Document:

exv10w1

Exhibit 10.1

AMENDMENT TO MASTER SUPPLY AGREEMENT

     This Amendment (“Amendment”) is entered into as of this 26th of March 2010 to be
effective on the date that the Initial Payment as defined below is made to Evergreen (the
“Effective Date”) by and between (i) Evergreen Solar, Inc., having its principal place of
business at 138 Bartlett Street, Marlboro, MA 01752-3016 USA (“Evergreen”), and (ii) Ralos
Vertriebs GmbH, Michelstadt, Germany (“Purchaser”).

     Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Supply Agreement (as defined below).

RECITALS

     WHEREAS, Evergreen and Purchaser entered into that certain Master Supply Agreement dated as of
May 21, 2008, which agreement has been modified by temporary price adjustments agreed to be the
parties from time to time in 2009 (as so modified by any temporary price adjustments, the
“Supply Agreement”);

     WHEREAS, Purchaser requested and Evergreen agrees that the purchase and sale obligations of
the parties pursuant to the Supply Agreement requiring Purchaser to order and purchase certain
quantities of Product, and requiring Evergreen to ship and sell certain quantities of Product,
shall be suspended effective January 1, 2010, pending a good faith discussion of modifications to
the Supply Agreement;

     WHEREAS, prior to the suspension of the purchase and sale obligations under the Supply
Agreement, Purchaser purchased Products pursuant to the Supply Agreement, as referenced in the
invoices listed in Exhibit A, which Purchaser has yet to pay for in accordance with the
terms of the Supply Agreement (all amounts payable for Products under invoices listed in
Exhibit A-1 (net of credits listed) are referred to as the “Product Payments”); and

     WHEREAS, Purchaser and Evergreen agree that the discussions of modifications that will
eventually lead to an early release of Purchaser from its obligation to buy and an early release of
Evergreen from its obligations to supply the quantities of Product as agreed in the Supply
Agreement and that the Supply Agreement will be modified to allow the continuation of the supply
of Product by Evergreen to Purchaser; and

 

 

     WHEREAS, the parties wish to formally agree to the suspension of their respective purchase and
sale obligations and for payment of overdue invoices on the terms and conditions as set forth
herein;

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and
other good and valuable consideration, to be legally bound, Evergreen and Purchaser agree as
follows:

AGREEMENT

     1. Upon the execution of this Amendment, the obligations of the Purchaser and Evergreen set
forth in Sections 3 and 4 of the Supply Agreement, shall be suspended effective January 1, 2010,
and until such time as the parties mutually agree in writing to reinstate those provisions, subject
to any changes they may mutually agree to for the obligations contained in these sections; provided
that the aforementioned suspension of Purchaser’s obligations shall only continue as long as
Purchaser complies with all of the payment obligations under the Supply Agreement as modified by
any payment accommodations granted to Purchaser by Evergreen pursuant to Section 4 and Section 5
below.

     2. The Parties agree that as of March 25, 2010, Purchaser has already reduced the sum of
overdue Product Payments by Euro 325,000.

     3. As further payment in full of the Product Payments, Purchaser agrees to make all of the
following payments on the following dates to Evergreen by wire transfer per the wire instructions
set forth in Exhibit B or to another account as later directed by Evergreen in writing:

     a.
A payment of Euro 1,600,000 on or before March 26, 2010 (the “Initial Payment”);

     b.
Weekly payments of Euro 130,000 (“Weekly Payments”), due on or before Friday
morning each week commencing on April 2, 2010 and continuing until the Product Payments are made in
full; and

     c.
A payment of the “gross cash flow” (as defined below) from each project that is larger
than 500kW and is completed by the Purchaser or a Purchaser subsidiary, but in no case
will it be an amount in excess of the unpaid Product Payments at the time of payment
plus interest on all of the Product Payments (which is being deferred pursuant to
Section 6), with these payments becoming due on the day the final payments are made by
the Purchaser’s client.  For projects completed by a Purchaser subsidiary that is not 100%
owned by Purchaser, the payment of “gross cash flow” shall be proportionally decreased
to the extent that Purchaser is not entitled to receive such amounts from such subsidiary.
“Gross cash flow” is defined as the sales price of a project minus the direct cost of
materials, subcontractors and third party services procured for the project minus any
deposits required for warranty bonds.

     d. A final payment of any then remaining Product Payment amounts and interest thereon
in accordance with Section 5 shall be paid on or before October
31, 2010.

     4. Payments will be deemed to have been made on the date that the Purchaser has irrevocably
ordered the immediate transfer of funds to Evergreen’s account at which time Purchaser shall
provide Evergreen with notice of the transfer ordered and applicable tracking information.

     5. Purchaser agrees to pay any unpaid interest on payments due for Products purchased by
Purchaser under the Supply Agreement at any time (with the payment amounts at any given time being
determined net of any credit memos issued by Evergreen or invoices properly delivered to Evergreen
by Purchaser). Evergreen acknowledges that Purchaser has questioned the calculation of interest by
Evergreen under the Supply Agreement and Evergreen agrees that it will revisit any unpaid interest
invoices it has provided to date and issue corrected

2

 

invoices or credit notes as appropriate to correct any charges that were not properly
calculated in accordance with the Supply Agreement. Any dispute regarding the calculation of
interest or invoices issued by Ralos to Evergreen will be resolved by mutual agreement between the
parties if possible. Purchaser will endeavor to and expects to make a final payment in the
remaining amount of any then outstanding Product Payment amounts on
or before July 23, 2010 as set forth
in the payment schedule provided to Evergreen by Purchaser. If the final payment of the Product
Payments and interest is not made on or before July 23, 2010, interest on any then outstanding Product
Payment amounts shall accrue interest at an annualized rate of 23% compounded monthly, instead
of the existing annualized rate of 18%. In all cases, if the applicable interest per the foregoing
sentence would exceed the maximum interest allowed by law, the actual interest rate charged shall
be the maximum allowed by law.

     6. Interest due on the Product Payments and payments for any other Products purchased by
Purchaser shall accrue as agreed in the Supply Agreement but shall be due and payable on the same
day as the last payment of the Product Payments pursuant to Section 3.b. or Section 3.c., as the
case may be, or upon Purchasers failure to comply with the terms of this Agreement as modified by
this Amendment.

     7. Purchaser may make additional payments at any time.

     8. If
by April 30, 2010 Purchaser has paid to Evergreen (as demonstrated by written confirmation from
the bank wiring such payments) Euro 8,825,000 (inclusive of all payments made pursuant to Sections 2, 3 and
7), Evergreen agrees that Purchaser will have no further payment obligations for the Product
Payments and all interest amounts payable thereon shall be irrevocably waived.

     9. Evergreen shall be granted reasonable access to the books and records of Purchaser (during
normal business hours and after reasonable notice to Purchaser) to ensure that payments are being
made in accordance with the terms of Section 3.c. and to generally assure Evergreen of Purchaser’s
financial status. In addition, Ralos will provide Evergreen with weekly updates regarding the
status of installations, project sales and cash flow and liquidity in a form the parties reasonably
agree.

     10. Pending the suspension of obligations pursuant to Section 1 above, the parties may agree
to the purchase and sale of additional Product under the Supply Agreement, but the price, order and
fulfillment terms of any such purchases shall be determined based on written purchase orders and
order confirmations associated with any such purchases. In the event of any such purchases, the
other terms for such purchases not specified in the purchase orders or order confirmations shall be
based on the terms set forth in the sections of the Supply Agreement other than Sections 3 and 4.

     11. In connection with this Amendment to the Supply Agreement, Purchaser agrees to provide
Evergreen with payment security for Purchaser’s payment obligations in the form of (a) a guarantee
from Purchaser’s parent company, Ralos New Energies AG and (b) assignments of receivables, chattel
mortgages and guarantees in an amount sufficient to secure the payments due from Purchaser to
Evergreen. Evergreen understands that its interests in receivables will be and personal property
may be subordinate to the interests of commercial lending institutions

3

 

presently
negotiating security interests with Purchaser in connection with commercial banking
relationships. Such assignments, chattel mortgages and guarantees shall be provided or made to
Evergreen on commercially standard terms and conditions within no more than two weeks following the
consummation of Purchaser’s new commercial banking arrangements.

     12. Purchaser and Evergreen agree to endeavor to work together in good faith so that up to
9.8 MWp of the Products might be purchased by Purchaser or an affiliate pursuant to the Agreement
for use in the solar power project know as “Project Eralos” to be constructed in Sicily,
Italy
 by Purchaser, an affiliate of the Purchaser or a third party. The additional details
regarding the ordering and delivery of the Products for Project Eralos will be determined in good faith by
the parties. Evergreen acknowledges that Purchaser’s ability to
use the Product for this Project is
contingent on a number of factors, including the financing terms. The parties will endeavor to
determine other projects that may benefit from the combination of Ralos’s expertise and Evergreen’s
industry leading products.

     13. The Supply Agreement, as modified by this Amendment, contains the entire understanding of
the parties with respect to the subject matter thereof and hereof and supersedes all prior
agreements relating thereto, written or oral, between the parties. Except as and to the extent
expressly modified by this Amendment, the rights and obligations of Evergreen and Purchaser set
forth in the Supply Agreement and the schedules thereto shall remain in full force and effect in
all respects. In the event of a conflict or inconsistency between this Amendment and Supply
Agreement and the schedules thereto and exhibits hereo, the provisions of this Amendment shall
govern. In the event that Purchaser fails to comply with the payment terms of the Supply Agreement
as modified by this Amendment, the payment terms of the Supply Agreement shall revert to the
payments terms as in effect prior to the execution of this Amendment.

     14. Evergreen agrees that as long as Purchaser continues to make payments in accordance with
this Amendment and as long as Purchaser meets its payment obligations for any other sales of
Product agreed to after the date of this Amendment, Evergreen will refrain from asserting any
claims for breaches or defaults by Purchaser which occurred prior to the date hereof under the
Agreement. Purchaser agrees and acknowledges that it presently has no claims against Evergreen for
any breach or default under the Agreement.

     15. This Amendment may be executed in several counterparts, each of which shall constitute an
original and all of which, when taken together, shall constitute one agreement.

[signatures next page]

4

 

     IN WITNESS WHEREOF, the undersigned duly authorized representatives of Evergreen and Purchaser
have executed this Amendment as of the date first referenced above.

	 	 	 	 	 	 	 	 	 	 	 

	EVERGREEN SOLAR, INC.	 	 	 	RALOS NEW ENERGIES AG	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Scott J. Gish
	 	 	 	By:
	 	/s/ Heinrich Dauscher	 	 
	 

	 	 

Print Name: Scott J. Gish
	 	 	 	 	 	 

Print Name: Heinrich Dauscher
	 	 
	 

	 	Title: Vice President
	 	 	 	 	 	Title: CTO	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ A. Klein	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Print Name: A. Klein	 	 
	 

	 	 	 	 	 	 	 	Title: CEO	 	 

5

 

EXHIBIT A

Invoice List

	 	 	 	 	 	 	 	 

	Doc Nbr
	 	Posting Date
	 	Due Date
	 	EuroAmt in Doc	 
	14002582
	 	11/3/2009	 	11/3/2009	 	2,571.89	 
	14002653
	 	11/30/2009	 	11/30/2009	 	3,820.95	 
	90004742
	 	8/31/2008	 	10/30/2008	 	(150.00	)
	90006094
	 	6/24/2009	 	8/23/2009	 	(436.97	)
	90006192
	 	7/7/2009	 	9/5/2009	 	(1,530.90	)
	90006471
	 	9/1/2009	 	10/31/2009	 	(614.93	)
	90006506
	 	9/3/2009	 	11/2/2009	 	(418.20	)
	90006687
	 	9/14/2009	 	11/13/2009	 	(485.85	)
	90006825
	 	10/12/2009	 	12/11/2009	 	(528.90	)
	90006852
	 	10/20/2009	 	12/19/2009	 	(518.65	)
	90006860
	 	10/20/2009	 	12/19/2009	 	140,998.20	 
	90006861
	 	10/20/2009	 	12/19/2009	 	138,768.00	 
	90006862
	 	10/20/2009	 	12/19/2009	 	139,263.60	 
	90006863
	 	10/20/2009	 	12/19/2009	 	129,617.60	 
	90006874
	 	10/21/2009	 	12/20/2009	 	140,007.00	 
	90006875
	 	10/21/2009	 	12/20/2009	 	129,617.60	 
	90006876
	 	10/21/2009	 	12/20/2009	 	140,502.60	 
	90006890
	 	10/22/2009	 	12/21/2009	 	130,530.40	 
	90006919
	 	10/28/2009	 	12/27/2009	 	130,074.00	 
	90006936
	 	10/30/2009	 	12/29/2009	 	139,759.20	 
	90006937
	 	10/30/2009	 	12/29/2009	 	139,759.20	 
	90006983
	 	11/5/2009	 	1/4/2010	 	140,502.60	 
	90006985
	 	11/5/2009	 	1/4/2010	 	139,759.20	 
	90006986
	 	11/5/2009	 	1/4/2010	 	142,237.20	 
	90006987
	 	11/5/2009	 	1/4/2010	 	129,617.60	 
	90006989
	 	11/5/2009	 	1/4/2010	 	130,302.20	 
	90006996
	 	11/6/2009	 	1/5/2010	 	142,237.20	 
	90006997
	 	11/6/2009	 	1/5/2010	 	142,237.20	 
	90007005
	 	11/9/2009	 	1/8/2010	 	144,219.60	 
	90007006
	 	11/9/2009	 	1/8/2010	 	130,302.20	 
	90007017
	 	11/9/2009	 	1/8/2010	 	145,706.40	 
	90007018
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007019
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007020
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007021
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007022
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007023
	 	11/10/2009	 	1/9/2010	 	142,237.20	 
	90007024
	 	11/10/2009	 	1/9/2010	 	129,161.20	 
	90007034
	 	11/11/2009	 	1/10/2010	 	139,511.40	 
	90007035
	 	11/11/2009	 	1/10/2010	 	138,768.00	 
	90007036
	 	11/11/2009	 	1/10/2010	 	138,768.00	 
	90007037
	 	11/11/2009	 	1/10/2010	 	138,768.00	 
	90007041
	 	11/12/2009	 	1/11/2010	 	138,768.00	 
	90007042
	 	11/12/2009	 	1/11/2010	 	138,768.00	 
	90007043
	 	11/12/2009	 	1/11/2010	 	142,237.20	 
	90007044
	 	11/12/2009	 	1/11/2010	 	142,237.20	 
	90007052
	 	11/13/2009	 	1/12/2010	 	129,845.80	 
	90007053
	 	11/13/2009	 	1/12/2010	 	140,502.60	 
	90007054
	 	11/13/2009	 	1/12/2010	 	138,768.00	 
	90007055
	 	11/13/2009	 	1/12/2010	 	142,237.20	 
	90007056
	 	11/13/2009	 	1/12/2010	 	141,493.80	 
	90007057
	 	11/13/2009	 	1/12/2010	 	130,074.00	 
	90007181
	 	12/9/2009	 	2/7/2010	 	(446.90	)
	90007200
	 	12/11/2009	 	2/9/2010	 	(436.00	)
	90007217
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007218
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007219
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007220
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007221
	 	12/14/2009	 	2/12/2010	 	128,576.00	 
	90007222
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007223
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007224
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007225
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007226
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007227
	 	12/14/2009	 	2/12/2010	 	129,024.00	 
	90007245
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007246
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007247
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007248
	 	12/16/2009	 	2/14/2010	 	128,800.00	 
	90007249
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007250
	 	12/16/2009	 	2/14/2010	 	127,456.00	 
	90007251
	 	12/16/2009	 	2/14/2010	 	127,456.00	 
	90007252
	 	12/16/2009	 	2/14/2010	 	127,456.00	 
	90007253
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007254
	 	12/16/2009	 	2/14/2010	 	128,576.00	 
	90007255
	 	12/16/2009	 	2/14/2010	 	129,248.00	 
	90007258
	 	12/17/2009	 	2/15/2010	 	129,248.00	 
	90007259
	 	12/17/2009	 	2/15/2010	 	129,248.00	 
	90007260
	 	12/17/2009	 	2/15/2010	 	129,248.00	 
	90007261
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007262
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007263
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007264
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007265
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007266
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007267
	 	12/17/2009	 	2/15/2010	 	129,024.00	 
	90007273
	 	12/18/2009	 	2/16/2010	 	129,472.00	 
	90007274
	 	12/18/2009	 	2/16/2010	 	128,576.00	 
	90007411
	 	1/12/2010	 	3/13/2010	 	(5,811.75	)
	90007595
	 	2/1/2010	 	4/2/2010	 	(1,320.00	)
	90007539
	 	2/5/2010	 	4/6/2010	 	(160.00	)
	90007689
	 	3/2/2010	 	5/1/2010	 	(354.00	)
	90007697
	 	3/8/2010	 	5/7/2010	 	(354.00	)
	1077240
	 	11/9/2009	 	11/9/2009	 	(1,254.42	)
	Total
	 	 	 	 	 	10,180,569.77	 

 

 

EXHIBIT B

Wire Instructions

Anglo Irish Bank Ltd

Account # 60319600

BIC/Swift code ANGOIE2D

IBAN # IE92 ANGO 9902 2060 3196 00

For Evergreen Solar, Inc.exv10w6

Exhibit 10.6

EVERGREEN SOLAR, INC.

Amendment effective on or about January 1, 2010

to Master Supply Agreement with

IBC Solar AG, dated July 14, 2008

The following prices shall be effective January 1, 2010 and update prices for the specified
products on a temporary basis for the first quarter of 2010:

	 	•	 	A grade IBC-POLYSOL-205VG/200VG/195VG Product: €1.64 / Wp

			
	 	 	 
	Evergreen Solar, Inc.
	 	IBC Solar AG

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