Document:

EX 10.2

     

     

    
      EXHIBIT
        10.2

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        This
          Letter Agreement dated December 31, 2005 made between:

        

        

        PACIFIC
          SPINNER LIMITED

        Suite
          802, St. James Court, St. Dennis Street

        Port
          Louis, Mauritius

        

        

        ("Purchaser")

        

        and

        

        Texhoma
          Energy, Inc.

        #120-2411
          Fountainview Drive

        Houston
          TX - 77057

        USA

        

        ("Seller")

        

        

        Whereas
          the Seller owns Forty Percent (40%) of the issued and outstanding shares
          of
          Black Swan Petroleum Pty Ltd, a company incorporated in Australia, and
          Forty
          Percent (40%) of the issued and outstanding shares of Black Swan Petroleum
          (Thailand) Limited, a company incorporated in Thailand (the "Companies"
          and the
          "Shares"). The Seller desires to transfer the Shares of the Companies to
          the
          Purchaser pursuant to the terms of this Letter Agreement, and

        

        Whereas
          the Seller desires to ensure that it has no future responsibility, indirect
          or
          otherwise, to fulfill or ensure the fulfillment of the obligations imposed
          under
          the Petroleum Concession and

        

        Whereas
          the Purchaser wishes to acquire the Shares of the Company owned by the
          Seller
          for investment purposes.

        

        Now
          Therefore this Letter Agreement sets out the terms and conditions for the
          purchase by the Purchaser of the Shares of the Companies from the Seller
          as
          follows:

        

        1. The
          Seller warrants and represents to the Purchaser that it owns the Shares
          Free and
          clear of all liens and encumbrances and that there are no other rights
          to
          acquire the Shares. 

        

        2. The
          Seller further warrants that it has no claims or liabilities outstanding
          that
          could give rise to a right by any third party to acquire the Shares by
          way of
          set off, damages creditor's lien or in any other manner. 

        

        3. The
          Seller agrees to sell and transfer all of the Shares to the Purchaser for
          good
          and valuable consideration, the sufficiency of which is hereby
          acknowledged.

        

        4. The
          Purchaser agrees to Purchase the Shares with an effective date of December
          31,
          2005 (the "Effective Date") and to indemnify the Seller of all claims and
          costs
          incurred by the Companies since that Effective Date.

        

        5. The
          Purchaser agrees to use it best efforts to on-sell the Shares and pay to
          the
          Seller a 20% share of the proceeds received.

        

        6. The
          Seller warrants to the Purchaser that the Seller is a corporation in good
          standing in its jurisdiction and that the Seller has the right to enter
          into
          this Letter Agreement.

        

        7. Time
          is
          of the essence hereof and both parties agree to use diligent efforts, and
          execute all documents that may be reasonably required, to transfer the
          Shares to
          the Purchaser and close the transaction contemplated by this Letter
          Agreement.

        

        8. The
          Parties acknowledge that they have had the opportunity to obtain independent
          legal advice, with the parties responsible for their own cost.

        

        IN
          WITNESS WHEREOF, the Parties hereto have caused this Letter Agreement to
          be duly
          executed by their duly authorized representative as of the date first above
          written.

        

        

        PACIFIC
          SPINNER LIMITED

        

        Per:
          /s/York
          Shin Lim Vin Lee

        York
          Shin
          Lim Vin Lee

        

        

        TEXHOMA
          ENERGY, INC.

        

        Per:
          /s/Brian
          Alexander

        Brian
          Alexander, PresidentEXHIBIT
10.1

 

ASSET PURCHASE AGREEMENT

 

dated December 13,
2005

 

between

 

SATCON POWER SYSTEMS, INC.,

SELLER

 

and

 

QUALMARK LING CORPORATION,

BUYER

 

 

TABLE OF CONTENTS

	
   

  	
   

  	
  Page

  
	
  Exhibits

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A -

  	
  Bill of Sale

  	
   

  
	
  Exhibit B -

  	
  Instrument of Assumption

  	
   

  
	
  Exhibit C -

  	
  Cross Receipt

  	
   

  
	
  Exhibit D -

  	
  Confidentiality and Non-Disclosure Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule 1.1(b) -

  	
  Excluded Assets

  	
   

  
	
  Schedule 1.5 -

  	
  PM10 Designs

  	
   

  
	
  Schedule 2.1 -

  	
  Organization

  	
   

  
	
  Schedule 2.3 -

  	
  Non-Contravention

  	
   

  
	
  Schedule 2.5(a) -

  	
  Acquired Assets

  	
   

  
	
  Schedule 2.5(c) -

  	
  Security Interests

  	
   

  
	
  Schedule 2.6(a) -

  	
  Intellectual Property

  	
   

  
	
  Schedule 2.7 -

  	
  Inventory

  	
   

  
	
  Schedule 2.8 -

  	
  Contracts

  	
   

  
	
  Schedule 2.10 -

  	
  Warranties

  	
   

  

 

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement is
entered into as of December 13, 2005 by and between Qualmark Ling
Corporation, a Colorado corporation (the “Buyer”), and SatCon Power Systems,
Inc., a Delaware corporation (the “Seller”).

 

This Agreement contemplates a
transaction in which the Buyer will purchase certain of the assets and assume
certain of the liabilities of the Seller related to its Ling Shaker and
Amplifier business.

 

Capitalized terms used in this
Agreement shall have the meanings ascribed to them in Article IX.

 

In consideration of the representations,
warranties and covenants herein contained, the Parties agree as follows.

 

ARTICLE I

THE ASSET PURCHASE

1.1           Purchase
and Sale of Assets.

 

(a)           Upon and subject to the terms and
conditions of this Agreement, the Buyer shall purchase from the Seller, and the
Seller shall sell, transfer, convey, assign and deliver to the Buyer, at the
Closing, for the consideration specified below in this Article I, all right,
title and interest in, to and under the Acquired Assets.

 

(b)           Notwithstanding the provisions of
Section 1.1(a), the Acquired Assets shall not include the Excluded Assets.

 

1.2           Assumption
of Liabilities.

 

(a)           Upon and subject to the terms and
conditions of this Agreement, the Buyer shall assume and become responsible
for, from and after the Closing, the Assumed Liabilities.

 

(b)           Notwithstanding the terms of Section
1.2(a) or any other provision of this Agreement to the contrary, the Buyer
shall not assume or become responsible for, and the Seller shall remain liable
for, the Retained Liabilities.

 

1.3           Purchase Price.

 

(a)           The Purchase Price to be paid in full in cash by the Buyer
for the Acquired Assets at the Closing shall be $2,325,000, subject to
adjustment as set forth in Section 1.3(b) below.

 

(b)           Prior to Closing Seller and Buyer shall, jointly and in
good faith, make an evaluation of any changes in the inventory of Seller as
reflected in Schedule 2.7. Any reduction in such inventory shall result
in a concomitant reduction in the Purchase Price to be paid at 

 

 

closing, and any increase in such
inventory shall result in a concomitant increase in the Purchase Price to be
paid at closing. The amount of such reduction or increase, if any, shall be
agreed upon in writing by Seller and Buyer immediately prior to closing, and
such written document will constitute an amendment to this Agreement.

 

1.4           Allocation. 
Seller and Buyer agree to the allocated fair market value of the
Acquired Assets as follows:

 

	
  Inventory

  	
   

  	
  $

  	
  1,842,749

  	
   

  
	
  Furniture, Fixtures and Equipment

  	
   

  	
  $

  	
  68,000

  	
   

  
	
  Vendor Tooling

  	
   

  	
  $

  	
  240,000

  	
   

  
	
  Ling name and trademark

  	
   

  	
  $

  	
  171,251

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  2,325,000

  	
   

  

 

Such allocation shall be binding
on Buyer and Seller for all federal, state and local tax purposes. Buyer and
Seller shall file with their respective federal income tax returns forms that
shall reflect such allocation. In the event that the Purchase Price is adjusted
pursuant to Section 1.3(b) above, the allocation of the Purchase Price among
the Acquired Assets shall be appropriately modified to reflect increases or
decreases in the inventory.

 

1.5           PM10 Designs and Amplifiers. At the Closing, Seller
will transfer to Buyer and Seller joint ownership of Seller’s PM 10 Power
Module designs listed on Section 1.5 of the Disclosure Schedule (the “PM10
Designs”).  Buyer agrees that it will not
use the PM10 Designs for the production of devices for the power sources
market. Seller agrees that that it will not use the PM10 Designs in the
production of devices for the electrodynamic vibration market.  Buyer acknowledges and agrees that Seller retains
all of its rights to build amplifiers for its EPT Acoustical product line, and
Seller acknowledges and agrees that, effective on the Closing Date, it shall
not retain rights to continue the use of the LING name or trademark.  Neither party shall have any obligation to
account to the other for profits derived from its use of the PM10 Designs in
accordance with this Section 1.5.

 

1.6           The
Closing.  The Closing shall take
place on December       , 2005 at the offices of
Greenberg Traurig LLP in Boston, Massachusetts commencing at 9:00 a.m. local
time on the Closing Date or at such other time and place as the parties may
mutually agree upon.  All transactions at
the Closing shall be deemed to take place simultaneously, and no transaction
shall be deemed to have been completed and no documents or certificates shall
be deemed to have been delivered until all other transactions are completed and
all other documents and certificates are delivered.

 

1.7           Further Assurances. 
At any time and from time to time after the Closing, at the request of
the Buyer and without further consideration, the Seller shall execute and
deliver such other instruments of sale, transfer, conveyance and assignment and
take such actions as the Buyer may reasonably request to more effectively
transfer, convey and assign to the Buyer, and to confirm the Buyer’s rights to,
title in and ownership of, the Acquired Assets and to place the Buyer in actual
possession and operating control thereof.

 

2

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants to the Buyer that, except as set forth in the Schedule hereto, the
statements contained in this Article II are true and correct as of the
date of this Agreement and will be true and correct as of the Closing as though
made as of the Closing, except to the extent such representations and
warranties are specifically made as of a particular date (in which case such
representations and warranties will be true and correct as of such date).  For purposes of this Article II, the phrase “to
the knowledge of the Seller” or any phrase of similar import shall be deemed to
refer to the actual knowledge of the executive officers of the Seller. For the
purposes of this Article II, any representation or warranty made by the Seller
is made exclusively in relation to the Acquired Business.

 

2.1           Organization, Qualification and Corporate Power.  The Seller is a corporation duly organized,
validly existing and in corporate good standing under the laws of the State of
Delaware.  The Seller is duly qualified
to conduct business and is in corporate good standing under the laws of each
jurisdiction listed in Schedule 2.1, which jurisdictions constitute the
only jurisdictions in which the nature of the Seller’s businesses or the
ownership or leasing of its properties requires such qualification, except for
those jurisdictions in which the failure to be so qualified or in good
standing, individually or in the aggregate, has not had and would not
reasonably be expected to have a Seller Material Adverse Effect.  The Seller has all requisite corporate power
and authority to carry on the businesses in which it is engaged and to own and
use the properties owned and used by it. 
The Seller has furnished to the Buyer complete and accurate copies of
its Certificate of Incorporation and by-laws. 
The Seller is not in default under or in violation of any provision of
its Certificate of Incorporation or by-laws.

 

2.2           Authorization of Transaction.  The Seller has all requisite power and
authority to execute and deliver this Agreement and the Ancillary Agreements
and to perform its obligations hereunder and thereunder.  The execution and delivery by the Seller of
this Agreement and, the performance by the Seller of this Agreement and the
Ancillary Agreements and the consummation by the Seller of the transactions
contemplated hereby and thereby have been duly and validly authorized by all
necessary corporate action on the part of the Seller.  This Agreement has been duly and validly
executed and delivered by the Seller and constitutes, and each of the Ancillary
Agreements, upon its execution and delivery by the Seller, will constitute, a
valid and binding obligation of the Seller, enforceable against the Seller in
accordance with its terms.

 

2.3           Noncontravention. 
Except as set forth on Schedule 2.3, neither the execution and
delivery by the Seller of this Agreement or the Ancillary Agreements, nor the
consummation by the Seller of the transactions contemplated hereby or thereby,
will (a) conflict with or violate any provision of the Certificate of
Incorporation or by-laws of the Seller, (b) require on the part of the
Seller any notice to or filing with, or any permit, authorization, consent or
approval of, any Governmental Entity, (c) conflict with, result in a
breach of, constitute (with or without due notice or lapse of time or both) a
default under, result in the acceleration of obligations under, create in any
party the right to terminate, modify or cancel, or require any notice, consent
or waiver under, any contract or instrument to which the Seller is a party or
by which the Seller is 

 

3

 

bound or to which any of its
respective assets is subject, except for (i) any conflict, breach, default,
acceleration, termination, modification or cancellation which, individually or
in the aggregate, would not have a Seller Material Adverse Effect and would not
adversely affect the consummation of the transactions contemplated hereby or
(ii) any notice, consent or waiver the absence of which, individually or in the
aggregate, would not have a Seller Material Adverse Effect and would not
adversely affect the consummation of the transactions contemplated hereby,
(d) result in the imposition of or acceleration of any Security Interest
upon any assets of the Seller or (e) violate any order, writ, injunction,
decree, statute, rule or regulation applicable to the Acquired Assets or the
Acquired Business.

 

2.4           Tax
Matters.  The Seller has filed on a
timely basis all Tax Returns that it was required to file which relate to the
Acquired Business, and all such Tax Returns were complete and accurate in all
material respects and all Taxes shown thereon to be due and payable have been
paid in full.  Seller has not received
notice of any tax deficiency outstanding, proposed or assessed against it, nor
does Seller have any knowledge of any basis for any tax deficiency or
assessment.  There are no tax liens upon,
pending against or, to the best knowledge of Seller, threatened against any
Acquired Assets.  No examination or audit
of any Tax Return of the Seller related to the Acquired Business by any
Governmental Entity is currently in progress or, to the knowledge of the
Seller, threatened or contemplated.  The
Seller has not been informed by any jurisdiction that the jurisdiction believes
that the Seller was required to file any Tax Return that was not filed that
related to the Acquired Business.  The
Seller has not waived any statute of limitations with respect to Taxes that
relate to the Acquired Business or agreed to an extension of time with respect
to a Tax assessment or deficiency that relates to the Acquired Business.

 

2.5           Ownership
and Condition of Assets.

 

(a)           Seller has previously provided Buyer’s
representatives with an opportunity to inspect the tangible personal property
listed on Schedule 2.5(a).

 

(b)           The Seller is the true and lawful
owner, and has good title to, all of the Acquired Assets, free and clear of all
Security Interests, except as set forth in Schedule 2.5(b).  Upon execution and delivery by the Seller to
the Buyer of the instruments of conveyance referred to in Sections 5.1 and 5.2,
the Buyer will become the true and lawful owner of, and will receive good title
to, the Acquired Assets, free and clear of all Security Interests other than
those set forth in Schedule 2.5(b).

 

(c)           The Acquired Assets are being sold AS
IS/WITH ALL FAULTS. The machinery and equipment included in the Acquired Assets
is sufficient to operate the Acquired Business as it has been conducted by the
Seller during the year prior to the date hereof.  None of the Acquired Assets has been affected
by any fire, accident, act of God or any other casualty that materially and
adversely impairs its function in the Acquired Business.

 

2.6           Intellectual
Property.  At the Closing, Seller
will deliver all of the Ling Shaker and Amplifier Intellectual Property used to
operate the Acquired Business.  None of
the Acquired Assets or the Ling Shaker and Amplifier Intellectual Property
included therein infringes upon, or is subject to any claims of such
infringement upon, the Intellectual Property of any third party.

 

4

 

2.7           Inventory.  Schedule 2.7 lists each item of
inventory held for sale by the Acquired Business other than those items listed
on Schedule 1.1(b) (Excluded Assets). 
The inventories of Seller reflected in Schedule 2.7 have been
valued in Seller’s reasonable determination at the lower of cost or fair market
value in accordance with GAAP except, for the purpose of any reduction or
increase of the Purchase Price pursuant to Section 1.3(b) hereof, that (i) such
inventory has not been and shall not be adjusted to reflect any reserves for
slow moving items and (ii) such inventory has been and shall be adjusted to
reflect reserves for the value of obsolete materials and materials of below
standard quality.

 

2.8           Contracts.

 

(a)           Schedule 2.8 lists the
following agreements to which the Seller is a party as of the date of this
Agreement that relate to the Acquired Business:

 

(i)            any
agreement (or group of related agreements) for the lease of personal property
from or to third parties;

 

(ii)           any
agreement (or group of related agreements) for the purchase or sale of products
or for the furnishing or receipt of services;

 

(iii)          any
agreement (or group of related agreements) under which it has created,
incurred, assumed or guaranteed (or may create, incur, assume or guarantee)
indebtedness (including capitalized lease obligations) or under which there is
imposed (or may be imposed) a Security Interest on any of its assets, tangible
or intangible;

 

(v)           any
agreement concerning confidentiality or noncompetition; and

 

(vi)          any
other agreement (or group of related agreements) either involving more than
$500 or not entered into in the ordinary course of business.

 

(b)           The Seller has delivered to the Buyer
a complete and accurate copy of each agreement listed in Schedule 2.6 or
Schedule 2.8.  With respect to
each agreement so listed:  (i) the
agreement is legal, valid, binding and enforceable and in full force and
effect; (ii) for those agreements to which the Seller is a party, the
agreement is assignable by the Seller to the Buyer without the consent or
approval of any party (except as set forth in Schedule 2.3) and
will continue to be legal, valid, binding and enforceable and in full force and
effect immediately following the Closing in accordance with the terms thereof
as in effect immediately prior to the Closing; and (iii) the Seller is not
in breach or violation of, or default under, any such agreement, and no event
has occurred, is pending or, to the knowledge of the Seller, is threatened,
which, after the giving of notice, with lapse of time, or otherwise, would
constitute a breach or default by the Seller; and (iv) to Seller’s knowledge,
no other party to any such agreement is in breach thereof, and no party is
paying liquidated damages in lieu of performance thereunder.

 

2.9           Litigation. 
As of the date of this Agreement, there is no Legal Proceeding which is
pending or has been threatened in writing against the Seller related to the
Acquired Business which (a) seeks either damages or equitable relief or (b) in
any manner challenges or seeks to prevent, enjoin, alter or delay the transactions
contemplated by this Agreement.

 

5

 

2.10         Warranties.  No
product or service manufactured, sold, leased, licensed or delivered by the
Seller related to the Acquired Business is subject to any guaranty, warranty,
right of return, right of credit or other indemnity other than the applicable
standard terms and conditions of sale or lease of the Seller, which are set
forth in Schedule 2.10.

 

2.11         Environmental
Matters.

 

(a)           In connection with the Acquired
Business, the Seller has complied with all applicable Environmental Laws,
except for violations of Environmental Laws that, individually or in the
aggregate, have not had and would not reasonably be expected to have a Seller
Material Adverse Effect.  There is no
pending or, to the knowledge of the Seller, threatened civil or criminal
litigation, written notice of violation, formal administrative proceeding, or
investigation, inquiry or information request by any Governmental Entity,
relating to any Environmental Law involving the Acquired Business.

 

(b)           The Seller is not a party to or bound
by any court order, administrative order, consent order or other agreement with
any Governmental Entity entered into in connection with any legal obligation or
liability arising under any Environmental Law relating to the Acquired
Business.

 

2.12         Legal Compliance. 
The Seller is currently conducting the Acquired Business in compliance
with each applicable law (including rules and regulations thereunder) of any
federal, state, local or foreign government, or any Governmental Entity, except
for any violations or defaults that, individually or in the aggregate, have not
had and would not reasonably be expected to have a Seller Material Adverse
Effect.  The Seller has not received any
notice or communication from any Governmental Entity alleging noncompliance
with any applicable law, rule or regulation relating to the Acquired Business.

 

2.13         Certain Business Relationships With Affiliates.  No affiliate of the Seller (a) owns any
property or right, tangible or intangible, which is used in the Acquired
Business, (b) has any claim or cause of action against the Seller, or
(c) owes any money to, or is owed any money by, the Seller relating to the
Acquired Business.

 

2.14         Brokers’ Fees. 
The Seller does not have any liability or obligation to pay any fees or
commissions to any broker, finder or agent with respect to the transactions
contemplated by this Agreement.

 

2.15         Financial
Statements and Financial Condition. Seller has delivered to Buyer its
summary of unaudited revenues and materials costs for the Acquired Business for
the periods 2003, 2004 and 2005 (the “Financial Information”). The Financial
Information is correct, complete and accurate in all material respects. Seller
agrees to cooperate with Buyer after the Closing in providing such information
as Seller may have and as Buyer may reasonably request to assist the Buyer in
filing any necessary SEC form 8-K, or other governmental compliance or
reporting requirements.

 

2.16         Insurance.  The Acquired Business and the Acquired Assets
are covered by policies of property loss, casualty and liability
insurance.  There are no claims pending
or, to the best knowledge of Seller, threatened under Seller’s property loss,
casualty or liability insurance 

 

6

 

policies, and no claim has been made
thereunder during the three years preceding the date hereof.  All premiums due and payable thereon have
been paid, and all such policies are in full force and effect in accordance
with their respective terms.  Such
policies are underwritten by financially sound and reputable insurers and
constitute commercially reasonable insurance coverage in respect of Seller’s
past practice and companies similarly situated with Seller.

 

2.17         Fraudulent
Conveyances; Bankruptcy.  Seller is
not entering into this Agreement with the intent to hinder, delay or defraud
present or future creditors.  Seller is
not now insolvent and is not, and has not been, involved in any bankruptcy or
similar proceeding.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants
to the Seller that the statements contained in this Article III are true and
correct as of the date of this Agreement and will be true and correct as to the
Closing as though made as of the Closing.

 

3.1           Organization and Corporate Power.  The Buyer is a corporation duly organized,
validly existing and in good standing under the laws of the State of
Colorado.  The Buyer has all requisite
corporate power and authority to carry on the businesses in which it is engaged
and to own and use the properties owned and used by it.

 

3.2           Authorization of the Transaction.  The Buyer has all requisite power and
authority to execute and deliver this Agreement and the Ancillary Agreements
and to perform its obligations hereunder and thereunder.  The execution and delivery by the Buyer of
this Agreement and the Ancillary Agreements and the consummation by the Buyer
of the transactions contemplated hereby and thereby have been duly and validly
authorized by all necessary corporate action on the part of the Buyer.  This Agreement has been duly and validly
executed and delivered by the Buyer and constitutes a valid and binding
obligation of the Buyer, enforceable against it in accordance with its terms.

 

3.3           Noncontravention. 
Neither the execution and delivery by the Buyer of this Agreement or the
Ancillary Agreements, nor the consummation by the Buyer of the transactions
contemplated hereby or thereby, will (a) conflict with or violate any
provision of the Certificate of Incorporation or by-laws of the Buyer,
(b) require on the part of the Buyer any filing with, or permit,
authorization, consent or approval of, any Governmental Entity, (c) conflict
with, result in breach of, constitute (with or without due notice or lapse of
time or both) a default under, result in the acceleration of obligations under,
create in any party any right to terminate, modify or cancel, or require any
notice, consent or waiver under, any contract or instrument to which the Buyer
is a party or by which it is bound or to which any of its assets is subject,
except for (i) any conflict, breach, default, acceleration, termination,
modification or cancellation which would not adversely affect the consummation
of the transactions contemplated hereby or (ii) any notice, consent or waiver
the absence of which would not adversely affect the consummation of the
transactions contemplated hereby, or (d) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to the Buyer or any
of its properties or assets.

 

7

 

ARTICLE IV

PRE-CLOSING COVENANTS

 

4.1           Closing Efforts. 
Each of the Parties shall use its Reasonable Best Efforts to take all
actions and to do all things necessary, proper or advisable to consummate the
transactions contemplated by this Agreement, including using its Reasonable
Best Efforts to ensure that (i) its representations and warranties remain
true and correct in all material respects through the Closing Date and
(ii) the conditions to the obligations of the other Party to consummate
the transactions contemplated by this Agreement are satisfied.

 

4.2           Governmental
and Third-Party Notices and Consents.

 

(a)           Each Party shall use its Reasonable
Best Efforts to obtain, at its expense, all waivers, permits, consents,
approvals or other authorizations from Governmental Entities, and to effect all
registrations, filings and notices with or to Governmental Entities, as may be
required for such Party to consummate the transactions contemplated by this
Agreement and to otherwise comply with all applicable laws and regulations in
connection with the consummation of the transactions contemplated by this
Agreement.

 

(b)           The Seller shall use its Reasonable
Best Efforts to obtain, at its expense, all such waivers, consents or approvals
from third parties, and to give all such notices to third parties, as are
required and as are listed in the Schedules hereto.

 

(c)           If (i) any of the Assigned
Contracts or other assets or rights constituting Acquired Assets may not be
assigned and transferred by the Seller to the Buyer (as a result of either the
provisions thereof or applicable law) without the consent or approval of a
third party, (ii) the Seller, after using its Reasonable Best Efforts, is
unable to obtain such consent or approval prior to the Closing and
(iii) the Closing occurs nevertheless, then (A) such Assigned Contracts
and/or other assets or rights shall not be assigned and transferred by the
Seller to the Buyer at the Closing and the Buyer shall not assume the Seller’s
liabilities or obligations with respect thereto at the Closing, (B) the Seller
shall continue to use its Reasonable Best Efforts to obtain the necessary consent
or approval as soon as practicable after the Closing, and (C) upon the
obtaining of such consent or approval, the Buyer and the Seller shall execute
such further instruments of conveyance (in substantially the form executed at
the Closing) as may be necessary to assign and transfer such Assigned Contracts
and/or other assets or rights (and the associated liabilities and obligations
of the Seller) to the Buyer.

 

4.3           Operation of Business.  Except as contemplated by this Agreement,
including as set forth in the Schedules attached hereto and made a part hereof,
during the period from the date of this Agreement to the Closing, the Seller
shall conduct its operations relating to the Acquired Business in the ordinary
course and in compliance with all applicable laws and regulations and, to the
extent consistent therewith, use its Reasonable Best Efforts to preserve intact
its current business organization, keep its physical assets in good working
condition, keep available the services of its current officers and employees
and preserve its relationships with customers, suppliers and others having
business dealings with it. Seller will immediately notify Buyer in the 

 

8

 

event
Seller is unable (or reasonably believes it may become unable) to comply with
the requirements of this Section 4.3.

 

4.4           Exclusivity.  The Seller shall not, and the Seller shall
require each of its officers, directors, employees, representatives and agents
not to, directly or indirectly, initiate, solicit, encourage or otherwise
facilitate any inquiry, proposal, offer or discussion with any party (other
than the Buyer) concerning any merger, reorganization, consolidation,
recapitalization, business combination, liquidation, dissolution, share exchange,
sale of stock, sale of material assets or similar business transaction
involving the Acquired Business or engage in discussions or negotiations with
any party (other than the Buyer) concerning any such transaction.

 

ARTICLE V

CONDITIONS TO CLOSING

 

5.1           Conditions to Obligations of each Party.  The respective obligations of each Party to
consummate the transactions contemplated by this Agreement to be consummated at
the Closing are subject to the satisfaction of the following conditions:

 

(a)           The Buyer shall have obtained the
requisite financing sufficient to pay the consideration required in connection
with the purchase of the Acquired Assets; and

 

(b)           the Buyer and the Seller shall have
executed and delivered to each other a cross-receipt in the form attached
hereto and made a hereof as Exhibit C evidencing the transactions
referred to above;

 

(c)           Buyer shall have conducted its due
diligence with respect to the Seller’s books and records that relate to the
Acquired Business and shall have taken an inventory, verified by the Seller’s
financial records that relate to the Acquired Business.

 

(e)           This Agreement and the execution
hereof by each of the parties hereto shall have been ratified by their
respective Boards of Directors.

 

5.2           Conditions to Obligations of the Buyer.  The obligation of the Buyer to consummate the
transactions contemplated by this Agreement to be consummated at the Closing is
subject to the satisfaction of the following additional conditions:

 

(a)           the Seller shall have obtained at its
own expense (and shall have provided copies thereof to the Buyer) all of the
waivers, permits, consents, approvals or other authorizations, and effected all
of the registrations, filings and notices, referred to in Section 4.2 which are
required on the part of the Seller, except for any failure of which to obtain
or effect would not, individually or in the aggregate, have a material adverse
effect on the right of the Buyer to own, operate or control the Acquired Assets
following the Closing or on the ability of the Parties to consummate the
transactions contemplated by this Agreement;

 

(b)            the representations and warranties
of the Seller set forth in this Agreement shall be true and correct as of the
date of this Agreement and shall be true and correct as of the Closing as
though made as of the Closing, except to the extent that the inaccuracy of any
such 

 

9

 

representation
or warranty is the result of events or circumstances occurring subsequent to
the date of this Agreement and any such inaccuracies, individually or in the
aggregate, would not have a material adverse effect on the right of the Buyer
to own, operate or control the Acquired Assets following the Closing or on the
ability of the Parties to consummate the transactions contemplated by this
Agreement;

 

(c)           the Seller shall have performed or
complied in all material respects with its agreements and covenants required to
be performed or complied with under this Agreement as of or prior to the
Closing;

 

(d)           no Legal Proceeding shall be pending
wherein an unfavorable judgment, order, decree, stipulation or injunction would
(i) prevent consummation of the transactions contemplated by this
Agreement, (ii) cause the transactions contemplated by this Agreement to
be rescinded following consummation or (iii) affect adversely the right of
the Buyer to own, operate or control any of the Acquired Assets, or to conduct
the Acquired Business as currently conducted by the Seller, following the
Closing, and no such judgment, order, decree, stipulation or injunction shall
be in effect;

 

(e)           the
Seller shall have delivered to the Buyer the Seller Certificate, the Seller’s
Secretary Certificate, and the Ancillary Agreements;

 

(f)            the Seller shall have delivered to
the Buyer an update of each list contained in the Schedules hereto that lists
or describes Acquired Assets;

 

(g)           the Buyer shall have received such
other certificates, instruments and evidence (including certificates of good
standing of the Seller in its jurisdiction of organization and the various
foreign jurisdictions in which it is qualified, certified charter documents,
certificates as to the incumbency of officers and the adoption of authorizing
resolutions) as it shall reasonably request in connection with the Closing; and

 

(h)           Seller shall have delivered to Buyer
the Acquired Assets, the Ancillary Agreements and such other good and
sufficient instruments of transfer and conveyance, in form and substance
reasonably satisfactory to Buyer and its counsel, as shall be effective to vest
in Buyer, and to evidence the vesting in Buyer of, good and marketable title to
the Acquired Assets as provided for herein.

 

5.3           Conditions to Obligations of the Seller.  The obligation of the Seller to consummate
the transactions contemplated by this Agreement to be consummated at the
Closing is subject to the satisfaction of the following additional conditions:

 

(a)           the Buyer shall pay to the Seller,
payable by wire transfer of immediately available funds to an account designated
by the Buyer, the Purchase Price set forth in Section 1.3;

 

(b)           the representations and warranties of
the Buyer set forth in the first sentence of Section 3.1 and in Section
3.2 and any representations and warranties of the Buyer set forth in this
Agreement that are qualified as to materiality shall be true and correct in all
respects, and all other representations and warranties of the Buyer set forth
in this Agreement 

 

10

 

shall
be true and correct in all material respects, in each case as of the date of
this Agreement and as of the Closing as though made as of the Closing, except
to the extent such representations and warranties are specifically made as of a
particular date (in which case such representations and warranties shall be
true and correct as of such date);

 

(c)           the Buyer shall have performed or
complied with in all material respects its agreements and covenants required to
be performed or complied with under this Agreement as of or prior to the Closing;

 

(d)           no Legal Proceeding shall be pending
or threatened wherein an unfavorable judgment, order, decree, stipulation or
injunction would (i) prevent consummation of the transactions contemplated
by this Agreement or (ii) cause the transactions contemplated by this
Agreement to be rescinded following consummation, and no such judgment, order,
decree, stipulation or injunction shall be in effect;

 

(e)           the
Buyer shall have delivered to the Seller the Buyer Certificate, the Buyer
Secretary’s Certificate and the Ancillary Agreements;

 

(f)            The
Buyer shall have delivered certificates of insurance naming the Seller as
additional insured as required pursuant to Section 6.6 hereof; and

 

(g)           the Seller shall have received such
other certificates and instruments (including certificates of good standing of
the Buyer in its jurisdiction of organization, certificates as to the
incumbency of officers and the adoption of authorizing resolutions) as it shall
reasonably request in connection with the Closing.

 

ARTICLE VI

POST-CLOSING COVENANTS

 

6.1           Proprietary Information.  From and after the Closing, the Seller shall
not disclose or make use of (except to pursue its rights under this Agreement
and the Ancillary Agreements), any knowledge, information or documents of a confidential
nature or not generally known to the public with respect to Acquired Assets
except (i) such information relating to the PM10 Designs in the power systems
market, and (ii) to the extent that such knowledge, information or documents
shall have become public knowledge other than through improper disclosure by
the Seller or an affiliate.  The Seller
shall, if reasonably requested by the Buyer, enforce, for the benefit of the
Buyer, all confidentiality, invention assignments and similar agreements between
the Seller and any other party relating to the Acquired Assets. In the event
that, after the Closing Date, either Party shall discover that it is holding in
its possession Intellectual Property that is the property of the other Party in
accordance with the terms of this Agreement, such Party will immediately notify
the other Party and undertake best efforts to deliver such Intellectual
Property to the other Party within a commercially reasonable time frame.

 

6.2           Non-Competition.

 

(a)           For a period of 3 years after the
Closing Date, the Seller shall not, either directly or indirectly as a
stockholder, investor, partner, consultant or otherwise, (i) design,

 

11

 

develop,
manufacture, market, sell or license any product or provide any service
anywhere in the world which is competitive with the Acquired Business,
including any product designed, developed (or under development), manufactured,
sold or licensed or any service provided by the Acquired Business within the
three-year period prior to the Closing Date or (ii) engage anywhere in the
world in any business competitive with the Acquired Business as conducted as of
the Closing Date or during the three-year period prior to the Closing Date.  The Seller shall notify Buyer of, and, if
reasonably requested by the Buyer, enforce, for the benefit of the Buyer, all
non-competition and similar agreements between the Seller and any other party
which are not Assigned Contracts.

 

(b)           The Seller agrees that the duration
and geographic scope of the non-competition provision set forth in this
Section 6.2 are reasonable.  In the
event that any court determines that the duration or the geographic scope, or
both, are unreasonable and that such provision is to that extent unenforceable,
the Parties agree that the provision shall remain in full force and effect for
the greatest time period and in the greatest area that would not render it
unenforceable.  The Parties intend that
this non-competition provision shall be deemed to be a series of separate
covenants, one for each and every county of each and every state of the United
States of America and each and every political subdivision of each and every
country outside the United States of America where this provision is intended
to be effective.

 

(c)           Each Party shall, and shall use its
best efforts to cause its affiliates to, refer all inquiries regarding the
business, products and services of the other Party to such Party within a
commercially reasonable time frame.

 

6.3           Tax
Matters.  Each of the Buyer and
Seller shall equally share and pay promptly when due any and all sales/use tax
incurred in connection with the transactions contemplated by this Agreement.

 

6.4           Cooperation in Litigation.  From and after the Closing Date, each Party
shall fully cooperate with the other in the defense or prosecution of any
litigation or proceeding already instituted or which may be instituted
hereafter against or by such other Party relating to or arising out of the
conduct of the business of the Seller or the Buyer prior to or after the
Closing Date (other than litigation among the Parties and/or their affiliates
arising out the transactions contemplated by this Agreement).  The Party requesting such cooperation shall
pay the reasonable out-of-pocket expenses incurred in providing such
cooperation (including legal fees and disbursements) by the Party providing
such cooperation and by its officers, directors, employees and agents, but
shall not be responsible for reimbursing such Party or its officers, directors,
employees and agents, for their time spent in such cooperation.

 

6.5           Solicitation
and Hiring.  It is understood and agreed between
the parties that the transaction set forth herein does not include any
employees of Seller, and that Seller shall retain all liabilities and
obligations with respect to its employees as set forth in subparagraph (f) of “Retained
Liabilities” in Article IX hereof. It is acknowledged and agreed that the
Seller will be terminating the employment of any such employee that it does not
wish to employ following the Closing Date. 
Notwithstanding the above, Buyer may, but shall not be obligated to,
discuss employment possibilities with employees of Seller who have been
directly involved in the Acquired Business. 
Such discussions will only take place, however, with the prior consent
of 

 

12

 

Seller, which shall not be unreasonably withheld. Under no
circumstances shall the Buyer contact the following individuals: Tom Braz, Greg
Hunt, and Jim O’Rourke.  Except as
provided herein, in the event that Buyer should employ any employee of Seller
pursuant to this paragraph, Buyer shall have no liability to Seller arising
therefrom.  In addition, Buyer shall have
no obligation to continue any the terms of any employee contract, salary level,
employee benefit, vesting, seniority right or any other matter relating to the
employees’ employment with Seller.

 

It is understood and agreed
between the parties that Seller utilized certain contractors in its conduct of
the Acquired Business prior to Closing. 
Seller will provide Buyer with the contact and other information
regarding such contractors and will assist Buyer in the continuing utilization
of such contractors in Buyer’s business after Closing.

 

Except as provided above, for a
period of 1 year after the Closing Date, the Seller and the Buyer shall not,
either directly or indirectly (including through an Affiliate), (a) solicit or
attempt to induce any employee or contractor to terminate his employment or
contract with the Seller or the Buyer or any subsidiary of the Buyer or (b)
hire or attempt to hire or otherwise retain any such employee or contractor; provided,
that this clause (b) shall not apply to any individual whose employment with
the Seller, Buyer or a subsidiary of the Buyer has been terminated for a period
of six months or longer.  The Seller and
the Buyer shall enforce, for the benefit of the other, all confidentiality,
non-solicitation and non-hiring assignments and similar agreements between the
Seller or the Buyer and any other party which are not Assigned Contracts.

 

6.6           Removal of Inventory and Equipment. The Buyer shall
remove all inventory and equipment that constitute Acquired Assets from the
Seller’s premises no later than 60 days after the Closing Date. In the event
that Buyer is unable to remove the Acquired Assets at or before the expiration
of 60 days after the Closing Date, for reasons not caused by Seller, Buyer
shall pay rent in the amount of $500.00 per day for housing such Acquired
Assets until they are removed from Seller’s premises.  Buyer shall maintain insurance on the
inventory and equipment effective as of the Closing Date, and Seller shall be
named as an additional insured on the Buyer’s property loss and casualty
insurance. Buyer shall pay all costs and expenses related to the removal of the
inventory and equipment and shall obtain all other insurance and/or bonding
necessary to remove the inventory and equipment from the premises. Except to
the extent caused by the negligence or intentional misconduct of the Seller or
its agents, under no circumstances shall the Seller be liable to the Buyer or
any third party for any loss, damage or unauthorized removal of the inventory
and equipment. Buyer shall deliver evidence of all insurance coverage naming
the Seller as additional insured prior to the Closing Date.

 

6.7           Retained Assets. The Buyer acknowledges and agrees
that the assets set forth on Schedule 1.1(b) are owned by the Seller and are
not acquired by the Buyer under the terms of this Agreement. In the event that
the Seller sells the assets on the attached Schedule 1.1(b) to a customer after
the Closing Date and the customer requires parts or service on the assets, the
Buyer agrees to supply such parts or service at actual variable cost to be
charged to the Seller.

 

6.8           Warranty. Buyer accepts any warranty liabilities
for products and services shipped from the Seller prior to the Closing Date;
however, in the event that any portions of sales orders were not shipped prior
to the Closing Date, the Seller retains the responsibility to complete such
sales orders. In the event that the Seller does need to complete a sales order,
the 

 

13

 

Buyer agrees to supply parts and/or
services that are required to complete those orders at actual variable cost.

 

6.9           UCC Termination. Immediately upon Closing, the
Seller shall file the UCC 3 amendment statement with the Secretary of State of
the State of Delaware releasing the liens held in the Acquired Assets by
Silicon Valley bank.

 

ARTICLE VII

INDEMNIFICATION

 

7.1           Indemnification by Seller. Seller agrees to
indemnify and hold Buyer and its respective affiliates and persons serving as
officers, directors, partners or employees thereof harmless from and against
any damages, liabilities, losses, taxes, fines, penalties, costs, and expenses
(including, without limitation, reasonable fees of counsel) of any kind or
nature whatsoever (whether or not arising out of third-party claims, and
including all amounts paid in investigation, defense or settlement of the
foregoing) (“claims”) which may be sustained or suffered by any of them arising
out of or based upon any of the following matters:

 

(a)           breach by Seller of any of its representations,
warranties, covenants or agreements under this Agreement or in any Ancillary
Agreement, certificate, schedule or exhibit delivered pursuant hereto;

 

(b)           any failure by Seller to perform and discharge any
covenant or agreement of the Seller contained in the Agreement or any Ancillary
Agreement, or other agreement or instrument furnished by the Seller to the
Buyer pursuant to this Agreement;

 

(c)           any Retained Liabilities; and

 

(d)           pre-closing activities of the Seller
relating to the Acquired Business except to the extent that the same constitute
Assumed Liabilities.

 

7.2           Indemnification by Buyer.  Buyer
agrees to indemnify and hold Seller and its respective affiliates and persons
serving as officers, directors or employees thereof harmless from and against
any damages, liabilities, losses and expenses (including, without limitation,
reasonable fees of counsel) of any kind or nature whatsoever (whether or not
arising out of third-party claims, and including all amounts paid in
investigation, defense or settlement of the foregoing) (“claims”) which may be
sustained or suffered by any of them arising out of or based upon any of the
following matters:

 

(a)           breach by Buyer of any of its representations, warranties
or covenants under this Agreement or in any Ancillary Agreement, certificate,
schedule or exhibit delivered pursuant hereto; and

 

(b)           any failure by Buyer to perform and discharge any covenant
or agreement of the Buyer contained in the Agreement or any Ancillary
Agreement, or other agreement or instrument furnished by the Buyer to the
Seller pursuant to this Agreement;

 

14

 

(c)           any Assumed Liabilities; and

 

(d)           post-closing activities of the Buyer
relating to the operation of the Acquired Business.

 

7.3           Notice; Defense of Claims. An
Indemnified Party may make claims for indemnification hereunder by giving
written notice thereof to the Indemnifying Party within the period in which
indemnification claims can be made hereunder. If indemnification is sought for a
claim or liability asserted by a third party, the Indemnified Party shall also
give written notice thereof to the Indemnifying Party promptly after it
receives notice of the claim or liability being asserted, but the failure to do
so shall not relieve the Indemnifying Party from any liability except to the
extent that it is prejudiced by the failure or delay in giving such notice.
Such notice shall summarize the bases for the claim for indemnification and any
claim or liability being asserted by a third party. Within 20 days after
receiving such notice, the Indemnifying Party shall give written notice to the
Indemnified Party stating whether it disputes the claim for indemnification and
whether it will defend against any third-party claim or liability at its own
cost and expense. If the Indemnifying Party fails to give notice that it
disputes an indemnification claim within 20 days after receipt of notice
thereof, it shall be deemed to have accepted and agreed to the claim, which
shall become immediately due and payable. The Indemnifying Party shall be
entitled to direct the defense against a third-party claim or liability with
counsel selected by it (subject to the consent of the Indemnified Party, which
consent shall not be unreasonably withheld) as long as the Indemnifying Party
is conducting a good faith and diligent defense. The Indemnified Party shall at
all times have the right to fully participate in the defense of a third-party
claim or liability at its own expense directly or through counsel; provided,
however, that if the named parties to the action or proceeding include both the
Indemnifying Party and the Indemnified Party, and the Indemnified Party is
advised that representation of both parties by the same counsel would be
inappropriate under applicable standards of professional conduct, the
Indemnified Party may engage separate counsel at the expense of the
Indemnifying Party. If no such notice of intent to dispute and defend a
third-party claim or liability is given by the Indemnifying Party, or if such
good faith and diligent defense is not being or ceases to be conducted by the
Indemnifying Party, the Indemnified Party shall have the right, at the expense
of the Indemnifying Party, to undertake the defense of such claim or liability
(with counsel selected by the Indemnified Party), and to compromise or settle
it, exercising reasonable business judgment. If the third-party claim or
liability is one that by its nature cannot be defended solely by the
Indemnifying Party, then the Indemnified Party shall make available such
information and assistance as the Indemnifying Party may reasonably request and
shall cooperate with the Indemnifying Party in such defense, at the expense of
the Indemnifying Party. Except
for claims of fraud, intentional misrepresentation, and willful misconduct of
Seller, and claims for breach of Seller’s representations regarding broker
fees,  Buyer
shall not have the right to bring any claim for indemnification with respect to
the breach of a representation or warranty until the aggregate amount of Buyer
claims for indemnification exceed $30,000. Once said $30,000 threshold is met,
however, such indemnification shall commence at $30,000.

 

7.4           Treatment of Indemnity Payments.  Any payments made to an Indemnified Party
pursuant to this Article VII shall be treated as an adjustment to the
Purchase Price for tax purposes.

 

15

 

7.5           Limitations. 
Notwithstanding anything to the contrary contained herein or in any
Ancillary Agreement, each Party’s indemnification obligations shall terminate
18 months following the execution of this Agreement (the “Indemnification
Period”), except for those claims for which notice has been properly given
pursuant to Section 7.3 herein, within such Indemnification Period, and except
for those claims that are based on fraud, intentional misrepresentation,
willful misconduct, product liability, infringement claims by third parties, or
breach of the Parties’ obligations of confidentiality or non-competition. Each Party’s
aggregate liability for indemnification claims, except to the extent such
claims are based on fraud, intentional misrepresentation, willful misconduct,
product liability, infringement claims by third parties, or the breach of the
Parties’ obligations of confidentiality or noncompetition, shall not exceed the
Purchase Price.

 

ARTICLE VIII

TERMINATION

 

8.1           Termination of Agreement.  The Parties may terminate this Agreement
prior to the Closing, as provided below:

 

(a)           the
Parties may terminate this Agreement by mutual written consent;

 

(b)           the Buyer may terminate this
Agreement by giving written notice to the Seller in the event the Seller is in
breach of any representation, warranty or covenant contained in this Agreement,
and such breach, individually or in combination with any other such
breach, (i) would cause the conditions set forth in clauses (b) or (c) of
Section 5.2 not to be satisfied and (ii) is not cured within 20 days following
delivery by the Buyer to the Seller of written notice of such breach;

 

(c)           the Seller may terminate this
Agreement by giving written notice to the Buyer in the event the Buyer is in
breach of any representation, warranty or covenant contained in this Agreement,
and such breach, individually or in combination with any other such
breach, (i) would cause the conditions set forth in clauses (c) or (d) of
Section 5.3 not to be satisfied and (ii) is not cured within 20 days following
delivery by the Seller to the Buyer of written notice of such breach;

 

8.2           Effect of Termination.  If either Party terminates this Agreement
pursuant to Section 8.1, all obligations of the Parties hereunder shall
terminate without any liability of either Party to the other Party (except for
any liability of a Party for willful breaches of this Agreement, in any event,
not to exceed the Purchase Price).

 

ARTICLE IX

DEFINITIONS

 

For purposes of this Agreement,
each of the following terms shall have the meaning set forth below.

 

16

 

“Acquired Assets” shall
mean all of the right, title and interest of Seller in and to all of the
following assets, wherever located, whether now owned or acquired on or after
the date hereof but prior to the Closing, whether tangible or intangible
(including, without limitation, goodwill) provided, however, that Acquired
Assets shall in no event include any of the Excluded Assets:

 

(a)           all raw materials, work in process,
finished goods, supplies, packaging materials, spare parts and inventories
expressly listed on the attached Schedule 2.5(a);

 

(b)           the machinery, tools and equipment
expressly listed on the attached Schedule 2.5(a);

 

(c)           all Ling Shaker and Amplifier
Intellectual Property utilized by Seller in the Acquired Business or attributed
to the Acquired business, including without limitation Seller’s trademarks
expressly listed on the attached Schedule 2.6(a) (the “Ling Shaker and
Amplifier Intellectual Property”);

 

(d)           the
Seller’s rights under Assigned Contracts relating to the Acquired Business and
expressly listed on the attached Schedule 2.8;

 

(e)           all customer and prospect lists,
manufacturing and procedural manuals, Intellectual Property records, sales and
promotional materials, studies, reports and other similar printed or written
materials, electronic and optical data files, and computer records relating to
the Acquired Assets or necessary to conduct the Acquired Business;

 

(f)            all claims, demands, judgments,
rights, choses in action related to the Acquired Business;

 

(g)           the PM10 Designs (in joint ownership
with the Seller) and all assets and Intellectual Property of Seller necessary
for Buyer to manufacture and sell PM10 Designs in accordance with Section 1.5
hereof; provided, however, that Seller may copy such Intellectual Property for
its use and at its expense to the extent necessary to exercise its rights in
the PM10 Designs under Section 1.5 hereof; and

 

(h)           all those items listed on the
physical inventory of the Acquired Business conducted in October, 2005 and
updated as of November 15, 2005, as shown in Schedule 2.7, except such
of those items as may have been disposed of in the ordinary course of Seller’s
business prior to Closing.

 

“Acquired
Business” means all of the business of Seller manufacturing and selling
Ling Shaker and Amplifier Assets for the electrodynamic market and expressly
excluding the Starsine and EPT Acoustical product lines and related
Intellectual Property necessary to market the Starsine and EPT Acoustical
product lines.

 

“Ancillary Agreements”
shall mean the Bill of Sale and other instruments of conveyance referred to in
Article V, and the instrument of assumption and other instruments referred to
in Article V.

 

17

 

“Assigned Contracts” shall
mean any contracts, agreements, vendor orders or instruments to which the
Seller is a party which relate exclusively to the Acquired Business as listed
on Schedule 2.8.

 

“Assumed Liabilities”
shall mean all of the following liabilities of the Seller:

 

(a)           all obligations of the Seller arising
after the Closing under the Assigned Contracts;

 

(b)           all obligations of the Seller to its
customers for the warranty, repair, replacement or return of products
manufactured or sold by the Acquired Business prior to the Closing; and

 

(c)           all obligations of the Seller to its
customers for the warranty, repair, replacement or return of products set forth
on Schedule 1.1(b) that are manufactured or sold after the Closing, which
warranty claims will be charged back from the Buyer to the Seller at actual
variable cost.

 

“Bill
of Sale” shall mean a bill of sale substantially in the form set forth in
Exhibit A attached hereto and made a part hereof.

 

“Buyer”
shall have the meaning set forth in the first paragraph of this Agreement.

 

“Buyer Certificate” shall
mean a certificate, signed by an authorized officer of Buyer, to the effect
that each of the conditions specified in clauses (a) through (d) (insofar as
clause (d) relates to Legal Proceedings involving the Buyer) and (f) of
Section 5.3 is satisfied in all respects.

 

“Buyer Secretary’s Certificate”
shall be a certificate by the Buyer’s secretary or assistant secretary (i)
certifying the Buyer’s articles of incorporation, bylaws, and good standing,
(ii) certifying the approval of the execution of this Agreement by the Buyer’s
board of directors, and (iii) certifying the authority of the officer(s) of
Buyer executing this Agreement.

 

“CERCLA” shall mean the
Federal Comprehensive Response, Compensation and Liability Act of 1980, as
amended.

 

“Closing” shall mean the
closing of the transactions contemplated by this Agreement.

 

“Closing Date” shall mean
the date of the satisfaction or waiver of all of the conditions to the
obligations of the Parties to consummate the transactions contemplated hereby
(excluding the delivery at the Closing of any of the documents set forth in
Article V). The Parties shall use reasonable commercial efforts to complete
Closing on the date set forth in Section 1.5 hereof, or such other date as may
be mutually agreeable to the Parties.

 

“Code” shall mean the Internal Revenue Code of
1986, as amended.

 

“Customer Deliverables”
shall mean the products that the Acquired Business currently manufactures,
markets, sells or licenses, and the services that it currently provides.

 

18

 

“Environmental Law” shall
mean any federal, state or local law, statute, rule, order, directive,
judgment, Permit or regulation or the common law relating to the environment,
occupational health and safety, or exposure of persons or property to Materials
of Environmental Concern, including any statute, regulation, administrative
decision or order pertaining to:  
(i) the presence of or the treatment, storage, disposal,
generation, transportation, handling, distribution, manufacture, processing,
use, import, export, labeling, recycling, registration, investigation or
remediation of Materials of Environmental Concern or documentation related to
the foregoing; (ii) air, water and noise pollution; (iii) groundwater
and soil contamination; (iv) the release, threatened release, or
accidental release into the environment, the workplace or other areas of
Materials of Environmental Concern, including emissions, discharges,
injections, spills, escapes or dumping of Materials of Environmental Concern;
(v) transfer of interests in or control of real property which may be
contaminated; (vi) community or worker right-to-know disclosures with respect
to Materials of Environmental Concern; (vii) the protection of wild life,
marine life and wetlands, and endangered and threatened species;
(viii) storage tanks, vessels, containers, abandoned or discarded barrels
and other closed receptacles; and (ix) health and safety of employees and
other persons.  As used above, the term “release”
shall have the meaning set forth in CERCLA.

 

“Excluded Assets” shall mean the following
assets of the Seller:

 

(a)           all trade and other accounts
receivable and notes and loans receivable that are payable to the Seller on the
Closing Date, and all trade and other accounts receivable and notes and loans
receivable that are payable to the Seller in connection with the assets listed
on Schedule 1.1(b) attached hereto, and all rights to unbilled amounts for
products delivered by Seller or services provided by Seller, together with any
security held by the Seller for the payment thereof;

 

(b)           any inventory shipped to a verifiable
customer prior to the Closing Date;

 

(c)           all rights relating to refunds,
recovery or recoupment of Taxes;

 

(d)           any of the rights of the Seller under
this Agreement or under the Ancillary Agreements;

 

(e)           those
assets, including work in process and finished goods, listed on Schedule
1.1(b) attached hereto;

 

(f)            the
Starsine and EPT Acoustical product lines and the PM10 Designs to the extent
provided for under Section 1.5 hereof, and copies of related Intellectual
Property necessary to manufacture and market the Starsine and EPT Acoustical
product lines and the PM10 Designs for the power market;

 

(g)           employees
of the Seller and all contracts of employment and contractor’s contracts; and

 

(h)           any
other assets of the Seller not included within the definition of the Acquired
Assets.

 

19

 

“GAAP” shall mean United States generally
accepted accounting principles.

 

“Governmental Entity”
shall mean any court, arbitrational tribunal, administrative agency or
commission or other governmental or regulatory authority or agency.

 

“Indemnified Party” shall
mean a party entitled, or seeking to assert rights, to indemnification under
Article VII of this Agreement.

 

“Indemnifying Party” shall
mean the party from whom indemnification is sought by the Indemnified Party.

 

“Intellectual Property” shall mean all:

 

(a)           patents, patent applications, patent
disclosures and all related continuation, continuation-in-part, divisional,
reissue, reexamination, utility model, certificate of invention and design
patents, patent applications, registrations and applications for registrations;

 

(b)           trademarks, service marks, trade
dress, Internet domain names, logos, trade names and corporate names and
registrations and applications for registration thereof;

 

(c)           copyrights and registrations and
applications for registration thereof;

 

(d)           mask works and registrations and
applications for registration thereof;

 

(e)           computer
software, data and documentation;

 

(f)            inventions, trade secrets and
confidential business information, whether patentable or nonpatentable and
whether or not reduced to practice, know-how, manufacturing and product
processes and techniques, drawings, designs, formulas, research and development
information, copyrightable works, financial, marketing and business data,
pricing and cost information, business and marketing plans and customer and
supplier lists and information;

 

(g)           other proprietary rights relating to
any of the foregoing (including remedies against infringements thereof and
rights of protection of interest therein under the laws of all jurisdictions);
and

 

(h)           copies
and tangible embodiments thereof.

 

“Legal Proceeding” shall
mean any action, suit, proceeding, claim, arbitration or investigation before
any Governmental Entity or before any arbitrator.

 

“Materials of Environmental
Concern” shall mean any:  pollutants,
contaminants or hazardous substances (as such terms are defined under CERCLA),
pesticides (as such term is defined under the Federal Insecticide, Fungicide
and Rodenticide Act), solid wastes and hazardous wastes (as such terms are
defined under the Resource Conservation and Recovery Act), chemicals, other
hazardous, radioactive or toxic materials, oil, petroleum and petroleum
products (and fractions thereof), or any other material (or article containing
such material) listed or subject to regulation under any law, statute, rule,
regulation, order, Permit, or directive due to 

 

20

 

its potential, directly or
indirectly, to harm the environment or the health of humans or other living
beings.

 

“Parties” shall mean the Buyer and the Seller.

 

“Purchase Price” shall
mean the purchase price to be paid by the Buyer for the Acquired Assets at the
Closing, as set forth in Section 1.3.

 

“Reasonable Best Efforts”
shall mean best efforts, to the extent commercially reasonable.

 

“Retained Liabilities”
shall mean any and all liabilities or obligations (whether known or unknown,
absolute or contingent, liquidated or unliquidated, due or to become due and
accrued or unaccrued, and whether claims with respect thereto are asserted
before or after the Closing) of the Seller which are not Assumed Liabilities.  The Retained Liabilities shall include,
without limitation, all liabilities and obligations of the Seller:

 

(a)           for costs and expenses, including but
not limited to obligations for Taxes incurred by Seller in connection with this
Agreement or the consummation of the transactions contemplated by this
Agreement;

 

(b)           under
this Agreement or the Ancillary Agreements;

 

(c)           under any agreements, contracts,
leases or licenses which are listed on Schedule 1.1(b), except as
otherwise set forth in Section 6.8 of this Agreement;

 

(d)           arising out of events, conduct or
conditions existing or occurring prior to the Closing, including but not
limited to product liability claims, or any violation of or non-compliance with
any law, rule or regulation (including Environmental Laws), any judgment,
decree or order of any Governmental Entity, or any Permit or that give rise to
liabilities or obligations with respect to Materials of Environmental Concern;

 

(e)           related to or arising out of the
Excluded Assets;

 

(f)            to employees of Seller, including
without limitation employment contracts, workers’ compensation awards,
incentive compensation accrued, ERISA benefits, pension costs accrued, benefits
accrued or claims payable pursuant to the benefit plans of Seller, payroll,
payroll tax accruals, and income, franchise, excise, sales, use, personal, real
property and employment taxes (or any other taxes or similar imposts) to the
extent that they relate to the period prior to the Closing or to termination of
the employment of such employees as a result of this Agreement; and

 

(g)           arising out of or related to that
certain Sales Representative Agreement between Seller and Dataphysics, which
agreement expired at the end of September, 2005.

 

“Schedule(s)” shall mean
the disclosure schedule provided by the Seller to the Buyer on the date hereof,
attached to this Agreement and made a binding part hereof.

 

21

 

“Security Interest” shall
mean any mortgage, pledge, security interest, encumbrance, charge or other lien
(whether arising by contract or by operation of law).

 

“Seller” shall have the
meaning set forth in the first paragraph of this Agreement.

 

“Seller Certificate” shall
mean a certificate, signed by an authorized officer of the Seller, to the
effect that each of the conditions specified in clauses (a) through (d)
(insofar as clause (d) relates to Legal Proceedings involving the Seller)
of Section 5.2 is satisfied in all respects.

 

“Seller Secretary’s
Certificate” shall be a certificate by the Seller’s secretary or assistant
secretary (i) certifying the Seller’s articles of incorporation, bylaws, and
good standing, (ii) certifying the approval of the execution of this Agreement
by the Seller’s board of directors, and (iii) certifying the authority of the
officer(s) of Seller executing this Agreement.

 

“Seller Intellectual Property”
shall mean the Intellectual Property owned by or licensed to the Seller and
covering, incorporated in, underlying or used in connection with the Customer Deliverables.

 

“Seller Material Adverse
Effect” shall mean any material adverse change, event, circumstance or
development with respect to, or material adverse effect on, (i) the business,
assets, liabilities, capitalization, prospects, condition (financial or other),
or results of operations of the Seller relating to the Acquired Business.

 

“Taxes” shall mean all
taxes, charges, fees, levies or other similar assessments or liabilities,
including income, gross receipts, ad valorem, premium, value-added, excise,
real property, personal property, sales, use, transfer, withholding,
employment, unemployment, insurance, social security, business license,
business organization, environmental, workers compensation, payroll, profits,
license, lease, service, service use, severance, stamp, occupation, windfall
profits, customs, duties, franchise and other taxes imposed by the United
States of America or any state, local or foreign government, or any agency
thereof, or other political subdivision of the United States or any such
government, and any interest, fines, penalties, assessments or additions to tax
resulting from, attributable to or incurred in connection with any tax or any
contest or dispute thereof.

 

“Tax Returns” shall mean
all reports, returns, declarations, statements or other information required to
be supplied to a taxing authority in connection with Taxes.

 

ARTICLE X

MISCELLANEOUS

 

10.1         Press Releases and Announcements.  Neither Party shall issue any press release
or public announcement relating to the subject matter of this Agreement without
the prior written approval of the other Party; provided, however,
that either Party may make any public disclosure it believes in good faith is
required by applicable law, regulation or stock market rule (in which case the
disclosing Party shall use reasonable efforts to advise the other Party and
provide it with a copy of the proposed disclosure prior to making the
disclosure).

 

22

 

10.2         No Third Party Beneficiaries.  This Agreement shall not confer any rights or
remedies upon any person other than the Parties and their respective successors
and permitted assigns.

 

10.3         Entire Agreement. 
This Agreement (including the documents referred to herein) constitutes
the entire agreement between the Parties and supersedes any prior
understandings, agreements, or representations by or between the Parties,
written or oral, with respect to the subject matter hereof.

 

10.4         Succession and Assignment.  This Agreement shall be binding upon and
inure to the benefit of the Parties named herein and their respective
successors and permitted assigns. Neither Party may assign either this
Agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other Party; provided that the Buyer may assign
its rights, interests and/or obligations hereunder to a wholly-owned subsidiary
of the Buyer provided that such subsidiary expressly assumes the obligations of
the Buyer hereunder and the Buyer guarantees the prompt payment and performance
of such subsidiary’s obligations in connection herewith and with any Ancillary
Documents, in each case by way of agreements in form and substance reasonably
satisfactory to the Seller.

 

10.5         Counterparts and Facsimile Signature.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.  This Agreement may be executed by facsimile
signature.

 

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

 

10.7         Notices.  All
notices, requests, demands, claims, and other communications hereunder shall be
in writing.  Any notice, request, demand,
claim, or other communication hereunder shall be deemed duly delivered four
business days after it is sent by registered or certified mail, return receipt
requested, postage prepaid, or one business day after it is sent for next
business day delivery via a reputable nationwide overnight courier service, in
each case to the intended recipient as set forth below:

 

	
  If to the Seller: 

  SatCon Power Systems 

  c/o Satcon Techonlogy 

  Corporation 

  Attention: David O’Neil, Vice 

  President of Finance and Treasurer 

  27 Drydock Avenue Boston, MA 02210

  	
   

  	
  Copy to: 

  Jonathan Bell, Esq. 

  Greenberg Traurig, LLP 

  One International Place, 20th Floor 

  Boston, MA 02110

  
	
   

  	
   

  	
   

  
	
  If to the Buyer: 

  Qualmark Ling Corporation 

  	
   

  	
  Copy to: 

  Mark W. Reinhardt, Esq. 

  

 

23

 

	
  c/oMr. Charles Johnston 

  Chief Executive Officer 

  QualMark Corporation 

  4580 Florence St. 

  Denver, CO 80238 

  Fax: 303-254-8343 

  	
   

  	
  Reinhardt & Associates, LLC 

  440 Williams Street 

  Denver, CO 80218 

  Fax: 303-388-9766

  
	
   

  	
   

  	
   

  
	
  and 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mr. Anthony Scalese 

  Chief Financial Officer 

  QualMark Corporation 

  4580 Florence St. 

  Denver, CO 80238 

  Fax: 303-254-8343

  	
   

  	
   

  

 

Either Party may give any notice,
request, demand, claim, or other communication hereunder using any other means
(including personal delivery, expedited courier, messenger service, telecopy,
telex, ordinary mail, or electronic mail), but no such notice, request, demand,
claim, or other communication shall be deemed to have been duly given unless
and until it actually is received by the party for whom it is intended.  Either Party may change the address to which
notices, requests, demands, claims, and other communications hereunder are to
be delivered by giving the other Party notice in the manner herein set forth.

 

10.8         Governing Law. 
This Agreement shall be governed by and construed in accordance with the
internal laws of the Commonwealth of Massachusetts, without giving effect to
any choice or conflict of law provision or rule (whether of the Commonwealth of
Massachusetts or any other jurisdiction) that would  cause the application of laws of any
jurisdictions other than those of the Commonwealth of Massachusetts.

 

10.9         Amendments and Waivers.  The Parties may mutually amend any provision
of this Agreement at any time prior to the Closing.  No amendment of any provision of this
Agreement shall be valid unless the same shall be in writing and signed by each
of the Parties.  No waiver by either
Party of any right or remedy hereunder shall be valid unless the same shall be
in writing and signed by the Party giving such waiver.  No waiver by either Party with respect to any
default, misrepresentation, or breach of warranty or covenant hereunder shall
be deemed to extend to any prior or subsequent default, misrepresentation, or
breach of warranty or covenant hereunder or affect in any way any rights
arising by virtue of any prior or subsequent such occurrence.

 

10.10       Severability. 
Any term or provision of this Agreement that is invalid or unenforceable
in any situation in any jurisdiction shall not affect the validity or
enforceability of the remaining terms and provisions hereof or the validity or
enforceability of the offending term or provision in any other situation or in
any other jurisdiction.  If the final
judgment of a court of competent jurisdiction declares that any term or
provision hereof is invalid or unenforceable, the 

 

24

 

Parties agree that the court
making the determination of invalidity or unenforceability shall have the power
to limit the term or provision, to delete specific words or phrases, or to
replace any invalid or unenforceable term or provision with a term or provision
that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision, and this Agreement
shall be enforceable as so modified.

 

10.11       Expenses.  Except
as set forth in Article VII, each Party shall bear its own costs and expenses
(including legal fees and expenses) incurred in connection with this Agreement
and the transactions contemplated hereby.

 

10.12       Specific Performance. 
Each Party acknowledges and agrees that the other Party would be damaged
irreparably in the event any of the provisions of this Agreement (including
Sections 6.1 and 6.2) are not performed in accordance with their specific terms
or otherwise are breached.  Accordingly,
each Party agrees that the other Party shall be entitled to an injunction or
other equitable relief to prevent breaches of the provisions of this Agreement
and to enforce specifically this Agreement and the terms and provisions hereof
in any action instituted in any court of the United States or any state thereof
having jurisdiction over the Parties and the matter, in addition to any other
remedy to which it may be entitled, at law or in equity.

 

10.13       Confidentiality.  Seller’s parent company, Satcon Technology
Corporation and Buyer’s parent company, QualMark Corporation, have previously
executed that certain Confidentiality and
Non-Disclosure Agreement dated August 23, 2005 and attached hereto and
made a part hereof as Exhibit D, and agree that such Confidentiality and Non-Disclosure Agreement will survive and
govern the exchange of information between the parties under this Agreement.

 

10.14       Construction.

 

(a)           The language used in this Agreement
shall be deemed to be the language chosen by the Parties to express their
mutual intent, and no rule of strict construction shall be applied against
either Party.

 

(b)           Any reference to any federal, state,
local, or foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise.

 

(c)           Any reference herein to “including”
shall be interpreted as “including without limitation”.

 

(d)           Any reference to any Article, Section
or paragraph shall be deemed to refer to an Article, Section or paragraph of
this Agreement, unless the context clearly indicates otherwise.

 

10.15       Survival.  Any provision of this Agreement which by its
nature is intended to survive the termination of this Agreement, including but
not limited to the warranty, representation, indemnity, and confidentiality
provisions hereof, shall, except to the extent expressly limited herein, so
survive.

 

25

 

[Signature page follows]

 

26

 

IN WITNESS WHEREOF, the Parties have executed this
Agreement as of the date first above written.

 

	
   

  	
  QUALMARK LING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Anthony Scalese

  	
   

  
	
   

  	
  Name:

  	
    Anthony
  Scales

  	
   

  
	
   

  	
  Title:

  	
   

  	
  CFO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SATCON POWER SYSTEMS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David B. Eisenhaure

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title: Assistant Secretary

  
												

 

27

 

Exhibit A

Bill of Sale

 

28

 

Exhibit B

Instrument of Assumption

 

29

 

Exhibit C

Cross Receipt

 

30

 

Exhibit D

Confidentiality and Non-Disclosure Agreement

 

31

 

Schedule 1.1(b)

 

Excluded Assets

 

	
  WIP/FG Shaker/Amp
  Inventory to be retained by Seller

  
	
   

  
	
  Customer

  	
   

  	
  Product

  	
   

  	
  Job No.

  	
   

  	
  S.O. No.

  	
   

  	
  Part No.

  
	
  DP

  	
   

  	
  shaker 4022LX

  	
   

  	
  7796

  	
   

  	
  6425

  	
   

  	
  770716610

  
	
   

  	
   

  	
  amp

  	
   

  	
  7312

  	
   

  	
  6425

  	
   

  	
  772000821

  
	
   

  	
   

  	
  blower

  	
   

  	
  7468

  	
   

  	
  6425

  	
   

  	
  77071646

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Amp

  	
   

  	
  7857

  	
   

  	
   

  	
   

  	
  772000066

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DMA65E Amp

  	
   

  	
   

  	
   

  	
  7822

  	
   

  	
  backlog report

  
	
   

  	
   

  	
  624VH Shaker

  	
   

  	
   

  	
   

  	
  7822

  	
   

  	
  backlog report

  
	
   

  	
   

  	
  10 HP Blower

  	
   

  	
   

  	
   

  	
  7822

  	
   

  	
  backlog report

  

 

32

 

Schedule 1.5

 

PM10 Designs

 

 

10kva Power Module

Name: PM10 Rev-H

Vantage Release Rev: 2

Part Number: 770716800

 

33

 

Schedule 2.1

 

Organization

 

 

The Seller is incorporated in DE and is qualified to do business in
Massachusetts, Maryland and Ontario, Canada.

 

34

 

Schedule 2.3

 

Non-Contravention

 

Under the terms of the Loan and Security Agreement dated as of January
31, 2005, by and among the Seller, the other Borrowers party thereto and
Silicon Valley Bank as lender, in which a credit facility was made available to
the Seller, the consent of Silicon Valley Bank is required prior to the
disposition of the Acquired Business.

 

35

 

Schedule 2.5(a)

 

Acquired Assets –
Material Tangible Personal Property

 

See attached lists.

 

36

 

Schedule 2.5 (c)

 

Security Interests

 

None.

 

37

 

Schedule 2.6(a)

 

Intellectual Property

 

LING and LING Electronics name and logo, and related trademarks.

 

LIN-E-AIR trademark.

 

38

 

Schedule 2.7

 

Inventory

 

 

See attached lists.

 

39

 

Schedule 2.8

 

Contracts

 

1. The Seller has a purchase commitment with Newfab, Inc. for the
procurement by the Seller of carbon steel in the approximate amount of $49,875.00.

 

2. The Seller has a purchase commitment with Newfab, Inc. for the
procurement by the Seller of the equivalent of (3) model 2016 flame cut steel
in process at the supplier, intended for Hill Air Force Base in the approximate
amount of $33,000.00.

 

40

 

Schedule 2.10

 

Warranties

 

See attached standard terms and conditions.

 

See attached warranty list.

 

The Seller has extended a two year warranty to Bisee for inventory
shipped on September 2, 2004. This is the only active warranty that is longer
than the standard warranty term.

 

41

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