Document:

Exhibit
10.12

 

TRANSLATION

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS AGREEMENT, MARKED BY [redacted], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL
AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED

 

AMENDMENT
TO CONTRACT OF DISPOSAL OF INTELLECTUAL PROPERTY

 

Between

 

		1.	MAGP
                                         INOVAÇÃO, S.A., with the registration and company sole number 510 597 270,
                                         with registered office at Rua da Fábrica, s/n, Sabugo, 2715-376 Almargem do Bispo,
                                         herein duly represented by Pedro Maria Almeida Lima Falcão e Cunha and João
                                         Lopes Teixeira Wahnon as directors, hereinafter referred to as MAGP,

 

and

 

		2.	FUSION
                                         WELCOME - FUEL, S.A., with the registration and company sole number 514 909 439,
                                         with registered office at Rua da Fábrica, s/n, Sabugo, 2715-376 Almargem do Bispo,
                                         herein duly represented by Frederico Figueira de Caves and Jaime Domingos Ferreira Silva
                                         as Directors, hereinafter referred to as FUSION FUEL,

 

Hereinafter
jointly referred as “Parties”,

 

Whereas:

 

		A)	At
                                         September 13th 2018 the Parties executed a Contract of Disposal of Intellectual Property,
                                         pursuant to which the Parties agreed on the total and definitive assignment and transfer
                                         from MAGP to FUSION FUEL of all property rights on a set of products and works which
                                         were developed, tested and produced by MAGP, as well as the terms of payments due for
                                         the transfer of the property rights on the products and the reimbursement of the costs
                                         associated to its development;

 

		B)	The
                                         Parties set as a date for the completion and presentation of the products and works by
                                         MAGP (“Completion Date”) the end of 2019, not considering any default before
                                         six months after such date;

 

		C)	Considering
                                         the new lines of investigation of products and works, that necessarily imply the delay
                                         of the Completion date, the Parties agreed to change the Completion Date and therefore
                                         the payment dates regarding the property rights of the products and the reimbursement
                                         of the costs;

 

     

    

    

 

The
Parties in good faith execute the present Amendment to Contract of Disposal of Intellectual Property, accepting, acknowledging,
and submitting to the clauses, terms, and conditions herein:

 

CLAUSE
FIRST 

 

Except
otherwise provided herein or unless the context otherwise requires, the terms and expressions used in this Amendment shall have
the meaning attributed to them in the Contract of Disposal of Intellectual Property.

 

CLAUSE
SECOND

 

		1.	By
                                         this Amendment the Parties agree to set the Completion Date at the end of the year 2020.

 

		2.	The
                                         dates of payment regarding the property rights and reimbursement of costs provided for
                                         in clause 7.3. shall be automatically readjusted according to the previous number.

 

CLAUSE
THIRD

 

All
clauses of the Contract of Disposal of Intellectual Property that have not been change by the execution of this Amendment shall
remain unchanged and valid.

 

Lisbon,
May 22nd 2020

 

	On behalf of MAGP INOVAÇÃO, S.A.	 
	 	 
	/s/ Pedro Falcão e Cunha	 
	Name: Pedro Falcão e Cunha	 
	Capacity: Director	 
	 	 
	On behalf of FUSION WELCOME - FUEL, S.A.	 
	 	 
	/s/ Jaime Ferreira da Silva	 
	Name: Jaime Ferreira da Silva	 
	Capacity: DirectorExhibit 10.13

 

TRANSLATION

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS AGREEMENT, MARKED BY [redacted], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL
AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED

 

 

 

 

 

Production
Capacity Reservation

 

 

MagP
/ Fusion Fuel

 

     

     

    

 

 

Production
Capacity Reservation

 

Between:

 

MAGP
INOVAÇÃO, S.A., registered with the Commercial Register Office of Sintra under number 510597270, headquartered
at Rua da Fábrica, s/n, Sabugo, 2715-376 Almargem do Bispo, herein duly represented by Pedro Maria Almeida Lima Falcão
e Cunha and Jaime Domingos Ferreira Silva, as directors, hereinafter referred to as MagP;

 

FUSION
WELCOME FUEL, S.A., registered with the Commercial Register Office of Sintra under number 514909430, headquartered at Rua
da Fábrica, s/n, Sabugo, 2715-376 Almargem do Bispo, herein represented by Frederico Figueira de Chaves and João
Teixeira Whanon, as directors, hereinafter referred to as Fusion Fuel;

 

Whereas:

 

		I.	Fusion
                                         Fuel is a company in early stage of launching a new technology within Green Hydrogen
                                         area and which has a project to launch its technological product on the market in a phased
                                         manner over the next three years;

		II.	MagP
                                         is a company whose activity is to produce, install, operate and maintain proprietary
                                         CPV systems using its own known and widespread technology;

		III.	The
                                         products developed by Fusion Fuel incorporate components currently produced by MagP which
                                         have been in production for several years;

		IV.	Fusion
                                         Fuel does not currently have production capacity to deliver upon the sales forecasted
                                         in its current business plan;

		V.	Both
                                         parties consider it in their mutual interest that Fusion Fuel has a viable mid-term production
                                         capacity to pursue its growth plans with mitigated risks;

 

This
Production Capacity Reservation is celebrated in good faith, accepting, recognizing and submitting the Parties to the clauses,
terms and conditions set out herein:

 

Clause
1st

(Object)

 

		1.	The
                                         current Contract establishes a minimum amount of material that MagP commits to deliver
                                         to Fusion Fuel according to the terms outlined in the contract.

 

     

     

    

 

		2.	The
                                         materials the Contract refers to are:

 

		a.	Supply
of Modules;

		b.	Supply
of tracker structures and accessories;

		c.	Supply
of command boards and electrical installations for Hydrogen Plants;

		d.	Supply
of assembly services of all equipment.

 

		3.	The
                                         supply of all components or materials will be done “ex-works” and the transportation
                                         of these falls unto Fusion Fuel.

 

Clause
2nd

(Deadline
and Conditions)

 

		1.	The
                                         production capacity reserve is guaranteed during the first three years of activity of
                                         Fusion Fuel counting from the conclusion of the GreenGas project which should start still
                                         in the year of 2020.

		2.	A
                                         production capacity reserve will be of 55 trackers and equivalents for the GreenGas project
                                         and of 4.200 trackers over three years.

		3.	Tracker
                                         equivalents means the total components included in the complete structures, as well as
                                         assembly and installation on the site of hydrogen solar plants.

		4.	Both
                                         parties can agree to exclude some of the tracker components or services mentioned, which
                                         may be assumed directly by Fusion Fuel, as long as the exclusion is explicitly mentioned
                                         on the supply contracts and do not represent more than 40% of the overall value of the
                                         tracker.

		5.	Fusion
                                         Fuel will, at the start of each year and by the end of January, confirm the tracker numbers
                                         outlined above and communicate the required production schedule for the year.

		6.	At
                                         the same time, both Parties will establish a supply contract outlining the obligations
                                         for both Parties, which will include financial, technical and service conditions and
                                         also conditions of guarantee.

		7.	After
                                         reaching an agreement on the production schedule, changes can only be made by mutual
                                         agreement with MagP except in cases of “force majeure” not attributable to
                                         Fusion Fuel and must be communicated to MagP.

		8.	The
                                         changes or reviews to the supply schedules does not release either Party from the obligations
                                         laid out in this Contract.

		9.	Without
                                         prejudice to the other obligations provided for in this contract, MagP is responsible
                                         to ensure the production and supply of the amounts mentioned above and the communicated
                                         production schedule as provided above in number five of previous clause.

		10.	The
                                         Parties further agree on the following conditions to which the Contract also binds them:

		a.	The
                                         equipment associated to GreenGas project, to supply at the early stage of activity of
                                         Fusion Fuel, will be provided by MagP at a maximum unit cost of €[redacted]
                                         per tracker;

 

    2

     

    

 

		b.	The
                                         remaining equipment will be provided under the following conditions:

		i.	First
                                         1.400 trackers at a max unit price of €[redacted] per tracker;

		ii.	Following
                                         1.400 trackers at a max unit price of €[redacted] per tracker;

		iii.	Following
                                         1.400 trackers at a price to be defined but at a max unit price of €[redacted]
                                         per tracker.

 

Clause
3rd

(Non-compliance
and termination)

 

Without
prejudice to other circumstances which, under the terms of the Supply Contract, may be qualified as non-performance and may be
subject to penalties, it is hereby agreed that:

 

		a)	In
                                         case Fusion Fuel does not request a number of trackers equal or above the amounts stipulated
                                         in Clause 2, MagP can be released from its obligation to supply the amounts listed in
                                         this Contract and can instead to propose production quotas lower that those established
                                         herein;

		b)	In
                                         case MagP does not supply the products or materials according to the schedule agreed
                                         upon and at the mentioned production amounts stated above and also supply contracts to
                                         be celebrated, then MagP is liable for any indemnity charges or losses caused to Fusion
                                         Fuel;

		c)	In
                                         addition, any non-compliance with the terms above or previous clauses by Fusion Fuel
                                         allows MagP to terminate the contract through notification to Fusion Fuel which produces
                                         its effects immediately after being received;

		d)	If
                                         either party is insolvent or under administration, then the other party can cancel the
                                         Contract without penalty and by simple notification of that termination to the other
                                         party.

 

Clause
4th

(Confidentiality)

 

		1.	All
                                         information shared between both parties or with third parties (private or public entities),
                                         written, oral or other ways are considered confidential.

		2.	Both
                                         parties commit not to divulge to third party’s confidential information and to
                                         ensure employees, consultants or companies either work with do not have access or share
                                         such information.

		3.	Information
                                         can be shared if it is mutually agreed upon or the information is required in a legal
                                         or arbitrage procedure

		4.	Information
                                         will continue to be confidential even after the contract is no longer valid for a period
                                         of 3 years.

 

    3

     

    

 

Clause
5th

(Communications)

 

Any
notification or communication between Parties regarding the contract should be done in written and send through registered mail
to the addresses agreed above or by email to an agreed upon mailing address.

 

Clause
6th

(Other
Rules)

 

		1.	The
                                         present Contract can only be modified in agreement with both parties and written and
                                         signed by both parties and constitutes an integral agreement corresponding to the will
                                         of the parties who so wished, replacing all previous communications, drafts, agreements,
                                         declarations, guarantees, stipulations, commitments and agreements of any kind, oral
                                         or written, exchanged between or by the parties on the same subject.

		2.	Each
                                         party expressly acknowledges that the Contract faithfully reflects their respective wishes,
                                         but is not absolved of liability for fraudulent statements made prior to and in relation
                                         to this Contract.

		3.	This
                                         contract replaces any negotiation or discussion or statements between the parties or
                                         any oral or written record which is not included herein.

		4.	The
                                         governing jurisdiction for this contract is Portuguese law, and any resolution of legal
                                         issues will be heard at the District Court of Lisbon, expressly waiving any others.

 

The
present Contract is done in duplicate, one copy being set aside for each Party.

 

Lisbon,
June 1st of 2020.

 

By MagP

 

	/s/ Pedro Falcão e Cunha	 	/s/ Jaime Silva
	Pedro Falcão e Cunha	 	Jaime Silva

 

By Fusion Fuel

 

	/s/ João Teixeira Wahnon	 	/s/
    Frederico Figueira de Chaves
	João Teixeira Wahnon	 	Frederico Figueira de Chaves

 

 

4

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