Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) dated this 29th day of August 2022, by and between Kenneth Li (“LI” or
“Employee”) and Power Solutions International, Inc. (“Company”) (the “Effective Date”). 
 PREAMBLE

 WHEREAS, The Company wishes to employ Employee as its Chief Financial Officer (CFO) for its own operations and for the operations
of its subsidiaries and related controlled entities; 
 WHEREAS, Employee desires to be employed by the Company as its CFO and to perform
services on behalf of the Company; 
 WHEREAS, Employee and the Company desire to enter into this Agreement; and 

WHEREAS, the Employee and the Company desire to enter into this Agreement to, among other things, set forth (i) the terms and conditions
of Employee’s employment with the Company; and (ii) the obligation of Employee to comply with certain other covenants under certain circumstances as provided below. 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, which the parties agree constitute good and sufficient
consideration, the Company and Employee agree as follows: 
 AGREEMENT 

1. Incorporation of Preamble. The preambles to this Agreement are hereby incorporated into this Agreement and made an integral part of
this Agreement by this reference. 
 2. Employment. The Company shall employ Employee, and Employee hereby accepts such employment,
upon the terms and conditions set forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 5 (the “Employment Period”). Employee’s employment is “at-will” and may be terminated by either party at any time, subject to the provisions of Section 5. 

3. Position and Duties. 

(a) Employee shall serve as the Company’s CFO, with overall responsibility for the day-to-day operations of the financial and accounting department, internal controls and such other duties as are normally commensurate with CFO’s position. Employee shall report to the Company’s
Chief Executive Officer (“CEO”). 

  
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 (b) Employee shall perform CFO’s duties in a conscientious, reasonable
and competent manner and shall strive to promote the success and best interests of Company. If the material duties of Employee’s position change, the Company agrees to negotiate in good faith with Employee concerning possible changes to the
compensation, benefits and other terms and conditions of employment described in this Agreement. 
 (c) During the Employment
Period, Employee shall devote Employee’s full business time, attention, skill and energy to the business and affairs of the Company and the Company Affiliates and shall use Employee’s best efforts to faithfully perform Employee’s
responsibilities in a diligent, trustworthy, efficient and businesslike manner to advance the best interests of the Company. 
 4.
Compensation and Benefits. 
 (a) Base Salary. Employee’s base salary as of the Effective Date shall be
$360,000.00 per annum or such other increased rate as the Company may determine from time to time (as adjusted from time to time, the “Base Salary”) provided that no decreases in Base Salary may be made without the written consent of
Employee unless the decrease affects all similarly situated senior management team members in the same relative proportion. Base Salary will be payable by the Company in regular bi-weekly installments in
accordance with the Company’s general payroll practices. 
 (b) KPI Bonus. For each of the Company’s fiscal
years during the Employment Period, Employee shall be eligible to participate in any Company Key Performance Indicator (“KPI”) plan in accordance with the terms and conditions of such plan, if any, with a target KPI bonus equal to 50% of
his Base Salary or as determined by the Company Board of Directors. Employee will be eligible to participate in the 2022 KPI plan for the remainder of 2022 on a prorate basis from the Effective Date. 

(c) LTI Bonus. For each of the Company’s fiscal years during the Employment Period, Employee shall be eligible to
participate in any Long-Term Incentive (LTI) plan in accordance with the terms and conditions of such plan, if any, with a target LTI bonus equal to 60% of his Base Salary or as generally determined by the Company for the overall LTI plan. Employee
shall be eligible to participate in the stay portion of the LTI plan for 2022 on a pro rata basis from the Effective Date. 

(d) Equity. Subject to the approval of the Compensation Committee of the Board of Directors, Employee shall be eligible
to receive an award of 30,000 Stock Appreciation Rights (SARs Award) with a strike price determined at the close of business on the day of the Compensation Committee approval (“Grant Date”). The SARs Award shall be vested in four equal
installments on the anniversaries of the Grant Date, provided that Employee continues employment with the Company through the vesting date. The terms and conditions of the SARs Award will be detailed in a separately entered stock award agreements.
The SARs Award shall be subject to the terms and conditions of the Company 2012 Incentive Compensation Plan, as amended. 

  
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 (e) Sign-on Bonus. The
Company will pay Employee a one-time sign-on bonus (the “Sign-on Bonus”) of $20,000 to be paid within 30 days following
the Effective Date. The sign-on bonus shall be refunded by Employee to Company immediately on demand, should Employee voluntarily leave the Company within one (1) year of the Effective Date. 

(f) Business Expenses. During the Employment Period, the Company will reimburse Employee for all reasonable expenses
incurred by him in the course of performing his duties and responsibilities under this Agreement to the extent consistent with the Company policies in effect from time to time with respect to travel, entertainment and other business expenses for the
Company., subject to the Company reasonable requirements, including submission of an expense report on a monthly basis, with respect to reporting and documentation of such expenses. 

(g) Benefits. During the Employment Period, Employee shall be entitled to participate in all Company employee benefit
programs for which employees of the Company are generally eligible. 
 (h) Vacation. Employee shall be eligible to
take vacation as approved by the CEO. 
 (i) Payroll Withholding. All amounts payable to Employee by the Company as
compensation will be subject to withholding by the Company as required under applicable law. 
 5. Term; Termination; Severance. The
Employment Period will commence on the Effective Date and will continue until the first to occur of (i) Employee’s death, (ii) a termination due to Employee’s Disabled or Incapacitated; (ii) a termination by the Company at
any time; (iii) or a termination by Employee at any time. Any termination of Employee’s employment with the Company shall be a “Termination.” The date of any termination of Employee’s employment with the Company shall be the
“Termination Date.” 
 (a) The Company may terminate Employee’s employment at any time with Cause (as defined
in Section 9(b) of this Agreement) or without cause, by giving written notice of such termination to Employee designating an immediate or future date, as outlined below. 

(b) Employee may terminate Employee’s employment by giving the Company thirty (30) days’ prior written Notice of
Termination (as defined in Section 5(c) of this Agreement). Upon such notice, the Company may, at its option, (i) make Employee’s termination effective immediately, (ii) require Employee to continue to
perform Employee’s duties hereunder during such thirty (30) day period, with or without restrictions on Employee’s activities, and/or (iii) accept Employee’s notice 

  
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of termination as Employee’s resignation from the Company at any time during such thirty (30) day period; provided, that the Company shall pay Employee’s Base Salary under
Section 4(a) and benefits under Section 4(g) through the date on which Employee ceases to perform services for the Company and pay to Employee any KPI bonus or LTI award related to the fiscal year
prior to the fiscal year in which the Termination Date falls once the amount of such KPI bonus or LTI award has been determined after the Termination Date. 

(c) Any termination by the Company for Cause or without Cause, or by Employee, shall be communicated by Notice of Termination
to the other party hereto given in accordance with this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon,
(ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated, if for Cause, and (iii) if the Termination Date is other than the
date of receipt of such notice, specifies the termination date. 
 (d) Employee’s employment will terminate immediately
without any notice upon Employee’s death. 
 (e) If Employee is determined to be Disabled or Incapacitated during the
Employment Period, the Company may give Employee written notice of its intention to terminate Employee’s employment. In such event, Employee’s employment with the Company shall terminate effective on the 30th day after receipt of such
notice by Employee (the “Disability Effective Date”) unless within the 30-day period after such receipt, Employee shall have returned to full time performance of Employee’s duties. Whether
Employee is Disabled or Incapacitated shall be determined by a physician selected by the CEO of the Company or the Company’s insurers, which physician is reasonably acceptable to Employee. Upon request, Employee shall provide the CEO with
documentation from Employee’s health care provider sufficient for the CEO to determine the nature and extent of any physical or mental impairment that may interfere with Employee’s performance of Employee’s job duties, as well as any
accommodations that could be made. 
 (f) If Employee’s employment is terminated as a result of Employee’s death or
a determination that Employee is Disabled or Incapacitated, then prior to the 30th day following the Termination Date, the Company shall pay to Employee (or his legal representatives) in a lump sum, to the extent not previously paid, the Base Salary
through the Termination Date, less applicable withholdings. 
 (g) If the Company terminates Employee’s employment
without Cause, then the Company will provide Employee with the following severance payments and/or benefits: 

  
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 (i) Prior to the 30th day following the Termination Date, the Company shall
pay to Employee, in the regular bi-weekly installments the Base Salary through the Termination Date, and any KPI bonus or LTI award related to the fiscal year prior to the fiscal year in which the Termination
Date falls once the amount of such KPI bonus or LTI award has been determined if not yet paid to Employee as of the Termination Date. For any KPI bonus or LTI award related to the fiscal year in which the Termination Date falls, once the amount of
such KPI bonus or LTI award has been determined, if any, the Company may pay a pro rata portion of the award based on time performed in the related fiscal year in accordance with the relevant plan provisions. 

(ii) Starting as of the next applicable Company payroll date after the Termination Date (provided Employee has executed and
delivered a Release Agreement pursuant to Section 5(h) below, and such Release Agreement has become effective and irrevocable), the Company will pay Employee severance as follows: 

 

	 	A.	 If the Employment Period is less than 48 months from the Effective Date, the Company will pay Employee 6 months
of severance pay at Employee’s Base Salary in 13 bi-weekly installments as part of the Company’s normal payroll, less applicable withholdings following the date on which the conditions in
Section 5 (g) are met. 

  

	 	B.	 If the Employment Period is 48 months or greater from the Effective Date, the Company will pay Employee 12
months of severance pay at Employee’s Base Salary in 26 bi-weekly installments as part of the Company’s normal payroll, less applicable withholdings following the date on which the conditions in
Section 5(g) are met. 

 (h) If Employee’s employment with the Company is separated for cause,
then following the Termination Date, the Company shall pay to Employee, less applicable withholdings, to the extent not previously paid, (a) the Base Salary through the Termination Date, at the time required by applicable law, and
(b) Employee shall automatically forfeit: 
  

	 	1.	 Any bonus to which Employee might otherwise have been entitled pursuant to the Company’s KPI or LTI Plan
(i) related to the fiscal year prior to the fiscal year in which the Termination Date falls if the amount of such KPI or LTI Bonus has been determined by the Board but not yet paid; and (ii) for the fiscal year in which the Termination
takes place; and 

  
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	 	2.	 Any Restricted Stock Units, unexercised options and SARs (whether vested or unvested) awarded pursuant to the
Company’s 2012 Incentive Compensation Plan. 

 (i) The obligations of the Company to make payments
under Section 5(g) are conditioned on Employee executing and returning to the Company a general release agreement (“Release Agreement”) releasing the Company, the Company Affiliates, and each of their respective
officers, directors, members, managers, partners and shareholders with respect to Employee’s employment in the form acceptable to Company, and such Release Agreement becoming effective and irrevocable no later than fifty-five (55) days
following Employee’s Termination Date. To the extent such fifty-five (55) day period may cover two taxable years, payments will be made in the later of the two such years. Employee acknowledges that until a Release Agreement is timely
executed and delivered to the Company and the applicable revocation period (if any) expires, the Company will not be obligated to pay any severance due to Employee under this Agreement. If Employee has breached in any material respect any of
Employee’s obligations in Section 6 below, then, without precluding its right to take any other actions available pursuant to this Agreement or applicable law, the Board may elect to immediately terminate
Employee’s right to receive, and Company’s obligation to pay, any additional severance, and Employee shall have no further rights to severance. 

6. Employee Covenants. Employee agrees and acknowledges that to ensure that the Company retains its value and goodwill, he has a
continuing obligation to not use any Confidential Information (as defined below), special knowledge of the business, or the relationships of the Company or the Company Affiliates with their respective customers and employees, all of which Employee
will continue to gain access to through Employee’s employment with the Company, other than in the furtherance of Employee’s legitimate job duties. Accordingly, Employee agrees to the following restrictive covenants. 

(a) Confidential Information. Employee acknowledges that by reason of his employment by the Company, or while being associated
with the Company Affiliates, Employee has had and will continue to have access to and become informed of Confidential Information (defined below) that is a competitive asset of the Company or the Company Affiliates, and agrees that the Company and
the Company Affiliates have a protectable interest in such Confidential Information. Therefore, Employee agrees that during the Employment Period and after his termination for any reason he shall not, directly or indirectly, disclose to any
unauthorized person or use for his own purposes any such Confidential Information without the prior written consent of the Company unless and to the extent that such Confidential Information (i) becomes or is generally known to the public and
available for use by the public and industry other than as a result of Employee’s unauthorized acts or omissions in breach of this Agreement, or (ii) is required to be disclosed by judicial process, law or securities exchange on which the
securities of the Company or any of the Company Affiliates are listed; provided, 

  
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however, that Employee, to the extent not prohibited by such process, law or exchange, shall give the Company written notice of the Confidential Information to be so disclosed pursuant to clause
(ii) of this sentence as far in advance of its disclosure as is reasonably practicable, shall cooperate with the Company in any efforts to protect the Confidential Information from disclosure (including efforts to secure a judicial order to
such effect), and shall limit his disclosure of such Confidential Information to the minimum disclosure required by such process, law or exchange. Employee acknowledges that all documents and other property including or reflecting Confidential
Information furnished to Employee by the Company or any Company Affiliate or otherwise acquired or developed by the Company or any Company Affiliate or acquired, developed or known by Employee by reason of the performance of his duties for, or his
association with, the Company or any Company Affiliate shall at all times be the property of the Company. Employee shall take all reasonable steps to safeguard Confidential Information and protect it against disclosure, misuse, loss or theft.
“Confidential Information” means (x) any and all trade secrets concerning the business and affairs of the Company or any Company Affiliate, any product specifications, data, know-how, formulae,
compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current and planned research and development, current and planned manufacturing and distribution methods and processes, customer lists,
current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), database technologies, systems, structures, architectures processes, improvements,
devices, discoveries, concepts, methods, and information of the Company or any Company Affiliate; (y) any and all information concerning the business and affairs of the Company or any Company Affiliate (which includes financial statements,
financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, contractors, agents, suppliers and potential suppliers, personnel training and techniques and
materials, and purchasing methods and techniques), however documented; and (z) any and all notes, analysis, compilations, studies, summaries and other material prepared by or for the Company or Company Affiliate containing or based, in whole or
in part, upon any information included in the foregoing. 
 (b) Non-Compete. Employee
agrees that Employee has had and will continue to have access to Confidential Information concerning the Company and the Company Affiliates and that Employee’s services are of special, unique and extraordinary value to the Company and the
Company Affiliates. Therefore, Employee agrees that during his employment with the Company and until 12 months after the Termination Date (regardless of the reason for termination), Employee shall not, other than in the legitimate exercise of his
duties for the Company during his employment with the Company, directly or indirectly own, manage, operate, control, be employed or engaged by, lend to, or otherwise serve as a director, officer, stockholder, partner, member, manager, agent,
consultant or contractor of or to, any entity that engages in, or 

  
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otherwise engage or participate in, whether or not for compensation, the Business (as defined in Section 9(a) of this Agreement), or in any other business in which the
Company or any Company Affiliate engages as of the date on which Employee’s employment with the Company ends and in which Employee has been actively involved (“Competitive Activity”). The provisions in this
Section 6(b) shall operate in the market areas of the United States and any other market areas of any other countries anywhere in the world in which the Company or any Company Affiliate conducts its business as of
Employee’s separation from the Company. The foregoing shall not restrict the Employee from directly or indirectly owning stock of the Company or up to an aggregate of one percent of the outstanding stock of any publicly held company engaged in
Competitive Activity. 
 (c) Non-Solicitation. Employee agrees that during his
employment with the Company and until the first anniversary of the Termination Date (regardless of the reason for termination), he shall not, directly or indirectly, whether individually, as a director, stockholder, partner, member, manager, owner,
officer, employee, agent, consultant or contractor of or to any business or entity, or in any other capacity: (i) induce or attempt to induce any employee of the Company or any Company Affiliate to leave his or her employ or in any way
interfere with the relationship between the Company or any Company Affiliate and any employee thereof; (ii) solicit to hire or hire any person who was an employee of the Company or any Company Affiliate at any time during the one-year period prior to the date of such solicitation; or (iii) solicit any customer, developer, client, supplier, vendor, licensee, licensor, franchisee or other business relation of the Company or any
Company Affiliate for sale thereto of any products or services related to any Competitive Activity, induce or attempt to induce any such customer, developer, client, supplier, vendor, licensee, licensor, franchisee or other business relation of the
Company or any Company Affiliate to cease doing business with the Company or any Company Affiliate, or in any way interfere with the relationship between any such customer, developer, client, supplier, vendor, licensee, licensor, franchisee or
business relation of the Company or any Company Affiliate. 
 (d) Ownership of Inventions. Employee hereby agrees that any and all inventions
(whether or not an application for protection has been filed under patent laws), works of authorship, information fixed in any tangible medium of expression (whether or not protected under copyright laws), Moral Rights, mask works, trademarks, trade
names, trade dress, trade secrets, publicity rights, know-how, ideas (whether or not protected under trade secret laws), and all other subject matter protected under patent, copyright, Moral Right (defined as
any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar right, existing under the law of any country, or under any treaty), mask work, trademark, trade secret, or other laws,
that have been, are or will be developed, generated or produced by Employee, solely or jointly with others, at any time while employed by the Company, including during the Employment Period, are and shall be the exclusive property of the Company,
subject to the obligations of this Section 6 with 

  
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respect to Confidential Information, and Employee hereby forever waives and agrees never to assert against the Company, its successors or licensees any and all ownership, interest, Moral Rights
or similar rights with respect thereto. Employee hereby assigns to the Company all right, title and interest to the foregoing inventions, concepts, ideas and materials. This Section 6(d) does not apply to any invention or
other work of Employee for which no equipment, supplies, facility or Confidential Information of the Company was used and that was developed entirely on Employee’s own time, unless the invention (A) relates to (x) the Business or
(y) the Company’s actual or demonstrably anticipated research or development, or (B) results from any work performed by Employee for or on behalf of the Company. Employee shall keep and maintain adequate and current written records of
all inventions, concepts, ideas and materials made by Employee (jointly or with others) during the term of Employee’s association or employment with the Company. Such records shall remain the property of the Company at all times. Employee shall
promptly and fully disclose to the Company the nature and particulars of any Inventions or research project undertaken on the Company’s behalf. 

7. Enforcement and Remedies. 

(a) If, at the time of enforcement of any of Sections 6(a),(b), (c) or (d), a court of competent jurisdiction
shall hold that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the court shall be allowed to substitute the maximum legally-permissible restrictions for the restrictions contained in
this Agreement. 
 (b) Employee acknowledges that the provisions of Section 6 are in consideration
of good and valuable consideration, including the sign-on bonus, the receipt and sufficiency of which are hereby acknowledged. Employee expressly agrees and acknowledges that the restrictions contained in
Section 6 do not preclude Employee from earning a livelihood, nor do they unreasonably impose limitations on Employee’s ability to earn a living. In addition, Employee agrees and acknowledges that the Company and the
Company Affiliates are engaged in the Business, the Business is highly competitive and the services to be performed by Employee for the Company are unique and national in nature, and the potential harm to the Company and the Company Affiliates of
the non-enforcement of the provisions of this Section 7 outweighs any harm to Employee of the enforcement of such provisions by injunction or otherwise. Employee acknowledges that
Employee has carefully read this Agreement and has given careful consideration to the restraints imposed upon Employee by this Agreement, and is in full accord as to their necessity. Employee expressly acknowledges and agrees that the restrictions
contained herein are reasonable in terms of duration, scope and area restrictions and are necessary to protect the Confidential Information and the goodwill of the businesses of the Company and the Company Affiliates, and Employee agrees not to
challenge the validity or enforceability of the restrictions contained herein. The parties hereto expressly agree that money damages would not be an adequate remedy for breaching any provision of Section 6, and that the
Company would be irreparably 

  
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damaged if Employee were to disclose the Confidential Information, solicit or hire Employees, solicit customers or provide services to any person or entity in violation of the provisions of this
Agreement. Therefore, in the event of a breach or threatened breach of any such provision, the Company and/or any Company Affiliate or their respective successors or assigns shall be entitled to, in addition to other rights and remedies existing in
their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof (without the necessity of posting a bond or other security,
or proving economic harm). 
 8. Post Termination Obligations. 

(a) Return of Company Materials. Immediately upon Termination of Employee’s employment for any reason, Employee shall
return to the Company, and shall not retain in any form or media of expression, all Company and Company Affiliate property that is then in Employee’s possession, custody or control, including, without limitation, all keys, access cards, credit
cards, computer hardware and software, documents, records, policies, marketing information, design information, specifications and plans, data base information and lists, and any other property or information that Employee has or had relating to the
Company or any Company Affiliate (whether those materials are in paper or computer-stored form), and including but not limited to any documents containing, summarizing, or describing any Confidential Information. Upon the Company’s request,
Employee will certify in writing, in a form acceptable to the Company, that Employee has returned all Company and Company Affiliate property, including any Confidential Information and copies thereof. 

(b) Employee Assistance. During the Employment Period and for twelve (12) months thereafter, Employee shall, upon
reasonable notice, reasonably assist the Company and the Company Affiliates (the “Affiliated Group”) in the defense of any claims, or potential claims that may be made or threatened to be made against any member of the Affiliated Group in
any action, suit or proceeding, whether civil, criminal, administrative, investigative or otherwise (a “Proceeding”), and will reasonably assist the Affiliated Group in the prosecution of any claims that may be made by any member of the
Affiliated Group in any Proceeding, to the extent that such claims may relate to Employee’s employment or the period of Employee’s employment by the Company. The Company shall reimburse Employee for all of the Employee’s reasonable out-of-pocket expenses associated with such assistance, including travel expenses and any attorneys’ fees and shall pay a reasonable per diem fee (at $250 per hour) for
the Employee’s service under this Section. 
 9. Definitions. The following terms shall have the meanings set forth below: 

  
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 (a) “Business” means the engineering, design, manufacture and
distribution of cleantech engines and power systems for the industrial, power generation and on-road sectors. 

(b) “Cause” means that the Company makes a good faith determination that Employee has: (1) violated any Company
policy or procedure that causes material harm or risk to the Company including but not limited to sexual harassment, misappropriation, or fraud; (2) been convicted of a crime which is injurious to the Company’s operation or reputation;
(3) engaged in a material breach of the Employee’s employment agreement; (4) engaged in willful failure or willful inability to perform the Employee’s duties under the Employee’s employment agreement; (5) engaged in any
act or omission, which in any material way impairs the reputation, goodwill or business position of the Company; or (6) the Employee is prohibited by order of a government agency or court from being employed by the Company or any Company
Affiliate in the role set forth in the Employee’s employment agreement. 
 A termination will not be for
“Cause” to the extent such conduct is curable, unless Company shall have notified Employee in writing describing such conduct and prescribing conduct required to cure such conduct and Employee shall have failed to cure such conduct within
ten (10) business days after his receipt of such written notice. For purposes of this definition of Cause, no act or failure to act on the part of Employee shall be considered willful if it is done, or omitted to be done, by Employee in good
faith and with a good faith belief that Employee’s act or omission was in the best interests of Company. 
 (c)
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated and in effect thereunder. 

(d) “Company Affiliate” means Power Solutions International, Inc. (“PSI”) and each corporation, limited
liability company, partnership, association or business entity of which a majority of the ownership interest thereof is at the time owned or controlled, directly or indirectly, by PSI or one or more subsidiaries of PSI or a combination thereof. 

(e) “Disabled or Incapacitated” means Employee’s inability or failure, due to a medically determinable physical
or mental impairment, to substantially perform the essential functions of Employee’s job, with or without a reasonable accommodation, for thirty (30) consecutive calendar days or for ninety (90) calendar days during any twelve
(12) month period irrespective of whether such days are consecutive. 

  
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 (f) “Termination Date” means (i) if Employee’s
employment is terminated by Company for Cause or by Employee, the date of receipt of the Notice of Termination or any later date specified therein pursuant to Section 5, as the case may be, (ii) if Employee’s
employment is terminated by the Company without Cause, the date on which Employee ceases to perform services for the Company, (iii) if Employee’s employment is terminated by reason of Disability, the Disability Effective Date, and
(iv) if Employee’s employment is terminated by reason of death, the date of death. 
 10. Notices. Any notice provided for
in this Agreement must be in writing and sent to the recipients at the address indicated below: 
  

			
	If to Employee:	  	Kenneth Li
		  	At the address on file by Company
		
	If to the Company:	  	Power Solutions International, Inc.
		  	201 Mittel Drive
		  	Wood Dale, IL 60191
		  	Attn: Legal Department
		  	PSILegal@psiengines.com

 or such other address or to the attention of such other person as the recipient party shall have specified by prior
written notice to the sending party. Any notice under this Agreement shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States, return receipt requested, upon actual receipt;
(b) if sent by reputable overnight air courier (such as DHL or Federal Express), two business days after being so sent; or (c) if by electronic mail or otherwise actually personally delivered, when so delivered. 

11. Code Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with or
are exempt from Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with or exempt from Code Section 409A; provided, however, that in no event shall the Company be
liable for any additional tax, interest or penalty that may be imposed on Employee by Code Section 409A. 
 12. Employee
Representations. In connection with entering into this Agreement, Employee represents and warrants to the Company that: 

(a) This Agreement and each of the other agreements contemplated hereby constitutes the legal, valid and binding obligation of
Employee, enforceable in accordance with its terms, and the execution, delivery of this Agreement and such other agreements by Employee does not and shall not conflict with, violate or cause a breach of any agreement, contract or instrument to which
Employee is a party or any judgment, order or decree to which Employee is subject. 

  
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 (b) Employee has consulted with independent legal counsel regarding his
rights and obligations under this Agreement and fully understands the terms and conditions contained herein. Employee has obtained advice from persons other than the Company and its counsel regarding the tax effects of the transaction contemplated
hereby. 
 (c) In signing this Agreement, Employee gives the Company assurance that Employee has carefully read and
considered all of the terms and conditions of this Agreement, including the restraints imposed under Section 6 and the remedies provided under Section 7. 

13. General Provisions. 

(a) Severability. If any provision hereof is invalid or unenforceable, the invalidity or unenforceability shall not affect any
other provision hereof and this Agreement shall be construed in all respects as if the invalid or unenforceable provision had been omitted. 

(b) Complete Agreement. This Agreement fully amends and restates any existing employment agreement between or among the
Employee and the Company or any Company Affiliate. Further, this Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior understandings, representations or other agreements by or among the
parties, written or oral, which may have related to the subject matter hereof in any way. 
 (c) Successors and Assigns. This
Agreement shall bind and inure to the benefit of and be enforceable by Employee, the Company and their respective successors and assigns; provided, that the rights and obligations of Employee under this Agreement shall not be assignable. 

(d) Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Illinois (regardless of its conflict of laws principles). Each party hereto irrevocably submits itself to the exclusive jurisdiction of the courts of the State of Illinois located in Cook County, Illinois and to the jurisdiction of the United
States District Court for the Northern District of Illinois, for the purpose of bringing any action that may be brought in connection with the provisions hereof. Each party hereto individually agrees not to assert any claim that such party is not
subject to the jurisdiction of such courts, that the venue is improper, that the forum is inconvenient or any similar objection, claim or argument. 

  
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 (e) Survival. The provisions set forth in Sections 5 through 13 shall
survive and continue in full force and effect in accordance with their terms notwithstanding any termination or expiration of this Agreement and/or the end of the Employment Period and the termination of Employee’s employment for any reason.

 (f) Amendment and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent
of the Company and Employee. 
 [Signature page to follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement on the
date first written above. 
  

			
	POWER SOLUTIONS INTERNATIONAL, INC.
		
	By:	 	 /s/ Dino Xykis

	Printed Name: Dino Xykis
	Title: CTO, Interim CEO
	
	Kenneth Li
	
	 /s/ Kenneth Li

  
 15Stock Purchase Agreement between United Capital Consultants, Inc. and Clayton Patterson

STOCK PURCHASE AGREEMENT

  

This STOCK PURCHASE AGREEMENT (this “Agreement”) dated as of August 23, 2022 (the “Effective Date”), is made and entered into by and among CLAYTON PATTERSON, an individual and affiliate of the Purchaser (“Seller”) and UNITED CAPITAL CONSULTANTS INC., a Delaware corporation (the “Purchaser”).

  

RECITALS

 

WHEREAS, HD Commerce, Co. Ltd., a company organized under the laws of Thailand (the “HD Commerce”), is engaged mainly engaged in the investment and development of renewable energy projects such as photovoltaic power generation, EPC general contracting and asset management. 

 

WHEREAS, Seller is the record holder of Four Thousand Five Hundred (4,500) shares of the HD Commerce, which equals Nine Percent (9%) of the issued and outstanding stock of HD Commerce. 

 

WHEREAS, upon the terms and subject to the conditions set forth herein, the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, a total of Four Thousand Five Hundred (4,500) shares of HD Commerce (the “HD Commerce Shares”), constituting a Nine Percent (9%) equity stake in HD Commerce, and, in exchange, the Purchaser shall issue to Seller a total amount of Four Thousand Two Hundred (4,200) restricted shares of the common stock of the Purchaser, which have an aggregate cost basis of $21,000 or $5.00 per share (the “UCC Shares”).  

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, the parties hereto agree as follows:

  

ARTICLE I
PURCHASE AND SALE OF SHARES

  

Section 1.1     Purchase and Sales of Shares. Subject to the terms and conditions of this Agreement, at the Closing, Seller shall sell, transfer, assign, convey and deliver to the Purchaser a total of Four Thousand Five Hundred (4,500) shares of HD Commerce (the “HD Commerce Shares”), constituting a Nine Percent (9%) equity stake in HD Commerce, and, in exchange, the Purchaser shall issue to Seller a total amount of Four Thousand Two Hundred (4,200) restricted shares of the common stock of the Purchaser, which have an aggregate cost basis of $21,000 or $5.00 per share (the “UCC Shares”). The HD Commerce Shares and the UCC Shares are sometimes collectively referred herein as the “Shares.”

 

 

ARTICLE II
CLOSING; PAYMENT; DELIVERIES

  

Section 2.1     Closing. The consummation of the transactions contemplated with respect to the sale and purchase of the Shares hereunder shall take place on the date hereof, remotely via the exchange of documents and signatures, or at such other time and place as soon as reasonably practicable hereafter as the parties hereto shall mutually agree upon in writing and in compliance with applicable laws.

  

Section 2.2     Deliveries by the Purchaser.

 

(a)Deliveries by the Purchaser at the Closing. At the Closing, the Purchaser shall deliver (or cause to be delivered) to the Seller: 

  

i.The UCC Shares by delivery of a copy of the resolutions of the board of directors of the Purchaser evidencing the issuance and allotment of the UCC Shares contemplated to be issued and allotted to the Seller under Section 1.1, certified by a director of the Purchaser. 

 

ii.A copy of the resolutions of the Board of Directors (or equivalent governing body) of the Purchaser authorizing the execution, delivery and performance of this Agreement as well as the transactions contemplated hereunder and a certificate of an officer of the Purchaser dated the date hereof to the effect that such resolutions were duly adopted and are in full force and effect. 

 

iii.Evidence of book entry or formal stock certificate representing the UCC Shares duly endorsed or accompanied by other duly executed instrument in writing shall be provided within ten (10) business days after the Closing date. 

  

Section 2.3     Deliveries by the Seller. 

 

(a)Deliveries by the Seller at the Closing. At the Closing, the Seller shall deliver (or cause to be delivered) to the Purchaser: 

  

i.Stock certificates representing the HD Commerce Shares being purchased at the Closing, duly endorsed or accompanied by other duly executed instruments of transfer. 

 

ii.A copy of HD Commerce’s Shareholder’s List (BOJ.5) indicating the transfer of the HD Commerce Shares by the Seller to the Purchaser, filed and recorded with the Department of Business Development. 

  

Section 2.4     Further Action. Each of the parties hereto shall use all commercially reasonable efforts to take, or cause to be taken, all appropriate action, and do or cause to be done all things necessary, proper or advisable under applicable law, and to execute and deliver such 

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documents and other papers, as may be required to carry out the provisions of this Agreement and consummate and make effective the transactions contemplated hereby.

  

Section 2.5     Capital Gains Tax. The Seller acknowledges and agrees that any capital gains tax in connection with the sale of the HD Commerce Shares contemplated hereunder shall be borne by the Seller alone, and the Seller shall fully indemnify the Purchaser if Purchaser is required to pay or withhold any portion of such capital gains tax by any Tax authority due to this transaction.

  

ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE SELLER

  

The Seller represents and warrants to the Purchaser as follows as of the date hereof and as of the date of the Closing:

  

Section 3.1     Organization.

  

(a)     HD Commerce is a limited company duly organized, validly existing, and in good standing under the laws of Thailand, has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as it is now being conducted, and is qualified or licensed to do business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so organized, existing and in good standing or to have such power and authority, or to be so qualified or licensed is not reasonably likely to have a Material Adverse Effect on HD Commerce. For purpose of this Article III, the term “Material Adverse Effect” means (i) a material adverse effect on the legality, validity or enforceability of this Agreement and any other documents or instruments as contemplated hereunder to be executed by the parties hereto (the “Transaction Documents”), (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the, as applicable, or (iii) a material adverse effect on the ability of HD Commerce, as applicable, to perform in any material respect on a timely basis its respective obligations under any Transaction Document.

  

Section 3.2     Authorization; Validity of Agreement.

  

(a)     The Seller has the requisite power and authority to execute and deliver this Agreement and the Transaction Documents, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by the Seller of this Agreement and the Transaction Documents, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by the board of directors or equivalent governing body of HD Commerce (if required under applicable law) and no other corporate proceedings on the part HD Commerce are necessary or desirable to authorize the execution and delivery of this Agreement by the Seller and the consummation of the transactions contemplated hereby. This Agreement and Transaction Documents have been duly executed and delivered by the Seller and, assuming due authorization, execution and delivery of this Agreement and the other Transaction Documents by the Purchaser, are legal, valid, binding and enforceable obligations of the Seller, 

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enforceable against the Seller in accordance with their terms, except to the extent such enforcement may be subject to or limited by (i) bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (ii) the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).

  

Section 3.3     No Violations or Actions; Consents and Approvals.

  

(a)     Neither the execution and delivery of this Agreement and the other Transaction Documents by the Seller nor the consummation by the Seller of the transactions contemplated hereby will (i) violate any provision of the organizational documents of HD Commerce, (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any loan or credit agreement, note, bond, mortgage, indenture, guarantee, other evidence of indebtedness, lease, license, contract, agreement or other instrument or obligation to which the Seller is a party or by which any of their respective assets may be bound or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Seller or any of its respective properties or assets; except in the case of clauses (ii) and (iii) for violations, breaches or defaults which would not reasonably be likely to have a Material Adverse Effect on the Seller, taken individually.

  

(b)     No filing or registration with, notification to, or authorization, consent or approval of, any foreign, federal, state, local, municipal, county or other governmental, administrative or regulatory authority, body, agency, court, tribunal, commission or similar entity (including any branch, department or official thereof) (a “Governmental Entity”) is required in connection with the execution and delivery of this Agreement and the other Transaction Documents by the Seller or the consummation by the Seller of the transactions contemplated hereby and thereby, except for such consents, approvals, orders, authorizations, notifications, registrations, declarations and filings the failure of which to be obtained or made which would not reasonably be likely to have a Material Adverse Effect on the Seller.

  

(c)     There is no action, suit, inquiry, notice of violation, arbitration, proceeding or investigation pending or, to the knowledge of the Seller, threatened against or affecting the Seller before any Governmental Entity, arbitral forum or any other competent forum (collectively, “Action”), or any outstanding judgment binding on the Seller which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the other Transaction Documents or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect on the Seller.

  

Section 3.4     Ownership and Possession of HD Commerce Shares. The HD Commerce Shares and the certificates representing the HD Commerce Shares are now, and at all times prior to their transfer to the Purchaser pursuant to Closing, were, owned by the Seller, or by a nominee or custodian for the sole and exclusive benefit of the Seller, free and clear of all Encumbrances whatsoever. Other than this Agreement and the Transaction Documents, there are no agreements or commitments obligating the Seller to sell any HD Commerce Shares, or to issue or sell any securities convertible into the shares of HD Commerce. 

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Section 3.5     Good Title Conveyed. The stock certificates, stock powers, endorsements, assignments and other instruments being executed and delivered by the Seller to the Purchaser at or after Closing are and will be legal, valid and binding obligations of the Seller, enforceable in accordance with their respective terms, and will effectively vest in the Purchaser good, valid and marketable title to all the HD Commerce Shares to be transferred to the Purchaser pursuant to and as contemplated by this Agreement free and clear of all Encumbrances.

  

Section 3.6     Agreements and Understandings of the Seller Regarding the UCC Shares.

  

(a)The Seller is entitled to full information about the Purchaser and its principals. Written materials describing the Purchaser and the UCC Shares (the "UCC Investment Documents") have been furnished to the Seller prior to execution of this Agreement and the Seller has been given the time required to read such materials, alone or with the undersigned's advisor(s). 

 

(b)The Seller (or the entity for which the Seller is acting, if any) will not offer or sell all or any part of the UCC Shares until and unless the UCC Shares are registered under the U.S. Securities Act of 1933, as amended and under applicable state laws or unless the undersigned has delivered to the Purchaser an opinion of counsel satisfactory to it that such registration is not required. 

 

(c)No Federal or state agency has made any finding or determination as to the fairness for investment, nor recommendation or endorsement, of the UCC Shares. 

 

(d)The Seller is acquiring the UCC Shares for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. It does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of, the UCC Shares in violation of the Securities Act or other applicable laws. 

 

(e)The Seller has reached the age of majority in the state or country in which the undersigned resides. 

 

(f)If the Seller is not an Accredited Investor (described hereinafter) under Regulation D of the General Rules and Regulations of the Securities and Exchange Commission, the Seller, either alone or with an advisor(s), has such knowledge and experience in financial and business matters that the undersigned is capable of evaluating the merits and risks of the prospective investment. 

 

(g)It has been called to the Seller's attention that this investment involves a high degree of risk, and no assurances are or have been made regarding the economic advantages, if any, which may inure to the benefit of investors. The economic benefit from an investment in the UCC Shares depends on the ability of the Purchaser to successfully conduct its business  

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activities. The accomplishment of such goals in turn depends on many factors beyond the control of the Purchaser or its management. Accordingly, the suitability for any particular investor of a purchase of the UCC Shares will depend upon, among other things, such investor's investment objectives and such investor's ability to accept speculative risks, including the risk of a total loss of investment in the UCC Shares. The Seller and the Seller's advisor(s), if any, have carefully reviewed and understand the risk of, and other considerations relating to, a purchase of the UCC Shares.

 

(h)The Seller is able to bear the economic risks of this investment, is able to hold the UCC Shares for an indefinite period of time, and has sufficient net worth to sustain a loss of the entire investment in the Purchaser in the event such loss should occur. 

 

(i)The Purchaser has answered all inquiries that the Seller and the Seller 's advisor(s), if any, have made of it concerning the Purchaser or any other matters relating to the business and proposed operation of the Purchaser and the offer and sale of the UCC Shares. No oral statement, printed material, or inducement which is contrary to the information contained in the UCC Investment Documents has been given or made by or on behalf of the Purchaser to the Seller or the Seller 's advisor(s), if any. 

 

(j)The Seller understands that the certificate evidencing the UCC Shares will bear a legend or other restriction substantially to the following effect: 

  

“THESE SECURITIES CANNOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF BY ANY INVESTOR TO ANY OTHER PERSON OR ENTITY UNLESS SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE LAW OF THE STATE OR JURISDICTION WHERE SOLD, TRANSFERRED OR DISPOSED OF, UNLESS SUCH SALE, TRANSFER OR DISPOSITION SHALL QUALIFY UNDER AN ALLOWED EXEMPTION TO SUCH REGISTRATION.”

  

Section 3.7      Compliance. None of Seller, Purchaser, its affiliates, or any of its directors, officers, agents, employees or other Persons acting for or on behalf of either party has violated the U.S. Foreign Corrupt Practices Act or any other anti-bribery or anti-corruption laws applicable to each party.

  

Section 3.8     Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the parties.

 

Section 3.9     No Other Representations or Warranties. Except for the representations and warranties contained in this Article III, neither the Seller nor any other Person makes any other express or implied representation or warranty on behalf of the Seller or any of its affiliates.

  

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ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

  

Purchaser represents and warrants to the Seller as follows as of the date hereof and as of the date of Closing:

  

Section 4.1       Organization. Purchaser is a company duly organized, validly existing and in good standing under the laws of its state of incorporation, has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted, and is qualified or licensed to do business as a foreign corporation and is in good standing in each jurisdiction in which the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so organized, existing and in good standing or to have such power and authority, or to be so qualified or licensed is not reasonably likely to have a Material Adverse Effect on the Purchaser. The documents provided by the Purchaser to the Seller during the course of the investigation by or on behalf of the Seller into the affairs of the Purchaser is accurate, complete and current. For purpose of this Article IV, the term “Material Adverse Effect” means (i) a material adverse effect on the legality, validity or enforceability of this Agreement and the Transaction Documents, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Purchaser, taken individually and as applicable, or (iii) a material adverse effect on the ability of the Purchaser, as applicable, to perform in any material respect on a timely basis its respective obligations under any Transaction Document. 

  

Section 4.2       Authorization; Validity of Agreement. Purchaser has the requisite corporate power and authority to execute and deliver this Agreement and the Transaction Documents, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Purchaser of this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby and thereby have been duly authorized by the Board of Directors (or equivalent governing body) of Purchaser, and no other corporate proceedings on the part of Purchaser are necessary to authorize the execution and delivery of this Agreement and the other Transaction Documents by Purchaser and the consummation of the transactions contemplated hereby and thereby. This Agreement and the other Transaction Documents have been duly executed and delivered by Purchaser and, assuming due authorization, execution and delivery of this Agreement and the Transaction Documents by the Seller, are legal, valid, binding and enforceable obligations of Purchaser, enforceable against Purchaser in accordance with their terms, except to the extent such enforcement may be subject to or limited by (i) bankruptcy, insolvency or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (ii) the effect of general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).

  

Section 4.3     No Violations or Actions; Consents and Approvals.

  

(a)     Neither the execution and delivery of this Agreement and the other Transaction Documents by Purchaser nor the consummation by Purchaser of the transactions contemplated hereby and thereby will (i) violate any provision of the organizational documents of Purchaser, (ii) result in a violation or breach of, or constitute (with or without due notice or lapse of time or 

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both) a default (or give rise to any right of termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any material note, bond, mortgage, indenture, guarantee, other evidence of indebtedness, license, lease, contract, agreement or other instrument or obligation to which Purchaser is a party or by which any of them or any of their assets may be bound or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to Purchaser or any of their properties or assets, except in the case of clauses (ii) and (iii) for violations, breaches or defaults which would not reasonably be likely to have a Material Adverse Effect on the Purchaser.

  

(b)     No filing or registration with, notification to, or authorization, consent or approval of, any Governmental Entity is required in connection with the execution and delivery of this Agreement or the other Transaction Documents by the Purchaser or the consummation by the Purchaser of the transactions contemplated hereby and thereby, except (i) such consents, approvals, orders, authorizations, notifications, registrations, declarations and filings the failure of which to be obtained or made would not reasonably be likely to have a Material Adverse Effect on the Purchaser, (ii) filings required to complete any transaction contemplated under this Agreement and any other Transaction Document and (iii) the required filings and notifications under applicable securities laws.

  

(c)     There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the other Transaction Documents or the issuance and sale of the UCC Common Shares or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither Purchaser, nor any director or officer of the Purchaser, is the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Purchaser, there is not pending or contemplated, any investigation by the SEC involving Purchaser or any current director or officer of Purchaser.

  

Section 4.4     Issuance of UCC Shares at the Closing. The UCC Shares being issued at the Closing to the Seller pursuant to this Agreement have been duly authorized by all necessary corporate action on the part of the Purchaser, and will be validly issued, fully paid and nonassessable, free and clear of all Encumbrances, except restrictions on transfer imposed by the Securities Act and state securities laws, and the issuance of such shares is not subject to preemptive or subscription rights of any shareholder of the Purchaser.

  

Section 4.5     Good Title Conveyed. The stock certificates, stock powers, endorsements, assignments and other instruments being executed and delivered by the Purchaser to the Seller at or after Closing are and will be legal, valid and binding obligations of the Purchaser, enforceable in accordance with their respective terms, and will effectively vest in the Seller good, valid and marketable title to all the UCC Common Shares to be transferred to the Seller pursuant to and as contemplated by this Agreement free and clear of all Encumbrances.

  

Section 4.6     Title to Assets. Purchaser has good and marketable title in fee simple to all real property owned by it and good and marketable title in all personal property owned by it that is material to the business of the Purchaser, in each case free and clear of all Encumbrances, except for (i) Encumbrances as do not materially affect the value of such property and do not 

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materially interfere with the use made and proposed to be made of such property by the Purchaser, (ii) Encumbrances for the payment of federal, state or other taxes, for which appropriate reserves have been made in accordance with United States generally accepted accounting principles (“GAAP”) and, the payment of which is neither delinquent nor subject to penalties, and (iii) such exceptions that would not result in any Material Adverse Effect on the Purchaser. Any real property and facilities held under lease by the Purchaser are held by them under valid, subsisting and enforceable leases with which the Purchaser is in compliance.

  

Section 4.7     Disclosure. Except with respect to the material terms and conditions of the transactions contemplated hereby, Purchaser confirms that neither it nor any other Person acting on its behalf has provided any of the Seller or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information which is not otherwise publicly disclosed. The Purchaser understand and confirm that the Seller will rely on the representations made by the Purchaser to the Seller or any of its affiliate or advisor in effecting transactions in securities of the Purchaser. All of the disclosure furnished to the Seller regarding the Purchaser, its respective businesses and the transactions contemplated hereby, at the time of such disclosure being made, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

  

Section 4.8     Permits; Compliance. Except for such exceptions which would not reasonably likely to have a Material Adverse Effect on the Purchaser,

  

(a)      Purchaser has validly and lawfully obtained and is in possession of all Permits; Purchaser is not in conflict with, or in default, breach or violation of any permit, laws or regulations applicable to such company or by which any property or asset of such company is bound or affected; each Permit is in full force and effect; no written notice of any breach, revocation, termination, invalidity, annulment or other limitation, expiry or forfeiture of any Permit, in whole or in part, has been, or to the knowledge of the Purchaser, is likely to be provided to Purchaser; no Permit application has been submitted which awaits determination; and

 

(b)     none of Purchaser, its affiliates, or any of its directors, officers, agents, employees or other Persons (collectively, the “Purchaser Affiliates”) acting for or on behalf of the Purchaser has violated the U.S. Foreign Corrupt Practices Act or any other anti-bribery or anti-corruption laws applicable to the Purchaser.

  

Section 4.9     Labor Relations. The Purchaser is in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

  

Section 4.10     Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Purchaser.

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Section 4.11     No Other Representations or Warranties. Except for the representations and warranties contained in this Article IV, neither the Purchaser nor any other Person makes any other express or implied representation or warranty on behalf of the Purchaser or any of its affiliates.

 

ARTICLE V

INDEMNIFICATION

  

Section 5.1     Survival of Representations and Warranties. The representations and warranties of the Seller and the Purchaser contained in this Agreement shall survive the Closing until the third anniversary of the Closing; provided, however, that the representations and warranties made pursuant to Sections 3 and 4 shall survive indefinitely. If written notice of a claim has been given prior to the expiration of the applicable representations and warranties, then the relevant representations and warranties shall survive as to such claim, until such claim has been finally resolved.

  

Section 5.2     Indemnification by the Seller. The Purchaser and their respective affiliates, officers, directors, employees, agents, successors and assigns (each an “Indemnified Party”) shall be indemnified and held harmless by the other parties, as the case may be (the “Indemnifying Party”) for and against any and all liabilities, losses, damages, claims, costs and expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’ fees and expenses) actually suffered or incurred by any Indemnified Party (hereinafter a “Loss”), arising out of or resulting from (a) the breach of any representation or warranty made by the Indemnifying Party (it being understood that such representations and warranties shall be interpreted without giving effect to any limitations or qualifications as to “materiality” (including the word “material” or “Material Adverse Effect” set forth therein), or (b) the breach of any covenant or agreement by the Indemnifying Party contained in this Agreement. To the extent that the Indemnifying Party’s undertakings set forth in this Section 5.2 may be unenforceable, the Indemnifying Party shall contribute the maximum amount that it is permitted to contribute under applicable law to the payment and satisfaction of all Losses incurred by the Indemnified Parties. 

  

ARTICLE VI
MISCELLANEOUS

  

Section 6.1     Public Announcements. The Purchaser and the Seller shall consult promptly with each other prior to issuing any press release or otherwise making any public statement with respect to this Agreement and the transactions contemplated hereby, shall provide to the other party for review a copy of any such press release or statement, and shall not issue any such press release or make any such public statement prior to such consultation and review, unless required by applicable law or any listing agreement with a securities exchange.

  

Section 6.2     Non-Disclosure. For a period of two (2) years from Closing, the parties shall treat as confidential and shall not disclose any confidential information pertaining to this Agreement, its terms and negotiation, the transactions contemplated hereby and the business conducted by each party prior to the Closing; provided, however, that nothing in this Section 6.2 

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will prohibit the disclosure of any such confidential information (a) which is required to be disclosed in connection with any court action or any proceeding before any Governmental Entity, (b) in connection with the enforcement of any of the rights of any party hereto, (c) which is required to be disclosed under the Securities Act or under the rules and regulations of any national securities exchange, or (d) to any party's officers, directors, shareholders, partners, affiliates or representatives.

  

Section 6.3     Fees and Expenses. All costs and expenses incurred in connection with this Agreement and the consummation of the transactions contemplated hereby shall be paid by the party incurring such expenses.

  

Section 6.4     Amendment; Waiver. This Agreement may be amended, modified or supplemented by the parties hereto, at any time. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.

  

Section 6.5     Notices. All notices and other communications hereunder shall be in writing and shall be deemed given upon (a) transmitter’s confirmation of a receipt of a facsimile or electronic transmission, (b) confirmed delivery by a standard overnight carrier or when delivered by hand or (c) the expiration of five (5) business days after the day when mailed in the United States by certified or registered mail.

  

Section 6.6     Certain Definitions. As used in this Agreement:

  

(a)     The term “affiliate”, as applied to any Person, shall mean any other Person directly or indirectly controlling, controlled by, or under common control with, that Person.

  

(b)     The term “Encumbrances” shall mean any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever.

  

(c)     The term “Person” or “person” shall include individuals, corporations, partnerships, trusts, other entities and groups (which term shall include a “group” as such term is defined in Section 13(d)(3) of the Exchange Act).

  

(d)     The term “Subsidiary” or “Subsidiaries”, with respect to any Person, means any corporation, partnership, joint venture or other legal entity of which such Person (either alone or through or together with any other subsidiary), owns, directly or indirectly, stock or other equity interests the holders of which are generally entitled to more than fifty percent (50%) of the vote for the election of the board of directors or other governing body of such corporation or other legal entity.

  

Section 6.7     Interpretation. When a reference is made in this Agreement to a section, article, paragraph, clause, annex or exhibit, such reference shall be to a reference to this Agreement unless otherwise clearly indicated to the contrary. The descriptive article and section headings herein are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. Whenever the words “include”, 

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“includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. The meaning assigned to each term used in this Agreement shall be equally applicable to both the singular and the plural forms of such term, and words denoting either gender shall include both genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.

  

Section 6.8     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall be considered one and the same agreement.

  

Section 6.9     Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings (written and oral), between the parties with respect to the subject matter hereof.

  

Section 6.10   Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory policy, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

  

Section 6.11   Specific Performance. Irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached; accordingly, the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any domestic and foreign state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity.

  

Section 6.12   Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

  

Section 6.13   Submission to Jurisdiction. Each of the Seller and the Purchaser hereby irrevocably submits in any action, suit or proceeding arising out of this Agreement or any of the transactions contemplated hereby to the jurisdiction of any court of the State of Arizona located in the County of Maricopa. The parties hereto waive any and all objections to the laying of venue of any such litigation in such jurisdiction and agree not to plead or claim in any such litigation that such litigation has been brought in an inconvenient forum.

  

Section 6.14     Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES 

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ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. Each party certifies and acknowledges that (i) no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver, (ii) each such party understands and has considered the implications of this waiver, (iii) each such party makes this waiver voluntarily and (iv) each such party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 6.14.

  

Section 6.15     Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by, the parties and their respective successors and assigns and are not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder.

 

Section 6.16     Recitals. The recitals are true and correct and incorporated herein by reference.

 

 

 

 

 

 

 

 

 

 

 

  

[Signature Page Follows]

  

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SIGNATURES

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date first written above.

  

 

	  

	SELLER:  

	  

	  

	  

	  

	CLAYTON PATTERSON

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	By:

	/s/ Clayton Patterson

	  

	  

	  Name:   Clayton Patterson

	  

	  

	 

	 

	 

	 

	 

	 

	 

	 

	PURCHASER:  

	  

	  

	  

	  

	UNITED CAPITAL CONSULTANTS INC.  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	  

	By:

	/s/ Clayton Patterson

	  

	  

	  Name: Clayton Patterson

	  

	  

	  Title: Chief Executive Officer

 

 

 

 

 

  

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