Document:

Unassociated Document

 

AGREEMENT OF SALE

This Agreement of Sale (the “Agreement”) is entered into by and among Clear Skies Solar, Inc. (“CSS”) and CSS’s wholly owned subsidiary Clear Skies Financial Corp. (“FC” and, together with CSS, the “Seller”) and Icarus Wind Energy, Inc. (the “Buyer”).

WHEREAS, FC has entered into that certain Residential Power Plan Solar Customer Agreement (the “Project Agreement”) with David Hollan, dated as of September 9, 2011, for the design, permitting, construction, installation, testing and activation of a solar photovoltaic system at 33 Bell Street, Bayville, NJ (the “Project”);

WHEREAS, the Seller is entitled to apply for a federal tax credit in connection with the Project (the “Tax Credit”) equal to 30% of the cost of the Project as set forth in regulations promulgated by the Internal Revenue Service (the “Tax Credit Amount”); and

WHEREAS, the Seller wishes to assign all of the rights, titles and interests held by Seller in and to the Project and Project Agreement; and

WHEREAS, the Buyer wishes to purchase all of the Seller’s rights, titles and interests in and to the Project and the Project Agreement.

NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, receipt and sufficiency thereof being hereby acknowledged, the parties hereto agree as follows:

	
  

	
1.

	
Purchase and Sale.  Subject to the terms set forth in this Agreement, the Seller shall sell to the Buyer, and the Buyer shall purchase from the Seller, the Project and the Project Agreement for an aggregate purchase price of twenty-five thousand dollars ($25,000) (the “Purchase Price”), of which ten thousand dollars ($10,000) shall be paid immediately following the execution hereof (the “Initial Payment”) and fifteen thousand dollars ($15,000) (the “Final Payment”) shall be paid within five (5) business days of the date that the Tax Credit Amount is received by the Buyer.  Each of the Initial Payment and the Final Payment shall be made via bank wire transfer as instructed by Seller.

	
  

	
2.

	
Representations and Warranties of CSS and FC.  CSS and FC represent and warrant to the Buyer as follows:

	
  

	
a.

	
Organization and Qualification.  Each of CSS and FC are corporations duly organized, validly existing and in good standing under the laws of their jurisdictions of incorporation, and CSS owns all of the issued and outstanding common stock of FC.  Each of CSS and FC has all of the requisite corporate power and authority to execute, deliver and perform their obligations under this Agreement.

 

  

1

  

 

	
  

	
b.

	
Sufficiency and Title.  The rights, titles and interests assigned by CSS and FC pursuant to this Agreement are not subject to any prior sale, transfer, assignment, conveyance or lien or any agreement to sell, transfer, assign or convey, in whole or in part.

	
  

	
c.

	
Compliance with Laws, Litigation.  To Seller’s knowledge, Seller is in material compliance with all laws of or from governmental bodies applicable to the Project and the Project Agreement, there are no actions pending or threatened against Seller or any of its officers or employees in connection with the Project and Seller is not subject to any order (consent or other), judgment, decree, injunction or stipulation of or with any court or other governmental body that names Seller and imposes a material ongoing obligation with respect to the operation of the Project.

	
  

	
d.

	
Environmental Matters.  To Seller’s knowledge, Seller is operating the Project in material compliance with all environmental laws and Seller has not, and to Seller’s knowledge, no other person or entity has, used stored, disposed of, released or managed (whether by act or omission) any hazardous substances in a manner that could reasonably be expected to result in the owner or operator of the Project incurring any material liability or expense.

	
  

	
e.

	
The Project.  Seller is operating the Project pursuant to the terms of the Project Agreement and, as of the date hereof, the Project Agreement has not been modified and remains on the terms contained therein.

	
  

	
f.

	
Approvals and Permits.  Seller has substantially completed the installation and activation of the Project and has obtained all necessary approvals for operation of the Project.

	
  

	
3.

	
Representations and Warranties of the Buyer.  The Buyer represents and warrants to the Seller as follows:

	
  

	
a.

	
Organization and Qualification.  The Buyer is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation.  The Buyer has all of the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

	
  

	
4.

	
Tax Credit.  Seller agrees to assist Buyer and file for the Tax Credit and do all work reasonably necessary to obtain the Tax Credit in a timely manner

	
  

	
5.

	
Project Insurance and Maintenance.  Buyer understands that upon its purchase hereunder it will be responsible for insurance and maintenance of the Project.

 

	
  

	
6.

	
Warranties.  Seller shall provide Buyer will all reasonable information pertaining to any manufacturers’ warranties relating to the Project (the “Warranties”) upon request, shall do all work reasonably necessary to ensure that the Warranties shall inure to the benefit of the Buyer and, if necessary, assist Buyer in making claims under the Warranties.

 

  

2

  

 

	
  

	
7.

	
Governing Law.  This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York applicable to contracts to be entirely performed in the State of New York.

	
  

	
8.

	
Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given upon receipt if (i) mailed by certified or registered mail, return receipt requested and postage prepaid, (ii) sent by a nationally recognized overnight delivery service (receipt requested), fee prepaid, (iii) sent via facsimile with receipt confirmed b y machine generated form, or (iv) delivered personally against receipt, addressed as follows or to such other address or addresses of which the respective party shall have notified the other.

If to CSS or CF, to:

Clear Skies Solar, Inc.

40 Commerce Drive

Farmingdale, New York 11735

Attention: Ezra Green

If to Buyer, to:

Icarus Wind Energy, Inc.

65 Mayhew Drive

South Orange, New Jersey 07079

Attention:  Chief Executive Officer

	
  

	
9.

	
Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall constitute an original, but all of which counterparts together shall constitute one and the same instrument.

	
  

	
10.

	
Entire Agreement.  The Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters.

	
  

	
11.

	
Further Assurances.  Each of CSS, CF and Buyer agree to provide such information, execute and deliver any instruments and documents and to take such other actions as may be necessary or reasonably requested by another party which are not inconsistent with the provisions of this Agreement in order to give full effect to this Agreement and to carry out the intent of this Agreement.

 

  

3

  

 

	
  

	
12.

	
Dispute Resolution.  The parties shall negotiate in good faith and attempt to resolve any dispute within thirty (30) days after the date that a party gives written notice of such dispute to each other party.  In the event that the parties are unable to reach an agreement within such thirty (30) day period (or such longer period as the parties may agree), then each party may pursue such remedies as are available to it at law or equity.  In any proceeding to enforce or interpret this Agreement, the prevailing party shall be entitled to recover its expenses incurred in such proceeding, including reasonable attorney fees and expert witness fees and costs.

	
  

	
13.

	
Amendments.  No change, amendment or modification of this Agreement shall be valid or binding upon the parties hereto unless such change, amendment, or modification shall be in writing and duly executed by all parties.

	
  

	
14.

	
Assignment.  No party may assign this Agreement without the prior written consent of each other party.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

	
  

	
15.

	
Severability.  If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect; provided, that the court making such determination shall have the power to and shall, subject to the discretion of such court, reduce the scope, duration, area or applicability of such provision, to delete specific words or phrases, or to replace any invalid, void or unenforceable provision with a provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

 

 

[signature page follows immediately]

 

  

4

  

 

IN WITNESS WHEREOF, the parties hereto have executed the Agreement by their authorized officers or agents this 9th day of December, 2011.

 

	
Clear Skies Solar, Inc.

	  	
Clear Skies Financial Corp.

	  	  	  
	  	  	  
	
By:/s/ Ezra Green

	  	
By:/s/ Ezra Green

	
Name: Ezra Green

	  	
Name: Ezra Green

	
Title: President

	  	
Title: President

	  	  	  
	  	  	  
	
Icarus Wind Energy, Inc.

	  	  
	  	  	  
	  	  	  
	
By: /s/ Andrew Uribe

	  	  
	
Name: Andrew Uribe

	  	  
	
Title: DirectorUnassociated Document

 

First Amendment to June 4, 2012 Restricted Stock Agreement

 

This FIRST AMENDMENT TO RESTRICTED STOCK AGREEMENT (this “Amendment”), is made as of June 1, 2013, by and between Icarus Wind Energy., Inc. (the “Company”) and Mohit Bhansali (the “Grantee”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Original Agreement (defined below).

RECITALS

WHEREAS, the Company and the Grantee entered into that certain Restricted Stock Agreement dated June 4, 2012  (the “Original Agreement”), pursuant to which the Company issued 14,162,933 shares of its common stock to the Grantee, upon the terms and subject to the conditions set forth in the Original Agreement Agreement; and 

WHEREAS, the parties wish to amend the Original Agreement in the manner set forth herein.

NOW THEREFORE, in consideration of the respective covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows, intending to be legally bound hereby:

	
  

	
1.

	
Section I “Notice of Grant” of the Original Agreement is hereby deleted in its entirety and replaced with the following:

	
Grantee’s Name

	
Mohit Bhansali

 

You have been granted an award of shares (the “Shares”) of Restricted Stock of the Company, subject to the terms and conditions of this Agreement, as follows:

 

	
Grant Date

	
June 4, 2012

	
 

Total number of Shares Granted

	
14,162,933

	
 

Vesting Provisions

	

 

The Shares shall be unvested and shall vest upon the occurrence of a Qualified Transaction (as defined below), unless accelerated by the Board of Directors or any committee designated by the Board of Directors.  If vesting has not occurred by the close of business on June 1, 2016, the Shares shall be forfeited and the ownership thereof shall revert back to the Company.  The Shares may not be sold, pledged or otherwise transferred until the Shares become vested as set forth above.  Until so vested, the Grantee shall have all of the rights of a stockholder with respect to the Shares except for the right to sell, pledge or otherwise transfer as set forth above.

 

 

  

1

  

 

	
 

	

“Qualified Transaction” shall mean one or more acquisitions or dispositions by the Company of any business, assets, stock, licenses, interests or properties (including, without limitation, intellectual property rights) approved by the stockholders of the Company or any acquisition involving assets, shares of capital stock, any purchase, merger, consolidation, recapitalization, or reorganization or involving any licensing, royalties, sharing arrangement or otherwise, which value of such Qualified Transaction is in excess of $25,000,000 for the Company’s interest therein.  For purposes hereof, the value of a Qualified Transaction shall take into account all cash, stock, present value of all royalties, settlement amounts, future payments, license fees received or owed, and all other consideration associated with such acquisition of any kind whatsoever.

 

 

	
  

	
2.

	
Except as otherwise provided herein, the Original Agreement shall remain in full force and effect.

	
  

	
3.

	
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Amendment.

[Signatures appear on following page.]

 

  

2

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written.

 

 

	
GRANTEE

	  	  	  	
ICARUS WIND ENERGY, INC.

	  	  	  	  	  
	
/s/ Mohit Bhansali

	  	  	  	
By: 

	
/s/ Mohit Bhansali

	
 

	
Signature

	  	  	  	  	  	
Mohit Bhansali

	  	  	  	  	  
	
Mohit Bhansali

	  	  	  	
Title: 

	  	
Chief Executive Officer

	
Name

	  	  	  	  	  	  
	
Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]