among Sellers dated
31 October 2006.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.54	 	 	“Shares”
	 	means one hundred per cent (100%) of the issued and
outstanding shares in the Company, each such share with a
nominal value of one euro (1.00 EUR), held by the
shareholders of the Company as set forth in Appendix A. For
the sake of clarity, shares redeemed by the Company prior to
Closing pursuant to Section 2.1 and held as treasury shares
by the Company at Closing are not included in the definition
of the Shares.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.55	 	 	“Signing”
	 	means the signing of this Agreement on the date hereof.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.56	 	 	“Signing Date”
	 	means the date of this Agreement.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.57	 	 	“Software”
	 	means computer programs in both source and object code form,
including all modules, routines and sub-routines thereof and
all related source and other preparatory materials, including
user requirements and functional specifications, algorithms,
software tools and manuals and other documentation relating
thereto.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.58	 	 	“Subsidiaries”
	 	means the subsidiaries of the Company as set forth in Section
2.2.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.59	 	 	“Taxes”
	 	shall mean all taxes, assessments, charges, duties, fees,
levies or other governmental charges including all income,
franchise, profits, gross receipts, capital gains, capital
stock, transfer, sales, use, value-added, occupation,
property, excise, severance, windfall profits, stamp,
license, payroll, social security, withholding and other
taxes, assessments, charges, duties, fees, levies or other
governmental charges of any kind whatsoever (whether payable
directly or by withholding and whether or not requiring the
filing of a Return), all estimated taxes, deficiency
assessments, additions to tax, penalties and interest and
shall include any liability for such amounts as a result of
(i) being a transferee or successor or member of a combined,
consolidated, unitary or affiliated group, or (ii) a
contractual obligation to indemnify any person or other
entity.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.60	 	 	“Updated Disclosure
Letter”
	 	shall have the meaning set forth in Section 7.

 

7

	 	 	 	 	 	 	 	 	 
	 	 	 	1.61	 	 	“Warranties”
	 	means the warranties of Sellers as defined in Section 7 below.

	 	 	 	 	 	 	 	 	 

	 	 	 	1.62	 	 	“Warrantors”
	 	means Sellers defined in Appendix 1.62.

2 Ownership and Corporate Structure of the Company

2.1 Ownership

The Company is a company incorporated and validly existing under the laws of Finland
with registered offices at Yrittäjänkatu 11, 65380 Vaasa, Finland, and with business
identity code 2046716-9. The Company has a fully paid up share capital of EUR
4,996,344. The Company does not have outstanding stock options at the time of Signing.
The Company has redeemed 3,876 shares prior to Signing, which shares are and will
remain at the Closing in the possession of the Company.

Sellers are the sole shareholders of the Company and each of Sellers holds the Shares
set forth in Appendix A in the Company at the time of Signing and the Closing, provided
that (i) any Sellers who are employees of the Group Companies (other than the
Directors) at the time of Signing but will not be employed by the Group Companies at
the time of the Closing, or have been notified of termination of employment or have
submitted a notice of termination prior to the Closing, shall sell and deliver their
Shares to the Company prior to Closing, and Sellers shall cause the Company to redeem
such Shares, in accordance with the Shareholders’ Agreement and be excluded from the
definition of “Sellers” and (ii) any Persons who will become employees of the Group
Companies after the time of Signing and before the time of Closing and who will receive
Shares in connection with their employment in accordance with the Shareholders’
Agreement shall accede to the Shareholders’ Agreement and this Agreement prior to the
Closing by executing an accession letter in the form of Appendix 2.1 and be included in
the definition of “Sellers”. For the purpose of a valid private placement under the
applicable US regulations, the Company and Sellers undertake not to transfer Shares to
such new employees after the time of Signing and before the time of Closing that the
number of the Non-Accredited Investors and the Non-Sophisticated Investors in the
United States holding any Shares would be more than thirty-five (35). Unless otherwise
agreed in writing with Purchaser, the maximum amount permitted to be used by the
Company to redeem Shares pursuant to item (i) under this Section 2.1 is EUR fifty
thousand (50,000). Sellers shall prior to Closing update Appendix 4.2 as a result of
possible changes in the ownership of the Company based on this Section 2.1.

There have been no repayments of any kind of the share capital to the shareholders of
the Company, except in relation to redemption of shares by the Company as reflected in
the Annual Audited Accounts or in the books of the Company included in the Disclosure
Material or in the Disclosure Letter.

2.2 Corporate Structure

The Subsidiaries of the Company are

(i) The Switch Drive Systems Oy (Business Identity Code 1054757-9), a limited liability
company incorporated and existing under the laws of Finland, having its registered
domicile in Lappeenranta Finland;

(ii) The Switch Controls and Converters, Inc. (Business Identity Code 375116), a
limited liability company incorporated and existing under the laws of Delaware, United
States, having its registered domicile in 11 Executive DR, Hudson, NH 03051, United
States;

 

8

(iii) The Switch Wind Power Systems (Lu’an) Co., Ltd, a limited liability company
incorporated and existing under the laws of People’s Republic of China, having its
registered domicile in Block B, Jinqiao Industrial Park, Eastern Gaocheng Road, Lu’an
Economic and Technological Development Zone, Lu’an City, Anhui Province, People’s
Republic of China;

(iv) The Switch Holdings Ltd, a limited liability company incorporated and existing
under the laws of Hong Kong, having its registered domicile in Room 1709, Nan Fung
Tower, 173 Des Voeux Road Central, Hong Kong; and

(v) The Switch Wind Power Systems (Beijing) Co., Ltd, a limited liability company
incorporated and existing under the laws of People’s Republic of China, having its
registered domicile in Room 19B07, 16 Floor, Tian Yuan Gang Centre, Northern Road No.2C
of Eastern No3 Ring, Chao Yang District, Beijing, People’s Republic of China, and owned
by The Switch Holdings Ltd.

The Parties acknowledge that a registration process of a liaison office of the Company
in India is pending.

3 Object of the Agreement

Upon the terms and subject to the conditions set forth herein, Sellers hereby sell
and Purchaser hereby purchases the Shares held by Sellers, constituting one hundred per
cent (100%) of the issued and outstanding shares in the Company, effective at Closing.

4 Purchase Price

4.1 Purchase Price

The Purchase Price for the Shares owned and held by Sellers shall be the aggregate of
EUR one hundred and ninety million (190,000,000) (the “Purchase Price”).

It is specifically agreed and acknowledged by the Parties that the Shares are acquired
by Purchaser on an interest-bearing debt-free basis, save for the government loans, as
specified in Appendix 7.15, not exceeding EUR two million one hundred and thirty-eight
thousand (2,138,000) at Closing (principal amount). Notwithstanding the aforesaid, the
Company is entitled to use the credit limits in force at the Signing Date hereof with
Nordea Bank Finland Plc and Svenska Handelsbanken AB (publ), Branch Operation in
Finland, for short-term working capital purposes in the ordinary course of business of
the Company for the purpose of manufacturing products required to be delivered,
provided that the Company informs Purchaser in advance of its intent to use any such
credit lines. For the sake of clarity, if the Company utilizes any such short-term
credit facilities prior to Closing in accordance with this Section 4.1, such borrowing
shall under no circumstances result in any adjustment of the Purchase Price to the
extent the outstanding borrowings for working capital purposes under such facilities,
together with any outstanding borrowings from Semikron International GmbH, at Closing
will not exceed EUR two million one hundred thousand (2,100,000).

4.2 Payment of Purchase Price

At Closing, Purchaser shall pay

(i) EUR one hundred and seventy-one million (171,000,000), i.e. ninety per cent (90%)
of the Purchase Price in cash to Sellers’ joint bank account and in unregistered shares
of Purchaser Common Stock delivered in accordance with this Section 4.2 (jointly, the
“Payment”); and

 

9

(ii) EUR nineteen million (19,000,000), i.e. ten per cent (10%) of the Purchase Price,
in cash and in unregistered shares of Purchaser Common Stock to escrow (the “Escrow
Payment”) delivered in accordance with this Section 4.2 and Section 4.4 below.

The Purchase Price shall be paid and divided among Sellers as follows:

(a) Sellers other than the Directors and the Minor Sellers will receive at Closing
approximately 73% of their portion of the Purchase Price in cash and approximately 27%
in unregistered shares of Purchaser Common Stock (subject to certain restrictions
pursuant to the Stockholders’ Agreement) as set forth in Appendix 4.2. The number shares
of Purchaser Common Stock to be issued and delivered as part of the Payment to such
Sellers at Closing will be calculated on the basis of (i) the average closing price of
shares of Purchaser Common Stock in the Nasdaq Global Market during the twenty (20)
trading-day period ending on the second Business Day in the United States preceding the
Closing Date and (ii) the USD/EUR exchange rate published in Financial Times (European
print edition) on the second Business Day preceding the Closing Date. The Parties shall
jointly prepare a calculation of the cash and the number of shares of Purchaser Common
Stock to be paid to each such Seller on the last Business Day preceding the Closing
Date.

(b) The Directors will receive at Closing approximately 40% of their portion of the
Purchase Price in cash and approximately 60% in unregistered shares of Purchaser Common
Stock (subject to certain lock-up restrictions pursuant to the Stockholders’ Agreement).
The cash to be paid and the number of shares of Purchaser Common Stock to be issued and
delivered as part of the Payment to Directors at Closing are set forth opposite to the
name of each Director in Appendix 4.2. The number of shares of Purchaser Common Stock
has been calculated on the basis of (i) the average closing price of USD 26.002 for
shares of Purchaser Common Stock in the Nasdaq Global Market during the ten (10)
trading-day period ending on the last Business Day in the United States preceding the
Signing Date and (ii) the USD/EUR exchange rate of 1.3799 published in Financial Times
(European print edition) on the last Business Day preceding the Signing Date.

(c) The Minor Sellers will receive at Closing 100% of their portion of the Purchase
Price in cash as set forth opposite to the name of each Minor Seller in Appendix 4.2.

In no circumstances may the total number of shares of Purchaser Common Stock issuable
pursuant to this Section 4.2 exceed 19.9% of the total number of shares of Purchaser
Common Stock outstanding prior to such issuance.

4.3 Allocation of Purchase Price

The total Purchase Price shall be allocated between Sellers according to Appendix 4.2.
The Parties acknowledge that, according to the Shareholders’ Agreement, each Seller
shall be entitled to sell and transfer its shares in the Company on equal terms and
conditions in connection with the exit, i.e. the sale of the Shares in the Company. Due
to the fact that a precondition set by Purchaser for the purchase of the Shares by
Purchaser is that the Directors receive a large portion of the Purchase Price in
Purchaser Common Stock (with lock-up restrictions), the Directors have requested a
higher purchase price for their Shares as a precondition for accepting the joint exit by
Sellers. Sellers have therefore with the consent of Purchaser agreed that the Directors
will receive a higher purchase price per Share than the other Sellers due to the said
obligation to accept as consideration a large portion of the Purchase

 

10

Price in Purchaser Common Stock (with lock-up restrictions). By receiving a higher
purchase price per Share Sellers consider that the Directors will be put in an equal
position compared to the other Sellers. Purchaser shall not have any responsibility as
to the division of the Purchase Price between Sellers. Directors shall indemnify and
hold harmless Purchaser and the Company from and against any tax and other liabilities
resulting to Purchaser or the Company as a result of such allocation of Purchase Price.
At Closing, the Shareholders’ Agreement will cease to be in force without any
outstanding claims and/or obligations among and between Sellers or involving the
Company.

4.4 Escrow Arrangement

At Closing, Purchaser shall make the Escrow Payment to the Escrow Agent in accordance
with Section 4.2 (ii) above. The number of Purchaser Common Stock to be placed in
escrow pursuant to Section 4.2 and this Section 4.4 shall be calculated on the basis of
the closing price of Purchaser Common Stock in the Nasdaq Global Market on the second
Business Day preceding the Closing Date. The Escrow Payment shall be released to
Sellers twelve (12) months after the Closing Date in accordance with the Escrow
Agreement (“Release Date”) subject to the following paragraphs of this Section 4.4. The
Escrow Agreement specifies the detailed terms of the escrow arrangement.

If Purchaser has asserted a Claim by delivering a written notice to Sellers on or
before the expiry of the time period set out in Section 9.2.2, i.e. twelve (12) months
after the Closing Date, and Sellers do not dispute such claim by delivering a written
notice to Purchaser within thirty (30) days following receipt by Sellers or such
notice, the Parties shall instruct the Escrow Agent to release and pay the amount of
such claim to Purchaser from the Escrow Payment. The balance between the amount, to
which Purchaser may be entitled to and the Escrow Payment, shall be released and paid
to Sellers.

If any dispute regarding a breach of this Agreement or the amount by which the Purchase
Price shall be reduced arises, such dispute shall be resolved and finally determined by
arbitration pursuant to Section 12.9 below. Upon the final resolution and determination
of such dispute by the arbitral tribunal, the Escrow Agent shall arrange for the
disbursement of the Escrow Payment to which Purchaser or Sellers are entitled according
to such arbitral award.

Purchaser and Sellers shall, thirty (30) days from the Release Date, jointly instruct
the Escrow Agent to immediately release to Sellers the Escrow Payment, less any amount
at dispute. If no claim under this Agreement has been made by Purchaser on the Release
Date, at the latest, and Purchaser has confirmed this in writing to the Escrow Agent,
Purchaser and Sellers shall jointly instruct the Escrow Agent to immediately release to
Sellers the Escrow Payment.

5 Transfer of Title and Assignment

Subject to the fulfilment or waiver of the conditions precedent for Closing set
forth in Sections 6.2 and 6.3 below, each Seller hereby agrees to transfer all of the
Shares held by him/her/it by executing the respective share transfer form attached
hereto in Appendix 5 as of the Closing Date. The full and unrestricted ownership of and
title and risk to the Shares shall pass from Sellers to Purchaser at the Closing Date
upon the occurrence of the Closing.

Each of Sellers waives in favour of Purchaser any pre-emptive, redemption or other
rights which such Seller has in respect of any of the Shares held by any other Seller.
Sellers undertake to cause the Company not to exercise any pre-emptive, redemption or
other right the Company may be entitled to in respect of any of the Shares prior to and
up to Closing.

 

11

Purchaser acknowledges that the Company has redeemed 3,876 own shares, which shares are
and will remain at Closing in the possession of the Company.

6 Closing

6.1 Closing

The Closing shall take place on the seventh (7th) Business Day from the date
on which Purchaser has informed in writing Sellers that the conditions precedent set
forth in Section 6.3.1 have been fulfilled, or sooner as the Parties may agree,
provided that all the other conditions precedent for Closing as set forth in this
Section 6 (other than deliveries agreed to occur at Closing) have been fulfilled or
duly waived (the “Closing Date”).

The Closing shall take place on the Closing Date starting at 11.a.m. at the offices of
Ernst & Young Oy at the address Elielinaukio 5 B, Helsinki or such other place as the
Parties may agree upon.

6.2 Sellers’ Conditions Precedent

The obligation of Sellers to consummate the transactions to be performed by them in
connection with the Closing is subject to satisfaction of the following conditions:

	 	6.2.1	 	All governmental consents and approvals, including approvals under
applicable competition laws, if any, necessary to permit the consummation of the
transactions contemplated hereunder being received on or before the Closing Date
and there has not been any injunction, judgment, order, decree, ruling or charge
in effect preventing the consummation of any of the transactions contemplated by
this Agreement;
	 
	 	6.2.2	 	Purchaser shall have prepared and completed the conversion in EDGAR
form for filing with the SEC of the Prospectus Supplement, Purchaser’s counsel
shall have prepared the Blanket Opinion in final form and Purchaser shall have
provided a copy of such forms of Prospectus Supplement and Blanket Opinion to
Sellers not later than the Closing Date (the Parties acknowledge that this
condition shall be deemed to be satisfied even if such forms omit information
regarding the number of shares to be registered and other information derived
therefrom); and
	 
	 	6.2.3	 	Due fulfilment by Purchaser of its respective deliveries at Closing as set forth
in Section 6.4.

Sellers may, at their sole discretion, waive any and all of the conditions specified in
this Section 6.2 at or prior to Closing.

6.3 Purchaser’s Conditions Precedent

The obligation of Purchaser to consummate the transactions to be performed by it in
connection with the Closing is subject to satisfaction of the following conditions:

	 	6.3.1	 	All governmental consents and approvals, including approvals under
applicable competition laws, if any, necessary to permit the consummation of the
transactions contemplated hereunder being received on or before the Closing Date
without any disposition or behavioural conditions not acceptable to Purchaser
(acting reasonably), and there has not been any injunction, judgment, order,
decree, ruling or charge in effect preventing the consummation of any of the
transactions contemplated by this Agreement;

 

12

	 	6.3.2	 	The Warranties shall be true and correct in all material respects on
and as of the Closing Date with the same effect as though such Warranties had been
made on and as of such date;
	 
	 	6.3.3	 	All of the agreements and covenants of Sellers to be performed prior
to the Closing pursuant to this Agreement shall have been duly performed in all
material respects;
	 
	 	6.3.4	 	No Material Adverse Effect shall have occurred between Signing and
Closing;
	 
	 	6.3.5	 	Absence of pending or threatened litigation regarding this
Agreement, other Definitive Agreements or the transactions to be contemplated
thereby;
	 
	 	6.3.6	 	The Updated Disclosure Letter, if such is delivered, shall contain
no such new disclosures which, in the reasonable opinion of Purchaser, would be
material and adverse and which the Parties have not been able to agree upon prior
to the Closing Date;
	 
	 	6.3.7	 	Receipt of (i) audited consolidated financial statements for the
Company for two full financial years ended 31 December 2009 and 31 December 2010
(including footnotes under IFRS), (ii) unaudited U.S. GAAP consolidated balance
sheet and income statement for the Company for the full financial year ended 31
December 2010, (iii) unaudited U.S. GAAP consolidated balance sheets and income
statements by quarter for the Company for the full financial year ended 31
December 2010, (iv) in the event the Closing Date will occur after 31 March 2011,
unaudited U.S. GAAP consolidated balance sheet and income statement for Company
for the quarter ending 31 March 2011, and (v) in the event the Closing Date will
occur after 30 June 2011, unaudited U.S. GAAP consolidated balance sheet and
income statement for Company for the quarter ending 30 June 2011, in each case to
the reasonable satisfaction of Purchaser; and
	 
	 	6.3.8	 	Due fulfilment by Sellers of their respective deliveries at Closing
as set forth in Section 6.4 below.

Purchaser may, at its sole discretion, waive any and all of the conditions specified in
this Section 6.3 at or prior to Closing.

6.4 Deliveries at Closing

At and as a condition for Closing, the following deliveries shall take place:

	 	6.4.1	 	Each Party shall confirm that the conditions precedent have been
either fulfilled to its satisfaction or explicitly waived;
	 
	 	6.4.2	 	The Parties shall execute share transfer forms effecting the
transfer of the Shares in the form set forth in Appendix 5 hereto;
	 
	 	6.4.3	 	The relevant parties shall enter or have entered into the Definitive Agreements;
	 
	 	6.4.4	 	Purchaser shall execute the Payment to Sellers and Escrow Payment to
the Escrow Agent as set forth in Section 4.2 above;

 

13

	 	6.4.5	 	Purchaser shall pay the transfer tax levied on the sale of the
Shares in Finland and provide Sellers with evidence of the full payment of the
transfer tax levied on the sale of the Shares in Finland;
	 
	 	6.4.6	 	Sellers shall provide a confirmation that they have terminated the
Shareholders’ Agreement as of the Closing Date without any obligations or
liabilities remaining with the Group Companies;
	 
	 	6.4.7	 	Sellers shall convey the shareholders’ and share register of the
Company and register Purchaser as the owner of the Shares provided that Purchaser
presents evidence that the transfer tax levied on the sale of the Shares has been
paid in full;
	 
	 	6.4.8	 	Sellers shall ensure that each Board member of the Group Companies
delivers to Purchaser written resignations from the Board of the Group Company in
question effective on the Closing Date; and
	 
	 	6.4.9	 	Sellers shall provide evidence that dividends amounting to totally
EUR five million (5,000,000) has prior to Closing been decided upon and paid to
Sellers.

All measures taken in connection with the Closing shall be considered to have occurred
simultaneously as a part of a single transaction and no delivery shall be considered to
have been made until each such measure has been completed.

6.5 Extraordinary General Meetings

Purchaser shall on the Closing Date cause extraordinary general meetings of the
shareholders of the Group Companies to be held in order to elect new Boards of
Directors.

6.6 Reasonable Efforts to Close

Each Party shall use all commercially reasonable efforts to cause the conditions
precedent as provided in Section 6.2 and 6.3 to be fulfilled as soon as possible and to
have all deliveries as provided in Section 6.4 made timely and properly. Each Party
shall execute all documents and take all actions as may be reasonably required to carry
out the provisions of this Agreement and the transactions contemplated herein and to
obtain in a timely manner all necessary waivers, consents and approvals and to effect
all necessary registrations and filings.

If the Closing has not taken place by 30 May 2011 (the “Long-Stop Date”) due to the
fact that all of the conditions precedent set forth in Sections 6.2 and 6.3 above have
not been fulfilled or waived, both Sellers and Purchaser may, subject to the following
paragraph, terminate this Agreement without incurring any liabilities towards the other
Party, provided, however, that in the event the Closing has not taken place on or
before the Long-Stop Date as a result of pending satisfaction of the conditions
precedent set forth in Section 6.2.1 and 6.3.1, the Long-Stop Date shall be extended
automatically by ninety (90) days except in the event the relevant governmental
authorities have informed Purchaser in writing that they will not grant an approval or
consent necessary to permit the consummation of the transactions contemplated
hereunder.

The right to terminate this Agreement under this Section 6.6 shall not be available to
any Party whose failure to fulfil any obligation under this Agreement shall be the
cause of the failure of Closing to occur on or before such date and such Party shall,
in addition to any remedies available under this Agreement, be liable to the other
Party (on a several and not jointly basis) for all reasonable expenses of the other
Party incurred in connection with, or in preparation for, the transaction contemplated
by this

 

14

Agreement. For the sake of clarity, a condition precedent for Closing not being
fulfilled is not considered to have been caused by a Party if such Party has made all
commercially reasonable efforts to ensure that the condition precedent will be achieved
and fulfilled.

7 Representations and Warranties of Sellers

Sellers hereby give the following representations and warranties (“Warranties”) as
of the date hereof and as of Closing (unless another date is stated below).

The Parties acknowledge that Purchaser has prior to Signing conducted a legal,
financial, tax and business due diligence of the Company and the Subsidiaries.
Purchaser has been entitled to perform the due diligence to the extent it has found it
necessary. Purchaser has also had the right to present questions regarding the Group
Companies and Purchaser confirms that Sellers have provided answers to all questions
raised by Purchaser in a satisfactory manner.

Sellers shall not be deemed to be in breach of the Warranties to the extent a matter,
fact, occurrence or event constituting a breach of the Warranties has been fairly
disclosed with reasonable clarity and specificity and in a reasonably discernible way
in the Disclosure Material and/or the Disclosure Letter attached hereto as Appendices
1.18 and 1.19 and/or in the Updated Disclosure Letter.

Sellers may, at the latest three (3) Business Days prior to the Closing Date, deliver
to Purchaser updates to the Disclosure Letter in the form of an updated disclosure
letter (“Updated Disclosure Letter”) in order to disclose or take into account facts,
matters or circumstances which have arisen or occurred after the date of this Agreement
and which, if existing or occurring as of the date hereof, would have been required to
be set forth in this Agreement or in the Disclosure Letter as an exception of the
Warranties. The Updated Disclosure Letter shall have the same effect as the Disclosure
Letter pursuant to this Agreement.

7.1 Ownership of Shares and Authority of Sellers

Sellers have full ownership to the Shares and have full power, capacity and authority
to sell and transfer the Shares and to perform all other undertakings set forth in this
Agreement. The Shares are transferable to Purchaser and are at the Closing free and
clear of any security interests and of any option, redemption or similar rights. The
Company owns, directly or indirectly, the shares in the Subsidiaries as set forth in
Appendix 7.1. Each Seller has the full legal and corporate power to enter into this
Agreement and to consummate the transactions contemplated hereby. None of Sellers is
prohibited or restrained by its articles of association, laws, or regulations, or by
agreements to which such entity or person is a party, and there exists no prohibition
or restraint in any of the articles of association of the Group Companies, laws or
regulations applicable to such Group Companies or by agreements to which any such Group
Company is a party, from entering into this Agreement.

The Shares have been legally and validly issued and are fully paid and the Shares
constitute one hundred per cent (100%) of the issued share capital of the Company,
except that the Company has redeemed 3,876 own shares, which are in the possession of
the Company. Except as set forth in this Agreement, there are no outstanding
obligations, warrants, options, depository receipts, subscriptions, pre-emptive rights
or agreements to which Sellers or the Company are bound, providing for the issuance of
any additional shares in the Company.

The Company does not have any authorized or outstanding bonds, notes or other debt
instruments the holders of which have the right to vote (or convertible into,
exchangeable for, or evidencing the right to subscribe for or acquire securities having
the right to vote) with the shareholders of the Company on any matter.

 

15

Save as reflected in the Annual Audited Accounts, neither the Company nor any of the
Subsidiaries owns, directly or indirectly, any shares of, or other equity, ownership,
proprietary or voting interest in, any person (other than shares in telephone companies
or golf clubs with minor value).

The Company has not issued any share certificates.

The share and shareholders’ registers of the Group Companies are up-to-date and
complete and contain a true and complete record of the shareholding of the Group
Companies.

7.2 Existence

The Group Companies are duly organized and validly existing and in good standing (to
the extent the concept of good standing is recognized in its jurisdiction of
incorporation) under the laws of the jurisdiction of their incorporation and have full
corporate power and authority to carry on their businesses as conducted at the Closing.

7.3 The Audited Annual Accounts

The Audited Annual Accounts are complete and correct in all material respects and truly
and correctly reflect the results of operation, the financial condition and the assets
and liabilities of the Group Companies as at the Balance Sheet Date (or another
relevant date stated therein) and have been prepared in conformity with the Accounting
Principles consistently followed throughout the periods indicated (except to the extent
required for the transferring to IFRS).

None of the Group Companies has any claims or liabilities that would be required to be
reflected on a balance sheet in accordance with the Accounting Principles, except for
(a) claims or liabilities set forth in the Audited Annual Accounts or in the statutory
book keeping of the Group Companies, (b) future executory liabilities arising under any
contract, undertaking or alike a Group Company is party to (other than as a result of
breach thereof) and/or (c) accounts payable and accrued expenses incurred subsequent to
the Balance Sheet Date in the ordinary course of business consistent with past
practice, and, in each case, that have not had and would not reasonably be expected to
have a Material Adverse Effect.

7.4 Corporate Records and Documentation

True and current copies of the Articles of Association and registration certificates
(or business licenses) of each of the Group Companies are attached hereto as Appendix
7.4.

All corporate documentation of the Group Companies, including, without limitation,
minutes of the Board meetings and Shareholders’ Meetings, exists and is safely stored
and in all material respects correct.

The Group Companies have filed their annual reports with the relevant authorities, as
required.

The administration, book-keeping and accounting of the Group Companies have been
prepared and maintained in accordance with the normal practises and routines.

None of the Group Companies has any of its records, systems, controls, data or
information recorded, stored, maintained, operated or otherwise wholly or partly
dependent on or held by any means (including any electronic, mechanical or photographic
process, whether computerized or not) which (including all means of access thereto and
therefrom) are not under the exclusive ownership and control of the Group Companies.

 

16

7.5 Assets

The Group Companies have title to all of the movable and immovable property recorded in
the Audited Annual Accounts or thereafter acquired except for such assets that are
leased or licensed or which have been sold after the Balance Sheet Date in the ordinary
course of business. No material assets are subject to any security interests or right
to use by third parties, except for those recorded in the Audited Annual Accounts.

Material assets of the Group Companies are in adequate condition and in working order,
taken into account their age and wear and tear, and they have been regularly and
properly maintained and are capable of being used with the level of safeness required
by applicable law and regulations in connection with the business of the Group
Companies.

There are no facts, circumstances or events to Sellers’ Knowledge that would materially
restrict the use of the assets in the manner they are currently used. Moreover, there
are no notices, decrees, complaints or requirements issued or, to Sellers’ Knowledge,
intended to be issued by any competent authority in respect of the assets that would
adversely affect their use.

7.6 Leases

Appendix 7.6 accurately lists all the real property and premises leased by the Group
Companies and the respective lease agreements. All such lease agreements pursuant to
which any of the Group Companies lease real property or premises, extending beyond the
Closing, are valid and effective in accordance with their respective terms, and to
Sellers’ Knowledge, there exists no material default under any such lease.

7.7 Governmental Authorizations

All governmental licenses, permits, registrations and authorizations necessary for the
Group Companies to carry on their businesses in all material respects as conducted on
the Closing Date are in full force and effect and there are to Sellers’ Knowledge no
current violations of any such licenses, permits, registrations or authorizations.
There is, to Sellers’ Knowledge, no pending action or other proceeding which seeks the
revocation of any such existing licenses, permits or authorizations.

7.8 Claims and Litigation

Except as disclosed in Appendix 7.8, there are no litigations, proceedings,
administrative proceedings or investigations, or claims pending (i.e. that the Group
Companies have received notice of), or to Sellers’ Knowledge, threatened, against or
affecting any Group Company which could reasonably be expected to have a Material
Adverse Effect. To Sellers’ Knowledge, there is no valid basis for any such litigation,
proceeding, administrative proceeding or investigation, or claim (except customary
warranty claims). Neither the Company nor any of the Subsidiaries has received any
written notice of any governmental or court order materially restricting the operation
of its business or which has had or could reasonably be expected to have a Material
Adverse Effect.

7.9 Taxes

	 	(a)	 	The Group Companies have timely filed or caused to be timely filed with
the appropriate taxing authorities all tax returns, statements, forms and reports
(including, elections, declarations, disclosures, schedules, estimates and
informational tax returns) for Taxes (the “Returns”) that are required to be filed
by, or with respect to, the Group Companies under applicable tax laws and
regulations. The Returns have accurately reflected and will accurately reflect in
all material

 

17

	 	 	 	respects all liability for Taxes of the Group Companies for the periods covered
thereby. The Group Companies have timely paid in full all Taxes and Tax liabilities
required to be paid by, or with respect to the income assets, or operations of, the
Group Companies. All Taxes that the Group Companies are (or were) required by law to
withhold or collect in connection with amounts paid or owing to any employee,
independent contractor, creditor, stockholder, member or other third party have been
duly withheld or collected, and have been timely paid over to the proper authorities
to the extent due and payable.
	 
	 	(b)	 	All Taxes not yet due and payable for a Pre-Closing Period have been
appropriately reserved in the books of each Group Company in accordance with the
applicable Accounting Principles. The provisions for Taxes in the respective
financial statements of the Group Companies are sufficient for the payment of all
accrued and unpaid Taxes of the Group Companies whether or not assessed or disputed
as per the Balance Sheet Date.
	 
	 	(c)	 	No Taxes based on circumstances that occurred or can be referred to the
period prior to Closing will be charged to a Group Company other than provided for
in full as a liability in the books of the Company (including, but not limited to,
any of the following that occurred on or prior to the Closing Date: (i) an
agreement entered into with a taxing authority on or prior to the Closing Date;
(ii) an installment sale or open transaction; (iii) a prepaid amount; or (iv)
change in the accounting method of any Group Company) and there exist no grounds
for assessment by the competent authorities for any additional Taxes relating to
any period up to and including Closing.
	 
	 	(d)	 	Tax registrations for the Group Companies, as well as for any branches,
offices and other subdivisions (if any), have been properly performed in accordance
with applicable tax laws and regulations in each jurisdiction in which such tax
registration are required to be filed.
	 
	 	(e)	 	The Group Companies have properly maintained their accounting books and
records, tax payment receipts and other relevant documents in accordance with
applicable tax laws and regulations.
	 
	 	(f)	 	To Sellers’ Knowledge, none of the Group Companies is currently the
subject of an audit or other examination of Taxes by the tax authorities of any
nation, state or locality (and no such audit is pending or contemplated) nor has
any Group Company received any notices from any taxing authority relating to any
issue which could affect the Tax liability of any of the Group Companies. There are
no liens for Taxes on the assets of any Group Company.
	 
	 	(g)	 	Except as set forth in Appendix 7.9, no Seller or any Group Company (A)
has entered into an agreement or waiver or requested to enter into an agreement or
waiver extending any statute of limitations relating to the payment or collection
of Taxes of any Group Company or (B) is presently contesting the Tax liability of
any Group Company before any court, tribunal or agency.
	 
	 	(h)	 	No written claim has ever been made by any taxing authority in a
jurisdiction where any of the Group Companies do not file Returns that any of the
Group Companies is or may by subject to taxation by that jurisdiction.
	 
	 	(i)	 	Except as set forth in Appendix 7.9, there are no Tax sharing,
allocation, indemnification or similar agreements in effect as between the Company
or any predecessor or Affiliate thereof and any other party (including any Seller
and any predecessors or Affiliates thereof), under which Purchaser or any Group
Company could be liable for any Taxes or other claims of any party.

 

18

7.10 Intellectual Property Rights

To Sellers’ Knowledge, a Group Company owns, or has valid licenses or other agreements
to use, the Intellectual Property Rights used or held for use by the Group Companies,
free and clear of all security interests other than as described in Appendix 7.10 (a).
The products manufactured and sold and services provided by the Group Companies do not,
to Sellers’ Knowledge, infringe or otherwise misuse the Intellectual Property Rights of
any third parties.

Appendix 1.46 contains a complete and accurate list of all Registered IP. All
registration, renewal and maintenance and other official fees due in respect of all
Registered IP have been paid in full. All Registered IP is, to the extent registered
and granted, owned solely by, and is registered or applied for in the sole name of, a
Group Company. To Sellers’ Knowledge all Registered IP that is granted, is valid and
enforceable and there has been no act or omission by such Group Company that would
jeopardize its validity, subsistence or enforceability. All Intellectual Property
Rights are legally and beneficially owned or used by a Group Company and are free from
any encumbrances, except as described in Appendix 7.10 (a).

The use of the Business IP and Business Information does not, to Sellers’ Knowledge,
infringe or otherwise misuse the Intellectual Property Rights of any third party.
Neither a Group Company nor Sellers have received any notice of any claim or a threat
of any claim, from any third party, and no third party claims are pending, challenging
the right to use the Business IP or Business Information or alleging any violation,
infringement, misuse or misappropriation by a Group Company, of Intellectual Property
Rights or indicating that the failure to take a licence under any Intellectual Property
Rights would result in any such claim.

Appendix 7.10 (b) contains a complete list of all licences granted under the Business
IP by the Group Companies to third parties (“Licences Out”) and all licences under
Intellectual Property Rights granted to any Group Company by third parties (“Licences
In”). The Group Companies have fully and duly made all royalty and other payments under
any of the Licences In (except where failure to make such payments would not constitute
a breach of contract) and have to all material extent received all of the licence fees,
royalties and other payments due and payable under any of the Licences Out, if any. To
Sellers’ Knowledge, there has been no uncured material breaches by any party of any of
the terms of any of the Licences In or the Licences Out. To Sellers’ Knowledge, none of
the Licences In or Licences Out is terminable by reason of the transaction contemplated
by this Agreement (other than due to a possible change of control provision in such
Licenses In or Licenses Out). Where any Licence In or Licence Out depends for its
validity and enforceability upon its registration with relevant authorities in any
relevant jurisdiction, such registration has, to Sellers’ Knowledge, been carried out.

Except as set forth in Appendix 7.10 (a), none of the Business IP was generated by
employees or former employees of any Group Company, consultants, university professors
or other university employees or research students or other third parties under
circumstances in which the generator is entitled to payment in respect of the use or
exploitation of the Business IP by any Group Company or has a pre-emption right over
any of the Registered IP.

A Group Company owns the Intellectual Property Rights in all of the Software (except
any that is commercially available off the shelf) used by the Group Companies or has
access to the source code of such Software and has a free right to modify the Software.
None of the Software developed by or for a Group Company is based on open source
software under terms which require the Group Company or the developer to disclose the
source code of such developed Software to the general public.

The Hardware is either owned or leased by, and is under the control of, a Group Company
and is not subject to any encumbrance except as set forth in Appendix 7.10 (a). All
material Hardware is

 

19

functioning properly and in accordance in all material respects with all applicable
specifications, has not materially failed to function in the last 12 months, to
Sellers’ Knowledge is not infected with any materially damaging viruses and has not
within the last 12 months been so infected, has been satisfactorily and regularly
maintained and has the benefit of appropriate maintenance and support agreements,
complete and accurate copies of which have been disclosed to Purchaser. The Hardware
has sufficient capacity and performance to meet current business requirements of the
Group Companies.

7.11 Employment and Pensions

There are no Employee Benefit Plans (together with all material documents related
thereto) except as listed in Appendix 7.11 (a). Each Employee Benefit Plan is in
compliance with all applicable laws in all material respect and has been administered
and operated in all material respects in accordance with its terms. Full payment has
been made of all amounts which any of the Group Companies is required, under applicable
law or under any Employee Benefit Plan or any agreement relating to any Employee
Benefit Plan to which any of the Group Companies is a party, to have paid as
contributions or premiums thereto.

To the extent required by applicable law and the Accounting Principles, provision(s)
have been made in the Audited Annual Accounts, for the full amount of all present and
future liabilities in respect of pension undertakings to be paid to current or former
Directors, or to officers or other employees of the Group Companies. All statutory
contributions in respect of pension undertakings to current or former Directors, or to
officers or other employees of a Group Company have been made when due.

The Group Companies are in compliance in all material respect with all applicable laws,
rules and regulations in respect of employment and employment practices, terms and
conditions of employment, working hours and their monitoring and wages (including but
not limited to applicable collective bargaining agreements) and have not and are not
engaged in any unfair labour practice. There is no labour strike, dispute, slowdown or
stoppage actually pending or, to Sellers’ Knowledge, threatened against or involving
any of the Group Companies. There are no pending employment-related disputes with
employees, former employees, officers or directors of any of the Group Companies and
the Group Companies have not received notice of any outstanding claim relating to their
non-compliance with any employment, labour or related laws except as disclosed in
Appendix 7.11 (b).

All the employment agreements of the Group Companies are, to Sellers’ Knowledge, within
the normal scopes of employment agreements and do not provide for benefits to the
employees or liabilities to a Group Company, which are exceptional in the field of
business conducted by such Group Company.

Neither a Group Company nor, to Sellers’ Knowledge, any employee, officer or director
of a Group Company is in violation to any material extent of any term of any employment
agreement or any other similar contract or agreement in respect of services to such
Group Company. No employee, officer or director of a Group Company has given notice of
termination or, to Sellers’ Knowledge, threatened to terminate, his or her employment
agreement with a Group Company.

7.12 Environmental Matters

The Group Companies currently hold all material environmental permits, licenses and
approvals of governmental authorities and agencies required for the current operations
of the Group Companies.

No Group Company has received notice of any violation of any applicable environmental
statute, regulation, ordinance or decree binding upon it which has not been
substantially corrected, except for violations that could not reasonably be expected to
have a Material Adverse Effect.

 

20

The Group Companies are in compliance with all applicable environmental laws and
regulations, except for such non-compliance that could not reasonably be expected to
have a Material Adverse Effect, and no notices of claims have been made or proceedings
have been instituted or are pending or, to Sellers’ Knowledge, threatened against
Sellers or a Group Company in respect of any non-compliance with such environmental
laws or regulations.

There are no facts, circumstances or conditions relating to the past or present
business or operations of the Group Companies or any of their respective predecessors
(including the disposal of any wastes, hazardous substances or other materials at any
location), or to any real property or facility at any time owned, leased, or operated
by the Group Companies or any of their respective predecessors, that would reasonably
be expected to give rise to any claim, proceeding or action, or to any liability, under
any environmental law or regulation or permit which has had or could reasonably be
expected to have a Material Adverse Effect.

7.13 Material Contracts

Appendix 1.35 sets forth an accurate and complete list as of the date hereof of the
following contracts to which the Company or any of the Subsidiaries is a party or by
which any of them are bound (each such contract required to be set forth on such
Schedule, a “Material Contract”):

	 	7.13.1	 	all contracts that contain restrictions with respect to payment of dividends or
any other distribution of profits of the Group Companies;
	 
	 	7.13.2	 	all loan, financing and investment agreements of the Group Companies and all
contracts involving guarantees or granting or evidencing a material lien on any
property or asset of the Group Companies;
	 
	 	7.13.3	 	all contracts under which any entity (other than the Company) has directly or
indirectly guaranteed indebtedness of the Group Companies;
	 
	 	7.13.4	 	any material management service, consulting, financial advisory or any other
similar type contract and all material contracts with investment or commercial
banks;
	 
	 	7.13.5	 	all contracts limiting the ability of the Group Companies to engage in any line
of business or to compete with any entity or in any geographical area;
	 
	 	7.13.6	 	all contracts (including letters of intent) (A) involving the future disposition
or acquisition of business or any merger, consolidation or similar business
combination transaction, whether or not enforceable, (B) relating to the
acquisition by the Group Companies of any operating business or shares or other
equity interests of any other entity pursuant to which the Group Companies have
continuing obligations as of the date hereof, or (C) involving any joint venture,
partnership, strategic alliance, shareholders’ agreement, co-marketing,
co-promotion, co-packaging, joint development or similar arrangement;
	 
	 	7.13.7	 	all contracts involving any resolution or settlement of any actual or threatened
litigation, arbitration, claim or other dispute;
	 
	 	7.13.8	 	all collective bargaining agreements or other agreements with any labor union;
	 
	 	7.13.9	 	all contracts for the employment of any officer, individual employee or other
person on a full-time or consulting basis (A) with annual salary exceeding EUR
100,000 or (B) requiring severance payments or payments upon a change-in-control;

 

21

	 	7.13.10	 	all customer contracts and binding offers involving anticipated gross revenue
of no less than EUR 5,000,000 per annum;
	 
	 	7.13.11	 	all contracts relating to capital expenditures or other purchases of material,
supplies, equipment or other assets or properties or services (including binding
purchase orders for inventory or supplies or services for, or delivery of goods
and materials, to the Group Companies) in excess of EUR 1,000,000 individually; or
	 
	 	7.13.12	 	all other contracts involving EUR 1,000,000 or more which are not cancelable by
the Company or any of the Subsidiaries without penalty on six months or less
notice.

The Group Companies are not, to Sellers’ Knowledge, party to any material contract,
arrangement, or obligation, which is not in the ordinary course of its business or
which violates any applicable law and regulation. All Material Contracts are valid and
binding obligations of the parties thereto in accordance with their terms and are in
full force and effect.

Each Group Company is, to Sellers’ Knowledge, in compliance in all material respect
with its obligations under the Material Contracts. No Group Company is either aware of,
or has any counterparty given notice of, any event which would constitute a breach of
any Material Contracts. All Material Contracts have, to Sellers’ Knowledge, been
entered into on sound commercial terms, at arm’s length and in the ordinary course of
business.

All tenders and agreements binding upon the Group Companies have been priced as
required by good and sound business practise and allowing for a reasonable profit.

7.14 Suppliers and Customers

Appendix 7.14 sets forth each supplier accounting for more than EUR 1,000,000 of the
consolidated purchases during the year ended 31 December 2010 and each customer
accounting for more than EUR 5,000,000 of the consolidated sales during the year ended
31 December 2010, of the Group Companies, taken as a whole. The relationships of the
Group Companies with each such supplier and customer are, to Sellers’ Knowledge, good
commercial working relationships, and no such supplier or customer has cancelled or
otherwise terminated, or to Sellers’ Knowledge, threatened to cancel or otherwise
terminate, its relationship with the Group Companies. The Group Companies have not as
of the Signing Date received any written notice that any such supplier or customer will
cancel or otherwise materially and adversely modify its relationship with the Group
Companies or limit its services, supplies or materials to the Group Companies, or its
usage or purchase of the services and products of the Group Companies. Sellers shall
inform Purchaser without undue delay, if such a notice from a supplier or customer is
received between Signing and Closing.

7.15 Ordinary Course of Business

Since the Balance Sheet Date and save as disclosed in the Disclosure Material,
Disclosure Letter and/or Updated Disclosure Letter, (a) there has not been any event,
circumstance, development, state of facts, occurrence, change or effect which has had a
Material Adverse Effect, and no event, circumstance, development, state of facts,
occurrence, change or effect exists or has occurred which could reasonably be expected
to result in a Material Adverse Effect and (b) neither the Company nor any of the
Subsidiaries has taken any action that, if taken subsequent to the execution of this
Agreement and on or prior to the Closing Date, would constitute a breach of any of the
covenants set forth in Section 11.4.

 

22

Since the Balance Sheet Date, the Company or any of its Subsidiaries has not entered
into any agreements or arrangements regarding borrowing of money or otherwise incurred
any financial indebtedness except for the government debt specified in Appendix 7.15.
Subject to Section 4.1, the Company is entitled to use the credit limits in force at
the Signing Date hereof with Nordea Bank Finland Plc and Svenska Handelsbanken AB
(publ), Branch Operation in Finland.

7.16 Insurance

The insurance policies currently in effect in respect of the Group Companies are set
out in Appendix 7.16 and will remain in full force and effect through the Closing and
no action has been taken which could make any of them void or unenforceable as of the
Closing. The insurance policies provide, to Sellers’ Knowledge, the types and amounts
of insurance coverage normal and customary for similar companies. All premiums have
been duly paid and nothing has been done whereby any of such insurances may be avoided
or vitiated and there are no insurance claims pending or outstanding nor, to Sellers’
Knowledge, any incidents which could give rise to an insurance claim. The transactions
contemplated by this Agreement will not cause the termination or expiry of the
insurance coverage pursuant to this Section 7.16.

7.17 Product Liability and Warranty Claims

No claim, which could result in a Material Adverse Effect in respect of any product,
manufactured or sold or any service delivered by a Group Company is unsettled or is
subject to any dispute between a Group Company and any third party. To Sellers’
Knowledge, there are no threatened warranty or product liability claims or any series
defect with respect to any such product or service, which could reasonably be expected
to have a Material Adverse Effect.

7.18 Dividends

The Company will prior to Closing decide and pay dividend to Sellers in the amount of
EUR five million (5,000,000). Otherwise, the Company has not since its foundation
declared or paid any dividend to Sellers nor is the Company under any obligation to
make any such payments to Sellers.

7.19 Subsidiaries

Appendix 7.1 as well as Section 2.2 set forth the name of each Subsidiary and, with
respect to each such Subsidiary, the jurisdiction in which it is incorporated or
organized, the number of shares of its authorized capital stock, the number and class
of shares thereof duly issued and outstanding and the number of shares of or the amount
of equity owned by the Company. Each Subsidiary is either a corporation or limited
liability company duly organized, validly existing and in good standing under the laws
of its country of incorporation and has all requisite corporate power and authority to
own, lease and operate its properties and to carry on its business as now conducted.
Each Subsidiary is duly qualified or authorized to do business and is in good standing
under the laws of each jurisdiction in which it owns or leases real property and each
other jurisdiction in which the conduct of its business or the ownership of its
properties requires such qualification or authorization.

The outstanding shares of capital stock of each Subsidiary (if applicable) are validly
issued, fully paid and non-assessable, and all such shares or other equity interests
represented as being owned by the Company are owned by it free and clear of any and all
liens and encumbrances. There is no existing option, warrant, call, right or contract
to which any Subsidiary is a party requiring, and there are no convertible securities
of any such subsidiary outstanding which upon conversion would require, the issuance of
any shares or other equity interests of any such Subsidiary or other securities
convertible into shares or other equity interests of any such Subsidiary.

 

23

There are no contracts to which the Company or any of the Subsidiaries is a party or by
which any of them is bound to (i) repurchase, redeem or otherwise acquire any shares,
or other equity or voting interest in, any Subsidiary or (ii) vote or dispose of any
shares, or other equity or voting interest in, any Subsidiary. There are no irrevocable
proxies and no voting agreements with respect to any shares of, or other equity or
voting interest in, any Subsidiary.

7.20 Compliance with Laws; Anti-Bribery Laws

	 	(a)	 	Each of the Group Companies has complied and is in compliance with
all applicable laws, regulations and orders in all material respects. None of the
Group Companies has received any notice that any violation of the foregoing is
being alleged.
	 
	 	(b)	 	The Group Companies have not, and, to Sellers’ Knowledge, no
director, officer, agent, employee or other person associated with or acting on
behalf of the Group Companies, has, (i) made, paid or received any unlawful
bribes, kickbacks or other similar payments to or from any Person (including any
customer or supplier) or Governmental Entity, (ii) made or paid any contributions,
directly or indirectly, to a domestic or foreign political party or candidate,
(iii) made or paid any improper payment in violation of Anti-Bribery Laws, (iv)
established or maintained any unrecorded fund of corporate monies or other assets,
or (v) made any false or fictitious entry on the books or records of the Group
Companies. The internal accounting controls of the Group Companies are reasonably
adequate to detect any of the foregoing involving funds of a Group Company.
“Anti-Bribery Laws” shall mean any anti-bribery, anti-corruption or similar law of
any jurisdiction where one or more properties owned or leased by the Group
Companies are located or where the Group Companies transact business or any other
jurisdiction, if applicable, including but not limited to such laws in China and
the United States.

7.21 Affiliate Transactions

Except as set forth in Appendix 7.21, there are no contracts between the Group
Companies, on the one hand, and Sellers or any of their Affiliates (other than the
Group Companies) and their respective directors or officers, on the other hand.

Except as set forth in Appendix 7.21, Sellers, their Affiliates (other than the Group
Companies) or any of their respective directors or officers and the directors and
officers of the Group Companies do not possess, directly or indirectly, any financial
interest in, or hold a position as a director, officer or employee of, any person which
is a competitor or potential competitor of the Group Companies.

7.22 No Other Warranties

It is specifically stated and agreed that Sellers have not made, and Purchaser has not
relied on, any other expressed or implied warranties regarding the Shares, or the Group
Companies or their businesses other than as contained in this Section 7. Without
prejudice to the generality of the foregoing, Sellers make no warranty to Purchaser
with respect to and shall have no liability to Purchaser based on any financial
projection or forecast relating to the Group Companies or the future businesses of the
Group Companies. With respect to any such projection or forecast that may have been
delivered by or on behalf of Sellers to Purchaser, Purchaser acknowledges that (a)
there are uncertainties inherent in attempting to make such projections and forecasts,
(b) it is familiar with such uncertainties, (c) it is taking full responsibility for
making its own evaluation of the adequacy and accuracy of all such projections and
forecasts so furnished to it and (d) it shall have no claim against Sellers with
respect thereto. For the sake of clarity, except as set forth in Section 7.14
(Suppliers and

 

24

Customers), it is acknowledged by Purchaser that Sellers do not give any warranty
regarding the reaction by customers or otherwise by the market to the transaction
contemplated by this Agreement.

7.23 Disclosure

None of this Agreement, any of its Appendices or certificate delivered pursuant to this
Agreement, the Disclosure Material, the Disclosure Letter or the Updated Disclosure
Letter contains any untrue statement of a material fact, or omits any statement of a
material fact necessary to make the statements contained herein or therein not
misleading. To Sellers’ Knowledge, no information which would, from a general objective
perspective, be material to a reasonable purchaser of the Shares has been left
undisclosed to Purchaser.

8 Representations and Warranties of Purchaser

Purchaser hereby gives the following representations and warranties as at the date
hereof, which representations and warranties shall be renewed and given also on
Closing:

8.1 Existence

Purchaser is duly organized and validly existing under the laws of the jurisdiction of
its incorporation and has full corporate power and all necessary licenses, permits and
authorisations to carry on its businesses as conducted at the Closing.

8.2 Power and Authority of Purchaser

Purchaser has the full legal and corporate power to enter into this Agreement and to
consummate the transactions contemplated hereby. The execution of this Agreement, the
consummation of the transactions contemplated hereby and the fulfilment of the terms
hereof will not result in a breach of any judgment, decree or order of any national or
supranational court, governmental or other body, any applicable law or regulation or
the certification of incorporation or by-laws of Purchaser.

8.3 Financing

Purchaser has sufficient funds available to purchase the Shares and pay the Purchase
Price pursuant to this Agreement and to satisfy its other obligations pursuant to this
Agreement.

8.4 Issuance of Shares

Purchaser has the full legal and corporate power to issue and transfer as part payment
of the Purchase Price the Purchaser Common Stock as set forth in this Agreement and in
the Stockholders’ Agreement.

8.5 No Basis for Claims

As at Signing, Purchaser is not, based on its due diligence review or otherwise, aware
of any matter or circumstance that would constitute a breach by Sellers of any terms of
this Agreement, which breach would entitle Purchaser to make a Claim pursuant to
Section 9. Purchaser shall, as stipulated in Section 11.6 below, between Signing and
Closing inform Sellers of all events and facts, which it becomes aware of and which
Purchaser believes would result in a breach of this Agreement by Sellers.

 

25

9 Indemnity

9.1 Indemnity of Purchaser

Subject to the limitations set forth in Section 9.2 below, Sellers hereby agree to
indemnify Purchaser against any direct damage, loss or cost (“Loss”) actually incurred
by Purchaser or the Group Companies as a direct result of any breach by Sellers of any
of the Warranties (for the purposes of this Section 9 without giving effect to any
“materiality,” “material adverse effect” or similar materiality qualification) or any
other terms of this Agreement giving rise to a Claim, provided that Sellers have failed
to rectify the breach (to the extent such breach can be rectified) within ten (10)
Business Days of having received a notice pursuant to Section 9.2.2. It is expressly
stated herein that all consequential and indirect losses and costs, including, without
limitation, loss of revenues, profits, cost savings, synergies or other similar
advantages, are excluded from Sellers’ liability under this Agreement, except if the
Claim is due to fraud or wilful misconduct by Sellers or if the Claim relates to a
breach by Sellers of the Warranties set forth in Section 7.9 (Taxes), 7.12
(Environmental Matters) and 7.20 (b) (Anti-Bribery Laws).

For the sake of clarity it is stated here and agreed hereby that any amount payable by
Sellers to Purchaser under this Section 9 shall be paid primarily and first from the
Escrow Account pursuant to the terms of the Escrow Agreement. It is expressly agreed
that as of the first day after twelve (12) months after the Closing Date the Warrantors
shall solely assume liability for the Warranties granted and for possible Claims
presented by Purchaser after such date under this Agreement and the other Sellers shall
thus be released from liability under this Agreement as per such date other than in
respect of Claims made prior to such date.

Any amount payable by Sellers to Purchaser under this Section 9 shall be treated for
all purposes as a reduction of the Purchase Price. This remedy shall be exclusive and
it is specifically agreed that no other remedy, including (but not limited to) the
right to damages or to terminate or rescind this Agreement, shall be available to
Purchaser.

9.2 Limitation of Sellers’ Liability

9.2.1 Monetary Limitations

Notwithstanding anything to the contrary set forth in this Agreement, Purchaser’s right
to indemnification for all Claims under this Agreement shall be limited to the Escrow
Payment, i.e. EUR nineteen million (19,000,000), which constitutes Sellers’ maximum
aggregate liability under this Agreement on any ground, except for any Claims due to
breach by Sellers of the Warranties set forth in Section 7.1 (Ownership of Shares and
Authority of Sellers), Section 7.2 (Existence), Section 7.9 (Taxes), Section 7.10
(Intellectual Property Rights), Section 7.12 (Environmental Matters) and 7.20 (b)
(Anti-Bribery Laws) or for any Claims due to fraud or wilful misconduct by Sellers.
Sellers’ and, after twelve (12) months after the Closing Date, the Warrantors’ maximum
liability for Warranties set forth in Section 7.9 (Taxes), Section 7.10 (Intellectual
Property Rights), Section 7.12 (Environmental Matters) and 7.20 (b) (Anti-Bribery Laws)
pursuant to Section 9.3 shall be limited to fifty percent of the Purchase Price
(including the Escrow Payment). For the sake of clarity, it is expressly understood and
agreed that the Directors shall not have any obligation to supplement the Escrow
Payment, if e.g. the market price of the Purchaser Common Stock being held on Escrow
Account decreases, but such risk shall be assumed by Purchaser. Further, should the
entire Escrow Payment made by the Directors not be sufficient, as a result of decreased
value of the Purchaser Common Stock, to cover the Directors’ full pro rata portion of
any Claims under this Agreement, Purchaser shall not be entitled to claim any such
shortfall from the other Sellers who have made their Escrow Payment in cash.

 

26

No reduction of the Purchase Price shall be made due to a breach of this Agreement,
unless the total amount of the Claims, which Purchaser may make in this respect under
this Agreement, amounts to or exceeds EUR five hundred thousand (500,000). If such
Claims amount to EUR five hundred thousand (500,000) in the aggregate, the reduction
shall be made for the amount exceeding such threshold. No individual Claim, or series
of Claims arising from substantially identical facts or circumstances, which is less
than EUR fifty thousand (50,000) shall be taken into account when calculating the
aggregate amount of Claims. The aforesaid monetary limitations shall not apply to any
Claims due to breach by Sellers of the Warranties set forth in Section 7.1 (Ownership
of Shares and Authority of Sellers) and Section 7.2 (Existence) or for Claims due to
fraud or wilful misconduct by Sellers.

9.2.2 Time Limitations

No Claim shall be brought against Sellers and Sellers shall not be liable in respect of
any Claim unless notice in writing of any such Claim (accompanied by all relevant
particulars thereof specifying the nature of the breach, the estimated amount claimed
in respect thereof and all such other information as is available to Purchaser as is
reasonably necessary to enable Sellers to assess the merits of the Claim, to act to
preserve evidence and to make such provision as Sellers may consider necessary) has
been given to Sellers within sixty (60) days from the date Purchaser became aware of
the circumstances giving rise to such Claim and in any event not later than twelve (12)
months after the Closing Date, provided that Purchaser shall not be precluded from
making a Claim after such 60-days period prior to the expiration of such twelve (12)
months period in the event and to the extent that Purchaser’s failure to notify in such
time has not aggravated to any extent the Loss that is subject to the Claim or made it
from an objective perspective commercially or technically unreasonable to rectify the
breach of the Claim.

However, (i) Claims under Section 7.10 (Intellectual Property Rights), Section 7.12
(Environmental matters) and 7.20 (b) (Anti-Bribery Laws) shall be presented no later
than five (5) years following the Closing Date, (ii) Claims under Section 7.9 (Taxes)
shall be presented no later than six (6) months from the date upon which the applicable
statutory limitation periods expire, and (iii) Claims under Section 7.1 (Ownership of
Shares and Authority of Sellers) and Section 7.2 (Existence) and due to fraud or wilful
misconduct by Sellers may be presented without any time limitations.

9.2.3 Mitigation and Compensation from Third Parties

Purchaser shall take all reasonable steps to mitigate the Losses and Sellers shall not
be liable for any Loss to the extent Purchaser failed to take such action and such
failure has aggravated the Loss.

If Purchaser or any of the Group Companies has a right to indemnification or
compensation relating to a Loss from any third party, the Claim that Purchaser may make
shall be reduced by the amount of such indemnification or compensation actually
received by Purchaser or the Group Companies. Purchaser shall use all its commercially
reasonable efforts to pursue any such indemnification or compensation opportunity. If
such indemnification or compensation has been received after Sellers have compensated
Purchaser, Purchaser undertakes to refund the amount of such indemnification or
compensation to Sellers.

No liability shall arise in respect of any breach of this Agreement in respect of any
Loss, which is actually recovered under a policy of insurance in force at Closing.
Purchaser shall use all its commercially reasonable efforts to pursue any such
insurance recovery opportunity.

 

27

9.2.4 Other limitations

A liability, which is contingent, shall not constitute a Loss recoverable under this
Agreement, unless and until such contingent liability becomes an actual liability and
is due and payable.

If any Loss is a tax deductible item, the Claim that Purchaser may make shall be
reduced by an amount of any actual tax saving resulting from such Loss to Purchaser or
the Group Companies.

Purchaser shall not be entitled to make any Claim to the extent that:

	 	(a)	 	at Closing, Purchaser was aware of the fact, occurrence or event
which constituted a breach of this Agreement resulting the Loss that is subject to
the Claim based on matters fairly disclosed with reasonable clarity and
specificity and in a reasonably discernible way in the Disclosure Material, the
Disclosure Letter and/or the Updated Disclosure Letter;
	 
	 	(b)	 	the Claim would not have occurred but for any act, omission or
transaction carried out by Purchaser or its Affiliate;
	 
	 	(c)	 	a provision or allowance for the matter giving rise to the Loss
(whether as a specific reserve or as a general reserve) has been made in the
Audited Annual Accounts or the same is otherwise accounted for or reflected in the
Audited Annual Accounts;
	 
	 	(d)	 	the Claim occurs as a result of the passing of, or change in, any
legislation, regulation or administrative practice of any governmental or other
regulatory body not in force at the date hereof, or which takes effect
retrospectively, including, without prejudice to the generality of the foregoing,
any increase in the rate of tax in force at the date hereof or any change in the
practice of the relevant tax authorities, or any change after the date hereof of
any generally accepted interpretation or application of any such legislation,
regulation or administrative practice; or
	 
	 	(e)	 	the Claim occurs as a result of any change in accounting or tax
policy or practice of Purchaser or any of the Group Companies introduced or having
effect after Closing.

9.3 Joint and Several Liability

Subject to this Section 9.3, Sellers shall be jointly and severally liable for any
breaches of the Warranties up to the Escrow Payment, except for liability for possible
breaches of the Warranty under the first paragraph of Section 7.1 (Ownership of Shares
and Authority of Sellers) which shall be several and not joint.

To the extent Sellers may be held liable for any Claims presented after twelve (12)
months after the Closing Date and/or to the extent Sellers may be held liable for
Claims exceeding the Escrow Payment, the Warrantors shall as of the date twelve (12)
months after the Closing Date onwards be liable for such possible Claims. The
Warrantors’ liability as of such date for any breaches of Warranties shall be several
and not joint and calculated in proportion to their holding of Shares.

Sellers’ liability for breaches of Section 11.2 (Non-Competition) and Section 11.3
(Non-Solicitation) shall be several and not joint.

 

28

9.4 Third Party Claim

In case Purchaser becomes aware of a third party claim, Purchaser shall:

	 	(a)	 	as soon as reasonably practicable and in any event within sixty (60)
days after the date Purchaser became aware of any circumstance giving rise to a
third party claim, give notice thereof to Sellers;
	 
	 	(b)	 	subject to Sellers acknowledging in writing their indemnification
obligation and agreeing to hold Purchaser harmless from and against the entirety
of the Loss relating to such third party claim, not make any admission of
liability, agreement or compromise with any person, body or authority in relation
thereto, without obtaining the prior consent of Sellers (such consent not to be
unreasonably withheld);
	 
	 	(c)	 	subject to Sellers acknowledging in writing their indemnification
obligation and agreeing to hold Purchaser harmless from and against the entirety
of the Loss relating to such third party claim, in any action resist, defend and
appeal such claim in the reasonable interest of Sellers;
	 
	 	(d)	 	give Sellers, or Sellers’ duly authorised representatives, reasonable
access to the personnel of Purchaser and to any relevant premises, accounts,
documents and records within their respective power, to enable Sellers, or
Sellers’ duly authorised representatives, to examine such claim, premises,
accounts, documents and records and to take copies or photocopies thereof;
	 
	 	(e)	 	allow, if requested by Sellers, any negotiation, dispute or
litigation relating to such third party claim to be handled by Sellers at Sellers’
costs, provided, however, that should Sellers according to Purchaser’s reasonable
and well-founded opinion fail or be likely to fail to properly handle such
negotiation, dispute or litigation in the reasonable interest of Purchaser,
Purchaser shall have the right, at its discretion, to assume control of such
action; and
	 
	 	(f)	 	if any of Sellers have made any payment to Purchaser as a settlement
of any claim and Purchaser has the right to recover from any third party any
amount payable as a result of facts or circumstances forming the basis of such
claim, then Purchaser shall on its sole discretion either assign that right to
Sellers or pursue the said recovery at the direction and reasonable cost of the
respective Sellers and pass any monies or property recovered over to Sellers.

Notwithstanding Section 9.4 (a)-(f), with respect to any third party claim for Taxes: (i)
Sellers only have the right to control such claim if it solely relates to Taxes with respect to
any taxable year that has ended or taxable period related to the time period prior to the
Closing Date; (ii) Sellers shall not consent to any settlement or compromise of such claim
without the written consent of Purchaser, which consent shall not be unreasonably withheld or
delayed; (iii) Sellers or Sellers’ Representatives, as the case may be, shall keep Purchaser
fully and timely informed with respect to the commencement, status and nature of any such
claim; and (iv) Sellers shall, in good faith, allow Purchaser to make comments to Sellers or
the Sellers’ Representative, regarding the conduct of or positions taken in any such
proceeding.

9.5 Indemnity of Sellers

Purchaser hereby agreed to indemnify Sellers against any Loss actually incurred by
Sellers as a direct result of any breach by Purchaser of this Agreement. The
limitations of liability in Section 9.2 above

 

29

shall apply mutatis mutandis to the obligations of Purchaser under this Section 9.5
(excluding in respect of any losses resulting from breach of any payment obligations
under this Agreement).

10 Confidentiality

The Parties agree that all confidential information (including trade secrets,
technical, commercial, financial and legal information of the Group Companies) or other
information of a proprietary nature contained in this Agreement or relating to the
Group Companies, including the existence and the terms and conditions of this
Agreement, or obtained by a Party from the other Parties in connection with the
negotiations relating to the transactions contemplated herein shall be strictly
confidential and not be disclosed to any third party or used to cause damage to another
Party. The obligation to keep information confidential does not apply, if (i) a Party
is required to provide information by law, regulation or governmental decision, or (ii)
a Party is required to provide information by any applicable stock exchange
regulations, or (ii) such disclosure has been consented to by the other Party, or (iv)
the information is commonly known in the public domain and this is not a result of a
breach by the Party. The secrecy obligation set forth in this Section 10 shall remain
in effect for five (5) years from the Closing Date.

All press releases and other public relations activities of the Parties with
regard to this Agreement shall be mutually approved by Sellers and Purchaser in
advance.

11 Covenants

11.1 Release from Liability of the Directors of the Group Companies

Purchaser undertakes at the next Meeting of Shareholders of each Group Company to grant
discharge to and release of liability to the members of the Board of each Group Company
for their administration until the Closing Date provided that the auditors of the Group
Company do not recommend against such discharge and release in their report. For the
avoidance of doubt it is understood between the Parties that any such release shall in
no way constitute a release, waiver or otherwise affect the Warranties as given by
Sellers.

11.2 Non-Competition

Each Director, Vacon Plc, Start Fund I Ky, Power Fund I Ky, Power Fund II Ky and
Semikron International GmbH undertake for a period of two (2) years from the Closing
Date not, without the prior written consent of Purchaser, directly or indirectly engage
in any business that would compete with the business of the Company or a Subsidiary, as
conducted in scope and place on the Closing Date, advising or acting as consultant to
any business engaging in any competing business or otherwise interfere with the
business of the Company or a Subsidiary. Should any of aforementioned Sellers be in
breach of the aforesaid non-competition undertaking, said Seller in breach will pay a
lump-sum as liquidated damages of EUR one hundred thousand (100,000) to Purchaser, if
said Seller is a private individual and EUR one million (1,000,000), if said Seller is
a corporation or a limited partnership. The right to claim damages, to file a petition
for a preliminary injunction and to take resort to any other remedy or relief shall
remain unaffected except that any such liquidated damages paid shall be set off against
any claim for damages.

The business of Vacon Plc or Semikron International GmbH as conducted as of the date
hereof and described in Appendix 11.2 or investments made by Start Fund I Ky (and/or
any other fund managed by Suomen Teollisuussijoitus Oy) and Power Fund I Ky/Power Fund
II Ky (and/or any other fund managed by VNT Management Oy) are not considered a breach
of the above non-competition undertaking. The non-competition undertaking shall thus
not prevent Start Fund I Ky (and/or any other

 

30

fund managed by Suomen Teollisuussijoitus Oy) and Power Fund I Ky/Power Fund II Ky
(and/or any other fund managed by VNT Management Oy) from making investments in a
company active in the same field of business as the Company. However, if an investment
is made in a company competing directly with the Company and/or a Group Company, Start
Fund I Ky (and/or any other fund managed by Suomen Teollisuussijoitus Oy), Power Fund I
Ky and Power Fund II Ky (and/or any other fund managed by VNT Management Oy) shall not
appoint or nominate persons having being members of the Board of the Company and/or a
Subsidiary as Board members to such company, in which an investment is made.

11.3 Non-Solicitation

A Director as well as Vacon Plc, Start Fund I Ky, Power Fund I Ky, Power Fund II Ky and
Semikron International GmbH shall not for the period of eighteen (18) months following
the Closing Date, whether directly or indirectly through third parties including but
not limited to recruitment or search firms, actively employ, solicit or endeavour to
entice away from the Company or a Subsidiary any person who is or was during a period
of six (6) months immediately preceding the date of this Agreement employed by the
Company or a Subsidiary. The aforesaid shall not prevent a Director or Vacon Plc,
Start Fund I Ky, Power Fund I Ky, Power Fund II Ky or Semikron International GmbH from
employing, directly or indirectly, any person other than a Director based on the said
persons’ own initiative or application provided that said Seller has not prior to that
actively solicited the said person for employment.

11.4 Ordinary Course of Business

During the period commencing on the Signing Date and ending on the Closing Date,
Sellers shall cause each Group Company to conduct its activities diligently in the
ordinary course of business and in accordance with the relevant laws and permits, and
to use its best efforts to keep intact the business (including its assets and property)
and to preserve its relationship with personnel, customers, suppliers, distributors,
lessors, licensors, licensees, authorities, creditors, insurance companies and other
persons having a business relationship with such Group Company.

During the period commencing on the Signing Date and ending on the Closing Date,
Sellers shall not take any action, and shall cause the Group Companies not to take any
action, without the prior written consent of Purchaser, that is outside the ordinary
course of business or that may reasonably be deemed to result in any condition
precedent set out in Section 6.3 above not being satisfied or any Warranty being
breached. Without limiting the generality of the aforesaid, until the Closing, there
shall, unless otherwise specifically contemplated by this Agreement, be no resolutions,
actions or events set out below with respect to the business or any Group Company:

	 	(a)	 	no issue, acquisition, conveyance, redemption, split, combination
or conversion of any shares (including the Shares), option rights or other
specific rights or securities entitling to or convertible into shares of any
Group Company, or increasing or decreasing of the share capital of any Group
Company;
	 
	 	(b)	 	no distribution of any profits (including but not limited to
dividends except as permitted under this Agreement) or other assets by any Group
Company;
	 
	 	(c)	 	no entering into any agreements or arrangements regarding borrowing
of money or otherwise incurring financial indebtedness except for the government
debt specified in Appendix 7.15, provided, that, subject to Section 4.1, the
Company is entitled to use the credit limits in force at the Signing Date hereof
with Nordea Bank Finland Plc and Svenska Handelsbanken AB (publ), Branch
Operation in Finland;

 

31

	 	(d)	 	no lending of money to or investing or making capital contributions
in any third party, except in the ordinary course of business;
	 
	 	(e)	 	no selling, pledging or otherwise encumbering of any assets of any
Group Company or granting of any guarantee or similar commitment by any Group
Company, except in the ordinary course of business;
	 
	 	(f)	 	no waiving, discharging, settling or transferring of any claim or
right of a material value, or initiating any litigation or other proceeding, by
any Group Company;
	 
	 	(g)	 	no application for liquidation, reconstruction or bankruptcy or
equivalent made by any Group Company;
	 
	 	(h)	 	no making or cancellation of any capital expenditure or commitment
therefore in excess of EUR 100,000 individually;
	 
	 	(i)	 	no increase of the compensation payable (including, but not limited
to, wages, salaries, bonuses or any other remuneration) or to become payable to
any officer, employee or director of the Group Companies other than in the
ordinary course of business;
	 
	 	(j)	 	no establishment of new Employee Benefit Plans;
	 
	 	(k)	 	no writing-off as uncollectible any material notes or accounts
receivable;
	 
	 	(l)	 	no change in any method of accounting or auditing practice of the
Group Companies other than in connection with transferring to IFRS or as required
for US GAAP purposes;
	 
	 	(m)	 	no amending in any material respect or terminating any of the
Material Contracts or entering into any new contracts which are material to the
Group Companies;
	 
	 	(n)	 	no material change in the group or organisation structure of the
Group Companies;
	 
	 	(o)	 	no making any Tax elections or settling and/or compromising any Tax
liability; no preparing any Returns in a manner which is inconsistent with the
past practices of the Group Companies with respect to the treatment of items on
such Returns; no incurring any material liability for Taxes other than in the
ordinary course of business; nor filing an amended Return or a claim for refund
of Taxes with respect to the income, operations or property of the Group
Companies, unless part of the ordinary course of business; or
	 
	 	(p)	 	no sale, acquisition, divestment or other disposition of any
assets, property or rights by any Group Company, except in the ordinary course of
business.

11.5 Obligation to Inform

If any of Sellers or any Group Company becomes aware of any material matter or
circumstance that may reasonably be deemed (a) to be outside the ordinary course of
business; (b) to result in a Material Adverse Effect or any other condition precedent
set out in Section 6.3 not being satisfied; (c) to constitute or result in a default
under any of the Material Contracts; (d) to result in any of the Warranties to be
untrue or inaccurate in any material respect; (e) to indicate that a consent of a third
party is or may be required in connection with the transactions contemplated by this
Agreement; or (f) to deviate from the information disclosed to Purchaser in connection
with the Due Diligence or in the Disclosure Material, Sellers shall inform, or shall
cause the relevant Group Company to inform, Purchaser thereof as soon as possible.

 

32

If Purchaser becomes aware of any breach of the Warranties it shall inform Sellers
thereof as soon as possible.

11.6 Access to Information

For the purposes of monitoring compliance with Sections 11.4 and 11.5, Sellers shall
give, and shall cause each Group Company to give, Purchaser, its representatives and
the relevant authorities reasonable access to the personnel, premises, book-keeping
material, records and other documentation of the Group Companies. Sellers shall
provide, and shall cause each Group Company to provide, Purchaser, its representatives
and the relevant authorities with copies of information and documentation as may
reasonably be requested by the authorities or Purchaser.

11.7 U.S. GAAP Financial Statements

Sellers undertake to procure that the Company (i) prepares at its cost the US GAAP
unaudited full year and quarterly balance sheets and income statements as referred to
in Section 6.3.7 as soon as reasonably possible after the date hereof, (ii) consults
with Purchaser and its accountants in preparing such balance sheets and income
statements and (iii) delivers such balance sheets and income statements to Purchaser no
later than ten (10) Business Days prior to the Closing Date for review and comment and
take into consideration any comments Purchaser and its accountants may have in respect
of such financial statements.

11.8 Ordinary Course of Business of Purchaser

Purchaser has conducted its activities diligently in the ordinary course of business
and in accordance with relevant laws and permits.

During the period from the date of this Agreement to the Closing Date, Purchaser shall
refrain from:

	 	(i)	 	amending or restating its certificate of
incorporation or bylaws in a manner having a material adverse effect to
Sellers;
	 
	 	(ii)	 	declaring, paying or setting aside any dividend to
its stockholders;
	 
	 	(iii)	 	splitting, combining, redeeming, reclassifying or
purchasing any shares of capital stock of Purchaser in a manner having a
material adverse effect to Sellers; and
	 
	 	(iv)	 	issuing any shares in capital stock or other equity
securities of Purchaser at less than the closing price for Purchaser
Common Stock in the Nasdaq Global Market as of the last trading day prior
to the date of issue; provided, however, that the
aforesaid shall not restrict Purchaser from (A) issuing any shares in
capital stock or other equity securities of Purchaser pursuant to any
existing stock option plan or other equity incentive plan of Purchaser,
(B) repurchasing shares under any agreement, arrangement or understanding
to which Purchaser is a party to or is otherwise in effect on the date
hereof, and (C) issuing shares in capital stock of Purchaser in connection
with any merger, acquisition or purchase of all or a substantial portion
of the assets of any Person other than the Company.

 

33

12 Miscellaneous

12.1 Notices and Sellers’ Representatives

All notices, demands or other communication, which all shall be in the English
language, to or upon the respective Parties shall be deemed to have been duly given or
made when delivered by (i) mail, (ii) telefax or (iii) e-mail with e-mail
acknowledgement of receipt to the party in question as follows:

	 	 	 

	If to Purchaser:

	 	American Superconductor Corporation
	 
	address:

	 	64 Jackson Road
	 

	 	Devens, MA 01434
	 

	 	United States
	telefax:

	 	+1 978 842 3530
	attention:

	 	General Counsel
	 
	 	 
	with a copy to:

	 	White & Case LLP
	 
	address:

	 	Eteläranta 13
	 

	 	00130 Helsinki
	 

	 	Finland
	telefax:

	 	+358 9 228 64 228
	attention:

	 	Timo Airisto
	 
	 	 
	If to Sellers:
	 	 
	 
	 	 
	 

	 	VNT Management Oy
	 
	address:

	 	Alatori 1 B
	 

	 	65100 Vaasa
	 

	 	Finland
	telefax:

	 	+358 6 3120260
	attention:

	 	Jussi Palmroth

 

34

	 	 	 

	and
	 	 
	 
	 	 
	 

	 	Dag Sandås
	 
	address:

	 	Hovioikeudenpuistikko 11 A 10
	 

	 	65100 Vaasa
	 

	 	Finland
	telefax:

	 	+358 20 783 8270
	 
	 	 
	with a copy to:

	 	Ernst & Young Oy
	 
	address:

	 	Pitkäkatu 55
	 

	 	65100 Vaasa
	 

	 	Finland
	telefax:

	 	+358 6 312 9148
	attention:

	 	Kjell Renlund

or at such other address as the respective Party may hereafter specify in writing to
the other Party and shall be deemed to be received by the recipient Party at the latest
on the seventh (7th) day after sending the letter, if delivered by mail or
immediately, if delivered by telefax or at the moment when received the confirmatory
e-mail, if delivered by e-mail.

Each Seller hereby irrevocably and unconditionally appoints each of Veijo Karppinen and
Dag Sandås as his, her or its representative (“Sellers’ Representatives”) for all
matters under this Agreement, including (but not limited to) signing and executing all
agreements and other documents and taking any other actions necessary in connection
with the transactions contemplated hereby. By such Seller’s execution of this
Agreement, such Seller irrevocably and unconditionally designates and appoints each of
the Sellers’ Representatives as his, her or its attorney in fact, with full power of
substitution, to act in his, her or its name with respect to all matters hereunder to
the same extent as if such Seller were to so act.

12.2 Appendices Incorporated

Each Appendix to which reference is made herein and which is attached hereto shall be
deemed incorporated in this Agreement by such reference.

12.3 Headings

The headings and the table of contents of this Agreement are for convenience of
reference only and shall not in any way limit or affect the meaning or interpretation
of the provisions of this Agreement.

 

35

12.4 Assignment

This Agreement and the rights and obligations specified hereunder shall be binding upon
and inure to the benefit of the Parties and shall not be assignable by either Party.

Nothwithstanding the aforesaid, Purchaser may assign its rights, interests and
obligations hereunder to any direct or indirect wholly-owned subsidiary of Purchaser,
provided that Purchaser shall guarantee as for its own debt (in Finnish: omavelkainen
takaus) all of the obligations so assigned to such subsidiary.

12.5 Entire Agreement

This Agreement represents the entire understanding and agreement between the Parties
with respect to the subject matter hereof and supersedes all prior negotiations,
understandings and agreements relating to the subject matter hereof.

12.6 Transfer Tax

All applicable transfer, sales and use, registration, stamp and similar taxes and fees
(including any penalties and interest) imposed or incurred in connection with the sale
of the Shares or any other transactions that occurs pursuant to this Agreement shall be
borne and paid by Purchaser, and Purchaser shall, at its own expense, properly file on
a timely basis all necessary transfer tax and other documentation with respect to any
transfer tax and other applicable tax and fee and provide Sellers evidence of payment
thereof.

12.7 Costs

Each Party shall bear its own costs and expenses in connection with the preparation,
execution and implementation of this Agreement, including any and all professional fees
due to their advisors.

12.8 Governing Law

This Agreement shall be governed by and construed in accordance with the substantive
laws of Finland. It is expressly agreed that the application of the Finnish Sale of
Goods Act (355/1987, as amended) and the Vienna Convention on Contracts for the
International Sale of Goods (11.4.1980) shall be excluded.

12.9 Arbitration

Any dispute arising out of or relating to this Agreement or transaction agreed herein
shall be finally settled by arbitration in accordance with the Arbitration Rules of the
Stockholm Chamber of Commerce. The Arbitration Tribunal shall consist of three (3)
arbitrators, one (1) to be appointed by Purchaser, one (1) by Sellers and one (1)
arbitrator, serving as the chairman, by the two arbitrators so appointed. Failing the
appointment of an arbitrator or the chairman, the arbitrator or the chairman, as the
case may be, shall be appointed by the Arbitration Board of the Stockholm Chamber of
Commerce. The arbitration shall be held in Stockholm, Sweden and the arbitral
proceedings shall be conducted in the English language, but evidence may be submitted
also in Finnish and/or Swedish and witnesses heard in any of the said languages.

12.10 Amendments

Any amendment to this Agreement shall be in writing and shall have no effect before
signed by the duly authorized representatives of each Party.

 

36

12.11 Provisions Severable

If any part of this Agreement is held to be invalid or unenforceable, such
determination shall not invalidate any other provision of this Agreement. However, the
Parties hereto shall attempt, through negotiations in good faith, to replace any part
of this Agreement so held to be invalid or unenforceable in order to give effect to the
commercial intentions of the Parties when signing this Agreement. The failure of the
Parties to reach an agreement on a replacement provision shall not affect the validity
of the remaining provisions of this Agreement.

12.12 Counterparts of Agreement

This Agreement has been executed in two (2) identical and original counterparts, one
(1) jointly for Sellers and one (1) for Purchaser.

[Signatures To Follow]

 

37

	 	 	 	 	 

	PURCHASER:
	 	 	 	 
	 
	 	 	 	 
	AMERICAN SUPERCONDUCTOR CORPORATION	 	 
	 
	 	 	 	 
	/s/ Gregory J. Yurek
 

Gregory J. Yurek

	 	 	 	 
	Chairman and Chief Executive Officer
	 	 	 	 
	 
	 	 	 	 
	SELLERS:
	 	 	 	 
	 
	 	 	 	 
	POWER FUND I KY

	 	POWER FUND II KY	 	 
	 
	 	 	 	 
	/s/ Veijo Karppinen
 

Veijo Karppinen

	 	/s/ Jarmo Saaranen
 

Jarmo Saaranen
	 	 
	 
	 	 	 	 
	VACON PLC

	 	SEMIKRON INTERNATIONAL GMBH	 	 
	 
	 	 	 	 
	/s/ Vesa Laisi
 

Vesa Laisi

	 	/s/ Dirk Heidenreich
 

Dirk Heidenreich
	 	 
	 
	 	 	 	 
	START FUND I KY
	 	 	 	 
	 
	 	 	 	 
	/s/ Henri Grundstén
 

Henri Grundstén

	 	/s/ Jukka-Pekka Mäkinen
 

Jukka-Pekka Mäkinen
	 	 
	 
	 	 	 	 
	/s/ Dag Sandås
 

Dag Sandås

	 	/s/ Pertti Kurttila
 

Pertti Kurttila
	 	 

 

38

	 	 	 	 	 

	/s/ Reijo Takala
 

Reijo Takala

	 	/s/ Jari Kemppi
 

Jari Kemppi
	 	 
	 
	 	 	 	 
	/s/ Anders Troedson
 

Anders Troedson

	 	/s/ Jukka Rantanen
 

Jukka Rantanen
	 	 
	 
	 	 	 	 
	/s/ Veijo Karppinen
 

Veijo Karppinen

	 	 	 	 
	 
	 	 	 	 
	on behalf of Sellers listed in Appendix B hereto
	 	 	 	 

 

 

Appendix 1.24

Escrow Agreement

by and between

the Shareholders of The Switch Engineering Oy

American Superconductor Corporation

and

Skandinaviska Enskilda Banken AB (publ) Helsinki

Branch

[  ].2011

 

 

ESCROW AGREEMENT

THIS ESCROW AGREEMENT (this “Escrow Agreement”) is entered into on this [•]th day
of [•], 2011, by and between

	1.	 	Private persons, corporations and private equity funds listed in Appendix 1 (“Sellers”);
	 
	2.	 	American Superconductor Corporation, a corporation incorporated and existing under the laws of
Delaware, United States, having its principal place of business at 64 Jackson Road Devens, MA
01434, United States (“Purchaser”); and
	 
	3.	 	Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, a branch office established and
existing under the laws of Finland, having its registered address at Unioninkatu 30, FI-00100
Helsinki, Finland (the “Escrow Agent”).

The parties listed under 1-3 above are hereinafter jointly referred to as the “Parties” and
individually as a “Party”.

WHEREAS:

	A.	 	Sellers and Purchaser have entered into a share purchase
agreement (the “Agreement”) on 12 March
2011 concerning the sale and purchase of all of the issued and outstanding shares in The Switch
Engineering Corporation (business identity code 2046716-9), a limited liability company
incorporated under the laws of Finland (“The Switch”).
	 
	B.	 	Section 4.2 of the Agreement provides that Purchaser shall at Closing (i) deposit EUR [•] in
cash (the “Escrow Payment”); and (ii) deliver stock certificates representing [•] Purchaser Common
Stock (the “Escrow Shares”), i.e. altogether representing EUR nineteen million (19,000,000)
equalling to ten percent (10%) of the Purchase Price as defined in the Agreement, into escrow with
the Escrow Agent. The Escrow Payment and the Escrow Shares are hereinafter jointly referred to as
the “Escrow Property”. The allocation of the Escrow Payment and Escrow Shares among Sellers is set
forth in Appendix 2 hereto.
	 
	C.	 	Sellers, Purchaser and the Escrow Agent shall agree on specific terms and conditions as
regards the administration of the Escrow Property, including the Escrow Account (as defined
below), and the disbursement thereof.

NOW THEREFORE, the Parties enter into this Escrow Agreement and agree as follows:

1
Definitions

Unless otherwise stated herein the definitions used in the Agreement shall apply.

2 (13)

 

2
Establishment of the Escrow Account and payment

	(i)	 	An interest-bearing bank account has been opened and established with the Escrow Agent in the
City of Helsinki under the bank account number [•] in the joint name of Sellers (the “Bank
Account”) and a custody account has been opened and established for the Escrow Shares with the
Escrow Agent in the City of Helsinki under the custody account number [•] in the joint name of the
Directors (the “Custody Account”) (the Bank Account and the Custody Account being hereinafter
jointly referred to as the “Escrow Account”). The terms of the Escrow Account are attached hereto
as Appendix 3. For the avoidance of doubt, Appendix 3 shall be applicable to the Escrow Account
provided, however, that in case of any conflict between the terms and conditions of
this Escrow Agreement and Appendix 3, the terms and conditions of this Escrow Agreement shall
govern.
	 
	(ii)	 	Neither Sellers nor Purchaser is entitled to use the Escrow Account for any purposes other
than specified in this Escrow Agreement.
	 
	(iii)	 	The Escrow Property amounts to 10% of the Purchase Price and equally to 10% of the portions
of the Purchase Price payable to each Seller accordance with Section 4.2 of the Agreement. At
Closing, Purchaser shall pay and transfer the Escrow Payment to the Escrow Account and deliver the
stock certificates representing the Escrow Shares to the Escrow Agent. The portion of the Escrow
Payment and the scrow Shares included in the scrow Property is divided between Directors and the
other Sellers as follows: Directors 100% of the Escrow Shares and other Sellers 100% of the
Escrow Payment as set forth in Appendix 2 hereto.
	 
	(iv)	 	Purchaser and Sellers agree that all disbursements made from the Escrow Account to the
Purchaser shall, to the extent available, include the Escrow Payment and the Escrow Shares. The
allocation ratio between the Escrow Payment and the Escrow Shares shall be [•]% of the Escrow
Payment and [•]% of the Escrow Shares.
	 
	(v)	 	Sellers and Purchaser agree that, for the purposes of this Escrow Agreement and for calculating
amounts to be released from the Escrow Property, the minimum value (floor price) of the Escrow
Shares is the value per share calculated and fixed in accordance with Section 4.2 of the Agreement,
which value shall be used when calculating the disbursement of the Escrow Property to Purchaser.
Accordingly and for the avoidance of any doubt, in case the closing price per share of the Escrow
Shares in the Nasdaq Global Market is on the preceding trading day of the release lower than the
value per share calculated and fixed in accordance with Section 4.2 of the Agreement, the amount of
the Escrow Shares released shall be calculated for the benefit of the Sellers using the fixed value
set out in Section 4.2 of the Agreement. Purchaser and Sellers further agree that any increase in
the value of the Escrow Shares shall benefit the Directors. Accordingly, in case the closing price
per share of the Escrow Shares in the Nasdaq Global Market is on the preceding trading day of the
release higher than the value per share calculated and fixed in accordance with Section 4.2 of the
Agreement, Sellers’ Representative and Purchaser shall instruct the Escrow Agent to pay the surplus
directly to the Directors simultaneously when effecting payment and transfer to the Purchaser.

3

Escrow Agent

The Escrow Account and the Escrow Shares shall be administered on behalf of Sellers and Purchaser
by the Escrow Agent. Purchaser and Sellers hereby designate and appoint Escrow Agent to serve in
accordance with the terms, conditions and provisions of this Escrow Agreement. The Escrow Agent
hereby agrees to administrate the Escrow Property and arrange for the disbursement of any portion
of the Escrow Property, i.e. funds from the Escrow Account and the Escrow Shares, pursuant to the
joint instructions of Sellers’ Representative and Purchaser and in compliance with the terms,
conditions and provisions of this Escrow Agreement.

3 (13)

 

4 Interest, dividends, increase of value of the Escrow Shares and taxes

	(i)	 	Sellers and Purchaser agree that all interest, dividends and other income, if any, attributable
to the Escrow Property shall be allocated to Sellers in accordance with the division set out in
Appendix 2 and paid to Sellers in accordance with terms of the Escrow Account set out in Appendix
3. Sellers and Purchaser further agree that any increase of the value of the Escrow Shares shall
not be included in the Escrow Payment but shall belong to and benefit the Directors.
	 
	(ii)	 	Sellers and Purchaser agree that for tax purposes, all taxable interest, dividends and other
income, if any, attributable to the Escrow Property or any other amount held in escrow by the
Escrow Agent pursuant to this Escrow Agreement shall be allocable to Sellers.
	 
	(iii)	 	The Escrow Agent shall report to Sellers’ Representative, as of each calendar year-end, all
income, if any, attributable to the Escrow Property or any other amount held in escrow by the
Escrow Agent pursuant to this Escrow Agreement.
	 
	(iv)	 	Sellers and Purchaser intend that Sellers shall be treated as the owners of the Escrow Shares
for all tax purposes (except to the extent that any such Escrow Shares are disbursed to Purchaser
pursuant to Section 5), and none of the parties shall take any actions or positions that are
inconsistent with such treatment.

5 Disbursement of the Escrow Property

	(i)	 	The Escrow Property or any portion thereof shall and may be released by the Escrow Agent only
as follows:

	 	(a)	 	If Sellers’ Representative and Purchaser deliver to the Escrow Agent a joint written direction
signed by both Sellers’ Representative and Purchaser directing the Escrow Agent to arrange for the
disbursement of any portion of the Escrow Property specified in such direction to Sellers and/or
Purchaser, as the case may be, in accordance with designated delivery instructions; and
	 
	 	(b)	 	If Purchaser or Sellers’ Representative delivers to the Escrow Agent a written direction
together with a true copy of an arbitral award or judgment in respect of a claim or dispute under
the Agreement, whereupon the Escrow Agent shall arrange for the disbursement to which Purchaser or
Sellers are entitled according to such arbitral award or judgment in accordance with designated
delivery instructions received from Purchaser or the Sellers’ Representative, as the case may be.

	(ii)	 	Purchaser and Sellers’ Representative shall, thirty (30) days from the Release Date, jointly
instruct the Escrow Agent to immediately release to Sellers in accordance with designated delivery
instructions the Escrow Property, less any amount at dispute. If no claim under the Agreement has
been made by Purchaser on the Release Date, at the latest, and Purchaser has confirmed this in
writing to the Escrow Agent, Purchaser and Sellers’ Representative shall jointly instruct the
Escrow Agent to immediately release to Sellers in accordance with designated delivery instructions
the Escrow Property.
	 
	(iii)	 	A partial disbursement of the Escrow Property shall be allocated among Sellers pro rata to
their shareholding in The Switch as set out in the Agreement and Appendix 1 and equally taking into
account the division between the Escrow Payment and the Escrow Shares. Whenever a partial release
of the Escrow Shares is anticipated, Purchaser shall, upon request by the Escrow Agent and after
the Escrow Agent has been directed in writing with the amounts, to promptly reissue the stock
certificates of the Escrow Shares in the number of certificates necessary so as to enable such
partial release.
	 
	(iv)	 	After the release of any part of the Escrow Shares to Purchaser pursuant to Sections 5(i)(a)
or 5(i)(b) above, it is at Purchaser’s sole discretion whether such Escrow Shares will be held as
Purchaser’s treasury shares or sold to a third party.

4 (13)

 

	(v)	 	Any Escrow Shares released by the Escrow Agent to the Directors pursuant to this Escrow
Agreement shall reduce the restricted Purchaser Common Stock in pro rata over the three years
lock-up period agreed in the Stockholders Agreement

6 Fees and Expenses

Purchaser agrees to pay the Escrow Agent fifty percent (50%) of and Sellers agree to pay the
Escrow Agent fifty per cent (50%) of the fees set forth in Appendix 3 hereto. Purchaser shall pay
its share of the fees by adding the amount of such fees to the Escrow Account. Upon release of any
portion from the Escrow Account, the Escrow Agent shall deduct Sellers’ and Purchaser’s respective
shares of such fees from any payment that is made to Sellers or Purchaser, respectively. Except as
set forth in Appendix 3 hereto, the Escrow Agent will not charge any separate fee for acting as
Escrow Agent and for actions agreed in this Escrow Agreement. The provisions of this Section 6
shall survive the removal of the Escrow Agent and any termination of this Escrow Agreement.

7 Responsibility of the Escrow Agent

The acceptance by the Escrow Agent of its duties under this Escrow Agreement is subject to the
following terms and conditions, and the Parties to this Escrow Agreement hereby agree that such
terms and conditions shall govern and control such Escrow Agent’s rights, duties, liabilities and
immunities:

	(i)	 	The Escrow Agent shall act hereunder as depository only, and it shall not be responsible or
liable in any manner whatsoever for the sufficiency of any amount deposited with it. The duties and
responsibilities of the Escrow Agent hereunder shall be determined solely by the express provisions
of this Escrow Agreement and the laws and regulations related to the conduct of banking business
generally applicable to it, and no further duties or responsibilities shall be implied. The Escrow
Agent shall not have any liability under, nor duty to inquire into, the terms and provisions of any
agreements or instructions, other than outlined in this Escrow Agreement, for the avoidance of
doubt excluding the Agreement.
	 
	(ii)	 	The Escrow Agent shall be protected in acting upon any written notice, request, waiver,
consent, receipt or other paper or document furnished to it in accordance with this Escrow
Agreement by Sellers’ Representative and/or Purchaser, as the case shall be, not only as to its due
execution and the validity and effectiveness of its provisions but also as to the truth and
acceptability of any information therein contained, which it, in good faith, believes to be genuine
and what it purports to be. For the avoidance of doubt, the Escrow Agent shall not be responsible
for any direct or indirect damage, cost, expense or loss arising out from its actions based on the
receipt of the document as set forth above.
	 
	(iii)	 	The Escrow Agent shall not be bound by any waiver, modification, amendment, termination or
rescission of this Escrow Agreement, unless received by it in writing and signed by both Sellers’
Representative and Purchaser.
	 
	(iv)	 	The Escrow Agent shall not be responsible for any direct or indirect damage, cost, expense or
loss arising out from the fact that the Escrow Agent has been prevented from releasing the Escrow
Property due to a force majeure event (including but not limited to strike, industrial action,
order of a competent authority or other corresponding event).
	 
	(v)	 	The Escrow Agent shall not have the right to use the Escrow Property (or part thereof),
including the account in which the Escrow Payment is deposited, to set-off any receivable it has or
may have in the future from Sellers or Purchaser, excluding the fees pursuant to Section 6 above.
	 
	(vi)	 	The Escrow Agent undertakes to distinguish the Escrow Account from the other accounts and the
Escrow Shares from the other shares administered by the Escrow Agent and to keep the funds on the
Escrow Account and the Escrow Shares segregated from the Escrow Agent’s own property and funds, as
well as the property and funds of any other customers or third parties. The Escrow Agent shall deal
with neither the funds deposited on the Escrow Account nor

5 (13)

 

	 	 	the Escrow Shares in a way other than expressly permitted by this Escrow Agreement and shall
carry out only those payment instructions that are described in this Escrow Agreement.

8 Amendment and Termination

This Escrow Agreement may be amended or terminated by and upon written notice to the Escrow Agent
at any time given jointly by Purchaser and Sellers’ Representative provided that the rights, duties
or responsibilities of the Escrow Agent may not be amended or modified without its consent. This
Escrow Agreement shall terminate without further notice when the entire Escrow Property has been
properly disbursed by the Escrow Agent in accordance with the terms of this Escrow Agreement.

9 Pledge

	(i)	 	Sellers shall, as continuing security for the proper fulfillment by Sellers of all of their
obligations under and for any potential claims Purchaser may have against Sellers based on the
Agreement or the Stockholders Agreement, hereby unconditionally and irrevocably pledge to
Purchaser, as first priority security, all its rights in the Escrow Payment, including the account
in which it is deposited, and the Escrow Shares.
	 
	(ii)	 	The pledge created hereunder and all obligations of Sellers in relation thereto shall continue
in full force from the date hereof until all of the Escrow Property shall have been disbursed to
Purchaser or released to Sellers. In case of partial release of the Escrow Property to Sellers, the
pledge shall automatically cease to exist in relation to such Escrow Property released to Sellers.
	 
	(iii)	 	The Escrow Agent hereby confirms that (i) it is aware of the pledge created hereunder, (ii)
it will comply with the generally applicable rules on the pledge of receivables under Finnish law,
and (iii) prior to the execution hereof, it has not been notified of any pledge or other security
interest over the Escrow Payment, the Escrow Account or the Escrow Shares.

10 Indemnification of the Escrow Agent

Purchaser and Sellers shall jointly and severally indemnify, defend and hold harmless the Escrow
Agent and its officers, directors, employees, representatives and agents, from and against and
reimburse the Escrow Agent for any and all claims, expenses, obligations, liabilities, losses,
damages, injuries (to person, property, or natural resources), penalties, stamp or other similar
taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney’s
fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or
claimed against the Escrow Agent directly or indirectly relating to, or arising from, claims
against the Escrow Agent by reason of its participation in the transactions contemplated hereby,
including without limitation all reasonable costs required to be associated with claims for damages
to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court
costs except to the extent caused by the Escrow Agent’s gross negligence or willful misconduct. The
provisions of this Section 10 shall survive the termination of this Agreement or the earlier
resignation or removal of the Escrow Agent.

11 Notices

All notices, demands or other communication in the English language to or upon the respective
parties shall be deemed to have been duly given (i) five (5) business days following deposit in the
mail when delivered by mail, or (ii) when sent, if sent by fax or 
e-mail to the Party in question
as follows:

	 	 	 

	If to Purchaser:
	 	American Superconductor Corporation
	 
	address:
	 	64 Jackson Road
	 
	 	Devens, MA 01434
	 
	 	United States
	attention:
	 	+1 978 842 3530
	e-mail:
	 	General Counsel

6 (13)

 

	 	 	 

	with a copy to: White & Case LLP

	 
	address:
	 	Eteläranta 13
	 
	 	00130 Helsinki
	 
	 	Finland
	telefax:
	 	+358 9 228 64 228
	attention:
	 	Timo Airisto
	 
	 	 
	If to Sellers: VNT Management Oy
	 
	 	 
	address:
	 	Alatori 1 B
	 
	 	65100 Vaasa
	 
	 	Finland
	telefax:
	 	+358 6 3120260
	attention:
	 	Jussi Palmroth
	 
	 	 
	and
	 	Dag Sandås
	 
	address:
	 	Hovioikeudenpuistikko 11 A 10
	 
	 	65100 Vaasa
	 
	 	Finland
	telefax:
	 	+358 20 783 8270
	 
	 	 
	with a copy to: Ernst & Young Oy

	 
	address:
	 	Pitkäkatu 55
	 
	 	65100 Vaasa
	 
	 	Finland
	telefax:
	 	+358 6 312 9148
	attention:
	 	Kjell Renlund
	 
	 	 
	If to the Escrow Agent: Skandinaviska Enskilda Banken AB (publ) Helsinki Branch
	 
	 	 
	address:
	 	Unioninkatu 30
	 
	 	00100 Helsinki
	 
	 	Finland
	telefax:
	 	+358 9 616 280 95
	attention:
	 	Jopi Sairio

or at such other address as the respective Party may hereafter specify in writing to the other
Party.

12 Assignment

Save for Purchaser’s right under the Agreement, this Escrow Agreement may not be transferred or
assigned, pledged or hypothecated by any party hereto, other than by operation of law. This Escrow
Agreement shall be binding upon and shall inure to the benefit of the parties and their respective
heirs, executors, administrators, successors and permitted assigns.

12 Governing law and disputes

This Escrow Agreement shall be governed by and construed according with the laws of Finland.

Any dispute arising out of or relating to this Escrow Agreement or transaction agreed herein shall
be finally settled by arbitration in accordance with the Arbitration Rules of the Stockholm Chamber
of Commerce. The Arbitration Tribunal shall consist of three (3) arbitrators, one (1) to be
appointed by Purchaser, one (1) by Sellers’ Representative and one (1) arbitrator, serving as the
chairman, by the two arbitrators so appointed. Failing the appointment of an arbitrator or the
chairman, the arbitrator or the chairman, as the case may be, shall be appointed by the Arbitration
Board of the Stockholm Chamber of Commerce. The arbitration shall be

7 (13)

 

held in Stockholm, Sweden and the arbitral proceedings shall be conducted in the English language,
but evidence may be submitted also in Finnish and/or Swedish and witnesses heard in any of the said
languages.

15 Acknowledgement

The Parties hereto acknowledge that in accordance applicable Finnish law, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Escrow Agent. The Parties agree that they
will provide the Escrow Agent with such information as it may request in order for the Escrow Agent
to satisfy the requirements of applicable Finnish law.

[Signatures To Follow]

8 (13)

 

IN WITNESS WHEREOF, the Parties hereto have duly executed this Escrow Agreement as of the day and
year first above written.

AMERICAN SUPERCONDUCTOR CORPORATION

	 	 	 

	 

	 	 
	 
	 	 
	[Name]

	 	[Name]
	 
	 	 
	SELLERS
	 	 
	 
	 	 
	POWER FUND I KY

	 	POWER FUND II KY
	 
	 	 
	 

	 	 
	 
	 	 
	Veijo Karppinen

	 	Jarmo Saaranen
	 
	 	 
	VACON PLC

	 	SEMIKRON INTERNATIONAL GMBH
	 
	 	 
	 

	 	 
	 
	 	 
	Vesa Laisi

	 	Dirk Heidenreich
	 
	 	 
	START FUND I KY
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	Henri Grundstén

	 	Jukka-Pekka Mäkinen
	 
	 	 
	 

	 	 
	 
	 	 
	Dag Sandås

	 	Pertti Kurttila
	 
	 	 
	 

	 	 
	 
	 	 
	Reijo Takala

	 	Jari Kemppi
	 
	 	 
	 

	 	 
	 
	 	 
	Anders Troedson

	 	Jukka Rantanen
	 
	 	 
	 

	 	 
	Veijo Karppinen
	 	 
	 
	 	 
	on behalf of Sellers listed
in Appendix 1 hereto
	 	 

9 (13)

 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) HELSINKI BRANCH

	 	 	 

	 

	 	 
	 
	 	 
	[Name]

	 	[Name]
	 
	 	 
	Title:

	 	Title:

10 (13)

 

Appendix 1.52

 

STOCKHOLDERS AGREEMENT

Dated March 12, 2011

By and Among

AMERICAN SUPERCONDUCTOR CORPORATION

and

THE STOCKHOLDERS SIGNATORY HERETO

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	 	 	 	Page	 
	ARTICLE I CERTAIN DEFINITIONS
	 	 	2	 
	Section 1.1 Certain Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II TRANSFER OF SECURITIES
	 	 	6	 
	Section 2.1 Restrictions
	 	 	6	 
	Section 2.2 Permitted Transfers
	 	 	8	 
	Section 2.3 Selling Restriction
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS
	 	 	10	 
	Section 3.1 Representations and Warranties of the Stockholders
	 	 	10	 
	Section 3.2 Additional Representations and Warranties of the US Stockholders
	 	 	11	 
	Section 3.3 Additional Representations and Warranties of the Non-US Stockholders
	 	 	12	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	 	 	12	 
	Section 4.1 Representations and Warranties of the Company
	 	 	12	 
	 
	 	 	 	 
	ARTICLE V REGISTRATION OF THE REGISTRABLE SECURITIES; OTHER MATTERS
	 	 	13	 
	Section 5.1 Shelf Registration Statement and Prospectus Supplement
	 	 	13	 
	Section 5.2 Registration Procedures
	 	 	15	 
	Section 5.3 Indemnification; Contribution
	 	 	17	 
	Section 5.4 Other Matters
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VI MISCELLANEOUS
	 	 	20	 
	Section 6.1 Entire Agreement
	 	 	20	 
	Section 6.2 Table of Contents; Captions
	 	 	20	 
	Section 6.3 Counterparts
	 	 	21	 
	Section 6.4 Notices
	 	 	21	 
	Section 6.5 Successors and Assigns
	 	 	21	 
	Section 6.6 Governing Law
	 	 	21	 
	Section 6.7 Resolution of Disputes
	 	 	21	 
	Section 6.8 Third Party Beneficiaries
	 	 	21	 
	Section 6.9 Amendments; Waivers
	 	 	21	 
	Section 6.10 No Strict Construction
	 	 	22	 
	Section 6.11 Specific Performance
	 	 	22	 
	Section 6.12 Expenses
	 	 	23	 
	Section 6.13 Termination
	 	 	23	 

 

STOCKHOLDERS AGREEMENT

          STOCKHOLDERS AGREEMENT (this “Agreement”), dated March 12, 2011, by and among American
Superconductor Corporation, a Delaware corporation (the “Company”), and the Persons listed
on Schedule I attached hereto (each, a “Stockholder” and collectively, the
“Stockholders”).

W I T N E S S E T H :

          WHEREAS, upon the consummation of the transactions contemplated by that certain Share Purchase
Agreement, dated as of the date hereof, by and among the Company and the Persons listed on Appendix
A thereto, on behalf of themselves and the Persons listed on Appendix B thereto (the “Purchase
Agreement”), each Director will become the record and beneficial owner of that number of shares
of Common Stock of the Company, par value $0.01 per share (“Common Stock”), listed opposite
such Stockholder’s name on Schedule I attached hereto, and each Other Stockholder will become the
record and beneficial owner of that number of shares of Common Stock as calculated in accordance
with Section 4.2(a) of the Purchase Agreement and to be reflected on Schedule I attached hereto in
accordance with Section 5.4(b);

          WHEREAS, the Company and the Directors each desire to enter into this Agreement to limit the
sale, assignment, transfer, encumbrance or other disposition of any Securities which may be held by
the Directors from time to time and for the Directors to make certain additional representations
and warranties to the Company in connection with the acquisition of Common Stock by the Directors
under the Purchase Agreement as set forth in further detail below; and

          WHEREAS, the Company and the Other Stockholders each desire to enter into this Agreement for
the Other Stockholders to make certain additional representations and warranties to the Company in
connection with the acquisition of Common Stock by the Other Stockholders and to provide for the
registration of the shares of Common Stock to be acquired by the Other Stockholders for the resale
by such Other Stockholders in compliance with the Securities Act, in each case under the Purchase
Agreement as set forth in further detail below.

          NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

     Section 1.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

2

 

          “Affiliate” shall mean, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with, such Person; provided
that, for the purposes of this definition, “control” (including, with correlative meanings, the
terms “controlled by” and “under common control with”), as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

          “Agreement” shall have the meaning set forth in the preamble to this Agreement.

          “Blanket Opinion” shall have the meaning set forth in Section 5.1(a).

          “Board” shall mean the Board of Directors of the Company.

          “Business Day” shall mean any day, other than a Saturday, Sunday or other day on which
banks located in New York City, New York or Finland are authorized or required by Law to close.

          “Closing” shall mean the consummation of the transactions contemplated in the Purchase
Agreement as described in Section 6 thereof.

          “Closing Date” shall have the meaning set forth in Section 6.1 of the Purchase
Agreement.

          “Common Stock” shall have the meaning set forth in the first recital to this
Agreement. For the avoidance of doubt, all references in this Agreement to the Common Stock
include the Common Stock deposited by the Stockholders with the Escrow Agent pursuant to the Escrow
Agreement.

          “Company” shall have the meaning set forth in the preamble to this Agreement.

          “Directors” shall mean those Stockholders who are designated as Directors on Schedule
I hereto and shall include such other Persons who, after the date hereof, become a Stockholder
hereunder and are designated as a Director upon executing this Agreement or having acceded to this
Agreement and the Purchase Agreement in accordance with Section 2.1 of the Purchase Agreement.

          “Disclosure Package” means, with respect to any offering of Registrable Securities,
(i) the preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information,
in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been
conveyed to purchasers of Registrable Securities at the time of sale of such Registrable Securities
(including a contract of sale).

          “Escrow Agent” shall have the meaning ascribed thereto in the Escrow Agreement.

3

 

          “Escrow Agreement” shall mean that certain Escrow Agreement set forth in Appendix 1.24
to the Purchase Agreement to be executed at the Closing.

          “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.

          “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405
promulgated under the Securities Act.

          “Governmental Entity” shall mean any instrumentality, subdivision, court,
administrative agency, commission, official or other authority of the United States or any other
country or any state, province, prefect, municipality, locality or other government or political
subdivision thereof, or any quasi-governmental or private body exercising any regulatory, taxing,
importing or other governmental or quasi-governmental authority.

          “Law” shall mean any statute, law, common law, order, ordinance, rule or regulation of
any Governmental Entity.

          “Non-Accredited US Stockholders” shall mean those Stockholders with two asterisks (**)
set forth next to each of their names on Schedule I attached hereto.

          “Non-US Stockholders” shall mean those Stockholders who are not US Stockholders.

          “Other Stockholders” shall mean those Stockholders who are designated as Other
Stockholders on Schedule I hereto and shall include such other Persons who, after the date hereof,
become a Stockholder hereunder and are designated as an Other Stockholder upon executing this
Agreement or having acceded to this Agreement and the Purchase Agreement in accordance with Section
2.1 of the Purchase Agreement.

          “Other Stockholder Free Writing Prospectus” means each Free Writing Prospectus
prepared by or on behalf of the relevant selling Other Stockholder or used or referred to by such
Other Stockholder in connection with the offering of Registrable Securities.

          “Permitted Transfer” shall have the meaning set forth in Section 2.2(a) of this
Agreement.

          “Permitted Transferee” shall have the meaning set forth in Section 2.2(a) of this
Agreement.

          “Person” shall mean and include an individual, a partnership, a joint venture, a
corporation, a limited liability company, a limited liability partnership, a trust, an incorporated
organization or any other entity or organization, including a Governmental Entity.

          “Prospectus Supplement” shall have the meaning set forth in Section 5.1(a).

4

 

          “Purchase Agreement” shall have the meaning set forth in the first recital to this
Agreement.

          “Registrable Securities” shall mean the shares of Common Stock issued by the Company
to the Other Stockholders pursuant to the Purchase Agreement and any shares of capital stock of any
Person issued or issuable with respect of such shares of Common Stock as a result of any stock
split, stock dividend or similar event that would be automatically covered by the Shelf
Registration Statement pursuant to Rule 416 under the Securities Act.

          “Regulation S” shall have the meaning set forth in Section 3.3(b) of this Agreement.

          “SEC” shall mean, at any time, the United States Securities and Exchange Commission or
any other federal agency at such time administering the Securities Act.

          “SEC Reports” shall have the meaning set forth in Section 4.1(a) of this Agreement.

          “Securities” shall mean all shares of Common Stock of the Company, all securities,
directly or indirectly, convertible into or exchangeable for shares of Common Stock of the Company
and all options, warrants, and other rights to purchase or otherwise, directly or indirectly,
acquire from the Company shares of Common Stock, or securities convertible into or exchangeable for
shares of Common Stock, whether at the time of issuance or upon the passage of time or the
occurrence of some future event.

          “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

          “Sellers’ Representatives” shall have the meaning set forth in Section 2.3(b) of this
Agreement.

          “Selling Securityholder Questionnaire” shall have the meaning set forth in Section
5.1(a).

          “Shelf Form S-3” shall have the meaning set forth in Section 4.1(b).

          “Shelf Registration Period” shall have the meaning set forth in Section 5.1(b).

          “Shelf Registration Statement” shall mean the Shelf Form S-3, any replacement
registration statement in compliance with Rule 415(a)(6) under the Securities Act, and, where
applicable, any other registration statement filed under the Securities Act in order to register
the Registrable Securities for resale by the Other Stockholders, in each case as amended and/or
supplemented by all amendments, including post-effective amendments, and supplements thereto.

          “Stockholder” shall have the meaning set forth in the preamble to this Agreement,
subject to Section 2.2 hereof. The term “Stockholder” shall, however, include and be limited to

5

 

those Persons who are, at the Closing Date, included in the definition of Sellers in
accordance with Section 2.1 of the Purchase Agreement and have executed this Agreement or have
acceded to this Agreement and the Purchase Agreement in accordance with Section 2.1 of the Purchase
Agreement. To the extent any of the Persons included in the definition of Sellers in accordance
with the Purchase Agreement cease to be included in such definition on or prior to the Closing
Date, such Persons shall automatically be excluded from the definition of Stockholder under this
Agreement and shall immediately cease to be parties to this Agreement.

          “Subsidiary” or “Subsidiaries” shall mean, with respect to any Person, (i) any
corporation more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation (irrespective of
whether or not at the time stock of any class or classes of such corporation shall have or might
have voting power by reason of the happening of any contingency) is owned by such Person directly
or indirectly through one or more Subsidiaries of such Person and (ii) any partnership,
association, joint venture or other entity in which such Person directly or indirectly through one
or more Subsidiaries of such Person has more than a 50% equity interest.

          “Suspension Notice” shall have the meaning set forth in Section 5.1(b).

          “Suspension Period” shall have the meaning set forth in Section 5.1(b).

          “Terminated Director” shall mean any Director (a) who was terminated for individual
grounds in accordance with Chapter 7, Section 2 of the Finnish Employment Contracts Act or (b)
dismissed without notice due to Director’s willful acts which seriously hurt the interests of the
Company or its Subsidiaries, or (c) who gives a termination notice due to a reason not attributable
to a material breach by the Company or such Subsidiary of any employment agreement between such
Director and the Company or such Subsidiary.

          “Transfer” shall have the meaning set forth in Section 2.1(a) of this Agreement.

          “US Stockholders” shall mean those Stockholders with one asterisk (*) or two asterisks
(**) set forth next to each of their names on Schedule I attached hereto.

          “WKSI” shall mean a “well-known seasoned issuer” as such term is defined in Rule 405
under the Securities Act.

ARTICLE II

TRANSFER OF SECURITIES

     Section 2.1 Restrictions.

          (a) No Director shall, voluntarily or involuntarily, directly or indirectly, sell, assign,
donate, hypothecate, pledge, encumber, grant a security interest in or in any other manner
transfer, any Securities, in whole or in part, or any other right or interest therein, or enter
into any transaction which results in the economic equivalent of a transfer to any Person (each
such action, a “Transfer”), except pursuant to a Permitted Transfer.

6

 

          (b) From and after the date hereof, all certificates or other instruments representing
Securities held by each Director shall bear a legend which shall state:

“The sale, transfer, hypothecation, assignment, pledge, encumbrance or other
disposition of this share certificate and the shares of Common Stock represented
hereby are restricted by and are subject to all of the terms, conditions and
provisions of that certain Stockholders Agreement, dated as of March 12, 2011, as
amended from time to time, by and between the Company and the stockholders party
thereto, which agreement is on file at the principal office of the Company.”

          (c) All certificates representing Securities held by each US Stockholder (other than
Securities that have been previously registered and sold pursuant to an effective registration
statement under the Securities Act) shall bear a legend which shall state:

“The securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or pursuant to any state securities laws. The
securities have been acquired for investment and may not be sold or transferred
except in compliance with the registration requirements of the Securities Act of
1933, as amended, and applicable state securities laws or pursuant to an exemption
therefrom.”

          (d) All certificates representing Securities held by each Non-US Stockholder (other than
Securities that have been previously registered and sold pursuant to an effective registration
statement under the Securities Act) shall bear a legend which shall state:

“The securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended, or under the applicable securities law of any
state of the United States or any other jurisdiction and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
except in accordance with the provisions of Regulation S under the Securities Act of
1933, as amended, pursuant to registration under the Securities Act of 1933, as
amended, or pursuant to an available exemption from such registration and no hedging
transactions may be engaged in with regard to the Common Stock, except in compliance
with the Securities Act of 1933, as amended. Terms used in this paragraph have the
meanings given to them by Regulation S under the Securities Act of 1933, as
amended.”

          (e) Any attempt to Transfer any Security by a Director which is not in accordance with this
Agreement shall be null and void and the Company agrees that it will not cause, permit or give any
effect to any Transfer of any Securities to be made on its books and records unless such Transfer
is permitted by this Agreement and has been made in accordance with the terms hereof.

          (f) Each Director agrees that it will not effect any Transfer of Securities unless such
Transfer is a Permitted Transfer and is made (i) pursuant to an effective registration statement
under the Securities Act or pursuant to an exemption from the registration

7

 

requirements of the Securities Act or pursuant to Rule 144 or Rule 144A promulgated under the
Securities Act and (ii) in accordance with all applicable Laws (including, without limitation, all
securities Laws).

     Section 2.2 Permitted Transfers.

          (a) Notwithstanding anything to the contrary contained herein and subject to Sections 2.2(b)
and 2.2(c), a Director may at any time effect any of the following Transfers (each a “Permitted
Transfer”, and each transferee of such Director in respect of such Transfer, a “Permitted
Transferee”):

     (i) any Transfer of any or all Securities held by a Director following such Director’s
death by will or intestacy to such Director’s legal representative, heir or legatee;

     (ii) any Transfer of any or all Securities held by a Director as a gift or gifts during
such Director’s lifetime to such Director’s spouse, children, grandchildren or a trust or
other legal entity for the exclusive benefit of such Director or any one or more of the
foregoing;

     (iii) any Transfer of any or all Securities held by a Director to any Affiliate of such
Director; provided, that any such Affiliate shall Transfer such Securities to the
Director from whom the Securities were originally received or acquired within five (5)
calendar days after ceasing to be an Affiliate of such Director;

     (iv) any Transfer, occurring on or after the first (1st) anniversary of the date
hereof, of any or all Common Stock that, together with all prior Transfers of Common Stock
(A) by the transferring Director to the Company pursuant to clause (viii) below and (B) by
the transferring Director or by any transferee of such transferring Director under clause
(ii) or (iii) above, equals not more than 40% of the Common Stock acquired by the
transferring Director pursuant to the Purchase Agreement, as listed opposite such Director’s
name on Schedule I attached hereto; provided, that at the time of such Transfer,
such Director is not a Terminated Director;

     (v) any Transfer, occurring on or after the second (2nd) anniversary of the date
hereof, of any or all Common Stock that, together with all prior Transfers of Common Stock
(A) by the transferring Director to the Company pursuant to clause (viii) below and (B) by
the transferring Director or by any transferee of such transferring Director under clause
(ii) or (iii) above or pursuant to Section 2.2(a)(iv), equals not more than 80% of the
Common Stock acquired by the transferring Director pursuant to the Purchase Agreement, as
listed opposite such Director’s name on Schedule I attached hereto; provided, that
at the time of such Transfer, such Director is not a Terminated Director;

     (vi) any Transfer, occurring on or after the third (3rd) anniversary of the date
hereof, of any or all of the remaining Securities held by the transferring Director from

8

 

time to time; provided, that at the time of such Transfer, such Director is not
a Terminated Director;

     (vii) any Transfer by a Terminated Director, occurring on or after the fifth (5th)
anniversary of the date hereof, of any or all of the remaining Securities held by the
transferring Director from time to time; and

     (viii) any Transfer to the Company of any or all of the Common Stock deposited by a
Director with the Escrow Agent pursuant to the Escrow Agreement, in connection with a claim
for indemnification made by the Company pursuant to the Purchase Agreement.

     (ix) For the avoidance of doubt, restrictions on Transfer by the Terminated Director
set forth in clauses (iv), (v) and (vi) above shall not apply in case the Director (a) is
terminated for grounds other than as provided for in Chapter 7, Section 2 of the Finnish
Employment Contracts Act or dismissed without notice due to Director’s willful acts which
seriously hurt the interests of the Company or its Subsidiaries, or (b) gives a termination
notice due to a reason attributable to a material breach by the Company or such Subsidiary
of any employment agreement between such Director and the Company or such Subsidiary.

          (b) In any Transfer referred to above in clauses (i), (ii) or (iii) of Section 2.2(a), the
Permitted Transferee shall agree in writing to be bound by all of the provisions of this Agreement,
shall execute and deliver to the Company a counterpart to this Agreement, and shall hold all such
Securities as a “Director” hereunder as if such Permitted Transferee was an original signatory
hereto and shall be deemed to be a party to this Agreement.

          (c) Notwithstanding anything to the contrary contained in this Agreement, none of the
Directors shall sell any Securities other than during any period when the directors and officers of
the Company and its Subsidiaries are not prohibited from selling Securities pursuant to the written
policies and procedures of the Company governing transfers of Securities by such officers and
directors as may be in effect from time to time and as such policies and procedures are otherwise
applicable to any such Director.

     Section 2.3 Selling Restriction.

          (a) None of the Other Stockholders shall, voluntarily or involuntarily, directly or
indirectly, Transfer any Securities, in whole or in part, or any other right or interest therein,
or enter into any transaction which results in the economic equivalent of a Transfer to any Person
during the three (3)-month period following the Closing Date, except pursuant to Section 2.3(b).

          (b) The Sellers’ Representatives (as such term is defined in the Purchase Agreement), on
behalf of all Other Stockholders who desire to sell any Registrable Securities during three
(3)-month period following the Closing Date, shall inform the Company in writing no later than on
the Closing Date of the number of shares that all Other Stockholders desire to sell during such
period, which sales shall be conducted in an orderly fashion through a

9

 

single broker acting as agent for the Other Stockholders. The Company shall use its commercially
reasonable efforts to introduce such Other Stockholders to a broker-dealer or market maker
satisfactory to the Sellers’ Representatives (it being agreed that each of Deutsche Bank and Morgan
Stanley are satisfactory) that can sell, as agent for the Other Stockholders, such Common Stock pro
rata into the market upon receiving instructions from the Sellers’ Representatives regarding such
sale and at such time as such broker-dealer or market maker deems appropriate and advisable, in
light of then current stock market conditions and in accordance with the instructions received from
the Sellers’ Representatives, provided that (i) the sales represent less than 20% of the trading
volume of the Common Stock on any trading day, (ii) all sales on a single trading day are made
using one broker and (iii) the sales are made at times and on days that are determined by the
Sellers’ Representatives. The Other Stockholders shall pay all the fees, expenses and commissions
of such broker-dealers and market makers. After the expiration of such three (3)-month period,
each Other Stockholder shall be free to sell any Common Stock in a manner deemed appropriate by
such Other Stockholder and in compliance with this Agreement and applicable laws.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS

     Section 3.1 Representations and Warranties of the Stockholders. Each Stockholder (provided that the representations and warranties in
Section 3.1(b)
below are hereby made only by the Directors) hereby severally represents and warrants to the
Company as follows:

          (a) Neither the execution and delivery by such Stockholder of this Agreement, nor the
consummation of the transactions contemplated hereby, nor compliance by such Stockholder with any
of the provisions hereof, will conflict with, or result in any violation of or default under, or
give rise to a right of termination, cancellation or acceleration of any obligation or loss of a
material benefit under, (i) any judgment or law applicable to such Stockholder, (ii) any contract
to which such Stockholder is a party or by which any of its assets or property are bound, or (iii)
the constitutional documents of such Stockholder.

          (b) Each of the Directors understands, with respect to the Common Stock being issued to such
Director pursuant to the terms of the Purchase Agreement, that (i) the offer, sale and distribution
of such Common Stock has not been registered under the Securities Act or the securities or “blue
sky” laws of any jurisdiction and such Common Stock is issued by reason of specific exemptions from
registration under the provisions thereof which depend, in part, upon the investment intent of such
Director and upon the representations made by such Director in this Agreement, (ii) such Common
Stock cannot be offered, sold or transferred unless it is registered and/or qualified under the
Securities Act and any other applicable securities and “blue sky” laws, or is exempt from such
qualification or registration, and the provisions of this Agreement have been complied with, (iii)
there is no assurance that any exemption from registration under the Securities Act and any
applicable state or “blue sky” laws or regulations will be available, or if available, that such
exemption will allow such Director to dispose of or otherwise Transfer any
or all of such Common Stock in the amounts or at the times such Director may propose, (iv) the
Company has no obligation or present intention of registering such Common Stock, and (v) the

10

 

Company is relying upon the representations, warranties and agreements made by such Director in
this Agreement.

          (c) Such Stockholder is familiar with the terms and provisions of this Agreement. Such
Stockholder hereby represents and acknowledges that it has reviewed this Agreement in its entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Agreement, and fully
understands all provisions of this Agreement. Such Stockholder hereby agrees to be bound by all of
the terms and provisions of this Agreement applicable to such Stockholder.

          (d) Such Stockholder (i) in case of a US Stockholder, has such knowledge, sophistication and
experience in business and financial matters that it is capable of evaluating the merits and risks
of the transactions contemplated by this Agreement; and (ii) is able to bear the economic risk of
the investment in the Common Stock for an indefinite period of time.

          (e) Unless one asterisk (*) or two asterisks (**) is set forth next to such Stockholder’s name
on Schedule I attached hereto, such Stockholder is not a “US Person” as defined in Rule 902 of
Regulation S.

     Section 3.2 Additional Representations and Warranties of the US Stockholders. In addition to the representations and warranties set forth in
Section 3.1, each US
Stockholder hereby severally represents and warrants to the Company as follows:

          (a) Such US Stockholder is acquiring the Common Stock for its own account for investment and
not with a view to, or offer or sale in connection with, any distribution thereof or with any
present intention of offering or selling or otherwise disposing of such Common Stock in violation
of U.S. federal or state securities Laws.

          (b) Such US Stockholder represents that neither the Company nor any Person acting on its
behalf, has offered to sell or sold the Common Stock (or any other Securities of the Company) to
such US Stockholder by means of any form of general solicitation or general advertising.

          (c) Such US Stockholder (i) has been provided with access to all information concerning the
Common Stock, the Company and its Subsidiaries, as such US Stockholder has requested and has had an
opportunity to ask questions of, and to receive answers from, management of the Company and to
obtain such additional information concerning the Common Stock, the Company and its Subsidiaries as
such US Stockholder deems necessary in connection with its acquisition of the Common Stock; and
(ii) fully understands the nature, scope and duration of the limitations applicable to the Common
Stock.

          (d) At the time such US Stockholder was offered the Common Stock, and as of the date hereof
and as of the Closing Date such US Stockholder was and will be, either (i) an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act
(as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act), and the Company is
relying upon such representation and warranty or (ii) a Non-Accredited US

11

 

Stockholder and received
or will receive the information specified in Rule 502(b) under the Securities Act.

          (e) Such US Stockholder is not party to any contract or agreement, including any voting trust
or other voting arrangement, whereby any of the Common Stock or any interest therein is to be
offered, sold, assigned, pledged, hypothecated or otherwise transferred.

     Section 3.3 Additional Representations and Warranties of the Non-US Stockholders. In addition to the representations and warranties set forth in
Section 3.1, each Non-US
Stockholder hereby severally represents and warrants to the Company as follows:

          (a) Such Non-US Stockholder (i) has his, her or its principal address outside the United
States, and (ii) was located outside the United States at the time any offer to sell the Common
Stock was made to such Non-US Stockholder and at the Closing.

          (b) Such Non-US Stockholder understands, certifies and agrees that such Non-US Stockholder (i)
is not a U.S. person (as defined in Rule 902(k) under the Securities Act) and is not acquiring the
Common Stock for the account or benefit of any U.S. person, (ii) is acquiring the Common Stock in
an offshore transaction within the meaning of and in accordance with Rules 901 and 903 of
Regulation S (“Regulation S”) promulgated under the Securities Act, (iii) is not acquiring,
and has not entered into any discussions regarding such Non-US Stockholder’s acquisition of, the
Common Stock while such Non-US Stockholder was in the United States or any of its territories or
possessions, (iv) is familiar with the rules and restrictions set forth in Regulation S and has not
undertaken and will not undertake any activity for the purpose of, or that could reasonably be
expected to have the effect of, conditioning the market in the United States for the Common Stock,
(v) will not engage in hedging transactions with regard to the Common Stock, except in compliance
with the Securities Act, and (vi) is not a “distributor” within the meaning Rule 902(d) under the
Securities Act with respect to the Common Stock.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     Section 4.1 Representations and Warranties of the Company. The Company represents and warrants to each Stockholder as follows:

          (a) SEC Reports; Disclosure Materials; Rule 144(i). The Company has (i) filed all
reports, schedules, forms, statements and other documents required to be filed by it under the
Exchange Act for the twelve months preceding the Closing Date (the foregoing materials, including
the exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC Reports”), on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC Reports prior to the
expiration of any such extension and (ii) submitted electronically and posted on its corporate Web
site every Interactive Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T during the twelve months preceding the Closing Date or for such shorter period that the

12

 

Company was required to submit and post such files. As of their respective filing dates, the
SEC Reports complied in all material respects with the requirements of the Exchange Act, and none
of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary in order to make the statements
therein (in the case of any prospectus, prospectus supplement or Free Writing Prospectus, in light
of the circumstances under which they were made) not misleading. Each of the consolidated
financial statements of the Company and its Subsidiaries contained in the SEC Reports, together
with related schedules and notes, presents fairly in all material respects the financial position
of the Company and its consolidated Subsidiaries at the dates indicated and the statement of
operations and stockholders’ equity and cash flows of the Company and its consolidated Subsidiaries
for the periods specified (subject, in the case of unaudited interim financial statements, to
normal year-end adjustments), and said financials have been prepared in accordance with the United
States generally accepted accounting principles applied on a consistent basis throughout the
periods involved, except as disclosed therein. The Company has never been an issuer subject to Rule
144(i) under the Securities Act.

          (b) Shelf Registration Statement; WKSI. As of the date hereof, (i) no stop order
suspending the effectiveness of the Registration Statement on Form S-3 (No. 333-170455) filed by
the Company with the SEC on November 8, 2010 (the “Shelf Form S-3”) was or will be issued
and no proceedings for that purpose were or will be initiated; and (ii) the Shelf Form S-3 complied
and will comply in all material respects with the applicable requirements of the Securities Act and
did not contain and will not contain any untrue statement of a material fact or omitted or will
omit to state a material fact required to be stated therein or necessary in order to make the
statements therein not misleading. The Shelf Form S-3, when supplemented with an appropriate
prospectus supplement, may be used to register Common Stock for the resale from time to time by
selling securityholders. At the time of the filing of the Shelf Form S-3, the Company qualified as
a WKSI. The Company shall use its commercially reasonable efforts so that, as of the Closing Date,
(i) no stop order suspending the effectiveness of the Shelf Form S-3 has been issued and no
proceedings for that purpose has been initiated; (ii) the Shelf Form S-3 complies in all material
respects with the applicable requirements of the Securities Act and does not contain any untrue
statement of a material fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading and (iii) at the time of the most
recent amendment to the Shelf Form S-3 for the purpose of complying with Section 10(a)(3) of the
Securities Act, if any, the Company qualified as a WKSI.

ARTICLE V

REGISTRATION OF THE REGISTRABLE SECURITIES; OTHER MATTERS

     Section 5.1 Shelf Registration Statement and Prospectus Supplement.

          (a) Not later than ten (10) Business Days prior to the Closing Date, each of the Other
Stockholders shall furnish to the Company a completed Selling Securityholder Questionnaire, the
form of which is attached hereto as Exhibit A (the “Selling Securityholder Questionnaire”),
containing the information required for use in the preparation of the Prospectus Supplement (as
defined below), provided that, for the purpose of this Section 5.1(a), an Other

13

 

Stockholder shall
be deemed to have provided the number of Registrable Securities owned by such Other Stockholder on
a timely basis if the Sellers’ Representatives, on behalf of such Other Stockholder, provide such
information to the Company not later than one (1) Business Day prior to the Closing Date. The
Company shall prepare a Prospectus Supplement, pursuant to Rule 424 under the Securities Act to the
Shelf Form S-3 (together with the accompanying base prospectus, the “Prospectus Supplement”)
reflecting, among other things, the information contained in the Selling Securityholder
Questionnaires provided to the Company by the Other Stockholders at least ten Business Days prior
to the Closing Date. If during the Shelf Registration Period any event with respect to either an
Other Stockholder or any Affiliate of an Other Stockholder shall occur which is required at that
time to be described in the Prospectus Supplement and is not already so described therein, such
Other Stockholder shall promptly notify the Company. Not later than two (2) Business Days after
the Closing Date, (i) the Company shall file with the SEC the Prospectus Supplement to cover the
registration of the Registrable Securities for resale by the Other Stockholders that have furnished
to the Company the Selling Securityholder Questionnaire not later than ten Business Days prior to
the Closing Date; and (ii) the Company shall cause its counsel to issue a blanket opinion (the
“Blanket Opinion”) to the Company’s transfer agent stating that the Registrable Securities covered
by the Prospectus Supplement are subject to an effective registration statement and, when
transferred in a transaction covered by the Prospectus Supplement, can be issued free of any
restrictive legend(s), subject to customary qualifications. The Company shall use its commercially
reasonable efforts to keep the Shelf Registration Statement continuously effective under the
Securities Act until the earlier of (i) when each Other Stockholder is able to sell all of their
Registrable Securities without volume and manner of sale restrictions under Rule 144, and (ii) when
each Other Stockholder has sold all of its Registrable Securities pursuant to such Shelf
Registration Statement (the “Shelf Registration Period”); provided, however, that the Company shall
have the right to suspend the use of the Shelf Registration Statement for not more than forty-five
(45) Business Days in the aggregate during any 12-month period (a “Suspension Period”) if (x) the
Company is engaged in an material activity or transaction or preparations for a material activity
or transaction that the Company desires to keep confidential for business reasons and the Company
determines in good faith that the disclosure of such activity, transaction or preparations would
otherwise be required by disclosure requirements under the Securities Act, and (y) the Company
provides the Other Stockholders with written notice of such suspension (a “Suspension Notice”).
The Company shall use its commercially reasonable efforts to lift any such suspension as promptly
as practicable after the condition specified in clause (x) above is no longer applicable. The
Stockholders agree to treat and keep the existence of any such suspension confidential. If the
Company suspends the use of the Shelf Registration Statement, the Other Stockholders shall
immediately cease Transfers of shares pursuant thereto upon the receipt of the Suspension Notice.
The Company shall promptly notify the Other Stockholders when the Shelf Registration Statement may
once again be used. Prior to the expiration of the Shelf Registration Period, each
Other Stockholder shall notify the Company of each Transfer of Registrable Securities within
ten Business Days of such Transfer.

          (b) The Company shall, other than during a Suspension Period, (i) as promptly as practicable,
prepare and file with the SEC such amendments and post-effective amendments to the Shelf
Registration Statement, or such replacement registration statements in

14

 

compliance with Rule
415(a)(6), as may be necessary to keep the Shelf Registration Statement continuously effective and
available for the resale of the Registrable Securities by the Other Stockholders during the Shelf
Registration Period; (ii) cause the related prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed with the SEC pursuant to Rule 424 under
the Securities Act; and (iii) use its commercially reasonable efforts to comply with the provisions
of the Securities Act applicable to the disposition of Registrable Securities covered by the Shelf
Registration Statement during the Shelf Registration Period in accordance with the intended methods
of disposition by the Other Stockholders set forth in such Shelf Registration Statement as so
amended or such prospectus as so supplemented.

          (c) If in connection with the filing of the Company’s Annual Report on Form 10-K prior to and
during the Shelf Registration Period, the Company does not qualify as a WKSI, then the Company
shall use its commercially reasonable efforts to make such filings as are necessary to maintain an
effective Shelf Registration Statement related to the resale of the Registrable Securities. If a
new non-automatic shelf registration statement is filed, the Company shall use its commercially
reasonable efforts to cause the new Shelf Registration Statement to become effective as promptly as
practicable after such filing and to keep the new Shelf Registration Statement continuously
effective during the Shelf Registration Period.

          (d) The Company shall use its commercially reasonable efforts to obtain the withdrawal, at the
earliest possible time, of an order suspending the effectiveness of the Shelf Registration
Statement, if applicable.

          (e) The Other Stockholders acknowledge that the Company is required to maintain the accuracy
of the information included in the Shelf Registration Statement, including information contained in
the Prospectus Supplement. To the extent required to comply with the Securities Act, the Other
Stockholders shall promptly furnish to the Company any additional information required to correct
and update any previously furnished information or required so that the Shelf Registration
Statement and Prospectus Supplement shall not contain, with respect to such Other Stockholder, an
untrue statement of material fact or omit to state a fact necessary to make the statements therein
(in the case of any prospectus, prospectus supplement or Free Writing Prospectus, in light of the
circumstances under which they were made) not misleading.

     Section 5.2 Registration Procedures.

          (a) In connection with the Company’s obligations with respect to the registration of the
Registrable Securities, the Company shall during the Shelf Registration Period:

               (i) promptly notify the Other Stockholders and confirm such advice in writing, (A) of the
issuance by the SEC of any stop order suspending the effectiveness of the Shelf Registration
Statement or the initiation or threatening of any proceedings for that purpose, or (B) that the
Shelf Registration Statement or prospectus or prospectus supplement or any document incorporated by
reference therein contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements

15

 

therein (in the case of the
Prospectus Supplement, in light of the circumstances under which they were made) not misleading;
and

               (ii) unless available on EDGAR, deliver to the Other Stockholders as many copies of the
prospectus relating to the Registrable Securities and any amendment or supplement thereto in
conformity with the requirements of the Securities Act, as such Other Stockholders may reasonably
request, to permit such Other Stockholders to satisfy the prospectus delivery requirements of the
Securities Act.

          (b) In the event that the Company would be required, pursuant to Section 5.2(a)(i)(B), to
notify the Other Stockholders, the Company shall prepare and furnish to the Other Stockholders a
reasonable number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to purchasers of the Registrable Securities, such prospectus shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus, prospectus supplement or
Free Writing Prospectus, in light of the circumstances under which they were made) not misleading.
The Other Stockholders agree that upon receipt of any notice from the Company pursuant to Section
5.2(a)(i)(B), they shall forthwith discontinue the disposition of the Registrable Securities until
they shall have received copies of such amended or supplemented prospectus, and if so directed by
the Company, the Other Stockholders shall deliver to the Company all copies, other than permanent
file copies, then in their possession of the prospectus covering such Registrable Securities at the
time of receipt of such notice.

          (c) The Company may require the Other Stockholders to furnish to the Company such information
regarding the Other Stockholders and their intended method of distribution of the Registrable
Securities as the Company may from time to time reasonably request in writing, but only to the
extent that such information is required in order to comply with the Securities Act;
provided that the Company shall not be required to amend or supplement the Shelf
Registration Statement to permit the resale by the Other Stockholders of Registrable Securities in
an underwritten offering. Each Other Stockholder agrees to notify the Company as promptly as
practicable of any inaccuracy or change in information previously furnished by such Other
Stockholder to the Company or of the occurrence of any event, in either case as a result of which
any prospectus relating to such registration contains or would contain an untrue statement of a
material fact regarding such Other Stockholder or such Other Stockholder’s intended method of
distribution of such Registrable Securities or omits or would omit to state any material fact
regarding such Other Stockholder or such Other Stockholder’s intended method of distribution of
such Registrable Securities required to be stated therein or necessary to make the statements
therein (in the case of any prospectus, prospectus supplement or Free Writing Prospectus, in light
of the circumstances under which they were made) not misleading, and promptly to furnish to the
Company any additional information required to correct and update
any previously furnished information or required so that such prospectus shall not contain,
with respect to such Other Stockholder or the distribution of such Registrable Securities, an
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus, prospectus supplement
or Free Writing Prospectus, in light of the circumstances under which they were made) not
misleading.

16

 

     Section 5.3 Indemnification; Contribution.

          (a) The Company agrees to indemnify and hold harmless each Other Stockholder holding
Registrable Securities, the Affiliates, directors, officers, employees, members, managers and
agents of each such Other Stockholder and each Person who controls any such Other Stockholder
within the meaning of either the Securities Act or the Exchange Act from and against any and all
losses, claims, damages, liabilities and expenses (or actions in respect thereof), including,
without limitation, any legal or other expenses, reasonably incurred in connection with defending
or investigating any such action or claim, to which they or any of them may become subject insofar
as such losses, claims, damages, liabilities and expenses (or actions in respect thereof) arise out
of or are based upon any violation of the Securities Act, Exchange Act or state securities Laws, or
upon any untrue statement or alleged untrue statement of a material fact contained in a
registration statement as originally filed or in any amendment thereof, or the Disclosure Package,
or any preliminary, final or summary prospectus or Free Writing Prospectus, or in any amendment
thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of the Disclosure Package, or any preliminary, final or summary prospectus or
Free Writing Prospectus, in light of the circumstances under which they were made) not misleading;
provided, however, that the Company will not be liable in any case to the extent that any such
loss, claim, damage, liability or expense arises (i) out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to the Company by or on behalf of any such
Other Stockholder specifically for inclusion therein including, without limitation, any notice and
questionnaire, (ii) out of sales of Common Stock made during a Suspension Period or (iii) to the
extent that a prospectus or Free Writing Prospectus relating to the Registrable Securities was
required to be delivered by the Other Stockholder under the Securities Act, out of or is caused by
such Other Stockholder’s failure to deliver a copy of any preliminary, final or summary prospectus
or Free Writing Prospectus, or any amendments thereof or supplements thereto, at or prior to the
written confirmation of the sale of Registrable Securities and if the prospectus or the Free
Writing Prospectus, or any amendments thereof or supplements thereto, would have cured the defect
giving rise to such losses, claims, damages, liabilities and expenses, and after the Company has
furnished such Indemnified Party with a sufficient number of copies of the same.

          (b) Each Other Stockholder severally (and not jointly) agrees to indemnify and hold harmless
the Company and each of its Affiliates, directors, employees, members, managers and agents and each
Person who controls the Company within the meaning of either the Securities Act or the Exchange Act
from and against any and all losses, claims, damages or liabilities to which they or any of them
may become subject insofar as such losses, claims,
damages or liabilities arise out of or are based upon any violation of the Securities Act,
Exchange Act or state securities Laws, upon any untrue statement or alleged untrue statement of a
material fact contained in a registration statement as originally filed or in any amendment
thereof, or in the Disclosure Package, or any Other Stockholder Free Writing Prospectus,
preliminary, final or summary prospectus included in any such registration statement, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or

17

 

alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of the Disclosure Package, or any preliminary, final or summary
prospectus or Free Writing Prospectus, in light of the circumstances under which they were made)
not misleading, to the extent, but only to the extent, that any such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance on and in conformity with any
written information relating to such Other Stockholder furnished to the Company by or on behalf of
such Other Stockholder specifically for inclusion therein; provided, however, that
the total amount to be indemnified by such Other Stockholder pursuant to this Section 5.3(b) shall
be limited to the net proceeds (after deducting underwriters’ discounts and commissions, if any)
received by such Other Stockholder upon the sale of the Registrable Securities to which such
registration statement or prospectus relates.

          (c) Promptly after receipt by an indemnified party under this Section 5.3 of notice of the
commencement of any action or proceeding (including governmental investigation), such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under this
Section 5.3, notify the indemnifying party in writing of the commencement thereof; but the failure
so to notify the indemnifying party will not relieve it from liability under Section 5.3(a) or
Section 5.3(b) unless and to the extent such action and such failure results in material prejudice
to the indemnifying party. If any such claim, action or proceeding shall be brought against the
indemnified party and it notifies the indemnifying party thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, and, except as provided in the next sentence, after notice
from the indemnifying party to such indemnified party of its election to so assume the defense
thereof, the indemnifying party shall not be liable to such indemnified party for any legal
expenses of other counsel or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof. Notwithstanding the indemnifying party’s rights in the prior
sentence, the indemnified party shall have the right to employ its own counsel (and one local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel satisfactory to the indemnifying party if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would, in the reasonable judgment of the
indemnified party, present such counsel with a conflict of interest; (ii) the actual or potential
defendants in, or targets of, any such action include both the indemnified party and the
indemnifying party and the indemnified party, based on advice of counsel to the indemnified party,
shall have reasonably concluded that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying
party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after written notice
of the institution of such action; or (iv) the indemnifying
party shall authorize the indemnified party to employ separate counsel at the expense of the
indemnifying party. No indemnifying party shall, in connection with any one action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general
circumstances or allegations, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to any local counsel) for all indemnified parties. An
indemnifying party shall not be liable under this Section 5.3 to any indemnified party regarding

18

 

any settlement or compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or potential parties to
such claim or action) unless such settlement, compromise or consent is consented to by such
indemnifying party in writing. No indemnifying party, in the defense of any such claim or
litigation, shall, except with the written consent of each indemnified party, consent to entry of
any judgment or enter into any settlement or compromise unless such settlement or compromise (x)
includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such proceeding and (y) does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of any indemnified party.

          (d) In the event that the indemnity provided in Section 5.3(a) or Section 5.3(b) is
unavailable to an indemnified party for any reason, then each applicable indemnifying party agrees
to contribute to the aggregate losses, claims, damages and liabilities (including, without
limitation, legal or other expenses reasonably incurred in connection with investigating or
defending same) to which such indemnifying party may be subject in such proportion as is
appropriate to reflect the relative benefits received by the Company on the one hand and the Other
Stockholders on the other hand from the transactions contemplated by the Purchase Agreement and
this Agreement. If, however, this allocation is not permitted by applicable law, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, claim, damage or liability, or action in respect thereof, in such proportion
as shall be appropriate to reflect the relative benefits received by the Company on the one hand
and the Other Stockholders on the other hand from the transactions contemplated by the Purchase
Agreement and the relative fault of the indemnifying party on the one hand and the indemnified
party on the other in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the indemnifying party
on the one hand or the indemnified party on the other and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The
parties agree that it would not be just and equitable if contribution pursuant to this Section
5.3(d) were determined by pro rata allocation (even if the Other Stockholders or any agents or
underwriters or all of them were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in this
Section 5.3(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above in this Section
5.3(d) shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5.3(d), no Other Stockholder shall be required to
contribute any amount in excess of the net proceeds (after deducting underwriters’ discounts and
commissions, if any) received by such Other Stockholder upon the sale of the Registrable
Securities. Notwithstanding the provisions of this Section 5.3(d), no Person guilty of fraudulent

19

 

misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation.

          (e) The agreements contained in this Section 5.3 shall survive the sale of the Registrable
Securities by the Other Stockholders and shall remain in full force and effect, regardless of any
termination or cancellation of this Agreement after the Closing.

     Section 5.4 Other Matters.

          (a) The Company covenants that for so long as the Company is otherwise required to maintain
the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act, the Company
shall use its commercially reasonable efforts to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the
Company after the Closing pursuant to the Exchange Act and to submit electronically and post on its
corporate Web site every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T. If the Company is not then required to file reports pursuant to the
Exchange Act, it shall use its commercially reasonable efforts to prepare and furnish to the
Stockholders and make publicly available in accordance with Rule 144(c) such information as is
required for the Stockholders to sell the Common Stock under Rule 144 promulgated under the
Securities Act. The Company further covenants that it shall use its commercially reasonable
efforts to take such further action as any Stockholder may reasonably request, to the extent
required from time to time to enable the Stockholders to sell such Common Stock without
registration under the Securities Act within the requirements of the exemption provided by Rule
144.

          (b) Upon the calculation of the number of shares of Common Stock issuable to the Other
Stockholders in accordance with Section 4.2(a) of the Purchase Agreement, the Company and the
Sellers’ Representatives shall complete Schedule I attached hereto by listing the number of shares
of Common Stock to be issued to each Other Stockholder at the Closing opposite such Other
Stockholders name on Schedule I attached hereto.

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Entire Agreement. This Agreement, including the schedules hereto and any other documents referred to herein
which form a part hereof, contains the entire understanding of the parties hereto with respect to
the subject matter contained herein and therein. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

     Section 6.2 Table of Contents; Captions. The table of contents and the Article and Section captions used herein are for reference
purposes only, and shall not in any way affect the meaning or interpretation of this Agreement.

20

 

     Section 6.3 Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall
constitute one instrument.

     Section 6.4 Notices. Any notice or other communication required or permitted under this Agreement, which all shall be in
the English language, shall be deemed to have been duly given (i) five (5) Business Days following
deposit in the mails if sent by registered or certified mail, postage prepaid, (ii) when sent, if
sent by facsimile transmission, if receipt thereof is confirmed by telephone, (iii) when delivered,
if delivered personally to the intended recipient, (iv) two (2) Business Days following deposit
with a nationally recognized overnight courier service and (v) e-mail with e-mail acknowledgement
of receipt to the party in question, in each case addressed as follows:

If to the Company, to:

American Superconductor Corporation

64 Jackson Road

Devens, MA 01434

Attention: John Powell, General Counsel

Telephone: 978-842-3539

Facsimile: 978-842-3530

E-mail: jpowell@amsc.com

and if to any of the Stockholders, to the addresses, facsimile numbers or e-mail addresses set
forth opposite each of their names on Schedule I attached hereto; or such other addresses, numbers
or e-mail addresses as shall be furnished in writing by any such party.

     Section 6.5 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company, the Stockholders
and their respective successors and Permitted Transferees. Any or all of the rights of a
Stockholder under this Agreement may be assigned or otherwise conveyed by any Stockholder only in
connection with a Transfer of Securities which is in compliance with this Agreement.

     Section 6.6 Governing Law. The interpretation and construction of this Agreement, and all matters relating hereto, shall
be governed by the laws of the State of Delaware, without regard to the principles of conflicts of
laws thereof.

     Section 6.7 Resolution of Disputes. All disputes under this Agreement shall be resolved in accordance with the procedures
described in Section 12.9 of the Purchase Agreement.

     Section 6.8 Third Party Beneficiaries. Each party hereto intends that this Agreement shall not benefit or create any right or cause
of action in or on behalf of any Person other than the parties hereto.

     Section 6.9 Amendments; Waivers.

          (a) No provision of this Agreement contained in Article II hereof or in the definitions of any
defined terms used in Article II may be amended, modified or waived without the prior written
consent of the Company and the holders of more than fifty percent (50%) of the issued and
outstanding Securities held by the Directors, collectively; provided, that no amendment,
modification or waiver of any such provisions shall adversely

21

 

affect the rights or obligations of
any Director (i) in a manner different from any other Director and disproportionately adverse to
any Director or (ii) specifically granted to or imposed upon such Director but not to or upon all
other Directors, in each case without such Director’s prior written consent.

          (b) No provision of this Agreement contained in Sections 5.1 to 5.3 hereof or in the
definitions of any defined terms used in such Sections may be amended, modified or waived without
the prior written consent of the Company and the holders of more than fifty percent (50%) of the
issued and outstanding Securities held by the Other Stockholders, collectively; provided,
that no amendment, modification or waiver of any such provisions shall adversely affect the rights
or obligations of any Other Stockholder (i) in a manner different from any other Other Stockholder
and disproportionately adverse to any Other Stockholder or (ii) specifically granted to or imposed
upon such Other Stockholder but not to or upon all other Other Stockholders, in each case without
such Other Stockholder’s prior written consent.

          (c) Except for the provisions of Article II and the definitions of any defined terms used
therein, which shall be governed by Section 6.9(a), and the provisions of Sections 5.1 to 5.3 and
the definitions of any defined terms used therein, which shall be governed by Section 6.9(b), no
other provision of this Agreement and the definitions of any defined terms used therein may be
amended, modified or waived without the prior written consent of the Company and the holders of
more than fifty percent (50%) of the issued and outstanding Securities held by the Stockholders,
collectively; provided, that no amendment, modification or waiver of any such provisions
shall adversely affect the rights or obligations of any Stockholder (i) in a manner different from
any other Stockholder and disproportionately adverse to any Stockholder or (ii) specifically
granted to or imposed upon such Stockholder but not to or upon all other Stockholders, in each case
without such Stockholder’s prior written consent.

          (d) Notwithstanding anything set forth in this Section 6.9 to the contrary, (i) no amendment
or modification to, or deletion of, this Section 6.9 shall be effective unless
unanimously approved by all of the Stockholders, (ii) the addition of parties to this
Agreement in accordance with its terms shall not be deemed to be an amendment, modification or
waiver requiring the consent of any Stockholder, and (iii) the completion of Schedule I by the
Company and the Sellers’ Representatives in accordance with Section 5.4(b) shall not be deemed to
be an amendment, modification or waiver requiring the consent of any Stockholder.

     Section 6.10 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event any ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
provision of this Agreement.

     Section 6.11 Specific Performance. Each of the Company and each Stockholder agrees that irreparable damages would occur to the
Company or such Stockholder, as the case may be, if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each of the Company and each Stockholder shall be entitled to seek an
injunction or injunctions to prevent actual breaches of

22

 

this Agreement by the Company or the
Stockholders, as the case may be, and to enforce specifically the terms and provisions hereof in
any court of competent jurisdiction, in addition to having any other remedies to which the Company
or such Stockholder is entitled at law or in equity and without the necessity of proving damages or
posting a bond or other security.

     Section 6.12 Expenses. The Company shall bear all fees and expenses incurred in connection with the performance of
its obligations under Sections 5.1 and 5.2.

     Section 6.13 Termination. This Agreement shall automatically terminate and be void ab initio immediately upon
termination of the Purchase Agreement in accordance with its terms.

* * *

23

 

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

	 	 	 	 	 
	 	AMERICAN SUPERCONDUCTOR CORPORATION

 	 
	 	By:  	 	 
	 	 	Name: 	 	 
	 	 	Title:  	 	 
	 

 

	 	 	 

	POWER FUND I KY

	 	POWER FUND II KY
	 
	 	 
	 

	 	 
	 
	 	 
	Veijo Karppinen

	 	Jarmo Saaranen
	 
	 	 
	VACON PLC
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	Vesa Laisi
	 	 
	 
	 	 
	START FUND I KY
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	Henri Grundstén

	 	Jukka-Pekka Mäkinen
	 
	 	 
	 

	 	 
	 
	 	 
	Dag Sandås

	 	Pertti Kurttila
	 
	 	 
	 

	 	 
	 
	 	 
	Reijo Takala

	 	Jari Kemppi
	 
	 	 
	 

	 	 
	 
	 	 
	Anders Troedson

	 	Jukka Rantanen

 

 

Veijo Karppinen

As attorney-in-fact for the following parties hereto:

	 	 	 

	Ahonen Mikko

	 	Ahvo Risto
	Ala Milla

	 	Alamäki Jarmo
	Alho Timo

	 	Autio Pekka
	Backlund Marcus

	 	Baoquan Liu
	Black Paul

	 	Groshev Sergey
	Hao Jixiang

	 	Heinonen Seppo
	Hermunen Pekka

	 	Hertsbacka Henna
	Hewitt Simon

	 	Huppunen Jussi
	Hämäläinen Mikko

	 	Ikonen Mika
	Isotalo Esko

	 	Jaaksi Lilja
	Jantunen Mika

	 	Kalervo Pasi
	Kankaala Kari

	 	Koiranen Johanna
	Korhonen Ari

	 	Koskela Mika
	Koskela Pasi

	 	Koskinen Mona
	Koskiniemi Kari

	 	Kristola Marko
	Laukkanen Jorma

	 	Lewing Raimo
	Lipsanen Anssi

	 	Lipsanen Esa
	Munkki Marianne

	 	Mäkynen Arto
	Mäntylä Mika

	 	Niemelä Hanna
	Nummi Ulla-Riitta

	 	Nykänen Päivi
	O’Reilly Tom

	 	Ollila Harri
	Paakkunainen Jussi

	 	Partinen Janne
	Pesonen Veli

	 	Pirkola Sami
	Pohtola Janne

	 	Puranen Jussi
	Pyrhönen Juha

	 	Pyrhönen Olli
	Rajala Arita

	 	Ranta Marina
	Raunio Mari-Lotta

	 	Reinilä Juha
	Rönnlund Kaj

	 	Salmela Marko
	Schreiber Dejan

	 	Semikron International GmbH
	Silventoinen Pertti

	 	Suutarinen Ari
	Söderman Kim

	 	Turku Tuula
	Törmänen Pasi

	 	Wainio Sami
	Vallinmäki Alpo

	 	Vallinmäki Sari
	Vepsäläinen Jari

	 	Westerberg Anders
	Yli-Mutka Pekka

	 	Zhao Ti

26

 

Schedule I

STOCKHOLDERS1

Directors

	 	 	 	 	 
	Name of Director	 	Number of Shares	 	Notice Address
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 

Other Stockholders

	 	 	 	 	 
	Name of Other Stockholder	 	Number of Shares	 	Notice Address
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 

 

			
	1	 	 (*) indicates such Person is a US Stockholder. (**)
indicates such Person is a Non-Accredited US Stockholder, i.e., a US
Stockholder who is not an “accredited investor” under Rule 501.

 

EXHIBIT A

FORM OF SELLING STOCKHOLDER QUESTIONNAIRE

			
	To:	 	American Superconductor Corporation (“AMSC”)
 c/o •

Reference
is made to (1) the Share Purchase Agreement, dated as of March 12, 2011, by and among
AMSC and the persons listed on Appendix A thereto, on behalf of themselves and the persons listed
on Appendix B thereto (the “Purchase Agreement”), and (2) the Stockholders Agreement, dated March
12, 2011, by and among AMSC and the persons listed on Schedule I attached thereto (the
“Stockholders Agreement”).

Shares of AMSC common stock issued at the closing pursuant to the Purchase Agreement are referred
to as “Registrable Securities.” “Beneficial Ownership” has the meaning contemplated under Rule
13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which includes
shares issuable upon the exercise of options that will be vested within 60 days.

Pursuant to the Stockholders Agreement, the undersigned hereby furnishes to AMSC the following
information for use by AMSC in connection with the preparation of the Prospectus Supplement
contemplated by Section 5.1 of the Stockholders Agreement. Holders of Registrable Securities who
do not complete, execute and return this Questionnaire in accordance with the instructions on the
signature page of this Questionnaire at least 10 Business Days prior to the closing of the
transactions contemplated by the Purchase Agreement (1) will not be named as selling stockholders
in the Prospectus Supplement and (2) may not use the Prospectus Supplement for resales of
Registrable Securities.

	 	(1)	 	Name and Contact Information:

	 	 	 

	Full legal name of record holder:
	 	 
	 

	 	 
	 
	 	 
	Address of record holder:
	 	 
	 

	 	 
	 
	 	 
	U.S. Social Security Number or
Taxpayer identification number
of record holder, if applicable:
	 	 
	 

	 	 
	 
	 	 
	Identity of beneficial owner, if
different than record holder (Note: A “beneficial owner” means a person who
directly or indirectly alone or with others
has power to vote or dispose of the stock
covered by this Questionnaire):
	 	 
	 	 
	 	 

- 1 -

 

	 	 	 

	Name of contact person:
	 	 
	 

	 	 
	 
	 	 
	Telephone number of contact person:
	 	 
	 

	 	 
	 
	 	 
	Fax number of contact person:
	 	 
	 

	 	 
	 
	 	 
	E-mail address of contact person:
	 	 
	 

	 	 

	 	(2)	 	Beneficial Ownership of Registrable Securities:

(a) Number of Registrable Securities to be owned by Selling Stockholder
(consisting of the number of Registrable Securities to be acquired upon the closing
of the transactions contemplated by the Purchase Agreement):

 

(b) Except as set forth below in this Item (2)(b), the Selling Stockholder requests
that all such Registrable Securities be registered:

 

	 	(3)	 	Beneficial Ownership of Other Securities of AMSC Owned by the
Selling Stockholder:

Except as set forth below in this Item (3), the undersigned is not the beneficial or
registered owner of any securities of AMSC other than the Registrable Securities listed
above in Item (2)(a).

Type and amount of other securities beneficially owned by the Selling Stockholder:

 

 
 

 
 

	 	(4)	 	Relationships with AMSC:

Except as set forth below, neither the undersigned nor any of its affiliates, officers,
directors or principal equity holders (5% or more) has held any position or office or has
had any other material relationship with AMSC (or its predecessors or affiliates) during the
past three years.

State any exceptions here:

 

 
 

- 2 -

 

	 	(5)	 	Plan of Distribution:

Except as set forth below, the undersigned intends to distribute pursuant to the
Registration Statement and Prospectus Supplement the Registrable Securities listed
above in Item (2) in accordance with the “Plan of Distribution” section enclosed with
this Questionnaire:

State any exceptions here:

 

 

 

Note: In no event will such method(s) of distribution take the form of an underwritten
offering of the Registrable Securities.

	 	(6)	 	Selling Stockholder Affiliations and Broker-Dealer Status:
	 
	 	(a)	 	Is the Selling Stockholder a registered broker-dealer?
	 
	 	 

	 
	 	(b)	 	If “yes” to Section (6)(a), did you receive your Registrable Securities
as compensation for investment banking services to the Company?

Yes o       No o

	 	 	 	Note: If “no” to Section (6)(b), the Commission’s staff has indicated that you
should be identified as an underwriter in the Prospectus Supplement.

	 	(c)	 	Is the Selling Stockholder an affiliate of or a person affiliated with a registered
broker-dealer(s)? (For purposes of this response, an “affiliate” of, or person
“affiliated” with, a specified person, is a person that directly, or indirectly through
one or more intermediaries, controls or is controlled by, or is under common control
with, the person specified.)
	 
	 	 

	 	(d)	 	If the answer to Item (6)(c) is yes, identify the registered broker-dealer(s) and
describe the nature of the affiliation(s):
	 
	 	 

	 	(e)	 	If the answer to Item (6)(c) is yes, did the Selling Stockholder acquire the
Registrable Securities in the ordinary course of business (if not, please explain)?
	 
	 	 

- 3 -

 

	 	 

	 	(f)	 	If the answer to Item (6)(c) is yes, did the Selling Stockholder, at the time of
purchase of the Registrable Securities, have any agreements, plans or understandings,
directly or indirectly, with any person to distribute the Registrable Securities (if
yes, please explain)?
	 
	 	 

     Note: If the Selling Stockholder is an affiliate of a broker-dealer and did not purchase its
Registrable Securities in the ordinary course of business or at the time of the purchase had any
agreements, plans or understandings, directly or indirectly, with any person to distribute the
Registrable Securities, AMSC may be required to identify the Selling Stockholder as an underwriter
in the Registration Statement, any amendments thereto and the related prospectus and any prospectus
supplements.

	 	(7)	 	Voting or Investment Control over the Registrable Securities:

	 
	 	If the Selling Stockholder is not a natural person, please identify the natural
person or persons who have voting or investment control over the Registrable
Securities listed in Item (2) above:
	 
	 	 

Pursuant to the Stockholders Agreement, the undersigned is required to notify AMSC in writing of
any and all sales of Registrable Securities within ten (10) business days.

Pursuant to Section 5.1 of the Stockholders Agreement, the undersigned acknowledges that AMSC may,
by written notice to the undersigned, suspend the Registration Statement and require that the
undersigned immediately cease sales of Registrable Securities pursuant to the Prospectus
Supplement and Registration Statement under certain circumstances described in the Stockholders
Agreement. At any time that such notice has been given, the undersigned may not sell Registrable
Securities pursuant to the Prospectus Supplement and Registration Statement.

The undersigned hereby acknowledges that it understands its obligation to comply, and agrees that
it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder,
particularly Regulation M in connection with any offering of Registrable Securities pursuant to
the Registration Statement and the Prospectus Supplement. The undersigned hereby acknowledges the
selling restrictions contained in Section 2.3(b) of the Stockholders Agreement and its indemnity
obligations under Section 5.3(b) of the Stockholders Agreement.

By signing below, the undersigned consents to the disclosure of the information contained herein
in its answers to Items (1) through (7) above and the inclusion of such information in the
Registration Statement, any amendments and/or supplements thereto, and the related Prospectus
Supplement. The undersigned understands that such information will be relied upon by AMSC

- 4 -

 

in connection with the preparation or amendment of the Registration Statement and the related
prospectus.

The undersigned has reviewed the answers to the above questions and affirms that the same are true,
complete and accurate, and will be true, accurate and complete as of the date of the closing of the
transactions contemplated by the Purchase Agreement. THE UNDERSIGNED AGREES TO NOTIFY THE COMPANY
IMMEDIATELY OF ANY CHANGES IN THE FOREGOING INFORMATION DURING THE SHELF REGISTRATION PERIOD (AS
DEFINED IN THE STOCKHOLDERS AGREEMENT).

 

	 	 	 	 	 

	Dated:                     , 2011

	 	 

Signature of Record Holder

(Please sign your name in exactly the same
manner as will be on the certificate(s) for the
shares being registered)
	 	 

Please return the completed and executed Questionnaire as soon as possible, and in any event so
that it is received no later than 10 business days prior to the closing of the transactions
contemplated by the Purchase Agreement, via email to • at • or facsimile to • at • and return the
original by overnight mail to •.

- 5 -

 

Appendix B

Sellers Represented by Sellers’ Representatives

Ahonen Mikko

Ahvo Risto

Ala Milla

Alamäki Jarmo

Alatalo Mika

Alho Matti

Alho Timo

Autio Pekka

Backlund Marcus

Bai Xue

Baoquan Liu

Black Paul

Bond Jr Karl

Cecchi Carlo

Desai Piyush

Doms Sabine

Groshev Sergey

Hao Jixiang

Heinonen Seppo

Hermunen Pekka

Hertsbacka Henna

Hewitt Simon

Hiipakka Laila

Huovila Jukka

Huppunen Jussi

Hyvärinen Jennimaria

Hämäläinen Mikko

 

 

Ikonen Mika

Isokangas Juha-Matti

Isotalo Esko

Isuls Maria

Jaaksi Lilja

Jantunen Mika

Järvelä Jyri

Kaakinen Otto

Kalervo Pasi

Kangasmäki Timo

Kankaala Kari

Kannanniemi Vesa

Kettman-Kervinen Lisa

Koiranen Johanna

Korhonen Ari

Koskela Mika

Koskela Pasi

Koskinen Mona

Koskiniemi Kari

Kristola Marko

Kurronen Panu

Laukkanen Jorma

Lehtonen Mari

Lewing Raimo

Lipsanen Anssi

Lipsanen Esa

Malm Markus

Mansikka-Aho Juha

Martin Mathias

Miekka Jan

 

 

Munkki Marianne

Mäkynen Arto

Mäntylä Mika

Niemelä Hanna

Nummi Ulla-Riitta

Nykänen Päivi

O’Reilly Tom

Ollila Harri

Paakkunainen Jussi

Partinen Janne

Pesonen Veli

Pesu Pia

Pirkola Sami

Pohjola Mikko

Pohtola Janne

Puranen Jussi

Pyrhönen Juha

Pyrhönen Olli

Pääkkönen Mikko

Qiu WeiJie

Rajala Arita

Ranta Marina

Raunio Mari-Lotta

Reinikka Miika

Reinilä Juha

Russell Roman

Rönnlund Kaj

Salmela Marko

Schreiber Dejan

Semikron International GmbH

 

 

Sihvo Ville

Silventoinen Pertti

Sippola Ari

Suikki Antti

Suutarinen Ari

Söderman Kim

Tattari Johanna

Tattari Marika

Toura Matias

Tuominen Hanna

Turku Tuula

Tuuha Marko

Törmänen Pasi

Wainio Sami

Vallinmäki Alpo

Vallinmäki Sari

Wei Li

Vepsäläinen Jari

Westerberg Anders

Viitasalo Jukka

Vilhu Mika

VNT Management Oy

Xu Junjie

Yli-Mutka Pekka

Zhang Xiting

Zhao Ti

ZhaoLi Song

Åberg Rosmari

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]