Document:

EX-10.9

 Exhibit 10.9 

EXECUTION COPY 
 MIRA III
ACQUISITION CORP. 
 c/o Windsor Capital Advisors Inc. 

Suite 300, 5 Hazelton Avenue 

Toronto, Ontario M5R 2E1 
 CONFIDENTIAL

 January 15, 2014 
 Wind Power Holdings, Inc. 

29 Pitman Road 
 Barre, VT 05641 

USA 
  

			
	Attention:	  	Troy Patton
		  	President and Chief Executive Officer

 Dear Sirs/Mesdames: 
  

			
	Re:	  	Business Combination of Mira III Acquisition Corp. (“Mira”)
		  	and Wind Power Holdings, Inc. (“Wind Power”)

 This letter of intent (“Letter of Intent”) sets out certain non-binding understandings and certain
binding agreements between Mira and Wind Power with respect to the basic terms and conditions of the proposed business combination of Mira and Wind Power. Mira is a “capital pool company” and it is intended that the proposed
Transaction (as defined below) will constitute the “Qualifying Transaction” of Mira, as such terms are defined in Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the
“TSX-V”) Corporate Finance Manual. 
 The acceptance of this Letter of Intent will be followed by good faith negotiations of
definitive documentation (the “Transaction Documents”), including a definitive agreement (the “Definitive Agreement”) among the parties hereto, setting forth the detailed terms of the Qualifying Transaction
(including the basic understandings set out in this Letter of Intent and such other terms and conditions as are customary for transactions of the nature and magnitude contemplated herein). All documentation shall be in form and content satisfactory
to each of Mira and Wind Power and their respective boards of directors and counsel. 
 Terms of Transaction, Corollary Matters 

 

	1.	 It is intended that Mira and Wind Power would complete a business combination by way of a share exchange, merger, amalgamation, arrangement, share
purchase, or other similar form of transaction (the “Transaction”) which would result in Wind Power, or such other entity that may be created for the purposes of completing the Transaction, becoming a wholly-owned subsidiary of Mira
or otherwise combining its corporate existence with a wholly-owned subsidiary of Mira. For the purposes of the Letter of 

	 	
Intent, we have assumed a “three-cornered” amalgamation. The parties agree, however, that the final structure of the business combination is subject to receipt of tax, corporate, and
securities law advice for both Mira and Wind Power, and their shareholders, and that the business combination is intended to be completed in the most tax-efficient manner for all parties. 

 

	2.	It is understood that the authorized share capital of Mira consists of an unlimited number of common shares (“Mira Common Shares”), of which 12,500,000 Mira Common Shares are issued and outstanding. An
aggregate of 1,250,000 Mira Common Shares are reserved for issuance under management stock options and an aggregate of 250,000 Mira Common Shares are reserved for issuance under agent stock options (issued in connection with Mira’s initial
public offering) (collectively, the “Mira Convertible Securities”). Except as specified herein, no other securities of Mira are outstanding. 

  

	3.	It is understood that the authorized share capital of Wind Power consists of 44,000,000 common shares (“Wind Power Common Shares”), of which 19,999,975 Wind Power Common Shares are issued and
outstanding, and 6,000,000 preferred shares, of which none are outstanding. In addition, options to acquire a total of 2,574,329 Wind Power Common Shares are outstanding (collectively, the “Wind Power Convertible Securities”). In
addition, convertible senior secured notes (the “Notes”) with a face amount of USD$11,775,516.34 are outstanding. Immediately prior to the closing of the proposed Transaction, each of the Notes will be automatically converted into
Wind Power Common Shares at the same conversion price per share as the final pricing of the Wind Power Common Shares on the closing of the Private Placement. Except as specified herein, no other securities of Wind Power are outstanding.

  

	4.	In conjunction with, and prior to the closing of the Transaction, it is intended that Wind Power will complete a brokered private placement of subscription receipts (the “Private Placement”) for gross
proceeds of a minimum of USD$15 million. It is contemplated that the securities issued or sold pursuant to the Private Placement will be ultimately convertible or exchangeable into freely-tradable common shares (the “Resulting Issuer
Shares”) of Mira or other surviving entity upon completion of the Transaction (the “Resulting Issuer”). An engagement letter with respect to the Private Placement was entered into between Wind Power and Beacon Securities
Limited on December 7, 2013, a copy of which has been provided to Mira. 

  

	5.	 For the purposes of the Transaction, the deemed value of each common share of Mira shall be $0.115 per share based on Mira’s capitalization as
described in Section 2 and prior to the Consolidation (as defined below). The deemed value of Wind Power and the ratio of the Consolidation by Mira of its Common Shares will be based on the final pricing of the Wind Power Common Shares on
closing of the Private Placement. It is intended that Mira Common Shares (or Resulting Issuer Common Shares) will be issued to holders of shares of Wind Power on the basis of one (1) common share of Mira (or Resulting Issuer Common Share) for
every one (1) share of Wind Power (the “Exchange Ratio”), on a post-Consolidation basis, provided that the Exchange Ratio may change in order to give effect to the deemed value of $0.115 per common share of Mira prior to the
Consolidation. Subject to regulatory approval, it is intended that the outstanding Wind 

  
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Power Convertible Securities will be exchanged for comparable securities of the Resulting Issuer, on substantially the same terms and conditions and having the same economic terms (as adjusted
and having regard to the applicable Exchange Ratio). 

  

	6.	The parties hereto also anticipate that in conjunction with and upon consummation of the Transaction, the board of directors of the Resulting Issuer shall consist of no fewer than three (3) and no more than nine
(9) directors, all of whom will be nominated by Wind Power (the “New Slate”). The New Slate of directors shall be put forth and nominated at the Mira Shareholder Meeting (as defined below). In addition, the officers of Mira
shall resign at or prior to the closing of the Transaction without payment by or any liability to Wind Power or Mira. 

  

	7.	Other than those subsidiaries listed in Schedule A (the “Subsidiaries”), Wind Power has no direct or indirect interest in any subsidiaries or in any other entity. 

 

	8.	The parties acknowledge it is their intention, but not a condition of the closing of the Transaction, that the Resulting Issuer Shares will be listed on Toronto Stock Exchange (“TSX”), subject to
satisfying the TSX’s minimum listing conditions, concurrent with or immediately following the closing of the Transaction. 

  

	9.	Wind Power acknowledges that the rules and policies of the TSX and the TSX-V require various items to be submitted and provided in connection with each exchange’s respective review and approval of the Transaction,
including audited financial statements prepared in accordance with TSX-V policies. 

  

	10.	Each of Mira and Wind Power shall co-operate in good faith to consummate the Transaction, including participating in meetings with the TSX and/or TSX-V, negotiating and drafting the Transaction Documents in a timely
fashion, and preparing any other documents or instruments that may reasonably be required to give effect to the Transaction. 

 Conditions
Precedent 
  

	11.	The Definitive Agreement will be subject to customary conditions of closing. Without limiting the generality of the foregoing, the conditions will include the following: 

 

	 	(a)	Conditions Precedent for the Benefit of Mira 

  

	 	(i)	receipt of all regulatory or third party approvals, authorizations and consents as are required to be obtained by Mira or Wind Power in connection with the Transaction, including the approval of the TSX-V and any other
applicable regulatory authorities; 

  

	 	(ii)	 the shareholders of Mira approving at the special meeting of Shareholders to be held on or before March 21, 2014 (the “Mira Shareholder
Meeting”) among other matters and subject to the completion of the Transaction: (A) the change of name of Mira to a name provided by Wind Power; (B) the appointment of the New Slate; (C) approval of the auditors

  
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for the Resulting Issuer as recommended by Wind Power; (D) approval of a consolidation of Mira Common Shares (the “Consolidation”) on a basis to be determined as soon as
possible in accordance with Section 5 but, in any event, prior to the date set for mailing the management information circular in respect of the Mira Shareholder Meeting; (E) approval of a new stock option plan; and (F) such other
matters that may be required to be approved in order to give effect to the Transaction; 

  

	 	(iii)	the shareholders of Wind Power approving at a special meeting of shareholders to be held on or before March 21, 2014 (the “Wind Power Shareholder Meeting”): (A) the Transaction and the
Definitive Agreement; and (B) such other matters that may be required to be approved in order to give effect to the Transaction, including, if necessary, a consolidation of Wind Power Common Shares; 

 

	 	(iv)	the Private Placement being completed; 

  

	 	(v)	no material adverse change shall have occurred in the business, results of operations, assets, liabilities, financial condition or affairs of Wind Power since the date of this Letter of Intent; 

 

	 	(vi)	there being no legal proceeding or regulatory actions or proceedings against any person to enjoin, restrict or prohibit the Transaction or which could reasonably be expected to result in a material adverse effect on
Wind Power; and 

  

	 	(vii)	there being no prohibition at law against the completion of the Transaction. 

  

	 	(b)	Conditions Precedent for the Benefit of Wind Power 

  

	 	(i)	receipt of all regulatory and third party approvals, authorizations and consents as are required to be obtained by Mira or Wind Power in connection with the Transaction, including the approval of the TSX-V and any other
applicable regulatory authorities; 

  

	 	(ii)	the shareholders of Mira approving at the Mira Shareholder Meeting to held on or before March 21, 2014: (A) the change of name of Mira to a name provided by Wind Power; (B) the appointment of the New
Slate; (C) approval the auditors for the Resulting Issuer as recommended by Wind Power; (D) approval of the Consolidation on a basis to be determined as soon as possible but, in any event, prior to the date set for mailing the management
information circular in respect of the Mira Shareholder Meeting; (E) approval of a new stock option plan; and (F) such other matters that may be required to be approved in order to give effect to the Transaction; 

  
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	 	(iii)	the shareholders of Wind Power approving at the Wind Power Shareholder Meeting to held on or before March 21, 2014: (A) the Transaction and Definitive Agreement; and (B) such other matters that may be
required to be approved in order to give effect to the Transaction, including, if necessary, a consolidation of the Wind Power Common Shares; 

  

	 	(iv)	the Private Placement being completed; 

  

	 	(v)	the Resulting Issuer Shares issued as consideration for the Wind Power Common Shares pursuant to the Transaction being freely-tradeable (subject to the usual restrictions under National Instrument 45-102 –
Resale of Securities or pursuant to applicable United States securities laws) and being issued as fully paid and non-assessable Resulting Issuer Shares, free and clear of any and all encumbrances, liens, charges and demands of whatsoever
nature, except those imposed pursuant to escrow restrictions of the TSX and/or TSX-V; 

  

	 	(vi)	no material adverse change shall have occurred in the business, results of operations, assets, liabilities, financial condition or affairs of Mira since the date of this Letter of Intent, other than a reduction of its
cash position in order to pay professional fees or other expenses in connection with the Transaction; 

  

	 	(vii)	there being no legal proceeding or regulatory actions or proceedings against any person to enjoin, restrict or prohibit the Transaction or which could reasonably be expected to result in a material adverse effect on
Mira; and 

  

	 	(viii)	there being no prohibition at law against the completion of the Transaction. 

 The conditions
precedent for the benefit of Mira may be waived in whole or in part by Mira and the conditions precedent for the benefit of Wind Power may be waived in whole or in part by Wind Power. 

Due Diligence 
  

	12.	Mira and its representatives shall be entitled to make such due diligence investigations of Wind Power and its business, assets, financial condition, and corporate records as Mira considers advisable, which due
diligence process shall be concluded on the later of (a) the closing of the Private Placement, or (b) February 15, 2014 (the “Due Diligence Expiry Time”). 

 

	13.	Wind Power and its representatives shall be entitled to make such due diligence investigations of Mira and its business, assets, financial condition, and corporate records as Wind Power considers advisable, which due
diligence process shall be concluded on or before the Due Diligence Expiry Time. 

  
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	14.	Until the earlier of the Termination Date (as defined below) and the Due Diligence Expiry Time, Wind Power will provide Mira and its representatives with reasonable access during normal business hours to Wind
Power’s personnel, premises, books and records, corporate records, accounts, contracts and its other properties and assets. 

  

	15.	Until the earlier of the Termination Date and the Due Diligence Expiry Time, Mira will provide Wind Power and its representatives with reasonable access during normal business hours to Mira’s personnel, premises,
books, and records, corporate records, accounts, contracts and its other properties and assets. 

 Covenant and Agreements 

 

	16.	Wind Power, on its own behalf and on behalf of each of its Subsidiaries, hereby covenants and agrees from the date hereof until the Termination Date: 

 

	 	(a)	not to, directly or indirectly, solicit, initiate, knowingly encourage, cooperate with or facilitate (including by way of furnishing any non-public information or entering into any form of agreement, arrangement or
understanding) the submission, initiation or continuation of any oral or written inquiries or proposals or expressions of interest regarding, constituting or that may reasonably be expected to lead to any activity, arrangement or transaction or
propose any activities or solicitations in opposition to or in competition with the Transaction, and without limiting the generality of the foregoing, not to induce or attempt to induce any other person to initiate any shareholder proposal or
“takeover bid,” exempt or otherwise, within the meaning of the Securities Act (Ontario) (the “Act”), for securities or assets of Wind Power or any of its Subsidiaries, nor to undertake any transaction or negotiate
any transaction which would be or potentially could be in conflict with the Transaction, including, without limitation, allowing access to any third party (other than its representatives) to conduct due diligence, nor to permit any of its officers
or directors to authorize such access, except as required by statutory obligations. In the event Wind Power or any of its affiliates, including any of their officers or directors, receives any form of offer or inquiry in respect of the foregoing,
Wind Power shall forthwith (in any event within one business day following receipt) notify Mira of such offer or inquiry and provide Mira with such details as it may request; 

 

	 	(b)	not to, without Mira’s prior written consent: 

  

	 	(i)	issue any debt, equity or other securities, except in connection with (A) the Private Placement, (B) the issuance of debt in the ordinary course of business, (C) any outstanding Wind Power Convertible
Securities, (D) the issuance of options pursuant to Wind Power’s existing stock option plan or any subsidiary thereof or any new stock option plan adopted by Wind Power’s stockholders and the issuance of common shares underlying any
such options, or (E) the issuance of securities in connection with a bona fide purchase of assets or shares from, or a strategic partnership with, an arm’s length third party; 

  
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	 	(ii)	borrow money or incur any indebtedness for money borrowed, except in the ordinary course of business, including but not limited to borrowings under Wind Power’s credit facility with Comerica Bank and any
amendments, modifications or extensions thereof; 

  

	 	(iii)	make loans, advances or other payments to directors, officers, employees or consultants of Wind Power, other than (A) payments made in the ordinary course of business (including payment of salaries or consultant
fees at current rates), or (B) routine advances or payments to directors, officers, employees or consultants of Wind Power for expenses incurred on behalf of Wind Power in the ordinary course of business; 

 

	 	(iv)	declare or pay any dividends or distribute any of Wind Power’s properties or assets to shareholders, except in the ordinary course of business; 

 

	 	(v)	alter or amend Wind Power’s articles or by-laws in any manner which may adversely affect the success of the Transaction, except as required to give effect to the matters contemplated herein; or 

 

	 	(vi)	except as otherwise permitted or contemplated herein, enter into any transaction or material contract which is not in the ordinary course of business or engage in any business enterprise or activity materially different
from that carried on by Wind Power and/or its affiliates as of the date hereof; and 

  

	 	(c)	to cooperate fully with Mira and will use all reasonable commercial efforts to assist Mira in its efforts to complete the Transaction, unless such cooperation and efforts would subject Wind Power to cost or liability or
would be in breach of applicable statutory or regulatory requirements. 

  

	17.	Mira hereby covenants and agrees from the date hereof until the Termination Date: 

  

	 	(a)	 not to, directly or indirectly, solicit, initiate, knowingly encourage, cooperate with or facilitate (including by way of furnishing any non-public
information or entering into any form of agreement, arrangement or understanding) the submission, initiation or continuation of any oral or written inquiries or proposals or expressions of interest regarding, constituting or that may reasonably be
expected to lead to any activity, arrangement or transaction or propose any activities or solicitations in opposition to or in competition with the Transaction, and without limiting the generality of the foregoing, not to induce or attempt to induce
any other person to initiate any shareholder proposal or “takeover bid,” exempt or otherwise, within the meaning of the Act, for securities of Mira, nor to undertake any transaction or negotiate any transaction which would be or
potentially could be in conflict with the Transaction, including, without limitation, allowing access to any third party (other than its representatives) to conduct due diligence, nor to permit any of its officers or directors to do so, except as
required by statutory obligations. In the event Mira or any of its affiliates, including any of 

  
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their officers or directors, receives any form of offer or inquiry in respect of any of the foregoing, Mira shall forthwith (in any event within one business day following receipt) notify Wind
Power of such offer or inquiry and provide Wind Power with such details as it may request; 

  

	 	(b)	not to, without Wind Power’s prior written consent: 

  

	 	(i)	issue any debt, equity or other securities, except in connection with any outstanding Mira Convertible Securities, the Private Placement or the Transaction; 

 

	 	(ii)	borrow money or incur any indebtedness for money borrowed; 

  

	 	(iii)	make loans, advances or other payments, other than routine advances or payments to directors or officers of Mira for expenses incurred on behalf of Mira in the ordinary course of business; 

 

	 	(iv)	make any capital expenditures; 

  

	 	(v)	declare or pay any dividends or distribute any of Mira’s properties or assets to shareholders; 

  

	 	(vi)	alter or amend Mira’s articles or by-laws in any manner which may adversely affect the success of the Transaction, except as required to give effect to the matters contemplated herein; or 

 

	 	(vii)	except as otherwise permitted or contemplated herein, enter into any transaction or material contract or engage in any business enterprise or activity different from that carried on by Mira as of the date hereof; and

  

	 	(c)	to cooperate fully with Wind Power and to use all reasonable commercial efforts to assist Wind Power in its efforts to complete the Transaction, unless such cooperation and efforts would subject Mira to cost or
liability or would be in breach of applicable statutory and regulatory requirements. 

  

					
	 18.
	 	 (a)
	 	Notwithstanding Section 16(a) or any other provision of this Letter of Intent, if at any time following the date of this Letter of Intent Wind Power receives a bona fide offer, whether written or oral (an “Alternative
Transaction Offer”) from a third party to acquire all or substantially all of the assets or shares of Wind Power or to enter into an arrangement or agreement which would materially interfere with the Transaction which Wind Power wishes to
pursue at the instruction of its board of directors or a committee thereof, including without in any way limiting the generality of the foregoing, any such arrangement or agreement resulting from an unsolicited offer or proposal from a third party,
then Wind Power may: (i) furnish information with respect to Wind Power and its Subsidiaries to the person making such Alternative Transaction Offer and its representatives and allow such person and its representatives access to Wind
Power’s facilities and properties and engage in discussions and negotiations with the person making such Alternative

  
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Transaction Offer and its representatives; and (ii) enter into an agreement with respect to an Alternative Transaction Offer; provided that Wind Power has delivered written notice to Mira of
the intention of Wind Power to enter into an agreement with respect to such Alternative Transaction Offer and Wind Power terminates this Letter of Intent pursuant to Section 27(b) and has previously paid or, concurrently with such termination
pays, a cash payment to Mira in an amount equal to: (A) $100,000 if the termination of this Letter of Intent occurs on or before the entering into of the Definitive Agreement; (B) $200,000 if the termination of this Letter of Intent occurs
after the entering into of the Definitive Agreement but prior to filing of the Filing Statement on SEDAR or the mailing of the Information Circular to shareholders of Mira in respect of the Transaction, as applicable; and (C) $300,000 if the
termination of this Letter of Intent occurs on or after the filing of the Filing Statement on SEDAR or the mailing of the Information Circular to shareholders of Mira in respect of the Transaction, which payment shall constitute full and final
compensation and remedy to Mira for any breach or the non-performance of this Letter of Intent and any and all fees and expenses associated therewith. 

  

	 	(b)	Notwithstanding Section 17(a) or any other provision of this Letter of Intent, if at any time following the date of this Letter of Intent Mira receives a bona fide offer, whether written or oral (an
“Alternative Transaction Offer”) from a third party to acquire all or substantially all of the assets or shares of Mira or to enter into an arrangement or agreement which would materially interfere with the Transaction which Mira
wishes to pursue at the instruction of its board of directors or a committee thereof, including without in any way limiting the generality of the foregoing, any such arrangement or agreement resulting from an unsolicited offer or proposal from a
third party, then Mira may: (i) furnish information with respect to Mira and its Subsidiaries to the person making such Alternative Transaction Offer and its representatives and allow such person and its representatives access to Mira’s
facilities and properties and engage in discussions and negotiations with the person making such Alternative Transaction Offer and its representatives; and (ii) enter into an agreement with respect to an Alternative Transaction Offer; provided
that Mira has delivered written notice to Wind Power of the intention of Mira to enter into an agreement with respect to such Alternative Transaction Offer and Mira terminates this Letter of Intent pursuant to Section 27(b) and has previously
paid or, concurrently with such termination pays, a cash payment to Wind Power in an amount equal to: (A) $100,000 if the termination of this Letter of Intent occurs on or before the entering into of the Definitive Agreement; (B) $200,000
if the termination of this Letter of Intent occurs after the entering into of the Definitive Agreement but prior to filing of the Filing Statement on SEDAR or the mailing of the Information Circular to shareholders of Wind Power in respect of the
Transaction, as applicable; and (C) $300,000 if the termination of this Letter of Intent occurs on or after the filing of the Filing Statement on SEDAR or the mailing of the Information Circular to shareholders of Wind Power in respect of the
Transaction, which payment shall constitute full and final compensation and remedy to Wind Power for any breach or the non-performance of this Letter of Intent and any and all fees and expenses associated therewith. 

  
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 Escrow 
  

	19.	The parties acknowledge that upon completion of the Transaction, one or more directors, officers, insiders or principal shareholders of Wind Power may be considered a “Principal” (under applicable exchange
policies) with respect to the Resulting Issuer and may be subject to escrow provisions imposed under the policies of the TSX or TSX-V, as applicable. The parties further acknowledge that any escrowed securities shall be held in escrow and released,
over time, as determined by the TSX or TSX-V, as applicable. 

 Conduct of Business 

 

	20.	From the date of the acceptance of this Letter of Intent until the earlier of completion of the transactions contemplated herein or the Termination Date, Mira and Wind Power will each operate their respective businesses
in a prudent and business-like manner in the ordinary course and in a manner consistent with past practice. 

 Expenses 

 

	21.	Each of the parties hereto shall be responsible for its own costs and charges incurred with respect to the transactions contemplated herein including, without limitation, all costs and charges incurred prior to the date
of this Letter of Intent and all legal and accounting fees and disbursements relating to preparing the Transaction Documents or otherwise relating to the transactions contemplated herein; provided, however (and for greater certainty), Wind Power
shall be responsible for paying all costs and fees payable to the TSX or TSX-V in connection with their review of the proposed Transaction (including the review of the Personal Information Forms to be submitted by the proposed executive officers and
directors of the Resulting Issuer following completion of the Qualifying Transaction) and all listing fees in connection with any securities issued pursuant to the Transaction. 

Closing and Good Faith Negotiations 
  

	22.	The parties hereto agree to proceed diligently and in good faith to negotiate and settle the terms of the Definitive Agreement for execution on or before February 21, 2014, or such other date as may be mutually
agreed to in writing between the parties hereto and to complete all transactions contemplated herein as soon as possible in order to ensure that the closing of the Transaction shall be no later than March 31, 2014. The Definitive Agreement will
contain warranties, representations, covenants, agreements, terms, and conditions customarily found in such agreement. Counsel for Wind Power shall be primarily responsible for preparation of the Definitive Agreement and the Filing Statement or
Information Circular of Mira, as applicable, in respect of the Transaction (prepared in accordance with TSX-V Form 3D1/3D2 – “Information Required in an Information Circular for a Qualifying Transaction / Information Required in a Filing
Statement for a Qualifying Transaction”), subject to review and comment by Mira and its counsel. 

  
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 Confidentiality 
  

	23.	No disclosure or announcement, public or otherwise, in respect of this Letter of Intent or the transactions contemplated herein will be made by any party hereto or its representatives without the prior agreement of the
other party as to timing, content and method, hereto, provided that the obligations herein will not prevent any party from making, after consultation with the other party, such disclosure as its counsel advises is required by applicable law or the
rules and policies of the TSX or TSX-V. 

  

	24.	For purposes of this Letter of Intent, “Confidential Information” means any information concerning a party to this Letter of Intent (the “Disclosing Party”) or its business, properties
and assets made available to the other party or its representatives (the “Receiving Party”); provided that it does not include information which is: (a) generally available to or known by the public other than as a result of
improper disclosure by the Receiving Party or pursuant to a breach of this Section 24 by the Receiving Party; or (b) obtained by the Receiving Party from a source other than the Disclosing Party, provided that (to the reasonably knowledge
of the Receiving Party) such source was not bound by a duty of confidentiality to the Disclosing Party or another party with respect to such information. 

  

	25.	Except as and only to the extent required by applicable law, a Receiving Party will not disclose or use, and it will cause its representatives not to disclose or use, any Confidential Information furnished, or to be
furnished, by a Disclosing Party or its representatives to the Receiving Party or its representatives at any time or in any manner other than for purposes of evaluating the transactions proposed in this Letter of Intent. 

 

	26.	If this Letter of Intent is terminated pursuant to Section 27 below, each Receiving Party will promptly return to the Disclosing Party or destroy any Confidential Information and any work product produced from such
Confidential Information in its possession or in the possession of any of its representatives. 

 Termination 

 

	27.	This Letter of Intent shall terminate with the parties having no obligations to each other, other than in respect of the expense provisions contained in Section 21, the confidentiality provisions contained in
Sections 23, 24, 25 or 26 and the requirement to make any cash payment provided for pursuant to Section 18, if applicable, on the day (the “Termination Date”) on which the earliest of the following events occurs:

  

	 	(a)	written agreement of the parties to terminate the Letter of Intent; 

  

	 	(b)	upon provision of a notice pursuant to and in any of the circumstances provided for in Section 18; 

  

	 	(c)	if the parties have not entered into the Definitive Agreement on or before 5:00 p.m. (Toronto time) on February 21, 2014; or 

  
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	 	(d)	any applicable regulatory or governmental authority having notified in writing either Mira or Wind Power of its determination to not permit the Transaction to proceed, in whole or in part, and the parties have used
commercially reasonable efforts to appeal or reverse such determination, or modify the Transaction on a basis that is not prejudicial to either party hereto in order to address such determination. 

Notices 
  

					
	28.	 	(a)	 	Any notice required or permitted to be given hereunder shall be in writing and shall be effectively given if (i) delivered personally, (ii) sent prepaid courier service or mail, or (iii) sent by facsimile, e-mail or
other similar means of electronic communication (confirmed on the same or following day by prepaid mail) addressed as follows:

  

	 	(A)	in the case of a notice to Wind Power, addressed to it at: 

 Wind Power Holdings, Inc. 

29 Pitman Road 
 Barre,
VT 05641 
 USA 
  

			
	Attention:	  	Troy Patton
	Fax No:	  	(802) 461-2998
	E-mail:	  	tpatton@northernpower.com

 with copies to: 

Northern Power Systems, Inc. 

281 Winter Street, Suite 120 

Waltham, MA 02541 
 USA

  

			
	Attention:	  	Elliot J. Mark
	Fax No:	  	(617) 871-1433
	E-mail:	  	emark@northernpower.com

 and: 

Fasken Martineau DuMoulin LLP 

333 Bay Street, Suite 2400 
 Bay
Adelaide Centre, PO Box 20 
 Toronto, ON M5H 2T6 

Canada 
  

			
	Attention:	  	Rubin Rapuch
	Fax No:	  	(416) 364-7813
	E-mail:	  	rrapuch@fasken.com

  
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	 	(B)	in the case of notice to Mira: 

 Mira III Acquisition Corp. 

c/o Windsor Capital Advisors Inc. 

Suite 300, 5 Hazelton Avenue 

Toronto, ON M5R 2E1 
 Canada

  

			
	Attention:	  	Ronald D. Schmeichel
	Fax No:	  	416.972.6208
	E-mail:	  	ron.schmeichel@windsorgp.com

 with a copy to: 

Wildeboer Dellelce LLP 

Wildeboer Dellelce Place 
 365
Bay Street, Suite 800 
 Toronto, ON M5H 2V1 

Canada 
  

			
	Attention:	  	Perry Dellelce
	Fax No:	  	416.361.1790
	E-mail:	  	perry@wildlaw.ca

  

	 	(b)	Any notice, designation, communication, request, demand or other document given or sent or delivered as aforesaid shall: (i) if delivered as aforesaid, be deemed to have been given, sent, delivered and received on
the date of delivery; (ii) if sent by mail as aforesaid, be deemed to have been given, sent, delivered and received on the fourth business day following the date of mailing, unless at any time between the date of mailing and the fourth business
day thereafter there is a discontinuance or interruption of regular postal service, whether due to strike or lockout or work slowdown, affecting postal service at the point of dispatch or delivery or any intermediate point, in which case the same
shall be deemed to have been given, sent, delivered and received in the ordinary course of the mail, allowing for such discontinuance or interruption of regular postal service, and (iii) if sent by facsimile or other means of electronic
communication, be deemed to have been received on the business day of the sending if sent during normal business hours (otherwise on the following business day). 

Miscellaneous 
  

	29.	This Letter of Intent, the Transaction Documents and other agreements contemplated herein and therein, if entered into, shall be governed in all respects, including validity, interpretation and effect, by laws of the
Province of Ontario and the laws of Canada applicable therein, without giving effect to the principles of conflicts of laws thereof and the undersigned hereby irrevocably attorn to the non-exclusive jurisdiction of the Courts of the Province of
Ontario in respect of any matter arising hereunder or in connection herewith. 

  
 - 13 - 

	30.	The Letter of Intent shall become effective as of the date of acceptance by Wind Power as set forth on the signature page. This Letter of Intent is intended as an expression of the mutual intention of the parties to
proceed towards settling the Transaction Documents including the Definitive Agreement and is not an offer or a contract or commitment having legal effect except with respect to Sections 5, 12 to 18 (inclusive) and Sections 20 to 35
(inclusive) which are intended to be binding and have legal effect and, in respect of which covenants, the parties acknowledge having received valuable consideration. The binding obligations of this Letter of Intent will be binding upon, and will
enure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. No assignment of this Letter of Intent will be permitted without the consent of the other party. 

 

	31.	This Letter of Intent may be executed in counterparts and evidenced by a facsimile copy thereof and all such counterparts or facsimile counterparts shall constitute one document. 

 

	32.	All monetary amounts contemplated by this Letter of Intent shall be in Canadian dollars, unless otherwise described. 

  

	33.	Each party will do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered such further documents, assurances or things, and secure all necessary consents and authorizations, as may
be reasonably requested by any other party for the more complete and perfect observances and performance of the terms of this Letter of Intent. 

  

	34.	This Letter of Intent constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all previous communications, representations, understandings, and agreements, either
oral or written, with respect to such subject matter. 

  

	35.	This Letter of Intent may be amended or modified only by a separate agreement in writing signed by each party. No act or failure to act or delay in the enforcement of any right by either party hereunder constitutes a
waiver of any right by such party under this Letter of Intent, and any such act, failure to act or delay does not constitute an approval of or acquiescence in any breach or continuing breach by the other party under this Letter of Intent except as
expressly agreed to in writing; and no waiver of any breach of any provision of this Letter of Intent constitutes a waiver of any proceeding, continuing or succeeding breach of such provisions or of any other provision of this Letter of Intent.

 [Remainder of page left blank intentionally. Signature page follows] 

  
 - 14 - 

 If the terms of this Letter of Intent are acceptable, please communicate your acceptance by executing the
duplicate copy hereof in the appropriate space below and returning such executed copy to us prior to 7:00 pm (Toronto time) on January 15, 2014, at the address set out above. 

Yours very truly, 
  

					
	MIRA III ACQUISITION CORP.
		
	By:	 	 /s/ Ronald D. Schmeichel

		 	Name:	 	Ronald D. Schmeichel
		 	Title	 	President and Director

 The terms of this Letter of Intent are hereby accepted as of the 15th day
of January, 2014. 
  

					
	WIND POWER HOLDINGS, INC.
		
	By:	 	 /s/ Elliot J. Mark

		 	Name:	 	Elliot J. Mark
		 	Title	 	Vice President

  
 - 15 - 

 SCHEDULE A 

LIST OF SUBSIDIARIES 
 Northern Power
Systems, Inc. 
 Northern Power Systems AG 
 Northern Power
Systems S.r.l. 

  
 - 16 -EX-10.10

 Exhibit 10.10 
  

			
	

	  	November 27, 2013
	  
 66 Wellington St W

Suite 4050
 Toronto,
ON
 M5K 1H1
  

beaconsecurities.ca
	  	  
 PRIVATE AND CONFIDENTIAL 

	  	  
 WIND POWER HOLDINGS, INC.

	  	29 Pitman Road
	  	Barre VT, 05641
	  	USA
	  	  
 Attention:     Troy Patton

                       President &
CEO

		
		  	 Dear Sir:
  

Re:    Wind Power Holdings, Inc. (“Wind Power” or the “Company”)

  Proposed Private Placement Offering of Subscription Receipts

 
 Beacon Securities Limited (“Beacon”) as lead agent, on its own behalf
and on behalf of a syndicate of agents to be formed (collectively, the “Agents”), hereby agree to act as agents for and on behalf of the Company, on a commercial reasonable best-efforts agency basis, without underwriter liability,
in connection with a proposed private placement offering of subscription receipts (the “Subscription Receipts”) of the Company at a price per Subscription Receipt to be determined in the context of the market but subject to mutual
agreement between the Company and Beacon (the “Offering Price”) to raise aggregate gross proceeds of approximately $20 to $25 million (the “Offering”).

 
 The Offering will be conducted in conjunction with a reverse take-over transaction (the
“RTO”) between the Company and [—] (the “CPC”). Such reverse take-over transaction shall constitute [—]’s “qualifying transaction” (the “Qualifying Transaction”) in accordance with Exchange Policy 2.4 - Capital Pool Companies (the “CPC
Policy”) and shall result in the common shares of the resulting issuer (the “Listed Issuer”) from the RTO becoming listed on the TSX Venture Exchange or the Toronto Stock Exchange (the “Exchange”) as more
fully described in the term sheet attached hereto as Schedule A, which is incorporated herein by reference.
  

It is understood that this letter agreement (the “Agreement”) is not an agency agreement or other legally binding commitment of the Agents to
purchase the Subscription Receipts. By your acceptance of this Agreement, you and we confirm the terms of our engagement in connection with the Offering as set out below and in
Schedule A.

					
		  	 Until this Agreement is terminated, the Company agrees not to enter into any discussions or negotiations with any other
investment dealer or financial advisor concerning any transaction of the type described herein, including any offering, either public or private, of equity or equity-related securities of the Company. Except as otherwise specifically provided
herein, the definitive terms of this Agreement shall be set forth in a formal agency agreement (the “Agency Agreement”) to be entered into between the Company and the Agents. The Agency Agreement will be negotiated in good faith
between the Company and the Agents and will contain representations, warranties, covenants, conditions and indemnities that are customary for transactions of this nature, including the termination provisions set out herein in
Section 8.

		
		  	 1.      Services to be Provided

		
		  	 On the terms and subject to the conditions provided herein, Beacon will provide the Company with such financial and market
related advice and assistance as may be appropriate and mutually agreed upon by the Company and Beacon. The Company hereby appoints Beacon as its lead agent and exclusive financial advisor with respect to the Offering and RTO (together, the
“Transaction”). In this capacity, Beacon will provide the following services:

			
		  	 (a)
	  	 together with the Agents, act as the Company’s agent in completing the Offering on a commercially reasonable best
efforts private placement basis on mutually agreed, industry-standard terms;

			
		  	 (b)
	  	 assist in negotiating and structuring the terms of the Transaction;

			
		  	 (c)
	  	 if required, act as the Company’s sponsor in connection with any Qualifying Transaction as required by the CPC Policy or in connection with the
RTO;

			
		  	 (d)
	  	 assist the Company in preparing any presentation or disclosure materials in connection with the Offering;

			
		  	 (e)
	  	 together with the Agents, assist the Company in marketing the Offering to investors in accordance with applicable securities laws across Canada and in
other mutually agreed upon jurisdictions; and

			
		  	 (f)
	  	 perform such additional services as are requested by the Company and customarily performed by lead agents and financial advisors in similar
transactions.

		  	  
 The Agents’ services shall not include the
provision of legal or tax advice in connection with the Offering.

  
 - 2 - 

			
		  	 2.      Syndicate Arrangements

		  	  
 In consultation with the Company, Beacon shall be entitled to invite
other investment dealers to act as agents in connection with the Offering, provided that Beacon will at all times be the lead agent and sole bookrunner for the Offering. Beacon shall also be entitled to appoint a soliciting dealer group consisting
of other registered dealers acceptable to the Company.

		  	  

3.      Regulatory Filings

 
 The Company will prepare all documentation required in connection with the Transaction,
with the exception of the form of subscription agreement first draft of the Agency Agreement which will be prepared by the Agents and their counsel and to the extent required will file such documents with the applicable regulatory authorities. These
documents may include, without limitation, a filing statement or management information circular for a Qualifying Transaction and any necessary amendments thereto and together with all other documentation required to be filed in order to effect the
distribution of the Subscription Receipts in each of the provinces of Canada. The Company will permit the Agents and their counsel to review and provide comment on the filing statement or management information circular prepared in connection with
the Qualifying Transaction (and the Company shall consider for inclusion all reasonable comments provided by the Agents) and to approve in form and substance, acting reasonably, the documents prepared in connection with the Offering. Notwithstanding
the foregoing, the Agents assume no obligation whatsoever for any documents prepared in connection with the Transaction, other than as imposed by applicable laws and as agreed to in the Agency Agreement referred to in Section 11.

 

4.      Subscription Receipts and Escrow Release Conditions

 
 On the Closing Date (as defined in Schedule A), the gross proceeds from the
Offering, less all expenses of or incurred by the Agents, as provided for herein (the “Escrowed Proceeds”) shall be placed in escrow with a Canadian trust company (the “Subscription Receipt Agent”) mutually
acceptable to the Company and Beacon, each acting reasonably, and invested pursuant to the terms of a subscription receipt indenture (the “Subscription Receipt Indenture”), to be entered into by and between the Company, Beacon (on
its own behalf and on behalf of the Agents) and the Subscription Receipt Agent, as more fully described in Schedule A.
  

Pursuant to the terms of the Subscription Receipt Indenture, the Subscription Receipts shall automatically convert to common shares (the “Subscription
Receipt Shares”) in the capital of the Company upon satisfaction of the Escrow Release Conditions (as defined in Schedule A), which Subscription Receipt Shares shall be forthwith exchanged for common shares of the Listed Issuer
(the “Resulting Shares”) upon completion of the RTO.

  
 - 3 - 

			
		  	 In the event that the Subscription Receipt Agent does not receive the Release Notice (as defined in Schedule A) prior to Release
Deadline (as defined in Schedule A), or if prior to such time, the Company advises the Agents or announces to the public that it does not intend to satisfy the Escrow Release Conditions, the Subscription Receipt Agent will return to
holders of Subscription Receipts an amount equal to the aggregate Offering Price of the Subscription Receipts held by them and their pro rata portion of any interest earned thereon as more fully described in Schedule A. The
Company will be responsible and liable to the holders of Subscription Receipts for any shortfall between the aggregate gross proceeds of the Offering and the Escrowed Funds.
  

5.      Agency Fees

 
 Upon execution of this Agreement, the Company agrees to pay Beacon a corporate finance fee
of $25,000. The corporate finance fee shall be credited against the Agents’ Fee (as defined below) payable as set forth herein. The Company agrees to pay to the Agents a cash fee of six (6%) percent of the gross proceeds of the Offering
(the “Agents’ Fee”). The Agents’ Fee shall be deposited into escrow and shall form part of the Escrowed Proceeds and shall only be payable and shall be paid to the Agents upon satisfaction of the Escrow Release Conditions
and the release of the Escrowed Funds (as defined in Schedule A. Notwithstanding the foregoing, to the extent that Subscription Receipts are offered to and purchased by existing shareholders of the Company or those business partners
identified in Schedule B hereto (collectively the “President’s List”), the cash fee payable to the Agents shall be three (3%) percent of the gross proceeds received in respect of those persons on the
President’s List up to a maximum of $2 million of gross proceeds from President’s List members.
  

As additional consideration for the services of the Agents, the Agents will be granted, subject to what is provided for with respect to the President’s
List of Subscription Receipts, that number of compensation options (“Compensation Options”) equal to six (6%) percent of the number of Subscription Receipts issued in the Offering, provided that the number of Compensation
Options issued in respect of purchasers of Subscription Receipts by persons on the President’s List shall be three (3%) percent of the number of such Subscription Receipts purchased, subject to the maximum purchase by persons on the
President’s List of $2 million of Subscription Receipts. Each Compensation Option will be exercisable for one (1) Common Share or one (1) Resulting Share (subject to any necessary adjustments), as applicable, at the Offering
Price for a period of twenty-four (24) months following the satisfaction of the Escrow Release Conditions (as defined in Schedule A). The Compensation Options shall only be issuable upon satisfaction of the Escrow Release Conditions
prior to the Escrow Deadline (as defined in Schedule A).

  
 - 4 - 

			
		  	 6.      Information and Due Diligence

 
 Subject to the reasonable needs of the Company to operate its business in the ordinary
course, the Agents and their legal counsel will be given full and complete access on a timely basis, before the filing of any documents prepared in connection with the Transaction and the closing of the Transaction, to the facilities, and to the
corporate, operating, financial and all other records and information, of the Company and its material subsidiaries as well as reasonable access to its officers, directors, employees and auditors for the purpose of conducting due diligence in
respect of the Company and the Transaction as the Agents believe appropriate to their engagement. Completion of the Transaction shall be subject to, among other things, the Agents’ satisfaction with their due diligence investigation. The
Company agrees that during the term of the Agents’ engagement, the Agents’ will be kept fully informed of all material business and financial developments affecting the Company, including any acquisition, divestitures or negotiations
pertaining thereto, and its business and markets, or the Transaction.
  
 Senior
management of the Company will make themselves available to provide such assistance in marketing the Offering as the Agents may reasonably request.
  

Beacon, on its own behalf and on behalf of the Agents, hereby agrees that any information concerning or relating to the Company, its subsidiaries and the CPC
and their respective properties, assets, businesses, financial condition and prospects and any other information pertaining to their business or affairs in any form whatsoever, including without limitation in electronic, magnetically encoded,
written or oral form or in any other form of media and in any format, (herein collectively referred to as the “Due Diligence Material”) previously furnished or to be furnished to Agents, whether or not marked as confidential or
proprietary, will be used by the Agents solely for the purposes of conducting due diligence in connection with the Transaction and not for any other purpose whatsoever and that such Due Diligence Material together with any documents, reports,
analyses, renditions, compilations, extractions, memoranda, interpretations, studies, notes and other writings (including, without limitation, any such materials in electronic, magnetically encoded, written or oral form or in any other form of media
prepared by the Agents which contain, reflect, review or are based in whole or in part upon the Due Diligence Material (collectively, “Derivative Works”), will be kept strictly confidential by the Agents and, without limiting the
generality of the foregoing, the Agents shall not use or permit the use of the Due Diligence Material or Derivative Works in connection with their business activities in any manner whatsoever or for any operational or commercial purpose (other than
as it relates to the Transaction). Except as expressly provided herein, the Agents shall not at any time or under any circumstances, impart, disclose, divulge, or otherwise make available, by any act or omission, to any third party, any Due
Diligence Material, nor shall the Agents use or attempt to use any Due Diligence Materials or Derivative Works for any

  
 - 5 - 

					
		  	 competitive purpose, whether alone or in association with any other person and whether for any of the Agents’ benefit or
that of any other person, without the express prior written approval of the Company.
  

Notwithstanding the foregoing, the obligations of confidentiality pertaining to the Due Diligence Material shall not apply to or include information or
material that is: (i) publicly available or becomes publicly available through no action or fault of any of the Agents; (ii) was already in the Agents’ possession or known to the Agents prior to being disclosed or provided to the
Agents by or on behalf of the Company, provided that the source of such information or material was not bound by a contractual, legal, or fiduciary obligation of confidentiality to the Company or any other party with respect thereto; (iii) was
or is obtained by the Agents from a third party, provided that such third party has the lawful right to disclose the Due Diligence Material; or (iv) is independently developed by the Agents without reference to the Due Diligence Material.

 
 7.      Term
and Termination
  
 The engagement of Beacon pursuant to this Agreement shall commence
on the date of acceptance of this Agreement and shall terminate on the earlier of:

			
		  	 (a)
	  	 March 31, 2014;

			
		  	 (b)
	  	 The execution of the Agency Agreement referred to in Section 11;

			
		  	 (c)
	  	 the termination of this Agreement by Beacon pursuant to Section 8 hereof;

			
		  	 (d)
	  	 the termination of this Agreement by mutual written agreement among the parties; and

			
		  	 (e)
	  	 the closing of this Offering.

		  	  
 The obligations of the Company in Sections 7, 10, 13, 15,
16, and 23, and the obligations of the Agents in Section 6, shall survive the completion of Beacon’s and the Agents’ engagement, any withdrawal or termination of, or a decision not to proceed with, the Transaction or the expiry or
termination of this Agreement.
  

8.      Termination

 
 The Agents, or any of them, may terminate this Agreement by notice in writing to the
Company at any time prior to or on the Closing Date (as defined in Schedule A) if:

			
		  	 (a)
	  	 material change – there shall be any material change or change in a material fact, or there should be discovered any previously undisclosed
material fact required to be disclosed which, in the reasonable opinion of the Agents (or any of them), has or would be

  
 - 6 - 

					
		  		  	 expected to have a significant adverse effect on the market price or value of the Subscription Shares, the Resulting Shares or other securities of the
Company or the CPC;

			
		  	 (b)
	  	 disaster out – (i) there should develop, occur or come into effect or existence any event, action, state, condition (including without
limitation, terrorism or accident) or major financial occurrence of national or international consequence or a new or change in any law or regulation which in the sole opinion of the Agents, or any one of them, seriously adversely affects or
involves or could reasonably be expected to seriously adversely affect or involve the financial markets or the business, operations or affairs of the Company, CPC and their subsidiaries taken as a whole or the market price or value of the securities
of the Company or CPC; (ii) any inquiry, action, suit, proceeding or investigation (whether formal or informal) is commenced, announced or threatened in relation to the Company or CPC or any one of the officers or directors of the Company or
CPC or any of their principal shareholders where wrong-doing is alleged or any order is made by any federal, provincial, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality including without
limitation the TSXV or securities commission which involves a finding of wrong-doing; (iii) any order, action or proceeding which cease trades or otherwise operates to prevent or restrict the trading of the securities of the Company or the CPC
is made or threatened by a securities regulatory authority;

			
		  	 (c)
	  	 market out – the state of the financial markets in Canada or elsewhere is such that in the reasonable opinion of the Agents, or any of them,
the Subscription Receipts cannot be marketed profitably;

			
		  	 (d)
	  	 breach of agreement – the Company is in breach of a material term, condition or covenant of this Agreement or the Agency Agreement;
and

			
		  	 (e)
	  	 due diligence – the Agents, or any of them, are not satisfied, in their sole discretion, with their due diligence review and
investigations.

		  	  

9.      Securities Sales

 
 The Company will not, directly or indirectly, without the prior written consent of Beacon,
such consent not to be unreasonably withheld: (a) issue, offer, sell, contract to sell, secure, pledge, grant any option, right or warrant to purchase or otherwise lend, transfer or dispose of (or announce any intention to do so) any equity
securities of the Company or any securities convertible into, or

  
 - 7 - 

			
		  	 exchangeable or exercisable for, equity securities of the Company; or (b) make any short sale, engage in any hedging transactions, or
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of common shares of the Company, whether any such transaction described in this Section 9 is to be settled by
delivery of common shares of the Company, other securities, cash or otherwise, for a period commencing on the date hereof and ending on the earlier of the termination of this Agreement in accordance with its terms and one hundred and twenty
(120) days following the completion of the Offering, except securities issued: (i) in connection with employee stock options granted to directors, officers, employees and consultants of the Company and shares issued upon their exercise
pursuant to the Company’s stock option plan in effect on the date hereof; (ii) pursuant to the exercise of convertible securities, including convertible debt, options or warrants outstanding at the date hereof; or (iii) subject to
Section 15 hereof, pursuant to the issuance of securities in connection with the purchase price, or a portion thereof, for an acquisition; or (iv) pursuant to the Offering.

 
 It will be a condition of the closing of the Offering that each of the directors and
executive officers of the Company will have entered into formal agreements, in form and substance acceptable to the Agents, acting reasonably, on or before the Closing Date, pursuant to which such parties will have agreed not to sell common shares
of the Company or securities convertible or exchangeable into common shares of the Company (or announce any intention to do so) for a period commencing on the date hereof and ending on the date which is one hundred and twenty (120) days
following the completion of the Offering, without the consent of Beacon, not to be unreasonably withheld.
  

10.    Expenses
  

In addition to any fees that may be payable hereunder and regardless of whether or not the Offering is completed, the Company agrees to reimburse the Agents
for all of the reasonable out-of-pocket expenses (including travel, etc.) in connection with marketing of the Transaction and the reasonable legal fees and disbursements (plus any applicable taxes) of the Agents’ legal counsel, which shall be
subject to a maximum aggregate of $150,000 (excluding disbursements and taxes) unless otherwise approved in writing by the Company, acting reasonably. Such costs and expenses will be paid at the closing of the Offering or, in the event that this
Agreement is terminated or an Offering is not completed, forthwith upon receipt of an invoice for the same.
  

11.    Agency Agreement

 
 The Agency Agreement will be negotiated in good faith between the Company and the Agents
and will contain representations, warranties, covenants, conditions and indemnities that are customary for transactions of this nature, including the termination provisions set out herein in Section 8. In particular, the precise number and
price of the Subscription Receipts is subject to final negotiation

  
 - 8 - 

			
		  	 between the Company and Beacon, prior to the time of execution of the Agency Agreement, and will be determined in the context of market
conditions at that time but subject to mutual agreement between the Company and Beacon.
  

In addition, the Company acknowledges and agrees that the completion of the Offering is subject to a number of conditions, including, without limitation, the
satisfactory completion of the Agents’ due diligence investigation of the Company, the execution of the Subscription Receipt Indenture (as defined in Schedule A) and the receipt of all necessary regulatory approvals.

 
 On the Closing Date, the Company shall deliver to the Agents: (i) evidence of
all required approvals, if any, by all applicable regulatory authorities and the Exchange in respect of the Offering; (ii) certificates of responsible officers of the Company; (iii) a favourable legal opinions of counsel to
the Company with respect to corporate and securities matters relating to the Offering; and (iv) such other documents as the Agents may reasonably request, in each case in a form customary for transactions of this nature and all in a form
satisfactory to the Agents, acting reasonably.
  

12.    No Binding Commitment to Purchase

 
 The parties to this Agreement agree that nothing herein shall be deemed to constitute an
offer, binding commitment or undertaking on the part of any of the Agents, to purchase, sell, place or arrange substitute purchasers for, any of the Subscription Receipts, and does not ensure the successful arrangement or completion of the Offering
or any portion thereof.
  

13.    Indemnification and Contribution

 
 The Company agrees to indemnify the Agents to the extent and in the manner set out in
Schedule C attached hereto, which schedule is incorporated herein by reference. Such indemnification and contribution provisions shall be in addition to, and not in substitution for, any other liability that any party may have, or any
right that the Agents or any Indemnified Party (as defined in Schedule C) may have, apart from that indemnity.
  

14.    Compliance with Laws and Use of Experts

 
 The Company and the Agents will comply with all applicable laws, rules, regulations and
policies, whether domestic, foreign, national, federal, provincial, state or otherwise, applicable to the Transaction.

  
 - 9 - 

					
		  	 15.    Alternative Transaction

 
 If the Offering is not completed and during the term of this Agreement or, if within
ninety (90) days following the termination of this Agreement:

			
		  	 (a)
	  	 the Company agrees to, or announces or enters into a binding definitive agreement in respect of, an Alternative Business Transaction (as defined below);
and

			
		  	 (b)
	  	 Beacon does not act as the lead agent and financial advisor to the Company in respect of such Alternative Business Transaction,

		
		  	unless the failure to complete the Offering is primarily attributable to the failure of Beacon to fulfill and perform its obligations hereunder, which would include the failure to have an order book of at least
$15 million on or before February 14, 2014, and provided the Company and its senior management have used their commercially reasonable best efforts to support the consummation and completion of the Offering, including by complying with its
obligations pursuant to Section 6 hereof, then the Company agrees to pay a cash compensation fee to Beacon (within five (5) Business Days of the completion of the Alternative Transaction) (the “Alternative Transaction
Fee”) as follows:
			
		  	 (c)
	  	 if an Alternative Business Transaction is agreed to, announced, or entered into prior to the commencement of the roadshow and marketing meetings with
respect to the Offering, the Alternative Transaction Fee shall be $250,000;

			
		  	 (d)
	  	 if an Alternative Business Transaction is agreed to, announced, or entered into subsequent to the commencement of the roadshow and marketing meetings with
respect to the Offering and prior to the completion of the order book with respect to the Offering as contemplated in paragraph (e) below, the Alternative Transaction Fee shall be $500,000; and

			
		  	 (e)
	  	 if an Alternative Business Transaction is agreed to, announced, or entered into subsequent to the completion of the order book with respect to the Offering,
the Alternative Transaction Fee shall be one hundred (100%) percent of the cash commission that would have been payable to the Agents upon the successful completion of the Offering, to be determined based on the actual size of the order book at
such time.

		
		  	An “Alternative Business Transaction” means, as a single transaction or as a series of related transactions: (i) an issuance of equity securities of the Company or securities convertible,
exchangeable, or exercisable into such securities in the capital of the Company (not including any securities issued pursuant to the Offering), in excess of ten (10%) percent of the total value or number of equity securities currently
outstanding in the capital of the Company, but excluding securities issued (A) in connection with employee stock options granted to directors, officers, employees, and consultants of the Company and shares issued upon their exercise, or
(B) pursuant to the exercise of convertible securities, options, or warrants outstanding at the date hereof or issued pursuant to the

  
 - 10 - 

			
		  	 Offering, or (ii) a merger, amalgamation, arrangement, reorganization, insider bid, issuer bid, joint venture, or similar strategic
alliance, sale of or licensing (including a royalty arrangement) of or with respect to a material portion of its assets, exchange of assets involving the Company or any material subsidiary of the Company, or any similar transaction.

 
 Payment of the Alternative Transaction Fee (by certified cheque or by wire transfer of
immediately available funds) will fully satisfy all claims by Beacon against the Company in this regard. The parties acknowledge and agree that the Alternative Transaction Fee is not a penalty but represents a genuine and reasonable estimate of the
damages that Beacon will suffer in the event that the Company consummates an Alternative Transaction. The parties further agree that such damages would be difficult or impossible to quantify. Accordingly, the parties agree that the Alternative
Transaction Fee will be payable whether or not Beacon incurs or mitigates damages, and that Beacon does not have any obligation to mitigate damages. The Company agrees that it will be estopped from alleging that, and will not allege that, the
Alternative Transaction Fee is unenforceable for any reason, including that Beacon has not incurred damages.
  

16.    Governing Law and Jurisdiction

 
 This Agreement shall be governed by the laws of the Province of Ontario and the federal
laws of Canada applicable therein and the parties hereto hereby submit to the jurisdiction of the courts of the Province of Ontario.
  

17.    Currency
  

All dollar amounts referred to herein are in Canadian dollars unless otherwise specified.

 
 18.    Successors and
Assigns
  
 This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns provided that no party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other.

 
 19.    Listing

 
 Completion of the Transaction will be conditional upon, among other things, the common
shares underlying the Subscription Receipts (or common shares for which such common shares underlying the Subscription Receipts are exchanged) being conditionally approved for listing on the Exchange and, on the closing date of the RTO, being listed
and posted for trading on the Exchange.

  
 - 11 - 

			
		  	 20.    Conditions and Covenants

 
 The Company shall use its commercially reasonable best efforts to complete the RTO no
later than February 28, 2014 or such other date as mutual agreed between Beacon and the Company, acting reasonably, (the “RTO Closing Date”) following the Closing Date and to obtain the necessary approvals to list the Resulting
Shares issued in exchange for the Common Shares issuable pursuant to the automatic conversion of the Subscription Receipts and the exercise of the Compensation Options on the Exchange, which listing shall be conditionally approved prior to the
completion of the RTO.
  

21.    Publicity and Advertisements

 
 Neither the Company nor the Agents shall make any public announcement concerning the
appointment of Beacon or the Agents or the Offering without the consent of all parties and their counsel, acting reasonably, and any public announcements shall be made in compliance with applicable securities laws and stock exchange rules and
policies. Any press release disseminated by any party hereto, or any party to the Agency Agreement, announcing or otherwise referring to the Offering shall contain the following legend: “NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.” After completion of the Offering, the Agents shall be entitled to place advertisements or announcements in financial and other newspapers, journals or other publications at their own expense
describing their services in connection with the Transaction.
  

22.    Direction of Inquiries

 
 The Company agrees to direct all inquiries from persons expressing an interest in
participating in the Offering to Beacon as long as Beacon is engaged hereunder.
  

23.    Use of Advice

 
 The Company acknowledges and agrees that all written and oral opinions, advice, analysis
and materials provided by the Agents in connection with its engagement hereunder are intended solely for the Company’s benefit and its internal use only in considering the Offering and the Company agrees that no such opinion, advice, analysis
or material will be used for any other purpose whatsoever or reproduced, disseminated, quoted from or referred to in whole or in part at any time, in any manner or for any purpose, without the Agents’ prior written consent in each specific
instance.
  
 Any advice or opinions given by the any of the Agents hereunder will be
made subject to, and will be based upon, such assumptions, limitations, qualifications, and reservations as such Agent(s), in its/their sole judgment, deems necessary or prudent in the circumstances.

  
 - 12 - 

			
		  	 The Agents expressly disclaim any liability or responsibility by reason of any unauthorized use, publication, distribution of or reference to
any oral or written opinions or advice or materials provided by the Agents or any unauthorized reference to the Agents or this engagement.
  

24.    Material Changes

 
 The Company will advise the Agents promptly of any material change, actual, contemplated,
or threatened, in its affairs, or in any information provided to the Agents concerning the Company, the Subscription Receipts, or the Transaction. Unless so advised otherwise, the Agents will be entitled to assume that there has been no material
change in such information and will be entitled to rely thereon. The Company will notify the Agents promptly of any notice by any judicial or regulatory authority requesting any information, meeting, or hearing related to the Company and its
affairs, or the Transaction or any other event or state of affairs that may be relevant to the Agents.
  

The Company agrees that if, following the filing of any offering or disclosure documents with the applicable regulators, there occurs in respect of the Company
any material change or event, actual or contemplated, or the Company discovers any fact or information which the Company believes is or may be material or would or may require the making of any amendment, supplement or revision to any offering or
disclosure documents (either preliminary or final) or any other materials used in connection with the Transaction (an “Amendment”), the Company will (i) notify the Agents in writing of the full particulars thereof,
(ii) with the Agents’ input, prepare, file and distribute such Amendment in the manner permitted or required pursuant to all applicable laws or pursuant to any order obtained by the Company from the relevant authorities and/or courts in
that regard, and (iii) provide the Agents with such numbers of copies of the Amendment as the Agents may reasonably request.
  

25.    Matters Relating to the Engagement

 
 In connection with the services described herein, each of the Agents shall act as an
independent contractor, and any duties of the Agents arising out of this engagement shall be owed solely to the Company. The Company acknowledges that each of the Agents is a securities firm that is engaged in securities trading and brokerage
activities, as well as providing investment banking and financial advisory services, which may involve services provided to other companies engaged in businesses similar or competitive to the business of the Company and that the Agents shall have no
obligation to disclose such activities and services to the Company. The Company acknowledges and agrees that in connection with all aspects of the engagement contemplated hereby, and any communications in connection therewith, the Company, on the
one hand, and the Agents and any of their respective affiliates through which they may be acting, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agents or
such affiliates, and each party

  
 - 13 - 

			
		  	 hereto agrees that no such duty will be deemed to have arisen in connection with any such transactions or communications. The Company
acknowledges and agrees that it waives, to the fullest extent permitted by law, any claims the Company and its affiliates may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Agents shall
have no liability (whether direct or indirect) to the Company or any of its affiliates in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
employees or creditors of the Company. Information which is held elsewhere within the Agents but of which none of the individuals in the investment banking department or division of the Agents involved in providing the services contemplated by this
Agreement actually has knowledge (or without breach of internal procedures can properly obtain) will not for any purpose be taken into account in determining any of the responsibilities of the Agents to the Company under this Agreement.

 

26.    Counterparts

 
 This Agreement may be signed in counterparts and each counterpart will constitute an
original document and all counterparts, taken together, will constitute one and the same instrument. Counterparts may be delivered by facsimile or e-mail.
  

27.    Severability

 
 If one or more provisions contained in this Agreement are, for any reason, held to be
invalid, illegal or unenforceable in any respect, that invalidity, illegality or unenforceability will not affect any other provision of this Agreement, and this Agreement will be construed as if the invalid, illegal or unenforceable provision or
provisions had never been contained in this Agreement.
  

28.    Entire Agreement

 
 This Agreement, together with the schedules annexed hereto, constitutes the entire
agreement between the Company and Beacon respecting the matters dealt with herein and the parties are not bound by any representation, warranty, promise, agreement or inducement respecting such matters not embodied or contained in this
Agreement.

  
 - 14 - 

									
		  	 If this letter agreement accurately reflects your understanding of the terms of our agreement and you agree to be legally bound
thereby, please execute this letter where indicated below and return one copy thereof (by original, email or facsimile) to Beacon Securities Limited (Attention: Filitsa Spanogiannis), whereupon this letter shall become a binding agreement between
us, failing which the terms of this letter shall be null and void.
  
 Yours
truly,

			
		  	BEACON SECURITIES LIMITED	  	
				
		  	By:	 	 /s/ Alistair Maxwell
	  	
		  		 	Name:	 	Alistair Maxwell	  	
		  		 	Title:	 	Chairman & CEO	  	
		
		  	Confirmed and agreed as of December 7, 2013.
			
		  	WIND POWER HOLDINGS, INC.	  	
				
		  	By:	 	 /s/ Troy Patton
	  	
		  		 	Name:	 	Troy Patton	  	
		  		 	Title:	 	President & CEO	  	
			
		  	 Enclosures:
  

Term Sheet
 President’s List

Indemnity
	  	

  
 - 15 - 

 SCHEDULE A 

TERM SHEET 
 WIND POWER
HOLDINGS, INC. 
 PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS 

 

					
	Issuer:	 	Wind Power Holdings, Inc. (the “Company”)
		
	Offering:	 	Commercially reasonable best efforts private placement offering of Subscription Receipts of the Company, subject to a formal agency agreement (the “Offering”).
		
	Offering Amount:	 	Approximately $20 to $25 million in Subscription Receipts.
		
	Offering Price:	 	The issue price per Subscription Receipt will be determined in the context of the market, but subject to mutual agreement between the Company and Beacon (as herein defined).
		
	Selling Jurisdictions:	 	 The Subscription Receipts will be offered and sold to eligible purchasers resident in all provinces of Canada subject to
compliance with applicable securities regulatory requirements and pursuant to private placement exemptions as set out in National Instrument 45-102 – Resale of Securities and/or in jurisdictions other than Canada that are mutually agreed
to by the Company and Beacon, each acting reasonably.
  
 It is anticipated that the
Subscription Receipts will be offered for sale in the United States on a private placement basis to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the “1933
Act”)) pursuant to an exemption from the registration requirements of the 1933 Act.

		
	Qualifying Transaction:	 	The Offering will be conducted in conjunction with a reverse take-over transaction between the Company and [—] (the “CPC”) which
shall constitute CPC’s “qualifying transaction”, in accordance with Exchange Policy 2.4 - Capital Pool Companies, and whereby the shareholders of the Company will become shareholders of the resulting issuer (the
“Qualifying Transaction”) and the common shares (the “Resulting Shares”) of the resulting issuer (the “Listed Issuer”) from the Qualifying Transaction shall become listed on the TSX Venture Exchange
or Toronto Stock Exchange (the “Exchange”).
		
	Subscription Receipts:	 	Pursuant to the terms of the Subscription Receipt Indenture (as defined herein), the Subscription Receipts shall automatically convert to common shares in the capital of the Company (“Common Shares”),
upon:
			
		 	 (i)
	    	 written confirmation from each of the Company and CPC that all conditions to the completion of the Qualifying Transaction have been satisfied
or waived, other than release of the Escrowed Funds;

  
 - 16 - 

					
			
		 	 (ii)
	    	the receipt of all shareholder and regulatory approvals required for the Qualifying Transaction;
			
		 	 (iii)
	    	the distribution of (A) the Common Shares underlying the Subscription Receipts, and (B) the Resulting Issuer Shares to be issued in exchange for the Common Shares pursuant to the Qualifying Transaction being exempt from
applicable prospectus and registration requirements of applicable securities laws;
			
		 	 (iv)
	    	the Resulting Issuer Shares being conditionally approved for listing on the Exchange and the completion, satisfaction or waiver of all conditions precedent to such listing, other than the release of the Escrow Funds; and
			
		 	 (v)
	    	the Company and Beacon, on behalf of the other Agents, shall have delivered a release notice to the Subscription Receipt Agent (the “Release Notice”),
		
		 	 (collectively, the “Escrow Release Conditions”). However, the final Escrow Release Conditions will be determined by mutual
agreement between Beacon and the Company once the final structure of the RTO is settled, each acting reasonably.

		
		 	In the event that the Subscription Receipt Agent does not receive the Release Notice prior to the date that is [—] days after the Closing Date (the
“Release Deadline”), or if prior to such time, the Company advises the Agents or announces to the public that it does not intend to satisfy the Escrow Release Conditions, the Subscription Receipt Agent will return to holders of
Subscription Receipts, within two business days of the Release Deadline, an amount equal to the aggregate Offering Price of the Subscription Receipts held by them and their pro rata portion of any interest earned thereon (net of any
applicable withholding tax). The Company will be responsible and liable to the holders of Subscription Receipts for any shortfall between the aggregate gross proceeds of the Offering and the Escrowed Funds.
		
	Escrow of Proceeds:	 	On the Closing Date (as defined herein), the aggregate subscription proceeds from the Offering, less all expenses of or incurred by the Agents, as provided for herein, (the “Escrowed Proceeds”) shall be
placed in escrow with a Canadian trust company (the “Subscription Receipt Agent”) mutually acceptable to the Company and Beacon, each acting reasonably, and invested pursuant to the terms of a subscription receipt indenture (the
“Subscription Receipt Indenture”), to be entered into by and between the Company, Beacon (on its own behalf and on behalf of the Agents) and the Subscription Receipt Agent. The Escrowed Proceeds, together with all interest earned
thereon, are referred to herein as the “Escrowed Funds”.

  
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 Upon satisfaction of the Escrow Release Conditions and prior to the
Release Deadline (as defined herein), the Subscription Receipt Agent will release the Escrowed Funds to the Company (and the Agents’ Fee, which shall be paid to the Agents) upon receipt of an irrevocable direction of the Company to the
Subscription Receipt Agent (in its capacity as Canadian registrar and transfer agent of the securities underlying the Subscription Receipts) to issue the Common Shares to holders of record of Subscription Receipts as at the date and time that the
Escrow Release Conditions are satisfied.

		
	Use of Proceeds:	  	The net proceeds from the Offering will be used for working capital and general corporate purposes.
		
	Agents’ Fee and Compensation Options:	  	 A cash commission of 6% of the gross proceeds of the Offering (the “Agents’ Fee”). A cash commission of 3% will be paid
with respect to purchasers who are on the President’s List up to a maximum of $2 million of gross proceeds from President’s List members.
  

The Agents’ Fee shall be deposited into escrow and shall form part of the Escrowed Proceeds, and shall be paid to the Agents only upon satisfaction of the
Escrow Release Conditions and the release of the Escrowed Funds.
  
 As additional
consideration for the services of the Agents, the Agents will be granted on the Closing Date compensation options (“Compensation Options”) equal to 6% of the number of Subscription Receipts issued (3% with respect to Subscription
Receipts issued to persons on the President’s List up to a maximum of $2 million of gross proceeds from President’s List members), upon satisfaction of the Escrow Release Conditions and the release of the Escrowed Funds. Each Compensation
Option will be exercisable for one Common Share or one Resulting Share, subject to necessary adjustments, as applicable, at the Offering Price for a period of 24 months following the satisfaction of the Escrow Release Conditions. The Compensation
Options shall be issuable only upon satisfaction of the Escrow Release Conditions prior to the Escrow Deadline.

		
	Agents:	  	Beacon Securities Limited (“Beacon”), together with a syndicate to be formed in consultation with the Company.
		
	Listing:	  	The Resulting Shares shall become listed on the Exchange, such listing to be conditionally approved prior to completion of the Qualifying Transaction.
		
	Restriction	  	 The Subscription Receipts shall be subject to an indefinite hold period as set out in National Instrument 45-102.

 
 Upon completion of the Qualifying Transaction and satisfaction of the Escrow Release
Conditions, the Resulting Shares and Compensation Options will not be subject to any hold period under applicable Canadian securities laws.

  
 - 18 - 

			
		
	Closing Date:	  	On or about [—], 2014 or such other date as mutually agreed to between Beacon and the Company (the “Closing Date”), each acting
reasonably.

  
 - 19 - 

 SCHEDULE B 

PRESIDENT’S LIST 
 (1) Each of its
existing stockholders, and (2) its business partners as follows: 
 Heritage Sustainable Energy 

Martin Lagina 
 WEG Industries

  
 - 20 - 

 SCHEDULE C 

INDEMNITY 
 Wind Power Holdings, Inc. (the
“Indemnitor”) hereby agrees to indemnify and hold Beacon Securities Limited and each other member of the syndicate and/or any of their respective affiliates (hereinafter referred to collectively as the “Agents”) and
the directors, officers, employees, partners, agents, advisors and shareholders of the Agents (hereinafter referred to as the “Personnel”) harmless from and against any and all expenses, losses (other than loss of profits), claims,
actions, damages or liabilities, whether joint or several (including the aggregate amount paid in reasonable settlement of any actions, suits, proceedings or claims), and the reasonable fees and expenses of its counsel that may be incurred in
advising with respect to and/or defending any claim that may be made against the Agents, to which the Agents and/or each of their respective Personnel may become subject or otherwise involved in any capacity under any statute or common law or
otherwise insofar as such expenses, losses, claims, damages, liabilities or actions arise out of or are based, directly or indirectly, upon the performance of professional services rendered by the Agents and each of their respective Personnel
hereunder or otherwise in connection with the matters referred to in the letter agreement to which this indemnity is attached, provided, however, that this indemnity shall not apply to the extent that a court of competent jurisdiction in a final
judgment that has become non-appealable shall determine that: 
  

	 	(a)	the Agents or any of their respective Personnel have been grossly negligent or dishonest or have committed any fraudulent act or wilful misconduct in the course of such performance; and 

 

	 	(b)	the expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, were directly caused by the circumstances referred to in (a). 

If for any reason (other than the occurrence of any of the events itemized in (a) and (b) above), the foregoing indemnification is unavailable to
the Agents or insufficient to hold them harmless, then the Indemnitor shall contribute to the amount paid or payable by the Agents as a result of such expense, loss, claim, damage or liability in such proportion as is appropriate to reflect not only
the relative benefits received by the Indemnitor on the one hand and the Agents on the other hand but also the relative fault of the Indemnitor and the Agents, as well as any relevant equitable considerations; provided that the Indemnitor shall, in
any event, other than the occurrence of any of the events itemized in (a) and (b) above, contribute to the amount paid or payable by the Agents as a result of such expense, loss, claim, damage or liability (“Claim”), any
excess of such amount over the amount of the fees received by the Agents hereunder pursuant to the Agreement to which this indemnity is attached. 

  
 - 21 - 

 The Indemnitor agrees that in case any legal proceeding shall be brought against the Indemnitor and/or the Agents
by any governmental commission or regulatory authority or any stock exchange or other entity having regulatory authority, either domestic or foreign, shall investigate the Indemnitor and/or the Agents and any Personnel of any of the Agents shall be
required to testify in connection therewith or shall be required to respond to procedures designed to discover information regarding, in connection with, or by reason of the performance of professional services rendered to the Indemnitor by the
Agents, the Agents shall have the right to employ their own counsel in connection therewith, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Agents for time spent by their
Personnel in connection therewith) and out-of-pocket expenses incurred by their Personnel in connection therewith shall be paid by the Indemnitor as they occur provided that (i) the employment of such counsel has been authorised in writing by
the Indemnitor; (ii) the Indemnitor has not assumed the defence of the action within a reasonable period of time after receiving notice of the Claim; (iii) the named parties to any such Claim included the Indemnitor, and the Agents or the
Personnel shall have been advised by their counsel that there may be a conflict of interest between them and the Indemnitor; or (iv) there are one or more defences available to the Agents and the Personnel which are different from or in
addition to those available to the Indemnitor, as the case may be. 
 Promptly after receipt of notice of the commencement of any Claim against the Agents
or any of its Personnel or after receipt of notice of the commencement of any investigation, which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Indemnitor, the Agents will notify the
Indemnitor in writing of the commencement thereof and, throughout the course thereof, will provide copies of all relevant documentation to the Indemnitor, will keep the Indemnitor advised of the progress thereof and will discuss with the Indemnitor
all significant actions proposed. The Indemnitor shall be entitled (but not required) to assume the defence on behalf of the Agents or Personnel (the “Indemnified Party”) of any such Claim; provided that the defence shall be through
legal counsel selected by the Indemnitor and acceptable to the Agents, acting reasonably. 
 Neither the Indemnitor nor any Indemnified Party will, without
the other party’s prior written consent, such consent not to be unreasonably withheld, admit any liability, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any action, suit, proceeding, investigation
or claim in respect of which indemnification may be sought hereunder unless in connection with any settlement, compromise or consent by the Indemnitor, such settlement, compromise or consent (i) includes an unconditional release of each
Indemnified Party from any liabilities arising out of such action, suit, proceeding, investigation or claim (if an Indemnified Party is a party to such action) and (ii) does not include a statement as to, or an admission of fault, culpability
or a failure to act by or on behalf of an Indemnified Party. 

  
 - 22 - 

 The indemnity and contribution obligations of the Indemnitor shall be in addition to any liability which the
Indemnitor may otherwise have, shall extend upon the same terms and conditions to the Personnel of the Agents and shall be binding upon and enure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnitor, the
Agents and any of the Personnel of the Agents. The foregoing provisions shall survive the completion of professional services rendered under the letter to which this is attached or any termination of the authorization given by the letter to which
this is attached. 

  
 - 23 -

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