Document:

<PAGE>
EXHIBIT 10.13

                            STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT made as of the 18th day of March 2002.

BETWEEN:

               CELERITEK, INC., a corporation duly organized and validly
               existing under the laws of California, having its principal
               office at 3236 Scott Blvd., Santa Clara, California, U.S.A.

               (hereinafter called the "Investor")

AND:

               NEWGEN TELECOM CO., a corporation duly organized and validly
               subsisting under the laws of the Republic of Korea, having its
               principal office at 2nd Floor, Duk-Myung Building A Dong, 113-3
               Banpo-dong, Seocho-gu, Seoul, Korea

               (hereinafter called the "Company")

WITNESSETH THAT

WHEREAS, the Investor is engaged in the design and manufacture of gallium
arsenide semiconductor components and gallium arsenide-based subsystems used in
the transmission of voice, video and data over wireless communication networks;

WHEREAS, the Company is engaged in the design of personal cellular handsets used
in the CDMA and GSM telecommunication systems.

WHEREAS, the Parties to this Agreement and UBE Electronics, Ltd. ("UBE") entered
into a joint venture agreement on December 20, 2001 (the "Joint Venture
Agreement") :

WHEREAS, pursuant to and subsequent to the execution of the Joint Venture
Agreement,

      1)    the Company issued Two Hundred Thirteen Thousand Two hundred
            (213,200) new shares of Preferred Company Shares having a par value
            of Five Hundred Korean won (KRW 500) per share and the price per
            shares of Six Thousand Ninety-Eight Korean Won (KRW 6,098);

      2)    The Investor subscribed to and purchased One Hundred Six Thousand
            and Six Hundred (106,600) Preferred Company Shares for an aggregate
            consideration of Six Hundred Fifty Million Korean Won (KRW
            650,000,000) (hereinafter referred to as "Celeritek's Purchase
            Price"); and,

      3)    UBE subscribed to and purchased One Hundred Six Thousand and Six
            Hundred (106,600) Preferred Company Shares for an aggregate
            consideration of Six Hundred Fifty Million Korean Won (KRW
            650,000,000) (hereinafter referred to as "UBE's Purchase Price").

WHEREAS, the Parties are now desirous of securing further foreign invested
capital for the Company, subject to the terms and conditions set forth herein
and in the Joint Venture Agreement.

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

ARTICLE 1.  DEFINITIONS

1.1     In this Agreement, the following expressions shall, unless the context
        otherwise requires, have the following meanings:

<PAGE>

        1.1.1  "Business" shall mean the business of the Company from time to
               time in accordance with the meaning specified in the Recitals
               above and in Article 3 below.

        1.1.2  "Business Day" shall mean any day on which banking institutions
               are open for normal business in Seoul, Korea.

        1.1.3  "Class A Preferred Company Shares" shall mean the First Round
               Preferred Company Shares and the Second Round Preferred Company
               Shares collectively.

        1.1.4  "Class B Preferred Company Shares" shall mean the Preferred
               Company Shares issued by the Company to the Investor and UBE on
               February 26, 2002.

        1.1.5  "Common Company Shares" shall mean any common stock issued or
               issuable by the Company.

        1.1.6  "Company Shares" shall mean all classes of stock and securities
               convertible to any class of stock, previously issued, issuable in
               accordance with the Joint Venture Agreement, this Agreement, or
               issued at any time in the future by the Company.

        1.1.7  "Execution Date" shall mean the date first above written.

        1.1.8  "First Round Investor Shares" shall mean the Preferred Company
               Shares issued to the Investors in accordance with the Joint
               Venture Agreement and, as regarding such Preferred Company
               Shares, issuable pursuant to any stock split, dividend,
               recapitalization or any other distribution except for the Class B
               Preferred Company Shares.

        1.1.9  "Foreign Capital Invested Company" shall mean a company,
               organized and registered in Korea, in which a non-Korean national
               or foreign Person has invested capital pursuant to the Foreign
               Investment Promotion Act of Korea.

        1.1.10 "Governmental Approval" shall mean all consents, approvals,
               certificates, filings, franchises, licenses, orders, permits,
               variances or similar authorizations and rights to be obtained
               from or filed with any Korean Governmental Authority required or
               necessary for any action of a Party in connection with those
               contemplated in this Agreement.

        1.1.11 "Governmental Authority" shall mean any national, regional,
               provincial, local, municipal or other political subdivision
               thereof, administrative, regulatory, judicial, legislative,
               executive, police or taxing governmental authority of any nature,
               including any ministry, agency, bureau, or entity, official, or
               court having jurisdiction.

        1.1.12 "Law" shall mean any law, rule, regulation, order, ordinance,
               code, injunction, judgment or decree, or other similar judicial
               or Governmental Authority pronouncements having compulsive legal
               effect.

        1.1.13 "Person" shall mean an individual or a corporation, association,
               partnership, limited liability company, joint venture, joint
               stock company, organization, business trust or any other entity
               or organization, including governmental entities or
               organizations.

        1.1.14 "Preferred Company Shares" shall mean any preferred class of
               voting stock or securities issued or issuable by the Company that
               have any preferential rights over Common Company Shares.

        1.1.15 "Second Round Investor Shares" shall mean the Preferred Company
               Shares issuable to the Investor in accordance with this Agreement
               and, as regarding such Preferred Company Shares, issuable
               pursuant to any stock split, dividend, recapitalization or any
               other distribution except for the Class B Preferred Company
               Shares.

1.2     Unless the context otherwise requires, words importing the singular
        shall include the plural and vice versa, the headings in this Agreement
        have been inserted for convenience of reference only and shall not be
        used in construing or interpreting this Agreement, and references to
        "Korea" shall mean the Republic of Korea.

ARTICLE 2.  PURPOSE

The purpose of this Agreement is to agree upon the terms and conditions under
which the Company shall receive further capital fund from the Investor with a
view to pursuing the Business.

<PAGE>

ARTICLE 3.  THE BUSINESS

The Business of the Company shall be as described and set out in Article 3 of
the Joint Venture Agreement.

ARTICLE 4.  RESPONSIBILITIES OF EACH PARTY

4.1     Prior to the Execution Date or simultaneously therewith, the Company
        shall arrange a report to be filed, on behalf of the Investor with a
        designated foreign exchange bank in Korea of the Investor's foreign
        investment in accordance with the Foreign Investment Promotion Act. The
        Investors shall provide reasonable assistance to the Company in
        connection with such filing, or any other related requirement, upon the
        Company's reasonable request.

4.2     The Company shall have the responsibility for obtaining all other
        Governmental Approvals from time to time and arising out of, or in
        connection with, the implementation of the Products, the Business and
        this Venture in the form and substance mutually agreed upon by both
        Parties.

4.3     Each Party will jointly and individually use their respective
        commercially reasonable endeavors to ensure that the Company shall
        comply with Law and continue to maintain and hold all such necessary
        license(s), approval(s) or permit(s) of any and all relevant
        Governmental Authorities.

4.4     The Company shall promptly notify the Investor in writing of any
        registrations or filings required to obtain copyright, trademark, or
        patents, in their respective names in Korea. The Company shall use
        commercially reasonable endeavors to assist the Investor in completing
        such filings or registrations or in obtaining such Government Approvals.

4.5     Each Party shall forthwith, in writing, inform the other Party upon it
        coming to its attention that an obligation pursuant to this Article 4
        has been satisfied or has been refused or rejected by a competent
        Governmental Authority.

ARTICLE 5.  CAPITAL SUBSCRIPTION

5.1     The Company shall cause to be issued and the Investor shall subscribe to
        and purchase Five Hundred Twenty-Two Thousand and Six Hundred (522,600)
        new shares of Preferred Company Shares having a par value of Five
        Hundred Korean Won (KRW 500) per share (the "Second Round Investor
        Shares") and at price per share of Four Thousand Nine Hundred and
        Seventy-Five point One Two Korean Won (KRW 4,975.12), "Original Issue
        Price" for an aggregate consideration of Two Billion Five Hundred
        Ninety-Nine Million Nine Hundred Ninety-Seven Thousand Seven Hundred and
        Twelve Korean Won (KRW 2,599,997,712) (the "Investor's Purchase Price").

        5.1.1  Simultaneously with the execution of this Agreement, the Company
               shall immediately transfer title to Five Hundred Twenty-Two
               Thousand and Six Hundred (522,600) shares of the Second Round
               Investor Shares to the Investor, and in exchange thereof, the
               Investor shall pay (by wire transfer to an account designated by
               the Company) Investor's Purchase Price within ten (10) Business
               Days from the Execution Date.

5.2     In the event of a share transfer or new issue of Company Shares
        subsequent to the subscriptions contemplated by this Agreement, the
        transferee or subscriber shall, as a condition precedent to such
        transfer or subscription, deliver a written undertaking to the Parties
        hereto, in form and substance acceptable to them, to the effect that the
        transferee or subscriber shall observe and be bound by all provisions of
        this Agreement and any agreements related hereto as if such transferee
        or a subscriber were a Party hereto and/or thereto.

5.3     The Parties shall not pledge, sell, transfer, or otherwise encumber or
        dispose of all or any Company Shares without the prior written consent
        of the other Party and unless in accordance with Section 17.1 below;
        provided, however, that the Investor may transfer its Company Shares to
        its affiliates or subsidiaries or any other third party which controls
        the Investor, or is under common control with the Investor, without the
        requirement to obtain such consent of the Company hereto.

ARTICLE 6.  RIGHTS OF THE INVESTOR

6.1     The Second Round Investor Shares shall have full voting rights pursuant
        to this Agreement and the Company's articles of incorporation, and shall
        be evidenced by share certificates in non-bearer form delivered to the
        Investor by the Company.
<PAGE>

6.2     Dividends. The Investor shall be entitled to receive dividends on the
        Second Round Investor Shares, out of any assets legally available
        therefore, prior and in preference to any declaration or payment of any
        dividend (payable other than in Common Company Shares or other
        securities and rights convertible into or entitling the holder thereof
        to receive, directly or indirectly, additional shares of the Common
        Company Shares) on the Common Company Shares or any other Company
        Preferred Shares, but together with and in pari passu with the holders
        of the First Round Investor Shares and Class B Preferred Company Shares,
        on a pro rata basis, at the rate of Five Hundred Korean Won (KRW 500 per
        share per annum (as adjusted to take into account any stock splits,
        stock dividends, recapitalizations or the like) or, if greater (as
        determined on a per annum basis and on an as converted basis), an amount
        equal to that paid on any other outstanding Company Shares, payable
        when, as, and if declared by the Board. Such dividends shall be
        cumulative.

6.3     Liquidation Preference.

        6.3.1  In the event of any liquidation, dissolution or winding up of the
               Company, either voluntary or involuntary, the holders of the
               Second Round Investor Shares shall each be entitled to receive,
               prior and in preference to any distribution of any of the assets
               of the Company to the holders of Common Company Shares or other
               Preferred Company Shares by reason of their ownership thereof, an
               amount per share equal to the sum of Four Thousand Nine Hundred
               Seventy-Five point One Two Korean Won (KRW 4,975.12) for each
               outstanding Second Round Investor Share, plus declared but unpaid
               dividends on such share (subject to adjustment of such fixed
               Korean Won amount for any stock splits, stock dividends,
               combinations, recapitalizations or the like), but together with
               and in pari passu with the holders of the First Round Investor
               Shares as provided in Article 6.3.1 of the Joint Venture
               Agreement. If upon the occurrence of such event, the assets and
               funds thus distributed to the holders of the Class A Preferred
               Company Shares shall be insufficient to permit the payment to
               such holders of the full aforesaid preferential amounts, then the
               entire assets and funds of the Company legally available for
               distribution shall be distributed ratably among the holders of
               the Class A Preferred Company Shares as follows (For purposes of
               this Article 6, a merger, acquisition or sale of substantially
               all of the assets of the Company shall be considered
               liquidation):

               6.3.1.1.  Any declared, but unpaid dividend shall be paid to each
                         holders of the Class A Preferred Company Shares on a
                         pro rata basis until each holder of such Preferred A
                         Company Shares has received an aggregate of Five
                         Hundred Korean Won (KRW500) per one Class A Preferred
                         Company Share. If there are remaining assets available
                         in the Company for further distribution after
                         distribution of the dividend in accordance with this
                         Section 6.3.1.1. (the "Available Fund"), they are
                         distributed in accordance with Section 6.3.1.2.

               6.3.1.2.  1) the distribution in respect of a First Round
                         Investor Share shall be equal to the sum of Celeritek's
                         Purchase Price and UBE's Purchase Price divided by the
                         sum of Celeritek' Purchase Price, UBE's Purchase Price
                         and the Investor's Purchase Price, the result of such
                         division multiplied by the amount of the Available Fund
                         and the result of such multiplication divided by the
                         number of the First Round Investor Shares.

                         2) the distribution in respect of a Second Round
                         Investor Shares shall be equal to the Investor's
                         Purchase Price divided by the sum of Celeritek's
                         Purchase Price, UBE' Purchase Price and the Investor's
                         Purchase Price, the result of such division multiplied
                         by the amount of the Available Fund and the result of
                         such multiplication divided by the number of the Second
                         Round Investor Shares.

        6.3.2  Upon the completion of the distribution required by Section 6.3.1
               above, the remaining assets of the Company available for
               distribution to its shareholders shall be distributed among the
               all of the holders of Preferred Company Shares and Common Company
               Shares, pro rata, based on the number of shares of Common Company
               Shares held by each shareholders (assuming full conversion of all
               such Preferred Company Shares to Common Company Shares) (as
               adjusted for any stock splits, stock dividends, recapitalizations
               or the like).

6.4     The Second Round Investor Shares shall not be redeemable.

6.5     Conversion. The Investor shall have the following conversion rights (the
        "Conversion Rights"):

<PAGE>

        6.5.1  Right to Convert. Each Second Round Investor Share shall be
               convertible, at the option of the respective holding Investor, at
               any time after the date of issuance of such share, into such
               number of fully paid and nonassessable Common Company Shares as
               is determined by dividing the Original Issue Price by the
               conversion price applicable to such share, as determined in good
               faith by the Board, in effect on the date the certificate is
               surrendered for conversion; provided, however, that such
               conversion price shall never be greater than the Original Issue
               Price. The initial conversion price per share for a Second Round
               Investor Share shall be the Original Issue Price. Conversion
               price shall be subject to adjustment which shall be effected upon
               the Board's approval if and to the extent necessary to make a
               dilution in economic value of the Second Round Investor Shares
               which may result from stock split, stock dividend.

        6.5.2  Automatic Conversion. The Second Round Investor Shares shall
               automatically be converted into Common Company Shares immediately
               upon the earlier of (i) the Company's sale of its Common Company
               Shares in a firm commitment underwritten public offering pursuant
               to a registration statement or equivalent thereof filed in
               accordance with Korean Law or (ii) the date specified by written
               consent or agreement of the holders of a majority of the then
               outstanding Class A Preferred Company Shares.

        6.5.3  Mechanics of Conversion. Before the Investor is entitled to
               convert any Second Round Investor Shares into Common Company
               Shares, the Investor shall surrender its share certificates, duly
               endorsed to the Company, and shall give written notice to the
               Company of the election. The Company shall, as soon as
               practicable thereafter, issue and deliver a certificate or
               certificates for the number of Common Company Shares to which
               such investor is entitled.

        6.5.4  Recapitalizations. If at any time or from time to time there
               shall be a recapitalization of the Common Company Shares, the
               Investor along with other holders of Preferred Company Shares
               shall thereafter be entitled to receive upon conversion of
               Preferred Company Shares the number of shares or other securities
               or property of the Company to which a holder of Common Company
               Shares deliverable upon conversion would have been entitled on
               such recapitalization.

        6.5.5  No Fractional Shares. No fractional shares shall be issued upon
               the conversion of any Second Round Investor Share. In lieu of any
               fractional shares to which the Investor would otherwise be
               entitled, the Company shall pay cash equal to such fraction
               multiplied by the then applicable conversion price.

        6.5.6  Reservation of Stock Issuable Upon Conversion. The Company shall
               at all times reserve and keep available out of its authorized but
               unissued Common Company Shares, solely for the purpose of
               effecting the conversion of the Class A Preferred Company Shares
               and Class B Preferred Company Shares, such number of its Common
               Company Shares as shall from time to time be sufficient to effect
               the conversion of all outstanding Second Round Investor Shares.

6.6     Right of First Refusal. The Investor shall have the following rights of
        first refusal:

        6.6.1  Subject to applicable Law and the Company's articles of
               incorporation, the Investor shall have rights of first refusal
               with respect to any new issuance of Company Shares in the same
               ratio as their respective shareholding ratios at the time of such
               new issuance. In the event that the Company wishes to undertake a
               new issuance of Company Shares, the Company shall first give each
               Investor prior written notice of its intention that describes the
               type of new Company Shares and the price, terms and conditions
               upon which the Company proposes to issue the same. The Investor
               shall have fifteen (15) Business Days from the day of receiving
               such notice to provide written notice back to the Company of its
               intent to purchase up to its pro rata share of such new Company
               Shares.

        6.6.2  In the event the Investor does not exercise such Investor's
               rights to purchase such new Company Shares, the Company shall
               have one hundred twenty (120) days to issue or sell such new
               Company Shares at a price and terms and conditions that are no
               more favorable than those specified in the Company's notice to
               the Investor. After the expiration of such 120-day period, the
               Company shall not thereafter issue or sell such remaining new
               Company shares without first offering such new Company Shares
               again to the Investor in accordance with this Section 6.6.

6.7     No Impairment.The Company will not through an reorganization,
        recapitalization, transfer of assets, consolidation, merger,
        dissolution, issue or sale of securities or any other voluntary action,
        avoid or seek to avoid the observance or performance of

<PAGE>

        any of the terms to be observed or performed hereunder by the Company
        but will at all times in good faith assist in the carrying out of all
        the provisions of this Article 6 and in the taking of such action as may
        be necessary or appropriate in order to protect the conversion rights of
        the Investor against impairment.

ARTICLE 7.   REPRESENTATIONS AND WARRANTIES

7.1     Each Party warrants and represents to the other party that (i) it is
        duly organized and in good standing; (ii) it has all necessary corporate
        power and authority to enter into this Agreement; (iii) it has duly
        authorized this Agreement by all corporate action necessary for such
        authorization; (iv) the intended this Agreement does not violate any
        charter document of such Party or judicial order binding on such Party;
        (v) this Agreement constitutes a valid and legally binding obligation of
        each Party; and (vi) it has no outstanding commitments or obligations
        which would impede its ability and right to enter into this Agreement
        and/or fulfill its obligation hereunder except those which have been
        disclosed in writing to the other Parties at the time of execution of
        this Agreement.

7.2     As of the date of this Agreement, the Company has and will have
        exclusive right, power and authority to issue and transfer the Second
        Round Investor Shares to the Investor in accordance with the terms of
        this Agreement.

7.3     The Second Round Investor Shares to which the Investor will subscribe
        hereunder shall be free and clear of all charges, liens, encumbrances,
        equities or other adverse or third Person rights, options, claims or
        interests, and with all rights, benefits, and entitlements as of the
        Execution Date, including the right to all dividends paid, declared or
        made with respect thereof. No Company Shares have been authorized or
        issued, and the Company has not become obligated to authorize or issue
        (including by reclassification or otherwise), any other equity security
        (including without limitation any Preferred Company Shares or other
        preferred security) having any preference or priority over, or ranking
        senior to, the Second Round Investor Shares with respect to any rights
        set forth in this Agreement, including but not limited to rights to
        dividends or other distributions and rights upon liquidation,
        dissolution or winding-up.

7.4     As of the Execution Date, the paid in capital of the Company is in the
        amount of One Billion Seven Hundred and Twenty Four Million Three
        Hundred Thousand Korean Won (KRW 1,724,300,000), and the Company has
        issued a total of Three Million Seven Hundred and Fifty Six Thousand Two
        Hundred (3,756,200) Common Company Shares with a par value of Five
        Hundred Korean Won (KRW 500) per share, and the Company has issued a
        total of Six Hundred and Ninety Two Thousand Four Hundred (692,400)
        Preferred Company Shares with a par value of Five Hundred Korean Won
        (KRW 500) per share.

7.5     There is no order, injunction or decree outstanding and there is no
        litigation, proceeding or governmental investigation pending or, to the
        best of the Company's knowledge, threatened against or relating to the
        Company, its property, businesses or assets which has, or if determined
        against the Company could have, a material adverse effect on the
        Company, the Company Shares, this Agreement, or the Investor's title and
        right to the Second Round Investor Shares.

ARTICLE 8.  CONFIDENTIALITY

Each Party and such Parties' respective employees, directors, consultants,
affiliates and subsidiaries shall ensure that any and all proprietary
information, trade secrets and all other confidential information regarding the
business, assets, customers, processes, and methods of any other Party that it
may learn in the course of negotiations for, or carrying out of, this Agreement
is treated by it in strict confidence and shall not use for any purpose other
than for this Agreement or the Venture or disclose such information, unless such
information (i) is required to be disclosed by Law or judicial order, (ii) is
required to be disclosed to give effect to this Agreement, (iii) is in good
faith independently acquired or developed, or (iv) becomes publicly known or
available other than through the fault of the Party seeking to use or disclose
such information.

ARTICLE 9.  TERM

This Agreement shall continue in effect so long as any Investor holds any
Company Shares unless earlier terminated pursuant to Article 10 below.

ARTICLE 10.  TERMINATION

This Agreement may be terminated upon mutual written consent of the Parties or
immediately upon notice in writing of the occurrence of one or more of the
following events:

<PAGE>

10.1    by the Investor, if in good faith and exercising reasonable judgment the
        board of directors of the Investor determines that (i) the
        responsibilities, policies and objectives of this Agreement, as well as
        any related agreements, have not been undertaken by the Company in form
        and substance reasonably acceptable to the Investor within ten (10)
        Business Days of the Execution Date, (ii) at any time the Company is no
        longer engaged in the Business, or (iii) within thirty (30) days of the
        Execution Date the Company has failed to obtain all of the Governmental
        Approvals required of the Venture;

10.2    by either Party, if the other Party has breached any of its obligations
        under this Agreement, and if either Party not in breach hereof has
        provided notification, in writing, to the breaching Party of its
        obligation to remedy such breach, and the breaching Party fails to
        remedy such breach to the reasonable satisfaction of either Party within
        thirty (30) Business Days from the date it received such written notice;

10.3    by either Party, if the other Party shall be or becomes incapable for a
        period of sixty (60) Business Days of performing any of its obligations
        under this Agreement subject to the terms of Article 14;

10.4    by either Party, if (i) the other Party enters into dissolution,
        liquidation, bankruptcy, reorganization or compulsory composition; (ii)
        creditors of the other Party file for the other Party's dissolution,
        liquidation, bankruptcy, reorganization or compulsory composition; (iii)
        creditors of the other Party have taken over the Company's management;
        (iv) relevant financial institutions have suspended the other Party's
        clearing house privileges; or (v) any material or significant part of
        the other Party's undertaking, property or assets is expropriated or
        confiscated by action of any government;

10.5    by the Investor, if Jay (Jongweon) Hong is no longer an employee of the
        Company for any reason within three (3) years after the Execution Date
        of the Joint Venture Agreement.

ARTICLE 11.  CONSEQUENCES OF TERMINATION

11.1    Termination of this Agreement shall be without prejudice to the accrued
        rights and liabilities of the Parties at the date of termination, unless
        waived in writing by the mutual agreement of the Parties.

11.2    Termination of this Agreement shall be accompanied by a notice of intent
        to terminate this Agreement, in writing with stated reasons, provided to
        the other Party hereto.

11.3    If this Agreement is terminated for any of the reasons set forth in
        Article 10, the Party providing notice of termination (the "Terminating
        Party") shall, at its option, have the following rights, in addition to
        any other rights to which it is entitled:

        11.3.1 If an Investor is the Terminating Party, to require the Company
               to purchase, pro rata in accordance with its ratio of
               shareholdings in the Company, all of Investor's Company Shares at
               fair market value;

        11.3.2 If the Company is the Terminating Party, to require the breaching
               Investor to sell all of the breaching Investor's Company shares
               at fair market price to the Company or a person to be designated
               by the Company

        11.3.3 The Investor may cause the Company to remove investor's name or
               names and/or its trademarks or other distinctive designations
               from the name of and from use by the Company. If a Party opts to
               request removal pursuant to this Section 11.3.3, the other
               Parties shall take all steps necessary to remove the name,
               trademark or trade name of or any reference to the party so
               opting, including the Korean language or Korea equivalent of
               such, as appropriate.

11.4    Upon termination of this Agreement for any reason, any and all
        information (whether confidential or not), data or documentation in any
        form whatsoever provided to the Company by the Investor regarding any of
        Investor's technical know-how, patents or other intellectual property
        rights, and any and all reproductions or copies thereof, shall be
        immediately returned to the Investor.

11.5    Upon termination of this Agreement for any reason, any and all
        information (whether confidential or not), data or documentation in any
        form whatsoever provided to the Investor by Company regarding any of
        Company's technical know-how, patents or other intellectual property
        rights, and any and all reproductions or copies thereof, shall be
        immediately returned to the Company.

<PAGE>

11.6    In the event the Parties are unable to agree within a period of thirty
        (30) Business Days upon the fair market value of any Company Shares to
        be transferred, the fair market value shall be determined by an
        independent public accountant to be chosen mutually by the Parties. The
        determination by such accountant shall be final, conclusive, and binding
        on both Parties.

11.7    Upon termination of this Agreement for any reason other than those set
        forth in Article 10 above, the Parties shall have an immediate amicable
        discussion with regard to the disposition of Company Shares owned by the
        Investor and/or the disposition of the assets and liabilities (including
        any severance obligations) of the Company. If the Parties fail to reach
        an agreement regarding disposition, the dispute shall be settled in
        accordance with Article 16 below.

11.8    In the event of termination by any Party in accordance with any
        provision of this Agreement, no Party shall be liable to the other,
        because of such termination, for compensation, reimbursement, or damages
        on account of the loss of prospective profits or anticipated sales or on
        account of expenditures, investments, or commitments in connection with
        the business or goodwill of the Parties. Termination shall not, however,
        relieve either Party of obligations incurred prior to the termination or
        obligations under subcontracts, invoices, supply agreements, original
        equipment manufacturing agreements or other similar arrangements entered
        into separately by and between the Company and the Investor (including
        such agreements entered into pursuant to Section 4.7 of the Joint
        Venture Agreement.

ARTICLE 12.  INDEMNIFICATION

Each Party agrees to indemnify, defend and hold the other Parties harmless
against any and all liabilities, losses, costs, damages, and/or expenses, which
either of them may sustain arising out of or related to a breach by such Party
of any provision of this Agreement. The Party wishing to assert its rights (the
"Indemnitee Party") set forth in this Article 12 shall notify the other Party or
Parties, as the case may be (the "Indemnitor Party") of any legal claim or legal
proceeding with respect to which such Party is asserting such right. Upon the
written request of the Indemnitee Party, the Indemnitor Party will assume the
defense of any claim, demand or action against such Indemnitee Party, and upon
request by the Indemnitee Party, will allow the Indemnitee Party to participate
in and control fully the defense thereof. Such participation will be at the
expense of the Indemnitee Party. Settlement by the Indemnitee Party, without the
Indemnitor Party's prior written consent shall release the Indemnitor Party from
the indemnity as to the claim, demand or action so settled.

ARTICLE 13.  NON WAIVER, OTHER REMEDIES

13.1    Failure of a Party to insist upon the strict and punctual performance of
        any provision hereof shall not constitute waiver of or estoppel against
        asserting the right to require such performance, nor should a waiver or
        estoppel in one case constitute a waiver or estoppel with respect to a
        later breach whether of similar nature or otherwise.

13.2    Nothing in this Agreement shall prevent a Party from enforcing its
        rights by such remedies as may be available in lieu of termination.

ARTICLE 14.  FORCE MAJEURE

14.1    The failure or delay of a Party hereto to perform any obligation under
        this Agreement solely by reason of acts of God, acts of government
        (except as otherwise enumerated herein), riots, wars, strikes, lockouts,
        accidents in transportation or other causes beyond its control shall not
        be deemed to be a breach of this Agreement; provided, however, that the
        Party so prevented from complying herewith shall continue to take all
        actions within its power to comply as fully as possible herewith.

14.2    Except where the nature of the event shall prevent it from doing so, the
        Party suffering such force majeure shall notify the other Party in
        writing within five (5) Business Days after the occurrence of such force
        majeure and shall in every instance, to the extent it is capable of
        doing so, use its best efforts to remove or remedy such cause with all
        reasonable dispatch.

ARTICLE 15.  DISCLAIMER OF AGENCY

15.1    Nothing in this Agreement shall constitute or be deemed to constitute
        the relationship of principal, representative or agent as between the
        Parties.

15.2    Nothing in this Agreement or in any document referred to in it shall
        constitute a partnership between the Parties, nor shall the execution,
        completion and implementation of this Agreement confer on any Party (i)
        the power to bind or impose any obligations

<PAGE>

        on the other Party in regards to any third Persons, or (ii) the power,
        ability, or right to pledge the credit of the other Party.

ARTICLE 16.  DISPUTE RESOLUTION

16.1    All dispute, controversies, or differences which may arise between the
        Parties out of or in relation to or in connection with this Agreement,
        or for the breach hereof, shall be finally settled by arbitration before
        three (3) arbitrators under the Rules of Arbitration of the
        International Chamber of Commerce in Korea. Each Party shall be entitled
        to nominate one arbitrator. If dispute, controversies, or differences
        arise between two of the Parties hereto, each Party shall be entitled to
        nominate one arbitrator and the arbitrators so selected by the Parties
        shall mutually agree upon the selection of the third arbitrator. The
        arbitration proceeding shall be conducted in English. The results of
        such arbitration shall be conclusive and binding upon the parties, and
        shall be enforceable in any court having jurisdiction over the party
        against whom the award was rendered.

16.2    Each Party hereto agrees to pay and discharge all reasonable costs,
        attorney fees and expenses that are incurred by another Party in
        enforcing the terms of this Agreement, provided that such other Party
        shall prevail in such proceedings.

16.3    The validity, performance, construction, and effect of this Agreement
        shall be interpreted in accordance with and governed by the substantive
        Laws of the Republic of Korea, without regard to conflicts of laws
        provisions.

ARTICLE 17.  MISCELLANEOUS

17.1    Assignability. This Agreement and each and every covenant, term and
        condition hereof shall be binding upon and effective to the benefit of
        the Parties hereto and their respective successors and assignees, but
        neither this Agreement nor any rights or obligations hereunder shall be
        assignable directly or indirectly by any Party hereto without the prior
        written consent of the other Party; provided, however, that the Investor
        may transfer its Company Shares without such consent of the Company in
        accordance with Section 5.3 above. Any Person who becomes a holder of
        Second Round Investor Shares pursuant to this Agreement shall, as a
        condition precedent to receiving such shares and exercising rights as a
        shareholder of the Company, execute and become a Party to this Agreement
        and shall be bound by all of its terms and conditions.

17.2    Expenses. Each Party shall bear its own attorney fees and other expenses
        incurred in the preparation and execution of this Agreement, and any
        other related agreement provided hereunder, and the performance of the
        Parties' respective obligations hereunder, and the Parties shall hold
        each other harmless for any such charges.

17.3    Modification. No amendment, change, addition or modification of the
        terms set forth in this Agreement shall be effective or binding upon
        either of the Parties unless reduced to writing and executed by the
        respective duly authorized representatives of each Party.

17.4    Severability. In the event any term or provision of this Agreement shall
        for any reason be invalid, illegal or unenforceable in any respect, such
        invalidity, illegality or unenforceability shall not affect any other
        term or provision of this Agreement and this Agreement shall be
        interpreted and construed as if such term or provision, to the extent
        unenforceable, had never been contained in this Agreement.

17.5   Notice.

        17.5.1 Any notice required or permitted to be given hereunder shall be
               in writing and may be given by personal service, registered
               airmail, or by facsimile if confirmed on the same day in writing
               by registered airmail, with postage fully prepaid to the
               following addresses:

               If to The Investor:
                                    3236 Scott Blvd.,
                                    Santa Clara, California
                                    United States of America

               If to the Company:
                                    NewGen Telecom Corporation
                                    2nd Floor, Duk Myung Bldg A-Dong,
                                    113-3, Banpo-Dong, Seocho-Ku,
                                    Seoul, Korea
<PAGE>

        17.5.2 Except as otherwise specified herein, all notices, demands, and
               other communications shall be deemed to have been duly given on
               the date of receipt if delivered personally or by facsimile or
               fifteen (15) Business Days after the date of mailing if sent by
               registered airmail.

        17.5.3 All notices, demands or other communications hereunder and any
               other documents required to be delivered hereunder shall be in
               the English language or accompanied by a certified translation
               thereof into the English language.

17.6    Counterparts. This Agreement is written in the English language and may
        be executed in multiple counterparts, each of which shall be deemed an
        original but all of which together shall constitute one document.

17.7    Language. The English language text of this Agreement shall prevail over
        any translation thereof for purposes of interpretation and resolving
        ambiguities.

17.8    Applicability of the Joint Venture Agreement. Notwithstanding Section
        17.8 and any other provisions in this Agreement, nothing herein shall be
        deemed to limit the validity or applicability of the Joint Venture
        Agreement, and every provision thereof shall be applicable to the
        parties to this Agreement, unless expressly provided otherwise in this
        Agreement, and to the extent that there arises no conflict between this
        Agreement and the Joint Venture Agreement. In case of conflict, this
        Agreement shall prevail over the Joint Venture Agreement and be taken as
        correct.

17.9    Headings. The headings contained in this Agreement are for the
        convenience of the reader only and shall not in any way affect the
        meaning or interpretation of this Agreement.

IN WITNESS WHEREOF, the authorized representatives of the Parties hereto have
caused this Agreement to be executed as of the date first above written.

Celeritek, Inc.

By      /s/ KWON HOE KIM
   -------------------------------

Name:   Kwon Hoe Kim

Title:  Legal Representative

NewGen Telecom Co.

By      /s/ JONGWEON HONG
   ------------------------------

Name:    Jongweon Hong

Title:  Chief Executive Officer<PAGE>
                                                                    EXHIBIT 10.1
                                                        POWER PURCHASE AGREEMENT

                                                              EXECUTION ORIGINAL

                            POWER PURCHASE AGREEMENT
                                     BETWEEN
                         COMMONWEALTH ENERGY CORPORATION
                                       AND
                         CALPINE POWER SERVICES COMPANY
                                    FOR POWER
                             FROM THE GEYSERS UNITS
                                 5/07/99-6/30/02
<PAGE>
                            POWER PURCHASE AGREEMENT

             This Power Purchase Agreement ("Agreement") is made and
entered into as of April ___, 1999, by and between the Commonwealth Energy
Corporation, a California corporation ("Commonwealth"), and Calpine Power
Services Company, a California corporation ("Calpine"), and sets forth the terms
and conditions for the purchase and sale of power from certain electrical
generating power plants located within "The Geysers" Known Geothermal Resource
Area in Sonoma and Lake Counties, California, which is powered by geothermal
steam (said plants are commonly known collectively as the "Geysers Units").

                                    RECITALS

            A. The electricity generated from certain units at the Geysers is
classified as in-state renewable electricity generation technology within the
meaning of the California Public Utilities Code Section 383.5(a)(1) ("Renewable
Energy") because the fuel source for the units is geothermal steam. Commonwealth
wants its total electric energy portfolio to be Renewable Energy. Accordingly,
Commonwealth desires to purchase energy generated Geysers Units which is
certified to be Renewable Energy and therefore is eligible to be matched with
retail customers to be eligible for the receipt of funds from the Consumer
Credit program administered by the California Energy Commission ("CEC"). The
Geysers Units are controlled and operated by affiliates of Calpine, and Calpine
has the right to sell energy generated at the Geysers Units.

            B. Commonwealth and Calpine have negotiated the terms, provisions,
covenants and conditions for a power purchase agreement, and wish to reduce
their agreement to writing.

            NOW, THEREFORE, the parties agree as set forth below.

      1. DEFINITIONS. The following terms when used in this Agreement or in
attachments to this Agreement with initial capitalized letters or all
capitalized letters, as applicable, shall have the meanings set forth below in
this Section 1. The definitions are equally applicable to both the singular and
plural forms of the terms defined.

      1.1 Day. "Day" or "day" means a calendar day, beginning and ending at
twelve o'clock midnight.

      1.2 Delivery Points. "Delivery Points" means the electric energy delivery
points identified in Schedule III hereto.

      1.3 Green Tickets. "Green Tickets" means the certification, document or
other identification supplied by Calpine's Scheduling Coordinator or other
authorized person that indicates that a unit of electric energy was produced by
an in-state renewable electricity generation source in connection with which
application may be made for credit or reimbursement from the CEC's Customer
Credit Sub-account.

      1.4 ISO. "ISO" means the California Independent System Operator.

      1.5 Participating Buyer. "Participating Buyer shall have the meaning
provided in Appendix A to the ISO Tariff as amended from time to time. The
current ISO Tariff definition is: a Direct Access End-User or a wholesale buyer
of energy or ancillary services through Scheduling Coordinators.

      1.6 Participating Generator. "Participating Generator shall have the
meaning provided in Appendix A to the ISO Tariff as amended from time to time.
The current ISO Tariff definition is: a generator or other seller of energy or
ancillary services through a Scheduling Coordinator over the ISO Controlled Grid
and which has undertaken to be bound by the terms of the ISO Tariff.

      1.7 PG&E. "PG&E" means Pacific Gas and Electric Company.

                                      -1-
<PAGE>

      1.8 Renewable Energy. "Renewable Energy" shall have the meaning set forth
in Recital A.

      1.9 Scheduling Coordinator. "Scheduling Coordinator" shall have the
meaning provided in Appendix A to the ISO Tariff as amended from time to time.
The current ISO Tariff definition is: an entity certified by the ISO for the
purposes of undertaking the functions specified in Section 2.2.6 of the ISO
Tariff.

      1.10 Commonwealth Analyst. "Commonwealth Analyst" shall have the meaning
provided in Section 11.1.

      1.11 Commonwealth Operator. "Commonwealth Operator" shall have the meaning
provided in Section 13.1.

      1.12 Commonwealth Scheduler. "Commonwealth Scheduler" shall have the
meaning provided in Section 13.1.

      1.13 Uncontrollable Force. "Uncontrollable Force" shall have the meaning
as provided in Section 16.

      1.14 WSCC. "WSCC" means the Western Systems Coordinating Council.

      2. CONTRACT TERM. The term of this Agreement shall commence at 0001 hour
on the date that is the later of (i) the 7th day of May, 1999 or (ii) the first
day after the day Calpine's affiliates complete their acquisition of the Geysers
Units, and such term shall continue until the hour ending 2400 on June 30, 2002.

      3. COMMONWEALTH PURCHASE OBLIGATIONS. Commencing on the first minute of
the term and continuing during the term of this Agreement, Calpine shall deliver
to Commonwealth (at various Delivery Points in accordance with Section 6)
electric energy in the amounts set forth in Section 4, and Commonwealth shall
accept delivery of such electric energy at the Delivery Points and shall pay
Calpine for such electric energy at the rates set forth in Section 5.

      4. QUANTITY OF POWER. Unless otherwise agreed to by the parties from time
to time in writing, during each hour of each day during the term hereof, Calpine
shall deliver and Commonwealth shall purchase the following amounts of electric
energy:

          From May 1, 1999 to December 31, 1999.................   * MWh
          From January 1, 2000 to December 31, 2000.............   * MWh
          From January 1, 2001 to December 31, 2001.............   * MWh
          From January 1, 2002 to June 30, 2002.................   * MWh

      [CONFIDENTIAL TREATMENT REQUESTED]*

      The parties further agree to implement such procedures whereby from time
to time at the election of Commonwealth, in its sole discretion, Commonwealth
may request delivery of electric energy in amounts greater than the foregoing,
and Calpine, in its sole discretion, may agree to deliver such greater amounts.

      5. PRICE CHARGED FOR POWER.  Commonwealth shall pay Calpine the
following amounts for the electric energy delivered hereunder:

          From May 1, 1999 to December 31, 1999.................  $*  per MWh
          From January 1, 2000 to December 31, 2000.............  $*  per MWh
          From January 1, 2001 to December 31, 2001.............  $*  per MWh
          From January 1, 2002 to June 30, 2002.................  $*  per MWh

      [CONFIDENTIAL TREATMENT REQUESTED]*

      6. DELIVERY POINTS:  TITLE TRANSFER:  INDEMNITY.

--------

* The omitted information has been filed separately with the Securities and
Exchange Commission pursuant to Rule 406.

                                      -2-
<PAGE>
      6.1 Delivery Points. Calpine shall cause electric energy sold hereunder to
be delivered to any one or more of the Delivery Points in accordance with
Section 10. The specific Delivery Points to be used at any given time and from
time to time shall be determined by Calpine in its sole discretion.

      6.2 Title Transfer and Indemnity. As between the parties, Calpine shall be
deemed to be in exclusive control (and responsible for any damages or injury
caused thereby) of electric energy prior to delivery to the Delivery Points, and
Commonwealth shall be deemed to be in exclusive control (and responsible for any
damages or injury caused thereby) of electric energy at and from the Delivery
Points. Title to and risk of loss related to electric energy shall transfer from
Calpine to Commonwealth upon delivery thereof at the Delivery Points. Each party
(a "First Party") shall indemnify, defend and hold harmless the other party from
any and all claims, actions, damages, losses and other liabilities involving
personal injury or property damage arising out of or relating to any act or
incident involving electric energy on the First Party's side of the Delivery
Points.

      7. SOURCE OF POWER. Calpine shall provide Commonwealth with electric
energy produced from the Geyers Units, except that Commonwealth and Calpine
acknowledge and agree that since the ISO requires scheduled deliveries of
electric energy to be deemed delivered with an imbalance process mandating the
purchase of electric energy from the ISO to account for Under-deliveries of
scheduled electric energy, Calpine may substitute imbalance energy provided by
the ISO for scheduled energy Calpine fails to deliver hereunder, and any such
imbalance energy so delivered shall be deemed to satisfy Calpine's obligations
hereunder. Calpine shall provide Commonwealth with Green Tickets in respect of
any such imbalance energy, at no additional charge to Commonwealth.

      8. OPERATION OF THE GEYSERS UNITS. Calpine will cause the delivery of all
electric energy hereunder in a manner consistent with PG&E transmission
interconnection requirements, as well as ISO, WSCC and North America Electric
Reliability Council requirements.

      9. LIMITATION ON DAMAGES. If either party fails to perform under this
Agreement, and such failure is not otherwise excused under the provisions of
Section 16, damages shall be limited as follows:

      9.1 If Commonwealth fails to purchase any quantity of electric energy
hereunder, Calpine's sole remedy shall be to receive from Commonwealth a payment
equal to the amount. If any, by which the aggregate purchase price for such
quantity here under exceeds the aggregate amount actually received by Calpine
from any alternative buyer of such quantity of electric energy. Calpine shall
exercise good faith efforts to notify Commonwealth before entering into such
alternative sale and to sell such power at the highest reasonable price
available.

      9.2 If Calpine is unable during any period to deliver the required amount
of electric energy from the Geysers Units hereunder, and such performance is not
rectified by the ISOs provision of imbalance energy and Calpine's supply of
Green Tickets as described in Section 7 above, then Calpine's exclusive
obligations and liabilities, and Commonwealth's exclusive remedies, shall be at
Commonwealth's election, to obtain an alternate supply for such quantity of
energy (either with alternate Renewable Energy or non-Renewable Energy) to cover
such quantity of electric energy not delivered by Calpine, and in the event that
the purchase price for such alternative electric energy is greater than the
contract price for such electric energy in this Agreement. Calpine shall
reimburse Commonwealth for such difference. In any such event, Commonwealth
shall exercise good faith efforts to notify Calpine before purchasing electric
energy to replace that which Calpine failed to supply and to purchase such
alternative electric energy at the lowest cost available, subject to ensuring
that the alternative power satisfies Commonwealth's reliability, quality and
delivery requirements.

      9.3 Both Commonwealth and Calpine acknowledge and agree that any remedies
and/or damages that might otherwise be available to either of them arising from
an unexcused failure to purchase or deliver electric energy hereunder, in
addition to the remedies expressly set forth in Section 9.1 and 9.2, are waived,
and that Section 9.1 and 9.2 are the exclusive remedies and damages of the
parties arising out of or in

                                      -3-
<PAGE>
connection with nay such unexcused failure. Without limiting the foregoing,
neither party shall in any event be liable to the other party for any indirect,
consequential or punitive damages.

      9.4 If Commonwealth is in default or any of its obligations hereunder
(including its obligation to maintain a Letter of Credit under Section 11.6),
then Calpine may immediately cease, and shall be excused from, delivering any
further electric energy hereunder.

      10. ISO CHARGES.

      10.1 The parties understand that the Geysers Units and all associated
transmission facilities are located in the control area of the ISO. Calpine and
Commonwealth shall carry out all their activities hereunder in compliance with
all applicable ISO tariffs, protocols and procedures, Calpine in its capacity as
a Participating Generator, and Commonwealth in its capacity as a Participating
Buyer. Calpine (or its affiliates) will be responsible for any requirements that
the ISO imposes on the Geysers Units, including metering enhancements and
telecommunications.

      10.2 Calpine will be solely responsible for arranging, managing and paying
all costs necessary for Calpine to deliver electric energy to the Delivery
Points (including all ISO charging or Scheduling Coordinator charges incurred by
Calpine in scheduling the sale of power to Commonwealth at the Delivery Points),
and Commonwealth shall be responsible for arranging, managing and paying all
costs necessary for Commonwealth to accept electric energy at the Delivery
Points (including all Scheduling Coordinator charges, and all ISO charges,
including charges for transmission, grid management, line losses and similar
charges).

      10.3 Calpine shall be responsible for any and all charges or penalties
imposed on or associated with imbalances in the delivery of electric power which
are caused by Calpine. Commonwealth shall be responsible for any and all charges
or penalties imposed on or associated with imbalances in the delivery of
electric power which are caused by Commonwealth. The parties will cooperate to
minimize or avoid any such imbalance charges.

      11. BILLING AND PAYMENT.

      11.1 Monthly Bills. On or before the fifteenth (15th) day of each calendar
month Calpine shall render to Commonwealth a bill for power delivery to
Commonwealth during the prior calendar month, the amount of which will be
calculated at the price set forth in Section 5. A bill shall be deemed to have
been rendered if sent via first class mail, fax or overnight courier to the
Commonwealth Power System Analyst ("Commonwealth Analyst"), address as provided
in the contact information attached as Schedule I. Such bill shall include
supporting detail showing the amount of power supplied during all hours on a
daily basis, and the price for such power for all hours on a daily basis.

      11.2 Estimate. If charges under this Agreement cannot be determined
accurately for preparing a monthly bill, Calpine may use its best estimate in
preparing the monthly bill and such estimated monthly bill shall be paid by
Commonwealth in accordance with Section 11.3. Calpine's estimate will be based
on reasonably available information including, but not limited to, records of
historical usage, physical condition of the metering facility, and available
meter readings. When final and complete information becomes available and the
estimated charges can be determined more accurately, Calpine shall promptly
prepare and submit, to the extent necessary, an adjusted monthly bill to
Commonwealth. Any additional payment or refund, including any applicable
interest at the rate provided in Section 11.4. shall be made as appropriate.

      11.3 Payment. Commonwealth shall pay all bills rendered pursuant to this
Section by separate check or electronic transfer within fifteen (15) days after
such bills are received by Commonwealth.

      11.4 Interest. Interest shall accrue on any portion of the bill for which
payment has not been received by the due date specified in Section 11.3,
prorated by calendar day. Such interest will accrue at an

                                      -4-
<PAGE>
annual rate of interest equal to the prime rate of interest quoted by Nations
Bank from time to time, plus two percent (2%), or the maximum rate of interest
allowed under applicable law, whichever is less.

      11.5 Disputed Bills. If any portion of any bill is disputed by
Commonwealth in good faith pursuant to Section 26, Commonwealth shall pay to
Calpine the undisputed portion of the bill by the due date specified in Section
11.3. If the protested portion of the bill is found to have been correct,
Commonwealth shall pay to Calpine the disputed portion which was withheld from
payment plus interest, at the rate specified in Section 11.4, prorated by
calendar day, for the period from the day such disputed payment was due pursuant
to Section 11.3 to the day such payment is received by Calpine.

      11.6 Letter of Credit. As security for its obligations under this
Agreement, Commonwealth shall obtain and maintain during the term hereof for the
benefit of Calpine a Letter of Credit (the "LOC") in the form of Exhibit A
hereto in the applicable amounts specified by Schedule IV, as amended with
respect to the amounts, and at the dates, as specified by Schedule IV.
Commonwealth shall cause the LOC to be issued by a bank reasonably acceptable to
Calpine and delivered to Calpine five working days before the term of this
Agreement commences under Section 2. Calpine may draw down on the LOC at any
time and from time to time in accordance with the terms thereof in the event
that (i) Commonwealth is in default of any of its obligations under this
Agreement or (ii) if at any time during the term of this Agreement, Commonwealth
has failed to cause the LOC to be renewed, maintained or extended as provided
herein and in a manner such that there is never less than ten days remaining
prior to the expiration date thereof. In the event that Calpine makes any draw
under the LOC, Commonwealth shall cause the principal amount of the LOC to be
increased to the applicable amount specified in Section IV or otherwise
re-issued to the applicable amount specified in Schedule IV, within five days
after the date of such draw.

      11.7 ISO Accounting. The accounting of actual deliveries of power from
Calpine to Commonwealth pursuant to this Agreement shall be based upon final ISO
actual deliveries as provided by Commonwealth's and Calpine's respective ISO
Schedule Coordinators.

      11.8 Taxes. Commonwealth shall be responsible for and shall pay, caused to
be paid, or reimburse Calpine if Calpine is required to pay, any and all sales,
use, excise, energy or other taxes, assessments or other similar governmental
charges, whether federal, state or local, applicable to the sale or purchase of
electric energy and the other transactions hereunder.

      12. AUDITS. Each of Commonwealth and Calpine shall have the right to audit
and to examine any cost, payment, settlement or supporting documentation related
to any billing associated with any item set forth in this Agreement. Any such
audit shall be at the requesting party's expense and undertaken by such party or
its representatives at reasonable times and in conformance with generally
accepted auditing standards. The right to audit a bill shall extend for a period
of twelve (12) months following the receipt of the bill and shall survive the
termination of this Agreement. Each party shall retain all necessary records or
documentation for the entire length of the audit period and shall take all steps
reasonably available to assure the confidentiality of the other party's
accounting records and supporting documents. Any bill as to which no exception
has been taken within twelve (12) months after receipt by the party receiving
the same shall conclusively be true and correct.

      13. ROUTINE NOTIFICATION TO BE REGULARLY PROVIDED BY CALPINE TO
COMMONWEALTH. Calpine shall provide notification to Commonwealth as set forth in
this Section 13.

      13.1 Weekly Notification. On a weekly basis, Calpine will inform the
Commonwealth Power System Scheduler ("Commonwealth Scheduler") of Calpine's
plans regarding electric energy deliveries hereunder during the following
calendar week (i.e., commencing on the following Monday). The information shall
include; (1) specification of those days upon which generation is expected to
take place; (2) the expected power to be delivered for Commonwealth in MW
reported for each hour of the day; and (3) any special circumstance, such as
testing, outages, etc., that might impact the delivery of power to Commonwealth
at the Delivery Points. The information described in this Section shall be
provided to the Commonwealth Scheduler by Calpine on the Thursday prior to the
affected week and shall be transmitted

                                      -5-
<PAGE>
via facsimile, or electronically, the receipt of which shall be confirmed by
phone. The contact information for the Commonwealth Scheduler is provided in
Scheduler I.

      13.2 Prescheduling. Prescheduled days are those days upon which the
Commonwealth Scheduler plans for the resources and generation necessary to serve
the Commonwealth load for a day or number of days subsequent to the day of
prescheduling. The following is the current typical prescheduling pattern
followed by Commonwealth Schedulers: Monday is the prescheduling day for
Tuesday, Tuesday is the prescheduling day for Wednesday, Wednesday is the
prescheduling day for Thursday, Thursday is the prescheduling day for Friday and
Saturday, and Friday is the prescheduling day for Sunday and Monday. The pattern
will change periodically to accommodate WSCC designated holidays, and may change
due to changes in ISO scheduling practices or scheduling protocols. No later
than 0600, Pacific time, Calpine will provide the Commonwealth Scheduler with a
schedule or schedules of hourly expected power to be delivered to Commonwealth
for the day or days being prescheduled. A sample schedule is included in
Schedule II. Calpine shall transmit the information described in this Section to
the Commonwealth Scheduler via facsimile, or electronically, the receipt of
which shall be confirmed by phone. The contact information for the Commonwealth
Scheduler is provider in Schedule I. Both Commonwealth and Calpine will submit
daily schedules to their respective ISO Scheduling Coordinators in a manner such
that daily schedules are included in the ISO's Day-Ahead Market for bilateral
transactions.

      13.3 Dispatching. Calpine shall provide to the Commonwealth Power Systems
Operator ("Commonwealth Operator") notification of variations from the
prescheduled power provided pursuant to Section 13.2 to the extent notice of
such variation is provided to the ISO in accordance with ISO tariff and
scheduling protocols. The contact information for the Commonwealth Operator is
provided in Schedule I.

      13.4 Revisions. The parties will modify the deadlines for submission of
the various schedules provided for in this Section 13 to the extent such
modification becomes necessary as a result of future changes to the ISO tariff
and to Calpine's interconnection agreements and arrangements with PG&E.

      14. NOTICES.

      14.1  Notice of Routing Operational Issues.  Any routine operational issue
shall be communicated to the applicable individuals listed in the contact list
provided as Schedule I.

      14.2 Notice Of Issues Which Are Not Routine Operational Issues.
Notification of an issue which is not and does not relate to a routine
operational issue should be provided in writing and shall be deemed properly
served, given or made if delivered in person or sent by facsimile, or sent by
registered or certified mail, addressed as set forth below:

            (i)   If to Commonwealth:     Commonwealth Energy Corporation
                                          c/o Chief Executive Officer
                                          15991 Redhill Avenue, Suite 201
                                          Tustin, California 92780
                                          FAX (714) 258-0480

A copy should be sent to the Commonwealth contact persons listed in
Attachment L.

            (ii)  If to Calpine:          Calpine Corporation
                                          Attn:  General Counsel
                                          50 West San Fernando Street
                                          Fifth Floor
                                          San Jose, CA 95113
                                          Fax:  (408) 975-4648

A copy should be sent to the Calpine contact persons listed in Scheduler I.

                                      -6-
<PAGE>
            Any party may designate different persons or different addresses for
the giving of notices for purposes of this Agreement by giving the other party
written notice of the new address or different designee in the manner set forth
in this Section.

      15. THE RIGHTS OF THE PARTIES AT TERMINATION. On the date of termination
of this Agreement, all rights to services provided under this agreement and any
rates the incorporate this Agreement shall cease, and neither party shall claim
or assert any continuing right to such services under this Agreement. However,
termination of this Agreement shall not

after rights and obligations incurred but not satisfied or any obligation to pay
moneys for transactions occurring prior to determination of this Agreement.

      16. UNCONTROLLABLE FORCE. Neither party shall be considered to be in
default in the performance of any of its obligations under this Agreement when a
failure of performance, including any temporary curtailment or interruption of
service by Calpine, shall be due to an Uncontrollable Force. An Uncontrollable
Force is any act, event or cause beyond the reasonable control of a party which
adversely affects the ability of that party to perform, which could not
reasonably have been avoided by such party through the exercise of due
diligence, and which such party has been unable to avoid by the exercise of due
diligence, including failure of or threat of failure of facilities (including
breakage or accident to, or the necessity for making reasonable repairs to or
reconditioning, the Geyser Units and related equipment, wells, machinery,
equipment or lines of pipe), flood, earthquake, storm, fire, pestilence,
lightning or other natural catastrophes, epidemic, famine, war, riot, civil
disturbance or disobedience, labor dispute, strike, labor or material shortage,
sabotage, government priorities, restraint by court order or public authority,
and after a good faith effort by the affected party to so obtain, action or
nonaction by inability to obtain necessary authorizations or approvals from any
governmental agency or authority. Additionally, Uncontrollable Force shall in
any event include shortfalls in steam production from the wells providing steam
to the Geyser Units, and neither Calpine nor its affiliates shall have any
obligation here under to rework or redrill any existing steam wells or to drill
new steam wells to maintain an adequate quantity of steam to maintain any level
of electric energy output. In the event a party is rendered unable to fulfill
any of its obligations under this Agreement by reason of an Uncontrollable
Force, such party shall give prompt written notice of such fact to the other
party. A party rendered unable to fulfill any of its obligations under this
Agreement by reason of an Uncontrollable Force shall exercise due diligence to
remove such inability with all reasonable dispatch. Nothing contained herein
shall be construed so as to require a party to settle any strike or labor
dispute in which it may be involved nor to relieve a party from an obligation to
pay amounts otherwise owned pursuant to this Agreement.

      17. EFFECT OF SECTION HEADINGS. Section headings appearing in this
Agreement are inserted for convenience and only shall not be construed as
interpretations of text.

      18. NO DEDICATION OF FACILITIES. Any undertaking by either party to the
other party under this Agreement shall not constitute the dedication of the
electrical system, facilities, or any portion thereof, of that party to the
public or to the other party's electronic system, nor affect the status of that
party as an independent company or entity. Any such undertaking by the parties
under this Agreement shall automatically cease upon the termination of this
agreement.

      19. RELATIONSHIP OF PARTIES. The covenants, obligations and liabilities of
Commonwealth and Calpine as set forth in this Agreement are intended to be
several and nothing contained in this Agreement shall ever be construed to
create an association, joint venture, trust or partnership, or to impose a trust
or partnership covenant, obligation or liability on either party. Neither
Commonwealth nor Calpine shall be deemed to be under the control of or to
control the other. Neither Commonwealth nor Calpine shall be deemed to be the
agent of or have a right to power to bind the other without the express written
consent of the other. Each of Commonwealth and Calpine shall be responsible only
for its own obligations as provided in this Agreement.

      20. ASSIGNMENT. Neither party shall assign this Agreement without the
prior written consent of the other party, except that (i) such consent in the
case of a proposed assignment by either party to an

                                      -7-
<PAGE>
affiliate shall not be unreasonably withheld by either party and (ii) such
consent shall not be required in the case of any assignment by Calpine to a
lender or other party providing Calpine or its affiliates with financing.

      21. NO THIRD PARTY BENEFICIARIES. This Agreement is for the benefit of
Commonwealth and Calpine. Nothing in this Agreement whether express or implied,
is intended to confer any rights or remedies under or by reason of this
Agreement upon any person or entity other than Commonwealth and Calpine and each
of their respective successors and assigns. Furthermore, nothing in this
Agreement is intended to relieve or discharge any obligation of liability owned
to either Commonwealth or Calpine by any person or entity not a party to this
agreement, nor shall any provision give any person or entity not a party to this
Agreement any right of subrogation or action against either Commonwealth or
Calpine.

      22. GOVERNING LAW. The validity, interpretation and effect of this
Agreement shall be governed exclusively by the laws of the State of California

      23. MEANING OF CERTAIN WORDS. Unless otherwise stated, any reference in
this Agreement to a Section, Schedule, Exhibit or similar term refers to a
Section, Schedule, Exhibit or similar term of this Agreement, as the case may
be. Unless otherwise stated, a reference to a Section includes that Section and
all of its Subsections. The words "include," "includes" and "including" when
used in this Agreement shall be deemed in each case to be followed by the words
"without limitation."

      24. ENTIRE AGREEMENT, MODIFICATION AND WAIVER. This Agreement constitutes
the entire understanding and agreement between Commonwealth and Calpine with
respect to the subject matter hereof, and supersedes all negotiations,
representations, warrantees, commitments, offers, contracts and writings prior
to the execution date of this agreement, written or oral. Now waiver,
supplement, modification, or amendment of any provision of this Agreement shall
be binding unless specifically made in writing and duly executed by both
Commonwealth and Calpine.

      25. DUE AUTHORIZATION. Each of Commonwealth and Calpine represents to the
pother that the execution of this agreement by such party has been duly
authorized by all requisite corporate, partnership, Board or other applicable
authority as required for such party to enter into this Agreement.

      26. DISPUTE RESOLUTION. should a dispute arise between the parties as to
the interpretation or enforcement of this Agreement either party may, by written
notice to the other, require that a member of senior management of each of the
parties (a Corporate officer or higher from Commonwealth, and a Vice President
of higher from Calpine) meet and attempt in good faith to resolve the dispute
within a period of twenty (20) days following receipt of the notice requesting
such resolution. If the senior management of the parties cannot resolve the
dispute within such twenty (20) day period, either party may elect within ten
(10) days of the end of such initial twenty ()20) day period, by written notice
to the other party, to submit such dispute to final resolution by arbitration
before a single arbitrator to be appointed by the San Francisco office of the
American Arbitration Association ("AAA") in accordance with the commercial
arbitration rules of the AAA. Discovery shall be permitted in any such
arbitration, but may be permitted in the discretion of the appointed arbitrator.

      27. DEFAULT BANKRUPTCY. Should either party default in the performance of
its obligations under this Agreement and fail to remedy such default within a
period of fifteen (15) days following receipt of a written notice of such
default from the other party (or fail to commence and thereafter diligently
pursue the cure of a default not reasonably susceptible to cure within such
fifteen (15) day period), then, in addition to any other remedies, the aggrieved
party may terminate this Agreement by written notice of termination to the party
in default. Should either party become Bankrupt, the other party may terminate
this Agreement by written notice of termination to the Bankrupt party. For
purposes hereof, a party shall be deemed "Bankrupt" if such party (i) makes an
assignment or any general arrangement for the benefit of creditors; (ii) files a
petition or otherwise commences, authorizes or acquiesces in the commencement of
a proceeding or cause of action under any bankruptcy or similar law for the
protection of creditors, or has such petition filed against it and such petition
is not withdrawn or dismissed for sixty (60)

                                      -8-
<PAGE>
days after such filing, (iii) otherwise becomes bankrupt or insolvent (however
evidenced) under any bankruptcy or insolvency related law, or (iv) is unable to
pay it debts as they fall due.

      28. PRESS RELEASES; PUBLIC ANNOUNCEMENTS. Each party shall hold as
confidential and not disclose to any person (which term shall be broadly
considered to include any partnership, corporation company, other entity or
individual) without the prior written consent of the other party any information
(including, but not limited to, the other parties' name, reference to the
Geysers Units, the terms and conditions of this Agreement) regarding this
Agreement or the transactions contemplated hereby, except as necessary to carry
out the terms and conditions of this Agreement.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the
date set forth under their respective signatures.

                                         COMMONWEALTH ENERGY
                                         CORPORATION

Date:  4-27-99                      By:  /s/ Frederick M. Bloom
                                         -----------------------------------
                                         Frederick M. Bloom
                                         Title:  Chief Executive Officer

                                         CALPINE POWER SERVICES
                                         COMPANY

Date:  4/27/99                      By:  /s/ Peter Cartwright
                                         -----------------------------------
                                         Peter Cartwright
                                         Title: President

                                      -9-
<PAGE>

                               TABLE OF CONTENTS

SCHEDULE I          Contact List for Routine Operational Notification
SCHEDULE II         Sample Preschedule
SCHEDULE III        Delivery Points
SCHEDULE IV         Letter of Credit Amounts During Agreement Term

                                      -13-
<PAGE>

                                                                     SCHEDULE I

               CONTACT LIST FOR ROUTINE OPERATIONAL NOTIFICATION

                   COMMONWEALTH ENERGY CORPORATION

                   Name and/or Title        Operations Manager
                   Telephone                (714) 258-0470
                   Fax                      (714) 258-0480
                   Address/Location         15991 Redhill Avenue Suite 201
                   City, State, Zip         Tustin, CA 92780

                   SCHEDULE COORDINATOR/
                   ILLINOVA POWER MARKETING, INC.

                   Name and/or Title        Layne Brown (Director of Operations)
                   Telephone                801-568-2150
                   Fax                      801-568-2149
                   Address/location         6955 Union Park Center #300
                   City, State, Zip         Midvale, UT 84047

                   Name and/or Title        Gastan Mejia (Short Term Trader)
                   Telephone                801-568-2129
                   Fax                      801-568-2149
                   Address/location         6955 Union Park Center #300
                   City, State, Zip         Midvale, UT 84047

<PAGE>

                   CALPINE CORPORATION

                   Name and/or Title        Geysers Power Scheduler
                   Telephone                (707) 987-9238 ext. 16
                   Fax                      (707) 987-9364
                   Address/Location         Kincade Road
                   City, State, Zip         Middletown, CA 95461

                   and to

                   Name and/or Title        Geysers Power Plant Power Scheduling
                                            Manager
                   Telephone                (707) 987-9238 ext. 21
                   Fax                      (707) 987-9364
                   Address/Location
                   City, State, Zip         Middletown, CA 95461

                   and to

                   Name and/or Title        Manager - Fuels
                   Telephone                (925) 600-2000
                   Fax                      (925) 600-8925
                   Address/Location         6700 Koll Center Parkway,
                   City, State, Zip         Suite 200
                                            Pleasanton, CA 94566

<PAGE>

                                                                    SCHEDULE II

                             SAMPLE PRESCHEDULE #1

                           For Saturday, May 30, 1999

                   PRESCHEDULE FOR COMMONWEALTH FROM GEYSERS

                                     UNITS

                                                      UNIT #

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
 Hour     MW Delivered to     5-6  7-8  9-   11  12    13   14   16   17   18   20   SPP
Ending     Commonwealth                 10
-----------------------------------------------------------------------------------------
<S>       <C>                 <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>

 1                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 2                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 3                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 4                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 5                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 6                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 7                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 8                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 9                    [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 10                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 11                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 12                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 13                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 14                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 15                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 16                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 17                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 18                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 19                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 20                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 21                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 22                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 23                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
 24                   [CONFIDENTIAL TREATMENT REQUESTED]*                             0
-----------------------------------------------------------------------------------------
</TABLE>

___________

* The omitted information has been filed separately with the Securities and
  Exchange Commission pursuant to Rule 406.

<PAGE>

                                                                    SCHEDULE III

                                DELIVERY POINTS

<Table>
<Caption>

----------------------------------------------------------------------------------------------------------------------------------
NAME OF THE FACILITY        LOCATION                              RESOURCE ID/METER NUMBER      POINT OF DELIVERY
----------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                                   <C>                           <C>
Geysers Power Plant 5/6     Sec.12 & Sec. 13, T11N, R9W, M.D.     GYS5X6_7_UNITS / 00036811     Geysers 5 to Geysers 3 115 kv -
                            Mer.                                                                  Disconnect 173
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 7/8     Sec. 7, T11N, R8W, M.D. Mer.          GYS7X8_7_UNITS / 00036560     Geysers 7 to Eagle Rock 115 kv -
                                                                                                  Disconnect 185
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 9/10    Sec. 20, T11N, R8W, M.D. Mer.         GYS910_7_UNITS / 00036842     Geysers 9 to Lakeville 230 kv -
                                                                                                  Disconnect 293/line trap
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 11      Sec. 7, T11N, R8W, M.D. Mer.          GEYS11_7_UNIT11 / 00036809    Geysers 11 to Eagle Rock 115 kv -
                                                                                                  Disconnect 313
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 12      Sec.18, T11N, R8W, M.D. Mer.          GEYS12_7_UNIT12 / 00036841    Geysers 12 to Fulton 230 kv -
                                                                                                  Disconnect 323
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 13      Sec. 27 & 34, T11N, R8W, M.D. Mer.    GEYS13_7_UNIT13 / 00036810    Geysers 9 to Lakeville 230 kv -
                                                                                                  Disconnect 333/line trap
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 14      Sec. 19 & 30, T11N, R8W, M.D. Mer.    GEYS14_7_UNIT14 / 00036840    Geysers 12 to Fulton 230 kv -
                                                                                                  Disconnect 343
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 16      Sec. 35, T11N, R8W, M.D. Mer.         GEYS16_7_UNIT16 / 00035750    Geysers 12 to Fulton 230 kv -
                                                                                                  Disconnect 363
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 17      Sec. 7, T11N, R8W, M.D. Mer.          GEYS17_7_UNIT17 / 00036808    Geysers 17 to Fulton 230 kv -
                                                                                                  Disconnect 373
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 18      Sec. 33, T11N, R8W, M.D. Mer.         GEYS18_7_UNIT18 / 00036522    Geysers 9 to Lakeville 230 kv -
                                                                                                  Disconnect 383/line trap
----------------------------------------------------------------------------------------------------------------------------------
Geysers Power Plant 20      Sec. 28, T11N, R8W, M.D. Mer.         GEYS20_7_UNIT20 / 00036521    Geysers 9 to Lakeville 230 kv -
                                                                                                  Disconnect 403/line trap
----------------------------------------------------------------------------------------------------------------------------------
Sonoma (formerly            Sec. 21, T11N, R8W, M.D. Mer.         SMUDG0_7_UNIT1 / 615786       Geysers 9 to Castle Rock Junction
SMUDGEO#1)                                                                                        230 kv - Disconnect 945
----------------------------------------------------------------------------------------------------------------------------------
</Table>

<PAGE>

                                  SCHEDULE IV
                 LETTER OF CREDIT AMOUNTS DURING AGREEMENT TERM
                 Required for the Commonwealth Geysers Contract
--------------------------------------------------------------------------------
<Table>
<Caption>
Date in force             4/30/99      12/15/99    12/15/00        12/15/01
--------------------------------------------------------------------------------
<S>                   <C>               <C>         <C>        <C>
Time Period Covered   5/7/99-12/31/99   1/01/00-    1/01/01-   01/01/02-6/30/02
                                        12/31/01     12/31/01
--------------------------------------------------------------------------------
# of Days in Period           245           366         365             181
--------------------------------------------------------------------------------
MW sold                         [CONFIDENTIAL TREATMENT REQUESTED]*
--------------------------------------------------------------------------------
Price                           [CONFIDENTIAL TREATMENT REQUESTED]*
--------------------------------------------------------------------------------
# of Days for                  60            60          60              60
LC
--------------------------------------------------------------------------------
Amount of                       [CONFIDENTIAL TREATMENT REQUESTED]*
LC
</Table>

Notes:

1.) The initial letter of credit must be in place 5 working days before the
    commencement of power delivery.

2.) For each subsequent delivery period, the additional letters of credit
    amount must be in place 15 calendar days in advance of the delivery period
    (each December 15th).

________

*  The omitted information has been filed separately with the Securities and
   Exchange Commission pursuant to Rule 406.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}]]