Document:

exv10w25

Exhibit 10.25

Globecomm Systems Inc./Telaurus 2009 Special Equity Incentive Plan

ARTICLE I

General

     1.1 Purpose

          Globecomm Systems, Inc., a Delaware corporation (the “Company”), has agreed to purchase (the
“Purchase”) the assets of Telaurus Communications, LLC (“Telaurus”), and in connection with the
Purchase, will offer employment to employees of Telaurus. The Globecomm Systems Inc./Telaurus 2009
Special Equity Incentive Plan (the “Plan”) is designed to enable the Company to grant stock options
and restricted stock to such employees as an inducement to accept the Company’s offer of
employment.

     1.2 Administration

          (a) Administration by Committee; Constitution of Committee. The Plan shall be
administered by the Compensation Committee of the Board of Directors of the Company (the “Board”)
or such other committee or subcommittee as the Board may designate (the “Committee”). The members
of the Committee shall be appointed by, and serve at the pleasure of, the Board. While it is
intended that at all times that the Committee acts in connection with the Plan, the Committee shall
consist solely of “non-employee director” within the meaning of Rule 16b-3 promulgated under the
Securities Exchange Act of 1934 (the “1934 Act”), the number of whom shall not be less than two,
the fact that the Committee is not so comprised will not invalidate any grant hereunder that
otherwise satisfies the terms of the Plan. If the Committee does not exist, or for any other
reason determined by the Board, the Board may take any action under the Plan that would otherwise
be the responsibility of the Committee or which the Committee would have the authority to take.

          (b) Committee’s Authority. The Committee shall have the authority to (i) exercise all
of the powers granted to it under the Plan, (ii) construe, interpret and implement the Plan and any
award certificates issued under the Plan, (iii) prescribe, amend and rescind rules and regulations
relating to the Plan, including rules governing its own operations, (iv) make all determinations
necessary or advisable in administering the Plan, (v) correct any defect, supply any omission and
reconcile any inconsistency in the Plan, and (vi) amend the Plan to reflect changes in applicable
law.

          (c) Committee Action; Delegation. Actions of the Committee shall be taken by the vote
of a majority of its members. Except as otherwise required by applicable law, any action may be
taken by a written instrument signed by a majority of the Committee members, and action so taken
shall be fully as effective as if it had been taken by a vote at a meeting. Notwithstanding the
foregoing or any other provision of the Plan, the Committee (or the Board acting instead of the
Committee), may delegate to one or more officers of the Company the authority to designate the
individuals (other than such officer(s)), among those eligible to receive awards pursuant to the
terms of the Plan, who will receive awards under the Plan and the size of each such award, to the
fullest extent permitted by applicable law, provided that the Committee

 

 

itself shall grant awards to those individuals who could reasonably be considered to be
subject to the insider trading provisions of section 16 of the 1934 Act.

          (d) Determinations Final. The determination of the Committee on all matters relating
to the Plan or any option under the Plan shall be final, binding and conclusive.

          (e) Limit on Committee Members’ Liability. No member of the Committee shall be liable
for any action or determination made in good faith with respect to the Plan or any option
thereunder.

     1.3 Persons Eligible for Options

          The persons eligible to receive options under the Plan are those individuals who are employees
of Telaurus immediately before the Purchase and who are offered employment with the Company or a
Company subsidiary in connection with the Purchase (“Transferred Employees”).

     1.4 Types of Awards Under Plan

          Awards may be made under the Plan in the form of (a) stock options that are not incentive
stock options within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”), (b) restricted stock and (c) restricted stock units. The term “award” means any of
the foregoing.

     1.5 Shares Available for Awards; Adjustments to Awards

          (a) Aggregate Number Available; Certificate Legends. Subject to adjustment as
provided under Section 1.5(c)(i) hereof, awards may be granted pursuant to the Plan with respect to
60,000 shares of common stock of the Company (“Common Stock”). Shares issued pursuant to the Plan
may be authorized but unissued shares of Common Stock, authorized and issued shares of Common Stock
held in the Company’s treasury or shares of Common Stock acquired by the Company for the purposes
of the Plan. The Committee may direct that any stock certificate evidencing shares issued pursuant
to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to
such shares.

          (b) Certain Shares to Become Available Again. The following shares of Common Stock
shall again become available for awards under the Plan: (i) any shares that are subject to an
option under the Plan and that remain unissued upon the cancellation or termination of such option
for any reason whatsoever, (ii) any shares of restricted stock that are forfeited pursuant to the
terms of the Plan or the award, provided that any dividends paid on such shares are also forfeited
and (iii) any shares that are subject to restricted stock units that remain unissued upon the
cancellation or termination of such award for any reason whatsoever.

          (c) Adjustments to Available Shares and Existing Options Upon Changes in Common Stock or
Certain Other Events. Upon certain changes in Common Stock or other corporate events, the
number of shares of Common Stock available for issuance under the Plan and that are the subject of
existing awards shall be adjusted or shall be adjustable, as follows:

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     (i) Shares Available for Grant. In the event of any change in the
number of shares of Common Stock outstanding by reason of any stock dividend or
split, reverse stock split, recapitalization, merger, consolidation, combination or
exchange of shares or similar corporate change, the maximum number of shares of
Common Stock with respect to which the Committee may grant options under paragraph
(a) above shall be appropriately adjusted by the Committee. In the event of any
change in the number of shares of Common Stock outstanding by reason of any other
event or transaction, the Committee may, but need not, make such adjustments in the
maximum number of shares of Common Stock with respect to which the Committee may
grant options under Section 1.5(a) hereof, as the Committee may deem appropriate in
its sole discretion.

     (ii) Outstanding Restricted Stock and Restricted Stock Units. Unless
the Committee in its absolute discretion otherwise determines, any securities or
other property (including dividends paid in cash) received by a grantee with respect
to a share of restricted stock which has not yet vested, as a result of any
dividend, stock split, reverse stock split, recapitalization, merger, consolidation,
combination, exchange of shares or otherwise, will not vest until such share of
restricted stock vests, and shall be promptly deposited with the Company.

     The Committee shall appropriately adjust outstanding grants of restricted stock
units to reflect any dividend, stock split, reverse stock split, recapitalization,
merger, consolidation, combination, exchange of shares or similar corporate change
in order to prevent the enlargement or dilution of rights of grantees.

     (iii) Outstanding Options — Increase or Decrease in Issued Shares Without
Consideration. Subject to any required action by the stockholders of the
Company, in the event of any increase or decrease in the number of issued shares of
Common Stock resulting from a subdivision or consolidation of shares of Common Stock
or the payment of a stock dividend (but only on the shares of Common Stock), or any
other increase or decrease in the number of such shares effected without receipt of
consideration by the Company, the Committee shall proportionally adjust the number
of shares of Common Stock subject to each outstanding option and the exercise
price-per-share of Common Stock of each such option.

     (iv) Outstanding Options — Certain Mergers. Subject to any required
action by the stockholders of the Company, in the event that the Company shall be
the surviving corporation in any merger or consolidation (except a merger or
consolidation as a result of which the holders of shares of Common Stock receive
securities of another corporation or cash), each option outstanding on the date of
such merger or consolidation shall pertain to and apply to the securities which a
holder of the number of shares of Common Stock subject to such option immediately
prior to such merger or consolidation would have received in such merger or
consolidation.

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     (v) Outstanding Options — Certain Other Transactions. In the event of
(1) a dissolution or liquidation of the Company, (2) a sale of all or substantially
all of the Company’s assets, (3) a merger or consolidation involving the Company in
which the Company is not the surviving corporation or (4) a merger or consolidation
involving the Company in which the Company is the surviving corporation but the
holders of shares of Common Stock receive securities of another corporation and/or
other property, including cash, the Committee shall, in its sole discretion, either:

     (A) cancel, effective immediately prior to the occurrence of such
event, each option outstanding immediately prior to such event (whether or
not then exercisable) and, in full consideration of such cancellation, pay
to the grantee to whom such option was granted an amount in cash, for each
share of Common Stock subject to such option, equal to the excess of (x) the
value, as determined by the Committee in its absolute discretion, of the
property (including cash) received by the holder of a share of Common Stock
as a result of such event over (y) the exercise price of such option; or

     (B) provide for the exchange of each option outstanding immediately
prior to such event (whether or not then exercisable) for an option on some
or all of the property which a holder of the number of shares of Common
Stock subject to such option immediately prior to such event would have
received as a result of such event and, incident thereto, make an equitable
adjustment as determined by the Committee in its sole discretion in the
exercise price of the option, or the number of shares or amount of property
subject to the option or, if appropriate, provide for a cash payment to the
grantee to whom such option was granted in partial consideration for the
exchange of the option.

     (vi) Outstanding Options — Other Changes. In the event of any change
in the capitalization of the Company or a corporate change other than those
specifically referred to in Section 1.5(c)(iii), (iv) or (v) hereof, the Committee
may, in its absolute discretion, make such adjustments in the number and class of
shares subject to options outstanding on the date on which such change occurs and in
the per-share exercise price of each such option as the Committee may consider
appropriate to prevent dilution or enlargement of rights. In addition, if and to
the extent the Committee determines it is appropriate, the Committee may elect to
cancel each option outstanding immediately prior to such event (whether or not then
exercisable), and, in full consideration of such cancellation, pay to the grantee to
whom such option was granted an amount in cash, for each share of Common Stock
subject to such option, equal to the excess of (x) the Fair Market Value of Common
Stock on the date of such cancellation over (y) the option exercise price of such
option.

     (vii) No Other Rights. Except as expressly provided in the Plan, no
grantee shall have any rights by reason of any subdivision or consolidation of

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shares of stock of any class, the payment of any dividend, any increase or
decrease in the number of shares of stock of any class or any dissolution,
liquidation, merger or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Common Stock subject to an option or the exercise price of any
option.

     1.6 Definitions of Certain Terms

          (a) The “Fair Market Value” of a share of Common Stock on any day shall be the closing price
on the Nasdaq Stock Exchange as reported for such day in The Wall Street Journal or, if no such
price is reported for such day, the average of the high bid and low asked price of Common Stock as
reported for such day. If no quotation is made for the applicable day, the Fair Market Value of a
share of Common Stock on such day shall be determined in the manner set forth in the preceding
sentence using quotations for the next preceding day for which there were quotations, provided that
such quotations shall have been made within the ten (10) business days preceding the applicable
day. In the event that none of the foregoing is applicable or, notwithstanding the foregoing, if
deemed necessary or appropriate by the Committee, the Fair Market Value of a share of Common Stock
on any day shall be determined by the Committee.

          (b) A grantee shall be deemed to have terminated employment upon (i) the date the grantee
ceases to be employed by the Company or any Company subsidiary, or any corporation (or any of its
subsidiaries) which assumes the grantee’s option in a transaction to which section 424(a) of the
Code applies; provided, however, that in the case of a grantee (x) who is, at the time of
reference, both an employee or consultant or advisor and a Board member, or (y) who ceases to be
engaged as an employee and immediately is engaged as a consultant, advisor or Board member of the
Company or any Company subsidiary or, the grantee shall be deemed to have a “termination of
employment” on the date the grantee terminates the last of such relationships with the Company.
For purposes of this Section 1.6(b), a grantee who continues his or her employment, consulting or
advisory relationship with a Company subsidiary subsequent to its sale by the Company, shall have a
termination of employment upon the date of such sale. The Committee may in its discretion
determine whether any leave of absence constitutes a termination of employment for purposes of the
Plan and the impact, if any, of any such leave of absence on awards theretofore made under the
Plan.

ARTICLE II

Awards Under the Plan

     2.1 Certificates Evidencing Awards

     Each award granted under the Plan shall be evidenced by a written certificate (an “award
certificate”) which shall contain such provisions as the Committee may in its sole discretion deem
necessary or desirable. By accepting an award pursuant to the Plan, a grantee thereby agrees that
the award shall be subject to all of the terms and provisions of the Plan and the applicable award
certificate.

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     2.2 Terms of Stock Options

          (a) Stock Option Grants. The Committee may grant options to purchase shares of Common
Stock from the Company, to such Transferred Employees, and in such amounts and subject to such
terms and conditions as the Committee shall determine in its sole discretion, subject to the
provisions of the Plan.

          (b) Option Exercise Price. Each option certificate with respect to an option shall
set forth the amount (the “option exercise price”) payable by the grantee to the Company upon
exercise of the option evidenced thereby. The option exercise price per share shall be determined
by the Committee in its sole discretion; provided, however, that the option exercise price shall be
at least 100% of the Fair Market Value of a share of Common Stock on the date the option is
granted, and provided further that in no event shall the option exercise price be less than the par
value of a share of Common Stock.

          (c) Exercise Period. Each option shall be exercisable as follows:

     (i) Ten-Year Limit. No stock option shall be exercisable more than 10
years after the date of grant.

     (ii) Beginning of Exercise Period. An option shall become exercisable
with respect to a number of whole shares as close as possible to 1/4 of the shares
subject to such option on each of the first four anniversaries of the date of grant.

     (iii) End of Exercise Period. Once an installment becomes exercisable,
it shall remain exercisable until the earlier of (A) the tenth anniversary of the
date of grant of the option or (B) the expiration, cancellation or termination of
the option.

     (iv) Timing and Extent of Exercise. An option may be exercised from
time to time as to all or part of the shares as to which such option is then
exercisable.

     (v) Termination of Employment — Generally. Except as otherwise
provided below or as may be determined by the Committee, a grantee whose employment
terminates may exercise any outstanding option on the following terms and
conditions: (A) exercise may be made only to the extent that the grantee was
entitled to exercise the option on the termination of employment date; and (B)
exercise must occur within three months after termination of employment but in no
event after the tenth anniversary of the grant date.

     (vi) Termination for Cause. If a grantee’s employment is terminated
for cause (as defined below), all options not theretofore exercised shall terminate
upon the commencement of business on the date of the grantee’s termination of
employment. For this purpose, cause shall mean the commission of any act of fraud,
embezzlement or dishonesty by the grantee, any unauthorized use or disclosure by
such person of confidential information or trade secrets of the Company (or any
parent or subsidiary), or any other intentional misconduct by

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such person adversely affecting the business or affairs of the Company (or any
parent or subsidiary) in a material manner.

     (vii) Disability. If a grantee’s employment is terminated by reason of
a disability (as defined below), then any outstanding option shall be exercisable on
the following terms and conditions: (A) exercise may be made only to the extent that
the grantee was entitled to exercise the option on the termination of employment
date; and (B) exercise must occur by the earlier of (I) the first anniversary of the
grantee’s termination of employment, or (II) the tenth anniversary of the grant
date. For this purpose “disability” shall mean the inability of the grantee to
engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment expected to result in death or to be of continuous
duration of twelve (12) months or more.

     (viii) Death.

     (A) Termination of Employment as a Result of Grantee’s Death.
If a grantee’s employment terminates as the result of death, then any
outstanding option shall be exercisable on the following terms and
conditions: (I) exercise may be made only to the extent that the grantee was
entitled to exercise the option on the date of death; and (II) exercise must
occur by the earlier of (1) the first anniversary of the grantee’s date of
death, or (2) the tenth anniversary of the grant date.

     (B) Death Subsequent to a Termination of Employment. If a
grantee dies subsequent to terminating employment but prior to the
expiration of the exercise period with respect to a stock option, then the
option shall remain exercisable until the earlier to occur of (I) the first
anniversary of the grantee’s date of death or (II) the tenth anniversary of
the grant date.

     (C) Restrictions on Exercise Following Death. Any such
exercise of an option following a grantee’s death shall be made only by the
grantee’s executor or administrator or other duly appointed representative
reasonably acceptable to the Committee, unless the grantee’s will
specifically disposes of such option, in which case such exercise shall be
made only by the recipient of such specific disposition. If a grantee’s
personal representative or the recipient of a specific disposition under the
grantee’s will shall be entitled to exercise any option pursuant to the
preceding sentence, such representative or recipient shall be bound by all
the terms and conditions of the Plan and the applicable option certificate
which would have applied to the grantee.

     2.3 Exercise of Options

     Subject to the other provisions of this Article II, each option granted under the Plan shall
be exercisable as follows:

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          (a) Notice of Exercise. An option shall be exercised by providing notice to the
Company or the Company’s designated exchange agent (the “exchange agent”), in such form and in such
manner as the Committee shall prescribe.

          (b) Payment of Exercise Price. Any written notice of exercise of an option shall be
accompanied by payment for the shares being purchased. Such payment shall be made by one or more
of the following methods: (i) by certified or official bank check (or the equivalent thereof
acceptable to the Company or its exchange agent); (ii) by delivery of shares of Common Stock owned
by the grantee (whether acquired by option exercise or otherwise, provided that if such shares were
acquired pursuant to the exercise of a stock option, they were acquired at least six months prior
to the option exercise date or such other period as the Committee may from time to time determine
in its sole discretion) having a Fair Market Value (determined as of the exercise date) equal to
all or part of the option exercise price; or (iii) to the extent permitted by law, a brokered
cashless exercise.

          (c) Delivery of Certificates Upon Exercise. Promptly after receiving payment of the
full option exercise price, the Company or its exchange agent shall deliver to the grantee or to
such other person as may then have the right to exercise the option, a certificate or certificates
for the shares of Common Stock for which the option has been exercised. In the case of a brokered
cashless exercise, a grantee may direct the Company, or its exchange agent, as the case may be, to
deliver the stock certificate(s) to the grantee’s stockbroker.

          (d) No Stockholder Rights. No grantee of an option (or other person having the right
to exercise such option) shall have any of the rights of a stockholder of the Company with respect
to shares subject to such option until the issuance of a stock certificate to such person for such
shares. Except as otherwise provided in Section 1.5(c) hereof, no adjustment shall be made for
dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash,
securities or other property) for which the record date is prior to the date such stock certificate
is issued.

     2.4 Compensation in Lieu of Exercise of an Option

     The Committee in its sole discretion may determine to substitute, for the exercise of such
option, compensation to the grantee not in excess of the difference between the option exercise
price and the Fair Market Value of the shares covered by such written application on the date of
such application. Such compensation shall be in shares of Common Stock, and the payment thereof
may be subject to conditions, all as the Committee shall determine in its sole discretion. In the
event compensation is substituted pursuant to this Section 2.4 for the exercise, in whole or in
part, of an option, the number of shares subject to the option shall be reduced by the number of
shares for which such compensation is substituted.

     2.5 Transferability of Options

     No option shall be assignable or transferable otherwise than (i) by will or by the laws of
descent and distribution, or (ii) to (A) the grantee’s spouse, children or grandchildren
(“immediate family members”) or (B) a trust or trusts for the exclusive benefit of such

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immediate family members. Any such transferred options shall continue to be subject to the
same terms and conditions as were applicable immediately prior to the transfer.

     2.6 Restricted Stock

          (a) Restricted Stock Grants. The Committee may grant restricted shares of Common
Stock to such Transferred Employees, in such amounts and subject to such terms and conditions as
the Committee shall determine in its absolute discretion, subject to the provisions of the Plan. A
grantee of a restricted stock award shall have no rights with respect to such award unless such
grantee accepts the award within such period as the Committee shall specify by accepting delivery
of an award certificate in such form as the Committee shall determine and, in the event the
restricted shares are newly issued by the Company, makes payment to the Company or its exchange
agent in an amount at least equal to the par value of the shares as required by the Committee and
in accordance with the applicable Delaware law.

          (b) Issuance of Stock Certificate(s). Promptly after a grantee accepts a restricted
stock award, the Company or its exchange agent shall issue to the grantee a stock certificate or
stock certificates for the shares of Common Stock covered by the award or shall establish an
account evidencing ownership of the stock in uncertificated form. Upon the issuance of such stock
certificate(s) or establishment of such account, the grantee shall have the rights of a shareholder
with respect to the restricted stock, subject to: (i) the nontransferability restrictions and
forfeiture provision described in Sections 2.6(d) and 2.6(e) below; (ii) in the Committee’s
absolute discretion, a requirement that any dividends paid on such shares shall be held in escrow
until all restrictions on such shares have lapsed; and (iii) any other restrictions and conditions
contained in the applicable award certificate.

          (c) Custody of Stock Certificate(s). Unless the Committee shall otherwise determine,
any stock certificates issued evidencing shares of restricted stock shall remain in the possession
of the Company until such shares are free of any restrictions specified in the applicable award
certificate. The Committee may direct that such stock certificate(s) bear a legend setting forth
the applicable restrictions on transferability and that any such account include electronic coding
indicating such restrictions.

          (d) Nontransferability/Vesting. Shares of restricted stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as otherwise specifically
provided in the Plan or the applicable award certificate. The nontransferability of the restricted
stock granted to a Transferred Employee shall lapse with respect to a number of restricted shares
as close as possible to
1/3 of the total number of restricted shares granted to such individual on
each of the first three anniversaries of the date of grant.

          (e) Forfeiture Upon Termination of Employment. Except as may otherwise be provided by
the Committee at any time prior to a grantee’s termination of employment, a grantee’s termination
of employment for any reason (including death) shall cause the immediate forfeiture of all unvested
shares of restricted stock as of the date of such termination of employment. Unless the Committee
determines otherwise, all dividends paid on such shares also shall be forfeited, whether by
termination of any escrow arrangement under which such dividends are held, by the grantee’s
repayment of dividends received directly, or otherwise.

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     2.7 Restricted Stock Units

          (a) Restricted Stock Unit Grants. The Committee may grant restricted stock units to
such Transferred Employees, in such amounts, and subject to such terms and conditions as the
Committee shall determine in its discretion, subject to the provisions of the Plan. A grantee of
restricted stock units shall have no rights with respect to such award unless such grantee accepts
the award within such period as the Committee shall specify by accepting delivery of an award
certificate in such form as the Committee shall determine. A restricted stock unit entitles the
grantee to receive a share of Common Stock on the date that such restricted stock unit vests.

          (b) Nontransferability/Vesting. Restricted stock units may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as otherwise specifically
provided in this Plan or the applicable award certificate. A number of restricted stock units as
close as possible to
1/3 of the total number of restricted stock units granted to a Transferred
Employee shall vest on each of the first three anniversaries of the date of grant.

          (c) Consequence of Termination of Employment. Except as may otherwise be provided by
the Committee at any time prior to a grantee’s termination of employment, a grantee’s termination
of employment for any reason (including death) shall cause the immediate forfeiture of all
restricted stock units that have not yet vested as of the date of such termination of employment.

ARTICLE III

Miscellaneous

     3.1 Amendment of the Plan; Modification of Options

          (a) Amendment of the Plan. The Board may from time to time suspend, discontinue,
revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially
impair any rights or materially increase any obligations under any award theretofore made under the
Plan without the consent of the grantee (or, upon the grantee’s death, the person having the right
to exercise the option). For purposes of this Section 3.1, any action of the Board or the
Committee that in any way alters or affects the tax treatment of any award or that in the sole
discretion of the Board is necessary to prevent an award from being subject to tax under Section
409A of the Code shall not be considered to materially impair any rights of any grantee.

          (b) Modification of Awards. The Committee in its sole discretion may cancel any award
under the Plan. The Committee in its sole discretion also may amend any outstanding award
certificate, including, without limitation, by amendment which would: (i) accelerate the time or
times at which an award vests or may be exercised; (ii) waive or amend any goals, restrictions or
conditions set forth in the award certificate; or (iii) waive or amend any applicable provision of
the Plan or award certificate with respect to the termination of the award upon termination of
employment. However, any such cancellation or amendment (other than an amendment pursuant to
Section 1.5(c) hereof) that materially impairs the rights or materially increases the obligations
of a grantee under an outstanding award shall be made only with the

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consent of the grantee (or, upon the grantee’s death, the person having the right to exercise
the option).

     3.2 Consent Requirement

          (a) No Plan Action Without Required Consent. If the Committee shall at any time
determine that any consent (as hereinafter defined) is necessary or desirable as a condition of, or
in connection with, the granting of any award under the Plan, the issuance or purchase of shares or
exercise of other rights hereunder, or the taking of any other action hereunder (each such action
being hereinafter referred to as a “Plan action”), then such Plan action shall not be taken or
permitted, in whole or in part, unless and until such consent shall have been effected or obtained
to the full satisfaction of the Committee.

          (b) Consent Defined. The term “consent” as used herein with respect to any Plan
action means (i) any and all listings, registrations or qualifications in respect thereof upon any
securities exchange or under any federal, state or local law, rule or regulation; (ii) any and all
written agreements and representations by the grantee with respect to the disposition of shares, or
with respect to any other matter, which the Committee shall in its sole discretion deem necessary
or desirable to comply with the terms of any such listing, registration or qualification or to
obtain an exemption from the requirement that any such listing, qualification or registration be
made; and (iii) any and all consents, clearances and approvals in respect of a Plan action by any
governmental or other regulatory bodies.

     3.3 Requirement of Notification of Election Under Section 83(b) of the Code

     If any grantee shall, in connection with the acquisition of shares of Common Stock under the
Plan, make the election permitted under section 83(b) of the Code (i.e., an election to include in
gross income in the year of transfer the amounts specified in section 83(b)), such grantee shall
notify the Company of such election within 10 days of filing notice of the election with the
Internal Revenue Service, in addition to any filing and notification required pursuant to
regulations issued under the authority of Code section 83(b).

     3.4 Withholding Taxes

          (a) With Respect to Cash Payments. Whenever cash is to be paid pursuant to an award
under the Plan, the Company shall be entitled to deduct therefrom an amount sufficient in its
opinion to satisfy all federal, state and other governmental tax withholding requirements related
to such payment.

          (b) With Respect to Delivery of Common Stock. Whenever shares of Common Stock are to
be delivered pursuant to an award under the Plan, the Company shall be entitled to require as a
condition of delivery that the grantee remit to the Company an amount sufficient in the opinion of
the Company to satisfy all federal, state and other governmental tax withholding requirements
related thereto. With the approval of the Committee, which the Committee shall have sole
discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to
have the Company withhold from delivery shares having a value equal to the amount of tax to be
withheld. Such shares shall be valued at their Fair Market Value as of the date on which the
amount of tax to be withheld is determined. Fractional share

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amounts shall be settled in cash. Such a withholding election may be made with respect to all
or any portion of the shares to be delivered pursuant to an award.

     3.5 Right of Discharge Reserved

     Nothing in the Plan or in any option certificate shall confer upon any grantee the right to
continue employment with the Company or affect any right which the Company may have to terminate
such employment.

     3.6 Nature of Payments

          (a) Consideration for Services Performed. Any and all grants of awards and issuances
of shares of Common Stock under the Plan shall be as an inducement for the grantee to accept
employment with the Company.

          (b) Not Taken into Account for Benefits. All such grants and issuances shall
constitute a special incentive payment to the grantee and shall not be taken into account in
computing the amount of salary or compensation of the grantee for the purpose of determining any
benefits under any pension, retirement, profit-sharing, bonus, life insurance or other benefit plan
of the Company or under any agreement between the Company and the grantee, unless such plan or
agreement specifically otherwise provides.

     3.7 Non-Uniform Determinations

     The Committee’s determinations under the Plan need not be uniform and may be made by it
selectively among persons who receive, or who are eligible to receive, awards under the Plan
(whether or not such persons are similarly situated). Without limiting the generality of the
foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective
determinations, and to enter into non-uniform and selective award certificates, as to (a) the
persons to receive awards under the Plan, (b) the terms and provisions of awards under the Plan,
and (c) the treatment of leaves of absence pursuant to Section 1.6(b) hereof.

     3.8 Other Payments or Awards

     Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from
making any award or payment to any person under any other plan, arrangement or understanding,
whether now existing or hereafter in effect.

     3.9 Headings

     Any section, subsection, paragraph or other subdivision headings contained herein are for the
purpose of convenience only and are not intended to expand, limit or otherwise define the contents,
meaning or interpretation of any thereof.

12

 

     3.10 Effective Date and Term of Plan

          (a) Effective Date. The Plan shall be effective as of the consummation of the
Purchase. In the event that the Purchase is not completed, the Plan and all awards hereunder shall
be null and void.

          (b) Termination of Plan. No awards shall be granted under the Plan more than 90 days
after the consummation of the Purchase. All awards made under the Plan prior to its termination
shall remain in effect until such awards have been satisfied or terminated in accordance with the
terms and provisions of the Plan and the applicable award certificates.

     3.11 Restriction on Issuance of Stock Pursuant to Awards

     The Company shall not permit any shares of Common Stock to be issued pursuant to awards
granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under
applicable law.

     3.12 Governing Law

     Except to the extent preempted by any applicable federal law, the Plan will be construed and
administered in accordance with the laws of Delaware, without giving effect to principles of
conflict of laws.

13Exhibit 10.1

Exhibit 10.1

[Execution Copy]

ALLIANCE AGREEMENT

dated as of February 7, 2007

between

FUELCELL ENERGY, INC.

and

POSCO POWER

Confidential treatment requested as to certain portions of this exhibit marked with an *. Such
portions have been redacted and filed separately with the SEC.

 

 

 

	 	 	 	 	 
	ARTICLE I
DEFINITIONS
	 	 	2	 
	SECTION 1.1. Certain Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II
THE ALLIANCE
	 	 	5	 
	SECTION 2.1. Alliance Scope
	 	 	5	 
	SECTION 2.2. License and Distribution Rights
	 	 	6	 
	SECTION 2.3. Additional Agreements
	 	 	6	 
	SECTION 2.4. Mutual Covenants
	 	 	6	 
	SECTION 2.5. FCE Obligations
	 	 	7	 
	SECTION 2.6. POSCO Power Obligations
	 	 	8	 
	SECTION 2.7. Fuel Cell Stack Module Order Requirements
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III
REPRESENTATIONS AND WARRANTIES
	 	 	10	 
	SECTION 3.1. Representations and Warranties of FCE
	 	 	10	 
	SECTION 3.2. Representations and Warranties of POSCO Power
	 	 	11	 
	 
	 	 	 	 
	ARTICLE IV
CERTAIN COVENANTS
	 	 	12	 
	SECTION 4.1. Post-Execution Covenants
	 	 	12	 
	 
	 	 	 	 
	ARTICLE V
TERM AND TERMINATION
	 	 	13	 
	SECTION 5.1. Term
	 	 	13	 
	SECTION 5.2. Extension
	 	 	13	 
	SECTION 5.3. Termination
	 	 	13	 
	SECTION 5.4. Effect of Termination; Survival
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VI
DISPUTES AND ARBITRATION
	 	 	14	 
	SECTION 6.1. Efforts to Resolve by Mutual Agreement
	 	 	14	 
	SECTION 6.2. Arbitration
	 	 	15	 
	SECTION 6.3. Limitation on Recoverable Damages
	 	 	15	 
	SECTION 6.4. Specific Performance
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VII
CONFIDENTIALITY
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VIII
INDEMNIFICATION
	 	 	16	 
	SECTION 8.1. Claims
	 	 	16	 
	SECTION 8.2. Indemnification by POSCO
	 	 	16	 
	SECTION 8.3. Indemnification by FCE
	 	 	17	 
	SECTION 8.4. Indemnification Procedure
	 	 	17	 

 

 

 

	 	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	17	 
	SECTION 9.1. Certain Expenses
	 	 	17	 
	SECTION 9.2. Independent Contractors
	 	 	17	 
	SECTION 9.3. Entire Agreement
	 	 	18	 
	SECTION 9.4. Amendments; Waiver
	 	 	18	 
	SECTION 9.5. Binding Nature; Assignment
	 	 	18	 
	SECTION 9.6. No Third Party Beneficiaries
	 	 	18	 
	SECTION 9.7. Notices
	 	 	19	 
	SECTION 9.8. Publicity
	 	 	19	 
	SECTION 9.9. Use of Name
	 	 	20	 
	SECTION 9.10. Severability
	 	 	20	 
	SECTION 9.11. Governing Law
	 	 	20	 
	SECTION 9.12. Counterparts
	 	 	20	 

	 	 	 
	Exhibits	 	 
	 
	 	 
	Exhibit A:

	 	Securities Purchase Agreement
	Exhibit B:

	 	Technology Transfer, License and Distribution Agreement
	Exhibit C:

	 	Form of DOE Approval
	Exhibit D:

	 	Form of MTU Consent
	Exhibit E:

	 	Form of Marubeni Settlement

	 	 	 
	Schedules	 	 
	 
	 	 
	Schedule A:

	 	POSCO Affiliates
	Schedule B:

	 	Non-Exclusive Territory

 

 

 

ALLIANCE AGREEMENT

THIS ALLIANCE AGREEMENT (this “Agreement”), dated as of February 7, 2007, is made
and entered into by and between FUELCELL ENERGY, INC., a Delaware corporation having a place of
business at 3 Great Pasture Rd., Danbury, Connecticut 06813, U.S.A.
(“FCE”) and POSCO
POWER, a Korean corporation having a place of business at Dacom Building 10th Floor, 706-1
Yeoksam-dong, Kangnam-gu, Seoul 135-987, Korea (“POSCO
Power”).

RECITALS:

A. FCE manufactures and sells, directly and indirectly through a third party distributor,
the FCE Products throughout the world.

B. POSCO Power and FCE have determined that it is in their best interest to have POSCO
Power to sell, import, distribute, maintain, service and/or repair the FCE Products in the
Korean Market and in the Non-Exclusive Territory, in accordance with the terms and conditions of
the Technology Transfer Agreement.

C. FCE desires to provide POSCO Power with, and POSCO Power desires to obtain, all relevant
technology and “know-how” and licenses and other assistance necessary for POSCO Power and POSCO
Affiliates to construct, assemble, manufacture, use, sell, import, distribute, maintain, service
and/or repair the POSCO Products and POSCO Parts, all in accordance with the terms and
conditions of the Technology Transfer Agreement.

D. FCE and POSCO Power also have determined that it is mutually beneficial for FCE to issue
and sell, and POSCO Power to purchase, such number of shares of the common stock of FCE in an
amount equal to US$29,000,000, in accordance with the terms of the Securities Purchase
Agreement.

E. In order to effectuate the purpose of this Agreement, POSCO Power intends to use
commercially reasonable efforts to establish a company in Korea, which will be a Subsidiary of
POSCO Power (“NewCo”), to construct, assemble, manufacture, use, sell import,
distribute, maintain, service and/or repair the POSCO Products and POSCO Parts within two years
from the Effective Date.

F. In connection with the transactions contemplated in this Agreement, FCE and POSCO
entered into the Memorandum of Agreement on January 10, 2007.

G. Simultaneously herewith, the parties hereto have entered into the Securities Purchase
Agreement and the Technology Transfer Agreement.

 

1

 

ARTICLE I

DEFINITIONS

SECTION 1.1. Certain Definitions.

As used in this Agreement, the capitalized terms set forth below shall have the following
respective meanings:

“Additional Term” shall have the meaning set forth in Section 5.2.

“Agreement” shall mean this Alliance Agreement, as it may be amended, modified or
supplemented from time to time in accordance with its terms.

“Applicable Laws” shall mean all applicable laws, treaties, ordinances, judgments,
decrees, injunctions, writs, orders, rules, regulations, orders, interpretations and permits of
any Governmental Authority.

“BOP” shall have the meaning set forth in the Technology Transfer Agreement.

“Claim” shall have the meaning set forth in Section 8.1.

“Contract” shall mean any contract, lease, sales order, purchase order, agreement,
indenture, mortgage, note, bond, warrant or instrument.

“Customer” shall mean any Person (wherever located) who has contracted with POSCO
Power for the purchase of electric power pursuant to a power supply agreement or the purchase or
lease of a DFC Power Plant.

“Damages” shall have the meaning set forth in Section 8.2.

“Dispute” shall have the meaning set forth in Section 6.1.

“DFC Power Plant” shall have the meaning set forth in the Technology Transfer
Agreement.

“DOE
Approval” shall have the meaning set forth in Section 4.1(a).

“Effective Date” shall mean the date that is no later than thirty (30) days from
the date hereof on which all the obligations of FCE set forth in Section 4.1(a), 
(b) and (f) have been satisfied or waived.

“Facility” shall mean the site at which the DFC Power Plant will be installed and
operated by the end user.

“FCE” shall have the meaning set forth in the preamble.

“FCE Products” shall have the meaning set forth in the Technology Transfer Agreement.

 

2

 

“FCE Technology” shall have the meaning set forth in the Technology Transfer
Agreement.

“Force Majeure” shall mean unforeseen circumstances beyond the reasonable control
and without the fault or negligence of either party and which such party is unable to prevent or
provide against by the exercise of reasonable diligence including, but not limited to, acts of
God, any acts or omissions of any civil or military authority, earthquakes, strikes or other
labor disturbances, wars (declared or undeclared), terrorist and similar criminal acts,
epidemics, civil unrest and riots.

“Fuel Cell Stack Module” shall have the meaning set forth in the Technology
Transfer Agreement.

“Governmental Authority” shall mean any supranational, national, federal, state,
municipal or local government or quasi-governmental or regulatory authority (including a
national securities exchange or other self-regulatory body), agency, court, commission or other
similar entity, domestic or foreign.

“Governmental Order” shall mean any order, writ, judgment, injunction, decree,
stipulation, determination or award entered by or with any Governmental Authority.

“ICC” shall have the meaning set forth in Section 6.2.

“Indemnified Party” shall have the meaning set forth in Section 8.4.

“Indemnifying Party” shall have the meaning set forth in Section 8.4.

“Initial Term” shall have the meaning set forth in Section 5.1.

“Korean Company” shall have the meaning set forth in the Technology Transfer
Agreement.

“Korean Market” shall have the meaning set forth in the Technology Transfer Agreement.

“Legal Proceeding” shall mean any judicial, administrative or arbitral action, suit
or proceeding (whether public or private and whether civil, criminal or administrative) by or
before any court or other Governmental Authority.

“Long Term Service Agreement” or “LTSA” shall have the meaning set forth in
the Technology Transfer Agreement.

“Marubeni” shall mean Marubeni Corporation, a Japanese corporation having its
principal office at 4-2 Ohtemachi-I-Chome, Dhiyoda-ku, Tokyo, Japan.

“Marubeni Distribution Right” shall have the meaning set forth in Section 4.1(f).

“Marubeni Settlement” shall have the meaning set forth in Section 4.1(f).

 

3

 

“Memorandum of Agreement” shall mean that certain Memorandum of Agreement dated
January 10, 2007 between FCE and POSCO.

“MTU” shall mean MTU CFC SOLUTIONS, GmbH, a German limited liability entity.

“MTU Consent” shall have the meaning set forth in Section 4.1(b).

“MTU-FCE BOP License” shall mean the license agreement between MTU and FCE dated
July 16, 1998, for the cross licensing of certain balance of plant technology.

“NewCo” shall have the meaning set forth in the Recitals.

“NewCo
Stock” shall have the meaning set forth in Section 2.5(g).

“New DFC-Based Products” shall mean, as currently designated by FCE, the “DFC/T
Products” and the “DFC/H2 Products,” and any modifications and derivation in whole or in part of
thereof, regardless of designation.

“New DFC-Based Technology” shall mean all technical information, know-how,
inventions (whether patented or not) or trade secrets, which relate to the New DFC-Based
Products.

“New POSCO Parts” shall mean any parts or components of the New POSCO Products
other than the Fuel Cell Stack Module.

“New POSCO Products” shall mean any products, regardless of designation, which is
the same as, or modification or derivation in whole or in part of the New DFC Based-Products.

“Non-Exclusive Territory” shall mean the jurisdictions listed in Schedule B
attached hereto, it being understood and agreed that additional jurisdictions may be
added, as mutually agreed by the parties from time to time.

“Person” shall mean any natural person, firm, partnership, association,
corporation, company, joint venture, trust, business trust, Governmental Authority or other
entity.

“POSCO Affiliate” shall have the meaning set forth in the Technology Transfer
Agreement, a list of which is set forth in Schedule A attached hereto.

“POSCO Power Facility Completion Date” shall have the meaning set forth in
Section 2.6(a).

“POSCO Power Facility” shall mean the factory constructed by POSCO Power at which
POSCO Parts are manufactured and POSCO Products are assembled.

“POSCO Technology” shall have the meaning set forth in the Technology Transfer
Agreement.

 

4

 

“Purchase Order” shall have the meaning set forth in the Technology Transfer
Agreement.

“Rules” shall have the meaning set forth in Section 6.2.

“SEC Documents” shall mean any and all reports required to be filed by FCE under
the U.S. Securities Act of 1933 and Exchange Act of 1934, as amended, including all exhibits and
financial statements and other documents incorporated by reference therein.

“Securities Purchase Agreement” shall mean that certain Securities Purchase
Agreement dated as of the date hereof between FCE and POSCO, in the form attached hereto as 
Exhibit A.

“Subsidiary” shall mean, with respect to any Person (for the purposes of this
definition, the “parent”), any other Person (other than a natural person), whether incorporated
or unincorporated, of which at least a majority of the securities or ownership interests having
by their terms ordinary voting power to elect or appoint a majority of the board of directors,
senior management or other persons performing such similar functions is directly or indirectly
owned by the parent or by one or more of its respective Subsidiaries or by the parent and any
one or more of its respective Subsidiaries.

“Technology Transfer Agreement” shall mean that certain Technology Transfer,
License and Distribution Agreement dated as of the date hereof between FCE and POSCO, in the
form attached hereto as Exhibit B.

“Technology Transfer Program” or “TTP” shall have the meaning set forth in the
Technology Transfer Agreement.

“Term” shall have the meaning set forth in Section 5.2.

“Transaction Agreements” shall mean this Agreement, the Securities Purchase
Agreement and the Technology Transfer Agreement, and any other documents or agreements to
effectuate the transactions contemplated herein.

ARTICLE II

THE ALLIANCE

SECTION 2.1. Alliance Scope. The scope of this Alliance Agreement shall be limited
to the FCE Products and FCE Technology, except to the extent the New DFC-Based Products and the
New DFC-Based Technology are addressed in Section 2.2(b). Each party shall have the
right to pursue any opportunities that are not in conflict with or expressly subject to the
provisions of this Agreement in the same manner in which it has previously pursued such
opportunities or in any other manner in such party’s own discretion, including, without
limitation, entering into a partnership, alliance, distribution or other sales and marketing
arrangements with any third party.

 

5

 

SECTION 2.2. License and Distribution Rights.

(a) FCE Technology; FCE Products, POSCO Parts and POSCO Products. FCE, in
consideration of payments and other amounts payable as specified in this Agreement and the other
Transaction Agreements, agrees to grant to POSCO Power, and POSCO Power agrees to accept,
certain licenses and distribution rights with respect to the FCE Technology, FCE Products, POSCO
Parts and POSCO Products, it being understood and agreed that FCE shall not, during
the Term, grant any right or license in or relating to the FCE Technology or FCE Products to any
other Korean Companies, or grant any new distribution rights in respect of the Korean Market or
renew any existing distribution rights in respect of the Korean Market, all in accordance with,
and subject to, the terms and conditions of the Technology Transfer
Agreement.

(b) New DFC-Based Technology and New DFC-Based Products. FCE agrees that it
(i) will provide to POSCO Power the New DFC-Based Technology during the Term and (ii) will grant
to POSCO Power certain exclusive and non-exclusive distribution rights with respect to, and
licenses to use the New DFC-Based Technology for POSCO Power and/or POSCO Affiliates to
construct, assemble, manufacture, sell, use, import, distribute, maintain, service and/or
repair, the New DFC-Based Products in the Korean Market and to sell, use, import, distribute,
maintain, service and/or repair the New DFC-Based Products in the Non-Exclusive Territory, when
such technology is developed and such products and parts are commercialized by FCE, on terms and
conditions, including compensation, to be mutually agreed in a separate agreement, using their
commercially reasonable good faith efforts, it being understood and agreed that FCE
will not grant any right or license in or relating to the New DFC-Based Technology and New
DFC-Based Products to any other Korean Company during the Term, as long as POSCO Power is using
commercially reasonable efforts to actively and diligently commercialize the New DFC-Based
Technology in the Korean Market.

(c) POSCO Power agrees that it will grant to FCE certain licenses and rights with respect
to the POSCO Technology developed by POSCO Power or any POSCO Affiliate, in accordance with and
subject to the terms and conditions of the Technology Transfer Agreement, and on terms and
conditions, including compensation, to be mutually agreed in a separate agreement using their
commercially reasonable good faith efforts.

SECTION 2.3. Additional Agreements. Simultaneously with the execution of this
Agreement, and subject to the terms hereof, the parties shall enter into the Technology Transfer
Agreement and the Securities Purchase Agreement, and, within sixty (60) days of thereof, the
parties shall use commercially reasonable efforts to finalize the terms and conditions of the
Technology Transfer Program, LTSA and the Purchase Order. In addition, from time to time, the
parties shall use commercially reasonable efforts to enter into any other agreements, as needed,
to effectuate the purposes of this Agreement.

SECTION 2.4. Mutual Covenants.

(a) Cooperation; Alliance Management. The parties shall use commercially reasonable
good faith efforts to cooperate with each other to effectuate the transactions contemplated by
this Agreement and any other Transaction Agreements. In order to ensure such cooperation, each
of the parties shall designate at least two representatives for the purpose of coordinating the
implementation and performance of this Agreement and the other Transaction Agreements. The
representatives shall meet on a quarterly basis and on an as needed basis at the request of
either party.

 

6

 

(b) Good Faith and Fair Dealing. Each of the parties acknowledges and agrees that
all aspects of the performance by the parties under the terms of this Agreement and the other
Transaction Agreements, and all other dealings between the parties in connection therewith,
shall be governed by the principle of good faith and fair dealing. Further, each party agrees
that it will perform its functions under this Agreement and the other Transaction Agreements in
cooperation with the other party and in accordance with prevailing industry standards.

(c) Reputation. Each of the parties agrees to conduct its respective businesses
prudently and in a manner that does not attract unfavorable publicity, a negative reputation in
the energy industry or enforcement activity by a Governmental Authority having jurisdiction over
POSCO Power or FCE, which in each case would be reasonably expected to have a material adverse
effect on the transactions contemplated herein.

(d) Compliance. Each of the parties shall comply with all Applicable Laws relating
to its activities contemplated by this Agreement and the other Transaction Agreements. In
performing their respective obligations under this Agreement and the other Transaction
Agreements, neither party shall be required to undertake any activity that would violate any
Applicable Laws. In addition, each of the parties shall, at its own cost and expense, obtain and
maintain any and all licenses and registrations, and cause each of its employees to obtain any
and all licenses and registrations, that are necessary or, in such party’s reasonable
discretion, desirable in the performance of the services to be provided by such party pursuant
to this Agreement and the other Transaction Agreements.

SECTION 2.5. FCE Obligations.

(a) Technical Assistance, Advertising and Marketing. FCE shall provide commercially
reasonable good faith technical assistance and support in connection with POSCO Power’s
performance of the transactions contemplated hereby in accordance with the terms and conditions
of the Technology Transfer Agreement, including the Technology Transfer Program. FCE shall, at
its own cost, provide commercially reasonable good faith support to POSCO Power’s marketing and
sales activities, including, but not limited to, supplying information to POSCO Power for POSCO
Power to prepare general marketing materials.

(b) FCE Product Literature and Marketing Materials. FCE shall provide POSCO Power
with (i) appropriate instructions regarding the use of the FCE Products, including, but not
limited to, warning labels, disclaimers of warranty and any other related documentation,
(ii) available literature, data, price lists, promotional materials, or any other similar
materials regarding the FCE Products, (iii) documents to manufacture, install, service and
repair the FCE Products, POSCO Products and POSCO Parts in accordance with the terms and
conditions of the Technology Transfer Agreement, including the Technology Transfer Program and
(iv) (A) preventative maintenance procedures for the FCE Products, (B) suggested and necessary
repair parts and (C) estimated prices and replacements schedules for standard wear and tear
items, in accordance with the terms and conditions of the Technology Transfer Agreement,
including the Technology Transfer Program. Any materials provided in accordance with this 
Section 2.5(b) shall be in the English language. POSCO Power shall have the right to
reproduce the materials and, where appropriate, translate such materials into other languages.

 

7

 

(c) Referrals. FCE agrees to refer to POSCO Power all demonstration projects or
orders from any Korean company for FCE Products to be sited in the Korean Market.

(d) Inspection and Testing. FCE shall provide from time to time to POSCO Power the
acceptance criteria that must be met or exceeded at either the FCE factory and at each Facility
before POSCO Power and/or its Customers will be deemed to have accepted delivery of the relevant
FCE Product.

(e) Construction and Installation Duties. FCE shall advise POSCO Power with respect
to the determination and design of site requirements, permitting, grid interface and controlled
designs, BOP, installation, start-up services, training and data collection for DFC Power
Plants.

(f) Performance Standards. Each Purchase Order will set forth the design
specifications for the FCE Products ordered thereby.

(g) Transfer of NewCo Stock. In the event FCE desires to transfer to any third
party all or any portion of the capital stock of NewCo (the “NewCo Stock”) received as
royalties pursuant to the Technology Transfer Agreement, FCE shall deliver to POSCO Power within
thirty (30) days prior to the proposed date of transfer a written notice setting forth the price
and any other relevant terms of its proposed transfer of such NewCo Stock. POSCO Power shall
then be entitled to purchase all or any portion of such NewCo Stock proposed to be transferred
on the same terms and conditions set forth in the notice provided by FCE, by delivering notice
to FCE within fifteen (15) days of notice from FCE of such proposed transfer. To the extent that
any portion of the NewCo Stock is not purchased pursuant to the terms in this clause, the
proposed transfer may proceed so long as such transfer is effected in accordance with Applicable
Law, and, in which case, POSCO Power shall provide commercially reasonable assistance to FCE to
effect the sale of NewCo Stock.

SECTION 2.6. POSCO Power Obligations.

(a) Completion of POSCO Power Facility. POSCO Power shall use its commercially
reasonable efforts to complete the construction of the POSCO Power Facility within two (2) years
of the Effective Date (the “POSCO Power Facility Completion
Date”); provided, however, that the failure by POSCO Power to complete such construction by the POSCO
Power Facility Completion Date shall not be considered a material breach or failure of this
Agreement (including Article IV ) or any other Transaction Agreement.

(b) Manufacturing, Marketing and Sale of FCE Products. POSCO Power shall, at its
sole expense, use its commercially reasonable good faith efforts to manufacture, promote,
market, distribute, sell or otherwise commercialize the BOP technology in the Korean Market and
distribute, sell, or otherwise commercialize the BOP technology in the Non-Exclusive Territory,
in accordance with the terms of this Agreement and the other Transaction Agreements. POSCO Power
shall comply with all FCE Product quality measures provided by FCE to POSCO Power from time to
time.

 

8

 

(c) Marketing Plan. POSCO Power, at its sole expense, agrees to develop a marketing
plan to advertise, promote and publicize the FCE Products in the Korean Market.

(d) Service Capability. POSCO Power has, or within 36 months of the Effective Date
will develop, the necessary skills and capability to provide service for the FCE Products, POSCO
Products and POSCO Parts to the Customers. Without limiting the foregoing and solely by way of
example, such skills shall include the ability to perform, consistent with its commercial
reasonable efforts, the following services: applications engineering, balance of plant service,
power plant operations and control, installation services, troubleshooting, and maintenance
services. The skills described in this section shall not include the performance of service
within the Fuel Cell Stack Module, which shall be performed by FCE.

(e) FCE Fuel Cell Stack Module Integrity. POSCO Power shall not, and shall not
permit its employees, subcontractors, Facility operators, site owners or agents, or those of its
affiliates or Subsidiaries to, open any Fuel Cell Stack Modules or otherwise attempt to view the
interiors of the Fuel Cell Stack Module without the prior written permission of FCE. Any
violation of this section shall be deemed a material breach of the confidentiality provisions
set forth herein and void all warranties contained in the related Purchase Order. POSCO Power
may open a Fuel Cell Stack Module or allow a Fuel Cell Stack Module to be opened if there occurs
an emergency condition, at POSCO Power’s reasonable judgment, involving the Fuel Cell Stack
Module that imperils human life or threatens substantial property damage or bodily harm. If
POSCO Power opens a Fuel Cell Stack Module or allows a Fuel Cell Stack Module to be opened
pursuant to this Section, POSCO Power shall limit such intrusion into the Fuel Cell Stack Module
as narrowly as possible, and treat any information learned thereby as confidential information
in accordance with this Agreement. POSCO Power shall require, as a condition precedent to any
agreement with respect to the sale, lease or such similar transaction of any FCE Product or
POSCO Product, the purchaser, lessor, customer or any such party of such transaction to agree to
accept the terms of this clause (e) and to agree to require any subsequent purchaser, lessor,
customer or such similar party thereof to accept the terms hereof.

SECTION 2.7. Fuel Cell Stack Module Order Requirements.

(a) Order Requirements. During the Term of this Agreement, POSCO Power agrees to
purchase from FCE, and FCE agrees to sell to POSCO, Fuel Cell Stack Modules that are capable of
producing certain specified megawatts (on a cumulative basis) as follows (for the purpose of
this section, the term “Year” means the 12-month period ending in each year on the anniversary
of the Effective Date):

	 	 	 	 	 	 	 	 	 
	Year	 	Total Megawatts (cumulative)	 
	*
	 	 	*	 	 	 	*	 

	 	 	 
	*	 	Confidential information has been omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for Confidential Treatment.

 

9

 

(b) Price. The parties acknowledge and agree that the price and terms of each order
shall be negotiated separately in a commercially reasonable good faith manner, subject to the
pricing guidelines agreed to by the parties pursuant to Section 4.1 (c) below.

(c) Joint Review. Notwithstanding any provision to the contrary herein, any failure
by POSCO Power to purchase the Fuel Cell Stack Modules, as set forth in Section 2.7 shall not
constitute a material breach of this Agreement. The parties shall undertake a joint performance
review at the end of years 3 and 5 from the Effective Date to determine the desirability of
continuation of this Agreement, in the event the cumulative order requirements set forth in 
Section 2.7 were not met.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

SECTION 3.1. Representations and Warranties of FCE. FCE represents and warrants to
POSCO that as of the date hereof, and as of the Effective Date:

(a) It has all requisite right, power and authority, to execute and deliver this Agreement
and the other Transaction Agreements, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby;

(b) The execution, delivery and performance by FCE of this Agreement and the other
Transaction Agreements, and the consummation by FCE of the transactions contemplated hereby and
thereby, have been duly and validly authorized by all necessary corporate action on the part of
FCE and no other corporate actions or proceedings on the part of FCE are necessary to authorize
this Agreement, the other Transaction Agreements and the transactions contemplated hereby and
thereby. Assuming due authorization, execution and delivery of this Agreement and the other
Transaction Agreements by POSCO Power hereto and thereto, each of this Agreement and the other
Transaction Agreements constitute a legal, valid and binding obligation of FCE enforceable
against it in accordance with its terms;

(c) The execution, delivery and performance by FCE of this Agreement and the other
Transaction Agreements, and the consummation by FCE of the transactions contemplated hereby and
thereby, do not: (i) violate any Applicable Law; (ii) violate or conflict with any Contract to
which FCE is a party, including, but not limited to, any Contract with Marubeni and MTU, upon
receipt of the Marubeni Settlement and MTU Consent; (iii) violate any Governmental Order;
(iv) require the approval, consent or permission of any Governmental Authority having authority
over FCE, other than the DOE Approval (as hereinafter defined); or (v) violate FCE’s
organizational documents;

(d) Neither FCE or any of its Subsidiaries nor any director, officer, agent, employee or
other Person acting on behalf of FCE or its Subsidiaries has, in the course of its actions for,
or on behalf of, FCE or any of its Subsidiaries (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to political activity;
(ii) made any direct or indirect unlawful payment to any foreign or domestic government official
or employee from corporate funds; (iii) violated or is in violation of in any material respect
any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made or
received any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to or from any foreign or domestic government official or employee;

 

10

 

(e) To FCE’s knowledge, there is no pending or threatened any suit, action or proceeding
(i) by any Governmental Authority challenging the transactions contemplated herein or in the
other Transaction Agreements by FCE, seeking to restrain or prohibit the consummation of the
transactions contemplated hereby or thereby, or (ii) by any Person which has not been disclosed
in the SEC Documents; and

(f) As of their respective dates, the financial statements set forth in the SEC Documents
fairly present in all material respects the consolidated financial position of FCE as of the
dates thereof and, since October 31, 2006, and except as noted in the SEC Documents, FCE’s
business has been operated in the ordinary course of business and there has not been any event
or condition that would reasonably be expected to result, individually or in the aggregate, in a
material adverse event.

SECTION 3.2. Representations and Warranties of POSCO Power. POSCO Power represents
and warrants to FCE that, as of the date hereof and as of the Effective Date:

(a) It has all requisite right, power and authority to execute and deliver this Agreement
and the other Transaction Agreements, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby;

(b) The execution, delivery and performance by POSCO Power of this Agreement and the other
Transaction Agreements, and the consummation by POSCO Power of the transactions contemplated
hereby and thereby, have been duly and validly authorized by all necessary corporate action on
the part of POSCO Power and no other corporate actions or proceedings on the part of POSCO Power
are necessary to authorize this Agreement, the other Transaction Agreements and the transactions
contemplated hereby and thereby. Assuming due authorization, execution and delivery of this
Agreement and the other Transaction Agreements by FCE hereto and thereto, each of this Agreement
and the other Transaction Agreements constitute a legal, valid and binding obligation of POSCO
Power enforceable against it in accordance with its terms;

(c) The execution, delivery and performance by POSCO Power of this Agreement and the other
Transaction Agreements, and the consummation by POSCO Power of the transactions contemplated
hereby and thereby, do not: (i) violate any Applicable Law; (ii) violate or conflict with any
Contract to which POSCO Power is a party; (iii) violate any Governmental Order; (iv) require the
approval, consent or permission of any Governmental Authority having authority over POSCO Power;
or (v) violate POSCO Power’s organizational documents;

 

11

 

(d) Neither POSCO Power nor any director, officer, agent, employee or other Person acting
on behalf of POSCO Power has, in the course of its actions for, or on behalf of, POSCO Power
(i) used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expenses relating to political activity, (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds,
(iii) violated or is in violation of in any material respect any provision of the U.S. Foreign
Corrupt Practices Act of 1977, as amended, or (iv) made or received any unlawful bribe, rebate,
payoff, influence payment, kickback or other unlawful payment to or from any foreign or domestic
government official or employee; and

(e) To POSCO Power’s knowledge, there is no pending or threatened any suit, action or
proceeding by any Governmental Authority challenging the transactions contemplated herein or in
the other Transaction Agreements by POSCO Power, seeking to restrain or prohibit the
consummation of the transactions contemplated hereby or thereby.

ARTICLE IV

CERTAIN COVENANTS

SECTION 4.1. Post-Execution Covenants.

(a) DOE Approval. FCE shall use its reasonable best efforts to obtain all necessary
consent or approval from the U.S. Department of Energy, in form substantially similar to the
form of DOE Approval set forth in Exhibit C attached hereto (the “DOE
Approval”).

(b) MTU Consent. FCE shall use its reasonable best efforts to obtain the consent,
approval and/or agreement, in form substantially similar to the form of consent set forth in
Exhibit D attached hereto (the “MTU Consent”).

(c) Form of Purchase Order and LTSA; Accounting. Within sixty (60) days of the
Effective Date, the parties shall use commercially reasonable good faith efforts to finalize (i)
the terms and conditions of the LTSA and the Purchase Order, (ii) the pricing guidelines of the
Fuel Cell Stack Modules and/or FCE Products and (iii) certain accounting issues relating to, and
the components or items that comprise, the Net Sales.

(d) Technology Transfer Program. The parties shall use commercially reasonable good
faith efforts to negotiate, prepare and finalize the terms and conditions of the Technology
Transfer Program within sixty (60) days of the date hereof.

(e) Closing of Securities Purchase Agreement. The parties shall use commercially
reasonable good faith efforts to effect the closing of the Securities Purchase Agreement as soon
as practicable, but no earlier than the Effective Date.

(f) Marubeni Settlement. The parties shall use their reasonable best efforts to
secure a waiver from Marubeni, pursuant to which Marubeni waives its distribution rights in the
Korean Market, in form substantially similar to the form of waiver set forth in 
Exhibit E attached hereto (“Marubeni
Settlement”). POSCO Power hereby agrees to
comply with the provisions in the Marubeni Settlement to the extent applicable to POSCO Power.

 

12

 

ARTICLE V

TERM AND TERMINATION

SECTION 5.1. Term. The initial term of this Agreement (the “Initial Term”)
shall commence on the Effective Date and shall continue, unless earlier terminated in accordance
with the provisions set forth herein, for a period of ten (10) years from the date hereof.

SECTION 5.2. Extension. The Initial Term may be extended for additional terms, each
for a period of three (3) years, as mutually agreed (each such additional term referred to
herein as the “Additional Term”; together with the Initial Term, the “Term”); provided, that the first Additional Term shall be on terms and conditions no less
favorable to POSCO Power than those set forth in this Agreement and the other Transaction
Agreements; provided, further, that any Additional Term after the first
Additional Term shall be on terms and conditions as mutually agreed upon by the parties. This
Agreement shall be extended only if the other Transaction Agreements other than the Securities
Purchase Agreement are extended for the same period.

SECTION 5.3. Termination. This Agreement may be terminated:

(a) by mutual written agreement of FCE and POSCO Power;

(b) by either party (i) if the parties fail to agree to the continuation of this Agreement
as set forth in Section 2.7(c); (ii) if the terms and conditions set forth in 
Section 4.1(a), (b) and (f) have not been satisfied (or waived in
writing by POSCO Power) by April 7, 2007; or (iii) if a change in any Applicable Law would
materially and adversely affect any rights or obligations of any party and the parties in their
exercise of commercially reasonable good faith efforts, failed to agree to an appropriate
modification or an amendment of the terms and conditions of this Agreement, after complying with
the procedures set forth in Section 6.1 below.

(c) (i) by FCE, by written notice to POSCO Power, if (A) POSCO Power shall have materially
breached or failed to perform any of its representations, warranties, covenants or agreements
of, or an event of default has occurred under, this Agreement or any of the other Transaction
Agreements and (B) such breach, failure or default is not fully cured within sixty (60) days
after receiving notice thereof; provided, however, that the parties acknowledge and
agree that the failure by POSCO Power to meet the order requirements set forth in 
Section 2.7(a) shall not be deemed to be a material breach or failure of this Agreement or
any other Transaction Agreements; or

(ii) by POSCO Power, by written notice to FCE, if (A) FCE shall have materially breached or
failed to perform any of its representations, warranties, covenants or agreements of, or an
event of default has occurred under, this Agreement or any of the other Transaction Agreements,
and (B) such breach, failure or default is not fully cured within sixty (60) days after
receiving notice thereof.

The parties acknowledge and agree that any decision on the part of either party to terminate
this Agreement shall be subject to the procedures set forth in Article VI.

 

13

 

SECTION 5.4. Effect of Termination; Survival.

(a) Upon any termination of this Agreement pursuant to Section 5.3(a) or
(b) hereof, all further obligations of the parties hereunder shall terminate without any
further liability of either party, except as provided in this Section 5.4(a). Each
party, if so requested by the other party, will re-deliver promptly every document furnished to
it by the other party in connection with the transactions contemplated hereby, whether obtained
before or after the execution of this Agreement, and any copies thereof which may have been
made.

(b) Upon any termination of this Agreement due to a material breach or failure to perform
any of the representations, warranties, covenants or agreements of this Agreement or the
Technology Transfer Agreement pursuant to Section 5.3(c)(i) hereof, the parties hereby
agree that the remedies set forth in Article IX of the Technology Transfer Agreement
shall govern.

(c) Upon any termination of this Agreement due to a material breach or failure to perform
any of the representations, warranties, covenants or agreements of this Agreement or the
Technology Transfer Agreement pursuant to Section 5.3(c)(ii), the parties hereby agree
that the remedies set forth in Article IX of the Technology Transfer Agreement shall
govern.

(d) No termination under this Agreement shall limit or otherwise affect the other rights
and remedies of either party arising prior to the termination.

(e) Upon the expiration or termination of this Agreement for any reason, the provisions of
this Section 5.4, Section 6.2, and Articles VII, VIII and
IX shall survive indefinitely.

(f) For the avoidance of doubt, the parties hereto acknowledge and agree that, except as
provided in this Section 5.4(b) and (c), the remedies set forth in any other
Transaction Agreements shall govern, as applicable.

ARTICLE VI

DISPUTES AND ARBITRATION

SECTION 6.1. Efforts to Resolve by Mutual Agreement.

Any dispute, action, claim or controversy of any kind arising from or in connection with
this Agreement or the relationship of the parties under this Agreement (the “Dispute”) whether
based on contract, tort, common law, equity, statute, regulation, order or otherwise, shall be
resolved as follows:

(a) Upon written request of either FCE or POSCO Power, the parties shall meet and attempt
to resolve any such Dispute. Such meetings may take place via teleconference or videoconference.

(b) The parties shall meet as often as the parties reasonably deem necessary to discuss the
problem in an effort to resolve the Dispute without the necessity of any formal proceeding.

 

14

 

(c) Formal proceedings for the resolution of a Dispute may not be commenced until the
earlier of (i) the Parties concluding in good faith that amicable resolution through continued
negotiation of the matter does not appear likely; or (ii) the expiration of a sixty (60) day
period immediately following the initial request by either party to resolve the Dispute; 
provided, however, that this Section 6.1 will not be construed to
prevent a party from instituting formal proceedings earlier to avoid the expiration of any
applicable limitations period, to preserve a superior position with respect to other creditors
or to seek temporary or preliminary injunctive relief.

SECTION 6.2. Arbitration. If the Parties are unable to resolve any Dispute,
pursuant to Section 6.1 above and except as otherwise specified in Section 6.4, the
Dispute shall be finally settled under the Rules of Arbitration (the “Rules”) of the
International Chamber of Commerce (“ICC”) by three (3) arbitrators designated by the
parties. Each party shall designate one arbitrator. The third arbitrator shall be designated by
the two arbitrators designated by the parties. If either party fails to designate an arbitrator
within thirty (30) days after the filing of the Dispute with the ICC, such arbitrator shall be
appointed in the manner prescribed by the Rules. An arbitration proceeding hereunder shall be
conducted in London, U.K., and shall be conducted in the English language. The decision or award
of the arbitrators shall be in writing and is final and binding on both parties. The arbitration
panel shall award the prevailing party its attorneys’ fees and costs, arbitration administrative
fees, panel member fees and costs, and any other costs associated with the arbitration; 
provided, however, that if the claims or defenses are granted in part and
rejected in part, the arbitration panel shall proportionately allocate between the parties those
arbitration expenses in accordance with the outcomes. The arbitration panel may only award
damages as provided for under the terms of this Agreement and in no event may punitive,
consequential and special damages (or as otherwise specified in this Agreement, including,
without limitation, Section 6.3) be awarded. In the event of any conflict between the
Rules and any provision of this Agreement, this Agreement shall govern.

SECTION 6.3. Limitation on Recoverable Damages. In no event shall the measure of
damages payable by either party under or in connection with this Agreement or the transactions
or arrangements contemplated hereby include, nor will either party be liable for, any amounts
for loss of income, profit or savings or indirect, incidental, consequential, exemplary,
punitive or special damages of any party, including third parties, whether or not foreseeable,
even if such party has been advised of the possibility of such damages in advance, and all such
damages are expressly disclaimed. Notwithstanding anything contained herein to the contrary, the
parties hereto shall be entitled to seek specific performance or injunctive relief in connection
with any material breach by another party of its obligations under this Agreement.

SECTION 6.4. Specific Performance. The parties acknowledge and agree that the FCE
Technology is unique and further acknowledge and agree that POSCO Power will suffer irreparable
harm, which is not compensable by monetary damage, in the event the FCE Technology has not been
fully transferred to POSCO Power at the time of the termination of this agreement due to a
material breach by FCE of this Agreement. Accordingly, the parties agree that POSCO Power shall
be entitled to an injunction or injunctions to enforce specifically the transfer of the FCE
Technology to POSCO Power in accordance with Article IX of the Technology Transfer Agreement, in
addition to any other remedy to which it may be entitled under this Agreement.

 

15

 

ARTICLE VII

CONFIDENTIALITY

This confidentiality provision supplements, but does not replace, the confidentiality
provisions of the other Transaction Agreements. As used in this Agreement, the term
“confidential information” means any and all trade secrets and other confidential information
and know-how related directly or indirectly to a party’s business or its products and services,
which is not covered by the confidentiality provisions of other Transaction Agreements. Each
party shall hold each other’s confidential information in confidence and shall not use or
disclose any confidential information, or permit any person to examine or copy any confidential
information, regardless of the manner in which such party gained access to it, except as
necessary for the performance of its obligations under this Agreement, including, without
limitation, to such party’s legal advisors, financial advisors and accountants. Each party’s
obligation of confidentiality with respect to confidential information supplied by the other
hereunder shall not include or extend to information which: (i) at the date such information is
disclosed to the recipient is generally known by or available to the public; (ii) after such
information is disclosed to the recipient becomes generally known or available to the public,
through no fault of the recipient; (iii) becomes available or is known to the recipient prior to
the time of it being disclosed to the recipient as evidenced by the written records of the
recipient and was not received directly or indirectly from the provider; (iv) became or becomes
available to the recipient from an independent third party who is not bound by a confidentiality
agreement with the provider; or (v) is required to be disclosed by the recipient to a third
party in response to a subpoena or order of a court or an administrative agency, provided that
the recipient shall inform the provider promptly so that the provider shall have an opportunity
to seek a protective order and the recipient shall not interfere with the provider’s lawful
efforts to obtain said protective order. POSCO Power shall use best efforts to require, as a
condition precedent to any agreement with respect to the sale, lease or such similar transaction
of any FCE Product or POSCO Product, the purchaser, lessor, customer or any such party of such
transaction (x) to agree and (y) to use such party’s good faith efforts to cause any subsequent
purchaser, lessor, customer or such similar party thereof, in each case, to be bound to
confidentiality obligations substantially similar to the terms hereof.

ARTICLE VIII

INDEMNIFICATION

SECTION 8.1. Claims. This indemnification provision supplements, but does not
replace, the indemnification provisions of the other Transaction Agreements. For purposes of
this Agreement, “Claim” shall mean any liability, claim, suit, demand, loss, damage,
judgment, and expense (including reasonable attorneys’ fees and costs and the cost of
settlement), that is not covered by the indemnification provisions of other Transaction
Agreements.

SECTION 8.2. Indemnification by POSCO. POSCO Power shall indemnify, defend, and
hold harmless FCE and its representatives, successors and permitted assigns from and against any
and all Claims made or threatened by any third party and all related losses, expenses, damages,
costs and liabilities, including reasonable attorneys’ fees and expenses incurred in
investigation or defense of such claims (“Damages”), to the extent such Damages relate
to or arise out of (i) any breach of or any inaccuracy in any representation or warranty made by
POSCO Power in this Agreement or (ii) any breach of or failure by POSCO Power to perform or
comply with any of its covenants or agreements contained in this Agreement.

 

16

 

SECTION 8.3. Indemnification by FCE. FCE shall indemnify, defend, and hold harmless
POSCO Power and its representatives, successors and permitted assigns from and against any and
all Claims made or threatened by any third party and all related Damages, to the extent such
Damages relate to or arise out of (i) any breach of or any inaccuracy in any representation or
warranty made by FCE in this Agreement or (ii) any breach of or failure by FCE to perform or
comply with any of its covenants or agreements contained in this Agreement.

SECTION 8.4. Indemnification Procedure. In the event a Claim by a third party for
which indemnification may be available under this Agreement is made or filed against a party,
the party against which the claim, suit or proceeding is made (the “Indemnified Party”), shall promptly notify the other party (the “Indemnifying Party”) in writing of the
claim, suit or proceeding. The Indemnifying Party, within thirty (30) days, or such shorter
period as is required to avoid any prejudice in the claim, suit or proceeding, after the notice,
may elect to defend, compromise, or settle the third party claim, suit or proceeding at its
expense. In any third party claim, suit or proceeding which the Indemnifying Party has elected
to defend, compromise or settle, the Indemnifying Party shall not after the election be
responsible for the expenses, including counsel fees, of the Indemnified Party but the
Indemnified Party may participate therein and retain counsel at its own expense. In any third
party claim, suit or proceeding the defense of which the Indemnifying Party shall have assumed,
the Indemnified Party will not consent to the entry of any judgment or enter into any settlement
with respect to the matter without the consent of the Indemnifying Party and the Indemnifying
Party will not consent to the entry of any judgment or enter into any settlement affecting the
Indemnified Party to the extent that the judgment or settlement involves more than the payment
of money without the written consent of the Indemnified Party. The Indemnified Party shall
provide to the Indemnifying Party all information, assistance and authority reasonably requested
in order to evaluate any third party claim, suit or proceeding and effect any defense,
compromise or settlement.

ARTICLE IX

MISCELLANEOUS

SECTION 9.1. Certain Expenses. Except as expressly provided in this Agreement, each
party shall bear and pay its own costs and expenses incurred in connection with the performance
by such party of its obligations hereunder.

SECTION 9.2. Independent Contractors. The parties are independent contractors, and
nothing contained in this Agreement shall be construed as (a) giving either party the power to
direct and control the day-to-day activities of the other, (b) constituting either party as a
partner, a joint venture, a co-owner or a fiduciary of the other or (c) creating any other form
of legal association that would impose liability on one party for the act or failure to act of
the other or as providing either party with the right, power or authority (express or implied)
to create any duty or obligation of the other.

 

17

 

SECTION 9.3. Entire Agreement. This Agreement, the Technology Transfer Agreement
and the Securities Purchase Agreement, including any Exhibits and Schedules attached hereto and
thereto, and any other Transaction Documents which are incorporated into this Agreement by this
reference, constitute the full and complete statement of the agreement of the parties with
respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and
understandings, whether written or oral, between the parties with respect to the subject matter
hereof. There are no representations, understandings or agreements relating to this Agreement
that are not fully expressed in this Agreement other than those representations, understandings
or agreements contained in the other Transaction Agreements.

SECTION 9.4. Amendments; Waiver. Any changes or modifications to this Agreement may
not be made orally, but only by a written amendment executed and delivered by both parties. Any
terms and conditions varying from this Agreement on any notification from either party are not
binding on the other unless specifically accepted in writing by the other. A delay or omission
by either party to exercise any right or power under this Agreement will not be construed to be
a waiver thereof. No waiver of any breach of any provision of this Agreement will constitute a
waiver of any prior, concurrent or subsequent breach of the same or any other provision hereof.

SECTION 9.5. Binding Nature; Assignment. This Agreement will be binding upon and
inure to the benefit of the parties and their respective successors and permitted assigns.
Neither party may, nor will it have the power to, assign this Agreement, or any part hereof,
without the prior written consent of the other party, except that the parties acknowledge and
agree that POSCO Power may, without assuming any obligations set forth in this Agreement and the
other Transaction Agreements, assign its rights and obligations to NewCo without consent of FCE.
In the event of any other assignment of this Agreement by either party, the assignee shall
assume, in writing (in form and substance reasonably satisfactory to the other party), the
rights and obligations of the assigning party under this Agreement.

SECTION 9.6. No Third Party Beneficiaries. Except as expressly contemplated herein,
this Agreement shall be binding upon and inure solely to the benefit of each party hereto and
nothing in this Agreement is intended to confer upon any other person or entity any rights or
remedies of any nature whatsoever under or by reason of this Agreement.

 

18

 

SECTION 9.7. Notices. All notices pursuant to this Agreement shall be in writing
and will be deemed to have been duly given if delivered personally or by internationally
recognized courier service, or by facsimile to the parties at the addresses set forth below.

if to FCE, to:

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06813

Facsimile: (203) 825-6079

Attention: Ben Toby

with copy to:

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06813

Facsimile: (203) 825-6069

Attention: Ross Levine

if to POSCO Power, to:

POSCO Power

Dacom Building 10th Floor

706-1 Yeoksam-dong, Kangnam-gu

Seoul 135-987, Korea

Facsimile: 011-82-2-3457-1960

Attention: Taehyoung (TH) Kim

with copy to:

POSCO

POSCO Center

892 Daechi 4-Dong, Gangnam-Gu

Seoul, 135-777, Korea

Facsimile: 011-82-2-3457-1972

Attention: Bong-han “Stephen” Kim, Esq.

All notices under this Agreement that are addressed as provided in this
Section 9.7, (i) if delivered personally or by internationally recognized courier
service, will be deemed given upon delivery or (ii) if delivered by facsimile, will be deemed
given when confirmed. Either party from time to time may change its address or designee for
notification purposes by giving the other party notice of the new address or designee and the
date upon which such change will become effective.

SECTION 9.8. Publicity. The parties shall cooperate with each other in releasing
information concerning this Agreement, the other Transaction Agreements and the transactions
contemplated hereby and thereby. No press releases or other public announcements concerning the
transactions contemplated by this Agreement shall be made by any party without prior
consultation with, and agreement of, the other party, except for any legally required
communication by any party and then only with prior consultation with the other party.

 

19

 

SECTION 9.9. Use of Name. Except as expressly provided in this Agreement or the
other Transaction Agreements, neither party may use the trade names, trademarks, service marks
or other similar proprietary rights of the other party without the written consent of such other
party. Notwithstanding any authorized use by the other party, the trade names, trademarks,
services marks and other similar proprietary rights of a party shall remain the property of such
party.

SECTION 9.10. Severability. If any provision of this Agreement or the application
of any such provision to any Person or circumstance, shall be declared judicially to be invalid,
unenforceable or void (including, without limitation, such decision shall not have the effect of
invalidating or voiding the remainder of this Agreement, and it is the intent and agreement of
the parties that this Agreement shall be deemed amended by modifying such provision to the
extent necessary to render it valid, legal and enforceable while preserving its intent or, if
such modification is not possible, by substituting therefore another provision that is legal and
enforceable and that achieves the same objective.

SECTION 9.11. Governing Law. This Agreement shall be governed by and construed in
accordance with the substantive laws of the State of New York, without giving effect to any
choice of law rules that may require the application of the laws of another jurisdiction.

SECTION 9.12. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one agreement binding on the parties, notwithstanding that both parties are not
signatories to the original or the same counterpart.

 

20

 

IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the
date first above written.

	 	 	 	 	 
	 	FUELCELL ENERGY, INC.

 	 
	 	By:  	/s/ Robert Daniel Brdar
 	 
	 	 	Name:  	Robert Daniel Brdar  	 
	 	 	Title:  	President CEO and Chairman 	 
	 
	 	POSCO POWER

 	 
	 	By:  	
/s/ Seung-Woo Lee
 	 
	 	 	Name:  	Seung-Woo Lee  	 
	 	 	Title:  	Persident & CEO 	 

Alliance Agreement

 

 

 

EXHIBIT A

Securities Purchase Agreement

Incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated February 20, 2007

 

 

 

EXHIBIT B

Technology Transfer, License and Distribution Agreement

Incorporated by reference to Exhibit 10.2 of the Company’s Form 10-Q/A for the quarter ended January 31, 2009

 

 

 

EXHIBIT C

Form of DOE Approval

FEB 07 2007

Mr. R. Daniel Brdar

President and Chief Executive Officer

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06813

			
	Subject: 	Approval of Transfer of Fuel Cell Technology

Cooperative Agreement DE-FC21-95MC31184

Dear Mr. Brdar:

In accordance with my delegated authority, I accept the “adequate recognition” as set
forth in your letter dated January 18, 2007. I hereby approve your request to transfer
fuel cell technology from FuelCell Energy, Inc. (FCE) to POSCO of South Korea. Transfer
of fuel cell technology is limited to the balance of plant and information required for
integration with the balance of plant. Transfer of fuel cell stack information not
reasonably required for balance of plant integration is subject to a separate
determination if such circumstance should arise.

This approval is provided pursuant to Article 12 of Cooperative Agreement
DE-FC21-95MC31184 between FCE and NETL.

Sincerely,

/s/
Card O. Bauer

Carl O. Bauer

Director

	 	 	 	 	 
	626 Cochrans Mill Road, P.O. Box 10940, Pittsburgh, PA 15236
	 

	surdoval@netl.doe.gov

	 	• Voice (412) 386-6002

	• Fax (412) 386-4822 	• www.netl.doe.gov

 

 

 

EXHIBIT D

Form of MTU Consent

February
7, 2007

Mr. Michael Bode

President and CEO

MTU CFC Solutions GmbH

81663 Munchen, Germany

Re: BOP Sub-license with POSCO Power of Korea

Dear
Michael:

This
letter refers to Article 2.a. of the MTU/FCE Balance of Plant
(BOP) Cross License of July 16,
1998, as modified December 15, 1999 (the “BOP Cross
License”). As we have discussed, FCE intends to
execute a direct sub-license with POSCO Power of Korea (the “POSCO Power Sub-License”). This POSCO
Power Sub-License will be on a non-exclusive basis, will comply with the terms of the existing BOP
Cross License, as amended by the attached supplementary agreement, and will provide for the transfer
of existing BOP Know How to POSCO Power.

Therefore, FCE requests MTU’s approval, in accordance with Article 2.a of the BOP Cross License,
for FCE to enter into the POSCO Power Sub-License.

In addition, FCE proposes the attached revision to the BOP Cross License, to allow for POSCO Power
to retain rights to use MTU’s existing BOP technology,
regardless of any termination of the BOP
Cross License, subject to continued payment of royalties by FCE to MTU, and provided that MTU shall
have no rights to use any BOP technology developed by POSCO Power.

Please indicate your approval of this plan by signing both copies of this letter and the attached
modification and returning one copy of each to my attention. If you need further
information, please call or email.

Very truly yours,

/s/ Ross M. Levine, Esq

Ross
M. Levine, Esq

Director, Government Contracts

APPROVED
BY MTU CFC SOLUTIONS GmbH

	 	 	 	 	 
	/s/
Michael Bode
 

Michael Bode

	 	9/2/2007
 

Date
	 	 
	President and CEO
	 	 	 	 

	 	 	 	 	 
	 

	 	FuelCell Energy, Inc.
	 	direct  203 825 6057
	 

	 	3 Great Pasture Road
	 	fax      203 825 6069
	 

	 	Danbury, CT 06813
	 	www.fuelcellenergy.com
rlevine@fce.com

 

 

 

SUPPLEMENTARY AGREEMENT

by and between

FUEL CELL ENERGY, INC (“FCE”)

and

MTU CFC SOLUTIONS GmbH (“MTU”)

This Supplementary Agreement is made and entered into this 7th day of February 2007 (the
Effective Date) by and between FCE and MTU.

WHEREAS

FCE and MTU presently are parties to the Balance of Plant Cross-License of July 16, 1998 (the BOP
Cross License), as modified on December  15, 1999.

WHEREAS

MTU and FCE wish to revise certain terms relating to rights of the Parties upon termination of the
BOP Cross License

WHEREAS

FCE intends to execute a direct sub-license with POSCO Power of Korea entitled the “Technology
Transfer License and Distribution Agreement dated as of February 7, 2007 (the “POSCO Power
Sub-License”), which will be on a non-exclusive basis, will comply with the terms of the existing
BOP Cross License, and will provide for the transfer of existing BOP Know How to POSCO Power.

THEREFORE

The parties agree as follows:

	 	1.	 	All rights of POSCO Power to use MTU’s existing (as of the date hereof) BOP Know-How
to be transferred by FCE to POSCO Power under the POSCO Power Sub-License shall remain in
full force and effect regardless of termination of the BOP Cross License.

	 
	 	2.	 	FCE will continue to pay royalties to MTU for all such use by POSCO Power at
the rates as agreed in the BOP Cross License as if the BOP Cross License remained
in full force and effect.

	 
	 	3.	 	It is understood that the BOP Know How being licensed to POSCO Power is based on the
following definition of BOP:

 

 

 

	 	 	 	“Balance of Plant” or “BOP” shall mean all subsystems for operation and generation of
electrical power by Molten Carbonate Fuel Cell Direct FuelCells (DFC) in one or more stacks
and including, but not limited to, fuel pre-treatment boilers, water recovery, fuel exhaust
burner, inverter, control system, utility interface and start-up and stand-by equipment.
For the avoidance of doubt, BOP shall mean all components of the DFC Power Plant other than
the Fuel Cell Stack Module.”

	 
	 	4.	 	Any and all BOP Know How that FCE may obtain from POSCO Power
during the course of the POSCO Power Sub-License shall be excluded
from all requirements of Article V of the BOP Cross License so that FCE is
not required to transfer such BOP Know How to MTU.

	 
	 	5.	 	Any and all BOP Know How that FCE may obtain from MTU subsequent
to the date hereof shall not be transferred to POSCO Power.

Except as expressly amended above, all other terms and conditions of the BOP Cross License are
unchanged and remain as first written.

IN
WITNESS WHEREOF, the parties hereto have caused this Supplementary Agreement to be executed in a
manner binding upon them by their duly authorized officers as of the
date shown below.

FUELCELL ENERGY, INC.

	 	 	 	 	 
	By:

	 	/s/ R. Daniel Brdar
 

	 	 
	

	 	Name: R. Daniel Brdar	 	 
	

	 	Title:   President and Chief Executive Officer	 	 
	 
	 	 	 	 
	Date:

February 8, 2007
	 	 
	 
	 	 	 	 
	MTU CFC

SOLUTIONS GmbH
	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael Bode
 

	 	 
	

	 	Name: Michael Bode	 	 
	

	 	Title:   President and Chief Executive Officer	 	 
	 
	 	 	 	 
	Date:

February 9, 2007
	 	 

 

2

 

EXHIBIT E

Form of Marubeni Settlement

KOREA WAIVER AGREEMENT

This Korea Waiver Agreement (this “Agreement”) is entered into by and between Marubeni Corporation,
a Japanese corporation having its principal office at 4-2 Ohtemachi-I-Chome Chiyoda-ku Tokyo
100-8088, Japan (“MC”), and FuelCell Energy, Inc., a Delaware corporation having its principal
office at 3 Great Pasture Rd., Danbury, CT 06813, USA (“FCE”), as of February 9, 2007.

RECITALS

WHEREAS, FCE and MC have entered into an Alliance Agreement dated June 15, 2001, subsequently
modified by Modification Agreements 1 through 3 (collectively “Distribution Agreements”), wherein
FCE has granted exclusive rights to sell the fuel cell products manufactured by FCE (the “Products”
or “Direct FuelCells®” or “DFC®”) in Japan, as well as non-exclusive right to sell the Products in
Korea;

WHEREAS, FCE intends to enter into an Alliance Agreement (the “POSCO Power Alliance Agreement”) and
Technology Transfer, License and Distribution Agreement (the “Technology License Agreement”) with
POSCO Power, a Korean corporation (“POSCO Power”); the effective date of the POSCO Power Alliance
Agreement is conditioned upon the receipt of certain third-party approvals, which date is expected
to be no later than April 7, 2007;

WHEREAS, MC desires to waive, abandon, release, and relinquish its rights to sell or distribute the
Products in Korea as granted in Article 2.1 of the Distribution Agreements (the “Distribution
Rights”), and, as consideration therefor, MC has requested a payment of US$ * from each of FCE and
POSCO Power, and each of FCE and POSCO Power have agreed to make such payment to MC upon the
effective date of the POSCO Power Alliance Agreement and Technology License Agreement referred to
above in the second whereas clause; and

WHEREAS, under an agreement dated April 6, 2004 MC committed to order 4 MW from FCE (“4 MW Order”),
and under a separate agreement dated March 21, 2006 MC committed to order 6 MW from FCE (“6 MW
Order”).

	 	 	 
	*	 	Confidential information has been omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for Confidential Treatment.

 

 

 

NOW THEREFORE, IT IS AGREED AS FOLLOWS:

ARTICLE I. WAIVER AND RELEASE BY MC

Subject to and conditioned upon FCE’s fulfillment of its obligations hereunder, and notwithstanding
any agreement, oral or written, or understanding to the contrary herein, if any, MC hereby
abandons, relinquishes, releases and waives (this “Waiver”) the Distribution Rights in Korea. This
Waiver of the Distribution Rights by MC shall become effective on the Effective Date referred to in
the POSCO Power Alliance Agreement, it being understood and agreed that the Distribution Rights
waived hereunder shall revert back to MC if POSCO Power will not have begun manufacture of the
commercial balance of plant in Korea for use with fuel cell stack modules manufactured by FCE at
its facilities in Connecticut, USA, within two years of the Effective Date referred to in the POSCO
Power Alliance Agreement, provided that, if the delay in the manufacture of the commercial
balance of plant in Korea is caused by reasons beyond the reasonable control of POSCO Power, or any
delay in FCE’s transfer of the relevant know-how, technology and other necessary information for
the manufacture of the balance of plant, POSCO Power shall be given an additional reasonable period
as long as POSCO Power is making good faith efforts to begin the manufacture of the commercial
balance of plant, as mutually agreed upon by FCE, MC, and POSCO Power in good faith, to manufacture
the commercial balance of plant in Korea. In the event of any delays for which extension of period
is required, FCE, MC and POSCO Power shall start the discussion about corrective action and agree
upon a reasonable extension period immediately.

ARTICLE II. FCE OBLIGATIONS

In consideration for the Waiver of the Distribution Rights, POSCO Power will agree under a separate
agreement with MC to make a payment to MC in the sum of * U.S. Dollars (U.S.$ * ) within sixty
(60) days after the Effective Date referred to in the POSCO Power Alliance Agreement; and FCE
agrees hereunder to pay MC the sum of * U.S. Dollars (U.S.$ * ) on or before the first
anniversary of the Effective Date referred to in the POSCO Power Alliance Agreement.

FCE further agrees that, as orders are received from POSCO Power under the POSCO Power Alliance
Agreement, MC shall receive credit against existing backlog commitments to FCE, up to a maximum of
2.25 MW; and such credit shall be applied sequentially, first to the 4 MW Order and subsequently to
the 6 MW Order, thereby reducing the order obligation from MC to FCE in aggregate by 2.25 MW. In
the event that an order is placed to FCE by MC pursuant to this Agreement which exceeds the
remaining backlog commitment under the 4 MW Order, FCE agrees that the remaining credit will be
applied to the 6 MW Order at the same time.

FCE further acknowledges that MC is planning to establish an independent power plant (IPP) in Korea
(hereinafter “IPP Project”), and that POSCO Power has consented to the IPP Project as part of the
POSCO Power Alliance Agreement. In the event that the IPP Project det-ermines to use the Products
at its discretion, MC agrees to purchase said Products for the IPP Project from FCE and
subsequently to sell said Products to POSCO Power, subject to POSCO Power’s agreement in turn to
sell said Products to the IPP Project with nominal mark-up by POSCO Power. The IPP Project shall
be no larger than 5.3 MW in total output except for such IPP projects as approved by POSCO in good
faith negotiation with MC. The production release from MC to FCE, under 4 MW Order first and
subsequently under 6 MW Order, for such Products must be received in a form acceptable to FCE
within 12 months after the Effective Date referred to in the POSCO Power Alliance Agreement, and
must be delivered to the customer site within 24 months of said date, subject only to any delays
caused by FCE’s normal manufacturing schedule. Pricing from FCE to MC for such Products under the
IPP Project for DFC1500MA and/or DFC3000 units (“MW-class DFC Units”) shall be $ * until the
remaining backlog order commitment under the 4 MW Order is exhausted; after which the pricing for
MW-class DFC Units pursuant to this Agreement from FCE to MC shall be $ *.

	 	 	 
	*	 	Confidential information has been omitted and filed separately with the Securities and Exchange
Commission pursuant to a request for Confidential Treatment.

 

 

 

Subject to POSCO Power’s agreement to allow the development of additional projects by MC in Korea
after the second anniversary of the effective date of the POSCO Power Alliance Agreement, MC agrees
to purchase
power plants under such projects from POSCO Power directly.

All such IPP Projects in Korea shall require a long-term service agreement (LTSA) to be executed by
the IPP with FCE, or FCE’s servicing representative as shall be designated by FCE to provide
service on behalf of FCE, at prices indicated on FCE’s standard service agreements in effect as of
October 2007, or other price as may be mutually agreed to make the IPP Projects economically
feasible.

ARTICLE III. REPRESENTATIONS AND WARRANTIES

Each party hereby represents and warrants that it has the authority to enter into this Agreement
and execute and deliver the documents required hereunder, if any.

ARTICLE IV. MISCELLANEOUS PROVISIONS

4.1. Successors. Except as otherwise provided herein, this Agreement and all of its terms
and provisions shall inure to the benefit of, and shall be binding upon the heirs, legal
representatives, successors and assigns of the respective parties and each of them.

4.2. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, USA.

4.3. Entire Agreement. This Agreement embodies the entire agreement and understanding of
the parties hereto in respect of the subject matter contained herein and is an integrated
contract.

4.4. Severability. If any provision of this Agreement, or the application of such provision
to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the
application of such provision to persons or circumstances other than those as to which is held
invalid, shall not be affected thereby.

4.5. Confidentiality. The parties hereto agree to keep all information contained
herein confidential, unless public disclosure is authorized in writing by the other parties to this
agreement.

4.6. Fax Signatures. This Agreement may be executed in any number of counterparts,
each of which shall be an original but all of which together shall constitute one and the same
instrument.

4.7. Disclosure. MC and FCE agree that a copy of the executed version of this
Agreement may be provided to POSCO and POSCO Power without violating confidentiality provisions
between FCE and MC. FCE and MC acknowledge that POSCO Power is a beneficiary of this Agreement.

4.8. Effective Date. This Agreement shall become effective upon the last to occur
of the following events: (a) execution by the parties; and (b) the Effective Date referred to in
the POSCO Power Alliance Agreement.

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above set forth.

MARUBENI CORPORATION

	 	 	 	 	 
	By: 
	 	 	 	 
	 

	 

	 	 
	 	Printed Name: 
	Kenji Natori	 	 
	 	Title:

	General Manager,	 	 
	 

	 	New Technology & Renewable Energy Dept.	 	 
	 	Date: 
	February 9, 2007	 	 

FUELCELL ENERGY, INC

	 	 	 	 	 
	By: 
	 	 	 	 
	 

	 

	 	 
	 	Printed Name: 
	 	 	 
	 	 

	 

	 	 
	 	Title:
	 	 	 
	 

	 	 

	 	 
	 	Date:
	 	 	 
	 

	 	 

	 	 

 

 

 

SCHEDULE A

POSCO Affiliates

POSCO Affiliates shall include the following companies:

POSCON, a Korean corporation having a place of business at 606 Ho-dong Nam-gu, Pohang, Kyungbuk
790-719, Korea

POSMEC, a Korean corporation having a place of business at 322-4 Janghung-dong Nam-gu, Pohang,
Kyungbuk 790-714, Korea

POSCO E&C, a Korean corporation having a place of business at 568-1 Goedong-dong Nam-gu, Pohang,
Kyungbuk 790-704, Korea

POSTEEL, a Korean corporation having a place of business at 735-3 Posteel Tower Yeoksam-dong
Gangnam-gu Seoul 135-080, Korea

 

 

 

SCHEDULE B

Non-Exclusive Territory

The Non-Exclusive Territory shall include all countries and jurisdictions, except as noted
below:

Western Europe

Andorra

Austria

Belgium

Cyprus

Denmark

Federal Republic of Germany

Finland

France

Great Britain and including, but not limited to

Northern Ireland CIS (Commonwealth of Independent States)

Greece

Greenland

Ireland

Iceland

Italy

Liechtenstein

Luxembourg

Malta

Monaco

Netherlands

Norway

Portugal

San Marino

Spain

Sweden

Switzerland

The Vatican State

Eastern Europe

Albania

Bulgaria

Czech Republic

Slovakia

Hungary

Poland

Romania

All states of the former USSR

Yugoslavia

Slovenia

Croatia

 

 

 

Asia

Japan

Middle East

Bahrain

Iran

Iraq

Israel

Jordan

Kuwait

Lebanon

Oman

Qatar

Saudi-Arabia

Syria

Turkey

Yemen, Arab Rep.

Yemen, Peoples Rep.

United Arab Emirates (UAE)

North America

United States

Canada

Mexico

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