Document:

Wire Saw Agreement and the related Guarantee Agreement dated June 27, 2008

 Exhibit 10.22 
 CONTRACT 
  

			
	NO.	  	GCL-K980
	DATE:	  	June 27, 2008

  

					
	THE BUYER:	  	NAME:	  	JIANGSU ZHONGNENG POLYSILICON
TECHNOLOGY DEVELOPMENT CO LTD.
			
		  	ADDRESS:	  	NO. 66 YANGSHAN ROAD, XUZHOU ECONOMIC DEVELOPMENT ZONE, JIANGSU PROVINCE, CHINA
			
		  	TEL:	  	+ 86 516 8586 8888
			
		  		  	Fax: +86 516 8315 2877
			
	THE SELLER:	  	NAME:	  	MIYAMOTO TRADING LIMITED
			
		  	ADDRESS:	  	WBG W-26, 2-6 NAKASE, MIHAMA-KU, CHIBA, JAPAN
			
		  	POSTCODE:	  	261-7126
			
		  	TEL:	  	(0081)43-297-8551    FAX: (0081)43-297-8555

 THIS CONTRACT IS MADE BY AND BETWEEN THE BUYER AND THE SELLER, WHEREBY THE BUYER AGREES TO BUY AND THE SELLER
AGREES TO SELL THE UNDER-MENTIONED CONTRACT PRODUCTS ACCORDING TO THE TERMS AND CONDITIONS STIPULATED BELOW. 
  

	1.	NAME OF COMMODITY, QUANTITY, & SPECIFICATIONS: 

  

	A.	MULTI-WAFER MAKER MODEL: *** 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

 NAME: MULTI-WIRE SAWING MACHINE 
 QUANTITY: *** 
  

	B.	MULTI BLOCK SLICER MODEL: *** 

 NAME: MULTI BLOCK SLICER

 QUANTITY: *** 
 THE SELLER
GRANTS THE BUYER AN OPTION TO BUY ADDITIONAL *** MULTI BLOCK SLICERs ACCORDING TO THE TERMS AND CONDITIONS OF THIS CONTRACT BY GIVING THE SELLER A WRITTEN NOTICE BY MARCH 31, 2009. 
 FOR DETAILS OF THIS SECTION 1B, PLEASE REFER TO THE DELIVERY SCHEDULE OF THE APPENDIX II. 
 THE COMMODITIES TO BE BOUGHT BY THE BUYER UNDER THIS SECTION 1 WILL BE HEREINAFTER REFERED TO THE “CONTRACT PRODUCTS” OR THE “CONTRACT
PRODUCT” AS THE CASE MAY BE. 
  

	2.	UNIT PRICE AND TOTAL VALUE OF THE CONTRACT PRODUCTS: 

  

	 	2.1	UNIT PRICE 

 THE UNIT PRICE OF THE CONTRACT PRODUCTS SHALL
BE AS DISPLAYED IN THE FOLLOWING FORM: 
  

			
	NAME AND MODEL OF THE CONTRACT PRODUCT 	  	UNIT PRICE (JP¥) 
		
	 MULTI-WIRE SAWING MACHINE: ***
	  	***

  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

			
	MULTI BLOCK SLICER: ***	  	***

  

	*	Note: JP¥ refers to JAPANESE YEN. 

  

	 	2.2.	TOTAL VALUE 

 CIF SHANGHAI SEAPORT JP¥ ***.

 IF THE BUYER EXERCISES THE OPTION UNDER THE SECTION 1B OF THE CONTRACT TO PURCHASE ADDITIONAL *** MULTI BLOCK SLICERS, TOTAL VALUE
BECOMES: 
 CIF SHANGHAI SEAPORT JP¥ ***. 
  

	3.	COUNTRY OF ORIGIN AND MANUFACTURERS 

 NIPPEI TOYAMA
CORPORATION, JAPAN 
  

	4.	TIME OF DELIVERY: 

 FOR DETAILS OF THIS SECTION 4, PLEASE
REFER TO THE DELIVERY SCHEDULE OF THE APPENDIX II OF THE CONTRACT. 
  

	5.	PORT OF SHIPMENT: 

 JAPANESE MAIN SEAPORT 
  

	6.	PORT OF DESTINATION: 

 SHANGHAI, CHINA 
  

									
	 7.     
	 	    SHIPPING MARK	  		  	GCL-K980	  	
		 		  		  	SHANGHAI    CHINA	  	

  

	8.	PAYMENT TERMS: 

  

	 	8.1	THE BUYER WILL PAY RMB ***. – AS THE DEPOSIT (THE “DEPOSIT”) BY T/T INTO A BANK ACCOUNT THAT REQUIRES JOINT SIGNATURE BY BOTH THE SELLER AND BUYER, PROVIDED THAT THE
FIRST PERFORMANCE BOND HAS BEEN ISSUED TO THE BUYER UNDER THE SECTION 8.5 OF THE CONTRACT. 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

  

	 	8.2	IF THE BUYER TERMINATES THE CONTRACT FOR REASONS OTHER THAN THOSE STIPULATED IN SECTION 13, 17, 19.2 and 19.3. THEN THE BUYER WILL FORFEIT THE DEPOSIT. IF THE SELLER TERMINATES THE
CONTRACT FOR REASONS OTHER THAN THOSE STIPULATED IN SECTION 13, 17, 19.2 and 19.3, THE BUYER WILL BE ENTITLED TO ACQUIRE THE TOTAL AMOUNT OF THE FIRST PERFORMANCE BOND. 

  

	 	8.3	THE SELLER WILL RETURN THE DEPOSIT TO THE BUYER UPON THE DATE WHEN THE LETTER OF CREDIT IS ISSUED BY THE BUYER’S BANK FOR THE LAST DELIVERY OF THE CONTRACT PRODUCT OR UPON THE
DATE OF COMPLETION OF THE CONTRACT, WHICHEVER IS EARLIER. 

  

	 	8.4	THE BUYER SHALL OPEN AN IRREVOCABLE LETTER OF CREDIT IN JAPANESE YEN AT SIGHT WITH THE BUYER’S BANK IN FAVOR OF THE SELLER FOR AN AMOUNT OF *** OF THE TOTAL VALUE OF THE
CONTRACT PRODUCTS FOR EACH DELIVERY – *** BEFORE SHIPMENT. THE LETTER OF CREDIT WILL BE NEGOTIATED ACCORDING TO THE FOLLOWING. 

  

	 	8.4.1	AN AMOUNT OF *** OF THE TOTAL VALUE OF THE DELIVERED CONTRACT PRODUCTS SHALL BE AVAILABLE AGAINST THE FOLLOWING DOCUMENTS. 

  

	 	a.	FULL CLEAN ON BOARD B/L (THE SHIPMENT DATE SHALL CONFORM WITH THAT PRESCRIBED UNDER THIS CONTRACT), BLANK ENDORSED, 

  

	 	b.	5 SETS INVOICE, 

  

	 	c.	5 SETS PACKING LIST, 

  

	 	d.	1 SET MACHINE INSPECTION REPORT, 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

 4 

 CONTRACT (NO.: GCL-K980) 
  
  

	 	e.	1 SET CERTIFICATE OF ORIGIN BY MANUFACTURER, AND 

  

	 	f.	2 SETS CERTIFICATE OF MARINE INSURANCE. 

  

	 	8.4.2	AN AMOUNT OF *** OF THE TOTAL VALUE OF THE DELIVERED CONTRACT PRODUCTS SHALL BE AVAILABLE AGAINST FOLLOWING DOCUMENTS: 

  

	 	a.	5 SETS INVOICE, AND 

  

	 	b.	FINAL ACCEPTANCE REPORT SIGNED BY THE BUYER AND SELLER. 

  

	 	8.5	PERFORMANCE BOND 

  

	 	8.5.1	THE SELLER WILL PROVIDE THE BUYER WITH A PERFORMANCE BOND IN FAVOR OF THE BUYER, , IN A FORM SATISFIED BY THE BUYER, WITH THE AMOUNT OF JP¥ *** ISSUED BY A REPUTABLE BANK
(“THE FIRST PERFORMANCE BOND”) WITHIN *** OF THE EXECUTION OF THE CONTRACT. THE FIRST PERFORMANCE BOND WILL EXPIRE UPON THE DATE WHEN THE LETTER OF CREDIT IS ISSUED BY THE BUYER’S BANK FOR THE LAST DELIVERY OF THE CONTRACT PRODUCT OR
UPON THE DATE WHEN THE SECOND PERFORMANCE BOND BECOMES EFFECTIVE, WHICHEVER COMES LATER. IN THE EVENT THAT THERE IS ANY BREACH OF THE CONTRACT BY THE SELLER AND IT IS LIABLE FOR THE BUYER FOR ANY OTHER REASONS, THE BUYER MAY BE INDEMNIFIED BY THE
SELLER FROM THE FIRST PERFORMANCE BOND DURING ITS EFFECTIVE PERIOD. 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

 5 

 CONTRACT (NO.: GCL-K980) 
  
  

  

	 	8.5.2	THE SELLER SHALL PROVIDE THE BUYER WITH A PERFORMANCE BOND IN FAVOR OF THE BUYER, IN A FORM SATISFIED BY THE BUYER, WITH THE AMOUNT OF JP ¥ *** OR *** OF THE TOTAL AMOUNT OF THE
LAST DELIVERY, WHICHEVER IS LARGER, ISSUED BY A REPUTABLE BANK (“THE SECOND PERFORMANCE BOND”) WHEN THE BUYER’S BANK ISSUES THE LETTER OF CREDIT FOR THE LAST DELIVERY OF THE CONTRACT PRODUCT AND THE SECOND PERFORMANCE BOND WILL EXPIRE
WHEN THE WARRANTY PERIOD FOR THE CONTRACT PRODUCTS DELIVERED LASTLY EXPIRES. IN THE EVENT THAT THERE IS ANY CLAIM RAISED BY THE BUYER UNDER THE SECTION 12 OF THE CONTRACT, THE BUYER MAY BE INDEMNIFIED BY THE SELLER FROM SUCH PERFORMANCE BOND DURING
ITS EFFECTIVE PERIOD. 

  

	9.	SHIPPING ADVICE: 

 IMMEDIATELY AFTER THE CONTRACT PRODUCTS
HAVE BEEN SHIPPED, THE SELLER SHALL NOTIFY THE BUYER BY FAX THE CONTRACT NUMBER, NAME OF GOODS, QUANTITY, WEIGHT, TOTAL VALUE OF THE CONTRACT PRODUCTS, NAME AND SAILING DATE OF THE CARRYING VESSEL, AND PORT OF DESTINATION FOR SUCH DELIVERY.

  

	10.	PACKING: 

 TO BE PACKED IN STRONG WOODEN CASE(S), SUITABLE
FOR LONG DISTANCE OCEAN TRANSPORTATION AND TO CHANGE OF CLIMATE, WELL PROTECTED AGAINST MOISTURE, SHOCKS AND RUST. 
 THE SELLER SHALL BE
LIABLE FOR ANY DAMAGE OF THE COMMODITY AND EXPENSES INCURRED ON ACCOUNT OF IMPROPER PACKING AND FOR ANY RUST ATTRIBUTABLE TO INADEQUATE OR IMPROPER PROTECTIVE MEASURES TAKEN BY THE SELLER REGARDING TO THE PACKING. 
  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

  

	11.	TECHNICAL DOCUMENTATION: 

 FOR DETAILS OF THIS SECTION 11,
PLEASE REFER TO THE APPENDIX I OF THE CONTRACT. 
  

	12.	GUARANTEE OF QUALITY AND CLAIMS: 

 THE SELLER WARRANTS THAT
ALL OF THE CONTRACT PRODUCTS SUPPLIED UNDER THIS CONTRACT SHALL BE BRAND-NEW, UNUSED, FREE FROM DEFECTS IN MATERIAL AND WORKMANSHIP, OF MERCHANTABLE QUALITY AND IN GOOD WORKING ORDER, AND COMPLY IN ALL RESPECTS WITH THE QUALITY AND SPECIFICATION
STIPULATED UNDER THIS CONTRACT. THE WARRANTY PERIOD SHALL BE *** COUNTING FROM THE DATE ON WHICH THE CONTRACT PRODUCTS COMMENCE THE OPERATION OR *** AFTER THE DELIVERY OF THE CONTRACT PRODUCTS, WHICHEVER COMES FIRST. 
 WITHIN *** AFTER RECEIPT OF THE CONTRACT PRODUCTS BY THE BUYER, SHOULD THE QUALITY, SPECIFICATION OR THE QUANTITY BE FOUND NOT IN CONFORMITY WITH THE
STIPULATIONS OF THE CONTRACT EXCEPT THOSE CLAIMS FOR WHICH THE INSURANCE COMPANY ARE LIABLE, SHOULD THE CONTRACT PRODUCTS BE PROVED THAT THERE ARE DEFECTS INCLUDING LATENT DEFECTS OR TO BE MADE WITH UNSUITABLE MATERIALS, THE BUYER SHALL, ON THE
STRENGTH OF THE INSPECTION CERTIFICATE ISSUED BY THE CHINA INSPECTION & QUARANTINE BUREAU (CIQ), HAVE THE RIGHT TO CLAIM FOR REPLACEMENT WITH NEW QUALIFIED ONES. THE BUYER SHALL RETURN ALL DEFICIENT CONTRACT PRODUCTS TO THE SELLER BASED ON
FOB TERMS IMMEDIATELY AFTER RECEIPT OF THE FAX/E-MAIL OF B/L OF REPLACEMENT MADE BY THE SELLER. ALL THE EXPENSES (SUCH AS INSPECTION CHARGES, FREIGHT FOR RETURNING DEFICIENT CONTRACT PRODUCTS, INSURANCE PREMIUM, AND STORAGE & PORT CHARGES
ETC.) SHALL BE BORNE BY THE SELLER. 
  

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 CONTRACT (NO.: GCL-K980) 
  
  

 THE SELLER SHALL GUARANTEE TO REPLACE THE DEFICIENT CONTRACT PRODUCTS WITH QUALIFIED ONES WHICH MUST
BE IN CONFORMITY WITH THE SPECIFICATIONS, QUALITY & PERFORMANCE AS STIPULATED IN THE AGREEMENT, AND SHIP THE QUALIFIED CONTRACT PRODUCTS TO THE BUYER BASED ON CIF TERMS ***. ALL OF THE COSTS AND FEES INCURRED HEREUNDER FOR DELIVERY OF THE
QUALIFIED CONTRACT PRODUCTS AS THE REPLACEMENT OF THE DEFICIENT CONTRACT PRODUCTS SHALL BE BORN BY THE SELLER. IF THE SELLER FAILS TO ANSWER THE BUYER WITHIN THIS PERIOD, THE CLAIMS SHALL BE RECKONED AS HAVING BEEN ACCEPTED BY THE SELLER.

 THE INSPECTION CERTIFICATE ISSUED BY CIQ IS FINAL AND BINDING UPON BOTH PARTIES. 
  

	13.	FORCE MAJEURE: 

 THE EVENT WOULD BE EVENT OF FORCE MAJEURE
IF THE PARTY WHO CLAIMS NOT TO PERFORM ITS OBLIGATIONS UNDER THE CONTRACT CAN PROVE THAT THE FAILURE WAS DUE TO AN IMPEDIMENT BEYOND ITS CONTROL, NOT REASONABLY BEEN FORESEEN BY IT AT THE TIME OF PERFORMANCE OF THE CONTRACT AND NOT BEEN REASONABLY
AVOIDED OR OVERCOME BY IT (COLLECTIVELY THE “THREE CONDITIONS”). EVENTS OF FORCE MAJEURE INCLUDE WITHOUT LIMITATION WAR, HOSTILITIES, EXPLOSIONS, FIRES, NATURAL DISASTERS, AND ADVERSE WEATHER WHICH MEETS ANY AND ALL THREE CONDITIONS. THE
SELLER SHALL NOT BE HELD RESPONSIBLE FOR ANY DELAY IN DELIVERY OR NON-DELIVERY OF THE CONTRACT PRODUCTS DUE TO FORCE MAJEURE. HOWEVER, THE SELLER SHALL ADVISE THE BUYER IMMEDIATELY BY FAX/CABLE OF SUCH OCCURRENCE AND WITHIN *** THEREAFTER, SEND BY
THE COMPETENT GOVERNMENT AUTHORITIES OR CHAMBER OF COMMENCE OF THE PLACE WHERE THE ACCIDENT OCCURS AS EVIDENCE THEREOF. UNDER SUCH CIRCUMSTANCES THE SELLER, HOWEVER, IS STILL UNDER THE OBLIGATION TO TAKE ALL NECESSARY MEASURES TO HASTEN THE DELIVERY
OF THE CONTRACT PRODUCTS. 
  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

 8 

 CONTRACT (NO.: GCL-K980) 
  
  

  

	14.	COMMODITIES INSPECTIONS AND CLAIM 

 AFTER ARRIVAL OF THE
CONTRACT PRODUCTS AT THE PORT OF DESTINATION THE BUYERS SHALL APPLY TO THE CHINA ENTRY-EXIT INSPECTION AND QUARANTINE BUREAU (HEREINAFTER CALLED CIQ) FOR A PRELIMINARY INSPECTION OF THE CONTRACT PRODUCTS IN RESPECT OF THEIR QUALITY,
SPECIFICATIONS & QUANTITY/WEIGHT OR BOTH. 
  

	15.	BANKING CHARGE: 

 DURING EXECUTION OF THIS CONTRACT, ALL
THE BANKING CHARGES INCURRED IN CHINA SHALL BE BORNE BY THE BUYER WHILE ALL THE BANKING CHARGES INCURRED OUTSIDE CHINA SHALL BE BORNE BY THE SELLER. 
  

	16.	ARBITRATION AND APPLICABLE LAW: 

 ALL DISPUTES IN
CONNECTION WITH THIS CONTRACT OR THE EXECUTION THEREOF SHALL BE SETTLED THROUGH FRIENDLY NEGOTIATIONS. IN CASE NO SETTLEMENT CAN BE REACHED THROUGH NEGOTIATIONS, THE CASE SHOULD THEN BE SUBMITTED FOR ARBITRATION TO CHINA INTERNATIONAL ECONOMIC AND
TRADE ARBITRATION COMMISSION (CIETAC), IN ACCORDANCE WITH THE “ARBITRATION RULES OF CHINA INTERNATIONAL ECONOMIC AND TRADE ARBITRATION COMMISSION (the “CIETAC”). THE ARBITRAION SHALL TAKE PLACE IN BEIJING AND AWARD RENDERED BY THE
SAID COMMISSION SHALL BE FINAL AND BINDING UPON BOTH PARTIES; NEITHER PARTY SHALL SEEK RECOURSE TO A LAW COURT OR OTHER ANTHORITIES FOR REVISING THE AWARD. THE ARBITRATION FEE(INCLUDING THE REASONABLE ATTORNEY’S FEES INCURRED BY THE WINNING
PARTY) SHALL BE BORNE BY THE LOSING PARTY. 
  

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 CONTRACT (NO.: GCL-K980) 
  
  

 THE CONSTRUCTION, VALIDITY, INTERPRETATION, PERFORMANCE, IMPLEMENTATION AND ALL MATTERS RELATING TO
THIS CONTRACT AND ANY AMENDMENT THERETO SHALL BE GOVERNED BY THE UNITED NATIONS CONVENTION ON CONTRACTS FOR INTERNATIONAL SALE OF GOODS. TO THE EXTENT THE UNITED NATIONS CONVENTION ON CONTRACTS FOR INTERNATIONAL SALE OF GOODS DOES NOT COVER, PRC LAW
SHALL APPLY. 
  

	17.	DELAYED DELIVERY AND PENALTY: 

 IN CASE OF DELAYED
DELIVERY, EXCEPT FOR FORCE MAJEURE CASES, THE SELLER SHALL PAY TO THE BUYER FOR EVERY WEEK OF DELAY A PENALTY AMOUNTING TO ***. THE TOTAL AMOUNT OF PENALTY *** AND IS TO BE DEDUCTED FROM THE TOTAL VALUE OF THE CONTRACT PRODUCTS INVOLVED IN LATE
DELIVERY AND IS TO BE DEDUCTED FROM THE AMOUNT DUE TO THE SELLER BY THE PAYING BANK, OR BY THE BUYER DIRECTLY AT THE TIME OF PAYMENT. 
 IN
CASE THE PERIOD OF DELAY EXCEEDS *** AFTER STIPULATED DELIVERY DATE, THE BUYER HAS THE RIGHT TO TERMINATE THIS CONTRACT BUT THE SELLER SHALL NOT THEREBY BE EXEMPTED FROM THE PAYMENT OF PENALTY. HOWEVER, THE SELLER WON’T BE LIABLE TO PAY SUCH
PENALTY IF THE DELAY IS DUE TO THE FORCE MAJEURE. AS FOR ONE MULTI BLOCK SLICER SCHEDULED TO BE SHIPPED IN 31 DECEMBER 2008, *** OF GRACE PERIOD WILL BE GIVEN TO THE DELIVERY OF SUCH MULTI BLOCK SLICER, AND THE SELLER SHALL PAY PENALTY IN THE EVENT
THAT SUCH MULTI BLOCK SLICER CAN’T BE SHIPPED BY JANUARY 21, 2009. 
  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

	18.	*** 

  

	19.	Termination of the Contract 

  

	 	19.1	Without prejudice to any rights and remedies to which the Buyer may be entitled, if the Seller neglects to perform the Contract with due diligence and expedition, or refuses or
neglects to comply with any reasonable orders given to the Seller in writing by the Buyer in connection with the performance of the Contract, or contravenes the provisions thereof, or any stipulation in the Contract, the Buyer may give notice in
writing to the Seller to make good the neglect, refusal, or contravention complained of. 

  

	 	19.2	Should the Seller fails to comply with a notice given by the Buyer in accordance with Section 19.1 within *** from the date of service thereof in the case of a failure, neglect
or contravention capable of being made good within that time, or otherwise within such time as may be reasonably necessary for making it good, then, and in such case the Buyer may forthwith suspend, or terminate the Contract or any part thereof by
notice in writing to the Seller. 

  

	 	19.3	Without prejudice to any other rights or remedies to which the Buyer may be entitled, if the Seller become bankrupt or insolvent, or have a receiving order made against it, or
compound with its creditors, or be a corporation commence to be wound up (not being a member’s voluntary winding up for the purpose of amalgamation or reconstruction) or have a receiver or manager of its business appointed, the Buyer may
either: 

  

	 	i)	terminate the Contract forthwith by notice in writing to Seller or to the receiver or liquidator or to any person in whom the Contract may become vested; or

  

	 	ii)	give such receiver, liquidator, or other person the option of carrying out the Contract subject to his providing a guarantee for the due and faithful performance of the Contract up
to an amount to be agreed. 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

  

	20.	Adjustment of the Delivery 

 Buyer shall have the right to
adjust the delivery schedule of the undelivered goods by giving a *** prior notice to the Seller. 
  

	21.	Confidentially 

  

	 	21.1	The Seller shall at all times treat the Contract and everything contained therein as private and confidential except as may be reasonably necessary for the Seller to carry out the
work under the Contract. In particular the Seller shall not publish any information, drawing or photographs concerning the Contract Product, the project that the Buyer is engaging in or the Contract except with the written consent of the Buyer and
subject to such reasonable conditions as the Buyer may prescribe. 

  

	22.	Training 

  

	 	22.1	The Seller shall provide, within 30 days of the delivery of the goods, *** free training in Japan for about *** employees of the Buyer. The Training will be conducted according to a
standard training syllabus which will be provided by the Seller and will be satisfactory by the Buyer. The transportation fees and accommodation fees in Japan incurred by these employees will be born by the Seller and the international
transportation fees will be born by the Buyer. 

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

	23.	Customer Service 

 The Seller shall maintain an
installation and support team continuously on site available during each delivery period for fourteen days dating from the date when the delivered Contract Products arrive at the factory of the Buyer. The team contains at least *** engineers which
could provide needed service. 
 The team is responsible to provide customer service to the Buyer. The Seller procures the team will provide
on site restoration services in 24 hours upon the report of the Buyer and ensures to provide the Buyer standby equipment during the course of the restoration of the goods in the event it is within the warranty period. 
 Beside on site engineers, the Seller shall maintain a reasonable spare parts inventory in their repair service centers in Shanghai and Changzhou.

  

	24.	Assignment of the Rights and/or Obligations under the Contract 

  

	 	24.1	The respective rights and obligations of either party hereto may be assigned with the prior written consent of the other party, except that the Seller may assign its rights to
receive payments under the Contract and the Buyer may assign its rights to receive goods under the Contract. 

  

	 	24.2	The Buyer will notify the Seller of the consignee within *** before the shipment of the Contract Products and the Buyer will make changes in the letter of credit to be issued under
the Contract accordingly. 

  

	25.	Software Updating and Latest technology 

  

	 	25.1	The Seller warrants it will provide the Buyer with the updated Goods and related software when available prior to the scheduled delivery of the Contract Products.

  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

	 	25.2	The Seller warrants that it will provide the Buyer of the software updating for the Contract Products during the whole warranty period of such Contract Products if such updated
software is available and the Seller won’t charge the Buyer any fees for this. The software updating aforesaid includes remote software downloads and remote technical support. 

  

	 	25.3	The Seller continuously develops machine and process technology to reduce cost of ownership, increase performance and material utilization. This will be introduced to the Buyer and
if needed and agreed, the Parties will find a solution to adjust the specification as in the contract described. 

  

	 	25.4	The Seller will continuously inform the Buyer about latest wafer line technology to reach and optimize the material flow along the wafer line according to latest development.

  

	26	IP INDEMNIFICATIONS 

  

	 	26.1	REQUESTED INTELLECTUAL PROPERTY INDEMNITY 

 The Seller
shall indemnify the Buyer and its affiliates, and their respective officers, directors, agents and employees (the “Buyer Indemnified Parties”) from and against any cost, loss, liabilities, charge, expense (including attorneys’ fees),
damages and judgments incurred by any Buyer Indemnified Party arising from or incurred by reason of any action, claim, demand or proceeding that any of the Contract Product (including methodologies and technologies used or produced by such Contract
Product), documentation and services provided by the Seller (or Buyer’s receipt and use thereof) misappropriates or infringes any patent, copyright, trademark, trade name, trade secret or any other intellectual property right therein anywhere
in the world. 
  

	 	26.2	ASSOCIATED POSSIBLE REPRESENTATION AND WARRANTY REGARDING INTELLECTUAL PROPERTY 

  

 14 

 CONTRACT (NO.: GCL-K980) 
  
  

 The Seller warrants that it has the right and permission to supply to the Buyer the Contract
Product, documentation and services in accordance with the terms of the Contract. The Seller represents and warrants that (i) the Seller is the owner of the Contract Product and the documentation and has the right to provide or license, as
applicable, to the Buyer such Contract Product, documentation and services in accordance with the Contract (and that the Seller is duly authorized by any third party owner of any component the Contract Product and documentation to provide and to
license to the Buyer, as applicable, such Contract Product, documentation and services in accordance with this Contract) (ii) the Seller has determined that the Contract Product (including the methodologies and technologies used or produced by
such Contract Product), documentation and services may be disclosed to the Buyer without a valid claim of trade secret misappropriation by any party, (iii) the Contract Product (including the methodologies and technologies used or produced by
such Contract Product), documentation and services (and Buyer’s receipt and use thereof) do not infringe any third party patent, copyright, trademark, trade secret or other intellectual property right anywhere in the world, and (iv) the
sale anywhere in the world of products created utilizing the Contract Product does not infringe any third party patent, copyright, trademark, trade secret or other intellectual property right anywhere in the world. 
  

	27.	SUPPLEMENTARY CLAUSES: 

  

	 	A.	ALL THE APPENDIXES ATTACHED TO THIS CONTRACT AND SIGNED BY THE SELLERS AND THE BUYERS ARE INTEGRAL PART OF THIS CONTRACT. 

  

	 	B.	THE CONTRACT SHALL BE EFFECTIVE UPON THE EXECUTION OF THE CONTRACT BY THE SELLER AND THE BUYER. THIS CONTRACT IS MADE IN CHINESE AND ENGLISH LANGUAGES. BOTH HAVE THE STATUS IN LAW.

  

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 CONTRACT (NO.: GCL-K980) 
  
  

	 	C.	THESE TERMS AND CONDITIONS, BY THEIR NATURE, SHALL SURVIVE THE CONCELLTION, TERMINATION, EXPIRATION, OR ABANDONMENT OF THE CONTRACT, SUCH AS SECTION 16, 21, AND 27.

  

			
	REMARK:	  	SELLER’ BANK
		  	NAME: BANK OF TOKYO-MITSUBISHI UFJ, TSUDANUMA BRANCH
		  	 ADD: 2-18-1, MAEHARA-NISHI, FUNABASHI, CHIBA, JAPAN
 A/C NO.: ***

 (NO TEXT BELOW) 
  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

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 CONTRACT (NO.: GCL-K980) 
  
  

 THIS IS THE SIGNING PAGE FOR THE CONTRACT (NO.: GCL-K980) 
 

 
  

 17 

					
		  		  	(JPY)
		  	  
 SUPPLY LIST
	  	

  

											
	A	  		  	MULTI-WAFER MAKER	  		  	 EVERY ***SETS CONSIST AS BELOW

		  		  	(MULTI WIRE SAWING MACHINE)	  	
		  		  	MODEL: ***	  		  	

															
		  	A-1	  	 (THIS MACHINE COMPRISES THE FOLLOWING
UNITS)            *** 
	  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  	 ***
	  		  		  		  	
		  	A-2	  	STANDARD ACCESSORIES	  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  	 ***
	  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
					
	B	  	 INLAND FREIGHT. STANDARD EXPORT PACKING CHARGE,
 FOB CHARGE, CIF CHARGE 
	  	*** 	  		  	
					
	C	  	SUPERVISING FEE 	  	*** 	  		  	

  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

												
	D	  		  	SPECIAL ACCESSORIES 	  		  		
		  		  	 *** 
	  		  		
					
	E	  		  	SPARE PARTS 	  		  		
		  		  	 *** 
	  		  		
					
		  		  	UNIT PRICE            CIF SHANGHAI SEAPORT 	  		  	JPY	    ***
		  		  		  		  		  	 	 

  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

 1/2 
  

					
		  	SUPPLY LIST	  	

 (JPY) 
  

															
	A	 		  	MULTI BLOCK SLICER MODEL: ***	  		  		  	***	  	
					
		 	A-1	  	(THIS MACHINE COMPRISES THE FOLLOWING UNITS)	  		  	
		 		  	***	  		  		  		  	
						
		 	A-2	  	STANDARD ACCESSORIES 	  		  		  	
		 		  	 ***
	  		  	***	  	

  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

 2/2 
  

											
	B	  		  		  	SPECIAL ACCESSORIES 	  		  	
		  		  		  	 *** 
	  		  	
						
	C	  		  		  	 INLAND FREIGHT, STANDARD EXPORT PACKING
 CHARGE, FOB
& CIF CHARGE 
	  	***	  	
						
	D	  		  		  	SUPERVISING FEE 	  	***	  	
		  		  		  		  		  	 
		  		  		  	UNIT PRICE: CIF SHANGHAI, CHINA 	  		  	JPY    ***
		  		  		  		  		  	 

 Appendix II – Delivery Schedule 
  
  

													
	 	  	 SHIPMENT
	  	***	 	UNIT PRICE
***	 	***	 	UNIT PRICE
***	 	TOTAL
	 CONTRACT NO.
	  	  	Q’TY	 	SUB–TOTAL	 	Q’TY	 	SUB–TOTAL	 
	 GCL–K980–00
	  	 ***
	  	***	 	***	 	***	 	***	 	***
	 GCL–K980–01
	  	 ***
	  	***	 	***	 	***	 	***	 	***
	 GCL–K980–02
	  	 ***
	  	***	 	***	 	***	 	***	 	***
	 GCL–K980–03
	  	 ***
	  	***	 	***	 	***	 	***	 	***
	 GCL–K980–04
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–05
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–06
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–07
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–08
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–09
	  	 ***
	  	***	 	***	 		 		 	***
	 GCL–K980–10
	  	 ***
	  	***	 	*	 		 		 	
	 GCL–K980–11
	  	 ***
	  	***	 	*	 		 		 	
	 GCL–K980–12
	  	 ***
	  	***	 	*	 		 		 	
		  	 ***
	  	***	 		 	***	 		 	***

  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

 GUARANTY AGREEMENT 
 This Guaranty Agreement (hereinafter referred to as “Guaranty Agreement”) shall be signed and entered into on June 27, 2008 by and between: 
 Buyer: JIANGSU ZHONGNENG POLYSILICON TECHNOLOGY DEVELOPMENT CO LTD. 
 Address: NO. 66 YANGSHAN ROAD, XUZHOU ECONOMIC
DEVELOPMENT ZONE, JIANGSU PROVINCE, CHINA 
 Guarantor: NIPPEI TOYAMA CORPORATION. 
 Address: 6-26-2, MINAMIOI, SHINAGAWA-KU, TOKYO, JAPAN 
 Seller: MIYAMOTO TRADING LIMITED 
 Address: WBG W-26, 2-6 NAKASE, MIHAMA-KU, CHIBA, JAPAN 
 Buyer, Guarantor and
Seller are hereinafter collectively referred to as “the Parties” and each as “a Party”. 
  

 Whereas, the Buyer and the Seller has entered into a Contract on June 27, 2008 with the contract number of GCL-K980
(hereinafter referred to as the “Contract”). Based on this Contract, Seller shall supply the Buyer with *** of MULTI-WIRE SAWING MACHINE and *** of MULTI BLOCK SLICER and the Seller Grants the Buyer an option to buy additional *** MULTI
BLOCK SLICER through giving the Seller a written notice By March 31, 2009 (hereinafter collectively referred to as “Contract Products”). The Seller is also obligated to provide other equipments, components, documentations and service
and to perform the works associated with the Contract Products. 
 Whereas, the Seller, as a distributor of the Contract Products, has entered into the
Contract with the Buyer, and the Guarantor, as the manufacture of the Contract Products, agrees to undertake jointly and severally all the responsibilities and obligations under the Contract to the Seller. 
 Whereas, the Seller, a legal entity duly established and validly existing in Japan with its principal place of business at WBG W-26, 2-6 NAKASE, MIHAMA-KU, CHIBA, JAPAN,
and the Guarantor, a legal entity duly established and validly existing in Japan with its principal place of business at WBG W-26, 2-6 NAKASE, MIHAMA-KU, CHIBA, JAPAN. 
 Now therefore, the Parties, following friendly consultations, agree on the following terms and conditions and to sign this Guaranty Agreement. 
  
  

	***	CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND FILED SEPARATELY WITH THE COMMISSION. 

  

 The Guarantor hereby irrevocably guarantees and promises to undertake jointly and severally all the responsibilities and
obligations under the Contract to the Seller (including the liabilities for breach of the Contract), if the Seller is failed to execute and perform, for any reason, any of its obligations under the Contract (including without limitation, timely
delivery, quality guarantee in accordance with the Contract, liabilities for breach of the Contract, etc.). The Seller and the Guarantor shall be bound by this Guaranty Agreement. 
 The Guarantor and the Seller hereby further warrant and represent that: 
 l. The Guarantor, a legal entity organized and
existing under the law of Japan, shall inform the Buyer timely of any events or facts which have changed or may change the status, position of the Guarantor. 
 2. Guaranty under this Guaranty Agreement shall be joint and several guaranty liability. The Guarantor shall undertake immediately all liabilities under the Contract which the Seller shall execute and perform upon a written notice by the
Buyer (including performing 
  

 fully the Contract and / or bearing the liabilities for breach of the Contract). The Seller and Guarantor shall warrant
that they and each of their successor and assignee will undertake jointly and severally the obligations to perform the Contract fully. 
 3. The Contract and
this Guaranty Agreement shall be independent and effective each other. 
 4. The guaranty term under this Guaranty Agreement shall be ended at the date on
which all obligations and responsibilities of the Seller under the Contract have been completed fully and become effective from the effectiveness of this Guaranty Agreement. Within the term of this Guaranty Agreement, if the Buyer and the Seller
agree to change the volume, price, etc. under the Contract, the Guarantor shall be notified with such change and the Guarantor will undertake jointly and severally the obligations and liabilities under the changed Contract. 
 5. This Guaranty Agreement and its interpretation shall be governed by and construed in accordance with the laws of the People’s Republic of China. The settlement
of any disputes arising out of or in connection with this Guaranty Agreement shall be executed in accordance with the agreement of arbitration stated in the Contract. This Guaranty Agreement shall become effective at the date of signing by the legal
representative or the authorized representative of each the Buyer, Guarantor and Seller. 
  

 6. The Parties hereby confirm that this Guaranty Agreement shall be prepared in Chinese and English. Both languages are
consistent and binding. In case disputes arise, the Chinese version should prevail. 
 This Guaranty Agreement is signed by: 
 For and on behalf of the Buyer 
 

 
  

							
				
		  	/By:	  	  
	  	
		  	/signature of authorized representative)	  	
		  	/Name:	  	  
	  	
		  	/Title:	  	  
	  	

 For and on behalf of the GuarantorRegistration Rights Agreement

 Exhibit 10.1 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT, dated as of August 26, 2008, is entered into by and
among ADA-ES, a Colorado corporation (the “Company”) and the Persons whose names are set forth on the signature pages attached hereto (each a “Subscriber,” and together, the
“Subscribers”). 
 RECITAL 
 In connection with the sale by the Company of 909,092 shares of its Common Stock to accredited investors as set forth in the Subscription Agreements
dated as of August 26, 2008, entered into by and between the Company and the Subscribers thereto (the “Subscription Agreement”), the Company has agreed to provide the Subscribers with the rights set forth in this
Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, intending to be legally bound, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 “Affiliate” means any Person that directly or indirectly controls, or is under control with, or is controlled by such Person. As used in this definition, “control” (including with its correlative meanings,
“controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person (whether through ownership of securities
or partnership or other ownership interests, by contract or otherwise). 
 “Business Day” means any day excluding
Saturday, Sunday or any other day which is a legal holiday under the laws of the States of Colorado or New York or is a day on which banking institutions therein located are authorized or required by law or other governmental action to close.

 “Closing Date” means August 26, 2008. 
 “Common Stock” means the common stock, no par value per share, of the Company. 
 “Company” has the meaning set forth in the preamble. 
 “Designated Holder” means a holder of Registrable Securities. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Indemnified Party” has the meaning set forth in Section 2.9. 
 “Losses” has the meaning set forth in Section 2.9. 
 “Majority Holders” means holders of a majority (by number of shares) of the Registrable Securities. 
 “Person” means any individual, company, partnership, firm, joint venture, association, joint-stock company, trust, unincorporated
organization, governmental body or other entity. 
 “Piggyback Registration” has the meaning set forth in
Section 2.4. 
 “Registration Period” means the one year, plus any additional periods required by the
second paragraph of Section 2.1, during which the Registration Statement contemplated by Section 2.1 is required to remain effective. 
 “Registrable Securities” means, subject to the immediately following sentences, (i) shares of Common Stock acquired by the applicable Subscriber from the Company pursuant to the
Subscription Agreement and (ii) any shares of Common Stock issued or issuable, directly or indirectly, with respect to the securities referred to in clause (i) by way of stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization. In addition, any 

 
particular shares of Common Stock constituting Registrable Securities will cease to be Registrable Securities when they (x) have been effectively
registered under the Securities Act and disposed of in accordance with a Registration Statement covering them, (y) have been sold to the public pursuant to Rule 144 (or by similar provision under the Securities Act), or (z) are eligible
for resale under Rule 144(b)(1)(i) (or by similar provision under the Securities Act) without any limitation on the amount of securities that may be sold under paragraph (e) thereof or on the manner of sale under paragraph (f) thereof.

 “Registration Statement” means a registration statement on Form S-3 (or, if the Company is not eligible to use
Form S-3, such other appropriate registration form of the SEC pursuant to which the Company is eligible to register the resale of Registrable Securities) filed by the Company under the Securities Act which covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference in such registration
statement, which shall permit the Designated Holders to offer and sell, on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, the Registrable Securities. 
 “Representatives” has the meaning set forth in Section 2.9. 
 “Required Registration Statement” has the meaning set forth in Section 2.1. 
 “SEC” means the United States Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
 “Subscriber(s)” has the meaning set forth in the preamble. 
 “Subscription Agreement” has the meaning set forth in the recitals. 
 ARTICLE 2 
 REGISTRATION RIGHTS 

2.1 Required Registration. The Company shall use its reasonable efforts to prepare and,
not later than twenty (20) days from the Closing Date (or, if such 20th day is not a Business Day, by the first Business Day thereafter), file
a Registration Statement with the SEC (the “Required Registration Statement”) and cause the Required Registration Statement to be declared effective under the Securities Act within 120 days after the Closing Date (or, if such
120th day is not a Business Day, by the first Business Day thereafter). The Company agrees to include in the Required Registration Statement all
information which the Designated Holders shall reasonably request and as may be permitted by applicable law. If the Required Registration Statement is not declared effective under the Securities Act within 120 days after the Closing Date (or, if
such 120th day is not a Business Day, by the first Business Day thereafter), other than due to failure by a Designated Holder to furnish information required (as determined by the Company after consultation with counsel) to be included in such
Required Registration Statement or a force majeure event described in Section 4.17, the Company shall pay each Designated Holder in cash an amount per month equal to one percent (1%) of the amount paid by such Designated Holder for the
Registrable Securities pursuant to the Subscription Agreement, which shall be the Designated Holders’ sole remedy for such failure; provided that the maximum amount payable to a Designated Holder shall not exceed twelve percent (12%) of
the amount paid by such Designated Holder under its Subscription Agreement. 
 The Company shall use its reasonable efforts to keep the
Required Registration Statement continuously effective for a period of one year after the Registration Statement first becomes effective, plus the number of days during which such Registration Statement was not effective or usable pursuant to
Sections 2.5(b), 2.6(e) or 2.6(i) hereof, or such shorter period as will terminate when all of the Registrable 

 
Securities covered by the Required Registration Statement have been disposed of in accordance with the Required Registration Statement or have otherwise
ceased to be Registrable Securities. In the event the Company shall give any notice pursuant to Sections 2.6(e) or (i) hereof, the additional time period mentioned in this Section 2.1 during which the Required
Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Sections 2.6(e) or (i) to and including the date when
each seller of a Registrable Security covered by the Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by Sections 2.6(e). 
 The Company may include in any registration filed pursuant to this Section 2.1, such additional securities as it may be obligated to include
pursuant to any contractual obligations entered into by the Company, and, subject to any restrictions contained elsewhere in this Agreement, such securities as the Company may elect to register for its own account. 
 2.2 Current Public Information. The Company covenants that it will use its reasonable efforts to file all reports required to be filed by it under
the Exchange Act and the rules and regulations adopted by the SEC thereunder, and will use its reasonable efforts to take such further action as the Designated Holders may reasonably request, all to the extent required to enable the holders of
Registrable Securities to sell Registrable Securities pursuant to Rule 144 or Rule 144A adopted by the SEC under the Securities Act or any similar rule or regulation hereafter adopted by the SEC. The Company shall, upon the request of a Designated
Holder, deliver to such Designated Holder a written statement as to whether it has complied with such requirements during the twelve month period immediately preceding the date of such request. 
 2.3 Demand Registration. 
 (a) Subject
to Section 2.3(g), upon the written request of the Majority Holders requesting that the Company effect the registration under the Securities Act of all or part of such Designated Holders’ Registrable Securities and specifying the
intended method of disposition thereof, the Company will promptly give written notice of such requested registration to all Designated Holders, and thereafter the Company will use its reasonable efforts to effect as expeditiously as possible the
registration under the Securities Act of the following: 
 (i) the Registrable Securities which the Company has been so
requested to be registered by such Designated Holders for disposition in accordance with the intended method of disposition stated in such request; 
 (ii) all other Registrable Securities the holders of which shall have made a written request to the Company for registration thereof within 30 days after the giving of such written notice by the Company (which request
shall specify the intended method of disposition of such Registrable Securities); and 
 (iii) all shares of Common Stock
which the Company or Persons entitled to exercise “piggy-back” registration rights pursuant to contractual commitments of the Company may elect to register in connection with the offering of Registrable Securities pursuant to this
Section 2.3 or otherwise; 
 all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid)
of the Registrable Securities and the additional shares of Common Stock, if any, so to be registered; provided, that, the provisions of this Section 2.3 shall not require the Company to effect more than one registration of Registrable
Securities in addition to the Required Registration Statement contemplated by Section 2.1. 

 (b) The registrations under this Section 2.3 shall be on an appropriate form for a
Registration Statement that permits the disposition of such Registrable Securities in accordance with the intended methods of distribution specified by the Majority Holders in their request for registration. The Company agrees to include in any such
Registration Statement all information which Designated Holders of Registrable Securities being registered therein shall reasonably request so as to allow them to sell their Registrable Securities by the method of distribution selected by them.

 (c) A registration requested pursuant to this Section 2.3 shall not be deemed to have been effected (i) unless a
Registration Statement with respect thereto has become effective; provided, that a Registration Statement which does not become effective after the Company has filed a Registration Statement with respect thereto solely by reason of the refusal to
proceed of the Majority Holders (other than a refusal to proceed based upon the advice of counsel relating to a matter with respect to the Company) shall be deemed to have been effected by the Company at the request of the Majority Holders unless
the Designated Holders electing to have Registrable Securities registered pursuant to such Registration Statement shall have elected to pay all fees and expenses otherwise payable by the Company in connection with such registration pursuant to
Section 2.8, (ii) if, after it has become effective, such registration is withdrawn by the Company (other than at the request of the Majority Holders) or interfered with by any stop order, injunction or other order or requirement of
the SEC or other governmental agency or court for any reason prior to the expiration of a 180 day period following such Registration Statement’s effectiveness, or (iii) if the conditions to closing specified in any purchase agreement or
underwriting agreement entered into in connection with such registration are not satisfied, other than due solely to some act or omission by the Designated Holders electing to have Registrable Securities registered pursuant to such Registration
Statement. 
 (d) If a requested registration pursuant to this Section 2.3 involves an underwritten offering, the underwriter or
underwriters thereof shall be selected by the holders of a majority (by number of shares) of the Registrable Securities requested to be included in such Registration Statement and shall be reasonably acceptable to the Company in its sole discretion.

 (e) If a requested registration pursuant to this Section 2.3 involves an underwritten offering, and the managing underwriter
shall advise the Company that, in its opinion, the number of securities requested to be included in such registration (including securities of the Company or any other Person which are not Registrable Securities) exceeds the number which can be sold
in such offering in an orderly manner within a price range reasonably acceptable to the Company and to the holders of a majority (by number of shares) of the Registrable Securities requested to be included in such Registration Statement, the Company
will include in such registration, to the extent of the number which the Company is so advised can be sold in such offering, (i) first, any shares of Common Stock or other securities as to which the Company has granted registration rights prior
to the date of this Agreement which by their terms require priority over the rights granted under this Section 2.3, (ii) second, the Registrable Securities which have been requested to be included in such registration by the Designated
Holders pursuant to this Agreement (pro rata based on the amount of Registrable Securities sought to be registered by such persons), (iii) third, provided that no securities sought to be included by the Designated Holders have been excluded
from such registration, the securities of other persons entitled to exercise “piggy-back” registration rights pursuant to other contractual commitments of the Company (pro rata based on the amount of securities sought to be registered by
such persons) and (iv) fourth, securities the Company proposes to register for its own account. 

 (f) The Company shall use its reasonable efforts to keep any Registration Statement filed pursuant to
this Section 2.3 continuously effective (i) for a period of one year after the Registration Statement first becomes effective, plus the number of days during which such Registration Statement was not effective or usable pursuant to
Sections 2.5(b), 2.6(e) or 2.6(i); (ii) if such Registration Statement related to an underwritten offering, for such period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered
in connection with sales of Registrable Securities by an underwriter or dealer, or (iii) for such shorter period as will terminate when all of the Registrable Securities covered by the Required Registration Statement have been disposed of in
accordance with the Required Registration Statement or have otherwise ceased to be Registrable Securities. In the event the Company shall give any notice pursuant to Sections 2.6(e) or (i), the additional time period mentioned in
Section 2.3(f)(i) during which the Required Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to
Sections 2.6(e) or (i) to and including the date when each seller of a Registrable Security covered by the Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by
Sections 2.6(e). 
 (g) The right of Designated Holders to have Registrable Securities registered pursuant to this
Section 2.3 is only exercisable following the expiration of the Registration Period or, if, prior to the expiration of the Registration Period, the Company becomes ineligible to register the Registrable Securities on the Registration
Statement contemplated by Section 2.1 or such Registration Statement otherwise becomes unusable or ineffective and the Company is not able to correct the misstatements, have the applicable stop order rescinded or otherwise restore the
effectiveness of the Registration Statement as contemplated by this Agreement. 
 2.4 Piggyback Registration. 
 (a) Whenever the Company proposes to register any of its common stock under the Securities Act (other than pursuant to a registration pursuant to
Section 2.1 or Section 2.3, a registration on Form S-4 or S-8 or any successor or similar forms or a registration of shares in connection with an acquisition) and the registration form to be used may be used for the registration of
Registrable Securities, whether or not for sale for its own account, the Company will give prompt written notice to all Designated Holders, and such notice shall describe the proposed registration and distribution and offer to all Designated Holders
the opportunity to register the number of Registrable Securities as each such Designated Holder may request. The Company will include in such registration statement all Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 15 days after the Designated Holders’ receipt of the Company’s notice (a “Piggyback Registration”). 
 (b) The Company shall use its reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the
Registrable Securities requested to be included in a Piggyback Registration to be included on the same terms and conditions as any similar securities of the Company or any other security holder included therein and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method of distribution thereof. 
 (c) Any Designated Holder shall
have the right to withdraw its request for inclusion of its Registrable Securities in any Registration Statement pursuant to this Section 2.4 by giving written notice to the Company of its request to withdraw; provided, that in the event
of such withdrawal (other than pursuant to Section 2.4(e) hereof), the Company shall not be required to reimburse such holder for the fees and expenses referred to in Section 2.8 hereof incurred by such Designated Holder
prior to such withdrawal, unless such withdrawal was due to a material adverse change to the Company. The Company may withdraw a Piggyback Registration at any time prior to the time it becomes effective. 

 (d) If (i) a Piggyback Registration involves an underwritten offering of the securities being
registered, whether or not for sale for the account of the Company, to be distributed (on a firm commitment basis) by or through one or more underwriters of recognized standing under underwriting terms appropriate for such a transaction, and
(ii) the managing underwriter of such underwritten offering shall advise the Company that, in its opinion, the number of securities requested to be included in such offering (including securities of the Company or any other Person which are not
Registrable Securities) exceeds the number which can be sold in such offering in an orderly manner within a price range reasonably acceptable to the Company and, if registration of such offering is pursuant to a contractual commitment of the Company
to holders of its securities, holders of a majority (by number of shares) of such securities, then the Company will be required to include in such registration only the amount of securities which it is so advised should be included in such
registration. In such event: (x) in cases initially involving the registration for sale of securities for the Company’s own account, securities shall be registered in such offering in the following order of priority: (i) first, the
securities which the Company proposes to register, (ii) second, any shares of Common Stock or other securities as to which the Company has granted registration rights prior to the date of this Agreement which by their terms require priority
over the rights granted under this Section 2.4, (iii) third, Registrable Securities and securities which have been requested to be included in such registration by other Persons entitled to exercise “piggy-back” registration
rights pursuant to contractual commitments of the Company (pro rata based on the amount of securities sought to be registered by Designated Holders and such other Persons); and (y) in cases not initially involving the registration for sale of
securities for the Company’s own account, securities shall be registered in such offering in the following order of priority: (i) first, the securities of any Person whose exercise of a “demand” registration right pursuant to a
contractual commitment of the Company is the basis for the registration, (ii) second, Registrable Securities and securities which have been requested to be included in such registration by Persons entitled to exercise “piggy-back”
registration rights pursuant to contractual commitments of the Company (pro rata based on the amount of securities sought to be registered by Designated Holders and such other Persons), and (iii) third, the securities which the Company proposes
to register for its own account. 
 (e) If, as a result of the proration provisions of this Section 2.4, any Designated Holders
shall not be entitled to include all Registrable Securities in a Piggyback Registration that such Designated Holders has requested to be included, such holder may elect to withdraw its request to include Registrable Securities in such registration.

 (f) The right of the Designated Holders to register Registrable Securities pursuant to this Section 2.4 is only exercisable
with respect to Registrable Securities not then covered by an effective Registration Statement contemplated by Section 2.1 or Section 2.3. The rights of the Designated Holders under this Section 2.4 shall survive
the expiration of the Registration Period. 
 2.5 Holdback Agreements. 
 (a) To the extent not inconsistent with applicable law, upon the request of the Company or the underwriter, in the case of an underwritten public offering
of the Company’s securities other than in connection with the registration contemplated by Section 2.1, each Designated Holder will not effect any public sale or distribution (other than those included in the registration statement being
filed with respect to such public offering) of any securities of the Company, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during the 14 days prior to and 

 
the 90-day period beginning on such effective date (or such other period as may be requested by the Company or an underwriter to accommodate regulatory
restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any
successor provisions or amendments thereto), unless (in the case of an underwritten public offering) the managing underwriters otherwise agree to a shorter period of time. Notwithstanding the foregoing, no Designated Holder shall be required to
enter into any such “lock up” agreement unless and until all of the Company’s executive officers and directors execute substantially similar “lock up” agreements. Neither the Company nor the underwriter shall amend,
terminate or waive a “lock up” agreement unless each “lock up” agreement with a Designated Holder is also amended or waived in a similar manner or terminated, as the case may be. 
 (b) The Company shall have the right at any time, to suspend the filing of a Registration Statement under Section 2.3 or require that the
Designated Holders of Registrable Securities suspend further open market offers and sales of Registrable Securities pursuant to a Registration Statement filed hereunder for a period not to exceed an aggregate of 75 days in any twelve-month period
for valid business reasons (not including avoidance of their obligations hereunder) (i) to avoid premature public disclosure of a pending corporate transaction, including pending acquisitions or divestitures of assets, mergers and combinations
and similar events; and (ii) upon the occurrence of any of the events specified in Sections 2.6(e) or (i). 
 2.6
Registration Procedures. The Company will use its reasonable efforts to effect the registration of Registrable Securities pursuant to this Agreement in accordance with the intended methods of disposition thereof, and pursuant thereto the
Company will as expeditiously as possible: 
 (a) before filing the Registration Statement, the Company will furnish to counsel of any holder
of Registrable Securities (assuming the Company has been timely notified as to the identity and contact information for such counsel), a copy of such Registration Statement, and will provided such counsel with all correspondence with the SEC
regarding the Registration Statement; 
 (b) prepare and file with the SEC such amendments and supplements to such Registration Statement and
the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the period provided for in Section 2.1 or Section 2.3, or the periods contemplated by the Company or the
Persons requesting any Registration Statement filed pursuant to Section 2.4; 
 (c) furnish to each seller of Registrable
Securities included in the Registration Statement such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus included in the Registration Statement (including each preliminary prospectus) and such
other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) use its reasonable efforts to register or qualify such Registrable Securities under such state securities or blue sky laws as any Designated Holder reasonably requests, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller and to keep each such registration or qualification (or exemption therefrom) effective during the
period which the Registration Statement is required to be kept effective (provided, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be 

 
required to qualify but for this subparagraph, (ii) subject itself to taxation in any such jurisdiction, (iii) consent to general service of
process in any such jurisdiction or (iv) attempt to register or qualify securities for sale in any jurisdiction in which counsel for the Company has advised the Company that such registration or qualification would be likely to be unavailable
absent unreasonable effort or expense); 
 (e) notify each seller of such Registrable Securities, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in the Registration Statement contains an untrue statement of a material fact or omits any fact necessary to
make the statements therein not misleading in the light of the circumstances under which they were made, and, at the request of any such seller, the Company will as soon as possible prepare and furnish to such seller a reasonable number of copies of
a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading in the light of the circumstances under which they were made; 
 (f) cause all such Registrable Securities
to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be approved for trading on any automated quotation system of a national securities association on which similar
securities of the Company are quoted; 
 (g) provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such Registration Statement; 
 (h) enter into such customary agreements (including underwriting agreements) and take all
other customary and appropriate actions as the holders of a majority of the Registrable Securities being registered or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities;

 (i) notify each Designated Holder of any stop order issued or threatened by the SEC; 
 (j) otherwise comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable,
an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (k) in the event of the issuance of any stop order
suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such Registration Statement for sale in any
jurisdiction, the Company will use its reasonable efforts to promptly obtain the withdrawal of such order; 
 (l) if requested by a
Designated Holder, obtain one or more comfort letters, dated the effective date of the Registration Statement (and, if such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), signed by
the Company’s independent public accountants in customary form and covering such matter of the type customarily covered by such accountant comfort letters as the Majority Holders of the Registrable Securities being sold under the Registration
Statement shall reasonably request; 

 (m) provide a legal opinion of the Company’s outside counsel, dated the effective date of such
Registration Statement (and, if such registration includes an underwritten offering, dated the date of the closing under the underwriting agreement), with respect to the Registration Statement, each amendment and supplement thereto, the prospectus
included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature; 
 (n) subject to execution and delivery of mutually satisfactory confidentiality agreements, make available at reasonable times for inspection by any
seller of Registrable Securities, any managing underwriter participating in any disposition of such Registrable Securities pursuant to the Registration Statement, and any attorney, accountant or other agent retained by such seller or any managing
underwriter, during normal business hours of the Company at the Company’s corporate office in Littleton, Colorado and without unreasonable disruption of the Company’s business or unreasonable expense to the Company and solely for the
purpose of due diligence with respect to the Registration Statement, legally disclosable, financial and other records and pertinent corporate documents of the Company and its subsidiaries reasonably requested by such persons, and cause the
Company’s employees and independent accountants to supply all similar information reasonably requested by any such seller, managing underwriter, attorney, accountant or agent in connection with the Registration Statement, as shall be reasonably
necessary to enable them to exercise their due diligence responsibility under applicable securities laws; 
 (o) cooperate with each seller
of Registrable Securities and each underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers; and

 (p) take all other steps reasonably necessary to effect the registration of the Registrable Securities contemplated hereby. 
 2.7 Conditions Precedent to Company’s Obligations Pursuant to this Agreement. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Agreement that each of the Designated Holders whose Registrable Securities are to be registered pursuant to this Agreement shall furnish such Designated Holder’s written agreement to be bound by the
terms and conditions of this Agreement prior to performance by the Company of its obligations under this Agreement. By executing and delivering this Agreement, each Designated Holder represents and warrants that the information concerning, and
representations and warranties by, such Designated Holder, including information concerning the securities of the Company held, beneficially or of record, by such Designated Holder, furnished to the Company pursuant to the Subscription Agreement or
otherwise, are true and correct as if the same were represented and warranted on the date any Registration Statement required pursuant to this Agreement is filed with the SEC or the date of filing with the SEC of any amendment thereto, and each
Designated Holder covenants to immediately notify the Company in writing of any change in any such information, representation or warranty and to refrain from offering or disposing of any securities pursuant to any Registration Statement until the
Company has reflected such change in such Registration Statement. By executing and delivering this Agreement, each Designated Holder further agrees to furnish any additional information as the Company may reasonably request in connection with any
action to be taken by the Company pursuant to this Agreement, and to pay such Designated Holder’s expenses which are not required to be paid by the Company pursuant to this Agreement. 

 2.8 Fees and Expenses. All expenses incident to the Company’s performance of or compliance
with this Agreement including, without limitation, all registration and filing fees payable by the Company, fees and expenses of compliance by the Company with securities or blue sky laws, printing expenses of the Company, messenger and delivery
expenses of the Company, and fees and disbursements of counsel for the Company and all independent certified public accountants of the Company, and other Persons retained by the Company will be borne by the Company, and the Company will pay its
internal expenses (including, without limitation, all salaries and expenses of the Company’s employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance of the
Company and the expenses and fees for listing or approval for trading of the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on any automated quotation system of a national
securities association on which similar securities of the Company are quoted. In connection with any Registration Statement filed hereunder, the Company will pay the reasonable fees and expenses of a single counsel retained by the Designated Holders
of a majority (by number of shares) of the Registrable Securities requested to be included in such Registration Statement. The Company shall have no obligation to pay any underwriting discounts or commissions attributable to the sale of Registrable
Securities and any of the expenses incurred by any Designated Holder which are not specifically payable by the Company as described above, such costs to be borne by such Designated Holder or Holders, including, without limitation, the following:
underwriting fees, discounts and expenses, if any, applicable to any Designated Holder’s Registrable Securities; fees and disbursements of counsel or other professionals that any Designated Holder may choose to retain in connection with a
Registration Statement filed pursuant to this Agreement (except as otherwise provided herein); selling commissions or stock transfer taxes applicable to the Registrable Securities registered on behalf of any Designated Holder; any other expenses
incurred by or on behalf of such Designated Holder in connection with the offer and sale of such Designated Holder’s Registrable Securities other than expenses which the Company is expressly obligated to pay pursuant to this Agreement.

 2.9 Indemnification. 
 (a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Designated Holder and its general or limited partners, officers, directors, members, managers, employees, advisors, representatives, agents
and Affiliates (collectively, the “Representatives”) from and against any loss, claim, damage, liability, attorney’s fees, cost or expense and costs and expenses of investigating and defending any such claim
(collectively, the “Losses”), joint or several, and any action in respect thereof to which such Designated Holder or its Representatives may become subject under the Securities Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereto) arise out of or are based upon (i) any breach by the Company of any of its representations, warranties or covenants contained in this Agreement, (ii) any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, prospectus or preliminary or summary prospectus or any amendment or supplement thereto or (iii) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and the Company shall reimburse each such Designated Holder and its Representatives for any legal or any other expenses incurred by them in connection
with investigating or defending or preparing to defend against any such Loss, action or proceeding; provided, however, that the Company shall not be liable to any such Designated Holder or other indemnitee in any such case to the extent that any
such Loss (or action or proceeding, whether commenced or threatened, in respect thereof) arises out of or is based upon (x) an untrue statement or alleged untrue statement or omission or alleged omission, made in such Registration Statement,
any such prospectus or preliminary or summary prospectus or any amendment or supplement thereto, in reliance upon, and in conformity with, written 

 
information prepared and furnished to the Company by any Designated Holder or its Representatives expressly for use therein and, with respect to any untrue
statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to the Registration Statement, to the extent that a prospectus relating to the Registrable Securities was required to be delivered by such
Designated Holder under the Securities Act in connection with such purchase, there was not sent or given to such person, at or prior to the written confirmation of the sale of such Registrable Securities to such person, a copy of the final
prospectus that corrects such untrue statement or alleged untrue statement or omission or alleged omission if the Company had previously furnished copies thereof to such Designated Holder or (y) use of a Registration Statement or the related
prospectus during a period when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated or use of a prospectus when use of such prospectus has been suspended pursuant to
Sections 2.5(b), 2.6(e) or (i); provided that in each case, that such Holder was sent prior written notice of such stop order, initiation of proceedings or suspension from the Company. In no event, however, shall the Company be liable
for indirect, incidental or consequential or special damages of any kind, even if the Company was aware of or specifically advised as to the possibility of such damages. In connection with an underwritten offering, the Company will indemnify such
underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Designated Holders. 
 (b) In connection with the filing of the Registration Statement by the Company pursuant to this Agreement, the Designated Holders will furnish to the
Company in writing such information as the Company reasonably requests for use in connection with such Registration Statement and the related prospectus and, to the fullest extent permitted by law, each such Designated Holder will indemnify and hold
harmless the Company and its Representatives from and against any Losses, severally but not jointly, and any action in respect thereof to which the Company and its Representatives may become subject under the Securities Act or otherwise, insofar as
such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) the purchase or sale of Registrable Securities during a suspension as set forth in Sections 2.5(b),
2.6(e) or 2.6(i) hereof, in each case after written notice of such suspension was sent to the Designated Holder, (ii) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, prospectus or
preliminary or summary prospectus or any amendment or supplement thereto, or (iii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but, with respect
to clauses (ii) and (iii) above, only to the extent that such untrue statement or omission is made in such Registration Statement, any such prospectus or preliminary or summary prospectus or any amendment or supplement thereto, in reliance
upon and in conformity with written information prepared and furnished to the Company by such Designated Holder expressly for use therein or by failure of such Designated Holder to deliver a copy of the Registration Statement or prospectus or any
amendments or supplements thereto, and such Designated Holder will reimburse the Company and each Representative for any legal or any other expenses incurred by them in connection with investigating or defending or preparing to defend against any
such Loss, action or proceeding; provided, however, that such Designated Holder shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or prospectus or amendment or supplement thereto, such
Designated Holder has furnished in writing to the Company information expressly for use in such Registration Statement or prospectus or any amendment or supplement thereto which corrected or made not misleading information previously furnished to
the Company. In no event, however, shall any Designated Holder be liable for indirect, incidental or consequential or special damages of any kind, even if the Designated Holder was aware of or specifically advised as to the possibility of such
damages. 

 (c) Promptly after receipt by any Person in respect of which indemnity may be sought pursuant to
Section 2.9(a) or 2.9(b) (an “Indemnified Party”) of notice of any claim or the commencement of any action, the Indemnified Party shall, if a claim in respect thereof is to be made against the Person
against whom such indemnity may be sought (an “Indemnifying Party”), promptly notify the Indemnifying Party in writing of the claim or the commencement of such action; provided, that the failure to so notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which it may have to an Indemnified Party under Section 2.9(a) or 2.9(b) except to the extent of any actual prejudice resulting therefrom. If any such claim or
action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other similarly notified
Indemnifying Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or action, the
Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, that the
Indemnified Party shall have the right to employ separate counsel to represent the Indemnified Party and its Representatives who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified
Party against the Indemnifying Party, but the fees and expenses of such counsel shall be for the account of and shall be paid by such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to
the retention of such counsel or (ii) in the written opinion of counsel to such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest between them, it being
understood, however, that the Indemnifying Party shall not, in connection with any one such claim or action or separate but substantially similar or related claims or actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local counsel) at any time for all Indemnified Parties. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding other than the payment of monetary damages by the Indemnifying Party on behalf of the Indemnified Party. Whether or not
the defense of any claim or action is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (d) If the indemnification provided for in this Section 2.9 is unavailable to the Indemnified Parties in respect of any Losses referred to
herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Designated Holders on the other from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits but also the relative fault of the Company on the one hand and the Designated Holders on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault of the Company on the one hand and of each Designated Holder on the other shall be determined by reference to, among other things, whether any action taken, including any untrue or alleged untrue statement of a
material fact, or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. 

 The Company and the Designated Holders agree that it would not be just and equitable if contribution pursuant to this
Section 2.9(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an
Indemnified Party as a result of the Losses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.9, no Designated Holder shall be required to contribute any amount in excess of the amount by which the total price at
which the Registrable Securities of such Designated Holder were offered to the public. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. Each Designated Holder’s obligations to contribute pursuant to this Section 2.9 is several in the proportion that the proceeds of the offering received by such
Designated Holder bears to the total proceeds of the offering received by all the Designated Holders. The indemnification provided by this Section 2.9 shall be a continuing right to indemnification with respect to sales of Registrable
Securities and shall survive the registration and sale of any Registrable Securities by any Designated Holder and the expiration or termination of this Agreement. The indemnity and contribution agreements contained herein are in addition to any
liability that any Indemnifying Party might have to any Indemnified Party. 
 2.10 Participation in Registrations. 
 (a) No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement. 
 (b) Each Person
that is participating in any registration under this Agreement agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.6(e) or (i) above, such Person will
forthwith discontinue any further disposition of its Registrable Securities pursuant to the Registration Statement and all use of the Registration Statement or any prospectus or related document until such Person receives copies of a supplemented or
amended prospectus as contemplated by such Section 2.6(e) and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Designated Holder’s
possession, of such documents at the time of receipt of such notice. Furthermore, each Designated Holder agrees that if such Designated Holder uses a prospectus in connection with the offering and sale of any of the Registrable Securities, the
Designated Holder will use only the latest version of such prospectus provided by Company. 
 ARTICLE 3 
 TRANSFERS OF CERTAIN RIGHTS 
 3.1 Transfer. The rights granted to the Designated Holders under this Agreement may be transferred to (i) a person or entity which is an
Affiliate of the transferor, or (ii) any transferee of at least 100,000 Registrable Securities; provided, however, that any such transfer, in any case, shall be subject to the provisions of Sections 3.2 and 3.3; provided that
nothing contained herein shall be deemed to permit an assignment, transfer or disposition of the rights hereunder separate and apart from the Registrable Securities in violation of the terms and conditions of the Subscription Agreement or applicable
law. 

 3.2 Transferees. Any permitted transferee to whom rights under this Agreement are transferred
shall, as a condition to such transfer, deliver to the Company a written instrument by which such transferee agrees to be bound by the obligations imposed upon the Designated Holder under this Agreement to the same extent as if such transferee were
a Subscriber hereunder. 
 3.3 Subsequent Transferees. A transferee to whom rights are transferred pursuant to this
Section 3 may not again transfer such rights to any other person or entity, other than as provided in Sections 3.1 or 3.2 above. 
 ARTICLE 4 
 MISCELLANEOUS 
 4.1 Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to
(i) the Registrable Securities, (ii) any and all shares of Common Stock into which the Registrable Securities are converted, exchanged or substituted in any recapitalization or other capital reorganization by the Company and (iii) any
and all equity securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or in substitution of, the
Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The Company shall cause any successor or assign (whether by
merger, consolidation, sale of assets or otherwise) to enter into a new registration rights agreement with the Designated Holders on terms substantially the same as this Agreement as a condition of any such transaction. 
 4.2 No Inconsistent Agreements. The Company has not and shall not enter into any agreement with respect to its securities that prevents it from
performing this Agreement. 
 4.3 Amendments and Waivers. The provisions of this Agreement may be amended and the Company may take
action herein prohibited, or omit to perform any act herein required to be performed by it, if, but only if, the Company has obtained the written consent of the Majority Holders of the Registrable Securities then in existence. 
 4.4 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid wider applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement. 
 4.5 Counterparts. This Agreement may be executed in one or more
counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 4.6
Notices. All notices, requests and other communications to any party hereunder shall be in writing (including telecopy, facsimile, email or similar writing) and shall be deemed given or made as of the date delivered, if delivered personally
or by telecopy, facsimile or email (provided that delivery by telecopy, facsimile or email shall be followed by delivery of an additional copy personally, by mail or by overnight courier), one day after being delivered by overnight courier or four
business days after being deposited in the mail, sent by registered or certified mail (postage prepaid for the most expeditious form of delivery, return receipt requested), to the parties at the following addresses (or to such other address or telex
or telecopy number as a party may have specified by notice given to the other party pursuant to this provision): 

					
	 If to the Company, to:

		
		  	ADA-ES, Inc.
		  	8100 SouthPark Way, Unit B
		  	Littleton, Colorado 80120
		  	Attention:	  	Senior VP and CFO
		  	Telephone:	  	(303) 339-8850
		  	Facsimile:	  	(303) 734-0330
		  	Email:	  	markm@adaes.com
	
	 With copy to:

		
		  	Schuchat, Herzog & Brenman, LLC
		  	1900 Wazee Street, Suite 300
		  	Denver, Colorado 80202
		  	Attention:	  	Julie Herzog
		  	Telephone:	  	(303) 295-9707
		  	Facsimile:	  	(303) 295-9701
		  	Email:	  	jherzog@shblegal.com
	
	 If to a Subscriber, to:

		
		  	The address, facsimile number or email address set forth
		  	on the signature page of this Agreement.

 4.7 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to the conflicts of laws rules or provisions which would result in the application of the substantive law of any other state. 
 4.8 Forum; Service of Process. Any legal suit, action or proceeding brought by any party or any of its Affiliates arising out of or based upon
this Agreement shall be instituted in any federal or state court in New York County, New York, and each party waives any objection which it may now or hereafter have to the laying of venue or any such proceeding, and irrevocably submits to the
jurisdiction of such courts in any such suit, action or proceeding. 
 4.9 Captions. The captions, headings and arrangements used in
this Agreement are for convenience only and do not in any way limit or amplify the terms and provisions hereof. 
 4.10 No Prejudice.
The terms of this Agreement shall not be construed in favor of or against any party on account of its participation in the preparation hereof. 
 4.11 Words in Singular and Plural Form. Words used in the singular form in this Agreement shall be deemed to import the plural, and vice versa, as the sense may require. 
 4.12 Remedy for Breach. The Company hereby acknowledges that in the event of any breach or threatened breach by the Company of any of the
provisions of this Agreement, the Designated Holders would have no adequate remedy at law and could suffer substantial and irreparable damage. Accordingly, the Company hereby agrees that, in such event, the Designated Holders shall be entitled, and
notwithstanding any election by any Designated Holder to claim damages, to obtain a temporary and/or permanent injunction to restrain any such breach or threatened breach or to obtain specific performance of any such provisions, all without
prejudice to any and all other remedies which any Designated Holders may have at law or in equity. 

 4.13 Successors and Assigns, Third Party Beneficiaries. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto, each permitted assignee of a party, any Designated Holder permitted pursuant to Article 3 and their respective permitted successors and assigns and executors,
administrators and heirs. 
 4.14 Entire Agreement. This Agreement sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 
 4.15 Termination of Rights. Upon the expiration of the Registration Period all rights of Designated Holders under Section 2.1 of this Agreement will terminate. All rights under this Agreement will
terminate as to each Subscriber or Designated Holder when such Person no longer holds any Registrable Securities. 
 4.16 Force
Majeure. Notwithstanding anything to the contrary in this Agreement, no party to this Agreement will be liable for any failure or delay in its performance under this Agreement due to any cause beyond its reasonable control, including natural
disasters, war, embargo, riot, sabotage, labor shortage, act of terrorism, or governmental act, provided that the delayed party (a) gives the other parties prompt notice of such cause, and (b) uses reasonable commercial efforts to correct
promptly such failure or delay in performance. 
 4.17 Confidentiality. Each Subscriber agrees to keep confidential and not to
disclose to or use for the benefit of any third party any information which at any time is communicated by the Company or its representatives as being confidential without the prior written approval of the Company; provided, however, that this
provision shall not apply to information the Subscriber proves is already part of the public domain (except by breach of this Agreement) or is required to be disclosed by law, provided that Subscriber provides the Company with advance notice of such
disclosure and cooperates with the Company to prevent or limit the scope of such disclosure. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date and year first written above. 
  

			
	COMPANY:
	ADA-ES, INC.
	A Colorado Corporation
		
	By:	 	 /s/ Mark H McKinnies

	Title:	 	Senior VP & Chief Financial Officer

  

			
	SUBSCRIBER:
	PERELLA WEINBERG PARTNERS OASIS MASTER FUND L.P.

  

			
	By:	 	Perella Weinberg Partners Oasis Fund GP L.P.,
its general partner
	 Julia Garcia

	 [Print Name]

		
	By:	 	 /s/ Julia Garcia

	Title:	 	Authorized Person, CFO

			
	JURISDICTION:	 	Cayman Islands
	
	ADDRESS:
	c/o Perella Weinberg Partners Capital Management
	767 Fifth Ave
	NY, NY 10153
	
	Facsimile: 212-287-3204
	Email address:	 	  

 Aggregate Number of Shares of Common Stock: 389,611 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date and year first written above. 
  

			
	COMPANY:
	ADA-ES, INC.
	A Colorado Corporation
		
	By:	 	 /s/ Mark H McKinnies

	Title:	 	Senior VP & Chief Financial Officer

  

			
	SUBSCRIBER:
	Black River Small Capitalization Fund Ltd.
		
	By:	 	 Black River Asset Management LLC,
 its
Investment Advisor

		
	By:	 	 /s/ Eric Larson

	Title:	 	Principal

			
	JURISDICTION:	 	Minnesota

  

			
	 ADDRESS:

	 c/o Black River Asset Management LLC

	 12700 Whitewater Drive

	 Minnetonka, MN 55343

	
	 Facsimile: 952-984-3806

	 Email address:
	 	  

 Aggregate Number of Shares of Common Stock: 325,000 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed
as of the date and year first written above. 
  

			
	COMPANY:
	ADA-ES, INC.
	A Colorado Corporation
		
	By:	 	 /s/ Mark H McKinnies

	Title:	 	Senior VP & Chief Financial Officer

  

			
	SUBSCRIBER:
	Black River Small Capitalization Fund Ltd.
		
	By:	 	 Black River Asset Management LLC,
 its Investment
Advisor

		
	By:	 	 /s/ Eric Larson

	Title:	 	Principal

			
	 JURISDICTION:
	 	 Minnesota

  

			
	ADDRESS:
	c/o Black River Asset Management LLC
	12700 Whitewater Drive
	Minnetonka, MN 55343
	
	Facsimile: 952-984-3806
	Email address:	 	  

 Aggregate Number of Shares of Common Stock: 194,481

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]