Document:

AGREEMENT

 

This Agreement (hereinafter the “Agreement”)
is made as of June 20, 2012 in Milan, Italy.

 

BY AND BETWEEN

 

ThermoEnergy, a Delaware
Corporation, having its principal office at 10 New Bond Street, Worcester, MA 01606, USA, represented by Mr. Cary
Bullock (hereafter “ThermoEnergy”);

 

and

 

Itea S.p.A., a company organised and existing
under the laws of Italy, having its principal office at Via Santa Margherita n. 18-40136 Bologna, Italy, represented by Mr. Alvise
Bassignano (hereafter “Itea”);

 

ThermoEnergy and Itea shall be jointly referred
to as the “Parties”, and individually referred to as a “Party”.

 

FOREWORD

 

WHEREAS,

 

		A.	On 3/7/2012 the Parties entered into the Term Sheet (hereafter the “Term Sheet”) for the Development of Pressurized
Oxy-Combustion in North America (USA, Canada and Mexico or other specific projects to be agreed on case by case basis) (hereafter
the “Territory”) under which the Parties agreed to collaborate in order to advance, develop and promote the use of
the coal application of pressurized oxy-combustion in the Territory through the realization of a pilot plant and subsequent demonstration
facility based on this technology.

 

		B.	In accordance with the Term Sheet the Parties shall create a new Project Venture called Unity Power. For this purpose ThermoEnergy
created Unity Power Alliance LLC, a Delaware limited liability company (hereafter “UPA”), a company 100% owned
by ThermoEnergy. Itea may acquire 50% of the participation in UPA in accordance with the terms of this Agreement.

 

		C.	In accordance with the Term Sheet, UPA is seeking to be awarded of the Funding Opportunity DE-FOA-0000636 (hereafter the “F.O.”).
UPA and Itea entered into the Contract Agreement under which Itea is a nominated contractor for certain services to be provided
to UPA in case of the award of the F.O.

 

		D.	In consideration of the foregoing, Parties wish to determine their rights and obligations in regard to the management of UPA
by the Parties and other related issues.

 

NOW, therefore, in consideration of the
premises and mutual covenants set forth herein, the Parties hereby agree as follows:

 

    	

    	 

    

1                   
ACQUISITION OF UPA BY ITEA

 

		1.1	The Parties hereby agree that Itea shall be entitled to purchase 50% ownership of UPA within 2 (two) months or any longer period
with a maximum of 6 months from the signature of this Agreement and subject to Itea Board and any Italian regulatory body approvals
for the price equal to $1,250.00 (one thousand two hundred and fifty) US Dollars (hereafter the “Acquisition”)
and ThermoEnergy is obliged to sell 50% ownership of UPA to Itea for the price indicated in this Article 1.1.

 

		1.2	Upon Acquisition, UPA shall immediately take all necessary steps to register the changes in ownership, if required, and making
all necessary steps hereof under applicable laws.

 

		1.3	In case of the Acquisition, the Parties agree to govern UPA in accordance with this Agreement as set forth below.

 

2                   
LOCATION AND PURPOSE AND SCOPE OF BUSINESS OF UPA

 

		2.1	Unless otherwise agreed by the Parties, UPA’s principal office will not be changed after the Acquisition and shall remain
at 10 New Bond Street, Worcester, MA 01606, USA.

 

		2.2	UPA shall be a limited liability company operating under the terms and conditions of this Agreement. The purpose of UPA is
limited to: (i) advance, develop and promote the use of the coal application of pressurized oxy-combustion in the Territory for
the realisation of a pilot plant; (ii) the realisation of a pilot plant; (iii) subsequent demonstration facility based on the technology
as per item (ii); and (iv) implementation of F.O., should it be awarded to UPA. The Term Sheet defines in detail the conditions
under which the above three purposes are to be implemented by UPA and respective ThermoEnergy’s and Itea’s rights and
obligations hereof.

 

		2.3	The Parties shall assume their due responsibilities, share the profits and assume risks and losses of UPA during the implementation
of the purpose in accordance with Article 2.2 pro rata.

 

3                   
MANAGEMENT OF UPA

 

		3.1	The Parties shall implement the scope of business of the Company as set forth in Article 2 and for this purpose shall establish
management bodies provided for below which shall be responsible to the Parties and their decisions shall be approved by ThermoEnergy
and Itea where required by this Agreement within 10 (ten) days from the date ThermoEnergy and Itea are informed about such decision.

 

		3.2	The Parties agree to establish the following management bodies:

 

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		·	the Board of Directors;

		·	the Managing Director.

 

		3.3	The Board of Directors

 

A.Composition
of the Board of Directors

 

1)The Board of Directors (hereafter
the “Board”) shall consist of 4 (four) Directors of whom 2 (two) Directors shall be nominated by ThermoEnergy
and the remaining 2 (two) Directors shall be nominated by Itea. The Chairman of the Board shall be a Director nominated by Ikea.

 

2)The Board of Directors is the
highest power authority of the Company, which is responsible for all decision of importance of the Company.

 

3)The Chairman of the Board is
the legal representative of UPA. Should the Chairman of the Board be unable to perform its functions due to some reasons, other
members of the Board may be authorised temporarily to act on behalf of the Chairman of the Board.

 

4)The Parties agree to nominate
the Directors and the Chairman of the Board within 2 (two) weeks of the Acquisition in accordance with Article 1.1 of this Agreement.

 

5)If ThermoEnergy or Itea ceases
to hold its ownership in UPA, it shall procure the resignation of relevant Directors appointed by it.

 

6)The right of appointment of
the Directors conferred on the Parties shall include the right at any time to remove from office and to replace any such persons
appointed by them and from time to time to determine the period which such persons shall hold office as Director.

 

7)Should the Chairman of the
Board of Directors cease to serve as a Director by any reason whatsoever, the Party, who appointed that Director shall appoint
a new Director within (20) twenty days of the vacancy.

 

8)Any appointment or removal
of Directors as aforesaid shall be made in writing and be signed by the duly authorised officer of the appointer and shall take
effect as from the date of its receipt at the office of UPA or on the date of appointment specified in the notice, whichever is
later.

 

9)A Director may at any time
appoint any other person (other than a Director) to be his alternate and to remove such alternate Director. All appointments and
removals of alternate Directors made by any Director shall be in writing under the hand of the Director making the same and shall
take effect as of its receipt at the office of UPA or on the date of the appointment specified in the notice, whichever is the
later.

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10)The annual remuneration of
the Chairman of the Board of Directors and Directors will be subject to approval of the Board.

 

B.Proceedings
of the Board

 

1)Meetings of the Board shall
be held at least once a year, to be convened and presided over by the Chairman of the Board. Upon proposal by 1 (one) member of
the Board, the Chairman of the Board shall convene a temporary meeting of the Board, with minutes of the meeting recorded, filed
and preserved.

 

2)The Parties shall use all reasonable
endeavours to procure a quorum to be present at and throughout each meeting of the Board. The quorum for holding all meetings of
the Board shall be 3 (three) Directors each present personally or by his alternate (also via video/teleconference). Each Director
shall have one vote.

 

3)The Directors may meet at any
place for the despatch of their business, adjourn and otherwise regulate their meetings as they deem fit. At least 5 (five) Business
Days’ notice in writing of each meeting of the Board shall be given to each Director at the address from time to time provided
by him for such purpose and such notice shall be accompanied by an agenda of the matters to be considered at the meeting. No decision
shall be taken on any matter at a meeting of the Board unless notice of such matter shall have been given in the manner aforesaid
or waiver of such notice has been given in respect of such matter by all of the Directors of the Board.

 

4)A resolution in writing, signed
by a majority of Directors for the time being entitled to receive notice of a meeting of the Directors, shall be valid and binding
as if it had been passed at a meeting of Directors duly convened and held. Any such resolution may consist of several documents
in like form, each signed by one or more Directors.

 

		3.4	The Managing Director

 

1)The Board shall appoint the
Managing Director of UPA from the Director appointed by ThermoEnergy. The Board at any time may remove the Managing Director for
any reason whatsoever and ThermoEnergy shall appoint a new Managing Director.

 

2)The Managing Director is responsible
for the daily business activity of UPA, execution of the various resolutions of the Board. The Board shall supervise the activities
of the Managing Director and may determine some day to day management responsibilities to the Managing Director. The Managing Director
shall periodically report to the Board the operating status of UPA.

 

4                   
GENERAL MEETINGS OF THE PARTIES

 

		4.1	No business shall be transacted at any meeting unless a quorum is present at the time when the meeting proceeds to business.
A quorum for the valid holding of meetings shall consist of the holder or holders present in person or by proxy of not less than
51 (fifty-one)% of the ownership. Save as otherwise provided in Article 4. 2 below or agreed by the Parties all resolutions passed
at such meetings shall require the favourable vote of the majority of the ownership of UPA represented at the meeting.

 

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		4.2	The Parties shall decide unanimously on:

 

		·	changing initial scope of business of UPA;

		·	the termination, winding up, liquidation or dissolution of UPA;

		·	the merger or consolidations of UPA with any other entity;

		·	increasing or decreasing the capital of UPA;

		·	transferring the ownership of UPA, participation and/or contribution of any kind by any third parties in UPA and the rights
and obligations to be granted to such third parties;

		·	the issuance of additional ownership interests;

		·	the distribution of profits/ losses;

		·	the sale of substantially all of the assets of UPA.

 

		4.3	The Shareholders may meet in person or may meet through means of telephone conference, video conference or other methods of
simultaneous communication by computer, electronic, audio visual or other means by which all persons participating are able to
hear and be heard by all participants. The minutes of such a meeting signed by the Chairman of the General Meeting shall be prima
facie evidence of any resolution of any meeting so conducted. A meeting conducted as aforesaid shall be deemed to be held at
the place agreed upon by the Shareholders attending the meeting.

 

5                   
TRANSFER OF LICENSE

 

		5.1	Upon Acquisition under Article 1.1 of this Agreement, the Parties shall grant to UPA a non-exclusive, royalty free right to
use their respective IP exclusively for the purposes indicated in Article 2. 2 of this Agreement and in accordance with the principles
agreed in Article 4 of the Term Sheet.

 

		5.2	Within 20 (twenty) days of Acquisition under Article 1.1 of this Agreement, the Parties shall enter into the detailed License
Agreement defining the licence to be granted by ThermoEnergy to Itea and the licence to be granted by Itea to ThermoEnergy, it
being understood that in regard to: (i) the royalties for the equipment and construction shall follow the principles agreed by
the Parties in the Term Sheet; (ii) the royalties for the use of the Itea’s technology by ThermoEnergy for the first 4 Plants
developed in the Territory, shall be divided on 50%¬50% basis; the royalties for the further Plants developed by ThermoEnergy
in the Territory based on the Itea’s technology shall be divided as per Term Sheet; (ii) the royalties for the use of the
ThermoEnergy’s technology by Itea for the Plants developed in the Territory shall be divided as per Term Sheet.

 

		5.3	Unless otherwise set forth in this Agreement or agreed in the License Agreement, each Party shall keep the ownership of all
its own information, of all the inventions, discoveries, concepts and ideas, whether copyrightable or not, whether patentable or
not, made or conceived, including any of their improvements or enhancements, resulting from the use or knowledge of the information
disclosed by it. Neither Party acquires any intellectual property rights under the matter of this Agreement, through use of knowledge,
even partially, of any confidential information disclosed by the other Parties.

 

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6                   
CONTRIBUTIONS

 

		6.1	The contribution of the Parties to the management costs of UPA shall be as per Article 5.b v of the Term Sheet.

 

		6.2	Any activities of UPA as per Article 2.2 of this Agreement shall be financed from the external sources. Such third parties
contributions may not be divided by the Parties, being understood that they may cover the management costs of UPA under Article
6.1 of this Agreement.

 

7                   
DISTRIBUTION OF PROFITS

 

		7.1	Distributions from UPA (if any) shall be made only if approved by the Board in accordance with the principles agreed in the
Term Sheet.

 

8                   
BOOKS AND RECORDS. ACCOUNTING

 

		8.1	At all times UPA shall keep true and accurate books of account and all other records necessary for recording its business and
affairs. The accounting methods and systems employed by UPA shall conform to generally accepted standards utilised in the country
where the principal office of UPA is located, or such other standards mutually agreed by the Parties. Such books of account shall
be maintained at all times at the principal office of UPA and, upon written request, such books of account and records shall be
open for the inspection and examination by any Party in person or by its duly authorised representatives at all reasonable times,
and for any reasonable and proper purpose.

 

9                   
EXCLUSIVITY

 

		9.1	The Parties agree to apply the principles set forth in Article 5 of the Term Sheet regarding the possibility to use of each
Parties Intellectual Property rights granted to UPA.

 

10               
REPRESENTATIONS AND WARRANTIES

 

		10.1	The Parties represent that:

 

		·	they have the full capacity, authority and legal right to enter into this Agreement, have taken all necessary actions related
to execution of this Agreement, and this Agreement is enforceable;

		·	the execution and performance of this Agreement by the Parties does not violate any applicable laws and does not breach any
agreement, covenant, order, judgment or decree to which any of the Party is bound.

 

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11               
INSURANCE

 

		11.1	UPA shall maintain such insurance policies covering such types and amounts as is appropriate for the nature of UPA’s
business and the scope of its operations, as determined by the Board.

 

12               
TRANSFER RESTRICTIONS AND BUY-OUT PROVISIONS

 

		12.1	The Parties are aware and acknowledge that new partners may acquire portions of the ownership of UPA and become partners for
the implementation of the scope of business of UPA as defined in Article 2 of this Agreement. The Parties shall unanimously agree
the names of such partners, their quota of participation, respective rights and obligations of new partners.

 

		12.2	Without prejudice to Article 12.1 and unless this Agreement provides otherwise, neither Party shall assign, mortgage, charge
or otherwise transfer all or any part of its ownership interest in UPA (hereafter the “Transfer”). Any Transfer
or attempted Transfer in contradiction of this Agreement shall be null and void and of no force or effect, and the ownership interest
that is the subject of such Transfer or attempted Transfer shall be deemed to be offered to the Non-Offering owner pursuant to
provision below, provided that the notice date as stated below shall be the date that the non-transferring owner learns of such
Transfer or attempted Transfer.

 

		12.3	Prior to any intended Transfer of an ownership interest by any Party, such party shall first offer to sell such ownership interest
pursuant to this Section. In the event that some or all of an ownership interest shall become transferable after being offered
as provided in this Section 12.3, such ownership interest may be offered for Transfer for a period of ninety (90) days after the
expiration of the last day for exercise of the last option to purchase contained in this Section 12. 3, on terms no more favourable
to the buyer and at a price no less than that at which the non-offering party may purchase it hereunder. In particular:

 

		a.	Notice of Proposed Transfer. Written Notice of any proposed Transfer shall be given to the Non-Offering party. Such
Notice shall specifically identify the ownership interest proposed to be transferred, the identity of the third party, and a summary
of the price and terms of the offer. For purposes of this Section 12.3, the “Notice Date” shall be the date that the
Offering Party gives the Notice required in this Section.

 

		b.	Exercise of Option. Notice of the intent of the Non Offering party to purchase the ownership interest proposed shall
be delivered to the Offering Party no later than the close of business on the thirtieth (30th) business day after the Notice Date.
Such Notice shall state the maximum portion of the ownership interest to be purchased.

 

 

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		c.	Non Offering party’s Right of Second Refusal. To the extent that the rights of first refusal granted are not exercised
to purchase the entire ownership interest that is the subject of the proposed Transfer, the Non-Offering party shall have a second
right of refusal to purchase part or all of the ownership interest that (i) was the subject of the proposed Transfer but (ii) was
not purchased. This right shall be exercised no later than the close of business on the fortieth (40th) business day after the
Notice Date by delivering written Notice of exercise to the Offering Party.

 

		d.	Purchase Price. The purchase price and terms of purchase for an ownership interest upon the exercise of the rights of
first refusal set forth in this Section shall be the amount of the offer and terms received from a third-party, if any. If no offer
is received from a third party, the terms of payment shall be by cash at closing and the purchase price shall be the fair market
value of the ownership interest being transferred, as determined by an independent appraiser selected by the mutual agreement of
the parties. If the Parties cannot agree upon an appraiser, then each Party shall select an appraiser, and the fair market value
shall be the average of the two appraisers’ fair market values. If one appraiser is selected, the parties shall split the
appraiser’s cost. If each party selects an appraiser, each party shall pay the cost of the appraiser selected by it.

 

13               
CONFIDENTIALITY

 

		13.1	The content of this Agreement and all information and documents (whether in written, oral or other form) exchanged by the Parties
in connection therewith, are confidential (hereinafter the “Confidential Information”). Each of the Parties:

 

		·	shall treat strictly confidential the provisions of this Agreement, the process of the negotiations and all information about
the other Party obtained or received by it as a result of entering into or performing its obligations under this Agreement. It
is hereby acknowledged and understood that the Confidential Information shall include the trademark, the know-how, the technical
information, prototypes, trade secrets, pending or abandoned patent applications, invention disclosures, designs, programs, plants,
documents, specifications, models, marketing studies, profits, costs, pricing, process descriptions, manufacturing processes and
all other information which a disclosing party holds confidential;

		·	shall not, except with the prior written consent of the other Party or as otherwise set forth below, make use of (save for
the purposes of performing its obligations under this Agreement) or disclose to any person any of the Confidential Information.

 

		13.2	For the purposes of this the information is not considered as confidential if:

 

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		·	such information was in the possession of a receiving Party and at its free disposal prior to receipt by a disclosing Party;
or

		·	such information is subsequently disclosed without any obligations of confidence by a third party who has not derived it directly
or indirectly from a disclosing Party; or

		·	such information is or becomes generally available to the public through no act or default of a receiving Party or its agents,
employees, affiliates or sub-licensees; or

		·	such information is available to a receiving Party because of its independent research made without use or access to the information
acquired from a disclosing Party.

 

		13.3	If a receiving Party or any of its representatives is required by law or any directive, decision, order or regulation having
the force of law to disclose any Confidential Information, then a receiving Party or the relevant representative, as the case may
be, shall promptly notify a disclosing Party of such requirement (and the deadline for disclosure) by written notice confirming
the binding nature of such requirement and the extent to which the Confidential Information is to be disclosed in accordance with
such requirement.

 

14               
WINDING UP

 

		14.1	In the event of the winding-up of UPA, but subject to applicable laws and the terms of any liquidation agreement, UPA’s
property shall be distributed as follows:

 

		·	all of UPA’s debts, liabilities and obligations, other than debts, liabilities and obligations to any shareholder, shall
be paid in full or otherwise provided for, or a reserve therefore (or for any contingent or unforeseen liabilities or obligations),
shall be set aside; and

		·	the balance of the physical and tangible assets, including the commercial value hereof, if any, shall be distributed to the
Shareholders pro-rata their respective ownership.

 

15               
TERM AND TERMINATION, LIQUIDATION OF UPA

 

		15.1	This Agreement is legally valid and binding as of the date of its signature.

 

		15.2	Any Party may terminate this Agreement submitting prior thirty (30) days written notice to the other Party in the following
cases:

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		·	Itea will not purchase the 50% of UPA’s share capital within 6 months of the date of the signature of this Agreement;

		·	the Parties mutually agree to terminate this Agreement for any reasons;

		·	a Party commits a material breach of any term or provision of this Agreement and (if such breach is remediable) fails to remedy
such breach within thirty (30) days or any other period, provided by the other Party;

		·	any change in law or other governmental action that makes UPA impossible or impracticable to carry out;

		·	a Party becomes bankrupt or becomes insolvent, liquidation proceedings are commenced, has a receiving or administration order
made against it, compromises with its creditors, or carries on business under a receiver, trustee or manager for the benefit of
its creditors, or if any act is done or event occurs which (under any applicable law) has a similar effect to any of these acts
or events.

 

		15.3	If UPA is not able to secure the funding of the Pilot plant facility as set forth in Article 6 of the Term Sheet within 24
months from the use of Acquisition right as per Article 1. 1 of this Agreement, upon Itea’s request, ThermoEnergy shall buy
Itea’s ownership in UPA, on the price agreed by the Parties in good faith, or the Parties shall proceed with the liquidation
of UPA in accordance to Article 15.4.

 

		15.4	The Parties expressly agree that after the implementation of the purpose of UPA as defined in Article 2.2 of this Agreement,
UPA shall be liquidated. In addition, upon termination of this Agreement for any reason UPA will be liquidated and will immediately
cease the use of all rights granted to it under this Agreement and will immediately return any documents, information and/or confidential
information possessed by it in respect thereto to the Party, which provided such information. The liquidation of UPA and division
by the Parties of any assets, rights and obligations gained by UPA during its existence shall be made in accordance to the following
principles:

 

		(i)	all the intellectual property rights owned by Itea, as well the as the accrued know-how and patentable rights developed based
on the pre-existing flameless technology and the Itea combustion process in the range of 0-50 bars shall belong exclusively to
Itea, with the possible licensing of these rights to Thermoenergy in accordance to the Term Sheet; (ii) all the intellectual property
rights owned by Thermoenergy, as well the as the accrued know-how and patentable rights developed on the Thermoenergy combustion
process in the range of 50-75 bars shall belong exclusively to Thermoenergy, with the possible licensing of these rights to Itea
in accordance to the Term Sheet; (iii) all the patents registered under UPA activities, which are not based on either Itea’s
or ThermoEnergy’s patents, intellectual property and accrued know how, will be a common ownership of the Parties; (iv) the
physical and tangible assets, including the commercial value hereof, of UPA shall be divided as per Article 14.1 of this Agreement.

 

		15.5	The provisions of this Agreement that by their nature are intended to survive the termination, cancellation or expiry of this
Agreement (including but not limited to any provision regarding confidentiality or limiting or releasing liability) shall continue
as valid and enforceable notwithstanding any termination, cancellation and expiry thereof.

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16               
LAW & DISPUTES

 

		16.1	This Agreement shall be subject to the Laws of the Commonwealth of Massachusetts, without giving effect to the choice of law
rules thereof. Any disputes which the Parties cannot settle amicably shall be subject to arbitration in accordance with ICC Rules
of Conciliation and Arbitration. The place of arbitration shall be Delaware, USA, the language of arbitration shall be English
and the arbitration award shall be final and binding on the Parties.

 

17               
OTHER PROVISIONS

 

		17.1	Any notice to be given to ThermoEnergy and/or Itea under this Agreement shall be in English and transmitted by mail, express
carrier, hand carrier, e-mail, or facsimile to the other Party’s respective address of notification.

 

		17.2	Any changes, additions, corrections, modifications and amendments to this Agreement shall only be valid and binding upon the
Parties if concluded in writing and signed by an authorised representative of each of the Parties and formally expressed as constituting
an amendment hereto.

 

		17.3	This Agreement contains the entire agreement between the Parties in respect of its subject matter.

 

		17.4	If any provision of this Agreement is or becomes invalid that shall not affect the validity of any other provision of this
Agreement. The invalid provision shall be replaced by a lawful provision having a proximate effect.

 

		17.5	Each Party shall bear its own costs and expenses incurred in connection with this Agreement.

 

		17.6	All terms and conditions of the Term Sheet, which are not expressly modified by this Agreement, remain in full force and effect.

 

The Parties shall not assign or transfer
any or all of their rights or obligations under this Agreement to any third party without the prior written consent of the other
Party.

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed by their respective authorised representatives.

 

	ThermoEnergy	Itea
	By:   /s/ Cary Bullock	By:   /s/ Alvise A. Bassignano
	Name: Cary Bullock	Name: Alvise A. Bassignano
	Title: CEO	Title: Managing Director

 

 

Annexes

Annex 1 Term Sheet

 

    	11DETAILED LICENSE CONTRACT

 

This Detailed License Contract (hereinafter
the “Contract”) is made is made as of June 20, 2012 in Milan, Italy.

 

BY AND BETWEEN

 

 

ThermoEnergy Corporation, a Delaware corporation,
having its principal office at 10 New Bond Street, Worcester, MA, USA, represented by Mr. Cary Bullock (together with TEPS, hereafter
"Thermo");

 

ThermoEnergy Power Systems LLC, a Delaware
limited liability company and a subsidiary of Thermo, having its principal office at 10 New Bond Street, Worcester, MA, USA, represented
by Mr.Cary Bullock (“TEPS” and, together with Thermo, “ThermoEnergy”);

 

and

 

Itea S.p.A., a company organised and existing
under the laws of Italy, having its principal office at Via Santa Margherita n. 18 - 40136 Bologna, Italy, represented by Mr. Alvise
Bassignano (hereafter “Itea”);

 

and

 

Unity Power Alliance LLC, a Delaware limited
liability company, having its principal office at 10 New Bond Street, Worcester, Ma, USA, represented by Mr. Robert Marrs (hereafter
"UPA");

 

ThermoEnergy, Itea and UPA shall be jointly
referred to as the “Parties”, and individually referred to as a “Party”.

 

FOREWORD

 

WHEREAS,

 

A.     ThermoEnergy
and Itea have agreed to collaborate in order to advance, develop and promote the use of pressurized oxy-combustion in the Territory
through the realization of a pilot plant and subsequent demonstration facility based on this technology.

 

B.     ThermoEnergy
has formed Unity Power Alliance LLC, a Delaware limited liability company, which is currently owned 100% owned by ThermoEnergy,
provided, however, Itea may acquire 50% of the participation in UPA in accordance with the terms of the Agreement,
dated June 20, 2012, by ThermoEnergy and Itea (hereafter the “Agreement”).

 

C.     UPA is
seeking to be awarded the Funding Opportunity DE-FOA-0000636 (hereafter the "F.O.”). UPA and Itea entered into
the Contractor Agreement under which Itea is a nominated contractor for certain services to be provided to UPA in case of the award
of the F.O. (hereafter the "Contract Agreement”).

 

D.     In consideration
of the foregoing, the Parties wish to determine their rights and obligations in regard to licenses to be granted to UPA and commercial
terms in regard to the royalties to be paid by ThermoEnergy to Itea and by Itea to ThermoEnergy according to this Contract.

 

    	 

    	 

    
 

NOW, therefore, in consideration of the
premises and mutual covenants set forth herein, the Parties hereby agree as follows:

 

1.         DEFINITIONS
AND INTERPRETATION

 

1.1.     Definitions

 

For the purposes of this Contract, the
words and expressions defined below shall have the following meanings, unless the context otherwise requires:

 

1.1.1.     Affiliate
in relation to a Party, means any entity or person which directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with that Party. For the purposes of this definition, control shall mean
direct or indirect beneficial ownership of 50% (or, outside a Party's home territory, such lesser percentage as is the maximum,
permitted level of foreign investment) or more of the share capital, stock or other participating interest carrying the right to
vote or to distribution of profits of that entity or person, as the case may be.

 

1.1.2.     Come
into force means the date on which this Contract has been duly signed by the Parties and any necessary governmental consents
(if any) have been obtained thereof.

 

1.1.3.     Contract
means this Contract, including annexes, appendixes, any further documents (if any), which are listed in this Contract, and
any amendments concluded by the Parties with the terms and subject to the conditions of this license agreement.

 

1.1.4.     Effective
Date means the date on which Itea acquires 50% of the participation in UPA in accordance with the terms of the Agreement and
any necessary governmental consents (if any) have been obtained thereof.

 

1.1.5.     Field
of Use means (i) advance, develop and promote the use of the coal application of pressurized oxy-combustion in the Territory
for the realization of a pilot plant; (ii) the realization of a pilot plant; (iii) subsequent demonstration facility based on the
technology as per item (ii); and (iv) implementation of F.O. should it be awarded to UPA, all as indicated in Article 2.2 of the
Agreement.

 

1.1.6.     Improvements
mean any and all improvements, modifications or adaptations, new applications and other developments to the Intellectual Property
and/or Know-how made by either Party during the term of this Contract.

 

1.1.7.     Intellectual
Property means patents, trademarks, service marks, rights (registered or unregistered) in any inventions, designs, applications
for any of the foregoing, trade or business names, copyright (including rights in computer software), topography rights, internet
domain names, rights protecting goodwill and reputation, database rights (including rights of extraction) and all rights and forms
of protection of a similar nature to any of the foregoing or having equivalent effect anywhere in the world and all rights under
licenses and consents in respect of any of the rights and forms of protection mentioned in this definition.

 

1.1.8.     Intellectual
Property of Itea means the Intellectual Property of Itea as detailed in Annex 1 of this Contract.

 

    	-2-

    	 

    
 

1.1.9.     Intellectual
Property of ThermoEnergy means the Intellectual Property of ThermoEnergy as detailed in Annex 2 of this Contract.

 

1.1.10.    Know-how
means any and all rights (including without limitation, rights under applicable trade secret laws) in
and to any and all confidential, technical and/or proprietary information and knowledge, whether or not patentable and whether
or not in written form, including, without limitation, information, inventions, know-how and knowledge regarding inventions, discoveries,
techniques, research in progress, trade secrets, systems, methods, processes, algorithms, technical data, formulae, drawings, designs,
schematics, blueprints, flow charts, models, prototypes, techniques, manufacturing and design information, and financial, business,
marketing and client information.

 

1.1.11.    License
of Construction means the licence to be granted by ThermoEnergy or Itea, as the case may be, to third parties for manufacture
the equipment and/or construct the plant based on the Intellectual Property and Know-how. It is agreed that a License of Construction
cannot be sublicensed without the written consent of the Licensor.

 

1.1.12.    License
of Use means the licence to be granted by ThermoEnergy or Itea, as the case may be, to a final user to operate a plant based
on the ascertained Intellectual Property and Know-how. It is agreed that a License of Use can’t be sublicensed without the
written consent of the Licensor.

 

1.1.13.    Licensor
means jointly or separately ThermoEnergy and/or Itea.

 

1.1.14.    Parties
mean jointly ThermoEnergy, Itea and UPA.

 

1.1.15.    Party
means ThermoEnergy, Itea and/or UPA, as the case may be.

 

1.1.16.     Territory
means territory of the North America, including, without limitation, USA, Canada and Mexico.

 

1. 2.     Interpretation

 

1.2.1.     In
this Contract the headings are used for convenience only and shall not affect its interpretation.

 

1.2.2.     In
this Contract references to persons shall include incorporated and unincorporated persons; references to a Party include the above
defined companies, the respective heirs, legal representatives, successors and permitted assignees.

 

1.2.3.     In
this Contract references to singular include plural and vice versa; and references to masculine include feminine.

 

1.2.4.     In
this Contract references to clauses and schedules mean clauses of, and schedules to, this Contract.

 

1.2.5.     In
this Contract the recitals and the schedules shall form an integral and substantial part of this Contract. In case of any inconsistency
or contradictions between the provisions of the main body of this Contract and the ones set out in the schedules hereto, the former
shall prevail.

 

    	-3-

    	 

    
 

2.         GRANT
OF RIGHTS TO UPA

 

2.1.     ThermoEnergy
hereby grants UPA a non-exclusive, non-transferable and non-sublicensible, non-assignable license under ThermoEnergy Know-how and
Intellectual Property of ThermoEnergy, as set forth on Annex 1 hereto, and all Improvements thereon, subject to the provisions
of this Contract and of the Agreement for the sole purpose of to making, having made, using, selling, and offering for sale the
products related to Know-How and Intellectual Property in the Field of Use within the Territory.

 

2.2.     Itea
hereby grants UPA a non-exclusive, non-transferable and non-sublicensible, non-assignable license under Itea Know-how and Intellectual
Property of Itea, as set forth on Annex 2 hereto, and all Improvements thereon, subject to the provisions of this Contract and
of the Agreement for the sole purpose of to making, having made, using, selling, and offering for sale the products related to
Know-How and Intellectual Property in the Field of Use within the Territory.

 

2.3.     UPA shall
not enter into any technology/alliance agreement with any other person, firm or company in regard to the licensed Know-how and
Intellectual Property of Itea and/or ThermoEnergy without each of ThermoEnergy’s and Itea’s previous written consent.

 

2.4.     The Parties
agree that UPA shall have no right to use the Know-how and Intellectual Property licensed from ThermoEnergy or Itea otherwise than
as expressly licensed to UPA in this Contract. UPA accepts that it shall not manufacture, assemble, use, install, operate and maintain
or sell the products related to Know-How and Intellectual Property in any country outside the Territory. In particular, without
limitation, UPA shall not:

 

		·	acquire licenses from any person, firm
or company, other than the Licensors, to any know-how or intellectual property similar to the Know-how and Intellectual Property
licensed from ThermoEnergy and Itea; or

 

		·	advertise, or solicit orders, establish
branches or maintain distribution depots for the products related to Know-How and Intellectual Property in any location outside
the Territory; or

 

		·	sell the products related to Know-How
and Intellectual Property to any person outside the Territory or to any person within the Territory intending to export the such
products outside the Territory.

 

2.5.     All documents
will be provided in their original language. Translation, if any, shall be made by UPA on its own costs. UPA shall bear the costs
regarding copying and delivering of said documents.

 

3.          GRANT
OF RIGHTS BETWEEN THERMOENERGY AND ITEA. TAXES

 

3.1.        Licence
of Use

 

3.1.1.     ThermoEnergy
and Itea may enter into License of Use agreements for their respective Intellectual Property and Know-how between themselves or
with third parties in accordance with this Article 3.1 despite any licence granted to UPA as per Article 2 of this Contract.

 

3.1.2.   If and only if UPA is successful
in garnering the funding and project support to execute the Pilot facility (at least 50Mwt capacity) in the Territory, the royalties
received by ThermoEnergy or Itea, as the case may be, for the License of Use shall be shared as follows:

 

    	-4-

    	 

    
 

		I.	Itea shall pay to ThermoEnergy 50% of the royalties earned
by Itea from the License of Use of Itea’s technology for the first 4 plants operated in the Territory by ThermoEnergy and
or legal entities participated by ThermoEnergy

		II.	Itea shall pay to ThermoEnergy   10% of the royalties
earned by Itea from the License of Use of Itea’s technology  for  further plants operated by ThermoEnergy and
or by third parties in the Territory during the first 10 years from the licenses

		III.	ThermoEnergy shall pay to Itea 30% of the royalties earned
from the License of Use of  ThermoEnergy’s technology for plants operated by Itea and or third parties for the first
15 years in any power plant facility in the world, except for projects in Europe, and in such case ThermoEnergy shall pay to Itea
60% of any royalties earned.

 

3.1.3.   If and only if UPA is
successful in garnering the funding and support to execute a demonstration facility (at least 200Mw electrical megawatt) in the
Territory, Article 3.1.2 II, III shall not be applied and the royalties received by ThermoEnergy or Itea, as the case may be, from
the License of Use shall be shared as follows:

 

		I.	Without prejudice to article 3.1.2 I Itea shall pay to
ThermoEnergy  15% of the royalties earned from the License of Use of Itea’s technology for further plants operated
by ThermoEnergy and or by third parties in the Territory for the first 10 years from licenses

		II.	ThermoEnergy shall pay to Itea 30% of the royalties earned
from the License of Use of  ThermoEnergy’s technology for the first 15 years from licenses in any power plant facility
in the world operated by Itea and or third parties, except for projects in Europe, and in such case ThermoEnergy shall pay to
Itea 60% of any royalties earned

 

3.1.4.   The royalties from the
License of Use to third parties in regard to common Improvements under UPA activities as per Article 4.7 of this Contract shall
be divided on 50%-50% basis to be paid by ThermoEnergy to Itea or by Itea to ThermoEnergy, as the case may be.

 

3.2.        Licence
of Construction

 

3.2.0.     ThermoEnergy
and Itea may enter into any License of Construction agreements with third parties for their own Intellectual Property and Know-how
despite any licence granted to UPA as per Article 2 of this Contract.

 

3.2.1.      If and only if UPA is successful
in garnering the funding and project support to execute the Pilot facility (at least 50Mwt capacity) in the Territory, the royalties
received by ThermoEnergy or Itea, as the case may be, for the License of Construction shall be shared as follows:

 

		I.	Itea shall pay to ThermoEnergy 10% of the royalties earned
for the first 10 years by Itea from the License of Construction to third parties based on Itea’s technology for oxy-combustion
in the territory.

		II.	ThermoEnergy shall pay to Itea 30% of the royalties earned
for the first 15 years by ThermoEnergy from the License of Construction to third parties based on ThermoEnergy’s technology
for oxy-combustion of coal in any power plant facility in the world, except for projects in Europe, and in such case ThermoEnergy
shall pay to Itea 60% of any royalties earned.

		III.	No License of Construction shall be granted to third
parties by ThermoEnergy on Itea’s technology or by Itea on ThermoEnergy’s technology.

 

3.2.3.     If
and only if UPA is successful in garnering the funding and support to execute a demonstration facility (at least 200Mwt electrical
megawatt) in the Territory, Article 3.2.1 shall not be applied and the royalties received by ThermoEnergy or Itea, as the case
may be, from the License of Construction shall be shared as follows:

 

    	-5-

    	 

    
 

		I.	Itea shall pay to ThermoEnergy 15% of the royalties earned
for the first 10 years by Itea from the License of Construction to third parties based on Itea’s technology for oxy-combustion
in the territory.

		II.	ThermoEnergy shall pay to Itea 30% of the royalties earned
for the first 15 years by ThermoEnergy from the License of Construction to third parties based on ThermoEnergy’s technology
for oxy-combustion of coal in any power plant facility in the world, except for projects in Europe, and in such case ThermoEnergy
shall pay to Itea 60% of any royalties earned.

		III.	No License of Construction shall be granted to third
parties by ThermoEnergy on Itea’s technology or by Itea on ThermoEnergy’s technology.

 

3.2.4.     The
royalties from the License of Construction to third parties in regard to common Improvements under UPA activities as per Article
4.7 of this Contract shall be divided on 50%-50% basis to be paid by ThermoEnergy to Itea or by Itea to ThermoEnergy, as the case
may be.

 

3.3.       Taxes

 

3.3.1.     Each
party shall be exclusively liable for all incomes, taxes, duties, and other charges of every character incurred with respect to
this Contract, its performance or financial results, and which are imposed by, or payable to any governmental authority (including
any department, agency or subdivision thereof).

 

4.        INTELLECTUAL
PROPERTY RIGHTS AND IMPROVEMENTS

 

4.1.     Each
Party shall remain owner of all Intellectual Property and Know-how it owns at the Effective Date of this Contract. Neither Party
acquires any intellectual property rights under this Contract, through use of knowledge, even partially, of any confidential information
disclosed by the other Party. No Party shall represent in any manner that it has any ownership of Know-how and other Intellectual
Property owned by the other Party and the use of Know-how and other Intellectual Property shall not create any rights or interests
other than those specifically granted by this Contract. The ownership of Know-how and other Intellectual Property and the goodwill
relating to them shall always remain vested in the applicable Licensor, both during the term of this Contract and thereafter.

 

4.2.     All
the Intellectual Property owned by Itea, as well the as the Improvements thereon and on accrued Know-how and patentable rights
developed based on the pre-existing flameless technology and the Itea combustion process in the range of 0-50 bars shall belong
exclusively to Itea.

 

4.3.     All
the Intellectual Property owned by ThermoEnergy, as well the as the Improvements thereon and on accrued Know-how and patentable
rights developed on the ThermoEnergy combustion process in the range of 50-75 bars shall belong exclusively to ThermoEnergy.

 

4.4.     UPA
shall communicate to ThermoEnergy all Improvements made by UPA to ThermoEnergy Know-how and Intellectual Property of ThermoEnergy
licensed hereunder. 

 

4.5.     UPA
shall communicate to Itea all Improvements made by UPA to Itea Know-how and Intellectual Property of Itea licensed hereunder. 

 

    	-6-

    	 

    
 

4.6.     All
Intellectual Property created by UPA that is not based on either Itea’s or ThermoEnergy’s Intellectual Property or
accrued Know-how, will be will be owned in common by ThermoEnergy and Itea and will be licensed to UPA. ThermoEnergy and Itea shall
share the royalties between themselves from the licenses granted under such common ownership in accordance with Article 3 of this
Contract.

 

4.7.     In
case any Improvements are made related to Know-how and Intellectual Property of both ThermoEnergy and Itea and provided that such
Improvements cannot be separated, the Intellectual Property relating to such new developments shall belong to ThermoEnergy and
Itea in common and ThermoEnergy and Itea shall at their joint expense take all reasonable steps necessary to protect the same.
If either ThermoEnergy or Itea, as the case may be, does not cooperate with the other in applying for registration of such new
developments, where such registration is required, in any country within nine (9) months after identification of such Improvements,
the other Party (ThermoEnergy or Itea) shall have the right to apply (in its own name and at its own cost) for registration in
all countries where ThermoEnergy and Itea, as the case may be, has failed to cooperate in such filing, and the non-cooperating
Party (ThermoEnergy and Itea, as the case may be) shall have a non-exclusive, royalty-free license without the right to grant sublicenses
under such Improvements. ThermoEnergy and Itea shall share the royalties between themselves from the licenses granted under such
common ownership in accordance with Article 3 of this Contract.

 

4.8.     If
any warning letter or other notice of infringement is received by any Party, or legal suit or other action is brought against any
Party, alleging infringement of third party rights in the Know-how or any Intellectual Property licensed by ThermoEnergy or Itea
hereunder, such informed Party shall promptly provide full details to the applicable Licensor, and the Parties shall discuss the
best way to respond. To the maximum extent permitted by the law, the applicable Licensor shall lead and have full control of any
dispute relating to its Intellectual Property and Know-how and the other Parties shall on request provide full co-operation and
assistance to the applicable Licensor in its defence in any such dispute. Each of ThermoEnergy and Itea shall indemnify and hold
the other Party and UPA harmless from and against any and all losses, costs and expenses (including reasonable attorneys’
fees) suffered or incurred by such other Party or by UPA as a result of any actual or alleged infringement of third party rights
in the Know-how or any Intellectual Property licensed by it hereunder.

 

4.9.     If
any Party becomes aware of any unlawful use or infringement or any act of unfair competition committed by a third party with respect
to any Licensed Product or a Party’s Know-how or Intellectual Property, such Party shall promptly provide full details of
such infringement to the other Parties. To the maximum extent permitted by the law, the applicable Party shall lead and have full
control of any dispute relating to the unlawful use or infringement, or any act of unfair competition committed by the third party
and the other Parties shall on request provide full co-operation and assistance to the applicable Licensor in any such dispute.

 

5.        REPORTS

 

5.1.     UPA shall
communicate to the owner of the Intellectual Property or Know-how within thirty (30) days following the date of receiving an order
based on such Intellectual Property or Know-how and parts, services and components thereof and all modifications thereto. Such
report shall include the customer’s name, description of the products, delivery schedule, date of execution of the contract
and royalty fees foreseen for the applicable Licensor. Any change to the above shall be reported accordingly.

 

5.2.     ThermoEnergy
shall present the reports to Itea and Itea shall present the reports to the ThermoEnergy in regard to any license agreements
with third parties (for construction and/or utilisation) in the Territory or Europe for their own Intellectual Property and Know-how
leading to the share of the royalties between them as per Article 3 of this Contract.

 

    	-7-

    	 

    
 

5.3.     Each
Party shall keep during the term of this Contract complete, true and accurate books of account containing all information that
may be necessary for the purpose of documenting the amounts payable under Article 3 of this Contract. All such books of account
shall be open, with seven (7) days advance notice and at least quarterly, for five (5) years following the end of the quarter to
which they pertain, to the inspection, subject to confidentiality, for the purpose of verifying compliance with the terms of this
Contract.

 

6.        CONFIDENTIALITY

 

6.1.     The content
of this Contract and all information and documents (whether in written, oral or other form) exchanged by the Parties in connection
therewith, are confidential (hereinafter the “Confidential Information”). Each of the Parties:

 

		·	shall treat strictly confidential the
provisions of this Contract, the process of the negotiations and all information about the other Party obtained or received by
it as a result of entering into or performing its obligations under this Contract. It is hereby acknowledge and understood that
the Confidential Information shall include the trademark, the know-how, the technical information, prototypes, trade secrets, pending
or abandoned patent applications, invention disclosures, designs, programs, plants, documents, specifications, models, marketing
studies, profits, costs, pricing, process descriptions, manufacturing processes and all other information which a disclosing party
holds confidential; 

		·	shall not, except with the prior written
consent of the other Party or as otherwise set forth below, make use of (save for the purposes of performing its obligations under
this Contract) or disclose to any person any of the Confidential Information.

 

6.2     For the purposes of this the information
is not considered as confidential if:

 

		·	such information
was in the possession of a receiving Party and at its free disposal prior to receipt by a disclosing Party; or

		·	such information
is subsequently disclosed without any obligations of confidence by a third party who has not derived it directly or indirectly
from a disclosing Party; or

		·	such information
is or becomes generally available to the public through no act or default of a receiving Party or its agents, employees, affiliates
or sub-licensees; or

		·	such information
is available to a receiving Party because of its independent research made without use or access to the information acquired from
a disclosing Party.

 

6.3.     For the
purpose of Article 6.2, any information which is specific to a particular process, condition, apparatus, or composition shall not
be deemed to be in the public domain or in the prior possession of the receiving Party merely because it is embraced in a more
general disclosure, which is in the public domain or in the prior possession of the receiving Party.

 

6.4.     If
a receiving Party or any of its representatives is required by law or any directive, decision, order or regulation having the force
of law to disclose any Confidential Information, then a receiving Party or the relevant representative, as the case may be, shall
promptly notify a disclosing Party of such requirement (and the deadline for disclosure) by written notice confirming the binding
nature of such requirement and the extent to which the Confidential Information is to be disclosed in accordance with such requirement.

 

    	-8-

    	 

    
 

6.5.     The receiving
Party shall procure that all of its employees, contractors and sub-licensees pursuant to this Contract (if any), who have access
to any confidential information to which Article 6 apply, shall be made aware of and subject to these obligations and shall have
entered into written consent to undertake confidentiality at least as restrictive as provided by Article 6.

 

7.        TECHNICAL
ASSISTANCE

 

7.1.     Upon
UPA's reasonable request, subject to limitations of ThermoEnergy’s available resources and in accordance with terms and conditions
stated hereof, ThermoEnergy shall provide reasonable technical assistance relating to the licensed ThermoEnergy Know-how and Intellectual
Property of ThermoEnergy.

 

7.2.     Upon
UPA's reasonable request, subject to limitations of Itea’s available resources and in accordance with terms and conditions
stated hereof, Itea shall provide reasonable technical assistance relating to the licensed Itea Know-how and Intellectual Property
of Itea.

 

8.        MARKINGS
AND QUALITY

 

8.1.     UPA
shall procure product markings, to be approved by the relevant Licensor, on all products related to Know-How and Intellectual
Property or manufactured units thereof indicating that such products are made under license,
and indicating the applicable Licensor's name and other relevant information.

 

8.2.     Each
Party undertakes to use its reasonable business efforts to ensure that the reputation and prestige of products related to Know-How
and Intellectual Property are maintained. Furthermore, UPA shall manufacture products related to Know-How and Intellectual Property
in accordance with the specifications and standards of quality established by the Licensors.

 

8.3.     UPA shall
guarantee that products related to Know-How and Intellectual Property comply with the requirements set by laws applicable in the
countries in which such products are sold or supplied.

 

9.        REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

9.1.     ThermoEnergy
hereby represents, warrants and covenants that:

 

		·	all corporate actions on the part of ThermoEnergy
necessary for the authorisation, execution and delivery of this Contract and the performance of its obligations hereunder have
been taken; 

 

		·	this Contract is a legal, valid and binding
obligation of ThermoEnergy;

 

		·	the Intellectual Property of ThermoEnergy
is free and clear of all liens and other encumbrances; 

 

		·	the Intellectual Property of ThermoEnergy
has not been held by a court of competent jurisdiction to be invalid or unenforceable; 

 

		·	there are no pending, or, to the knowledge
of ThermoEnergy, threatened claims against ThermoEnergy alleging that its Intellectual Property violates any intellectual property
rights of a third party or constitutes a misappropriation of any subject matter of any intellectual property rights of a third
party.

 

    	-9-

    	 

    
 

9.2.     Itea
hereby represents, warrants and covenants that:

 

		·	all corporate actions on the part of Itea
necessary for the authorisation, execution and delivery of this Contract and the performance of its obligations hereunder have
been taken; 

 

		·	this Contract is a legal, valid and binding
obligation of Itea;

 

		·	the Intellectual Property of Itea is free
and clear of all liens and other encumbrances; 

 

		·	the Intellectual Property of Itea has
not been held by a court of competent jurisdiction to be invalid or unenforceable; 

 

		·	there are no pending, or, to the knowledge
of Itea, threatened claims against Itea alleging that its Intellectual Property violates any intellectual property rights of a
third party or constitutes a misappropriation of any subject matter of any intellectual property rights of a third party.

 

9.3.     UPA hereby
represents, warrants and covenants that:

 

		·	all corporate actions on the part of UPA
necessary for the authorization, execution and delivery of this Contract and the performance of its obligations hereunder have
been taken; 

 

		·	this Contract is a legal, valid and binding
obligation of UPA; 

 

		·	neither the execution and delivery of
this Contract nor the performance of the obligations contemplated hereby will (i) conflict with or result in any violation of or
constitute a breach of any of the terms or provisions of, or constitute a default under any provision of any contract or any other
obligation to which UPA is a party or under which UPA is subject or bound, or (ii) violate any judgment, order, injunction, decree
or award of any judicial or governmental authority against, or affecting or binding upon, UPA or upon the assets, property or business
of UPA, or (iii) constitute a violation by UPA of any applicable laws of any jurisdiction as such laws relate to UPA or to the
property or business of UPA.

 

9.4     EXCEPT AS SET FORTH IN THIS CONTRACT,
EACH LICENSOR IS LICENSING ITS KNOW-HOW AND INTELLECTUAL PROPERTY HEREUNDER ON AN AS-IS BASIS AND EACH LICENSOR MAKES NO REPRESENTATIONS
OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE KNOW-HOW AND INTELLECTUAL PROPERTY GRANTED HEREUNDER. BY WAY OF EXAMPLE,
BUT NOT OF LIMITATION, EACH LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES (I) OF COMMERCIAL UTILITY; (II) OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE; OR (III) CONCERNING THE VALIDITY OR SCOPE OF THE KNOW-HOW AND INTELLECTUAL PROPERTY.

 

    	-10-

    	 

    
 

10.        LIMITATION
OF LIABILITY

 

10.1.     Notwithstanding
any other provision of this Contract, in no case shall the Parties be liable to each other,
whether arising under contract, tort (including negligence), strict liability, for loss of anticipated profits, loss by reason
of plant shutdown, non-operation or increased expense of operation, service interruption, cost of purchased or replacement power,
claims of customers, loss of use of capital or revenue, or for any special, incidental, indirect or consequential loss or damage
or any nature arising at any time or from any cause whatsoever.

 

11.        TERM
AND TERMINATION

 

11.1.     The
Parties agree that this Contract shall come into force on the date of its signature by all Parties. However, this Contract shall
be fully effective only from the Effective Date.

 

11.2.     In regard
to UPA this Contract shall remain valid until the termination of the Agreement. In regard to the other Parties this Contract shall
remain valid until the first of the following events occurs:

 

		(i)	fifteen (15) years after the Effective Date, if this Contract is not extended by mutual agreement
of the Parties;

		(ii)	the mutual agreement by the Parties to terminate this Contract;

		(iii)	at the election of a Party if the other Party commits a material breach of any term or provision
of this Contract and (if such breach is remediable) fails to remedy such breach within thirty (30) days or any other period, provided
by the Party not in default;

		(iv)	at the election of a Party if the other Party (a) admits in writing its inability to pay its debts
generally as they become due, (b) makes a general assignment for the benefit of creditors, (c) institutes proceedings to be adjudicated
a voluntary bankrupt, or consents to the filing of a petition of bankruptcy against it, (d) seeks reorganization under any bankruptcy
act, or consents to the filing of a petition seeking such reorganization, or (e) has a decree entered against it by a court of
competent jurisdiction appointing a receiver, liquidator, trustee, or assignee in bankruptcy or in insolvency covering all or substantially
all of its property or providing for the liquidation of its property or business affairs; provided, however, that this Contract
may not be terminated pursuant to this Section 11.2(iv) if the other Party generally continues to do business following the occurrence
of any of the foregoing events without committing any breach of any term or provision of this Contract (including any payment breach).

 

 

11.3.     Upon
termination of this Contract for any reasons whatsoever:

 

		·	except as provided in this Article, the rights and the obligations of the Parties under this Contract
shall immediately terminate;

 

		·	UPA shall no longer be licensed to use or otherwise exploit in any way, either directly or indirectly,
Know-how or any other Intellectual Property of the other parties;

 

		·	UPA shall consent to the cancellation of any formal licence granted to it, or of any registration
of it in any register, in relation to this Contract;

 

    	-11-

    	 

    
 

		·	any rights or obligations to which any of the Parties to this Contract may be entitled or be subject
before its termination shall remain in full force and effect; in particular, termination shall not affect or prejudice any right
to damages or other remedy which the applicable Licensor may have in respect of the event giving rise to the termination or any
other right to damages or other remedy which the applicable Licensor may have in respect of any breach of this Contract that existed
at or before the date of termination;

 

		·	termination shall not affect or prejudice the provisions regarding confidentiality, representations,
warranties and covenants, limitation of liability, arbitration and governing law; 

 

		·	termination shall not affect or prejudice the rights of any third party under any License of Use
validly granted prior to the date of termination;

 

		·	within 5 (five) days after the termination of this Contract, UPA and any other Party shall: (i)
return to the applicable Licensor (or, at such Licensor's direction) all equipment, drawings, reports, spreadsheets, instruction
and training manuals, tables of operating conditions, specifications, tables and procedures, and other documents, files, software,
tools or materials (whether in tangible or electronic form) supplied by the applicable Licensor under this Contract and/or which
contain Know-how or Intellectual Property and all copies thereof then in the possession or under the direct control of UPA or any
other Party or any of their officers, directors, employees or consultants; and (ii) deliver to the applicable Licensor a written
statement confirming that all obligations regarding returning of the above stated information and/or material have been complied
with.

 

12.       GOVERNMENT
CONSENT

 

12.1.     Upon
the Effective Date, UPA shall make due applications for any necessary registration and/or governmental approval of this Contract
where necessary throughout North America, if necessary. UPA shall furnish satisfactory evidence of receipt of such governmental
approval. All expenses incurred due to such registration and approval shall be covered by UPA.

 

13.       FORCE
MAJEURE 

 

13.1.     Neither
Party shall have any liability or be deemed to be in breach of this Contract for any delays or failures in performance of this
Contract that result from circumstances beyond the reasonable control of that Party, including but not limiting to act of God,
war, civil disturbance, strike, lockout, interruption of transportation, inability to procure or shortage supplied materials, equipment,
productions facilities or engineering recourses, legislation or restriction of any governmental or other authority. The Party affected
by such circumstances shall promptly notify the other Party in writing when such circumstances cause a delay or failure in performance
and when they cease to do so.

 

14.       AGENCY

 

14.1.     Neither
Party shall act or describe itself as the agent of the other, nor shall it make or represent that it has authority to make any
commitments on the other's behalf.

 

    	-12-

    	 

    
 

15.       SEVERABILITY

 

15.1.     If
any term or other provision of this Contract is invalid, illegal or incapable of being enforced
by any rule of law or public policy, all other conditions and provisions of this Contract shall
nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Contract
so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions
contemplated hereby are fulfilled to the fullest extent possible.

 

16.       NOTICE

 

16.1.     Any
notice, request, demand other communication required or permitted hereunder shall be in writing and sent to the addresses set forth
below or to such other address as a Party may designate by notice to the other Party:

 

		·	if to ThermoEnergy: 10 New Bond Street,
Worcester, MA, USA;

		·	if to Itea: Largo Buffoni, 3, 21013 Gallarate
(VA)- Italy;

		·	if to UPA: 10 New Bond Street, Worcester,
MA, USA.

 

16.2.     All
communications between the Parties hereto or with respect to this Contract shall be in English language.

 

17.       DISPUTE
RESOLUTION

 

17.1.     Should
any claim, dispute or controversy arise between the Parties in connection with this Contract, the Parties shall seek the amicably
settlement of that dispute. If the dispute is not settled amicably within 20 (twenty) days, or such further period as the Parties
shall agree in writing, the dispute shall be referred to and finally resolved by arbitration in accordance with ICC Rules of Conciliation
and Arbitration. The place of arbitration shall be Boston, Massachusetts. The language of arbitration shall be English. Notwithstanding
the foregoing, in the event of a threatened, actual or claimed breach of the confidential information or intellectual property
provisions hereunder, either Party may by-pass the provisions of this dispute resolution provision and immediately seek relief
in a court of competent jurisdiction to stay any threatened or continued breach of the foregoing.

 

18.       GOVERNING
LAW 

 

18.1.     This
Contract shall be subject to the Laws of The Commonwealth of Massachusetts, without giving effect to the choice of law rules thereof.

 

19.       ENTIRE
AGREEMENT

 

19.1.     This
Contract, and any annexes, appendixes thereto, reflect the entire agreement of the Parties with
respect to its subject matter.

 

20.       AMENDMENTS
AND WAIVER

 

20.1.     This
Contract may not be amended or modified, nor may compliance with any condition or covenant set
forth herein be waived, except by a writing duly and validly executed by each of the Parties hereto. No delay on the part of any
Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part
of any Party of any such right, power or privilege, or any single or partial exercise of any such right, power or privilege, preclude
any further exercise there of or the exercise of any other such right, power or privilege.

 

    	-13-

    	 

    
 

21.       ASSIGNMENT

 

21.1.     UPA
shall not assign, mortgage, charge or otherwise transfer any rights or obligations under this Contract without the prior written
consent of the Licensors. Any assignment of this Contract or of the rights or obligations hereunder by UPA without the prior written
consent of the Licensors shall be null and void.

 

21.2.     Neither
ThermoEnergy nor Itea shall assign, mortgage, charge or otherwise transfer any rights or obligations under this Contract without
the prior written consent of the other Party, provided, however, either Licensor may assign this Contract to an affiliate or to
the successor in interest following a merger or sale of a controlling equity interest or substantially all of its assets. 

 

In witness whereof, the Parties have caused this Contract to
be duly executed in their respective names and on their behalf.

 

	ThermoEnergy Corporation	 	Itea S.p.A.	 
	 	 	 	 	 	 
	By:	/s/ Cary Bullock	 	By:	/s/  Alvise A. Bassignano	 
	Name:	Cary Bullock	 	Name:	Alvise A. Bassignano	 
	Title:	CEO	 	Title:	Managing Director	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	ThermoEnergy Power Systems LLC	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Cary Bullock	 	 	 	 
	Name:	Cary Bullock	 	 	 	 
	Title:	President	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	Unity Power Alliance LLC	 	 	 	 
	 	 	 	 	 	 
	By:	/s/  Robert Marrs	 	 	 	 
	Name:	Robert Marrs	 	 	 	 
	Title:	Managing Director	 	 	 	 

 

    	-14-

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