Document:

Adaptive Medias, Inc. Completes Acquisition
of Ember, a Real-Time Bidding Platform Provider

 

Ember to power Adaptive’s programmatic media buying
and selling in video, mobile and online display

 

IRVINE,
Calif., December 9, 2013 – Multi-channel audience and content monetization company,
Adaptive Medias, Inc. (OTCQB: ADTM), a leader in programmatic advertising across mobile, video and online display,
announced it has closed the acquisition of Ember, Inc. Ember is a Real-Time Bidding (RTB) platform that leverages machine
learning algorithms and contextual and semantic engines to bring more transparency to online advertising placements. Through the
acquisition, Adaptive’s early customers and partners include 24/7
Media (a WPP Company), Hearst Media Group, BlueTonic, Videology, Hotpoint Media, Vdopia,
7 Diamonds, SpotExchange, TubeMogul, Yashi, and Adap.tv, a division of AOL Networks.

 

Founded in 2012, Ember’s
technology platform drives efficiency and brings more transparency to online advertising placements. Ember’s real-time bidding
algorithms ensure brand safety as well as a stronger return on investment for advertisers through on-the-fly budget optimization.

 

Ember was launched out of the Los Angeles-based accelerator,
StartEngine (www.startengine.com), which was started by Activision co-founder Howard Marks and financier Paul Kessler, who have
joined Adaptive Medias’ advisory board. The Company also announced that Ember Co-Founder
and CEO Nic Borensztein has been appointed Vice President of Engineering and fellow Co-Founder Damian Ancukiewicz is now the Company’s
Chief Architect.

 

“What separates advertising-technology companies is their
technology platform and team. In acquiring Ember, we’re getting both a fully-developed RTB platform as well as two brilliant
engineers in Nic and Damian,” said Adaptive Medias CEO, Qayed Shareef. “Adding serious intellectual property and engineering
horsepower is huge for us.

 

“Billions of ad
dollars are shifting toward programmatic buying, as advertisers are demanding control, transparency and proactive anti-fraud measures
around where their dollars are spent. The Ember platform positions us to be a serious player in this space,” Shareef
added.

 

According to market research firm eMarketer, U.S. marketers
will spend $3.34billion in 2013 on real-time bided (RTB) ads, up 73.9% from last year, and eMarketer expects U.S. advertisers
will spend $8.69 billion on RTB ads by 2017.

 

The successful September IPO by Rocket Fuel, valuing the company
at approximately $2 billion, and the recent acquisition of video advertising platform Adap.tv by AOL for $405 million illustrates
growing confidence in programmatic buying and selling of digital ad inventory.

 

“When we started Ember last year, we knew that the supply
and demand for real-time ad inventory would grow very quickly, and it’s happening even faster than our most optimistic expectations,”
said Borensztein. “We did this deal because
we see huge upside at Adaptive Media. We get strong executive management, business development, sales and ad operations
support, plus we have access to Adaptive’s growing pool of supply and demand partners. Pairing our robust technology platform
with Adaptive's strong client base is going to be an explosive combination.”

 

    	 

    	 

    

 

“Ember has been focused in video, but we’ve already
begun expanding the platform into mobile, and we’ll have capabilities in online display in the first quarter of 2014,”
Shareef said. “We believe that owning an RTB platform that works across video, mobile and display is a recipe for exponential
growth in 2014 and beyond.”

 

ABOUT ADAPTIVE MEDIA

 

Adaptive Media is
a programmatic audience and content monetization provider for website owners, app developers and video publishers who want to
more effectively optimize content through advertising. The Company provides a foundation for publishers and developers looking
to engage brand advertisers through a multi-channel approach that delivers integrated, engaging and impactful ads across multiple
devices. Adaptive Media meets the needs of its publishers with an emphasis on maintaining user experience, while delivering timely
and relevant ads through its multi-channel ad delivery and content platform.

 

For more information, please visit: www.adaptivem.com.
Follow us on Twitter at @adaptive_m.

 

ABOUT EMBER

Ember is focused on shifting
TV ad budgets toward online video. Right now, there is limited transparency in online video. Advertisers know where their ads
are going on TV, yet are reluctant to shift their budgets toward online video due to the lack of transparency. Ember has created
fine-tuned machine learning algorithms, contextual and semantic engines to ensure brand safety, placement and stronger ROI, and
a real-time bidding (RTB) platform to optimize ad spends. For more information, please visit: www.goember.com.

 

Safe Harbor Statement:

This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of
1995. Adaptive Medias, Inc. has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "potential"
and similar expressions. These statements reflect Adaptive Medias' current beliefs and are based on information currently available
to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could
cause Adaptive Medias' actual results, performance or achievements to differ materially from those expressed in or implied by
such statements. Adaptive Medias undertakes no obligation to update or provide advice in the event of any change, addition or
alteration to the information contained in this Press Release including such forward-looking statements.

 

 

Adaptive Media Publicity Contact:

Mike Sprouse, President & CEO

Sprouse Marketing Group

Email: mike@sprousemarketing.com

 

 

Adaptive Media Investor Contact:

Kevin Fickle, President

Nuwa Group LLC

Phone: (925) 330-8315

Email: kevin@nuwagroup.com

 

 

###Xuzhou Zhongtai Energy Technology Co.,
Ltd.

CDQ and Waste Heat Power Generation

 

Energy Management Cooperation Agreement

 

Item 1 General 

 

Party A: Xuzhou Zhongtai Energy Technology
Co., Ltd., which is a key member of Xuzhou Taifa Special Steel Technology Group Co., Ltd. and one of the top-ten large-scale enterprises
for preferential development in Xuzhou City.

 

Xuzhou Zhongtai Energy Technology Co.,
Ltd. was established in 2005 with designed annual production scale of 1.2 million tons of coke, manufacturing chemical products
such as crude benzene, tar etc. The company is cooperating with Hongkong Yigao Group for the LNG production through coke oven gas.

 

Xuzhou Zhongtai Energy Technology Co.,
Ltd. invested the construction of CS55-09 coke oven with a 5.5 meters chamber along with dust collection device for allocating
coal, crushing, delivery, removal and screening, gas purification recycling (including desulfurization process), wastewater biochemical
treatment facilities, coal gas storage and distribution, recollection and coordination of crude benzene, waste heat utilization
and related ancillary utility projects. The total investment is RMB 1.036 billion. It is expected that the annual revenue will
be RMB 2.5 billion and annual tax contribution of RMB 280 million after the project is completed and put into operation.

 

Party B: Xi’an TCH Energy Technology
Co., Ltd., which is a subsidiary of China Recycling Energy Corporation (stock symbol: CREG), undertakes the investment and operation
of the domestic projects of CREG. CREG is a NASDAQ listed company mainly engaged in the investment and operation of waste pressure,
waste heat, waste gas and new energy power generation projects. It is a pioneer and leader in energy recycling industry in China
with the earliest start, most projects invested and completed and widest industrial coverage. CREG is a specialized clean energy
provider for recycling energy integrated solution.

 

Based on the principle of win-win cooperation,
after friendly duly negotiation, both parties agree to cooperate in energy-saving through Energy Management Contract. In compliance
with Contract Law of People’s Republic of China, on the basis of true and duly consideration, both parties enter into following
agreement.

 

Item 2 Terms and Definitions

The two parties confirm: The relevant terminology
and technical terms in this agreementt and exhibits are defined and interpreted as follows:

 

2.1 Project Description:

2.1.1 Party B will build a 150 ton/hour
coke dry quenching (CDQ) facility and a 25 MW waste heat power plant using the coking process of Party A. Generated power is the
energy saving benefit, which will be shared by both parties.

 

2.1.2 Party B will build waste heat boiler
furnace based on the smoke pipeline of the coke oven of Party A to use waste heat to generate steam, and Party B will supply the
steam to Party A.

 

    	 

    	 

    

 

 

 

2.2 Completion: construction and installation
shall be considered as completed if it is according to Party B’s design and the system operates properly for consecutive
72 hours.

 

2.3 Force majeure: natural disasters and
other can't be controlled events according to the law.

 

Item 3 Energy Services and Requirements

3.1 Party A appoints Party B to provide
energy services as follows:

 

3.1.1 Objective: as required by Party A,

1. Build a 150 t/h CDQ facility with a
25 MW waste heat power plant. Generated power is the energy saving benefit, which will be shared by both parties.

 

2. Build waste heat recycling system based
on smoke pipeline of the coke oven to generate steam, and Party B will provide the steam to Party A. Party A will pay Party B based
on the volume of steam provided.

 

3.1.2 Project Construction:

1. CDQ body: CDQ system, hot coke loading
equipment, equipment for recovery of coke powder, cold coke discharging equipment, speed and control system for the hoist, speed
control system for the fan, electrical control and equipment, PLC control system, and instruments.

 

2. Supporting facilities: dust removal
system, auxiliary machinery room, main control building, belt conveyor system, and water pump house.

 

3. Power generation facilities: waste heat
boiler, boiler auxiliary, waste gas unit, steam turbine, and power generator.

 

4. The nitrogen manufacturing facilities,
special foundation treatment, or disassembling or transformation of equipment are not included. Chemical water, fresh water and
sewage treatment plant and nitrogen system will share with Party A. Party A is responsible for connecting the chemical water and
nitrogen to the CDQ area, and sewage will be discharged into the sewage treatment facility built by Party A.

 

5. Waste heat recycling system based on
the smoke pipeline of the coke oven

 

3.1.3 Method: Party B is responsible for
the investment, design, construction and operation. Party A is responsible for providing water (including desalinated water) and
nitrogen and to be paid according to the internal settlement price of Party A. The energy saving benefits will be shared in proportion
as agreed by both parties.

 

3.2 Party B shall provide energy saving
service work according to the following requirements:

3.2.1 Locations: a site in the Xuzhou Zhongtai
Energy Technology Co., Ltd.

 

    	 

    	 

    

 

 

 

3.2.2 Term and schedule:

(1) The agreement becomes effective on
the date when the agreement is signed and sealed by parties;

 

(2) Construction period: 18 months since
the construction conditions are ready. The first and second months are the preparation period to apply and receive all the permits
and get the design and technical confirmation. The third to the fifth months are equipment tendering and bidding period. The sixth
to the eighteenth months are the project construction period.

 

(3) The start date for the energy saving
benefit sharing will be the date when the waste heat power station successfully passes 72 consecutive hour test run.

 

(4) Power generated and related revenue
during testing period belongs to Party B.

 

(5) The energy saving sharing term is 20
years, and at the end of the term, the property will be transferred from Party B to Party A at the price of RMB 1.

 

Item 4 Energy Saving Sharing Method

 

4.1 Party B is responsible for the investment,
design, equipment procurement and construction. The investment is RMB 210 million (subject to the technical proposal).

 

4.2 During the benefit sharing period,
as for CDQ waste heat power generation, Party A shall pay Party B the energy saving service fee as:

Energy saving service fee = quantity of
power supply x settlement price

 

1st year to 10th
year (including the 10th year), the settlement price = RMB 0.534 /kWh (including VAT)

 

11th year to 20th
year (including the 20th year), the settlement price = RMB 0.402 /kWh (including VAT)

 

When the agreement is signed, the electricity
price from local grid to Party A is RMB 0.67/kWh. If the power price, where Party A is located, is adjusted, the settlement price
will be adjusted same as the local power grid price.

 

4.3 During the benefit sharing period,
as for waste heat from smoke pipeline, Party A shall pay Party B the energy saving service fee as:

Energy saving service fee = quantity of
steam supplied by Party B to Party A x RMB 100/ton (including VAT)

 

4.4 Energy saving service fee is paid in
installments by Party A to Party B, the specific timing and amount of payments are as follows:

 

4.4.1 After the power plant is put into
operation, Party A shall pay Party B once in a month. The 25th day of each month is the settlement date. Fees shall
be paid before the 5th day of next month. The energy saving service fee is calculated based on the actual quantity of
generated power and the price.

 

    	 

    	 

    

 

 

 

4.4.2 As for the CDQ waste heat power generation
project, Party A will install instrument independently. Party B shall report the reading of the instrument and Party A shall confirm.

 

4.4.3 Party A shall pay Party B the energy
saving service fee according to power supply data reported by Party B. The payment shall be made as described in 4.4.5. Party B
shall provide invoice for the energy saving service fee.

 

4.4.4 As for the smoke pipeline waste heat
to steam project, Party A will install steam meter. Party B shall report the data and Party A shall confirm. Party shall pay Party
B the energy saving service fee. Please refer 4.4.1 for the settlement and payment date.

 

4.4.5 The payment shall be made by Party
A in wire transfers.

 

Item 5 Obligations of Party A

 

In addition to other requirements in the
agreement, Party A shall fulfill the following obligations:

5.1 Within 30 days after the agreement
is signed, 1) Party A and its parent company shall provide Party B with the performance guarantee or commitment; 2) Party A shall
provide approved materials to Party B as required.

 

5.2 Without interfering normal operation,
Party A shall provide temporary offices, canteen, accommodation, and transportation for assigned employees of Party B.

 

5.3 Provide necessary information; and
coordinate Party B to carry out energy saving measurement and verification.

 

5.4 Coordinate Party B with maintenance,
inspection, and repair of equipment and facilities, and make sure Party B could use equipment and facilities of the project.

 

5.5 Party A shall complete the project
establishment, environmental assessment, and approval application for construction land, permit to national grid connection line
but without transmitting electricity onto the national grip quickly after the agreement is signed. Party B shall provide assistance.
Relevant costs shall be paid in advance by Party A, and will be deducted from subsidies, rewards, or other applicable grants from
the government, institutions or organizations for the project as described in 5.8. If the power plant could not be put into operation
because Party A could not complete the approval process above, the lost or delayed time shall be borne by Party A.

 

5.6 As for waste heat provided by Party
A required by the furnace for the waste heat power station according to the normal CDQ process of Party B, the waste heat supply
shall be no less than 8,000 hours annually, the steam supply shall be no less than 150,000 Nm3/h, and the temperature shall be
no lower than 950 Celsius. The smoke from the pipeline supply shall be no less than 8,000 hours per year. If the time and number
cannot be reached, the cooperation period shall be prolonged accordingly.

 

    	 

    	 

    

 

 

 

5.7 Provide assistance on project execution
and management.

 

5.8 Assist Party B in applying for subsidies,
awards, or other applicable grants from the government or organizations. The received grants will be shared between two parties
as 50% for each, and relevant costs and expenses shall be borne by both parties.

 

5.9 Party A shall fully participate in
the design, equipment tendering and procurement and give technical advices to Party B regarding the design and equipment utilization.

 

Item 6 Obligations of Party B

 

In addition to other requirements in the
agreement, Party B shall fulfill the following obligations:

6.1 Party B shall mobilize construction
personnel and start construction after the construction plan is approved by Party A. The construction personnel shall abide by
rules and policy of Party A. Party B is responsible for the safety. The project shall be completed on schedule unless the delay
is caused by Party A or force majeure.

 

6.2 Assist Party A in energy saving measurement
and verification on the 5th day of each month.

 

6.3 Deliver all drawings, construction
plans, training materials, equipment lists to Party A within 30 days prior to the commencement of construction.

 

6.4 Equipment installation and commissioning
shall comply with the design. Designed generated power and other technical indexes shall be met (mainly handling quantity of dry
coke, coke loss, steam quantity per ton of coke, power generation per ton of coke, power consumption per ton of coke). Power generated
by Party B shall comply with the national standard.

 

6.5 Party B shall send experts to check
the project operation regularly or from time to time.

 

Item 7 Project acceptance

 

7.1 The following standards and methods
are agreed by the two parties to be used to inspect the functional completion of the construction:

 

7.1.1 The items indicating as the functional
completed of the constructions by Party B:

(1) CDQ
waste heat power generation: the power station can produce electricity normally;

(2) Smoke
pipeline waste heat recovery: supply steam gas pursing to the design requirements;

 

7.1.2 Functional completion and acceptance
standards: refer to design requirement;

 

7.1.3 Acceptance for functional completion:
Party B organizes and examines the constructional engineering and installation engineering involved into the project as well as
assumes related expenses. The professional and government inspections and acceptance will be coordinated by Party A which will
assume related expenses, including environmental protection, fire fighting, industrial hygiene, records, pressure vessel (boiler
detection), electrical equipment, anti-thunder and hoisting equipment.

 

    	 

    	 

    

 

 

 

7.1.4 Acceptance time, date and personnel:
within 15 days after Party B informs Party

A that the power station is qualified for
acceptance, both parties negotiate the place and personnel.

 

7.2 Party A cooperates with Party B to organize
the construction contractor for project inspection and acceptance. If the equipment works 72 hours continually and the project
is under stable operation, the project passes acceptance inspection. The project acceptance report should be signed by the supervisors
and technicians of the both parties that participate the acceptance inspection as well as seals on the report by all entities participated
in the acceptance inspection. The acceptance report should indicate the operational instrument data, operation state and instant
effects.

 

The acceptance inspection to CDQ waste
heat power generation system and smoke pipeline waste heat utilization system can be conducted separately upon its completion.

 

7.3 The execution date of the acceptance
report will be regarded as the date when the project is under stable operation state. Since then, the produced electricity and
steam will be considered officially supplying to Party A.

 

Item 8 Ownership

 

During the term of the agreement, Party
B possesses the assets of the project (including tangible assets like equipment and facilities, and intangible assets like scheme,
drawing, technology secrets, etc.). After the agreement expires, item 3.2.2 (5) will be executed.

 

Item 9 Liability for Breach of Agreements

 

9.1 Party A’s liability for breach of
agreement

 

9.1.1 After the agreement becomes effective,
if Party A didn’t perform its obligation under the agreement before the project is completed and put into operation, Party
A shall pay Party B’s actual expenses in the project including engineering design, equipment purchase price, installation
cost, transportation, etc. plus a penalty equivalent to 20% of such total expenses.

 

9.1.2 If Party A didn’t pay Party B
the energy-saving service fee according to item 4.4.1 of the agreement, Party A shall pay penalty for overdue payment on the daily
basis of each day overdue equivalent to 1‰ of total due service fee.

 

9.1.3 If the project stops operating due to
Party A’s reason, Party A should undertake the energy-saving service fee during the shutdown (equivalent to 12-month average
power supply volume before shutdown × unit price of the electricity). If the shutdown period is more than 6 months, Party
A shall assume the responsibility according to item 9.1.1.

 

9.2 Party B’s responsibility for breach
of the agreement

 

    	 

    	 

    

 

 

 

9.2.1 After the agreement becomes effective,
if Party B fails to perform its obligation or cannot provide construction fund under the agreement before the project is completed
and put into operation, Party B need pay Party A’s actual expenses in the project including project construction and preparation
fee, etc. plus a penalty equivalent to 20% of such total expense.

 

9.2.2 Party B shall be responsible for the
technical proposal and designing scheme.

 

9.3 If any party breaches the agreement, the
other party shall take appropriate remedial measures according to the written notice from the breaching party to prevent the increase
of losses. Otherwise, the enlarged loss and reasonable expense for the remedial measures cannot be reimbursed.

 

9.4 Remediation for the breach of the agreement

 

9.4.1 Party A’s remediation for the
breach of the agreement: If Party A breaches the agreement, Party B has the right to terminate the agreement or seek judicial arbitration
directly to collect its due payment or losses. Party B has the right to request Party A paying its incurred expenses. In addition,
Party B has the right to dismantle the equipment on Party A’s production site upon providing advanced written notice to Party
A.

 

9.4.2 Party B’s remediation for the
breach of the agreement: If Party B breaches the agreement, Party A has the right to terminate the agreement or seek judicial arbitration
directly to collect its losses. Party A has the right to require Party B to pay all related expenses of Party A for such actions.

 

Item 10 Projects Risks and Responsibility

 

10.1 The improvement of the project should
comply with following condition and responsibilities:

 

10.1.1 The improvement of equipment. During
the term of the agreement, Party B has the right to improve the equipment or modify the operational program to enhance economic
returns with Party A’s written consent.

 

10.2 The change of the project should comply
with following conditions and responsibilities:

If any party thinks it necessary to make any
change to the equipment, the party shall get the other party’s written approval before they make changes.

 

10.3 The removal of the project should comply
with following conditions and responsibilities:

 

Without Party B’s written consent, Party
A cannot remove the equipment or make any substantial change to the equipment. Otherwise, Party B has the right to terminate the
agreement immediately. Party A shall pay all compensations according to the item 9.1.1 and 9.1.2 of the agreement.

 

10.4 Large-scale reconstruction of the project
should comply with following conditions and responsibilities:

 

10.4.1 Without Party B’s written consent,
Party A cannot reconstruct the project on a large scale. During the term of the agreement, if both parties agree to reconstruct
the project to improve the energy-saving efficiency, the two parties shall make written agreement first and revise related items
of this agreement before reconstruct the project.

 

10.5 Turn off or close the project should
comply with following conditions and responsibilities:

 

    	 

    	 

    

 

 

 

10.5.1 Party A should inform Party B and obtain
Party B’s written consent before turn off or shut down any equipment under this agreement at least 7 days in advance. In
an emergency situation, Party A should report Party B as soon as possible.

 

10.6 The utilization and change of equipment
and facilities owned by Party A should comply with following conditions and responsibilities:

 

10.6.1 Party A shall ensure its equipment
related to this agreement can operate normally. If there is any malfunction of such equipment that affects the normal operation
of this project and results in the energy-saving amount decreased, the fee charging period shall be extended according to the item
4.3 of the agreement.

 

10.6.2 If Party A intends to modify its equipment
or production plan, which may affect the energy-saving amount of the project, Party A shall make written notice to Party B at least
7 days in advance. If the energy-saving amount declined, Party A shall assume the economic loss of Party B.

 

10.7 If Party B has any losses caused by Party
A’s production safety accidents, Party A would take full responsibility; If Party A has any losses caused by Party B’s
production safety accidents, Party B would take full responsibilities.

 

10.8 Other risks and responsibilities of the
project are as follows:

Neither party would take any responsibility
for the risks caused by unforeseeable objective reason. For other risks, the two parties shall discuss and agree on the responsibilities
of the wrongdoers accordingly first, then such party shall assume the liabilities.

 

10.9 Special arrangements for the risk control
are as follows:

In order to prevent investment risk and ensure
Party B’s earning expectation, the risk control arrangements are as follows:

 

10.9.1 If Party A breaches the agreement and
cannot provide Party B with related enterprise information and normal production data or necessary basis material such like feasibility
research report, environmental appraisal report, safety appraisal report of the waste heat power generation project, or cannot
deliver site to Party B before scheduled date, Party B can extend its performance term accordingly.

 

10.9.2 Party A should guarantee the production
operates normally. Total heat supply time in the first ten years shall be no less than 80,000 hours. Otherwise, the second phrase
shall only get started only when the heat supply time reaches 80,000 hours first. If Party A makes large-scale reconstruction to
its equipment which affects Party B’s due benefits under the agreement, Party A needs to inform Party B to negotiate to handle
the related issue.

 

Item 11 Modification,
cancellation and termination of the agreement

 

11.1 If any party wants to amend, supplement
this agreement, it shall be discussed and agreed by both parties and sign a supplement agreement. The supplement agreement shall
have the same legal affect to this agreement.

 

11.2 If Party A intends to terminate the
agreement, it should send written notice 60 days in advance to the Party B and pay termination fees and compensation to Party B
in the following manner:

 

    	 

    	 

    

 

 

 

11.2.1 If Party A proposes
to terminate the agreement within 5 years (including 5 years);

Termination
fees and compensation= total amount of investment by Party B + average annual profit * (5- number of years the project has been
in operation)

 

11.2.2 If Party A proposes
to terminate the agreement after 5 years (excluding 5 years);

Termination
fees and compensation= total amount of investment by Party B – total amount of amortization (the amortization period is 10
year).

 

11.3 If anything happens to Party A or
Party B that could affect its ability to continue its business operation, including but not limited to bankruptcy, closure, merger,
transfer, separation, each party shall inform the each other within 5 working days and provide relevant certified document. If
the agreement cannot be performed due to such situation, Party A or B has right to ask other party for compensation for losses.

 

11.4 Under conditions of mutual agreement,
parties can terminate or cancel the agreement. The parties agree that after written notice of termination reaches to the other
party, the validity period for such party to confirm the termination of the agreement is 30 days.

 

11.5 During the term of the agreement,
if Party A is closed or terminated, discontinued or ceased to survive, conversion or merger or division with other units, the agreement
for Party A or its successor is still valid. Party A shall inform relevant party under such circumstance and include such conditions
into the new entity. If relevant party do not accept the conditions, Party A shall purchase this project according to item 11.2
before the event. If the agreement is terminated due to bankruptcy of Party A, Party B shall have the first priority to be compensated
during the bankruptcy procedure.

 

11.6 If no substantial construction is
taken by Party B within one year of the effective date of this agreement, the agreement will be invalid automatically and Party
B does not assume any responsibility.

 

Item 12 Transfer of Rights and Obligations

 

		12.1.	If Party A transfers it coking ovens, it shall guarantee that the transferee will take the rights
and obligations under the agreement. If the transferee did not sign a new agreement with Party B according to the original agreement,
Party B has rights to claim compensation under section 11.2.

 

    	 

    	 

    

 

 

 

		12.2.	Before transferring obligations under the agreement, Party A shall obtain approval from Party B
in writing. Without approval from Party B, any transfer or transfer of obligations from Party A are invalid.

  

		12.3.	Before transferring rights under the agreement, Party B shall inform Party A in writing.

 

		12.4.	Before transferring obligations under the agreement, Party B shall get approval from Party A in
writing. Without approval from Party A, any transfer or transfer of obligations of Party B are invalid.

 

Item 13 Tort and indemnification

 

		13.1.	For any property loss or personal injury of Party A caused by intention or negligence of Party
B or any persons employed by Party B, Party B shall compensate the 100% of the losses caused.

 

		13.2.	For any property loss or personal injury of Party B caused by intention or negligence of Party
A or any persons employed by Party A, Party A shall compensate the 100% of the losses caused.

 

		13.3.	The party suffered damage or loss shall also assume corresponding responsibility according to the
degree of its own fault if such party has mistakes during the process as well and the other party's responsibilities shall be reduced
accordingly.

 

Item 14 Confidential

 

Both parties agree to fulfill the following
obligations of confidentiality.

 

		14.1.	Party A

		14.1.1.	Confidentiality contents: Project cooperation method and price

		14.1.2.	Personnel: All personnel related to the project

		14.1.3.	Duration: 10 years

		14.1.4.	Responsibilities in case of leakage: refer to confidential information section

		14.2.	Party B

		14.2.1.	Contents: Project cooperation method and price

		14.2.2.	Personnel: All personnel related to the project

		14.2.3.	Duration: 10 years

		14.2.4.	Responsibilities in case of leakage: refer to confidential information section

 

    	 

    	 

    

 

 

 

Item 15 Force Majeure

 

		15.1.	When one party cannot execute the agreement due to force majeure, the party shall notify the other
party immediately. Once the party provides the valid proof, it may postpone, partial execute, or suspend the performance of the
agreement or termination of the agreement.

 

		15.2.	If the agreement cannot be executed or the execution is postponed due to force majeure, both parties
shall be exempt from liabilities for breach of agreement or liabilities to compensate for the damages.

 

Item 16 Settlement of Disputes

 

		16.1.	Any disputes arose from the execution, interpretation, breach of agreement, termination or suspension
of the agreement shall be settled through amicable negotiations between both parties.

 

		16.2.	If the negotiations fail, both parties agree to use the following methods to settle the disputes.

		(1)	Submit arbitration to the arbitration commission at plaintiff location.

		(2)	File lawsuit to the local people’s court where the agreement is signed.

 

Item 17 Insurance

 

		17.1.	Party B shall be responsible for project related liability insurance, life insurance and property
insurance and assume the insurance fees before its equipment are shipped to Party A’s production or installation site. The
insurance coverage shall be no less than the actual value of the insured properties.

 

		17.2.	Party B shall be responsible for the insurance coverage and insurance fees for the equipment from
the date when it shipped to Party A’s installation site to the date of termination of this agreement. The amount of property
insurance shall be no less than the actual value of the insured properties. The types and amounts for life insurance and liability
insurance shall be handled in accordance with the actual needs, common practices and legal requirements.

 

		17.3.	The beneficiary of insurance stated in this item shall be Party B.

 

		17.4.	Both parties shall negotiate to avoid repeated insurance purchase.

 

Item 18 Intellectual Property Rights

 

18.1 With respect to patent use rights
and technical secret license, both parties agreed: parties shall conduct patent license procedures according to law; For technical
secrets obtained by Party B during performance of this agreement, they belong to Party B; for technical secrets obtained by Party
A during construction and operation processes, they belongs to Party A.

 

    	 

    	 

    

 

 

 

Item 19 Appendixes

 

		19.1.	For the technical documents related to the performance of this agreement, upon the execution by
the parties, constitute an integral part of this agreement:

		19.1.1	Project description, item description: see appendixes;

		19.1.2	List of equipment and materials: provided by Party B;

		19.1.3	Technical solutions and technology agreements of this
project.

 

		19.2.	Energy prices agreement:

		19.2.1	Separate electricity meter for the project shall be set
up and the energy saving service fee shall be calculated according to the meter.

		19.2.2	Price fluctuation: If electricity price of the local grid provide to Party A is changed by local
government, the price of power Party B sells to Party A shall have the same adjustment.

		19.3.	Energy savings measurement and verification plan: the measurement device of the power generation
project shall be invested and installed by Party B. Party B is responsible for the daily management and maintenance and relevant
cost.

 

Item 20 Effectiveness of Agreement and
Miscellaneous

 

		20.1.	After the signature of the agreement, each party shall appoint a contact person to be responsible
for coordinating the project progress. If any party changes the contact person for the project, the party shall notify the other
party in written notice within 5 days. If the party fails to timely notify the other party which impacts the performance of this
agreement or causes any losses, such party shall assume the responsibilities.

		20.2.	When sending notices via email, text, telephone or faxes, if such notice is involving any party's
rights or obligations, such notice shall also be sent via express mail to the other party. The addresses listed in this agreement
are the postal addresses for the parties.

		20.3.	If the content of any appendixes differs from the content of this master agreement, this agreement
prevails.

		20.4.	After the agreement is signed, Party B shall start to collect technology data, design and survey
work within 30 working days, and provide technical solution within 60 working days to be confirmed by party A. The final agreement
shall be subject to technical data confirmed by both parties; the current data are for reference only.

		20.5.	The agreement is made in quadruplicate. Each party holds two copies which have the same legal effect.

		20.6.	As for matters not mentioned herein, both parties shall solve the matters through amicable negotiations
and reach an amendment or appendix.

 

 

Party A: Xuzhou Zhongtai Energy Technology
Co., Ltd. (Seal)

Representative Signature:

 

Party B: Xi’an TCH Energy Technology
Co., Ltd. (Seal)

Representative Signature:

 

Date:

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