Document:

Exhibit 4.5

 

 

MASTER ACQUISITION AGREEMENT

 

 

DATED DECEMBER 2012

 

 

PRIME RENEWABLES GMBH

 

and

 

ECO-KINETICS NETHERLANDS HOLDING B.V.

 

relating to the acquisition of photovoltaic
projects

 

 

ALLEN & OVERY

Studio Legale Associato

 

    	 

    	 

    

 

INDEX

 

	 	Page
	 	 
	Clause	 
	 	 
	1.	Recitals and Schedules	4
	2.	Definitions and Interpretations	4
	3.	Sale and Purchase of the Shares	5
	4.	Enel Receivables	6
	5.	Conditions to Closing	6
	6.	Pre-Closing Covenants	8
	7.	Closing	8
	8.	Interim Period	10
	9.	Warranties	12
	10.	Indemnity	23
	11.	Confidentiality	27
	12.	Miscellaneous	27
	13.	Applicable Law and Arbitration	30
	 	 
	Signatories	31
	 	 
	Schedule	 
	 	 
	1.	Evidence of the Powers of the Parties	32
	2.	Definitions	33
	3.	The Projects	38
	4.	Settlement Agreements	40
	5.	EPC Contract	41
	6.	O&M Contract	42
	7.	By-laws of the Holding Company	43
	8.	Form of Parent Company Guarantee	51
	9.	List of bank and other accounts — outstanding loans	55
	10.	Contracts	56
	II.	Land	57
	12.	Insurance Policies	59

 

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THIS AGREEMETN (the Master Agreement)
is made on ____ December 2012

 

BETWEEN

 

		(1)	Prime Renewables GmbH, a company incorporated under the laws of Germany, whose registered
office is at Floor 15, Bockenheimer Landstr. 51-53 / 60325 Frankfurt am Main, Germany, registered with the commercial registry
of "Handelsregister B des Amtsgerichts Frankfurt am Main" under number HRB 91984, duly represented by Mr. Werner Goricki,
in his capacity as legal representative, duly authorised as resulting from the extract of the commercial registry, copy of which
is attached hereto as Schedule I (the Purchaser);

 

on the one part-

 

		(2)	eco-Kinetics Netherlands Holding B.V., a company incorporated under the laws of the Netherlands,
whose registered office is at Schiphol Boulevard 231, 1118 BH Schiphol the Netherlands, company number no. 55226582, duly represented
by Mr. Jacobus Johannes Van Ginkel, in his capacity as legal representative, duly authorised pursuant to the shareholder's resolution
dated 26 November 2012 and as resulting from the extract of the commercial registry, copies of which are attached hereto as Schedule
1 (the Seller);

 

-on the other part-

 

(the Purchaser and the Seller are herein
collectively referred to also as the Parties and individually as a Party).

 

BACKGROUND

 

		(A)	The Seller owns no. 13,342,736 (thirteen million three hundred and forty two thousand seven hundred
and thirty six) shares having a nominal value of Euro 13,342,736 (thirteen million, three hundred and forty two thousand seven
hundred and thirty six/00) (the Shares) representing the entire corporate capital of eco-Kinetics Netherlands One B.V.,
a company incorporated under the laws of the Netherlands, with registered office in De Lairessestraat 154, 1075 HL, Amsterdam,
the Netherlands, company number no. 55244408 (the Holding Company).

 

		(B)	The Holding Company owns (i) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the TE1 Quota) representing the entire corporate capital of Tele Energy 1 S.r.l., a company incorporated under the laws
of Italy, with registered office in via Nickmann 6/A, 70132, Bari, Italy, registration with the Companies' Register, Italian tax
code and VAT number no. 06782700725 (TE1), (ii) a quota having a nominal value of Euro 10,000.00 (ten thousand/00) (the
FV12 Quota) representing the entire corporate capital of Enne.Pi. Studio FV. 12 S.r.l., a company incorporated under the
laws of Italy, with registered office in Lungomare 9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register,
Italian tax code and VAT number no. 07253100726 (FV12), (iii) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the FV9 Quota) representing the entire corporate capital of Enne.Pi. Studio FV. 9 S.r.l., a company incorporated under
the laws of Italy, with registered office in Lungomare 9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register,
Italian tax code and VAT number no. 07211550723 (FV9), and (iv) a quota having a nominal value of Euro 10,000.00 (ten thousand/00)
(the FV8 Quota and, together with the TE1 Quota, the FV12 Quota and the FV9 Quota, the Quotas) representing the entire
corporate capital of Enne.Pi. Studio FV. 8 S.r.l., a company incorporated under the laws of Italy, with registered office in Lungomare
9 Maggio 38, 70132, Bari, Italy, registration with the Companies' Register, Italian tax code and VAT number no. 07211560722 (FV8
and, together with TEI, FV12 and FV9, the Project Companies; the Project Companies and the Holding Company are herein
collectively referred to as the Companies).

 

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		(C)	The Project Companies
                                                                  have been set up for the purpose of developing, engineering,
                                                                  financing, constructing, commissioning, operating and maintaining
                                                                  five photovoltaic plants as better described and identified
                                                                  in Schedule 3 (the Projects).

 

		(D)	On 28 November 2012 the
                                                                  Holding Company entered into no. 2 settlement agreements, a
                                                                  true copy of which is attached hereto as Schedule 4 (the Settlement
                                                                  Agreements), with, among the others, the previous quotaholders
                                                                  of the Project Companies, in relation to certain pending issues
                                                                  (inclusive of certain issues relating to amounts of the considerations
                                                                  to be paid for the transfer of the Quotas under the relevant
                                                                  past deeds of transfer and not fully paid within the due date),
                                                                  pursuant to which: (i) all payments, claims, disputes and issues
                                                                  still outstanding in connection with the past deeds of transfer
                                                                  have been fully settled among the interested parties conditional
                                                                  upon payment by the Holding Company and certain other entities
                                                                  or individuals, upon expiry of different maturity dates (the
                                                                  first one falling on 21 December 2012 and the last one on 20
                                                                  May 2013), of certain amounts as stated thereunder, and (ii)
                                                                  any claims relating to payments in connection with certain services
                                                                  and supply of parts for the construction of the photovoltaic
                                                                  plants of the Projects have been fully settled among the interested
                                                                  parties.

 

		(E)	For the purpose of the construction
                                                                  and operation of the photovoltaic plants involved in the Projects,
                                                                  the Project Companies, as principal, and eco-Kinetics Europe
                                                                  Limited, as contractor, have entered into, in relation to each
                                                                  Project: (i) an engineering, procurement and construction contract,
                                                                  copy of which is attached hereto as Schedule 5 (the EPC Contract),
                                                                  and (ii) an operation and maintenance contract, copy
                                                                  of which is attached hereto as Schedule 6 (the O&M Contract).

 

		(F)	The Purchaser, a company operating
                                                                  in the field of the management and financing of photovoltaic
                                                                  plants, wishes, on the terms and subject to the conditions set
                                                                  out in this Master Agreement, to acquire the Shares.

 

NOW, THEREFORE, on the basis of
the foregoing, the Parties agree as follows.

 

		1.	RECITALS AND SCHEDULES

 

The Recitals above and the Schedules
to this Master Agreement are an integral and essential part of this Master Agreement.

 

		2.	DEFINITIONS AND INTERPRETATIONS

 

		2.1	The heading contained in this Master Agreement and in any Schedules are for reference purposes
only and shall not affect in any way their interpretation.

 

		2.2	In this Master Agreement, unless the contrary intention appears, a reference to a Recital, Clause,
Subclause or Schedule is a reference to a recital, clause, subclause or schedule of this Master Agreement.

 

		2.3	In this Master Agreement, where an
Italian term is written in italics or in italics and in brackets after an English term and there is any inconsistency between
the Italian and the English term, the meaning of the Italian term shall prevail.

 

		2.4	In this Master Agreement, references to dates and times are to be computed as of the Italian time,
unless otherwise expressly provided.

 

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		2.5	In addition to the terms defined above and other terms defined in other Clauses or Schedules,
                                                          capitalised terms used in this Master Agreement shall have the meaning given to those terms in Schedule 2.

 

		3.	SALE AND PURCHASE OF THE SHARES

 

		3.1	Subject to the Conditions Precedent being satisfied, or waived by the Purchaser, and subject to
the terms and conditions of this Master Agreement, the Seller shall sell and transfer to the Purchaser, and the Purchaser shall
purchase, the Shares at Closing.

 

		3.2	In consideration for the transfer of the Shares, the Purchaser shall pay to the Seller a purchase
price equal to Euro 12,300,000.00 (twelve million three hundred thousand/00) (the Purchase Price). The Purchase Price shall
be paid as follows:

 

		(a)	Euro 11,850,000.00 (eleven million eight hundred fifty thousand/00) at the Closing Date to the
bank account set forth in Subclause 12.8(a);

 

		(b)	(i) Euro 450,000.00 (four hundred
                                                               fifty thousand/00) to the bank account set forth in Subclause 12.8(a)
                                                               at the date of issuance of the last provisional acceptance certificate
                                                               under the EPC Contracts, in case any of the provisional acceptance
                                                               certificates under the EPC Contracts is still to be issued at the
                                                               Closing Date; (ii) it is agreed to the contrary that, in case any
                                                               and all provisional acceptance certificates under the EPC Contracts
                                                               will prove to have been already issued on or prior to the Closing
                                                               Date, said amount equal to Euro 450,000.00 (four hundred fifty
                                                               thousand/00) shall cumulate with the one under (a) above and be
                                                               paid at the Closing Date to the bank account set forth in Subclause
                                                               12.8(a).

 

		3.3	It is agreed that the Purchase Price will be reduced to Euro 11,950,000.00 (eleven million nine
hundred fifty thousand/00) in the event Closing Date falls on a date which is earlier than 21 December 2012. In such an event:
(i) Subclause 3.2 shall still apply, provided however that figures under 3.2(a) and 3.2(b) shall respectively be reduced to Euro
11,512,630.00 and Euro 437,370.00; and (ii) the Purchaser shall procure that the payment of Euro 350,000 (three hundred and fifty
thousand/00) pursuant to and in accordance with the Settlement Agreement, referred to under Subclause 7.2(h), is fully made by
the Holding Company so that the bank account of the recipient of the aforesaid payment is in cleared funds on or before 21 December
2012.

 

		3.4	The Shares shall be sold free from
                                                           all Encumbrances and together with all rights attaching to them, including
                                                           the right to the full amount of all dividends which may be allocated
                                                           to the Shares for the current business year which started on 1 July
                                                           2012.

 

		3.5	The Parties agree that the Purchaser may designate a member of the Purchaser's Group, including
for the avoidance of doubt a new company to be incorporated, to purchase the Shares in accordance with article 1401 of the Code
and act as Purchaser under this Master Agreement, in which case the following provisions apply:

 

		(a)	the designation will be validly made if notified by the Purchaser in writing to the Seller together
with the written acceptance of the designated member of the Purchaser's Group;

 

		(b)	any designation shall be notified to the Seller no later than the Closing Date;

 

		(c)	upon designation and simultaneous written acceptance by the designated member of the Purchaser's
Group in accordance with this Subclause 3.5, the Purchaser shall be definitively released from the performance of the obligations
undertaken by it under this Master Agreement.

 

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		4.	ENEL RECEIVABLES

 

		4.1	The Seller has informed the Purchaser that the Project Companies are entitled to certain receivables
towards Enel in relation to the assignment of the ownership of the electrical infrastructure to Enel for the purpose of its inclusion
within the grid managed by Enel itself (the End Receivables).

 

		4.2	In case the Enel Receivables are not cashed in by the Project Companies within 24 (twenty four)
months as of the date hereof, the Seller shall pay to the Purchaser a sum equal to the amount of the Enel Receivables.

 

		4.3	In case the Enel Receivables are cashed in, in whole or in part, by the Project Companies within
the term set out in Subclause 4.2, the following provisions shall apply:

 

		(a)	if the amount of the Enel Receivables cashed in by the Project Companies is higher than Euro 80,000.00
(eighty thousand/00), the Purchaser shall pay to the Seller a sum equal to the exceeding portion on a euro by euro basis; or

 

		(b)	if the amount of the Enel Receivables cashed in by the Project Companies is lower than Euro 70,000.00
(seventy thousand/00), the Seller shall pay to the Purchaser a sum equal to that reduction on a euro by euro basis.

 

		4.4	Any such payment shall be made within 5 (five) Business Days following the expiry of the term set
out in Subclause 4.2.

 

		4.5	To the extent possible, the Purchaser is entitled to deduct from/offset any sum due to it by the
Seller under Subclause 4.3(b) against any amount payable by it to the Seller under Subclause 3.2(b).

 

		5.	CONDITIONS TO CLOSING

 

		5.1	The Purchaser's obligations to purchase the Shares
and fulfil its obligations under Clauses 3 and 7, are conditioned to (i) the following conditions
under letters (a), (b), (c) and (d) below having been met within the Long Stop Date, and (ii) the following conditions under letters
(e), (f), (g) and (h) below being met throughout the period elapsing from the Execution Date
up to the Long Stop Date (inclusive):

 

		(a)	all Encumbrances on, or affecting, the Shares being released, cancelled and terminated and the
Holding Company being released and discharged from all undertakings, liabilities and obligations arising thereto;

 

		(b)	the agreement (Convenzione) for the granting of the Incentive Tariff having been properly
entered into by and between the Project Companies and the GSE in relation to each and all Projects with the exception of the relevant
agreement to be entered into between FV8 and the GSE in relation to the Vitti I Project;

 

		(c)	an
                                                                                                    updated twenty-year notarial
                                                                                                    report
                                                                                                    addressing all the plots of
                                                                                                    land impacted by each Project,
                                                                                                    and covering, in particular,
                                                                                                    the plots of land referred
                                                                                                    to by the relevant deeds of
                                                                                                    easement (contratti per
                                                                                                    la costituzione di diritti
                                                                                                    di servitù)
                                                                                                    and the deeds of undertaking
                                                                                                    (atti d'obbligo), being
                                                                                                    delivered by the Seller to
                                                                                                    the Purchaser in relation
                                                                                                    to each Project showing that
                                                                                                    each land impacted by the
                                                                                                    Projects is free from mortgages
                                                                                                    or other liens and that there
                                                                                                    is not any prejudicial registration
                                                                                                    on land (trascrizione pregiudizievole);

 

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		(d)	delivery by the Seller of evidence of the filing of the deeds of easement (contratti per la
costituzione di diritti di servitù) and the deeds of undertaking (atti d'obbligo) concerning the Projects with the Property
Register in relation to all the Projects other than the Bitonto Bitetto Project;

 

		(e)	there being no pending or commenced actions or proceedings by or before any court or other governmental
body or agency which shall seek to restrain, prohibit or invalidate the transactions contemplated by this Master Agreement related
to the purchase by the Purchaser of the Shares;

 

		(f)	none of the following event is taking place: (i) any material breach of the Warranties coming to
the Purchaser's attention whether as a result of the Seller notifying such breach to the Purchaser or the Purchaser becoming otherwise
aware of it; and (ii) anything else occurring which has or would be likely to have a Material Adverse Effect on the Companies and/or
the Projects; unless any such breach or event is fully remedied by the Seller on or prior to the Long Stop Date;

 

		(g)	no introduction of, or any change in, any and all applicable Law or regulation following the Execution
Date that will or may generate change in the Incentive Tariff regime; and

 

		(h)	without any prejudice to Subclauses 10.2(a) and in relation to each Project, no third party or
Public Authority claiming or challenging or annulling on a self redress basis (annullamento in autotutela) or threatening
to claim or challenge or annul on a self redress basis (annullamento in autotutela), the validity of the Authorisations
and of the Connection Applications; unless such claim, challenge or annulment (either actual or threatened) is withdrawn or waived,
autonomously or under the initiative of the Seller, by the same third party or Public Authority on or prior to the Long Stop Date.

 

		5.2	The Conditions Precedent are all set in the exclusive interest of the Purchaser, so that the Purchaser
may waive all or any of the Conditions Precedent (either in whole or in part) at any time by written notice to the Seller.

 

		5.3	Each Party shall act in good faith
                                                           to procure (so far as it is so able to procure) that the Conditions
                                                           Precedent are satisfied on or before 31 January 2013 (the Long Stop
                                                           Date). lf, for reasons independent from the Parties, any
                                                           of the Conditions Precedent under letters 5.1(a), 5.1(b), 5.1(c) and
                                                           5.1(d) of Subclause 5.1 should not be met by the Long Stop Date, and
                                                           the Purchaser should not have waived it by that time, then each of
                                                           the Parties will be entitled to immediately notify to the other a written
                                                           request to postpone it for 30 calendar days, it being understood that,
                                                           in such an event, the Long Stop Date shall be automatically postponed
                                                           up to 2 March 2013.

 

		5.4	The Party responsible for the satisfaction of any of the Conditions Precedent shall promptly notify,
giving written evidence of that, the other Party of (i) the satisfaction of the relevant Condition Precedent or (ii) the occurrence
of any action, fact or event that makes or can be reasonably expected to make the satisfaction of any of the Conditions Precedent
impossible or unlikely. This notice must be given on or before the second Business Day after the Party becomes aware of the same.

 

		5.5	If on or before the Long Stop Date (as postponed, if the case may be), the Purchaser acknowledges
that any of the Condition Precedent has not been met (or is not otherwise waived by the Purchaser), without prejudice to any other
rights or remedies available to the Purchaser in accordance with any and all applicable Law (including, without any limitation,
its ability to claim damages), except for this Clause and Clauses 2, 11, 12.6 and 13, all the other provisions of this Master Agreement
shall lapse and cease to have effect.

 

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		6.	PRE-CLOSING COVENANTS

 

		6.1	The Parties undertake to deliver before Closing to the Notary the powers of attorney and any other
deeds required for the purpose of executing the Deed of Transfer and performing any other relevant action at Closing as set out
in Clause 7. The Seller shall cause that the Holding Company delivers before Closing to the Notary the power of attorney and any
other deeds required for the purpose of executing the Deed of Transfer and performing any other relevant action at Closing as set
out in Clause 7.

 

		6.2	The Seller acknowledges and agrees that (i) the Notary will be a
civil law notary with the Purchaser's lawyers, (ii) it is aware of the provisions of the Ordinance Interdisciplinary Cooperation
(Verordening Interdisciplinaire Samenwerking) of the Royal Professional Organisation
of Civil Law Notaries (Koninklijke Notariële Beroepsorganisatie) in the Netherlands,
and (iii) the Purchaser's lawyers may advise and act on behalf of the Purchaser with respect to this Master Agreement and any agreements
and/or any disputes related to or resulting from this Master Agreement.

 

		6.3	The Parties acknowledge that the amended by-laws of the Holding Company attached under Schedule
7 are an English unofficial version which may need to be translated and implemented in the Dutch language and according to local
requirements. The Seller shall procure that a Dutch version of the amended by-laws of the Holding Company as reflected under Schedule
7 is circulated for approval of the Purchaser fairly in advance of the Closing Date to allow the latter to approve it before it
is submitted to the Notary to be used for the purposes of Subclause 7.2(d). The Parties acknowledge that, in the event changes
will be required in order to make the new by-laws as attached in Schedule 7 validly translated into Dutch language and consistent
with local requirements, they will procure that the finally adopted new by-laws of the Holding Company are, to the utmost extent
possible, consistent with the intended interests and aim of the Purchaser.

 

		6.4	The Seller undertakes to transfer and assign to the Holding Company before Closing at no charge,
cost and under no consideration any and all receivables and credits claimed by any Seller's Group Company towards the Project Companies
in relation to, or in any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts
and/or any other agreements to which the Project Companies are parties.

 

		6.5	The Purchaser shall keep the Seller promptly informed of any claims regarding the transformer outage
at the Casamassima Saracino Project in relation to the period lasting from October 2012 to November 2012 and provide the Seller
with copies of all relevant documents and such other information in its possession or control as may be reasonably requested by
the Seller for the purpose of allowing the Seller, or any of its Affiliates, to enforce the relevant warranty claims against the
supplier of the defective parts.

 

		7.	CLOSING

 

		7.1	Closing shall take place simultaneously at the offices of Allen & Overy, Via Manzoni 41-43,
Milan, Italy, and Apollolaan 15, 1077 AB Amsterdam, the Netherlands, at 10.00 a.m. central European time on the Closing Date, or
at the other place and/or time to be agreed upon between the Parties.

 

		7.2	At Closing, the Seller shall, following the chronological order below:

 

		(a)	deliver to the Purchaser (i) a statement by which the Seller declares that there are no outstanding
receivables and credits which may be claimed by any Seller's Group Company towards the Project Companies in relation to, or in
any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts and/or any other agreements
to which the Project Companies are parties, and (ii) a written acquittance signed by each Seller's Group Company irrevocably and
unconditionally stating that the Seller's Group Companies have no claim, at any title whatsoever, towards the Project Companies
with respect to any and all receivables and credits which may be claimed by any Seller's Group Company towards the Project Companies
in relation to, or in any case connected to, the payment of the considerations and/or other sums pursuant to the EPC Contracts
and/or any other agreements to which the Project Companies are parties;

 

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		(b)	procure the resignation in writing of each relevant Company's directors, managers and attorneys,
in each case to be expressed to take effect on the Closing Date and acknowledging that the directors have no claim against any
and all of the Companies, whether for loss of office, accrued remuneration or otherwise;

 

		(c)	procure that a shareholders' meeting of each relevant Company is validly convened and held to resolve
on the appointment of the Persons who will be designated by the Purchaser as new directors of each relevant Company;

 

		(d)	procure that a shareholders' meeting of the Holding Company is validly convened and held to resolve
the adoption of amended by-laws of the Holding Company as reflected under Schedule 7 in order to (i) remove limits on the nationality
of directors and provide for one single category of directors irrespective of their nationality, and (ii) provide that the meetings
of the board of directors may be held, and relevant resolutions adopted, also outside of the Netherlands;

 

		(e)	deliver to the Purchaser the shareholders' ledger (once
possibly updated as provided under (j) below), deed of incorporation, updated by-laws, minute books, registers and all statutory
books as stated in Subclause 9.6(c) of each relevant Company;

 

		(f)	deliver to the Purchaser evidence that Euro 10,640,000.00 (ten million six hundred fourty thousand/00)
to eco-Kinetics Europe Limited as 100% of the aggregate consideration pursuant to the EPC Contract has been duly paid and cashed
in by the contractor; it being agreed that at Closing the Seller shall also deliver to the Purchaser evidence that any sum which
is due and payable to the contractor under the O&M Contract as at the Closing Date has been duly paid and cashed in by the
contractor;

 

		(g)	deliver to the Purchaser evidence, satisfactory to the latter, that all cash is deposited in the
bank accounts opened in the name of each Project Company as minimum required equity capital (Euro 10,000 per each Project Company)
and all powers to manage and operate such accounts previously granted to Mr. Francesco Felici or any other individuals have been
revoked and annulled;

 

		(h)	only provided that Subclause 3.3 is not applicable and Closing Date falls on a date which is falling
on, or later than, 21 December 2012, deliver to the Purchaser evidence, satisfactory to the latter, of payment of the Euro 350,000.00
(three hundred fifty thousand/00) claim, as referred to under the Settlement Agreement entered into by and among the Holding Company
and, among the others, the previous quotaholders of the Project Companies, having been timely, accurately and fully made by 21
December 2012, pursuant to and in accordance with the relevant Settlement Agreement, at no cost or charge for any of the Project
Companies and without any residual obligation or liability of the Holding Company with respect to such claim remaining outstanding
after the date of said payment;

 

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		(i)	deliver to the Purchaser the true original of the parent company guarantee released by CBD Energy
Limited, according to the form attached herewith under Schedule 8; 

 

		(j)	execute before the Notary the Deed of Transfer of the
Shares, free from any Encumbrances, and procure that (i) the Holding Company executes the Deed of Transfer before the Notary,
and (ii) the relevant entry is executed in the Holding Company's shareholders' ledger in a form satisfactory to the Purchaser;
and

 

		(k)	procure that any such other document that is contemplated under this Master Agreement or that may
be required by any and all applicable Law in order to complete the sale to the Purchaser of the Shares or in connection therewith
is executed.

 

		7.3	At Closing, the Purchaser shall pay the Purchase Price in accordance with Subclauses 3.2(a) and
3.2(b)(ii) and, if the case may be, 3.3.

 

		7.4	All actions and transactions constituting the Closing (including, without any limitation, the transfer
of the Shares) shall be regarded for the purposes of the Closing as a single transaction so that, at the option of the Party interested
in carrying out the specific action or transaction, no action or transaction shall be deemed to have taken place unless and until
all other actions and transactions constituting the Closing shall have taken place as provided in this Master Agreement.

 

		7.5	If for any reason the Seller does not do or procure to be done all those things set out in Subclause
7.2, the Purchaser may:

 

		(a)	communicate in writing to the Seller that, without prejudice to any other rights or remedies available
to the Purchaser in accordance with any and all applicable Law (including, without any limitation, its ability to claim damages),
except for this Clause, the Clauses 2, 11, 12.6 and 13, all the other provisions of this Master Agreement relating to the acquisition
by the Purchaser of the Shares shall lapse and cease to have effect; or

 

		(b)	fix a new Closing Date.

 

		7.6	The execution of the Closing shall not affect, and shall not have
any novative effects (effetto novativo) on the rights and obligations of the Parties
provided for in this Master Agreement which shall remain effective as stated herein.

 

		8.	INTERIM PERIOD

 

		8.1	During the Interim Period, the Seller shall:

 

		(a)	procure that the Purchaser, its agents and representatives, are given full access to the properties,
books, Contracts, commitments and records of the Companies during normal business hours on any Business Day and on reasonable notice
to the Seller;

 

		(b)	without any prejudice to Parties' disclosure obligation under this Master Agreement, provide such
information regarding the Projects, businesses and affairs of the Companies as the Purchaser may reasonably require;

 

		(c)	procure that the businesses of the Companies will be carried on in
the ordinary course, consistent with past and current practice (senza soluzione di continuità rispetto al passato).
In particular, and without limiting the generality of the foregoing, the Seller shall procure
that, except with the written consent of the Purchaser, the Companies will not:

 

		(i)	incur any expenditure
that is not strictly necessary for the correct implementation of the Projects without the previous written consent of the Purchaser.
It is agreed and understood that, as a consequence of the incurring of such authorised expenditure,
at the Closing Date, no debts, liabilities, fees, expenses, charges, costs of whatever nature, including, without any limitation, Taxes, fees, legal and notarial expenses relating to the carrying
out of the expenditure shall be due by the Companies to any third party, including, without any limitation, the Seller; or

 

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		(ii)	dispose of or grant any option or right of pre-emption in respect of any part of their assets;
or

 

		(iii)	even in the ordinary course of their businesses consistent with their past practices, will not
(i) enter into any Contract involving an amount without the previous written consent of the Purchaser; or (ii) make any commercial
proposal or offer to any Person, which, if accepted, would result in a legally binding Contract; or

 

		(iv)	borrow any money; or

 

		(v)	enter into any unusual Contract or commitment or:

 

		(A)	make any loan;

 

		(B)	enter into any leasing, hire purchase or other Contract or arrangements for payment on deferred
terms; or

 

		(vi)	declare, make or pay any dividend or other distribution or do or allow to be done anything which
renders their financial position less favourable than at the Execution Date; or

 

		(vii)	grant, issue or redeem any mortgage, charge, debenture or other security or give any guarantee
or indemnity; or

 

		(viii)	make any change in the terms and conditions of employment of any of their directors or employ any
Person; or

 

		(ix)	permit any of their insurances (if any) to lapse or do anything which would make any policy of
insurance void or voidable; or

 

		(x)	pass any resolution of their shareholders or quotaholders, as applicable, whether in general meeting
or otherwise; or

 

		(xi)	agree, conditionally or otherwise, to do any of the foregoing; or

 

		(xii)	in any other way depart from the ordinary course of their day-to-day business; or

 

		(xiii)	do or omit to do, or cause to be done or omitted to be done, any act, transaction or thing which
would result (or be likely to result) in (I) any of the Warranties being untrue or inaccurate at the Closing Date and/or (II) any
direct or indirect negative impact and/or effect on the transactions (or part thereof) contemplated by this Master Agreement.

 

		8.2	The Seller shall immediately notify the Purchaser in writing of any matter or thing which arises
or becomes known to it before the Closing which (notwithstanding the preceding paragraph) constitutes (or would after the lapse
of time constitute) a misrepresentation or a breach of any of the Warranties or the undertakings or other obligations on the part
of the Seller under this Master Agreement.

 

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		9.	WARRANTIES

 

		9.1	General provisions

 

		(a)	The Warranties given by the Seller shall be true,
accurate, complete and correct in all material respects at the Execution Date and at the Closing Date.

 

		(b)	Each of the Warranties is separate and independent
and, unless otherwise expressly provided, is not limited to:

 

		(i)	by reference to any other Warranty;

 

		(ii)	by any other term in this Master Agreement: or

 

		(iii)	by anything in the Schedules which is not expressly referenced to the Warranty concerned.

 

		(c)	The Seller acknowledges that the Warranties are material and the accuracy and completeness of the
Warranties is essential to the Purchaser's decision to enter into this Master Agreement.

 

		(d)	The Warranties herein are qualified by all facts, matters and information Disclosed to the Purchaser.

 

		(e)	The following Warranties are given by the Seller in addition to any other representation and warranty
given under this Master Agreement or all and any applicable Law.

 

		9.2	Organization

 

		(a)	The Holding Company is duly organised, validly existing and in good standing under the Laws of
the Netherlands.

 

		(b)	Each Project Company is a società a responsabilità limitata
(limited liability company) company, duly organised, validly existing and in good standing under
the Laws of Italy.

 

		(c)	The corporate capital of:

 

		(i)	the Holding Company is equal to Euro 13,342,736 (thirteen million, three hundred and forty two
thousand seven hundred and thirty six/00), duly authorised, validly issued and fully paid up; and

 

		(ii)	each Project Company is equal to Euro 10,000 (ten thousand/00), duly authorised and validly issued.

 

		(d)	Each Project Company has no subsidiaries and it possesses the full corporate powers and authorities
to own its Assets and to carry out the relevant Project(s).

 

Accurate and complete copies of
certificates of incorporation, articles of association and other organisation and related documents, each as amended to date, of
each Company shall be delivered, within the Closing Date by the Seller to the Purchaser.

 

		9.3	Effect of this
                                                                             Master Agreement

 

		(a)	The Seller has the requisite power and authority to
enter into and perform this Master Agreement.

 

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		(b)	For the Seller, its execution, delivery and performance
of this Master Agreement, and its consummation of the transactions contemplated herein:

 

		(i)	do not constitute a default or breach under any Contract to which it or the relevant Company is
a party or by which it or the relevant Company is bound;

 

		(ii)	do not relieve any other party to a Contract with the relevant Company of its obligations or enable
that party to vary or rescind its rights or obligations under such Contract;

 

		(iii)	do not constitute a violation of any and all Law applicable to it, or to the business, the relevant
Project, or the Assets of the relevant Company, or to any of the transactions contemplated in this Master Agreement;

 

		(iv)	do not violate any regulation, rule, injunction, judgement, order, decree, ruling, charge or other
restriction of any Public Authority to which the Seller or the relevant Company are subject;

 

		(v)	do not accelerate or otherwise modify any obligation of the relevant Company under any Contract
whatsoever;

 

		(vi)	do not result in creation, imposition, crystallisation or enforcement of any Encumbrance whatsoever
on any of the Assets of the relevant Company or any of the quota capital in such Company; or

 

		(vii)	do not require the consent of any Person.

 

		(c)	This Master Agreement constitutes a valid and legally binding agreement of the Seller, enforceable
against the Seller in accordance with its terms and conditions.

 

		9.4	Quota capital and ownership

 

		(a)	The Shares constitute the whole of the issued and subscribed corporate capital of the Holding Company,
and they are validly issued and fully paid up.

 

		(b)	The Companies have not issued any financial instrument or are party to any Contract entitling any
Person to participate in their capital, profits or management.

 

		(c)	There are no Contracts or circumstances which prevent, or in any case limit, any Encumbrances on,
or affecting, the Shares from being released, cancelled and terminated and the Holding Company being released and discharged from
all undertakings, liabilities and obligations arising thereto, as provided under Subclause 5.1(a).

 

		9.5	Insolvency

 

		(a)	Each Company is not insolvent and is not involved in or subject to any Insolvency Proceedings.

 

		(b)	There are not circumstances which require or would enable any Insolvency Proceedings to be commenced
in respect of each Company.

 

		(c)	Each Company is not in a situation as provided for in articles 2446 and 2447 of the Code (reduction
of the capital for losses).

 

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		(d)	Each Company is not party to any transaction capable of being revoked
(oggetto di azioni revocatoria) in whole or in part for insolvency reasons and/or any
reasons provided by article 2901 of the Code.

 

		9.6	Financial and Corporate Records

 

		(a)	The accounting records of each Company are up-to-date, and, so far as the Seller is aware, contain
true and accurate details of all material transactions of each Company.

 

		(b)	Each Company's records, systems and information, and the means of access to them, are exclusively
owned by it and under its direct control.

 

		(c)	Accurate and complete copies of the contents of the statutory books of each Company have been delivered,
within the Closing Date to the Purchaser. The statutory books of each Company have been properly kept and contain an accurate and
complete record of the matters which should be dealt with in those books and no notice or allegation that any of them is incorrect
or should be rectified has been received. None of the shareholders, quotaholders, board of directors, or board of statutory auditors
if any, has taken any material action.

 

		(d)	All
                                                                                                    returns, particulars, resolutions
                                                                                                    and other documents required
                                                                                                    to be filed with or delivered
                                                                                                    to the Companies' Register
                                                                                                    (Registro delle
                                                                                                    Imprese) by
                                                                                                    each Company or any of its
                                                                                                    directors have been correctly
                                                                                                    and properly prepared and
                                                                                                    so filed and delivered, and
                                                                                                    no such returns, particulars,
                                                                                                    resolutions or other documents
                                                                                                    have been so filed or delivered
                                                                                                    during the period of 10 (ten)
                                                                                                    Business Days ending with
                                                                                                    the Closing Date.

 

		(e)	Schedule 9 contains an accurate
                                                               and complete list of all bank accounts, other accounts, certificates
                                                               of deposit, marketable securities other investments, safe deposit
                                                               boxes, lock boxes and safes of each Company, and the names of all
                                                               the directors or other individuals who have access thereto or are
                                                               authorised to make withdrawals therefrom or dispositions thereof.

 

		(f)	Except as disclosed in Schedule 9, each Company has no outstanding loan capital or any money borrowed
or raised, or any liability in respect of any guarantee or indemnity.

 

		9.7	Compliance with Law

 

		(a)	So far as the Seller is aware, the operations of each Company, the conduct of the business of each
Company (including, without any limitation, the relevant Project(s)), as and where such business has been or presently is conducted,
and the ownership, possession and use of the Assets of each Company have complied and currently do comply with any and all applicable
Law.

 

		(b)	No directors or other individuals, during the course of their duties, have done or omitted to do
anything which is a contravention of any and all applicable Law giving rise to a material liability on the part of each Company.

 

		(c)	So far as the Seller is aware, each Company has obtained
and holds all Permits eventually required for the lawful operation of its business, including, without any limitation, the relevant
Project, as and where such business is presently conducted. The Seller is not aware of anything that might result in the revocation,
suspension or modification of any of those Permits or might prejudice their renewal.

 

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		9.8	Financial Statements

 

		(a)	The financial statements of each Company (including the Financial Statements), as of the date of
its incorporation:

 

		(i)	comply with the requirements
of any and all applicable Law (including, without any limitations, the Code and other applicable statutes and regulations);

 

		(ii)	have been prepared in accordance with the Accounting Principles consistently applied; and

 

		(iii)	are not affected by any unusual or non-recurring items.

 

		(b)	The Financial Statements of each
                                                               Company correctly state the Assets and the liabilities of the Company
                                                               and show a true and fair view of the state of affairs of the Company
                                                               and of the results of the Company as of the dates and for the periods
                                                               for which they were prepared.

 

		9.9	Assets

 

		(a)	So far as the Seller is aware, all the movables and immovable property, tangible and/or intangible
assets, machineries, goods and real properties, including, without any limitation, the Land owned by each Company are those indicated
in the Financial Statements (the Assets). Each Company has full, good and marketable title and exclusive ownership, possession
and/or availability of all its Assets, and such Assets are and will be free and clear of any Encumbrances. For each Company the
Assets are all the assets necessary and sufficient to develop, engineer, finance, construct and operate the relevant Project in
accordance with any and all applicable Law and Good Industry Practice.

 

		(b)	None
                                                                      of the Assets reflected in the Financial Statements of the
                                                                      Company has been disposed of, or agreed to be disposed of,
                                                                      by the Company.

 

		(c)	All
                                                                      of the tangible Assets owned by the Company are fit for
                                                                      purpose and in compliance with any and all applicable Law
                                                                      in all respects.

 

		9.10	Contracts

 

		(a)	Schedule
                                                                      10 contains an accurate and complete list of all Contracts
                                                                      to which each Company is party or by which each Company
                                                                      is bound and a complete description of all work remaining
                                                                      to be performed under such Contracts by each Company or
                                                                      the other parties, as the case may be. All such Contracts
                                                                      are valid, in full force, effect and fully enforceable in
                                                                      accordance with their terms and conditions and each term
                                                                      is a valid and binding obligation of each Company and the
                                                                      other parties.

 

		(b)	Each Company has performed all the obligations required to be performed by the Contracts listed
in Schedule 10 and is not in default thereunder nor would be in default thereunder with the passage of time, the giving of notice,
or both. None of the other parties to any of such Contracts is in default thereunder or would be in default thereunder with the
passage of time, giving of notice, or both.

 

		(c)	The Contracts listed in Schedule
                                                               10 are all the Contracts necessary and sufficient to develop,
                                                               engineer, finance, construct and operate each relevant Project
                                                               in accordance with the Authorisations, any and all applicable Law
                                                               and the Good Industry Practice.

 

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		9.11	Related party transactions

 

		(a)	Subject to the Settlement Agreement, there is not outstanding and there has not as of the incorporation
and up to the Closing Date been outstanding any material loans, guarantees, Contracts, transactions, understandings or other arrangements
of any nature between or among each Company and (i) any current or former shareholders, quotaholders, directors, officers, associates,
Affiliates of each relevant Company (or any of its predecessors) or (ii) the Seller or any of its current or former shareholders,
directors, officers, associates, Affiliates.

 

		(b)	Any Contracts entered into by and between each Company and (i) any current or former shareholders,
quotaholders, directors, officers, associates, Affiliates of each relevant Company (or any of its predecessors) or (ii) the Seller
or any of its current or former shareholders, directors, officers, associates, Affiliates, have been negotiated, executed and performed
in compliance with any and all applicable Law and at arms' length conditions.

 

		9.12	Companies' operations since the Financial Statements'
date

 

		(a)	As of 1 July 2012 (as far as the Holding Company is
concerned) and 1 January 2012 (as far as the Project Companies are concerned):

 

		(i)	except in the ordinary course of its business consistent with its past practices, the Companies
have not:

 

		(A)	created or assumed any Encumbrances upon any of their business (including, without any limitation,
the Projects) or Assets; or

 

		(B)	incurred any obligation; or

 

		(C)	made any loan or advance to any Person; or

 

		(D)	assumed, guaranteed or otherwise become liable for any obligation of any Person; or

 

		(E)	committed for any capital expenditure; or

 

		(F)	purchased, leased, sold, abandoned or otherwise acquired or disposed, or agreed to acquire or dispose,
of any business (including, without any limitation, the Projects) or Assets; or

 

		(G)	waived any right or cancelled any debt claim; or

 

		(H)	assumed or entered into any Contract; or

 

		(I)	increased, or authorised an increase in, the compensation or benefits paid or provided to any of
their directors, officers, salesmen, agents or representatives; or

 

		(J)	done anything else outside the ordinary course of business,
whether or not specifically described in any of the foregoing paragraphs;

 

		(ii)	even in the ordinary course of their business consistent with their past practices, the Companies,
in their conduct of the Projects have not incurred any obligation, made any loan to any Person, acquired or disposed, or agreed
to acquire or dispose, of any business or assets, entered into any Contract or other transaction, or done any of the other things
described in paragraph (i);

 

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		(iii)	subject to those matters Disclosed, there has been no Material Adverse Effect affecting the Companies,
the Projects, the Companies' Assets or financial condition;

 

		(iv)	subject to those matters Disclosed the Companies have conducted the Projects in a normal and proper
manner and paid their creditors within the time agreed with them;

 

		(v)	the Companies (i) have not incurred any outstanding bank debt or notes payable; (ii) have not incurred
any outstanding indebtedness to any of their current or former shareholder, quotaholders, directors or officers; (iii) had any
obligation for any overdrafts with respect to any of their bank accounts or other cash Assets; (iv) declared, made or paid any
dividend or other distribution of profits or Assets which is, or could be treated as, a distribution; (v) accrued any deferred
bonuses or compensation due to any shareholder, quotaholder or agent of the Companies or paid any such deferred bonuses or compensation
except to the extent such deferred bonuses or compensation was accrued on the relevant Financial Statements.

 

		9.13	Authorisations

 

		(a)	At the Execution Date any and all Authorisations have been obtained by the Companies in relation
to the Projects, and at the Closing Date will be valid, in full force and effective.

 

		(b)	In relation to each Project, none of the Authorisations is subject to any litigation with third
parties, whether actual or threatened in writing, and:

 

		(i)	there are not threat or administrative challenge of such Authorisations; and

 

		(ii)	there are not express or implicit suspension of the DIA or order
(ordinanza) to suspend the works, issued by the relevant Municipality against the Authorisations.

 

		(c)	To the Seller's best knowledge, the Seller or each relevant Company have not breached the provisions
of any and all applicable Law, including Environmental Laws, applicable to each Company, its business and the relevant Project,
as well as the conditions indicated in the Authorisations, which may result in a revocation and/or suspension of the relevant Authorisations.

 

		(d)	In relation to each Project, all the Authorisations conform to any and all applicable Law, and
in particular, to the New Energy Account guidelines issued by the GSE and are, therefore, suitable to allow the admission of each
Company to the Incentive Tariff scheme.

 

		9.14	Project

 

		(a)	Each Project (and consequently the photovoltaic plant involved therein)
has been duly and fully connected by the manager of the local distribution grid (geslore di rete) with
the power distribution grid (rete di distribuzione) and properly entered in commercial
operation (entrata in esercizio), from any and all defects and inconsistencies with
the data and information set out under Schedule 3.

 

		(b)	Each Project (and consequently the photovoltaic plant
involved therein) has been constructed and, consequently, may be operated and maintained in all respects in accordance with the
Authorisations, the Good Industry Practice and any and all applicable Law.

 

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		(c)	Each item of machinery or plant of each Project, including its fixed machinery or plant: (i) has
not suffered any defect of any kind whatsoever; (ii) is fit for purpose; (iii) has been installed in accordance with Good Industry
Practice; and (iv) complies in all material respects with all the relevant Authorisations and any and applicable Law and regulations
regarding photovoltaic plants in Italy and, in particular, in Apulia.

 

		(d)	The construction works to be carried out pursuant to the EPC Contracts have been properly authorised
and no litigation and/or administrative annulment procedure has arisen or has been threatened in this respect.

 

		9.15	Land

 

		(a)	The details of each Land set out in Schedule 11 are true and accurate in all material respects.

 

		(b)	Each Land is the only property owned, controlled, used or occupied by the relevant Company and
all deeds and documents necessary to prove title to each Land are in the possession of the relevant Company. No Company has entered
into any Contract, unexpired agreement, option or pre-emption to acquire any other property.

 

		(c)	Each Company is the sole entity entitled to the occupation or use of the relevant Land and no Person
is in, or otherwise entitled to, occupation or use.

 

		(d)	There are no Encumbrances on, or affecting any of, each Land, not there is any commitment to give
or create any Encumbrance, and no Person or Public Authority has claimed to be entitled to any Encumbrance.

 

		(e)	There are no disputes regarding boundaries, rights (whether benefiting each Land), covenants or
other matters relating to each Land or its use. No Land is subject to rights of restitution of it in favour of any former owner,
or of any relevant inheritors, with or without compensation. No Land is adjacent to each other.

 

		(0	Each Company has a permanent legal right free from onerous and unusual conditions to use all roads,
footpaths, conduits and other facilities serving the relevant Land in the manner in which they are presently used and there is
no any imminent or likely interruption of the right of the Company to use these roads, footpaths, conduits or other facilities.
No public road is actually interested by the electrical lines constructed and operated in relation to each Project.

 

		(g)	The Project Companies have a proper title on all the areas impacted by the Projects including the
areas which are necessary for the construction and operation of the electrical lines and the areas which are necessary for the
compliance of the Projects with Article 65, paragraphs 2 and 4 of Law Decree No. 1/2012 passed into Law of 24 March 2012 No. 27.

 

		(h)	Each Company has not entered into any Contract and is not under any obligation in respect of the
construction, maintenance or adoption of any road, footpath, conduit or other facility.

 

		(i)	The present use of each Land is
in compliance with any and all applicable planning and zoning Laws (including, without any limitation, the PUTTp) and regulations,
and the Permits authorising that use are unconditional and permanent.

  

		(j)	No development, alteration or other work which would require any Permit, permission or consent
under any and all applicable planning and zoning Law (including, without any limitation, the PUTTp) and regulations have been carried
out without all those Permits, permissions and consents having been obtained, and all conditions attached to those Permits, permissions
and consents have been observed and performed.

 

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		(k)	No breach of any and all applicable
                                                               planning and zoning Law (including, without any limitation, the
                                                               PUTTp) and regulations or building regulations or other relevant
                                                               Law or any Permit issued under any such Law or regulation has been
                                                               committed in relation to any Land and no notice has been
                                                               issued or injunction granted or applied for in respect of any breach
                                                               or alleged breach of those Law and regulations.

 

		(1)	No building on any Land
                                                               is of special architectural or historic interest such as to make
                                                               it subject to controls beyond those affecting buildings generally.

 

		(m)	No Land is (i) classified as a site of communitarian importance (silo
dr importanza comunitaria) and/or a special protection zone (zona di protezione speciale) and/or
(ii) placed in a seismically active area.

 

		(n)	Each Land is substantially fit for the purpose for which it is used at present and is necessary
and sufficient to develop, construct, operate and maintain the relevant Project in accordance with the Authorisations, any and
all applicable Law and Good Industry Practice.

 

		9.16	Connection Applications

 

Each Company (i) has duly submitted
any and all the applications (the Connection Applications) to and obtained by the manager of the local distribution grid
(gestore di rete) any and all the relevant approvals for connection of each relevant Project to the power distribution grid
(rete di distribuzione) and (ii) has made any and all required payments.

 

		9.17	Labour

 

Each Company does not have and
has never had since the date of its incorporation any employees (including lavoralori a progetto), whether full or part
time and whether directly or indirectly, or collaborators and no Person may claim against each Company any rights as employee or
collaborator.

 

		9.18	Litigation

 

		(a)	With the exception of claims referred to under the Settlement Agreements, no litigation or arbitration
proceeding is currently pending or threatened, nor has any such proceeding occurred at any time since the date of each Company's
incorporation, to which each Company is or was a party, or by which each Company or any Assets or business (including, without
any limitation, the relevant Project) of each Company is or was affected and there are no circumstances which are likely to give
rise to any litigation or arbitration proceedings by or against each Company.

 

		(b)	No judgement is currently outstanding, nor has any judgement been outstanding at any time since
the date of each Company's incorporation, against each Company, or by which each Company or any Assets or business (including,
without any limitation, the relevant Project) of each Company is or was affected.

 

		(c)	No breach of Contract, breach of
                                                               warranty, tort, negligence, infringement, product liability,
                                                               discrimination or other claim of any nature has been asserted or
                                                               threatened by or against each Company at any time since the date
                                                               of its incorporation, and there is no basis for any such claim.

 

		(d)	Each Company is not the subject of any investigation, inquiry or enforcement proceedings or process
by any Public Authority, other administrative or regulatory body nor are there any circumstances which are likely to give rise
to any such investigation, inquiry, proceedings or process.

 

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		9.19	Tax and Social Security

 

		(a)	So far as the Seller is aware, each Company has:

 

		(i)	duly and timely complied with all requirements in the matter of Tax;

 

		(ii)	duly and timely filed all compulsory Tax returns, if any, with the competent Tax authorities and
the information provided thereby are correct, complete and not misleading;

 

		(iii)	fully and timely made all payments,
                                                               assessments, withholdings as well as fully and timely paid any
                                                               penalties and interest with respect to Taxes as resulting from
                                                               the filed returns and any notice, assessment or injunction received
                                                               from any relevant Tax authority;

 

		(iv)	made adequate and full provisions in the Financial Statements for all Tax obligations and liabilities;
and

 

		(v)	not received any assessment, injunction, request for payment which remain outstanding and unpaid,
or other communication from any Tax authority since the date of its incorporation and there are no circumstances that may give
raise to any such assessment, injunction or request for payment.

 

		(b)	Each Company is not subject to any Tax related proceedings or disputes pending before any Public
Authority or any other authority or competent body. No inspection, assessment or dispute by any competent body is expected or formally
threatened against each Company.

 

		9.20	Insurance

 

Except as specified in Schedule
12, since the date of its incorporation each Company has not entered into any insurance policies and, in relation to the conduct
of the business of each Company, no insurance policy has to be entered by it pursuant to any and all applicable Law.

 

		9.21	Intellectual Property

 

		(a)	Other than the right to its corporate name, each Company does not
have any intellectual property right which has been registered in or applied for in connection with the business of the Company
or otherwise granted in use to the Company (including trademarks, IT and software licences). No intellectual property rights
are necessary for the carrying out of the business of each Company, including, without any limitation,
the development, engineer, finance, construction, commission, operation and maintenance of each relevant Project.

 

		(b)	None of the operations of the business of each Company involves the unauthorised use of confidential
information in circumstances which might entitle a third party to make a claim, of whatever nature, against the Company.

 

		9.22	Environment

 

		(a)	So far as the Seller is aware, each Company has as of its incorporation complied with any and all
applicable Environmental Law.

 

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		(b)	Each Company has as of its incorporation held all requisite Environmental Licences (all of which
are valid and subsisting) and, so far as the Seller is aware, has complied with the terms and conditions of such Environmental
Licences. The Environmental Licences have at all times covered the activities of each Company in the places and in the manner in
which such activities are or have been carried out. So far as the Seller is aware, there are no circumstances likely to give rise
to any modification, suspension, revocation of any Environmental Licence, or which may prejudice the renewal, extension or, where
necessary transfer of, any such licence.

 

		(c)	So far as the Seller is aware, each Company has not received any notice or other communication
from which it appears that the Company has been, is or may be in violation of any Environmental Law and/or Environmental Licence
or that any Environmental Licence may be subject to modification, suspension or revocation.

 

		(d)	Each Company is not engaged in any prosecution litigation, arbitration or settlement action concerning
Environmental Law, any Environmental Licence or Dangerous Substances and there are not facts or circumstances which are likely
to give rise to such prosecution, litigation, arbitration or settlement action by or against the Company.

 

		(e)	Each Company is not responsible (wholly or in part) for any Environment Remedial Action in relation
to each Land or is subject to any investigation or inquiry by any Environment Regulatory Authority in relation to each Land.

 

		(f)	Each Land is not included on or referred to in any register of contaminated land or any similar
record or register.

 

		9.23	Health and Safety Matters

 

		(a)	Each Company complies and has at all times complied with any and all applicable Law and regulations
relating to health and safety in workplaces including all conditions, limitations, obligations, prohibitions and requirements (including
any and all fulfilments to be performed before the commencement of any kind of work whatsoever) contained therein and there are
no facts or circumstances which may lead to any material breach of any and all applicable Law and regulations relating to health
and safety in workplaces.

 

		(b)	There have been no claims, investigations or proceedings against or threatened against each Company
or any of its directors in relation to the relevant Project in respect of accidents, injuries, illness, disease or other harm to
the health and safety of contractors, subcontractors or any other persons caused by breaches of any and all applicable Law and
regulations relating to health and safety in workplaces or otherwise.

 

		9.24	Questionable Payments

 

So far as
the Seller is aware, no current or former partners, owners, quotaholders, directors, executives, officers, representatives, agents
of each Company (when acting in such capacity or otherwise on behalf of the Company):

 

		(a)	has used or is using any corporate funds for any illegal contributions, gifts, entertainment or
other unlawful expenses relating to political activity;

 

		(b)	has used or is using any corporate funds for any direct or indirect unlawful payments to any foreign
or domestic government officials or employees;

 

    	21

    	 

    

  

		(c)	has established or maintained, or is maintaining, any unlawful or unrecorded fund of company monies
or other properties;

 

		(d)	has made at any time any false or fictitious entries on the books and records of the Company;

 

		(e)	has made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any
nature using company funds or otherwise on behalf of the Company; or

 

		(f)	made any material favour or gift that is not deductible for income tax purposes using company funds
or otherwise on behalf of the Company.

 

		9.25	Brokerage Fees

 

No Person acting on behalf of
each Company or any of its shareholders or quotaholders is or shall be entitled to any brokerage, finder’s fee or a like payment
in connection with the transactions contemplated in this Master Agreement and no legal fees or audit or accountancy fees will be
payable by each Company arising directly or indirectly from the negotiations and signing of this Master Agreement.

 

		9.26	Powers of Attorney

 

Each Company has not granted
any power of attorney or similar authority which remains in force at the Closing Date.

 

		9.27	Full Disclosure

 

		(a)	The Seller represents and warrants
                                                               to the Purchaser that during the negotiation of this Master Agreement
                                                               and the due diligence investigations carried out by or on behalf
                                                               of the Purchaser it has made available to the latter, true
                                                               and accurate copies of all documentation concerning each Company
                                                               and each Project.

 

		(b)	No Warranty made by the Seller in this Master Agreement or pursuant hereto (i) contains any untrue
statement of any fact; or (ii) omits to state any fact that is necessary to make the statements made, in the context in which made,
not false or misleading in any respect.

 

		(c)	The copies of documents
                                                               referred to in this Master Agreement or otherwise delivered or
                                                               Disclosed to the Purchaser in connection with the transactions
                                                               contemplated in this Master Agreement, are true and accurate, and
                                                               are not missing any amendments, modifications, correspondence or
                                                               other related papers which would be pertinent to the Purchaser’s
                                                               understanding thereof in any respect.

 

		(d)	There is no material fact that has not been disclosed to the Purchaser in this Master Agreement
and/or in the course of the due diligence, that has a Material Adverse Effect on each Company, each Project, the Assets or financial
condition of each Company or the ability of each Company or of the Seller to perform their obligations under this Master Agreement.

 

		(e)	All information relating to each Company, its Assets
or each Project which would be material to a purchaser for value of the shares, quotas, undertakings or assets of the Company
is contained in this Master Agreement.

 

    	22

    	 

    

  

		10.	INDEMNITY

 

		10.1	Seller’s indemnity

 

		(a)	The Seller shall, at the direction of the Purchaser, indemnify the Purchaser, the relevant Company
or (in the case of liability to another Person which has not been discharged) the Person to whom the liability has been incurred,
including, without any limitation, officers, employees and agents (each, a Beneficiary), against:

 

		(i)	any
                                                                                                  deficiency or liability of the
                                                                                                  Beneficiary, including liabilities
                                                                                                  of any nature, payments, losses
                                                                                                  (including minusvalenze
                                                                                                  and
                                                                                                  sopravvenienze passive),
                                                                                                  damages,
                                                                                                  obligations, claims, expenses
                                                                                                  and any other costs (including
                                                                                                  labour, social security, environmental,
                                                                                                  Tax, product or third party
                                                                                                  liability), whether accrued,
                                                                                                  contingent or otherwise (passività
                                                                                                  attuali or
                                                                                                  potenziali), which
                                                                                                  arises from any of its Warranties
                                                                                                  being untrue, misleading, incomplete
                                                                                                  or breached and which would
                                                                                                  not have existed or arisen if
                                                                                                  the Warranty in question had
                                                                                                  not been untrue, misleading,
                                                                                                  incomplete or breached;

 

		(ii)	any proceeding, action, suit, claim or demand against the Beneficiary by any Person arising out
of or caused by, directly or indirectly, any act or omission of the relevant Company, or any of its shareholders or quotaholders,
directors or officers, occurring at any time on or before the Closing Date;

 

		(iii)	any overstatement of an asset (insussistenze di poste attive
o minusvalenze) or understatement of a liability, whether accrued, contingent or otherwise (passività
attuali o potenziali); and

 

		(iv)	any costs and damages, including a loss in value of the Shares, suffered as a result of the above.

 

		(b)	The liability of the Seller under letter (a) shall be subject to the limitations contained in,
and to the other provisions of, Subclause 10.2, and any Claim shall be subject to the provisions of those Subclauses.

 

		(c)	With respect to any
Claim as to which the Purchaser (or any other Beneficiary) is entitled to indemnification from the Seller under Subclause 10.1,
within 30 (thirty) Business Days after the Purchaser receives written documents underlying
the Claim or, if the Claim does not involve a third party action, suit, claim or demand,
promptly after the Purchaser first has actual knowledge of the Claim, the Purchaser shall give notice to the Seller (the Indemnification
Notice) of the nature of the Claim and the amount demanded or claimed in connection therewith (the Claim Amount), together
with copies of such written documents. In this latter event the Seller (without prejudice to its right to refer the matter to
a court in accordance with Subclause 13.2) shall pay to the Beneficiary the Claim Amount as directed by the Purchaser within 20
(twenty) Business Days as of receipt of the Indemnification Notice. If the Seller does not notify the Purchaser with its intention
to refer the matter to an arbitration in accordance with Subclause 13.2 within 20 (twenty) Business Days as of receipt of the
Indemnification Notice, the Seller shall be deemed to have accepted liability for the Claim Amount.

 

		(d)	If a third party action, suit, claim or demand is
involved, then, upon receipt of the Indemnification Notice, the Seller shall, at its expense and through legal counsels of its
choice, promptly assume and have sole control over the litigation, defence or settlement (the Defence) of the Claim, except
that:

 

    	23

    	 

    

  

		(i)	the Purchaser may, at its option, expense and through legal counsels of its choice, participate
in the Defence or assume control of Defence. In the event the Purchaser assumes the control of Defence: (I) the Seller shall be
entitled to participate in the Defence at its expense and through lawyers of its choice and (II) if the Defence requires the payment
of monetary damages the Purchaser shall only be entitled to consent to any Judgement, or agree to any amicable settlement, with
the Seller prior written consent, such consent not to be unreasonably withheld or delayed;

 

		(ii)	the Seller shall not consent to any Judgement, or agree to any amicable settlement, without the
Purchaser’s prior written consent, such consent not to be unreasonably withheld or delayed;

 

		(iii)	the Seller shall keep the Purchaser promptly informed of the Defence and provide the Purchaser
with copies of all relevant documents and such other information in its possession or control as may be requested by the Purchaser;
and

 

		(iv)	if the Seller does not promptly assume control over the Defence or, after doing so, does not, in
the Purchaser’s opinion, continue to prosecute the Defence in good faith, the Purchaser may, at its option and through legal counsel
of its choice, but at the Seller’s expense, assume control over the Defence.

 

		(e)	In any event sets out under letter (d) the Seller and the Purchaser shall fully cooperate with
each other in connection with the Defence, including by furnishing all available documentary or other evidence as is reasonably
requested by the other Party.

 

		(f)	If the Seller and/or the Purchaser, as the case may be, is/are not successful in its/their action
under letter (d), the Seller shall pay the Claim Amount (plus any accrued interests) to the Beneficiary within 15 (fifteen) Business
Days as of the date of the Judgement or the amicable settlement.

 

		(g)	Without prejudice to any other rights or remedies available to it, the Beneficiary may deduct from
any amount payable by it under

 

		(i)	this Master Agreement; or

 

		(ii)	any Contracts, transactions, understandings or other arrangements entered into by it or, if different,
the relevant Company, and by the Seller and any of its current or former shareholders, directors, officers, associates or Affiliates;
or

 

		(iii)	any Contracts, transactions, understandings or other arrangements entered by it or, if different,
the relevant Company, and by Seller or any of its current or former shareholders, directors, officers, associates or Affiliates,

 

any sum due to the Beneficiary
under this Master Agreement (including in respect of any breach of the obligations, Warranties and undertakings on the part of
the Seller).

 

		(h)	The covenants under this Subclause 10.1 may be enforced by any Beneficiary without any prejudice
to any other rights or remedies available to it under any Contract, transaction, understanding or other arrangement entered into
by it or, if different, the relevant Company, and by the Seller and any of its current or former shareholders, directors, officers,
associates or Affiliates.

 

    	24

    	 

    

  

		(i)	The covenants under this Subclause 10.1 may be enforced by any Beneficiary, if different from the
Purchaser, against the Seller, as a third party beneficiary under article 1411 of the Code.

 

		10.2	Limits on the Seller’s liabilities

 

		(a)	The liability of the Seller in respect of Claims for breach of the Warranties given in Clause 9
shall terminate:

 

		(i)	on the tenth Business Day after the date on which the Claims
                                                                                                  are definitively time-barred by all applicable statutes of limitation (including any extensions or waivers) in respect of
                                                                                                  employment matters (danni e responsabilità connessi ai rapporti di lavoro) and
                                                                                                  matters covered by Warranties set out in Subclause 9.19; and

 

		(ii)	without any prejudice to point (i) above, on the tenth Business Day after the date of the second
anniversary of the Closing Date in respect of all other matters.

 

		(b)	The Seller shall not be liable
                                                               if the amount due in connection with issues, events or occurrences
                                                               giving rise to a Claim does not exceed, in the aggregate,
                                                               Euro 50,000 (fifty thousand/00), provided that if such threshold
                                                               is exceeded, the Seller shall be liable to pay the entire amount.

 

		(c)	The liability of the Seller in respect of Claims arising, in accordance with Subclause 10.1, from
any of the Warranties given in connection to the Companies and/or the Projects being untrue, misleading, incomplete or breached
and which would not have existed or arisen if the Warranty in question had not been untrue, misleading, incomplete or breached,
shall not exceed Euro 2,500,000 (two million five hundred thousand/00).

 

		(d)	Nothing in this Clause shall qualify or limit the liability of the
Seller in relation to any Claim attributable to fraud (dolo) or wilful misconduct (colpa
grave) on the part of the Seller or its agents or advisors.

 

		10.3	Special Indemnity

 

		(a)	The Parties agree that the Seller shall indemnify and hold the Purchaser harmless from and against
any and all costs, losses or damages incurred or suffered by the Companies deriving from:

 

		(i)	claims referred to under the Settlement Agreements and/or the breach of the latter by any of the
parties thereto, inclusive without limitations of any costs, losses or damages, incurred or suffered in connection with any of
the litigation proceedings referred to under the Settlement Agreements;

 

		(ii)	the revocation, annulment, invalidity, challenge of the DIA in relation
to all of the Projects because of non compliance with Articles 22 and 23 of the Presidential Decree No. 380/2001; and/or fines
or other sanctions issued pursuant to Article 37 of Presidential Decree No. 380/2001 because of the construction works carried
out in relation to Casamassima Saracino Project being not compliant with the Authorisations; and/or the agreement (Convenzione)
for the granting of the Incentive Tariff having not been properly entered into by 31 March 2013
by the Project Company FV8 and the GSE with reference to the Vitti 1 Project, and, in general, the occurred suspension, interruption,
revocation of any Incentive Tariff for any of the Project or revocation, annulment, termination of the relevant agreements (Convenzioni)
between each of the Project Companies and the GSE, after the Closing Date;

 

    	25

    	 

    

 

		(iii)	the missed or inaccurate or incomplete payment by each
beneficiary to the relevant grantor of considerations due in relation to the pie-crust lease and easement agreements (contratti
per la costituzione di diritto di superficie e servitiù) and the deeds of undertaking (atti d'obbligo) concerning the
Projects;

 

		(iv)	the missed or inaccurate recording of the deeds of easement (contratti per la costituzione di diritti di servitiù) concerning
the Vitti 1 Project for tax purposes;

 

		(v)	any challenge, claim, procedure brought
                                                             by the GSE or other Public Authorities in relation to the entitlement
                                                             (titolarità) of any of the Project Companies to the DIA and
                                                             DIL relating to the Projects, whether arising because or in connection
                                                             or as a consequence of the commencement of any process to obtain
                                                             an act of assignment (voltura) of such DIA and/or DIL.

 

		(b)	Subject to Subclause 10.3(a), the Seller shall reimburse
the Purchaser, within 10 Business Days following the request made by the same in this respect, an amount equal to the above costs,
losses or damages actually incurred or suffered by the Companies.

 

		(c)	The limitations provided under Subclause 10.2 shall not apply to this Subclause 10.3, it being agreed that:

 

		(i)	the maximum aggregate liability of the Seller under this
Subclause 10.3 is equal to Euro 12,300,000.00 (twelve million three hundred thousand/00), provided that such amount shall be automatically
reduced every each year elapsing as of the Closing Date according to the following table, unless in the event of Claims having
been brought against the Seller under this Subclause 10.3 in the meantime, in which case such yearly reduction shall be automatically
suspended up until the above Claims are finally and fully settled between the Parties:

 

	Year no.	 	Automatic Reduction %	 
	Year 1	 	 	0	%
	Year 2	 	 	0	%
	Year 3	 	 	2.5	%
	Year 4	 	 	5.0	%
	Year 5	 	 	7.5	%
	Year 6	 	 	10.0	%
	Year 7	 	 	13.3	%
	Year 8	 	 	16.7	 
	Year 9	 	 	20.0	%
	Year 10	 	 	25.0	%

 

    	26

    	 

    

  

		(ii)	the liability of the Seller under this Subclause 10.3
shall terminate on the tenth anniversary of the Closing Date, except in respect of any Claim of which notice is given to the Seller
before such date.

 

		11.	CONFIDENTIALITY

 

		11.1	Each
                                                                                       Party undertake:

 

		(a)	to keep confidential this Master
                                                               Agreement and its terms and conditions as well as any and all other
                                                               information which have been or will be delivered or disclosed (whether
                                                               orally or in writing) by the other Party in connection with this
                                                               Master Agreement and its performance (the Confidential Information),
                                                               with a level of care and attention which is not less than that
                                                               used to protect confidential information and documentation relating
                                                               to such Party; and

 

		(b)	not to disclose any Confidential Information to any third party without the previous written consent
of the other Party, except and only to the extent (a) required by applicable law or by any authority of competent jurisdiction,
(b) such information has become public through no fault of the Party who receives it or (c) required to comply with any disclosure
requirement applicable to listed companies, it being understood, however, that the Parties may disclose the Confidential Information
to its shareholders, affiliates, officers, employees, consultants and representatives insofar as necessary for the carrying out
of the activities provided for in this Master Agreement.

 

		11.2	The Parties acknowledge the essential nature of this
Clause 11 since a breach of the confidentiality obligations in this Clause may significantly jeopardize the expected revenues
of the Projects.

 

		12.	MISCELLANEOUS

 

		12.1	Entire Agreement, Modification and Remedies

 

This Master Agreement and the
Schedules constitute the entire agreement between the Parties relating to the subject matter hereof and supersede any and all prior
understandings or agreements between the Parties, whether written or oral, express or implied, relating hereto. Any modification
of this Master Agreement or additional obligations assumed by any Party in connection with the subject matter hereof shall be binding
only if evidenced in writing and signed by the duly authorised representatives of the Parties.

 

		12.2	No Waiver

 

Any possible time or indulgence
by a Party in respect of acts or omissions of the other Party in breach of the provisions of this Master Agreement shall in no
way be construed as a waiver of the rights of such Party arising from the breached provision, nor of the right to demand the appropriate
and correct fulfilment of the terms and conditions provided herein.

 

		12.3	Severability

 

In the event that one or more
of the terms, provisions or conditions in this Master Agreement are deemed invalid or ineffective for any reason whatsoever, such
invalidity or ineffectiveness shall not affect the validity and effectiveness of the other terms, provisions and conditions herein,
and the terms, provisions or conditions deemed invalid or ineffective shall be regarded as deleted from this Master Agreement.
The Parties hereby also undertake to negotiate in good faith in order to replace in mutual agreement the terms, provisions and conditions which
have become invalid or ineffective, with new covenants aimed at re-balancing, if necessary, the overall interests in this Master
Agreement.

 

    	27

    	 

    

  

		12.4	Undertaking
                                                                                       for a third party's fact or behaviour (promessa
                                                                                       del facto del terzo)

 

Any undertaking assumed by a
Party under any provision of this Master Agreement whereby such Party "undertakes to procure that", “shall procure
that”, “undertakes to cause that”, “shall cause that”, “shall ensure that” any Person, which
is not such Party, performs any action or omits to perform any action, or which provided for such Party's undertaking by using
similar expressions, shall be deemed to constitute (and shall be interpreted as) a promessa del fatto del terzo by such
Party with respect to such action or omission of such Person pursuant to article 1381 of the Code.

 

		12.5	Costs and Expenses

 

Without any prejudice to any
other different provision set out in this Master Agreement, each Party shall bear and pay its own legal and other costs incurred
in relation to the preparation and execution of this Master Agreement and the performance of the obligations contemplated by it.
It is agreed and understood that any tax and/or duty as well as any notarial fees due in relation to the transactions contemplated
under this Master Agreement shall be equally borne by the Parties which carried out such transactions.

 

		12.6	Notices

 

		(a)	The language of this Master Agreement is English and all notices, demands, requests, statements,
certificates or other documents or communications shall be in English unless otherwise agreed.

 

		(b)	Any notice or other formal communication given in this
Master Agreement must be in writing and may be delivered or sent by post to the party to be served at its address appearing in
this Master Agreement as follows:

 

		(i)	to the Seller at:

 

Schiphol Boulevard 231, 1118 BH Schiphol, the
Netherlands, 

marked for the attention of Mr. Jacobus Johannes van Ginkel,

 

		(ii)	to the Purchaser at:

 

Floor 15, Bockenheimer Landstr. 51-53 / 60325 Frankfurt
am Main, Germany,

 marked for the attention of Mr. Werner Goricki,

 

with copy to:

 

		(A)	WHEB Infrastructure Partners LLP,

 2 Fitzhardinge Street,
London WI H 6EE,

 marked for the attention of Mr. Matthew Hammond,

 

		(B)	Allen & Overy Studio Legale Associato,

 Via Manzoni 41-43, Milan, Italy,

 marked for the attention of Mr. Paolo Ghiglione,

 

or at such other address or fax number as a Party may
have notified to the other Party in accordance with this Clause. Any notice or other document sent by post shall be sent by registered
mail return receipt requested (if within the territory of Italy) or by prepaid airmail (if elsewhere).

 

    	28

    	 

    

 

		(c)	Any notice or other formal communication shall be deemed
to have been given:

 

		(i)	if delivered, at the time of delivery; or

 

		(ii)	if posted, on the day of receipt, provided it is sent by registered mail requesting a return receipt.

 

		12.7	Assignment

 

		(a)	Without any prejudice to letters (b) and (c) below, none
of the Parties may assign any of its rights, interests or obligations hereunder without the prior written consent of the other
Party.

 

		(b)	The Purchaser shall be entitled, without the consent
of the Seller, to transfer its rights and obligations under this Master Agreement, in whole or in part, to any of its Affiliates.
The Purchaser will notify the Seller of any such transfer and the latter hereby irrevocably agree to execute any documentation
necessary to give effect thereto. Furthermore the Purchaser may designate one Person to become a party to this Master Agreement
and to purchase the Projects in accordance with the terms hereof, provided that such designation is made in compliance with the
following provisions:

 

		(i)	anything in article 1403 of the Code to the contrary notwithstanding, the designation will be sufficiently
made if notified in writing to the Seller together with the written acceptance of the Person so designated no later than 3 (three)
Business Days prior to the Closing Date; and

 

		(ii)	the designated Person shall assume, and the Purchaser shall be free of, all and any obligation and undertaking of the Purchaser
regulated in this Master Agreement.

 

		(c)	The Purchaser shall be
entitled to assign to any third parties, without seeking the Seller's consent, its current and future rights under Clause
10.

 

		12.8	Payments

 

Unless otherwise expressly stated, all payments
to be made under this Master Agreement shall be made in Euro to the Party to be paid as follows:

 

		(a)	to the Seller, by irrevocable wire transfer in immediately available
funds (valuta fissa a favore del beneficiario), to the third party account of Eversheds
Faasen B.V. Notariaat Rotterdam with account number 66.43.75.952 at ING Bank in Amsterdam (IBAN code: IBAN NL84 INGB 0664 3759
52 and BIC code ING Bank: INGBNL2A) for the attention of Eversheds Faasen B.V. Notariaat Kwaliteitsrekening Volders with reference
"7596 — transfer shares eco-Kinetics Netherlands One B.V.", or such
other account as the Seller may specify;

 

		(b)	to the Purchaser, by irrevocable wire transfer in immediately available
funds (valuta fissa a favore del beneficiario), to the account of the Purchaser at:
Deutsche Bank Privat- und Geschäftskunden AG, BLZ: 500 700 24, number: 011574100, IBAN: DE17 5007 0024 0011 5741 00, BIC / SWIFT
Code: DEUTDEDBFRA, or such other account as the Purchaser may specify.

 

    	29

    	 

    

 

		13.	APPLICABLE LAW
                                                                               AND ARBITRATION

 

		13.1	Applicable
                                                                                                        Law

 

This Master Agreement is governed by and shall
be constructed according to the laws of Italy.

 

		13.2	Arbitration

 

		(a)	All disputes arising out from this Master Agreement shall be settled by arbitration under the Rules
of the Chamber for National and International Arbitration of Milan. The arbitration panel shall consist of three arbitrators appointed
according to the Rules of the Chamber for National and International Arbitration of Milan. The seat of the arbitration shall be
Milan. All the documentation shall be either English or Italian and the language of the arbitration shall be Italian.

 

		(b)	The arbitration panel shall act on the following basis:

 

		(i)	the panel shall render its decision within 120 (one hundred
twenty) days from the date it accepts office;

 

		(ii)	the panel shall decide in accordance with the rules of law (secondo diritto);

 

		(iii)	the final award shall also fix the costs of the arbitration and decide which of the parties or in what proportion the
                                                                parties shall bear them; and

 

		(iv)	the award of the arbitrators shall be final and binding and shall not be subject to appeal.

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Master Agreement to be executed in two counterparts, each of which shall be deemed an original,
but all of which together shall constitute a single instrument by their duly authorised representatives as of the date first written
above.

 

    	30

    	 

    

 

SIGNATORIES

 

	Prime Renewables GmbH	 	eco-Kinetics Netherlands Holding B.V.
		 	
	/s/ Prime
    Renewables     GmbH	 	/s/ J.J. Van Ginkel
	 	 	J.J. Van Ginkel

 

    	31Exhibit 4.6

 

 

EXECUTION VERSION

 

SUBLICENSE
AGREEMENT

 

This sublicense
agreement (“Sublicense Agreement”) commences on the Effective
Date and is made by and between (i) Westinghouse Electric Corporation, a Delaware corporation, having its principal place of business
at 51 West 52nd Street, New York, NY 10019 (hereinafter referred to as “Westinghouse”); (ii) Westinghouse
Solar, Inc., a Delaware corporation, having its principal place of business at 1475 S. Bascom Ave., Suite 101, Campbell, CA 95008
(“W- Solar”) and Andalay Solar Inc.,
(“Andalay”) a wholly owned subsidiary of W-Solar (hereinafter
W-Solar and Andalay each referred to as a “Sublicensor”
and collectively referred to as the “Sublicensors”); (iii)
and CBD Energy Limited (ACN 010 966 973), an Australia company, having its principal place of business at 53 Cross Street Double
Bay, Suite 2 — Level 2, Sydney NSW Australia 2028 (hereinafter referred to as the “Sublicensee”).

 

RECITALS

 

WHEREAS, Sublicensors are is in the business
of manufacturing and selling Systems;

 

WHEREAS, Sublicensee is in the business
of importing, assembling, installing and selling Systems in the Territory;

 

WHEREAS, Sublicensee (by way of a wholly
owned Delaware subsidiary company) is in the process of merging with the W-Solar via a merger expected to be finalized during the
second quarter of 2013;

 

WHEREAS, Westinghouse is the owner of certain
valuable and famous trademarks and trade names;

 

WHEREAS, Sublicensors, pursuant to the Westinghouse
Agreements, have exclusive licenses and rights from Westinghouse to use the “Westinghouse” trade name in various
agreed forms and the Marks as part of Sublicensor's manufacture and sale of Systems;

 

WHEREAS, Sublicensors have, among other
matters, obtained exclusive rights to distribute Systems in the Territory using the Marks, pursuant to Amendment # 1
to the License Agreement;

 

WHERAS, Sublicensors have, among other things,
amended the trademarks pursuant to Amendment # 1 to the Trade Name Agreement;

 

WHEREAS, Sublicensors and Westinghouse are
amending the definition of “Products” (as defined in the License Agreement) pursuant to Amendment # 2 to the
License Agreement;

 

WHEREAS, Sublicensee desires to obtain,
and Sublicensors are willing to grant, a sublicense of the Sublicensors’ rights under the Westinghouse Agreements to allow Sublicensee
to use the Marks and the name “Westinghouse” as part of the Sublicensee’s trade name in connection with the
importing, assembly, installation and sale of Systems to its customers in the Territory, on the terms and conditions set
forth herein;

 

    	1

    	 

    

 

EXECUTION VERSION

 

WHEREAS, Sublicensce has agreed to pay royalties
to Sublicensors on all of the Products Sublicensee sells in the Territory as set out in this Sublicense Agreement;

 

WHEREAS, Westinghouse has agreed to consent
to the sub-licensing by the Sublicensors to the Sublicensee under this Sublicense Agreement, on the terms and conditions set forth
herein;

 

WHEREAS, all recitals, and Appendix A, Appendix
B and Appendix C attached to this Sublicense Agreement, form an integral part of this Sublicense Agreement; and

 

WHEREAS, the Sublicensors' obligations under
this Sublicense Agreement shall be joint and several obligations (and not jointly or severally obligations).

 

NOW, THEREFORE, in consideration of the
premises and the covenants herein contained, the parties hereto agree as follows.

 

1.0 -
DEFINITIONS

 

In this Sublicense Agreement, in addition
to the other capitalized expressions set out herein, the following expressions have the following meanings:

 

1.1          “Amendment
#  1 to License 4greement”
means the amendment to the License Agreement executed by the parties thereto and dated in August
2012.

 

1.2          “Amendment
 # 1 to Trade Name Agreement”means
the amendment to the Trade Name Agreement executed by the parties thereto and dated in August 2012.

 

1.3          “Amendment
# 2 to License Agreement” means the amendment to the License Agreement executed by the parties thereto and dated
on or about the Effective Date.

 

1.4          “Business”
means the business of the Sublicensce, namely importing, assembling, installing and selling
the Products in the Territory.

 

1.5          “Effective
Date” means the date determined and defined in Section 12.

 

1.6          “License
Agreement” means the licensing agreement made between Westinghouse, W-Solar (at
the time Akeena Solar Inc) and Andalay, dated February 22, 2010.

 

1.7          “Licensing
Guidelines” means the Westinghouse Brand Guidelines attached hereto and
made a part hereof as Appendix A.

 

1.8          “Marks”
means the trademarks as shown in Appendix B attached hereto and made a part hereof.

 

    	2

    	 

    

 

EXECUTION VERSION

 

1.9          “NIP”
or “Net Invoke Price”
means the aggregate of the invoiced
amounts for Products less (a) returned goods, refunds, credits and allowances actually made or allowed to a customer with respect
to those Products, (b) freight or handling charges charged to customers or incurred on return of goods, and (c) sales and excise
taxes actually paid by Sublicensee or Sublicensee's customers with respect to sale of Products to customers. NIP shall not include
any insurance, duties, tariffs, use taxes, special charges, and/or fees itemized for Products.

 

1.10          “party”
and “parties” means a
party or the parties to this Sublicense Agreement either individually or collectively with the other parties, as the case may
be.

 

1.11          “Products”
means the products listed in Appendix C attached hereto and made a part hereof. In the event
of any dispute arises between the parties regarding the definition of Products, the final decision regarding such definition shall
rest in Sublicensors' good faith sole and absolute discretion.

 

1.12          “Systems”
means photovoltaic solar energy systems.

 

1.13          “Term”
— means the date as determined and defined in Section 10.1 hereto.

 

1.14          “Territory”
means Australia and New Zealand, and no other territories unless such other territory is approved
in writing by the Sublicensors and Westinghouse, in which case such other territories will be form part of the definition of Territory
and will become subject to the terms and conditions of this Sublicense Agreement.

 

1.15          “Trade
Name” means the trade name “Westinghouse Solar”, or such
other trade name incorporating “Westinghouse” as may be approved by Westinghouse and Sublicensors in writing.

 

1.16          “Trade
Name Agreement” means the agreement allowing the Sublicensors to use the
Trade Name, entered into by Westinghouse, W-Solar (at the time Akeena Solar Inc) and Andalay, dated February 22, 2010.

 

1.17          “Westinghouse
Agreements” means (i) the License Agreement, as amended
from time to time; and (ii) the Trade Name Agreement, as amended from time to time.

 

2.0 - LICENSE
GRANT AND RESTRICTIONS

 

2.1          Unless sooner terminated, Sublicensors
hereby grant Sublicensee an exclusive sublicense to use the Marks during the Term solely on or in connection with the sale of Products
within the Tenitory. Sublieensors also grants, insofar as it lawfully may grant subject to any preexisting agreements with third
parties, to Sublicensee, an exclusive non-transferable, right and license to use in the Territory the Trade Name, in association
with the Business only. Sublicensors reserve all other rights in and to the Marks and Trade Name. This Sublicense Agreement shall
be subject to the guidelines set forth in the Licensing Guidelines.

 

2.2          Sublicensee
shall use the Marks only in the form approved in this Sublicense Agreement or otherwise in writing by Sublicensors (subject
to review and approval by 
Westinghouse under the Westinghouse Agreements) and with no departures in appearance or treatment. Sublicensee shall ensure
that the Marks used in its Business and under this Sublicense Agreement comply in every respect with the Licensing
Guidelines.

 

    	3

    	 

    

 

EXECUTION VERSION

 

2.3          Sublicensee shall not use nor authorize
others to use the Marks outside of the Territory or on any other goods or merchandise of any kind other than the Products and as
specifically set forth in this Sublicense Agreement or as otherwise agreed to by the parties in writing. Sublicensee may request
at any time, in writing, Sublicensors' and Westinghouse's consent solely to manufacture Products outside of the Territory. Sublicensors
and estinghouse may permit such manufacturer to place the Marks on Products manufactured by it solely for Sublicensee for sale
within the Territory. Sublicensee shall not permit the manufacturer to make any other use of the Marks. Sublicensee shall be responsible
for the acts or omissions of its suppliers of any tier.

 

2.4          Sublicensee shall not sell any Products
or authorize others to sell any Products (i) outside the Territory; (ii) to Harvey Norman Holding Ltd., including its subsidiaries,
authorized franchisees, and affiliates; or (iii) to a third party where the Sublicensee reasonably believes the Products will be
sold by that third party outside the Territory, in each such case without the prior written consent of the Sublicensors and Westinghouse.

 

2.5          No rights are granted hereby for
the distribution of Products as premiums, promotions or giveaways.

 

2.6          The sub-license granted hereby is
personal to Sublicensee and is not assignable for any reason without Sublicensors' prior written consent. Sublicensors acknowledges
that the resale of Products by Sublicensee's retailer customers does not constitute an assignment of the sub-license granted hereby
to Sublicensee and, notwithstanding Section 15.1, accordingly approves of such resale of Products.

 

2.7          Nothing in this Sublicense Agreement
is to be construed as an assignment or grant to Sublicensee of any right, title or interest in the Marks or in any copyright, design,
trade name, trademarks, trade dress or other property right beyond the limited sublicense expressly granted hereby. Sublicensee
agrees not to assert any rights in the Marks, contrary to the provisions of this Sublicense Agreement.

 

2.8          Sublicensee will not represent that
it has any right or title to “Westinghouse” or to any registration thereof (other than the sublicense hereunder),
and it shall not at any time claim that the use of “Westinghouse” as a part of the Trade Name by it has created
any right, title or interest on its part in or to “Westinghouse”. Sublicensee shall comply with all trade name laws
in respect of the use of the Trade Name and shall not do anything to adversely affect, and shall take such steps as Sublicensors
and/or Westinghouse may reasonably require to preserve and maintain, the rights of Sublicensors and Westinghouse in the Trade Name.

 

2.9          Sublicensee agrees that it will do
nothing inconsistent with Westinghouse's ownership of “Westinghouse” and that all use of the Trade Name by Sublicensee
shall inure to the benefit of and be on behalf of Westinghouse. Sublicensee agrees that it will not attack the title of Westinghouse
to “Westinghouse” or attack the validity of this Sublicense Agreement with respect to Westinghouse's ownership
of “Westinghouse”.

 

    	4

    	 

    

 

EXECUTION VERSION

 

2.10          Sublicensee may use domain names containing
the Trade Name during the Term of this Sublicense Agreement, subject to Westinghouse's and Subliccnsors' prior written approval.

 

2.11          Sublicensee acknowledges and agrees
that this Sublicense Agreement and Sublicensee's rights hereunder, arc subject in all respects to the terms and conditions of the
Westinghouse Agreements. Sublicensee agrees to comply with and be bound by all general terms and conditions of the Westinghouse
Agreements, including but not limited to, Sublicensors' obligations under Sections 2, 3, 4, 5, 6.1 (including such provisions
of Sections 6.1.8 and its subsections), 7.1, 9 and 13.0 of the License Agreement. Sublicensors and Sublicensee agree that Westinghouse
is an express beneficiary to this Sublicense Agreement, with the right to enforce the terms and conditions of this Sublicense Agreement
as if Westinghouse were the Sublicensors hereunder. Sublicensee further agrees that this Sublicense Agreement shall terminate immediately
and without action on the part of Sublicensors or Sublicensee in the event of a termination of the Westinghouse Agreements.

 

3.0 - RESPONSIBILITIES
OF SUBLICENSEE

 

3.1          Prior
to any use of any Marks, Sublicensee shall, at Sublicensee's expense, submit to Westinghouse and
Sublicensors, for Westinghouse's and Sublicensors' written approval, the following: (a) two (2) specimens of each design of Product
on which said Marks are to appear (the “Specimens”); (b) independent consumer product
safety and performance test reports, or their equivalent in Australia, for each Product (“Test Reports”);
(c) all artwork which Sublicensee intends to use in connection with the Marks; and (d) all relevant packaging, advertising
and promotional literature which Sublicensee intends to use in the marketing or merchandising of the Products. Sublicensors shall
give Sublicensee written notice of approval or disapproval within forty-five (45) days from its receipt of the Specimens, artwork,
packaging, advertising and/or promotional literature, and should Sublicensors disapprove, their written notice shall explain in
detail the reasons for disapproval so that Sublicensee may prepare and submit new Specimens, artwork, packaging, advertising and/or
promotional literature. In the event that Sublicensors fails to notify Sublicensee of approval or disapproval within seventy-five
(75) days from receipt, the relevant Specimen, artwork, packaging, advertising and/or promotional literature shall be deemed
approved by Sublicensors and Westinghouse. After Sublicensors have given their written approval (or such approval is deemed to
have been given as aforesaid), then the approved Product, quality, packaging, advertising and promotional literature shall be
the standard for the relevant design of Product produced thereafter (the “Approved Quality”).
Thereafter, consecutively at twelve (12) month intervals, Sublicensee shall, at Sublicensee's
expense, submit to Sublicensors Test Reports for not less than two (2) randomly selected production run samples (“Sample”)
of each design of the Products as well as two (2) Samples of each design of the Products. Sublicensee shall obtain Sublicensors'
prior approval on any new design of Product on which the Marks will he used. Without the prior written approval of Sublicensors,
Sublicensee shall not sell or distribute any design of Product which deviates from the Approved Quality. Products or any component
thereof not meeting the Approved Quality, including “second and irregulars,” are not to be sold or distributed under
any circumstances without Sublicensors' prior written consent. Notwithstanding the foregoing, provided Sublicensee gives Sublicensors
prior notice, Sublicensee may from time to time revise packaging for the Products solely to include or change statements or other
information which may be required by the rules of the Underwriters' Laboratories, Inc. or laws or regulations of any jurisdiction
where the Products are sold.

 

    	5

    	 

    

 

EXECUTION VERSION

 

3.2          Sublicensee agrees that, prior to
making any use of “Westinghouse Solar” as part of the Sublicensee Trade Name, it shall obtain the approval of
Westinghouse and Sublicensors of the form, presentation and manner of the use of “Westinghouse Solar” which
Sublicensee proposes to put into effect on its letterhead, business cards, invoices, purchase orders, advertisements, promotional
and marketing materials, and other written materials that it may propose to use in its Business operation. For this purpose, Sublicensee
shall submit to Sublicensors, complete information of any proposed use of “Westinghouse Solar” which has not
already been approved in writing, including such models, photographs, designs to scale and other information as Sublicensors may
request, and Licensee shall refrain from so using “Westinghouse Solar” until Sublicensors have given its approval
in writing to such proposed use.

 

3.3          Sublicensors, at their own expense,
have the right at reasonable times and after reasonable notice to Sublicensee to inspect all manufacturing facilities, warehouses
and other facilities directly related to the Products. Sublicensee agrees to cooperate with Sublicensors in carrying out such inspections
including, without limitation, providing access to the facilities of Sublicensee's manufacturers, contractors and suppliers.

 

3.4          Sublicensee shall import, design,
manufacture, advertise, promote (through dealers co-op funding or otherwise), ship and sell the Products and shall continuously
and diligently procure and maintain facilities and trained personnel sufficient and adequate to accomplish the foregoing. Sublicensee
shall import, design, cause the manufacture of, advertise and promote the Products so that each of the Products fulfills the following
criteria: (i) they are not designed, manufactured or marketed as lowest price point products; (ii) they are priced to customers
as above the lowest price points for such products and are so called mid or upper price point level products marketed in the Territory;
(iii) they have manufacturing, design, quality, and additional features that are similar to the products marketed by others in
the Territory that are commonly perceived in the solar panel business as mid or upper price point level products and, for example,
are approximately equivalent in quality to and expected to be approximately as expensive in the consumer market as other branded
products in the solar panel business that might compete with the Products within the Territory. Sublicensee shall not create a
retail exclusive arrangement including the Products without the prior written consent of Sublicensors.

 

3.5          Sublicensee
agrees to inform Sublicensors of the details of the use of the Marks, including graphics, position, size, color, script and
the like, and Sublicensors reserve the right to inspect and to approve the use of the Marks.

 

3.6           Sublicensee shall refrain from and shall
not authorize others to use or misuse the Marks so as to bring discredit to Westinghouse or Sublicensors, provided, however, that
in no event shall the foregoing be construed to permit sublicensing of the Marks by Sublicensee.

 

    	6

    	 

    

 

EXECUTION VERSION

 

3.7           Sublicensee
agrees that all use of the Marks by Sublicensee under this Sublicense Agreement inures to the benefit of Westinghouse and the
Sublicensors acknowledges the same. Sublicensee agrees that at the termination or expiration of this Sublicense Agreement, Sublicensee
will be deemed to have assigned, transferred and conveyed to Westinghouse any rights, equities, good will, titles or other rights
in and to the Marks which may have been obtained by Sublicensee or which may have vested in Sublicensee in pursuance of endeavors
covered hereby, and that Sublicensee will execute any instrument reasonably requested by Westinghouse to accomplish or confirm
the foregoing. Any such assignment, transfer or conveyance shall be without other consideration than the mutual covenants and
considerations of this Sublicense Agreement and shall be approved by the Sublicensors.

 

3.8            Sublicensee agrees to comply with any
laws, rules and/or regulations with regard to the use of the Marks including, but not limited to, any county, state and/or federal
law of the Territory. All Products must be UL-approved.

 

3.9            Sublicensee shall not apply for the
registration of, or cause the filing of an application for the registration of, a trade name, trademark or service mark which is
identical to or confusingly similar to the Marks.

 

3.10          Sublicensee shall promptly notify Sublicensors
of any infringement or potential infringement of the Marks that come to its attention. Sublicensee will cooperate with Sublicensors
and Westinghouse, at Sublicensors’ request, in taking steps to terminate such infringement. However, Sublicensee shall not take
any legal action to protect against any infringement of the Marks without Sublicensors' permission. Sublicensors shall not be required
to bring or prosecute actions or suits to defend the Marks. Any and all damages recovered in any action or proceeding commenced
by Westinghouse shall belong solely and exclusively to Westinghouse.

 

3.11           Sublicensee acknowledges and
agrees that any unauthorized use or misuse of the Marks by or for Sublicensee will result in irreparable harm to Sublicensors
and Westinghouse and that Sublicensors, in addition to any other rights or remedies specified in this Sublicense Agreement,
shall be entitled to any remedy, legal or equitable, including without limitation preliminary injunctive relief, to correct
any harm which results from such violation.

 

3.12           Sublicensors may develop, with input
and advice from Sublicensee, an annual marketing plan and budget for the marketing of Products under the Marks. During the Term,
upon the request of Sublicensors, Sublicensee shall contribute to the cost of the annual marketing budget established by Sublicensors
in an amount mutually agreed between the parties and upon Sublicensors’ request copies of invoices showing proof of these expenditures
shall be furnished to Sublicensors.

 

3.13           Sublicensee agrees to meet with Sublicensors
at least once per year to review and discuss advertising and promotion plans for the Products.

 

    	7

    	 

    

 

EXECUTION VERSION

 

3.14          
During the Term of this Sublicense Agreement, Sublicensee shall not (i) enter into  an
agreement with a third party for products or (ii) design, manufacture, source the manufacture, advertise, sell or ship
products, in each case that would compete with the Products, except that this Section 3.14 shall not apply to retailer or
distributor owned house brands and Sublicensee's own brands.

 

3.15           Intentionally omitted.

 

3.16           Sublicensee shall establish a customer
service operation to handle consumer inquiries, complaints and claims in the Territory. At a minimum, such operation shall include:
(i) a toll-free telephone number that is staffed to receive and respond to calls during normal business hours for ten (10) hours
each day in the Territory in which Sublicensee is currently selling Products for 235 days a year; (ii) an internet website that
permits consumers to email inquiries, complaints and claims and is adequately staffed to respond to such emails within 48 hours
of receipt; and (iii) a management level representative who is available to respond to escalated consumer inquiries, complaints
and claims within 48 hours of receipt. Sublicensee shall monitor the consumer service operations to assure that consumer inquiries,
complaints and claims are resolved promptly in a courteous and professional manner.

 

3.17           Sublicensors agrees that during the
Term of this Sublicense Agreement, it will not enter into a sublicense agreement which authorizes another party to use the Marks
on a product, in a trade name, or service similar in nature to the Products.

 

4.0 - COMPENSATION

 

4.1          During
the Term, Sublicensee agrees to pay Sublicensors a royalty in an amount equal to 1.5% of NIP. This royalty will accrue on a daily
basis and shall be payable in two installments, the first of which shall be payable on July 31, 2013, while the second of which
shall be payable on the earlier of: (i) October 31, 2013; or (ii) the date on which this Sublicense Agreement shall terminate
for any reason (including, but not limited to, a termination of the Term due to the occurrence of the merger between the
parties).

 

4.2-4.5    Intentionally omitted.

 

4.6          Sublicensee shall keep full,
true and accurate books of account containing all particulars which may be necessary for the purpose of determining the royalty
amount payable to Sublicensors under this Sublicense Agreement in accordance with Section 4.1. Said books and the supporting data
shall be open at all reasonable times, for three (3) years following termination of this Sublicense Agreement, to an inspection,
on a confidential basis, by an independent certified public accountant retained by Sublicensors, at Sublicensors' expense, for
the purposes of verifying Sublicensee's royalty payments, and Sublicensee's compliance in other respects with this Sublicense Agreement.
If such inspection and resulting report indicate an underpayment by Sublicensee, Sublicensee shall immediately pay such amount
to Sublicensors with interest at prime rate as established by J.P. Morgan Chase or any successor, at the time of the inspection,
and in such case the Sublicensee shall also bear all costs of the inspection. If such inspection and resulting report indicate
an overpayment by Sublicensee, Sublicensors shall immediately pay such overpaid amount to Sublicensors.

 

    	8

    	 

    

 

EXECUTION VERSION

 

4.7          By
July 25 and October 25 of 2013, Sublicensee shall deliver to Sublicensors true and accurate report certified by an
officer of Sublicensee, giving such particulars of the business conducted by Sublicensee hereunder during the preceding
calendar quarter under this Sublicense Agreement as arc pertinent to an accounting under this Sublicense Agreement. These
shall include at least the following:

 

		(1)	the number and type of Products sold;

		(2)	minimum annual payments due; and

		(3)	total payments due.

 

Concurrently with the delivery of
each such report, Sublicensee shall pay to Sublicensors any royalty amounts due for the period covered by such report. If no
payments are due, it shall be so reported. In addition, within thirty (30) days of execution of this Sublicense Agreement,
Sublicensee shall report and pay over to Sublicensors all amounts due under this Sublicense Agreement from the Effective Date
including without limitation all royalties or other compensation.

 

4.8          Sales of Products in
currencies other than United States dollars shall be converted to United States dollars at the conversion rate stated in the
Wall Street Journal for the day prior to the date payment is made to Sublicensee by the purchaser.

 

4.9          All payments made hereunder by
Sublicensee shall be made payable to “Westinghouse Solar, Inc.” in immediately available United States funds and
delivered to:

 

Westinghouse Solar, Inc.

Attn.: Margaret Randazzo, CEO and CFO

1475 S. Bascom Avenue, Suite 101

Campbell, CA 95008

 

5.0 - OWNERSHIP
OF THE LICENSED MARKS

 

5.1          Sublicensee
acknowledges that the Marks, worldwide, are the property of Westinghouse and that Westinghouse has substantial and valuable
goodwill in the Marks. Sublicensee shall take all reasonable measures to maintain and protect Westinghouse's proprietary
rights including placing any reasonable notice of such ownership that Sublicensors shall reasonably require and advise
Sublicensee in writing from time to time. At no cost to Sublicensee, it shall cooperate fully and in good faith with
Sublicensors and Westinghouse for the purpose of securing and preserving Westinghouse's rights in and to the Marks. At no
cost to Sublicensee, it shall execute any documents reasonably required by Sublicensors or Westinghouse to protect the Marks.
Sublicensee shall not take any action, or by its knowing inaction allow any event to occur, which would injure or impair
Westinghouse's proprietary rights in and to the Marks. Sublicensee shall not contest the validity of the Marks or any rights
of Westinghouse therein, nor shall Sublicensee willingly become an adverse party in litigation in which others shall contest
the Marks or Westinghouse's said rights. In addition thereto, Sublicensee shall not in any way seek to avoid its obligations
hereunder because of the assertion  or
allegation by any persons, entities or government agencies, bureaus, or instrumentalities that the Marks, or any of them, are
invalid or ineffective or by reason of any contest concerning the rights of Westinghouse therein.

 

    	9

    	 

    

 

EXECUTION VERSION

 

5.2          Sublicensee shall indicate on all
Product packaging and, related advertising materials that the Products are distributed by or for Sublicensee.

 

5.3          Sublicensee shall comply with proper
use instructions as Sublicensors or Westinghouse may issue from time to time with respect to the Marks.

 

6.0
- QUALITY CONTROL

 

6.1          Sublicensee shall offer for sale
under the Trade Name only Products which shall be of the quality and nature specified in this Sublicense Agreement.

 

6.2          Sublicense
undertakes and agrees to use the Trade Name in the Territory only in connection with the Business relating to Products sold
in strict accordance with Section 6.1 and will not market under the Trade Name any Products or other products which are not
in accordance with such provisions.

 

6.3          Sublicensee
acknowledges that breach of Section 6.1, not cured in accordance with Section 10.5, will
result in irreparable harm to Sublicensors and that Sublicensors, in addition to any other rights or remedies specified in
this Sublicense Agreement, shall be entitled to any remedy, legal or equitable, including without limitation preliminary
injunctive relief, to correct any harm which results from such violation.

 

7.0
- REPRESENTATIONS WARRANTIES AND COVENANTS

 

7.1          Sublicensee
represents, warrants and covenants to Sublicensors as follows:

 

7.1.1    Sublicensee will not use the Marks
and has not and will not grant any right or license to use the Marks other than as authorized under this Sublicense Agreement.

 

7.1.2    Sublicensee will not use “Westinghouse”
in a trade name other than as expressly authorized by this Sublicense Agreement and has not and will not grant any right or
license to use “Westinghouse” in a trade name.

 

7.1.3    Sublicensee
is duly organized, validly existing and in good standing under the laws of Australia. Sublicensee
has all corporate power and authority to execute and deliver this Sublicense Agreement and to perform its obligations hereunder.

 

7.1.4    The execution, delivery and performance
by Sublicensee of this Sublicense Agreement and the consummation of the transactions contemplated hereby has been duly and validly
authorized by all requisite corporate action, and no other corporate act or proceeding on the part of Sublicensee is necessary
to authorize the execution, delivery and performance of this Sublicense Agreement and the consummation of the transactions contemplated
hereby

 

    	10

    	 

    

 

EXECUTION VERSION

 

7.1.5    Sublicensee is not subject to, nor
obligated under its certificate of incorporation or bylaws, any applicable law, rule or regulation of any governmental authority,
or any agreement, instrument, license or permit, or subject to any order, writ, injunction or decree, which would be breached or
violated by its execution, delivery or performance of this Sublicense Agreement.

 

7.1.6    Sublicensee's execution and delivery
of this Sublicense Agreement and performance of its obligations hereunder, including the obligation to make payments hereunder,
do not and will not conflict with, violate, or result in any default under any agreement, instrument or other contract to which
Sublicensee is a party or by which it is bound.

 

7.1.7    There are no claims, actions, suits,
or other proceedings pending, or to the knowledge of Sublicensee, threatened, which, if adversely determined, would adversely affect
the ability of Sublicensee to consummate the transactions contemplated by this Sublicense Agreement or perform its obligations
hereunder.

 

7.1.8    Sublicensee is now in compliance with
and shall continue to comply with all applicable laws and regulations relating to the importing, assembly, sale and distribution
of the Products.

 

7.1.9    Sublicensee will comply with all applicable
laws and regulations relating to the use of the Trade Name.

 

7.1.10  Without cost to Sublicensors, Sublicensee
shall maintain insurance that protects Sublicensors and Westinghouse and their respective officers, directors, employees, agents
and their parent companies, affiliates and their officers, employees and agents against any and all liability regardless of the
basis, including punitive or exemplary damages in connection with (a) Sublicensee's use of the Marks, (b) any alleged defect(s)
in the Products, and (c) the use, assembly, distribution, marketing, sale, service, or disposal of the Products including without
limitation any alleged negligent or other tortious conduct on the part of Sublicensors or Westinghouse or any alleged contractual
liability of Sublicensors or Westinghouse. The kinds and amounts of insurance shall be as Sublicensors and Sublicensee from time
to time agree, and at a minimum shall include the following:

 

7.1.10.1          Sublicensee
shall maintain in effect for at least the life of all the Products assembled, distributed or serviced by or for Sublicensee, liability
insurance, written on an occurrence basis, with limits of at least Ten Million U.S. Dollars ($10,000,000) per occurrence, or in
years 2013 and later, such higher amount as may be reasonable considering legal or economic changes as well as deteriorating loss
experience. The insurance will cover at least the liabilities typically insured by commercial general liability policies (including
products/completed operations, advertising liability). In addition, to the extent required by Westinghouse (and if such cover
is available), Sublicensee shall provide and maintain patent infringement liability policies with such limit as required by Westinghouse.
Sublicensors and Westinghouse shall each be an additional insured on such policies, which shall contain severability of interest
or cross liability clauses.

 

    	11

    	 

    

 

EXECUTION VERSION

 

7.1.10.2          All insurance shall be provided
by insurance companies, on policy forms, and with deductibles and retentions acceptable to Sublicensors, such acceptance not to
be unreasonably withheld. Any such deductible or retention shall be the responsibility of Sublicensee.

 

7.1.10.3          Such insurance or risk financing
arrangements shall be primary with no rights of contribution equitable or otherwise, with any other insurance afforded Sublicensors.

 

7.1.10.4          Sublicensee shall furnish
Sublicensors with certificates of insurance currency within thirty (30) days after execution of this Sublicense Agreement, and
annually thereafter. Such certificates will stipulate that coverage will not be canceled, reduced, or modified without thirty (30)
days prior written notice to Sublicensors. Any cancellation, reduction or modification, without the prior written consent of Sublicensors,
which results in there not being in force insurance coverage which satisfies all the requirements of Section 7.1.10, including
all its subsections, shall be deemed a material breach of this Sublicense Agreement.

 

7.1.10.5          At reasonable times on advance
written notice to Sublicensee, Sublicensors may review the insurance policies at Sublicensee's offices.

 

7.1.10.6          The requirements of this
Section 7.1.10 will survive this Sublicense Agreement, and will remain in effect for at least the life of all the Products imported,
assembled, distributed, or serviced by or for Sublicensee.

 

7.2          Sublicensors (jointly and severally)
represent, warrant and covenant to Sublicensee as follows:

 

7.2.1 Sublicensors are corporations duly
organized, validly existing and in good standing under the laws of the State of Delaware. Sublicensors have all corporate power
and authority to execute and deliver this Sublicense Agreement and to perform their obligations hereunder.

 

7.2.2 The execution, delivery and
performance by Sublicensors of this Sublicense Agreement and the consummation of the transaction contemplated hereby has been
duly and validly authorized by all requisite corporate action, and no other corporate act or proceeding on the part of
Sublicensors is necessary to authorize the execution, delivery and performance of this Sublicense Agreement and the
consummation of the transaction contemplated hereby.

 

7.2.3 Sublicensors are not subject to nor
obligated under its certificate of incorporation or bylaws, any applicable law, rule or regulation of any governmental authority,
or any agreement, instrument, license or permit, or subject to any order, writ, injunction or decree, which would be breached or
violated by its execution, delivery or performance of this Sublicense Agreement.

 

    	12

    	 

    

 

EXECUTION VERSION

  

7.2.4 Sublicensors have been granted an
exclusive license by Westinghouse and, to Sublicensors' knowledge, the use of the Marks in the manufacture, advertising, sale and
promotion of any of the Products will not infringe any intellectual property or any other rights of any third party.

 

7.2.5 Sublicensors have all rights, power
and consents to license the matters set out herein to the Sublicensee.

 

8.0
- INDEMNIFICATION

 

8.1          Sublicensee
and its successors and assigns will at all times indemnify and hold Sublicensors and Westinghouse and their respective affiliates,
subsidiaries, successors and assigns and the officers, directors, agents and employees of each, harmless from and against any
and all third-party claims, suits, demands, obligations and liabilities of any nature whatsoever, and all damages, losses, fines,
penalties, costs and expenses, including reasonable counsel fees and costs of investigations, in any manner arising out of, relating
to or based on (a) any breach or alleged breach by Sublicensee of any representation, warranty or undertaking made herein; or
(b) except as expressly provided in Section 8.2 below, Sublicensee's use of the Marks, including without limitation (i) any defect
(latent or patent) or alleged defect (latent or patent) in Products, including without limitation, any injuries to persons or
property arising therefrom; (ii) the design, manufacture, distribution, promotion or sale of any Product; or (iii) infringement
or alleged infringement of any third party intellectual property rights, including but not limited to patents, copyrights, or
trademarks and/or misappropriation of any trade secrets (each a “Sublicensor Indemnified Claim”).
Sublicensors shall give prompt written notice of any Sublicensor Indemnified Claim, provided
that the failure of a Sublicensor to give such notice shall not relieve Sublicensee of any of its obligations under this Section
8.1 except to the extent that Sublicensee is actually prejudiced by such failure. If Sublicensee gives timely notice to Sublicensors
that it desires to control the defense of any such Sublicensor Indemnified Claim, it may do so; provided, however, that
in the event that Sublicensors reasonably determines that a conflict exists between Sublicensee and itself, or in Sublicensors’
reasonable judgment, Sublicensee fails to provide an adequate defense, then Sublicensors may, at Sublicensee’s expense, retain
its own counsel to represent its interests. Sublicensors shall provide cooperation and assistance to Sublicensee relative to any
Sublicensor Indemnified Claim. For any Sublicensor Indemnified Claim in which Sublicensee is controlling
the defense pursuant to this Section 8.1, Sublicensee shall be responsible for and pay any settlement made with its consent. Any
such settlement shall fully release the indemnified party. For any Sublicensor Indemnified Claim in which Sublicensee is not controlling
the defense pursuant to this Section 8.1, Sublicensee shall be responsible and pay for any settlement made in good faith by Sublicensors.

 

    	13

    	 

    

 

EXECUTION VERSION

 

8.2          Sublicensors
and their successors and assigns will at all times indemnify and hold Sublicensee, and its respective officers, directors and
employees harmless from and against any and all third party claims, demands and liabilities of any nature whatsoever, and all
damages, costs and expenses, including reasonable counsel fees and costs of investigations, arising out of, relating to or based
on any breach or alleged breach by Sublicensors of any representation, warranty or undertaking made herein (each a “Sublicensee
Indemnified Claim”). Sublicensee shall give prompt written notice of any Sublicensee Indemnified Claim,
provided that the failure of Sublicensee to give such notice shall not relieve Sublicensors of any of its obligations under this
Section 8.2 except to the extent that Sublicensors are actually prejudiced by such failure. If Sublicensors gives timely notice
to Sublicensee that they desire to control the defense of any such Sublicensee Indemnified Claim, it may do so; provided, however,
that in the event that Sublicensee reasonably determines that a conflict exists between Sublicensors and itself, or in Sublicensee's
reasonable judgment, Sublicensors fails to provide an adequate defense, Sublicensee may, at Sublicensors' expense, retain its
own counsel to represent its interests. Sublicensee shall provide cooperation and assistance to Sublicensors relative to any Sublicensee
Indemnified Claim. For any Sublicensee Indemnified Claim in which Sublicensors are controlling the defense pursuant to this Section
8.2, Sublicensors shall be responsible for and pay any settlement made with its prior written consent. Any such settlement shall
fully release the indemnified party. For any Sublicensee Indemnified Claim in which Sublicensors are not controlling the defense
pursuant to this Section 8.2, Sublicensors shall be responsible for and pay any settlement made in good faith by Sublicensee.

 

8.3          The
provisions of Section 8.1 and Section 8.2 shall survive termination, cancellation or expiration of this Sublicense Agreement
for any reason whatsoever.

 

9.0
- DISCLAIMERS

 

9.1          Nothing contained in this Sublicense
Agreement shall be construed as:

 

9.1.1      (Except as provided in Article 7.0)
A WARRANTY WHETHER STATUTORY, EXPRESSED OR IMPLIED, A WARRANTY OF MERCHANTABILITY, A WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE,
OR A WARRANTY ARISING FROM COURSE OF DEALING OR USAGE OF TRADE; 

 

9.1.2      an agreement to bring or prosecute
actions or suits against third parties or conferring any right to bring or prosecute actions or suits against third parties;

 

9.1.3      conferring any right to use in advertising,
publicity, or otherwise, any trademarks, service marks, trade name or name of Westinghouse, or any contraction, abbreviation or
simulation thereof, except as specifically permitted in this Sublicense Agreement; or

 

9.1.4      a warranty that Sublicensee will be
able to make use of the Trade Name in the Territory.

 

10.0
– TERM TERMINATION AND EXPIRATION

 

10.1          The
term of this Sublicense Agreement (the “Term”) shall commence
on the Effective Date and expire on the earlier of: (i) September 30, 2013 at midnight Eastern Standard Time in the United States
of America; (ii) the date of completion of the merger between the Sublicensors and Sublicensee; and (iii) the date on which the
Westinghouse Agreements terminate (for any reason).

 

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EXECUTION VERSION

 

10.2          Intentionally omitted.

 

10.3          In addition to any other remedies
that it may have, Sublicensors may elect to terminate this Sublicense Agreement upon thirty (30) days’ prior written notice
to Sublicensee if:

 

10.3.1 Intentionally omitted.

 

10.3.2 in
Sublicensors’ or Westinghouse’s reasonable judgment Sublicensee does not meet established quality standards for the Products
set forth in Section 3.1;

 

10.3.3 in Sublicensors’ or Westinghouse’s
good faith judgment Sublicensee’s use or misuse of the Marks may bring discredit to Sublicensors or Westinghouse;

 

10.3.4 Intentionally omitted.

 

10.3.5 Sublicensee fails to make timely
payments due to Sublicensors under this Sublicense Agreement;

 

10.3.6 subject to Section 10.1, the
Westinghouse Agreements terminate for any reason;

 

10.3.7 any proceeding is instituted by or
for Sublicensee for bankruptcy, reorganization or other relief for debtors. Upon such termination for any reason under this Subsection
10.3.7, Sublicensee, its receiver, representatives, trustees, agents, administrators, successors and assigns shall have no further
rights hereunder, and neither this Sublicense Agreement nor any right or interest herein shall be deemed an asset in any insolvency,
receivership, and/or bankruptcy;

 

10.3 .8 any proceeding is instituted by
or for Sublicensee to dissolve its corporate structure or for winding-up; or

 

10.3.9 Sublicensee directly or indirectly,
merges or otherwise comes under the shared or sole control or direction of any other party reasonably unacceptable to Sublicensors
or Westinghouse. The merger between W-Solar and Sublicensee will not constitute such an event contemplated by this Subsection 10.3.9.

 

10.4 Intentionally omitted.

 

10.5          In the event of an alleged material
breach by either party of any of the terms of this Sublicense Agreement, the party suffering such breach shall give notice to the
other, in writing, thereof, specifying the type and circumstances pertaining to such breach in form sufficient to enable opportunity
for correction thereof by the party allegedly in breach. If such breach shall not have been remedied during a thirty (30) day period
immediately following the receipt of such notice, in addition to any other remedies that it may have, the party giving said notice
shall have the right to terminate this Sublicense Agreement without further notice. In the event that the breach is remedied within
such thirty (30) day period, this Sublicense Agreement shall continue in full force and effect the same as if no notice had been
given. Waiver by any party of its right to terminate because of any one breach shall not constitute a waiver of any subsequent
breach of the same or of a different nature. No termination of this Sublicense Agreement by expiration or otherwise shall relieve
or release any party from any of its obligations hereunder with respect to royalties due or acts committed under this Sublicense
Agreement.

 

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EXECUTION VERSION

 

10.6          Upon any expiration or termination
of this Sublicense Agreement:

 

10.6.1 all licensing rights granted to Sublicensee
hereunder terminate at such expiration or termination;

 

10.6.2 Sublicensee shall immediately discontinue
any and all use of the Marks but shall be permitted to sell remaining stock of Products carrying such Marks within twelve (12)
months. Sublicensors shall be entitled to receive royalties on the sale of such stock in accordance with Section 4.1. After the
expiration of the aforesaid twelve (12) month period, Sublicensee shall destroy all Product and packaging and promotional material
remaining in Sublicensee’s possession which are identified in any manner by or with the Marks. Notwithstanding the above, Sublicensors
shall have the right to purchase such excess stock of Products, in whole or in part, prior to any sale or offer of sale by Sublicensee
to any third party, for an amount equal to the wholesale cost of such Products plus any additional costs incurred by the Sublicensee.
It is specifically understood and agreed that the Sublicensee's right to dispose of stock of products shall be conditioned upon
the absence of harm to the Marks and/or the reputation of Sublicensors arising from the Sublicensee's use of the Marks, as determined
by Sublicensors in their sole discretion;

 

10.6.3 the expiry or withdrawal of Sublicensee's
right to use the Marks shall not entitle Sublicensee to compensation or damages of any description other than as provided in Section
10.5;

 

10.6.4 all accrued payments to Sublicensors
shall be paid to Sublicensors within thirty (30) days of such expiration or termination;

 

10.6.5 all monies previously paid to Sublicensors
pursuant to this Sublicense Agreement will be retained by Sublicensors; and

 

10.6.6 the provisions of Sections 8.0 and
10.0 shall survive.

 

11.0 —
MINIMUM SALES

 

Intentionally omitted.

 

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EXECUTION VERSION

 

12.0 - EFFECTIVE
DATE

 

12.1 The provisions contained in this Sublicense
Agreement shall come into force and effect on the later of the dates upon which the parties sign and date this Sublicense Agreement
on the execution page below (the “Effective Date”).

 

13.0 - CHOICE
OF LAW

 

13.1 This Sublicense Agreement shall be
construed, interpreted and governed in accordance with the laws of the State of New York.

 

13.2 The parties hereby agree that any action
arising out of this Sublicense Agreement shall be brought exclusively in the state or federal courts located in the City of New
York, irrevocably submit to the exclusive jurisdiction of any such court and waive any objection that such party may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient
court and agree not to plead or claim the same.

 

14.0- NOTICE

 

14.1 Any notice, request or statement hereunder
shall be deemed to be sufficiently given or rendered when sent by certified U.S. mail, nationally recognized overnight mail service,
facsimile (with confirmation and a copy sent by U.S. mail) or hand delivery if given or rendered to Sublicensee addressed to:

 

The Sublicensee

CBD Energy Limited

Attn: Richard Pillinger

CFO and Company Secretary

Level 12, 11-17
Macquarie Place

Sydney NSW 2000 Australia

Email: rpillinger@cbdenergy.com.au

 

The Sublicensors

Westinghouse Solar, Inc.

Attn.: Margaret Randazzo, CEO and CFO

1475
S. Bascom Avenue, Suite 101

Campbell, CA 95008

Email: mrandazzo@westinghousesolar.com

 

or, in any case, to such changed address
or person as Sublicensors or Sublicensee shall have specified by written notice pursuant hereto.

 

15.0 - ASSIGNMENT/SUBCONTRACTING

 

15.1 None of the parties shall assign this
Sublicense Agreement in whole or in part without the prior written consent of the other parties.

 

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EXECUTION VERSION

 

15.2
Other than as set out in this Sublicense Agreement, Sublicensee shall not enter into subcontracts for the manufacture of
Products without the express written consent of Sublicensors. Sublicensee is responsible for the work of any subcontractor
and for any debts, obligations or liabilities incurred by any such subcontractor in connection with the Products. Sublicensee
shall discontinue using any subcontractor who shall fail to comply with quality standards and/or delivery schedules required
by Sublicensee or Sublicensors.

 

16.0-
MERGER

 

16.1          This
instrument sets forth the entire and only agreement between the parties hereto as to the subject matter hereof reflects and merges
all pertinent prior discussions and correspondence pertaining thereto, and supersedes and cancels all pre-existing agreements
pertaining thereto between them, Any representation, promise, definition, warranty or condition pertaining thereto and not incorporated
herein, shall not be binding upon any party. This instrument shall not become effective unless and until dated and signed below
on behalf of each of the parties by their duly authorized officers or representatives. This instrument and its appendices may
not be modified, enlarged, or changed in any way hereafter except by an instrument signed by each of the parties hereto,

 

17.0
- REPORTING OF ADVERSE EVENTS

 

17.1          Sublicensee
shall report to Sublicensors, within forty-eight (48) hours from receipt of the information, any materially adverse event that
is reported to occur as a result of use of any of the Products. Such events must be reported in as much detail as possible, whether
or not there is proof of a causal connection between the events and use of the Products. A materially adverse event includes any
experience relating to the Products which is reasonably regarded to be seriously detrimental to person or property in any manner.

 

18.9 —Reserved.

 

19.0
- RELATIONSHIP OF PARTIES

 

19.1 The relationship hereby established
between Sublicensee and Sublicensors is solely that of independent contractors. This Sublicense Agreement shall not create an agency,
partnership, joint venture or employer/employee relationship, and nothing hereunder shall be deemed to authorize any party to act
for, represent or bind another except as expressly provided in this Sublicense Agreement.

 

20.0
— AGENTS, FINDERS AND BROKERS

 

20.1 Each of the parties to this Sublicense
Agreement shall be responsible for the payment of any and all agent, brokerage and/or finder commissions, fees and related expenses
incurred by it in connection with this Sublicense Agreement or the transactions contemplated hereby
and agrees to indemnify the other and hold it harmless from any and all liability (including, without limitation, reasonable attorney's
fees and disbursements paid or incurred in connection with any such liability) for any agent,
brokerage and/or finder commissions, fees and related expenses claimed by its agent, broker or finder, if any, in connection with
this Sublicense Agreement or the transactions contemplated hereby.

 

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EXECUTION VERSION

 

21.0 —
CONFIDENTIALITY

 

21.1 For purposes of this Sublicense Agreement,
“Confidential Information” means all information disclosed by any party to another party, including
the terms and conditions of this Sublicense Agreement or any other agreement between the parties, trade secrets of the parties,
any nonpublic information relating to a party's product plans, designs, ideas, concepts, costs, prices, finances, marketing plans,
business opportunities, personnel, research, development or know-how and any other nonpublic technical or business information
of a party, or other information designated in writing as Confidential Information by the disclosing party. Confidential Information
does not include information that: (i) is now or subsequently becomes generally available to the public through no fault or breach
on the part of the receiving party; (ii) the receiving party can demonstrate to have had lawfully in its possession without an
obligation of confidentiality prior to disclosure hereunder; (iii) is independently developed by the receiving party without the
use of any Confidential Information of the disclosing party as evidenced by written documentation; or (iv) the receiving party
lawfully obtains from a third party who has the right to transfer or disclose it and who provides it without any obligation to
maintain the confidentiality of such information.

 

21.2 Each party agrees that it will (a)
not disclose, without the other parties' prior written consent, another party's Confidential Information to any third party (other
than a party's legal and financial advisors); (h) use another party's Confidential Information only to the extent necessary to
perform its obligations or exercise its rights under this Sublicense Agreement; (c) disclose another party's Confidential Information
only to those of its employees, and legal and financial advisors who need to know such information for purposes of the company's
business activities and who are bound by confidentiality obligations no less restrictive than this Article 21; and (d) protect
all Confidential Information of another party from unauthorized use, access, or disclosure in the same manner as it protects its
own confidential information of a similar nature, and in no event with less than reasonable care.

 

21.3 If the receiving party receives notice
that it may be required or ordered to disclose any Confidential Information in connection with legal proceedings or pursuant to
a subpoena, order or a requirement or an official request issued by a court of competent jurisdiction or by a judicial, administrative,
legislative, regulatory or self-regulating authority or body, it shall cooperate with the other relevant party to seek confidential
treatment of such Confidential Information and shall uses its best efforts to give the disclosing party sufficient prior written
notice in order to contest such requirement or order. Nothing herein shall be construed to impose any obligation to disclose any
Confidential Information. If this Sublicense Agreement or any of its terms or any other Confidential Information must be disclosed
in connection with legal proceedings or pursuant to a subpoena, order or a requirement or an official request issued by a court
of competent jurisdiction or by a judicial, administrative, legislative, regulatory or self regulating authority or body, the disclosing
party shall (i) first give written notice of the intended disclosure to the other parties, within a reasonable time prior to the
time when disclosure is to be made, (ii) consult with the other parties on the advisability of taking steps to resist or narrow
such request, and (iii) if disclosure is required or deemed advisable, cooperate with the other parties in any attempt that it
may make to obtain an order or other reliable assurance that confidential treatment will be accorded to designated portions of
the Confidential Information or otherwise be held in the strictest confidence to the fullest extent permitted under the laws, rules
or regulations of any other applicable governing body.

 

    	19

    	 

    

 

EXECUTION VERSION

 

21.4 Each party will, except to the extent
inconsistent with (i) its use in connection with legal proceedings; or (ii) applicable law, regulations, rules or official requests,
at the disclosing party's election, destroy or return to the other relevant party any tangible copies of the disclosing party's
Confidential Information, and permanently delete all electronic copies of the disclosing party's Confidential Information, in such
party's possession or control at the request of the other party and upon termination of this Sublicense Agreement, and will certify
in writing to the other relevant disclosing party that it has done so.

 

22.0 - CODE
OF CONDUCT

 

22.1 Sublicensee agrees, on its own behalf
and on behalf of any third-party manufacturer it uses, wherever located, no child labor will be used in the performance of this
Sublicense Agreement whatsoever. For this purpose, a “child” shall refer to any person younger than 16 or, if higher,
the local legal minimum age for employment or the age for completing compulsory education: Manufacturers employing young persons
who do not fall within the definition of “children” will also comply with any laws and regulations applicable
to such persons. Additionally, all employees will be provided with a safe and healthy workplace environment, and all employees
will work on a voluntary basis, and shall not be subject to physical or mental punishment of any kind.

 

22.2 Sublicensee and all of its manufacturers
shall respect the rights of employees to associate, organize and bargain collectively in a lawful and peaceful manner, without
penalty or interference. Further, Sublicensee and all of its manufacturers shall comply, with all local laws, including but not
limited to, applicable wage laws and fair employment practices including the practice of non-discrimination on the basis of race,
religion, national origin, political affiliation, sexual preference, or gender. Sublicensee and all manufacturers will, at a minimum,
comply, with all applicable wage and hour laws and regulations, including those relating to minimum wages, overtime, maximum hours,
piece rates and other elements of compensation, and provide legally mandated benefits. Sublicensee and its manufacturers will further
comply, with all applicable environmental laws and regulations. Sublicensee and its manufacturers shall submit to reasonable on-site
inspections upon reasonable notice conducted by Sublicensors or their designated representatives, to ensure compliance with these
provisions.

 

23.0 - LIMITATION
OF LIABILITY

 

23.1 IN NO EVENT SHALL ANY PARTY HERETO
BE LIABLE TO ANOTHER HERETO FOR INCIDENTAL, CONSEQUENTIAL, INDIRECT, SPECIAL, EXEMPLARY DAMAGES (INCLUDING LOST PROFITS (WHETHER
ACTUAL OR ANTICIPATED), LOST SAVINGS; INCREASED EXPENSE OF OPERATION, BORROWING OR FINANCING; LOSS OF USE OR PRODUCTIVITY; AND
INCREASED COST OF CAPITAL) ARISING OUT OF OR RELATING TO THIS SUBLICENSE AGREEMENT, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES; AND REGARDLESS OF WHETHER ANY SUCH CLAIM ARISES OUT OF BREACH OF CONTRACT, GUARANTY, OR WARRANTY, TORT, PRODUCT
LIABILITY, INDEMNITY, CONTRIBUTION, STRICT LIABILITY OR ANY OTHER LEGAL THEORY. EACH PARTY HEREBY RELEASES EACH OTHER PARTY FROM
ANY SUCH LIABILITY. THE FOREGOING LIMITATION OF LIABILITY SHALL REMAIN IN FULL FORCE AND EFFECT REGARDLESS OF WHETHER A PARTY'S
REMEDIES HEREUNDER ARE DETERMINED TO HAVE FAILED THEIR ESSENTIAL PURPOSE.

 

Reminder of page intentionally left
blank

 

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EXECUTION VERSION

 

EXECUTION PAGE

 

IN WITNESS WHEREOF and intending to he legally
bound, the parties hereto have caused these presents to be signed by their proper officers thereunto duly authorized.

  

	WESTINGHOUSE SOLAR, INC.:	 
	 	 
	/s/ WESTING HOUSE SOLAR INC.	 
	Date:	 March 25, 2013	 
	 	 
	CBD ENERGY LIMITED:	 
	 	 
	/s/ CBD ENERGY LIMITED	 
	Date:	 March 25, 2013	 
	 	 
	WESTINGHOUSE ELECTRIC CORPORATION	 
	 	 
	/s/ WESTINGHOUSE ELECTRIC CORPORATION	 
	Date: 	March 25, 2013	 

 

  

    	21

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