Document:

Exhibit
10.1

       

      EMPLOYMENT
AGREEMENT

       

      This
EMPLOYMENT AGREEMENT (this “Agreement”) is
entered into as of the 30 day of April, 2009 (the “Effective Date”), by
and between Emtec, Inc., a Delaware corporation (the “Company”) and Gregory
P. Chandler (the “Executive”).

       

      WITNESSETH
THAT:

       

      WHEREAS,
the parties desire to enter into this Agreement pertaining to the employment of
the Executive by the Company.

       

      NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth
below and intending to be legally bound, it is hereby covenanted and agreed by
the Executive and the Company as follows:

       

      1.            Employment; Position and
Responsibilities; Term.

       

      (a)         
During
the Agreement Term (as defined below), and subject to the terms of this
Agreement, the Executive shall be employed by the Company and shall occupy the
positions of Chief Financial Officer of the Company and President of Emtec
Global Services LLC.  The Executive agrees to serve in such positions
or in such other executive offices or positions with the Company or a Subsidiary
(as defined below), as shall from time to time be determined by the Board of
Directors (the “Board”).  The
Executive represents that his employment with the Company does not violate any
other agreement to which he is a party.

       

      (b)         
During
the Agreement Term, the Executive shall report solely and directly to the Chief
Executive Officer of the Company or his designee.

       

      (c)         
During
the Agreement Term, while employed by the Company, the Executive shall devote
his full time and best efforts to the business of the Company and shall perform
all duties and services for and on behalf of the Company as shall be reasonably
requested by the Chief Executive Officer of the Company, the Board or the
Chairman of the Audit Committee, in their absolute discretion.  The
Executive’s duties may include providing executive services for both the Company
and the Subsidiaries, as determined by the Chief Executive Officer of the
Company, the Board or the Chairman of the Audit Committee.

       

      (d)         
The term
of employment under this Agreement shall commence on the Effective Date and,
unless earlier terminated under Section 3 below, shall terminate as of the close
of business on the day before the second anniversary of the Effective Date (the
“Agreement
Term”).  Thereafter, the Agreement Term may be extended
annually for additional one-year periods with the mutual consent of the Company
and the Executive.

       

      (e)         
For
purposes of this Agreement, the following terms shall have the meanings set
forth in this Section 1(e):

       

      (i)         
  “Change
in Control” shall mean:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (1)           the
acquisition after the Effective Date by an individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934 (the “Exchange
Act”)) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of more than 50% of the total voting power
of the voting securities of the Company entitled to vote generally in the
election of directors (the “Voting Securities”);
provided, however, that the following acquisitions shall not constitute a Change
in Control: (A) any acquisition, directly or indirectly by or from the Company
or any Subsidiary, by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Subsidiary or by the Executive (whether
directly or indirectly), (B) any acquisition by any underwriter in connection
with any firm commitment underwriting of securities to be issued by the Company,
(C) any acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) who, as of the Effective Date,
beneficially owns 20% or more of the Voting Securities or (D) any acquisition by
any corporation if, immediately following such acquisition, 50% or more of the
then outstanding shares of common stock of such corporation and the combined
voting power of the then outstanding voting securities of such corporation
(entitled to vote generally in the election of directors), are beneficially
owned, directly or indirectly, by all or substantially all of the individuals
and entities who, immediately prior to such acquisition, were the beneficial
owners of the Voting Securities in substantially the same proportions,
respectively, as their ownership, immediately prior to such acquisition of the
Voting Securities;

       

      (2)           the
consummation after the Effective Date of (A) a complete liquidation or
substantial dissolution of the Company or (B) the sale or other disposition,
during any 12-month period ending on the date of the most recent sale or
disposition, of assets of the Company that have a total gross fair market value
equal to or more than 75% of the total gross fair market value of all of the
assets of the Company immediately before such sale or disposition, in each case
other than to a subsidiary, wholly-owned, directly or indirectly, by the Company
or to a holding company of which the Company is a direct or indirect wholly
owned subsidiary prior to such transaction; or

       

      (3)           the
occurrence of a merger, reorganization or consolidation, other than a merger,
reorganization or consolidation with respect to which all or substantially all
of the individuals and entities who were the beneficial owners, immediately
prior to such merger, reorganization or consolidation, of the common stock of
the Company (“Common
Stock”) and the Voting Securities beneficially own, directly or
indirectly, immediately after such reorganization, merger or consolidation 50%
or more of the then outstanding common stock and voting securities (entitled to
vote generally in the election of directors) of the corporation resulting from
such reorganization, merger or consolidation in substantially the same
proportions as their respective ownership, immediately prior to such
reorganization, merger or consolidation, of the Common Stock and the Voting
Securities.

       

      
        
          
          

        

        
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      Notwithstanding
the foregoing, a “Change in Control” shall not include any event, circumstance
or transaction which results from the action of any entity or group which
includes, is affiliated with, or is wholly or partially controlled by, one or
more executive officers of the Company and in which the Executive participates
(whether directly or indirectly).

       

      (ii)           “Good Reason” shall
mean, following the occurrence of a Change in Control, a material reduction by
the Company in the Executive’s Base Salary from the rate in effect immediately
prior to such Change in Control.

       

      (iii)           Subsidiary” shall
mean any corporation, partnership, joint venture or other entity during any
period in which at least a 50% interest in such entity is owned, directly or
indirectly, by the Company (or a successor to the Company).

       

      2.            Compensation and Other
Benefits.

       

      (a)         Base
Salary.  During the Agreement Term, the Executive shall receive
an annual base salary (“Base Salary”),
payable in accordance with the Company’s normal payroll practices, of
$275,000.  The Base Salary may be increased by the Company’s Chief
Executive Officer or the Company’s Compensation Committee, in his or its
discretion.

       

      (b)         Bonus.  In
respect of each fiscal year ending during the Agreement Term, the Executive
shall participate in the Company’s Annual Incentive Plan (the “AIP”) as maintained
by the Company for the benefit of senior executives, and shall be eligible to
receive an annual bonus (the “Bonus”) if the
Executive and/or the Company achieve performance goals established by the Board
in good faith and consistent with the AIP.  Such Bonus shall be
payable in accordance with the terms of the AIP, but in no event may be paid
later than March 15th next
following the close of the fiscal year to which the Bonus relates.

       

      (c)         Equity.  Within
a reasonable period of time following the Effective Date, the Company shall
grant to the Executive under the Company’s 2006 Stock-Based Incentive
Compensation Plan (the “Plan”) (i) in
consideration of the Executive’s service on the Board during the 2009 fiscal
year through the Effective Date, a fully vested non-qualified stock option to
purchase 5,000 shares of Common Stock and (ii) 137,500 shares of restricted
stock, which restricted stock shall vest in equal annual installments on each of
the first four anniversaries of the Effective Date, provided that the Executive
remains employed by the Company on such vesting date (the “Restricted
Stock”).  Notwithstanding the foregoing, the Restricted Stock
shall, to the extent then outstanding and unvested, become 100% vested in the
event of the Executive’s termination of employment during the Agreement Term due
to his death or Disability (as defined below).  Each of the equity
grants described in this Section 2(c) shall be subject to the terms and
conditions of the Plan and such other terms and conditions as determined by the
Company and set forth in the award agreements evidencing such
grants.

       

      (d)         Employee
Benefits.  During the Agreement Term, the Executive shall be
entitled to participate on the same basis as the other executive employees of
the Company, in any pension, retirement, savings, medical, disability or other
welfare benefit plans maintained by the Company from time to time and in
accordance with the terms thereof.

       

      
        
          
          

        

        
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      (e)         Expense
Reimbursement.  During the Agreement Term, the Company shall
reimburse the Executive for all out-of-pocket travel, lodging, meal and other
reasonable expenses incurred by him in connection with his performance of
services hereunder, upon submission of appropriate evidence, in accordance with
the Company’s policy, of the incurrence and purpose of each such expense and
otherwise in accordance with the Company’s business travel and expense
reimbursement policy as in effect from time to time.

       

      (f)         Vacation.  During
the Agreement Term, Executive shall be entitled to four weeks of paid vacation
on an annualized basis.  Vacation shall be prorated for part of a year
worked.  Such vacation shall be taken at such times as shall be
approved by the Company, in the reasonable exercise of its
discretion.

       

      3.           
Termination of
Employment.  The Executive’s employment with the Company during
the Agreement Term may be terminated by the Company or the Executive without
breach of this Agreement only as provided in this Section 3.

       

      (a)         Termination Due to
Disability.  The Executive’s employment hereunder may be
terminated by the Company in the event of the Executive’s
Disability.  For purposes of this Agreement, “Disability” shall
mean that the Executive is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or the Executive is, by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than three months under an accident and health plan covering employees of the
Company.  The determination of the Executive’s Disability shall (i) be made by an
independent physician selected by the Company and the Executive (provided that
if the Executive and the Company cannot agree as to such an independent
physician, each shall appoint one physician and those two physicians shall
appoint a third physician who shall make such determination), (ii) be final and
binding on the parties hereto and (iii) be made taking
into account such competent medical evidence as shall be presented to such
independent physician by the Executive and/or the Company or by any physician or
group of physicians or other competent medical experts employed by the Executive
and/or the Company to advise such independent physician.

       

      (b)         Termination Due to
Death.  The Executive’s employment hereunder shall terminate
upon the Executive’s death.

       

      
        
          
          

        

        
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      (c)         Termination by the Company
for Cause.  The Company may immediately terminate the
Executive’s employment hereunder at any time for Cause (as defined
below).  “Cause” shall mean
(i) the
continued failure of the Executive substantially to perform his duties hereunder
or his negligent performance of such duties (other than any such failure due to
the Executive’s physical or mental illness), (ii) the Executive
having engaged in misconduct that has caused or is reasonably expected to result
in material injury to the Company or any of its Subsidiaries, (iii) a material
violation by the Executive of a Company policy, (iv) the breach by the
Executive of any of his material obligations hereunder or under any other
written agreement or covenant with the Company or any of its Subsidiaries,
(v) a material
failure by the Executive to timely comply with a lawful direction or instruction
given to him by the Board, the Chairman of the Audit Committee or the Company’s
Chief Executive Officer, (vi) the Executive
having been convicted of, or entering a plea of guilty or nolo contendere to, a
crime that constitutes a felony or a misdemeanor involving moral turpitude (or
comparable crime in any jurisdiction that uses a different nomenclature),
including any offense involving dishonesty as such dishonesty relates to the
Company’s assets or business or the theft of Company property and (vii) the Executive’s
insobriety or use of illegal drugs, chemicals or controlled substances either
(A) in the
course of performing the Executive’s duties and responsibilities under this
Agreement, or (B) otherwise
affecting the ability of the Executive to perform the same.  In the
event of litigation concerning the Company’s termination of Executive for Cause,
the Company shall prove that it terminated the Executive for Cause by a standard
of clear and convincing evidence.  In the case of a termination for
Cause as described in clauses (i), (ii), (iii), (iv) and (v) of this Section,
the Board or the Chief Executive Officer, as applicable, shall give the
Executive written notice of its or his intention to terminate him for Cause,
such notice to state in detail the particular circumstances that constitute the
grounds on which the proposed termination for Cause is based.  The
Executive shall have ten (10) days, after receiving such special notice, to cure
such grounds, to the extent such cure is possible (as reasonably determined by
the Board in its sole discretion).  If he fails to cure such grounds
to the Board’s reasonable satisfaction, the Executive shall thereupon be
terminated for Cause.

       

      (d)         Termination by Company
Without Cause.  The Company may terminate the Executive’s
employment hereunder at any time Without Cause (as defined below) by giving the
Executive prior written Notice of Termination (as defined below), which notice
shall be effective immediately, or at such later time as specified in such
notice.  A termination “Without Cause” shall
mean a termination of the Executive’s employment by the Company other than as a
result of his Disability or for Cause.  Notwithstanding the foregoing
provisions of this Section 3(d), if the Executive’s employment is terminated by
the Company in accordance with this Section 3(d) and, within a reasonable time
period thereafter, it is determined by the Board that circumstances existed
which would have constituted a basis for termination of the Executive’s
employment for Cause in accordance with Section 3(c), the Executive’s employment
will be deemed to have been terminated for Cause in accordance with Paragraph
3(c).

       

      (e)         Termination by the Executive
for Good Reason.  The Executive may terminate his employment
under this Agreement for Good Reason by providing the Company with a Notice of
Termination specifying the actions giving rise to Good Reason within 30 days
after the occurrence of such actions; provided, however, that the Company shall
have a period of 30 days following receipt of such Notice of Termination to cure
such actions.

       

      (f)         Voluntary Termination by the
Executive Without Good Reason.  The Executive may voluntarily
terminate his employment hereunder without Good Reason at any time by giving the
Company prior written Notice of Termination at least 90 days prior to such
termination; provided that the Board may, in its sole discretion, terminate the
Executive’s employment hereunder prior to the expiration of the 90-day notice
period; further provided, that, for all purposes of this Agreement, such
termination shall be deemed a voluntary termination of employment by the
Executive without Good Reason.  In such event and upon the expiration
of such 90-day period (or such shorter time as the Board in its sole discretion
may determine), the Executive’s employment hereunder shall immediately and
automatically terminate.

       

      
        
          
          

        

        
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      (g)         Notice of
Termination.  Any termination of the Executive’s employment by
Company or the Executive, other than a termination due to the Executive’s death,
shall be communicated by a written Notice of Termination addressed to the
appropriate party.  A “Notice of
Termination” shall mean a notice that indicates the Date of Termination
(as defined below), which shall not be earlier than the date on which the notice
is provided, which indicates the specific termination provision in this
Agreement relied on and which sets forth in reasonable detail the facts and
circumstances, if any, claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated.

       

      (h)         For
purposes of this Agreement, the “Date of Termination”
is the last day that the Executive is employed by the Company, provided the
Executive’s employment is terminated in accordance with the foregoing provisions
of this Section 3.

       

      (i)         
Resignation upon
Termination.  As of the Date of Termination, the Executive
shall resign, in writing, from all positions then held by him with the Company
and its Subsidiaries.

       

      (j)         
Cessation of Professional
Activity.  Upon delivery of a Notice of Termination by any
party, the Company may relieve the Executive of his responsibilities and require
the Executive to immediately cease all professional activity on behalf of the
Company.  In addition, in the event that the Board determines that
there is a reasonable basis for it to investigate whether circumstances exist
that would, if true, permit the Company to terminate the Executive’s employment
for Cause, the Board may relieve the Executive of his responsibilities during
the pendency of such investigation.

       

      4.           
Payments Upon Certain
Terminations.

       

      (a)         
General.  If,
during the Agreement Term, the Executive’s employment terminates for any reason,
the Executive (or his estate, beneficiary or legal representative) shall be
entitled to receive the following:

       

      (i)         any
earned or accrued but unpaid Base Salary through the Date of Termination
(including, except in the case of a termination for Cause, with respect to
unused vacation time); and

       

      (ii)         all
amounts payable and benefits accrued under any otherwise applicable plan,
policy, program or practice of the Company (other than relating to severance) in
which the Executive was a participant during his employment with Company in
accordance with the terms thereof; provided that the foregoing shall not be
construed as requiring the Executive to be treated as employed by the Company
for purposes of any employee benefit plan or arrangement following the date of
the Executive’s Date of Termination except as otherwise expressly provided in
this Agreement or required by law.

       

      
        
          
          

        

        
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      (b)         Termination Without Cause;
Termination for Good Reason.  If, during the Agreement
Term, the Company terminates the Executive’s employment Without Cause or the
Executive terminates his employment for Good Reason, the Executive shall be
entitled to receive, in addition to the payments and benefits described in
Section 4(a)(i) and Section 4(a)(ii) above, (A) any earned but unpaid
Bonus with respect to any fiscal year of the Company ending prior to the Date of
Termination and (B) provided Executive executes and delivers a general release
of all claims in form and substance satisfactory to the Company, (1) his Base
Salary, at the rate in effect hereunder immediately prior to the Date of
Termination, which shall be payable in installments on the Company’s regular
payroll dates, until the later of (i) the day before the second anniversary of
the Effective Date or (ii) one year following the Date of Termination and (2) a
pro-rata Bonus payment for the fiscal year of the Executive’s Date of
Termination, equal to the Bonus that the Executive would have been entitled to
if he had remained employed by the Company at the end of such fiscal year
multiplied by a fraction, the numerator of which is the number of days
transpired in the fiscal year up to and including the Date of Termination, and
the denominator of which is 365, which pro-rata Bonus shall be payable at the
time provided in Section 2(b).

       

      (c)         Termination
Due to Death or Disability.  If,
during the Agreement Term, the Executive dies or the Company terminates the
Executive’s employment hereunder due to his Disability, the Executive (or his
estate, beneficiary or legal representative) shall be entitled to receive, in
addition to the payments and benefits described in Section 4(a)(i) and Section
4(a)(ii) above, (A) any earned but unpaid Bonus with respect to any fiscal year
of the Company ending prior to the Date of Termination and (B) a pro-rata Bonus
payment for the fiscal year of the Executive’s death or Disability, equal to the
Bonus that the Executive would have been entitled to if he had remained employed
by the Company at the end of such fiscal year multiplied by a fraction, the
numerator of which is the number of days transpired in the fiscal year up to and
including the Date of Termination, and the denominator of which is 365, which pro-rata Bonus shall
be payable at the time provided in Section 2(b).  In addition,
if, during the Agreement Term, the Executive dies or the Company terminates the
Executive’s employment hereunder due to his Disability, the Restricted Stock
shall, to the extent then outstanding and unvested, become 100% vested on the
Date of Termination.

       

      (d)         No Other
Obligations.  If the Executive’s Date of Termination occurs
during the Agreement Term under any circumstances described in Section 3, the
Company shall have no obligation to make payments under the Agreement for
periods after the Executive’s Date of Termination other than those payments in
accordance with Sections 4(a), 4(b) and 4(c) above.

       

      (e)          Payment.  Except
as otherwise provided in this Agreement, any payments to which the Executive is
entitled under Sections 4(a), 4(b) and 4(c) shall be made as soon as
administratively feasible following the Date of Termination and in no event
later than 90 days following the Date of Termination.

       

      (f)          Certain Terminations in
Connection with a Change in Control.  Notwithstanding anything
contained in this Agreement to the contrary if, in connection with a Change in
Control described in Section 1(e)(i)(2)(B) (an “Asset Sale”), the
Executive is offered employment with the acquirer of the Company’s assets (or
any of its affiliates) on terms and conditions (including the location of the
Executive’s principal place of employment) no less favorable (in the aggregate)
than those in effect immediately prior to such Asset Sale (as determined in the
sole discretion of the Board), then the Executive shall not be entitled to any
of the payments or benefits described in Section 4(b) upon his termination of
employment with the Company in connection with such Asset Sale.

       

      
        
          
          

        

        
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      5.           
Duties on
Termination.  Subject to the terms and conditions of this
Agreement, to the extent that there is a period of time elapsing between the
date of delivery of a Notice of Termination, and the Date of Termination, the
Executive shall continue to perform his duties as set forth in this Agreement
during such period, and shall also perform such services for the Company as are
necessary and appropriate for a smooth transition to the Executive’s successor,
if any.  Notwithstanding the foregoing provisions of this Section 5,
the Company may suspend the Executive from performing his duties under this
Agreement following the delivery of a Notice of Termination providing for the
Executive’s resignation, or delivery by the Company of a Notice of Termination
providing for the Executive’s termination of employment for any reason;
provided, however, that during the period of suspension (which shall end on the
Date of Termination), the Executive shall continue to be treated as employed by
the Company for other purposes, and his rights to compensation or benefits shall
not be reduced by reason of the suspension.

       

      6.           
Restrictive
Covenants.

       

      (a)         Noncompetition.

       

      (i)           
During
the Agreement Term, and for the twenty-four (24) month period immediately
following the Executive’s termination of employment with the Company (the “Restrictive
Period”):

       

      (1)         The
Executive shall not, without the express written consent of the Board, be
employed by, serve as a consultant to, or otherwise assist or directly or
indirectly provide services to a Competitor (as defined below) if: (A) such
services are to be provided with respect to any location in which the Company or
a Subsidiary does business, or with respect to any location in which the Company
or a Subsidiary has devoted material resources to doing business; or (B) the
trade secrets, confidential information, or proprietary information (including,
without limitation, confidential or proprietary methods) of the Company and the
Subsidiaries to which the Executive had access could reasonably be expected to
benefit the Competitor if the Competitor were to obtain access to such secrets
or information.

       

      (2)         The
Executive shall not, without the express written consent of the Board, directly
or indirectly own an equity interest in any Competitor (other than ownership of
1% or less of the outstanding stock of any corporation listed on a national
stock exchange or included in the NASDAQ System).

       

      (3)         The
Executive shall not, without the express written consent of the Board, solicit
or attempt to solicit any person or entity who is then or, during the
twelve-month period prior to such solicitation or attempt by the Executive, was
(or was solicited to become) a customer or supplier of the Company or a
Subsidiary, or a user of the services provided by the Company or a
Subsidiary.

       

      
        
          
          

        

        
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      (4)         The
Executive shall not without the express written consent of the Board, solicit,
entice, persuade, induce or hire any individual who is employed by the Company
or any Subsidiary (or was so employed within 90 days prior to the Executive’s
action) to terminate or refrain from renewing or extending such employment or to
become employed by or enter into contractual relations with any other individual
or entity other than the Company or any Subsidiary, and the Executive shall not
approach any such employee for any such purpose or authorize or knowingly
cooperate with the taking of any such actions by any other individual or
entity.

       

      (ii)          
The term
“Competitor” means any enterprise (including a person, entity, firm or business,
whether or not incorporated) during any period in which it is engaged in or
aiding others to conduct business that engages in, or plans to engage in, any
line of business that the Company or its Subsidiaries engages in or has made
plans to engage in during the Agreement Term, or within the prior 12 months was
engaged in, or otherwise competes, directly or indirectly, with the Company or
any of its Subsidiaries.

       

      (b)         Non-Disparagement.  The
Executive and the Company agree that each will not make any false, defamatory or
disparaging statements about the other, the Subsidiaries, or the officers or
directors of the Company or the Subsidiaries that are reasonably likely to cause
material damage to the Executive, the Company, the Subsidiaries, or the officers
or directors of the Company or the Subsidiaries.

       

      (c)         Confidential
Information.

       

      (i)          
The
Executive agrees that, during the Agreement Term and at all times thereafter, he
will (1) keep secret all Confidential Information (as defined below) and
Intellectual Property (as defined below) which may be obtained during his
employment by the Company and (2) not reveal or disclose any Confidential
Information or Intellectual Property, directly or indirectly, except with the
Company’s prior written consent.  The Executive shall not make use of
the Confidential Information or the Intellectual Property for the Executive’s
own purposes or for the benefit of anyone other than the Company and shall
protect the Confidential Information and the Intellectual Property against
disclosure, misuse, espionage, loss and theft.

       

      (ii)          The
Executive acknowledges and agrees that all Intellectual Property is and shall be
owned by the Company.  The Executive hereby assigns and shall assign
to the Company all ownership rights possessed in any Intellectual Property
contributed, conceived or made by the Executive (whether alone or jointly with
others) while employed by the Company, whether or not during work
hours.  The Executive shall promptly and fully disclose to the Company
in writing all such Intellectual Property after such contribution, conception or
other development.  The Executive agrees to fully cooperate with the
Company, at the Company’s expense, in securing, enforcing and otherwise
protecting throughout the world the Company’s interests in such Intellectual
Property, including, without limitation, by signing all documents reasonably
requested by the Company.

       

      (iii)         Immediately
following the Date of Termination, the Executive agrees to promptly deliver to
the Company all memoranda, notes, manuals, lab notebooks, computer diskettes,
passwords, encryption keys, electronic mail and other written or electronic
records (and all copies thereof) constituting or relating to Confidential
Information or Intellectual Property that the Executive may then possess or have
control over.  The Executive shall provide written certification that
all such materials have been returned.

       

      
        
          
          

        

        
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      (iv)         For
purposes of this Agreement, the following terms shall be defined as set forth
below:

       

      (1)         “Confidential
Information” shall mean all information, in any form or medium, that
relates to the business, suppliers and prospective suppliers, existing and
potential creditors and financial backers, marketing, costs, prices, products,
processes, services, methods, computer programs and systems, personnel,
customers, potential customers, research or development of the Company and the
Subsidiaries and all other information related to the Company and the
Subsidiaries which is not readily available to the public. Confidential
Information shall include any of the foregoing information that is created or
developed by the Executive during his employment by the Company.

       

      (2)         “Intellectual
Property” shall mean, with respect to the following which are created or
existing during the period of the Executive’s employment by the Company, any:
(A) idea, know-how, invention, discovery, design, development, software, device,
technique, method or process (whether or not patentable or reduced to practice
or including Confidential Information) and related patents and patent
applications and reissues, re-examinations, renewals, continuations-in-part,
continuations, and divisions thereof; (B) copyrightable and mask work (whether
or not including Confidential Information) and related registrations and
applications for registration; (C) trademarks, trade secrets and other
proprietary rights; and (D) improvements, updates and modifications of the
foregoing made from time to time.  Intellectual Property shall include
any of the foregoing that is created or developed by the Executive during his
employment by the Company.

       

      (d)         Duty of Loyalty to the
Company.  Nothing in this Section 6 shall be construed as
limiting the Executive’s duty of loyalty to the Company, or any other duty
otherwise owed to the Company, while the Executive is employed by the
Company.

       

      7.           
Assistance with
Claims.  The Executive agrees that, during the Agreement Term,
and continuing for a reasonable period after the Executive’s Date of
Termination, the Executive will assist the Company and the Subsidiaries in
defense of any claims that may be made against the Company and the Subsidiaries,
and will assist the Company and the Subsidiaries in the prosecution of any
claims that may be made by the Company or the Subsidiaries, to the extent that
such claims may relate to services performed by the Executive for the Company
and the Subsidiaries.  The Executive agrees to promptly inform the
Company upon becoming aware of any lawsuits involving such claims that may be
filed against the Company or any Subsidiary.  The Company agrees to
provide legal counsel to the Executive in connection with such assistance (to
the extent legally permitted), and to reimburse the Executive for all of the
Executive’s reasonable out-of-pocket expenses associated with such assistance,
including travel expenses.  For periods after the Executive’s
employment with the Company terminates, the Company agrees to provide reasonable
compensation to the Executive for such assistance.  To the extent
permitted by law, the Executive also agrees to promptly inform the Company upon
being asked to assist in any investigation of the Company or the Subsidiaries
(or their actions) that may relate to services performed by the Executive for
the Company or the Subsidiaries, regardless of whether a lawsuit has then been
filed against the Company or the Subsidiaries with respect to such
investigation.

       

      
        
          
          

        

        
          - 10
-

          
            

          

        

        
          
          

        

      

       

      8.           
Disclosure of
Agreement.  The Executive shall provide each of his subsequent
employers during the two-year period following his termination of employment
with the Company with a copy of the restrictive covenants set forth in Section 6
of this Agreement in order to allow such subsequent employers to avoid
inadvertently causing the violation of such covenants.  The Executive
shall advise the Company of the identity of each of his subsequent employers
during the two-year period following his termination of employment with the
Company.

       

      9.            Injunctive Relief with
Respect to Covenants; Certain Acknowledgments; Etc.

       

      (a)         Injunctive
Relief.  The Executive acknowledges and agrees that the
covenants, obligations and agreements of Executive contained in Section 6 relate
to special, unique and extraordinary matters and that a violation of any of the
terms of such covenants, obligations or agreements will cause the Company
irreparable injury for which adequate remedies are not available at
law.  Therefore, the Executive agrees that the Company shall be
entitled to an injunction, restraining order or such other equitable relief
(without the requirement to post bond unless required by applicable law) as a
court of competent jurisdiction may deem necessary or appropriate to restrain
the Executive from committing any violation of such covenants, obligations or
agreements.  These injunctive remedies are cumulative and in addition
to any other rights and remedies the Company may have.  The Company
shall be entitled to collect from the Executive any costs of obtaining
injunctive relief, including, without limitation, attorneys’ fees.

       

      (b)         Blue
Pencil.  In the event any term of Section 6 hereof shall be
determined by any court of competent jurisdiction to be unenforceable by reason
of its duration or geographic scope, or by reason of it being too extensive in
any other respect, it will be interpreted to extend only over the maximum period
of time for which it may be enforceable, over the maximum geographical area as
to which it may be enforceable, or to the maximum extent in all other respects
as to which it may be enforceable, all as determined by such court in such
action.

       

      (c)         Certain
Acknowledgements.  The Executive acknowledges and agrees that
the Executive will have a prominent role in the management of the business, and
the development of the goodwill, of the Company and its Subsidiaries and will
establish and develop relations and contacts with the principal customers and
suppliers of the Company and its Subsidiaries in the United States of America
and the rest of the world, all of which constitute valuable goodwill of, and
could be used by the Executive to compete unfairly with, the Company and its
Subsidiaries and that (i) in the course of
his employment with the Company, the Executive will obtain confidential and
proprietary information and trade secrets concerning the business and operations
of the Company and its Subsidiaries in the United States of America and the rest
of the world that could be used to compete unfairly with the Company and its
Subsidiaries; (ii) the covenants and
restrictions contained in Section 6 are intended to protect the legitimate
interests of the Company and its Subsidiaries in their respective goodwill,
trade secrets and other confidential and proprietary information; (iii) the Executive
desires and agrees to be bound by such covenants and restrictions; and (iv) the compensation
to be provided to the Executive are adequate consideration for the restrictive
covenants provided in Section 6.

       

      
        
          
          

        

        
          - 11
-

          
            

          

        

        
          
          

        

      

       

      10.         
Miscellaneous.

       

      (a)         Binding Effect;
Assignment.  This Agreement shall be binding on and inure to
the benefit of the Company, and its respective successors and
assigns.  This Agreement shall also be binding on and inure to the
benefit of the Executive and his heirs, executors, administrators and legal
representatives.  This Agreement shall not be assignable by the
Executive without the prior written consent of the Company. This Agreement shall
be assignable by the Company without the consent of the Executive.

       

      (b)         Entire
Agreement.  This Agreement constitutes the entire agreement
among the parties hereto concerning the subject matter hereof and supercedes all
prior and contemporaneous correspondence and proposals (including but not
limited to summaries of proposed terms and term sheets) and all prior and
contemporaneous promises, representations, understandings, arrangements and
agreements, if any, concerning such subject matter (including but not limited to
those made to or with the Executive by any other person); provided, however,
that nothing in this Agreement shall be construed to limit any policy or
agreement that is otherwise applicable relating to confidentiality, rights to
inventions, copyrightable material, business and/or technical information, trade
secrets, solicitation of employees, interference with relationships with other
businesses, competition, and other similar policies or agreement for the
protection of the business and operations of the Company and the
Subsidiaries.

       

      (c)         Applicable
Law.  This Agreement shall be governed in all respects,
including as to validity, interpretation and effect, by the laws of the State of
Delaware without giving effect to the conflict of laws rules of any
state.

       

      (d)         Consent to Jurisdiction;
Waiver of Jury Trial; Attorneys Fees.

       

      (i)         Consent to
Jurisdiction.  Each party hereby irrevocably submits to the
jurisdiction of the courts of the State of Delaware and the federal courts of
the United States of America located in the State of Delaware solely in respect
of the interpretation and enforcement of the provisions of this Agreement and of
the documents referred to in this Agreement, and in respect of the transactions
contemplated hereby and thereby.  Each party hereby waives and agrees
not to assert, as a defense in any action, suit or proceeding for the
interpretation and enforcement hereof, or any such document or in respect of any
such transaction, that such action, suit or proceeding may not be brought or is
not maintainable in such courts or that the venue thereof may not be appropriate
or that this Agreement or any such document may not be enforced in or by such
courts.  Each party hereby consents to and grants any such court
jurisdiction over the person of such parties and over the subject matter of any
such dispute and agree that the mailing of process or other papers in connection
with any such action or proceeding in the manner provided in Section 10(k) or in
such other manner as may be permitted by law, shall be valid and sufficient
service thereof.

       

      
        
          
          

        

        
          - 12
-

          
            

          

        

        
          
          

        

      

       

      (ii)         Waiver of Jury
Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY
WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  Each party certifies and
acknowledges that (i) no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver, (ii) each such party
understands and has considered the implications of this waiver, (iii) each such party
makes this waiver voluntarily, and (iv) each such party
has been induced to enter into this agreement by, among other things, the mutual
waivers and certifications in this Section 10(d)(ii).

       

      (e)         Taxes.  The
Company may withhold from any payments made under this Agreement all applicable
taxes, including but not limited to income, employment and social insurance
taxes, as shall be required by law.

       

      (f)    
     Key Man
Insurance.  The Executive acknowledges that the Company may
purchase “key man” insurance on his life and hereby agrees to cooperate with the
Company in obtaining such insurance, including without limitation, submitting to
such medical examinations as may be required promptly upon request by the
Company.

       

      (g)         Amendments.  This
Agreement may be amended or cancelled only by mutual agreement of the parties in
writing.  So long as the Executive lives, no person, other than the
parties hereto (and the Company’s successors and assigns), shall have any rights
under or interest in this Agreement or the subject matter hereof.

       

      (h)         Severability.  The
invalidity or unenforceability of any provision of this Agreement will not
affect the validity or enforceability of any other provision of this Agreement,
and this Agreement will be construed as if such invalid or unenforceable
provision were omitted (but only to the extent that such provision cannot be
appropriately reformed or modified).

       

      (i)       
  Waiver of
Breach.  No waiver by any party hereto of a breach of any
provision of this Agreement by any other party, or of compliance with any
condition or provision of this Agreement to be performed by such other party,
will operate or be construed as a waiver of any subsequent breach by such other
party of any similar or dissimilar provisions and conditions at the same or any
prior or subsequent time.  The failure of any party hereto to take any
action by reason of such breach will not deprive such party of the right to take
action at any time while such breach continues.

       

      (j)    
     Survival of
Agreement.  Except as otherwise expressly provided in this
Agreement, the rights and obligations of the parties to this Agreement shall not
survive the termination of the Executive’s employment with the
Company.

       

      
        
          
          

        

        
          - 13
-

          
            

          

        

        
          
          

        

      

       

      (k)         Notices.  Notices
and all other communications provided for in this Agreement shall be in writing
and shall be delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid, or sent by facsimile or prepaid
overnight courier to the parties at the addresses set forth below (or such other
addresses as shall be specified by the parties by like notice).  Such
notices, demands, claims and other communications shall be deemed
given:

       

      (i)         in the
case of delivery by overnight service with guaranteed next day delivery, the
next day or the day designated for delivery;

       

      (ii)        in the
case of certified or registered U.S. mail, five days after deposit in the U.S.
mail; or

       

      (iii)       in the
case of facsimile, the date upon which the transmitting party received
confirmation of receipt by facsimile, telephone or otherwise;

       

      provided,
however, that in no event shall any such communications be deemed to be given
later than the date they are actually received.  Communications that
are to be delivered by the U.S. mail or by overnight service or two-day delivery
service are to be delivered to the addresses set forth below:

       

      to the
Company:

       

      Emtec,
Inc.

      11
Diamond Road

      Springfield,
NJ 07081

      Facsimile
number: 973-376-8846

      

      or to the
Executive:

       

      at the
address in the Company’s records.

      

      All
notices to the Company shall be directed to the attention of Secretary of the
Company, with a copy to the Board.  Each party, by written notice
furnished to the other party, may modify the applicable delivery address, except
that notice of change of address shall be effective only upon
receipt.

       

      (l)         
Code Section 409A
Compliance.  Notwithstanding any other provision of this
Agreement to the contrary, if the Executive is a "specified employee" within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and the
regulations issued thereunder, and a payment or benefit provided for in this
Agreement would be subject to additional tax under Code Section 409A if such
payment or benefit is paid within six months after the Executive’s "separation
from service" (within the meaning of Code Section 409A), then such payment or
benefit required under this Agreement shall not be paid (or commence) during the
six-month period immediately following the Executive’s separation from service
except as provided in the immediately following sentence. In such an event, any
payments or benefits that would otherwise have been made or provided during such
six-month period and which would have incurred such additional tax under Code
Section 409A shall instead be paid to the Executive in a lump-sum cash payment,
without interest, on the earlier of (i) the first business day of the seventh
month following the Executive’s separation from service or (ii) the 10th
business day following the Executive’s death. If the Executive’s termination of
employment hereunder does not constitute a "separation from service" within the
meaning of Code Section 409A, then any amounts payable hereunder on account of a
termination of the Executive’s employment and which are subject to Code Section
409A shall not be paid until the Executive has experienced a "separation from
service" within the meaning of Code Section 409A.  In addition, the
Executive’s right to reimbursement under this Agreement may not be liquidated or
exchanged for any other benefit and no reimbursement under this Agreement may
occur later than the last day of the calendar year immediately following the
calendar year in which such expenses were incurred.

       

      
        
          
          

        

        
          - 14
-

          
            

          

        

        
          
          

        

      

       

      (m)         Headings.  The
section and other headings contained in this Agreement are for the convenience
of the parties only and are not intended to be a part hereof or to affect the
meaning or interpretation hereof.

       

      (n)         Execution of the
Agreement.  The Executive shall have until the close of
business on May 1, 2009 to deliver a copy of this Agreement executed by him to
the Company in accordance with Section 10(k) hereof.  If the Executive
fails to deliver such an executed copy of this Agreement to the Company by the
close of business on such date, the Company’s offer of employment contained in
this Agreement (as well as all of the terms, conditions and other provisions
contained herein) shall automatically lapse, expire and be revoked without any
further action by the Company and the Executive’s execution and/or delivery of
this Agreement any time thereafter shall be null and void and not bind or
obligate the Company in any manner.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

      
        
           

        

        
          - 15
-

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the Company has duly executed this Agreement by its authorized
representative, and the Executive has hereunto set his hand, in each case
effective as of the date first above written.

       

      
        
          
            	
                    EMTEC,
      INC.

                  
	 
      	 
      
	
                    By:

                  	
                    s/s Dinesh Desai

                  
	
                    Name:
      DINESH DESAI

                  
	
                    Title:
      CHAIRMEN

                  
	 
      
	
                    Date:
      April 30, 2009

                  
	 
      
	
                    EXECUTIVE

                  
	 
      
	
                    s/s Gregory P. Chander

                  
	
                    GREGORY
      P. CHANDLER

                  
	 
      
	
                    Date:
      April 30, 2009

                  

          

        

      

    

     

    
      
        
        

      

      
        - 16
-Unassociated Document

    ESCROW AGREEMENT dated as of
July 9, 2009 (the "Escrow Agreement"),
by and among:

    

    (1)           Premier Power Renewable Energy,
Inc., a corporation organised under the laws of the State of Delaware
with its principal place of business at 4961 Windplay Drive, Suite 100, El
Dorado Hills, California 95762, United States of America ("PPRW");

    

    (2)           Rupinvest Sarl, a corporation
duly organised and existing under the laws of the country of Luxembourg (“LUX”) with its
address for notice at 4 Rue Jean-Pierre Probst, L-2352 Luxembourg;

    

    (3)           Esdras Ltd., a corporation
duly organised and existing under the laws of Cyprus (“CYP”) with its
address for notice at Campobasso Italy, Via San Giovanni in Golfo 205/e; (the
above named three corporations being known collectively as the “Companies”), and

    

    (4)         
 Capita Trust Company
Limited, a private limited company incorporated in England and Wales with
registered number 00239726 (the "Escrow Agent", and
together with the Companies, the “Parties”).

    

    All
capitalized terms not otherwise defined herein shall have the meaning set forth
in the Share Exchange Agreement entered into on June 3, 2009 by the Companies
(the “Share Exchange
Agreement”).

     

    WHEREAS,
on April 24, 2009, the Board of Directors of PPRW adopted resolutions approving
PPRW’s acquisition of one hundred percent (100%) of the equity ownership
interests of LUX (the “Acquisition”) in
exchange for twelve thousand five hundred Euros (€12,500) and up to three
million (3,000,000) shares of the restricted common stock of PPRW (each a “PPRW Share” and
collectively the “PPRW
Shares”).

    

    WHEREAS,
on June 3, 2009, the Companies entered into the Share Exchange Agreement
pursuant to which CYP agreed to sell to PPRW, and PPRW agreed to purchase from
CYP, one hundred percent (100%) of the equity ownership interests of LUX (the
“LUX Equity
Interests”) in exchange for twelve thousand five hundred Euros (€12,500)
and up to three million (3,000,000) PPRW Shares (the “Share Exchange
Transaction”).

    

    WHEREAS,
pursuant to the Share Exchange Agreement, the Companies are to make certain
deliveries to an escrow agent to hold in escrow (“Escrow”).

    

    WHEREAS,
pursuant to the Share Exchange Agreement, Escrow opened on June 23, 2009 (the
“Escrow Opening
Date”).

    

     

    IT IS AGREED:

     

    1.          
  Appointment of Escrow
Agent.  The Companies hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Escrow Agreement, and the
Escrow Agent hereby accepts such appointment and agrees to act in accordance
with and subject to such terms. The Parties hereto agree to do the following
acts and shall, subject to Sections 7.3 and 7.4 below, be bound by the terms and
provisions of the Share Exchange Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.             Escrow
Deliveries.

    

    2.1        Escrow Deliveries by PPRW
Prior to Share Exchange Deliveries Deadline.  Within twenty (20)
Trading Days of the Escrow Opening Date (“Share Exchange Deliveries
Deadline”), PPRW shall deposit into this Escrow the following
deliverables (collectively, the “PPRW
Deliveries”):

    

    
      	
               
      

            	
              2.1.1

            	
              Resolutions
      duly adopted by the Board of Directors of PPRW approving the following
      events or actions, as applicable:

            

    

    

    
      	
               
      

            	
              2.1.1.1

            	
              the
      execution, delivery, and performance of the Share Exchange
      Agreement;

            

    

    
      	
               
      

            	
              2.1.1.2

            	
              the
      Share Exchange Transaction and the terms thereof;
  and

            

    

    
      	
               
      

            	
              2.1.1.3

            	
              the
      execution, delivery, and performance of this Escrow
    Agreement.

            

    

    

    
      	
               
      

            	
              2.1.2

            	
              The
      Share Exchange Agreement duly executed by
PPRW.

            

    

    

    
      	
               
      

            	
              2.1.3

            	
              This
      Escrow Agreement duly executed by
PPRW.

            

    

    

    
      	
               
      

            	
              2.1.4

            	
              A
      certificate of good standing for PPRW from its jurisdiction of
      incorporation, dated not earlier than five (5) calendar days prior to the
      Escrow Opening Date.

            

    

    

    
      
        	
              	
                2.1.5

              	
                A
      stock certificate evidencing the PPRW Shares and registered in the name of
      the Escrow Agent or any Delegate pursuant to Section 6.1.  All
      references throughout this Escrow Agreement to the “Escrow Agent” in
      connection with the PPRW Shares shall include the Escrow Agent’s Delegate,
      if any.

              

      

    

    

    2.2           Escrow Deliveries by LUX and
CYP Prior to Share Exchange Deliveries Deadline. By the Share
Exchange Deliveries Deadline, CYP and LUX shall deposit into this Escrow the
following deliverables (collectively, the “LUX and CYP
Deliveries”):

    

    
      	
               
      

            	
              2.2.1

            	
              The
      Share Exchange Agreement duly executed by LUX and
  CYP.

            

    

    

    
      	
               
      

            	
              2.2.2

            	
              This
      Escrow Agreement duly executed by LUX and
CYP.

            

    

    

    
      	
               
      

            	
              2.2.3

            	
              Letters
      of resignation from all executive officers and directors of LUX and Arco
      Energy Srl, the wholly owned subsidiary of LUX (“PPRW IT”), with
      such resignations each confirming that he has no claim against LUX or PPRW
      IT (as applicable) in respect of any outstanding remuneration or fees of
      whatever nature as of the Escrow Opening
Date.

            

    

    

    
      	
               
      

            	
              2.2.4

            	
              Resolutions
      duly adopted by the Board of Directors or Shareholders  of LUX
      approving the following events or actions, as
  applicable:

            

    

    

    
      	
               
      

            	
              2.2.4.1

            	
              the
      execution, delivery and performance of the Share Exchange
      Agreement;

            

    

    
      	
               
      

            	
              2.2.4.2

            	
              the
      Share Exchange Transaction and the terms
  thereof;

            

    

    
      	
               
      

            	
              2.2.4.3

            	
              adoption
      of LUX  bylaws in the form agreed by the
    Companies;

            

    

    
      	
               
      

            	
              2.2.4.4

            	
              the
      appointment of Dean R. Marks as Chairman of the board of directors to
      serve on LUX’s board of directors;

            

    

    
      	
               
      

            	
              2.2.4.5

            	
              the
      appointment of the persons to be chosen and designated by PPRW as the
      requisite officers of LUX (the “LUX Officers”);
      and

            

    

    
      	
               
      

            	
              2.2.4.6

            	
              in
      the event LUX’s board of directors decides to authorize an “Authorized
      Third Party Signatory” (as defined in Section 7.2.1(o) of the Share
      Exchange Agreement) to sign the Share Exchange Agreement and this Escrow
      Agreement on behalf of LUX and CYP, then resolutions granting the
      Authorized Third Party Signatory full power and authority to enter into
      and sign the Share Exchange Agreement and this Escrow Agreement on behalf
      of LUX.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.2.5

            	
              Resolutions
      duly adopted by the Board of Directors or Shareholders of PPRW IT
      approving the following events or actions, as
  applicable:

            

    

    

    
      	
               
      

            	
              2.2.5.1

            	
              requiring
      PPRW IT to execute, deliver and perform under the terms of the Share
      Exchange Agreement;

            

    

    
      	
               
      

            	
              2.2.5.2

            	
              the
      Share Exchange Transaction and the terms
  thereof;

            

    

    
      	
               
      

            	
              2.2.5.3

            	
              adoption
      of bylaws in the form agreed by the
Companies;

            

    

    
      	
               
      

            	
              2.2.5.4

            	
              fixing
      the number of authorized directors on the PPRW IT board of directors at
      five (5);

            

    

    
      	
               
      

            	
              2.2.5.5

            	
              the
      appointment of Dean R. Marks as Chairman of the board of directors of PPRW
      IT, the appointment of Miguel De Anquin to serve on PPRW IT’s board of
      directors and the appointment of Marco Pulitano and Giovanni Pulitano as
      PPRW IT directors, with a fifth member of PPRW IT’s board of directors to
      be determined and designated solely by PPRW
      upon  the  date of the
  Restructuring;

            

    

    
      	
               
      

            	
              2.2.5.6

            	
              the
      appointment of the following persons as officers of PPRW IT with the
      titles set forth opposite his name (the “PPRW IT
      Officers”):

            

    

    

    Marco
Pulitano Chief Executive Officer (managing director) Amministratore
delegato

     

    Giovanni
Pulitano Chief Operating Officer

    (managing
director) Amministratore delegato

    

    
      	
               
      

            	
              2.2.5.7

            	
              the
      duly executed employment agreements (collectively the “PPRW IT Employment
      Agreements”) by and between: (a) PPRW IT and Marco Pulitano for his
      employment as PPRW IT’s Chief Executive Officer and President; (b) the
      executed employment agreement by and between PPRW IT and Giovanni Pulitano
      for his employment as PPRW IT’s Chief Operating
  Officer.

            

    

    

    
      	
               
      

            	
              2.2.6

            	
              Resolutions
      duly adopted by the board of directors of CYP: (i) authorizing and
      approving the execution, delivery, and performance of the Share Exchange
      Agreement, and (ii) in the event CYP’s board of directors decide to
      authorize an “Authorized Third Party Signatory” (as defined in Section
      7.2.1(o) of the Share Exchange Agreement) to sign the Share Exchange
      Agreement and this Escrow Agreement on behalf of CYP, then resolutions
      granting the Authorized Third Party Signatory full power and authority to
      enter into and sign the Share Exchange Agreement and this Escrow Agreement
      on behalf of CYP.

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.2.7

            	
              A
      copy, authenticated by a notary, of the notaries deed by which LUX
      acquired PPRW IT Equity Interests evidencing LUX’s One Hundred Percent
      (100%) equity ownership (in shares of capital stock or otherwise) of PPRW
      IT (the “PPRW IT
      Shares Deed”) in accordance with the Bylaws of PPRW IT and any and
      all applicable laws of the Country of
Italy.

            

    

    

    
      	
               
      

            	
              2.2.8

            	
              A
      shareholders list or shareholders’ register of PPRW IT as certified by the
      Italian Registry of enterprise’s certificate reflecting LUX’s ownership of
      the PPRW IT Equity Interests.

            

    

    

    
      	
               
      

            	
              2.2.9

            	
              Certificates
      of good standing for PPRW IT from its jurisdictions of incorporation or
      formation, dated not earlier than five (5) calendar days prior to the
      Escrow Opening Date.

            

    

    

    
      	
               
      

            	
              2.2.10

            	
              An
      opinion of counsel to LUX or from a Notary, in the form reasonably
      satisfactory to PPRW in regards to LUX and CYP as to: (i) due
      organization, existence and good standing under the laws of their
      respective jurisdictions of incorporation, and the validity and
      effectiveness of the “Power of Attorney” (as defined in Section 7.2.1(o)
      of the Share Exchange Agreement) granted by LUX and CYP to the Authorized
      Third Party Signatory under applicable laws to which LUX, CYP and the
      Authorized Third Party Signatory are subject; and (ii) a statement that
      the transfer of the LUX Equity Interests to PPRW at or immediately
      following the Escrow Opening Date being a legal transfer of such equity
      ownership interests under the laws of LUX’s jurisdiction of incorporation
      is subject and that upon such transfer, the LUX Equity Interests shall be
      free of any claims or Liens of any kind or
  nature.

            

    

    

    
      	
               
      

            	
              2.2.11

            	
              An
      opinion of counsel to PPRW IT in the form reasonably satisfactory to PPRW,
      in regards to PPRW IT as to: (i) due organization, existence and good
      standing (in Italy), (ii) the authorized capital stock of PPRW IT; and
      (iii) the PPRW IT Equity Interests, when issued to LUX, were legally
      transferred to LUX under the laws of LUX’s jurisdiction of incorporation
      and that the LUX Equity Interests are free of any claims or Liens of any
      kind or nature.

            

    

    

    
      	
               
      

            	
              2.2.12

            	
              A
      certificate signed by the Chief Executive Officer of PPRW IT:
      (i) attaching certified copies of the Organizational Documents
      applicable to PPRW IT, and (ii) certifying that all director,
      shareholder and other actions required to authorize and approve the
      execution and delivery of this Escrow Agreement and the other documents
      and agreements provided for herein and the transactions contemplated
      hereby and thereby have been taken and setting forth copies of such
      actions.

            

    

    

    
      	
               
      

            	
              2.2.13

            	
              A
      copy of the power of attorney executed by LUX and CYP that grants full
      power and authority to a third party who is not an Affiliate of LUX or CYP
      (the “Authorized
      Third Party Signatory”) to sign the Share Exchange Agreement and
      this Escrow Agreement on behalf of LUX and CYP, if such Authorized Third
      Party Signatory signs the Share Exchange Agreement and this Escrow
      Agreement on behalf of LUX and CYP.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.3

            	
              Deliveries of PPRW IT
      Financial Statements Post-Share Exchange Deliveries
      Deadline.  LUX shall cause the deposit into this Escrow
      of the following deliverables:

            

    

    

    
      	
               
      

            	
              2.3.1

            	
              On
      or before March 31st, 2010, or if switched to a fiscal year, 90 days after
      the close of a fiscal year (Closing of the Books), PPRW IT shall deposit
      into the Escrow Audited Financial Statements of PPRW IT for the period
      ending December 31, 2009 or fiscal year end. Said PPRW IT Financial
      Statements must contain Profit and Loss Statements in addition to the
      General Ledger.

            

    

    

    
      	
               
      

            	
              2.3.2

            	
              On
      or before March 31st, 2011, or if switched to a fiscal year, 90 days after
      the close of a fiscal year (Closing of the Books), PPRW IT shall deposit
      into the Escrow Audited Financial Statements of PPRW IT for the period
      ending December 31, 2010 or fiscal year end. Said PPRW IT Financial
      Statements must contain Profit and Loss Statements in addition to the
      General Ledger.

            

    

    

    
      
        	
              	
                2.3.3

              	
                On
      or before March 31st, 2012, or if switched to a fiscal year, 90 days after
      the close of a fiscal year (Closing of the Books), PPRW IT shall deposit
      into the Escrow Audited Financial Statements of PPRW IT for the period
      ending  December 31, 2011 or fiscal year end. Said PPRW IT
      Financial Statements must contain Profit and Loss Statements in addition
      to the General Ledger.

              

      

    

    

    3.             Waiver of Certain Escrow
Deliverables.

    

    3.1            PPRW
hereby acknowledges that CYP has fulfilled its obligation to deliver (i) one
thousand two hundred fifty (1,250) shares of LUX’s capital stock at a value of
ten Euros (€10) each, which represents One Hundred Percent (100%) of the issued
and outstanding capital shares of Stock of LUX (the “LUX Shares
Certificate”) issued and registered in the name of PPRW in accordance
with the bylaws of LUX and any and all applicable laws of the Country of
Luxembourg, to the Escrow Agent pursuant to Section 7.2.1(e) of the Share
Exchange Agreement and (ii) the shareholders list or shareholders’ registrar of
LUX as certified by LUX’s Secretary or transfer agent, reflecting PPRW’s
ownership of the LUX Equity Interests pursuant to Section 7.2.1(f) of the Share
Exchange Agreement by delivering the shareholders’ register of LUX reflecting
PPRW’s ownership of the LUX Equity Interests to PPRW directly.

    

    3.2            CYP
hereby waives PPRW’s obligation to deliver twelve thousand five hundred Euros
(€12,500) (the “Cash
Payment”) to the Escrow Agent pursuant to Section 7.1.1(d) of the Share
Exchange Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    4.             Disbursement of the Escrow
Shares and Escrow Deliveries. 

    

    4.1           Each
of PPRW, LUX and CYP shall notify the Escrow Agent when complete delivery of all
of, respectively, the PPRW Deliveries, and the LUX and CYP Deliveries (all such
deliveries being, together, the “Escrow Deliveries”),
has been made. Upon the Escrow Agent’s receipt of all three such notices, then,
as soon as possible and no later than three (3) Trading Days following such
receipt, the Escrow Agent, in accordance with the terms herein and in the Share
Exchange Agreement: (a) shall deliver the LUX and CYP Deliveries to PPRW; and
(b) shall deliver the PPRW Deliveries, except for the PPRW Shares, to CYP, with
copies of the PPRW Deliveries also delivered to LUX.  The PPRW
Certificate shall remain in said Escrow until the PPRW Shares represented by the
PPRW Certificate are either distributed by Escrow Agent to CYP or until refunded
to PPRW, upon operation of the terms set forth in this Escrow Agreement and the
Share Exchange Agreement.  Should the Escrow Agent not receive all of
the PPRW Deliveries and LUX Deliveries within the above mentioned deadlines, the
Escrow Agent will return to the delivering Party the LUX Deliveries or PPRW
Deliveries already received.

    

    4.2          Within,
and no later than (i) thirty (30) calendar days after PPRW IT’s Closing of the
Books for the period ended December 31, 2009, or (ii) ninety (90) days after
fiscal year end if PPRW IT’s fiscal year does not end on December 31,
2009,  the Escrow Agent shall transfer to CYP Three Hundred and
Seventy Five Thousand (375,000) PPRW Shares for each Ten Million Euro
(€10,000,000) worth of Sales achieved by PPRW IT for the period from the Escrow
Opening Date to December 31, 2009,
as indisputably evidenced by the Audited Financial Statements referred to in
Section 2.3.1 above (the PPRW Shares payment made for the period ended December
31, 2009, if any, is hereinafter the “First
Payment”).   Notwithstanding the foregoing:  (a)
in no case shall more than One Million Five Hundred Thousand (1,500,000) PPRW
Shares be transferred to CYP; (b) fifty percent (50%) of any PPRW Shares that
could have been earned based on Sales subject to this First Payment but could
not be awarded to CYP because such PPRW Shares exceeded the maximum One Million
Five Hundred Thousand (1,500,000) PPRW Shares that could be paid for this First
Payment will instead be paid to CYP as part of the Second Payment.

    

    4.3          Within,
and no later than (i) thirty (30) calendar days after PPRW IT’s Closing of the
Books for the period ended December 31, 2010, or (ii) ninety (90) days after
fiscal year end if PPRW IT’s fiscal year does not end on December 31, 2010, the
Escrow Agent shall transfer to CYP Two Hundred Thousand (200,000) PPRW Shares
for each Ten Million Euro  (€10,000,000) worth of Sales achieved by
PPRW IT for the period from January 1, 2010 to December 31, 2010,
as indisputably evidenced by the Audited Financial Statements referred to in
Section 2.3.2 above, with the maximum combined number of PPRW Shares payable for
the First Payment and the Second Payment not to exceed a combined aggregate of
Three Million (3,000,000) PPRW Shares (the PPRW Shares Payment made for the
period ended December 31, 2010, if any, is hereinafter the “Second
Payment”).

    

    4.4          Within,
and no later than (i) thirty (30) calendar days after PPRW IT’s Closing of the
Books for the year ended December 31, 2011, or (ii) ninety (90) days after
fiscal year end if PPRW IT’s fiscal year does not end on December 31, 2011, and
if and only if, CYP has not earned in aggregate the total Three Million
(3,000,000) PPRW Shares as a result of the First Payment and Second Payment,
then,  the Escrow Agent shall transfer to CYP One Hundred Thousand
(100,000) PPRW Shares for each Ten Million Euro  (€10,000,000) worth
of Sales achieved by PPRW IT from January 1, 2011 to December 31, 2011, as
indisputably evidenced by the Audited Financial Statements referred to in
Section 2.3.3 above, with the maximum combined number of PPRW Shares payable for
the First Payment, Second Payment and Third Payment not to exceed a combined
aggregate of Three Million (3,000,000) PPRW Shares (the PPRW Shares Payment made
for the period ended December 31, 2011, if any, is hereinafter the “Third
Payment”).  Any PPRW Shares remaining in Escrow after the Third
Payment, if any, shall be transferred back by the Escrow Agent to
PPRW.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    4.5           For
purposes of Sections 4.2, 4.3, and 4.4 above, “Sales” for purposes of
calculating shares due to CYP, is defined as gross sales revenue earned by PPRW
IT in a given period with an average Gross Margin in excess of fourteen percent
(14%).  For purposes of this Escrow Agreement, “Gross Margin” is
defined as gross sales revenue minus direct costs
(including, but not limited to, the cost of system design, engineering, property
acquisition, special purpose entity formation, legal services, consulting
services, permitting, civil works, solar modules, invertors, racking, mounting,
trackers, balance of system costs, subcontracting services, substation
construction, grid connection, labor, taxes and sales commissions), the
difference to be divided by gross
sales revenue.  Any gross sales revenue earned by PPRW IT without a
fourteen percent (14%) Gross Margin will be excluded from Sales, unless
expressly accepted by PPRW in writing. For the avoidance of doubt, the Escrow
Agent shall be entitled to obtain confirmation of the Sales figure as defined
above from the board of statutory auditors of PPRW IT. The costs of such
confirmation shall be borne by PPRW.

    

    4.6           Change in Control
Transaction.  If, during the period starting on the Escrow
Opening Date and ending either nine (9) months after the Escrow Opening Date or
December 31, 2009, whichever ending date is earlier, any Person which is not an
Affiliate of PPRW (hereinafter an “Acquiring Party”):
(a) acquires more than sixty six percent (66%) of PPRW’s voting securities, and
as a result of such acquisition, (i) changes more than two-thirds (2/3) of
PPRW’s board of directors as of the Escrow Opening Date, and (ii) changes PPRW’s
Chief Executive Officer and President (hereinafter a “Change in Control
Transaction”), and (b) either: (i) requires the operations of PPRW ITALY
to shut down, or to change the business to an industry other than renewable
energies or  (ii) does not provide the funding under Section 6.9 of
the Share Exchange Agreement for any reason other than for fraud, malfeasance,
or  Net Operating Losses (as defined in the Share Exchange Agreement),
then CYP will be entitled to receive one million (1,000,000) of the PPRW Shares
in Escrow (the “Change
in Control Share Payment”), which shall constitute the full and final
share payment due to CYP under this Escrow Agreement.  Only (i) upon
written notice delivered to the Escrow Agent by either CYP or PPRW of a Change
in Control Transaction and that a Change in Control Share Payment is due (the
“Change in Control
Notice”), (ii) after verification by the Escrow Agent of a Change in
Control Transaction (“Change in Control
Verification”), and (iii), in the case that CYP provides the Change in
Control Notice to the Escrow Agent, five (5) Trading Days’ written notice by the
Escrow Agent to PPRW of the Change in Control Verification, which 5 Trading
Days’ written notice may be waived by PPRW in its sole discretion, the Escrow
Agent shall effect a Change in Control Share Payment to CYP.  In the
event a Change in Control Share Payment is made by PPRW, the Escrow Agent shall
return to PPRW any and all PPRW Shares left in Escrow after the delivery of such
Change in Control Share Payment.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    5.             Concerning the Escrow
Agent.

     

    
      	
               
      

            	
              5.1        Good Faith
      Reliance.  The Escrow Agent shall not be liable for any action
      taken or omitted by it in good faith and in the exercise of its own best
      judgment, and may rely conclusively and shall be protected in acting upon
      any order, notice, demand, certificate, opinion or advice of counsel
      (including counsel chosen by the Escrow Agent), statement, instrument,
      report or other paper or document (not only as to its due execution and
      the validity and effectiveness of its provisions, but also as to the truth
      and acceptability of any information therein contained) which is believed
      by the Escrow Agent to be genuine and to be signed or presented by the
      proper person or persons.  The Escrow Agent shall not be bound by any
      notice or demand, or any waiver, modification, termination or rescission
      of this Escrow Agreement unless evidenced in writing delivered to the
      Escrow Agent signed by the proper Party or Parties and, if the duties or
      rights of the Escrow Agent are affected, unless it shall have given its
      prior written consent thereto.

            

    

     

    
      	
               
      

            	
              5.2        Indemnification. 
      The Escrow Agent shall be indemnified and held harmless by, on a joint and
      several basis, the Companies from and against any expenses, including
      counsel fees and disbursements, or loss suffered by the Escrow Agent in
      connection with any action, suit or other proceeding involving any claim
      which in any way, directly or indirectly, arises out of or relates to this
      Escrow Agreement, the services of the Escrow Agent hereunder, or the
      Escrow Shares held by it hereunder, other than expenses or losses arising
      from the gross negligence, fraud, bad faith, willful default or willful
      misconduct of the Escrow Agent.  Promptly after the receipt by the
      Escrow Agent of notice of any demand or claim or the commencement of any
      action, suit or proceeding, the Escrow Agent shall notify the other
      Parties hereto in writing.  In the event of the receipt of such
      notice, the Escrow Agent shall retain the Escrow Shares pending either (i)
      receipt of joint written instructions from PPRW and CYP or (ii) receipt of
      an order of a court having jurisdiction over any of the Parties hereto
      directing to whom and under what circumstances the Escrow Shares are to be
      disbursed and delivered.  The provisions of this Section 5.2
      shall survive in the event the Escrow Agent resigns or is discharged
      pursuant to Sections 5.5 or 5.6
below.

            

    

     

    
      	
               
      

            	
              5.3          Compensation. 
      The Escrow Agent shall be entitled to an initial fee of seven thousand
      five hundred pounds (£7,500) and an ongoing fee of two thousand five
      hundred pounds (£2,500) per annum payable by PPRW (subject to annual
      review and payable annually in advance, with the first such ongoing fee
      payable as at the date of this Escrow Agreement).  The Escrow
      Agent shall also be entitled to reimbursement from PPRW for all reasonable
      expenses paid or incurred by it in the administration of its duties
      hereunder including, but not limited to, all counsel, advisors' and
      agents' fees and disbursements and all taxes or other governmental
      charges.

            

    

     

    
      	
               
      

            	
              5.4          Further
      Assurances.  From time to time on and after the date hereof,
      the Companies may deliver or cause to be delivered to the Escrow Agent
      such further documents and instruments and shall do or cause to be done
      such further acts as the Escrow Agent shall reasonably request to carry
      out more effectively the provisions and purposes of this Escrow Agreement,
      to evidence compliance herewith or to assure itself that it is protected
      in acting hereunder.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              5.5         Resignation. 
      The Escrow Agent may resign at any time and be discharged from its duties
      as Escrow Agent hereunder by its giving the other Parties hereto 3 months’
      written notice and such resignation shall become effective as hereinafter
      provided.  Such resignation shall become effective at such time
      following the expiry of the notice period that the Escrow Agent shall turn
      over to a successor escrow agent appointed by the Companies on terms
      substantially as set out in this Escrow Agreement, the Escrow Shares held
      hereunder in such manner so as to ensure that the Escrow Shares remain in
      escrow without being returned to the delivering Parties.  Should the
      Companies fail to appoint a successor escrow agent within a period not to
      exceed 3 months from the date of expiry of the original 3 months’ notice,
      the Companies shall name UniCredit of Lugano, Switzerland as the successor
      escrow agent.

            

    

     

    
      	
               
      

            	
              5.6         Discharge of Escrow
      Agent.  The Escrow Agent shall resign and be discharged from
      its duties as escrow agent hereunder, if so requested in writing at any
      time by the Companies jointly, and on payment by PPRW of a termination fee
      of seven thousand five hundred pounds (£7,500) if so discharged without
      cause before 31 December 2009; five thousand pounds (£5,000) if so
      discharged without cause before 31 December 2010, and two thousand five
      hundred pounds (£2,500) if so discharged without cause thereafter;
      provided, however, that such resignation shall become effective only upon
      acceptance of appointment by a successor escrow agent as provided in
      Section 5.5.

            

    

     

    5.7          Liability.  The
Escrow Agent shall in no event have any liability to any person for indirect
loss, including (without limitation) loss of business, loss of profit or any
type of consequential loss.  Notwithstanding anything herein to the
contrary, the Escrow Agent shall not be relieved from liability hereunder for
its own gross negligence or its own willful misconduct.

    

    6.             Custody of Deliveries; the
Escrow Agent

     

    
      
        	
              	
                6.1

              	
                Upon
      written joint approval from the Companies, the Escrow Agent may from time
      to time hold through sub-custodians (including entities within the same
      group as the Escrow Agent) (each a “Delegate”).  The
      Escrow Agent shall take reasonable care in selecting such
      Delegates.  The Parties hereby approve Capita KWS Nominee
      Limited as a Delegate to hold the PPRW
Shares.

              

      

    

    

    
      
        	
              	
                6.2

              	
                Escrow
      Deliveries held with sub-custodians shall be held subject to the terms and
      conditions of the relevant Sub-custodian Agreement.  Where
      Escrow Deliveries are held outside the United Kingdom, there may be
      settlement, legal and regulatory requirements in the relevant
      jurisdictions which are different from those applying in the United
      Kingdom, and there may be different practices for the separate
      identification of such Escrow
Deliveries.

              

      

    

    

    
      
        	
              	
                6.3

              	
                The
      Escrow Agent will identify the Escrow Deliveries in its books and records
      as being beneficially owned by the relevant delivering Company, in
      accordance with this Escrow
Agreement.

              

      

    

    

    
      
        	
              	
                6.4

              	
                Escrow
      Deliveries that are bearer securities will be held in the physical
      possession of the Escrow Agent or by a
  sub-custodian.

              

      

    

    

    
      
        	
              	
                6.5

              	
                The
      Escrow Agent may hold any documents of title to an Escrow
      Delivery:

              

      

    

    

    
      	
            	
              6.5.1 

            	
              in
      its physical possession; or

            

    

    
      	
               
      

            	
              6.5.2

            	
              with
      a sub-custodian (in accordance with Section 6.1) in a safe custody account
      generally designated for customers'
securities.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    
      
        	
              	
                6.6

              	
                Subject
      to receipt of written joint instructions from the Companies, the Escrow
      Agent is authorised to, and shall have the right to authorise and instruct
      sub-custodians to:

              

      

    

    

    
      	
               
      

            	
              6.6.1

            	
              receive
      and deliver Escrow Deliveries, and settle the purchase and sale of
      securities transactions, in accordance with the laws, rules, regulations,
      provisions, customs, practices and procedures in the relevant jurisdiction
      or market in which the transaction
occurs;

            

    

    
      	
               
      

            	
              6.8.2

            	
              receive
      all payments of principal and distributions payable in respect of Escrow
      Deliveries including presenting certificates, coupons and other
      appropriate documentation to the issuer of such securities or its paying
      agent;

            

    

    
      	
               
      

            	
              6.6.3

            	
              hold
      Escrow Deliveries in certificated or non-certificated form with the issuer
      or at any other location;

            

    

    
      	
               
      

            	
              6.6.4

            	
              upon
      receipt of notification of a partial redemption, partial payment or other
      action affecting less than all Escrow Deliveries of a particular class,
      the Escrow Agent or the sub-custodian may select the Escrow Deliveries to
      be tendered in any non-discriminatory manner to make such
      selections;

            

    

    
      	
               
      

            	
              6.6.5

            	
              make,
      execute, acknowledge and deliver as agent, any and all documents or
      instruments including but not limited to all declarations, affidavits and
      certificates of ownership that the Escrow Agent, in its sole discretion,
      may determine are necessary or appropriate in carrying out the purposes of
      this Escrow Agreement;

            

    

    
      	
               
      

            	
              6.6.6

            	
              make
      on behalf of the Companies any payments incidental to or in connection
      with this Section 6; and

            

    

    
      	
               
      

            	
              6.6.7

            	
              exercise
      all other rights and powers and to take any action it deems necessary or
      appropriate in carrying out the purposes of this Escrow
      Agreement,

            

    

    

    but in
each case only where such act does not require the exercise of business
discretion or does not constitute the giving of investment advice and provided
always that any required information or documents relating to the Escrow
Deliveries has been communicated or have been supplied to the Escrow
Agent.

    

    6.7          Unless
the Escrow Agent has received the necessary instructions from the Companies,
together with any sum which may be due in immediately available funds, within a
reasonable time before the required action is to be taken, the Escrow Agent
shall have no responsibility whatsoever for:

    

    
      	
               
      

            	
              6.7.1

            	
              taking
      up any rights;

            

    

    
      	
               
      

            	
              6.7.2

            	
              exercising
      any conversion or subscription
rights;

            

    

    
      	
               
      

            	
              6.7.3

            	
              dealing
      with takeover or other offers or capital
  reorganisations;

            

    

    
      	
               
      

            	
              6.7.4

            	
              exercising
      voting rights;

            

    

    
      	
               
      

            	
              6.7.5

            	
              any
      other administrative or supervisory matters,
or

            

    

    
      	
               
      

            	
              6.7.6

            	
              the
      forwarding of any other information to the Companies other than as set out
      in this Escrow Agreement, in respect of the Escrow
    Deliveries.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    6.8          The
Escrow Agent:

    

    
      	
               
      

            	
              6.8.1

            	
              shall
      not be required or under any liability or obligation to take any legal
      action under this Escrow Agreement or to require that the Companies comply
      with any provision of this Escrow
Agreement;

            

    

    
      	
               
      

            	
              6.8.2

            	
              shall
      not be required or under any liability or obligation to monitor or enquire
      as to the performance of the Companies’ obligations under this Escrow
      Agreement or the Share Exchange Agreement and shall be entitled to assume
      without enquiry that each such Company is duly performing and observing
      all its respective obligations;

            

    

    
      	
               
      

            	
              6.8.3

            	
              shall
      not be liable for non-delivery of the PPRW Deliveries, LUX Deliveries or
      CYP Deliveries, or for the failure of any person to make any payment of
      funds;

            

    

    
      	
               
      

            	
              6.8.4

            	
              shall
      not be bound to attempt to enforce delivery of the PPRW Deliveries, LUX
      Deliveries or CYP Deliveries;

            

    

    
      	
               
      

            	
              6.8.5

            	
              shall
      not be regarded or treated for any purpose as having any notice or
      knowledge of any of the provisions of any arrangements relevant to the
      transactions contemplated or referred to in this Escrow Agreement which
      are not expressly set out in this Escrow Agreement, and, except as
      provided in Section 7.4 below, shall be entitled to have regard only to
      the express terms of this Escrow Agreement in the discharge of its duties
      under this Escrow Agreement and the exercise of any of its rights under
      this Escrow Agreement;

            

    

    
      	
               
      

            	
              6.8.6

            	
              shall
      have no obligation to ensure that the terms of this Escrow Agreement are
      consistent with the terms of the Share Exchange
  Agreement;

            

    

    
      	
               
      

            	
              6.8.7

            	
              may,
      in relation to this Escrow Agreement, act on the opinion or advice of, or
      any information obtained from, any lawyer or other professional person
      whether obtained by the Escrow Agent or any Company and shall not be
      responsible for any loss occasioned by so acting (whether or not the
      advice, opinion or information is accurate or authentic or contains some
      error), and any such advice, opinion or information may be sent to or
      obtained by the Escrow Agent by such means as the Escrow Agent thinks
      fit;

            

    

    
      	
               
      

            	
              6.8.8

            	
              may
      refrain from doing anything which would or might be contrary to any law of
      any jurisdiction or any directive or regulation of any agency or any state
      or supranational body and may do anything which is necessary to comply
      with any such law, directive or
regulation;

            

    

    
      	
               
      

            	
              6.8.9

            	
              may
      refrain from doing anything in the performance of its duties under this
      Escrow Agreement which would or might otherwise render it liable to any
      person or require it to incur any financial liability or require it to use
      or risk its own funds if it believes that reimbursement of such funds or
      adequate indemnity against such risk is not
  assured;

            

    

    
      	
               
      

            	
              6.8.10

            	
              shall
      promptly seek clarification from the Companies in the event that it
      believes its correct course of action under the terms of this Escrow
      Agreement is unclear; and

            

    

    
      	
               
      

            	
              6.8.11

            	
              shall
      not be liable or deemed to be in default for any failure or delay in
      performance of any duty under this Escrow Agreement arising in whole or in
      part from or caused in whole or in part by circumstances beyond its direct
      and reasonable control including, without limitation, acts of God, partial
      or complete failure of electrical power or computer services or
      communication services, acts of civil or military authority, sabotage,
      terrorism, war, civil disturbance or riot, strike or other industrial
      dispute, national emergency, flood, earthquake, fire or other catastrophe,
      or governmental, judicial or regulatory order, rule, regulation, judgment
      or act.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    6.9          No
Charge Created. It is not the intention of the Parties to create any security
interest in favour of any person.

     

    7.             Miscellaneous.

     

    
      	
               
      

            	
              7.1        Governing
      Law.  This Escrow Agreement shall for all purposes be deemed
      to be made under and shall be construed in accordance with the laws of
      England and Wales.

            

    

    

    7.2          Jurisdiction.

    

    7.2.1           The
Parties to this Escrow Agreement irrevocably agree that, subject as provided
below, the courts of England and Wales shall have exclusive jurisdiction to
settle any dispute or claim that arises out of or in connection with this Escrow
Agreement or its subject matter or formation (including non-contractual disputes
or claims). The Parties agree that the courts of England are the most
appropriate and convenient courts to settle such disputes and accordingly will
not argue to the contrary. Nothing in this Section shall limit the right of the
Escrow Agent to take proceedings against each of the Companies in any other
court of competent jurisdiction, nor shall the taking of proceedings in any one
or more jurisdictions preclude the taking of proceedings in any other
jurisdictions, whether concurrently or not, to the extent permitted by the law
of such other jurisdiction.

    

    7.2.2           Each
of the Companies shall irrevocably appoint within seven (7) Trading Days of the
date of this Escrow Agreement an agent to receive on its behalf in England or
Wales service of any proceedings under Section 7.1 above, whose name, address,
and fax number shall be promptly provided to the Escrow Agent. Such service
shall be deemed completed on delivery to such agent (whether or not it is
forwarded to and received by the relevant Company) and shall be valid until such
time as the Escrow Agent has received prior written notice from the relevant
Company that such agent has ceased to act as agent. If for any reason such agent
ceases to be able to act as agent or no longer has an address in England or
Wales, the relevant Company shall forthwith appoint a substitute acceptable to
the Escrow Agent and deliver to the Escrow Agent the new agent's name, address,
and fax number within England and Wales.

    

    7.3           Entire
Agreement.  This Escrow Agreement shall, subject to Section 7.4
below, constitute the entire agreement of the Companies and the Escrow Agent
with respect to the subject matter and supersedes all prior oral, or written,
agreements in regard thereto.

    

    
      7.4           Capitalized terms.
Capitalized terms used and not otherwise defined herein that are defined in the
Share Exchange Agreement shall have the meanings given such terms in the Share
Exchange Agreement.  In the event of a conflict in terms between this
Escrow Agreement and the Share Exchange Agreement, the Share Exchange Agreement
shall prevail as between the Companies, except that to the extent necessary to
give effect to Section 7.3 above, each Company agrees that this Escrow Agreement
constitutes a written instrument amending the Share Exchange Agreement, in
accordance with Section 9.8 of such Share Exchange Agreement.
 

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    
      	
               
      

            	
              7.5        Headings. 
      The headings contained in this Escrow Agreement are for reference purposes
      only and shall not affect in any way the meaning or interpretation
      thereof.

            

    

     

    
      	
               
      

            	
              7.6         Binding
      Effect.  This Escrow Agreement shall be binding upon and inure
      to the benefit of the respective Parties hereto and their legal
      representatives, successors and
assigns.

            

    

     

    
      	
               
      

            	
              7.7         Notices. 
      Any notice or other communication required or which may be given hereunder
      shall be in writing and, subject to Section 7.2.2 above, either be
      delivered personally or by fax, or by private courier service, return
      receipt requested, postage prepaid, and shall be deemed given when so
      delivered personally or, if faxed, on receipt of a transmission report or,
      if couriered, one Trading Day after the date of delivery, as
      follows:

            

    

     

    Premier
Power Renewable Energy, Inc

    4961
Windplay Drive, Suite 100

    El Dorado
Hills, CA 95762

    Tel:  (916)
939-0400

    Fax:  (916)
939-0490

    Attention:
Dean R. Marks, Chief Executive Officer and President

    

    With a copy to (which shall not
constitute Notice):

    Richardson
& Patel LLP

    10900
Wilshire Boulevard, Suite 500

    Los
Angeles, California, U.S.A 90024

    Attention:
Mr. Kevin L. Leung, Esq.

    Tel:
(310) 208-1182

    Fax:
(310) 208-1154

    

    Rupinvest
Sarl

    4 Rue
Jeanne Pierre Probst

    L-2352
LUXEMBOURG

    Tel: +352
26 478 768

    Fax: +352
26 478 769

    Attention:
Francois BOURGON, Gerant

    

    Esdras
Ltd

    Campobasso

    ITALY

    Via San
Giovanni in Golfo 205/e

    Tel:     0039
0874 493225

    Fax      0039
0874 628782

    Attention:  Massimo
SALUPPO, Procuratore

    

    Capita
Trust Company Limited

    7th
Floor, Phoenix House

    18 King
William Street

    London
EC4N 7HE

    Tel:     0044
20 7648 7489

    Fax:     0044
20 7648 7499

    Attention:
Nigel Peters, Manager, Corporate Trusts

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    The
Parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

     

    7.8          Counterparts. This
Escrow Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and which shall together constitute one and
the same agreement.

     

    7.9          Disputes. In the
event of any dispute between, or conflicting claims by, or among any legal
person or entity with respect to any part of this Escrow, the Escrow Agent shall
be entitled, in its sole discretion, to refuse to comply with any and/or all
claims, demands or instructions with respect to the Escrow for so long as such
dispute or conflict shall continue and the Escrow Agent shall not become liable
in any way whatsoever to any Party for its failure or refusal to comply with
such conflicting claims, demands or instructions.  The Escrow Agent
shall be entitled to refuse to act until:

    

    
      7.9.1         such
conflicting or adverse claims or demands, or instructions shall have been
determined by a final order, judgment or decree of a court of competent
jurisdiction, which is not subject to any appeal, or settled by agreement
between the conflicting Parties as evidenced in writing satisfactorily to the
Escrow Agent; or

    

    

    7.9.2         the
Escrow Agent shall have received security or an indemnity reasonably
satisfactory to it deemed sufficient to hold the Escrow Agent harmless from and
against any and/or all damages, losses, or otherwise, which it may incur by
reason of so acting. The Escrow Agent may, in addition, elect to commence an
interpleader action or seek other judicial relief or orders as it may deem, in
its sole discretion, necessary.  The reasonable out-of-pocket costs of
and expenses (including reasonable legal fees and disbursements) incurred in
connection with such proceeding shall be paid by the
Purchaser.  

     

    
      7.10          Amendments and
Modifications.  No Party shall be bound by any modification,
amendment, termination, cancellation or recession of this Escrow Agreement
unless the same shall be in writing and signed by all Parties and no waiver of
any provision hereof shall be effective unless expressed in writing by all the
Parties to this Escrow Agreement.

    

     

    7.11          Trusts. Insofar as
this Escrow Agreement creates any trust which binds the Escrow Agent, Part I of
the Trustee Act 2000 shall not apply to this Escrow Agreement.  The
perpetuity period of any such trust shall be eighty (80) years.

     

    7.12          Third party rights. A
person who is not a party to this Escrow Agreement has no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of
any term of this Escrow Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    7.13          Severance. If any
provision of this Escrow Agreement is declared by any judicial or other
competent authority to be void or otherwise unenforceable, that provision shall
be severed from this Escrow Agreement and the remaining provisions of this
Escrow Agreement shall remain in full force and effect.  The Parties
agree that they will make such reasonable amendments to this Escrow Agreement as
will achieve the intention of the Parties with respect to the severed
provision.

     

    7.14          The
Escrow Agent is regulated by the UK Financial Services Authority. The Escrow
Agent will treat the Companies as professional clients as defined in and for the
purposes of the FSA Handbook of Rules and Guidance. Nothing in this Escrow
Agreement is intended to exclude or restrict any duty or liability of the Escrow
Agent to the Companies which the Escrow Agent is not permitted to exclude or
restrict under the Financial Services and Markets Act 2000, the FSA Handbook of
Rules and Guidance, or the applicable regulatory system.

    

    7.15          For the purposes of this Escrow
Agreement, “Trading Day” shall mean any day (except Saturdays and Sundays) when
clearing banks are open for business in London.

     

    8.             Verification of
Identity. All Parties, their beneficial owners, controllers and directors
(if not covered by the aforesaid) may be required to furnish adequate proof of
identity and source of funds by providing original or certified copies of
certain documentation:

     

    8.1            For
corporate entities such proof may include, but not be limited to, statutory
documents proving place and date of company formation or incorporation, company
identification number, registered and trading addresses, Memorandum and Articles
of Association (or local equivalent), recent audited accounts, names of all
holding companies (if any)and names of beneficial owners, controllers and
directors.

     

    
      8.2            For
directors, beneficial owners and controllers such proof may include, but not be
limited to, current passport or national identity card (showing legal name,
nationality, place and date of birth) and proof of residential address (bank
statement, utility bill or correspondence from central or local
government).

    

     

    Beneficial
owners and controllers as stated above may include those of parent or holding
companies of the Parties, and their beneficial owners, directors and controllers
throughout the chain of ownership. The Escrow Agent reserves the right to
request such documentation as outlined above for all Parties to this Escrow
Agreement.

    

    9.             Termination of
Agreement.  This Escrow Agreement shall terminate on the
earlier of (i) the day of the Third Payment, if any is made, or if no portion of
a Third Payment is due, then the date a Third Payment would have been due, or
(ii) the date of a written instrument signed by all the Parties expressly
terminating this Escrow Agreement.

    [Signature
page follows]

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    WITNESS
the execution of this Escrow Agreement as of the date first above
written.

    

    

    PREMIER POWER RENEWABLE ENERGY,
INC.,

     

     

    
      
        	
                By:
      

              	
                /s/ Dean R. Marks

              
	
                Name:

              	
                Dean
      R. Marks

              
	
                Title:

              	
                Chief
      Executive

              

      

    

    RUPINVEST
SARL

     

    

    
      	
              By:
      

            	
              /s/ Francois
      Bourgon       

            
	
              Name:

            	Francois
    BOURGON
	
              Title:

            	Gerant

    
      	
              By:
      

            	
              /s/ Miguel de
      Anquin     

            
	
              Name:

            	Miguel
    DEANQUIN
	
              Title:

            	Gerant

    

     

     

    ESDRAS
LTD.

     

    

    
      	
              By:
      

            	
              /s/ Massimo
      Saluppo      

            
	
              Name:

            	Massimo
    SALUPPO
	
              Title:

            	Procuratore

    

     

     

    CAPITA
TRUST COMPANY LIMITED.

     

     

    
      	
              By:
      

            	
              /s/ David Baker

            
	
              Name:

            	
              David
      Baker

            
	
              Title:

            	Director

    

     

    
      	
              By:
      

            	
              /s/ Colin Benford

            
	
              Name:

            	Colin
  Benford
	
              Title:

            	Director

    

    

      
        
           

        

        
          16

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