Document:

EX-10.23

 Exhibit 10.23 

(TRANSLATION) 

[Bears the symbol of “VM Energía”] 

¡ Villar Mir Group 

ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES 

OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE 

GARNIZO (CANTABRIA, SPAIN) 

 
 In Madrid, Spain, on
22 June 2010 

 ARTICLES TABLE OF CONTENTS 

 

							
	ONE. PURPOSE OF THE AGREEMENT		 	3	  
	TWO. CHARACTERISTICS OF THE ELECTRICITY SUPPLY AND ELECTRICITY GRID ACCESS CHARGES		 	3	  
	THREE. INVOICING OF THE ELECTRICITY SUPPLIED		 	3	  
	FOUR. EFFECTIVE TERM		 	5	  
	FIVE. QUALITY OF THE ELECTRICITY SUPPLY		 	5	  
	SIX. TAXES		 	5	  
	SEVEN. REVIEW OF PRICES FOR REGULATORY CHANGES		 	5	  
	EIGHT. MEASUREMENT EQUIPMENT		 	6	  
	NINE. INVOICING AND PAYMENT TERMS AND CONDITIONS		 	6	  
	TEN. ELECTRICITY CONSUMPTION FORECAST		 	8	  
	ELEVEN. SETTLEMENT CALCULATIONS		 	9	  
	TWELVE. TEMPORARY SUSPENSION OF THE ELECTRICITY SUPPLY		 	9	  
	THIRTEEN. FORCE MAJEURE		 	9	  
	FOURTEEN. TERMINATION OF THE AGREEMENT		 	10	  
	FIFTEEN. APPLICABLE LAW AND JURISDICTION		 	10	  
	SIXTEEN. PARTIAL NULLITY		 	10	  
	SEVENTEEN. CONFIDENTIALITY		 	11	  
	EIGHTEEN. NOTIFICATIONS		 	11	  
	SCHEDULE 1:		 FIXED PRICE ELECTRICITY SUPPLY FORM
		 	12	  
	SCHEDULE 2:		 CONSUMPTION SCHEDULES
		 	14	  
	SCHEDULE 3:		 POWER SUPPLY INVOICE SAMPLES
		 	15	  

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 1 of 16

 In Madrid, Spain, on 22 June 2010, between 

AS THE ONE PARTY: 
 FERROATLÁNTICA, S.L.,
(hereinafter, the “Purchaser” or the “Client”), with N.I.F. (V.A.T. No.) B-80420516, with its registered office situated at Paseo de la Castellana, 259 D, 49th floor, Madrid,
Spain, with Mr Carlos Oliete Fernández acting on behalf of and representing the foregoing company, in exercise of the powers conferred upon him by virtue of the public deed executed before the Notary Public, Mr José María Lucena
Conde, dated 4 December 1992, under number 2794 of his official notary records. 
 AND AS THE OTHER PARTY: 

VILLAR MIR ENERGÍA, S.L. (hereinafter, the “Marketer”), with C.I.F. (V.A.T. No.) B-85253888, with its registered office situated at Paseo de
la Castellana, 259-D, planta 47th floor, Madrid, Spain, with Mr José Luis González-Haba González acting on behalf of and representing the foregoing company, in exercise of the
powers conferred upon her by virtue of the public deed executed before the Notary Public of Madrid, Mr Jaime Recarte Casanova, dated 18 March 2010 under number 838 of his official notary records. 

WHEREAS 
 ONE. The Purchaser is the
owner of industrial facilities situated at Boo de Guarnizo, Cantabria, Spain (hereinafter, the “Facilities” and constitutes, in relation to the foregoing Facilities, a “qualified client”, pursuant to paragraph 3 of Article One of
Royal Decree 2820/1998, of 23 December, which established charges for access to the electricity grids, and accordingly the Purchaser is entitled to opt for the electricity supply regime established for the foregoing category of qualified
clients. The Universal Supply Point Code (CUPS) for the Facilities is ES0022700000747001DY0F. Furthermore, the Purchaser, in relation to the foregoing Facilities, has formalised its registration at the Administrative Register of Electricity
Distributors, Marketers and Qualified Consumers, namely as a Qualified Consumer. The following table sets out the main characteristics of the Facilities: 
  

											
	 FACTORY
	 	 CUPS

(Universal Supply Point Code)
	 	 SUPPLY

ADDRESS
	 	 VOLTAGE
(kV)
	 	 ATR

(Grid
 access

charge)
	 	 POWER

(Kw)

	BOO DE GUARNIZO	 	ES0022700000747001DY0F	 	 Boo de Guarnizo,

Cantabria, Spain
	 	220	 	6.4	 	 P1: 20,000 Kw

P2-P6: 64,000 Kw

 TWO. The Marketer is currently in a position to commence the supply of electricity, as it has notified the date of
commencement of the supply activities to the Spanish Ministry of Industry, Tourism and Trade on 4 June 2010. 
 THREE. The Purchaser intends to
contract the supply of electricity through the Marketer for the FERROATLÁNTICA-SABÓN Facilities (CUPS (Universal Supply Point Code): ES0022700000747001DY0F). 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)	 	Page 2 of 16

 Accordingly, the foregoing parties hereby formalise this electricity supply agreement (hereinafter, the
“Agreement”) which shall be governed by the provisions of the following articles: 
 ARTICLES 

ONE. PURPOSE OF THE AGREEMENT 
 By virtue of this
Electricity Supply Agreement, the Marketer hereby undertakes to provide to the Purchaser, and the Purchaser hereby undertakes to acquire from the Marketer, the electricity which is consumed from the distribution network at the facilities of
FERROATLÁNTICA, S.L. in Boo de Guarnizo (Cantabria, Spain). 
 Accordingly, the Purchaser, by means of this Agreement, hereby expressly ratifies and
authorises the purchase of the electricity which is consumed by the Facilities through the Marketer. 
 The delivery or supply point of the electricity
shall be that which corresponds to the point where the meter is situated for the measurement of the electricity consumption of the Facilities. The supply of the electricity shall be deemed to be effected when the electricity is provided to the
Purchaser at the foregoing supply point. 
 TWO. CHARACTERISTICS OF THE ELECTRICITY SUPPLY AND ELECTRICITY GRID ACCESS CHARGES 

The electricity supply voltage and the contracted power, for the purpose of the grid access charge, shall be defined by the Purchaser at least seven
(7) days prior to the entry into force of this Agreement. Notwithstanding the foregoing, the Purchaser may, on a temporary basis, effect hourly and quarter-hourly electricity consumption which exceeds the defined average power supply. 

The Purchaser shall contract its electricity grid access directly with the Distributor, and accordingly the Marketer shall not invoice any sums whatsoever in
relation to the contracting of the Grid Access Charges. 
 THREE. INVOICING OF THE ELECTRICITY SUPPLIED 

3.1 Price of the electricity supply 
 The invoiceable
amount of the electricity supplied and which is measured at the central terminal/buss, is obtained through the application of a price formula which is indexed to the hourly markets price, as well as by the components which comprise the final market
price. 
  

	•	 	Hourly market price 

 The hourly daily market price is defined as the marginal prices (one price for each hour)
of the Daily Market for Electricity Production within the Spanish system as published by the Market Operator “Ibérico de Energía – Polo Español, S.A.” on the web page //www.omel.com. 

 

	•	 	Costs of the System Operator 

 The hourly costs for the foregoing concepts shall be calculated on an hourly
basis, as published on the web site of the information systems of the System Operator, Red Eléctrica de España (e-sios). The operating costs of the system shall include the reduction of costs for demand by reason of the deviation
excesses. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 3 of 16

	•	 	Capacity payments 

 The capacity payments shall be billed pursuant to the provisions of applicable regulations,
in force from time to time. 
  

	•	 	Losses 

 The losses shall be billed pursuant to the provisions of applicable regulations, in force from time to
time. 
 3.2 Service management costs 
 The foregoing
concept includes the following costs: 
  

	•	 	Sales margin. 

  

	•	 	Provision of services provided through a web application. 

  

	•	 	Expenses incurred by the Marketer by way of guarantees and financial hedging agreements. 

 The Marketer shall
bill to the Purchaser an amount of 0.18 €/MWh for operating expenses for the net electricity supplied (at the boundary point). 
 3.3 Option of
establishing a fixed price for the electricity supply 
 The Purchaser may opt for establishing a fixed price for the power per energy periods or blocks
and for the term he/she may determine. Accordingly, the Purchaser must file a request which sets out the specific power for which a fixed price is requested (power for each period) and the Marketer shall establish a fixed price for each period which
shall take into account the current situation of the electricity markets for the energy, the period in question and the energy profile which has been requested. 

In the event that the Purchaser does not consume part of the energy block subject to a fixed price, the Marketer shall solely and exclusively carry out a
settlement for the differences between the prices of the aforementioned fixed price and the average registered price in the market during the applicable period. Furthermore, the management expenses provided for under this article shall also be
billed for said volume of energy. 
 Schedule 1 of this Agreement sets out the fixed price electricity supply agreement form between the Marketer and the
Purchaser. 
 3.4 Deviation screening 
 Average
deviation percentage (%) is defined as the sum of the hourly difference of the absolute values between the “Final hourly profile” and the final consumption (measured in kWh) divided between the final consumption (measured in kWh) for
the month in question and shall, hereinafter, be referred to as “Deviation”. 
 In addition to the price of the electricity measured at the
central terminal/buss, an additional surcharge shall be applied which shall be associated to the deviations mentioned in this article. Said surcharges are set out in the following table: 

 

					
	 Deviation %
	  	Deviation surcharge (€/MWh)
Central Terminal/buss Consumed	 
	 0 – 2.5%
	  	 	0	  
	 2.5 – 5%
	  	 	0.075	  
	 5% – 7.5%
	  	 	0.1	  

 From 7.5 % of deviation the Deviation Surcharge shall be increased in 0.025€/MWh per each 2.5% of deviation %
over 7.5%. The calculation is monthly 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)	 	Page 4 of 16

 The Marketer may provide the Client with the option of requesting the program subject to a maximum purchase price
limit, as provided for through the Marketer’s software application. Pursuant to said modality, the Client would assume that said program may not have been implemented within the market and as a result thereof its consumption may have to be
modified. In said situation, costs of any possible deviations which may be incurred by the Client if it were not to modify its consumption would be assumed by the Client not subject to screening. 

All corresponding taxes and levies shall be applicable to the foregoing sums and amounts. 

3.5 Application of current taxes 
 In particular, the
special electricity tax shall be applicable to the aforementioned invoicing amounts for the purchase of electricity, as well as all surcharges for use of public services (known as Municipal Tax). 

FOUR. EFFECTIVE TERM 
 This Agreement shall enter
into force and effect on 1 July 2010 and shall conclude on 31 December 2010, although it may be extended by way of mutual agreement between the parties. Without prejudice to the foregoing provisions, validity of this Agreement and
accordingly, the commencement of electricity supply and the effects thereof, shall be subject to and conditional upon formalisation of the grid access by the distributor company, without prejudice to the terms and provisions set out hereinbelow.

 Irrespective of the final date of commencement of electricity supply, the date of conclusion of the Agreement shall be that of 31 December 2010. In
the event that the connection of the Facilities to the distribution grid were to be delayed by more than 3 months, as from 1 July 2010, the Agreement shall be subject to and conditional upon the review, by way of mutual agreement between the
parties, of the economic terms and conditions for the Supply Point the subject thereof. Alternatively, the Agreement shall be deemed to be null and void. 

FIVE. QUALITY OF THE ELECTRICITY SUPPLY 
 The
supply of electricity through the distribution network shall be carried out in accordance with the provisions of current regulations and the Marketer hereby undertakes to promote the incorporation of advanced meter technologies and devices for the
quality control of the electricity supply. 
 The Marketer may assign the performance of services to a subsidiary company, and, in any event whatsoever,
shall assume the legal obligations and liabilities vis-à-vis the Purchaser. 
 SIX. TAXES 

All types of charges (taxes, levies, public tariffs) and territorial surcharges which may be established by any type of State, Autonomous Region or local rule
or regulation or by way of any judicial resolution shall be for the cost and account of the Purchaser, which shall be obliged to effect payment thereof at the currently applicable rates and with the effects thereof which may be established from time
to time. Furthermore, the corresponding Value Added Tax shall be applied to the foregoing amounts. 
 SEVEN. REVIEW OF PRICES FOR REGULATORY CHANGES

 In the event that variations or modifications are implemented to regulated components of the electricity price, said variations or modifications
shall be fully applicable to the prices of the Agreement. Regarding the foregoing review, tariffs provided for under Order ITC/3519/2009, of 28 December, shall be considered to constitute benchmark values. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 5 of 16

 Furthermore, in the case that regulatory modifications are implemented which introduce new components to the
final price or which remove any of the existing components of the price of electricity, said modifications shall be included to the price formulas for the supply modalities which are included under Article Two hereof. 

EIGHT. MEASUREMENT EQUIPMENT 
 The Purchaser hereby
undertakes to install, at the supply point, electricity measurement equipment which shall enable a register log to be kept as well as quarter-hourly remote telemetering data regarding the active and reactive energy consumption, in a perfect state of
repair, and the Purchaser shall enable the Marketer or the distributor to access the supply point in order to verify the correct installation and operation thereof. 

The Client is responsible for the measurement equipment and must not manipulate it, and must immediately notify the measurement equipment’s supplier of
any incident which may be detected in relation to the functioning thereof. Furthermore, the Client must enable the distributor company and the Marketer (or any duly authorised legal representative that acts in the name and on behalf thereof) to
access the measurement equipment, at all times, for the purposes of carrying out the necessary readings for the invoicing thereof, as well as to examine the functioning thereof and to verify the correct maintenance thereof. 

Measurement equipment’s installation and verification shall be paid by the Purchaser. Furthermore, the Purchaser shall install, at its own cost and
expense, a dedicated telephone line in order that the measurement equipment may be connected to by the Marketer via modem. In the situation in which the measurement equipment were to fail, and if electricity consumption data was unavailable, the
electricity shall be invoiced in accordance with the provisions established for said effects and purposes. If said provisions had not been established, the historical invoiced consumption values in relation to the same period of the year and for
similar conditions regarding the Facilities operation, shall be used as a benchmark. 
 NINE. INVOICING AND PAYMENT TERMS AND CONDITIONS 

The Client shall not be obliged to provide any guarantees whatsoever, provided that the payment terms and conditions set out under the following point
(“Invoicing and Payments”) of this Agreement are duly complied with, based upon a schedule of fortnightly payments. 
 Invoicing and
Payments 
 Two types of invoices shall be issued, one for the electricity supplied and another for the management expenses. 

The invoices which correspond to the supply of electricity shall be issued in accordance with a fortnightly advance payment schedule, and, accordingly, the
PAYMENTS shall comply with an advance payment schedule as per the following structure: 
 On the 16th
day of each month, an invoice shall be issued for the electricity scheduled for each hour as from day 1 of the month to day 15, both inclusive, and the program shall determine the Daily Market Price at each hour; and on day 1 of the following month,
another invoice shall be issued for the electricity scheduled for each hour as from day 16 of the month until the final day of the invoiced month, both inclusive, and the and the program shall determine the Daily Market Price at each hour. Said
invoices shall be paid within 3 days after the date of receipt thereof by means of direct debit mandate authority, or, in the case of public holidays, on the first business day thereafter. The corresponding VAT amount shall be applied to the
foregoing amounts. 
 These fortnightly payments shall be considered to constitute on account payments for month M settlement, Month M Settlement:
Extraordinary costs and surcharges associated with the purchase (Capacity payment, Secondary band, Restrictions, Taxes, etc.) shall be charged through the monthly settlement, together with the settlement of positive or negative deviation of

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 6 of 16

 
corresponding Daily Market Price, in accordance with the schedule of extraordinary costs and surcharges set out in the Specific Terms and Conditions. After REE and OMEL have provided VME with the
plants activities results within the market, the corresponding invoice shall be issued for month M settlement, together with details of the calculation method applied. Ferroatlántica shall have the period of 3 business days, as from receipt
thereof, in order to validate the invoice for month M settlement. In the case of agreement, Ferroatlántica shall effect payment of the invoice within the period of 3 business days thereafter. 

In the event that discrepancies exist in relation to the invoice, within the period of 3 business days following the receipt of the invoice,
Ferroatlántica shall effect payment of the sum corresponding to the lesser value of the invoice balances under dispute. Both parties herby establish a limit of 10 business days, after day 15 of the month following electricity consumption, in
order to reach agreement regarding any said discrepancies, in which case, Ferroatlántica shall effect payment within the period of 3 days following the agreement. In the event that the parties are unable to reach agreement within the
foregoing period of 10 days, the dispute shall be resolved through the jurisdiction of the Courts and Tribunals of the city of Madrid. 
 Invoices which
correspond to “Management Expenses” incurred by the Marketer shall be separately issued, within the period of 5 days following the month in which electricity has been consumed, for electricity settled in the corresponding month. Payment
shall be effected on the 15th of the month following the month in which the electricity has been consumed or, if a public holiday, on the first business day thereafter. Said “Management Expenses” an amount of 0.18 €/MWh provisions are
set out under the Specific Terms and Conditions of this Agreement. 
 All scheduling, control and invoicing shall be carried out independently for each one
of the points of electricity consumption which are agreed to between the parties to this Agreement. 
 Without the need for any prior notification or
request whatsoever, the Client shall pay interest at the Base Rate (Euribor for one-month deposits in Euros as published by the European Banking Federation for the interest accrual date) plus 3% per annum, applicable to the due and payable
amount the subject of default, as from the date on which payment was required until the date on which payment thereof is actually effected. Said interest shall accrue on a daily basis and shall be settled and must be paid on the date on which the
defaulted invoice has finally been paid. 
 The payment of the invoices shall be effected by way of bank transfer. 

Suspension of the Electricity Supply 
 Without
prejudice to any other rights that may be available to the Marketer, in the event that the Client was to default on payment of the amounts payable pursuant to this Agreement that are not subject of dispute, and at the payment date thereof, and
should said payment default not be rectified within the period of two (2) business days after the receipt by the Client of the notice of payment default which has been issued by the Marketer, then the Marketer may suspend each and every one of
the electricity supplied until such time as said amount (together with the interest corresponding to the Base Rate plus 3% per annum) and any other amounts, penalties or surcharges which may be claimed by any third party from the Marketer as a
result of the suspension of the electricity supply to the Client pursuant to the provisions of Article 3.3, have been totally and fully paid. 

Nonetheless, in the event that any amount which is due and payable by the Client, and which is not the subject of dispute, were to remain unpaid for a period
equal to or exceeding two (15) days, and without prejudice to the right of VILLAR MIR ENERGÍA, S.L. to terminate the Agreement and to claim payment of any outstanding amounts in accordance with the terms thereof, the Marketer may suspend
the electricity supplies to the Client and may furthermore instruct the distributor to suspend access to the electricity grid (disconnection from the electricity grid) until such time as the Client has paid the Marketer the totality of the amounts
which are due and payable pursuant to the Agreement, together with any other expenses inherent to the re-connection of the Client, which may be paid directly to the distributor company. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 7 of 16

 Concepts included within the Price of the Agreement 

The parties hereby agree that the Price of the Agreement includes the concepts set out under the Specific Terms and Conditions. 

Concepts not included within the Price of the Agreement 

The Price of the Agreement does not include the electricity grid access charges, the surcharges for excess power and for reactive energy, as well as any other
concepts other than the concepts which are set out under Article Three thereof, and accordingly all said expenses and charges shall be solely and exclusively for the cost and account of the Client. 

Taxes 
 It shall be understood that the amounts to
be paid by virtue of the terms of this Agreement do not include the Value Added Tax, which must be paid by the Client at the tax rate applicable from time to time. 

Power Supply Invoicing and Operation Costs Samples corresponding to the Marketer are detailed in Schedule 3 herein. 

TEN. ELECTRICITY CONSUMPTION FORECAST 
 In order to
optimise the purchase of electricity within the wholesale electricity market, the Purchaser shall send to the Marketer the future electricity consumption forecasts for the Facilities. In particular, the Purchaser shall carry out the following
communications: 
  

	1.	Monthly electricity consumption schedule: Daily electricity consumption schedule for the complete month M+1. The monthly electricity consumption schedule shall be provided to the Marketer prior to the 15th of each month. 

  

	2.	Weekly electricity consumption schedules: The monthly electricity consumption schedule may be corrected by means of re-schedules which shall be notified to the Marketer prior to Thursday at 6:00 pm for the reference
period which shall include Saturday, Sunday and the entire subsequent week. The weeks may also form part of different months. The period of the electricity consumption schedules may also be variable (as specified in Schedule 2; such period shall be
specified in the file name where notification is sent.), however must be included within the reference period. 

  

	3.	Daily electricity consumption schedules: The weekly electricity consumption schedules may be corrected by means of re-schedules, which must be notified as soon as practicable, in order to adjust the schedules to the
real electricity consumption of the Facilities. In light of the foregoing, the Client may send the schedule for day D, prior to 09:55 am the day beforehand, namely D-1. Notwithstanding the foregoing, the Client shall use its best endeavours to
provide the Marketer with an estimation of the electricity consumption schedule for day D prior to 09:15 am on day D-1. 

  

	4.	Unforeseen incidents: Any unforeseeable incidents or changes which may significantly affect the forecast electricity consumption and which are not included within the monthly electricity consumption schedule or in the
weekly electricity consumption schedules, may be notified to the Marketer at any time whatsoever. Samples and notification procedure on schedules are contained in Schedule 2 herein. 

Said notifications shall be carried out by means of the web software application of VME, by e-mail or telephonically. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 8 of 16

 ELEVEN. SETTLEMENT CALCULATIONS 

In order to optimise the notification of the respective electricity consumption schedules, the Marketer shall install, at its cost and expense, a specific
software application by which the electricity consumption schedules may be send and unforeseen incidents may also be resolved. 
 In turn, in order to
provide the best possible detailed information, the Marketer shall provide a software application for the downloading of provisional settlements. 

TWELVE. TEMPORARY SUSPENSION OF THE ELECTRICITY SUPPLY 
  

	1.	The Marketer shall be authorised and empowered to temporarily suspend the electricity supply, without being held liable for said suspension, in any of the following situations: 

 

	 	•	 	In the event of any situation of force majeure, in accordance with the provisions of Article Fourteen hereinbelow. 

  

	 	•	 	If any of the situations which authorise and empower the Marketer to terminate the Agreement were to take place, and in particular, in the event of any default by the Purchaser of any of the amounts due and payable to
the Marketer. 

  

	2.	In any event, the Marketer shall notify the Purchaser of the date of the temporary suspension of the electricity supply as soon as practicable and with as much notice as possible. Furthermore, the supply shall be
re-established as soon as reasonably possible by the Marketer, which shall carry out the necessary procedures and actions in order to minimise the period of interruption of the electricity supply. 

 

	3.	When the reason for the disconnection from the electricity grid was that of a payment default by the Purchaser, any subsequent re-connection or re-establishment of the electricity supply shall be conditional upon and
subject to the payment by the Purchaser to the Marketer of the outstanding amounts and of all of the costs and expenses incurred by reason of the suspension and re-connection of the electricity supply and, as the case may be, the establishment of
any type of guarantee or deposit. 

  

	4.	Furthermore, the Marketer may exercise its right to terminate the Agreement, in accordance with the provisions of the article relating to the termination of this document. 

THIRTEEN. FORCE MAJEURE 

Neither of the Parties shall be held liable for the breach of any of their respective obligations pursuant to the terms of this Agreement, when said breach has
been caused by any situation of force majeure or any unforeseeable or accidental situation, in accordance with the provisions of Article 1,105 of the Spanish Civil Code or by reason of the adoption or implementation by the Government of any
of the measures provided for under Section 10 of the Spanish Electricity Sector Act (hereinafter, “Force Majeure”), provided that: 
  

	 	•	 	The circumstances of the situation of Force Majeure are not the result, in full or in part, of any breach, omission or negligence of the party which claims to be released from its obligations; 

 

	 	•	 	The party which claims to be released from its obligations notifies the other party of the circumstances of the situation of Force Majeure as soon as practicable; and 

 

	 	•	 	The party which claims to be released from its obligations adopts and implements all of the reasonable measures in order to minimise the effects and impacts of said situation of Force Majeure.  

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 9 of 16

 In the event of a situation of Force Majeure, the parties shall jointly decide upon the measures to be
adopted and if the situation of Force Majeure were to be prolonged, without interruption, for a period of more than one (1) month, without the parties having been able to reach agreement in respect thereof, either of the parties shall be
empowered to terminate this Agreement. 
 FOURTEEN. TERMINATION OF THE AGREEMENT 

The following situations shall constitute grounds for the termination of the Agreement: 

 

	 	1.	The breach by either of the parties of any of their respective obligations pursuant to the Agreement. 

  

	 	2.	When either of the parties the subject of any situation of bankruptcy, payments suspension1, or general situation of insolvency. 

 

	 	3.	By reason of the expiry of the contractual term provided for in this Agreement as well as any of the extension or renewal periods thereof. 

Any of the parties that intend to exercise said right of termination based upon the grounds for resolution provided for under points 1 and 2 of this article,
must notify the other party thereof in order that the other party may rectify the breach in question within the non-extendible period of 7 days. After the expiry of said period, should the ground for termination not have been rectified by the party
in question, the other party shall be empowered to terminate the Agreement. 
 In the event that the Purchaser was the party in breach of any of the
aforementioned grounds for termination of the Agreement, the Marketer may, in any event, suspend the electricity supply, by way of notification to the Purchaser at least 24 hours beforehand. And all of the foregoing, without prejudice to the right
of the Marketer to exercise its right to terminate the Agreement, as provided for under this article. 
 Upon the termination of the Agreement, the
Purchaser shall be obliged to pay all of the deposited amounts as provided for under the Invoicing and Payment Terms and Conditions Article. 
 Without
prejudice to the foregoing, the Marketer hereby expressly reserves the right to claim the corresponding compensation sums, for the amount of the losses and damages which may be incurred thereby as a result of the acts or omissions of the Purchaser.

 FIFTEEN. APPLICABLE LAW AND JURISDICTION 

This Agreement shall be governed and shall be interpreted by applicable Spanish law and in particular, pursuant to the Spanish Electricity Sector Act 54/97, of
27 November, as well as the implementation regulations thereof. In relation to any dispute or disagreement which may arise in relation to the interpretation, execution or performance of this Agreement, the parties hereby expressly submit
themselves to the jurisdiction of the Courts and Tribunals of Madrid, and expressly waive any rights to any other jurisdiction which may otherwise have been available thereto. 

SIXTEEN. PARTIAL NULLITY 
 In the event that any of
the articles contained in this Agreement were to be declared to be null and void by any Court or competent authority, said articles shall be deemed to not form part of this Agreement and accordingly shall be rendered null and void, however said
nullity shall not affect, in any way whatsoever, the rest of the articles of this Agreement. In any event, the parties hereby undertake to negotiate, in good faith and in accordance with the spirit of this agreement, an alternative wording to the
article or articles which have been rendered null and void. 
  

	1 	Translator’s note: In this context, the term “payments suspension” refers to a type of debt moratorium or temporary receivership situation where a suspension is imposed on payments. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 10 of 16

 SEVENTEEN. CONFIDENTIALITY 

All of the information acquired or received as a result of or in relation to the Agreement, including the terms thereof in relation to the other party, shall
be considered to constitute strictly confidential information. 
 EIGHTEEN. NOTIFICATIONS 

Any notification which must be effected by virtue of this Agreement shall be effected in writing and must be signed by the party in question and furthermore
said notification shall be sent by way of telex, facsimile or registered mail to the address and for the attention of the respective persons which are set out hereinbelow, unless any modification to the following information has been formally
notified to the other party. 
  

					
			On behalf of the Marketer:		On behalf of the Purchaser:
			
	Name		Mr José Luis González-Haba González		Mr Carlos Oliete Fernández
			
	Telephone		+34 91 590 32 32		+34 981 706 300
			
	Fax		+34 91 561 76 06		+34 981 746 704
			
	Address		Paseo de la Castellana, 259 D, 47th Floor, 28046, Madrid, Spain		Carretera de Muros, s/n, 15270 Cee – A Coruña, Spain

 And in witness thereof, the parties hereby execute this document, in duplicate copies which together constitute a
single document, at the place and on the date set out hereinabove. 
  

					
	FERROATLÁNTICA, S.L.				VILLAR MIR ENERGÍA, S.L.
			
	 [Illegible signature]
				 [Illegible signature]

			
	Mr Carlos Oliete Fernández				Mr José Luis González-Haba González

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 11 of 16

 SCHEDULE 1: FIXED PRICE ELECTRICITY SUPPLY FORM 

Operation Date: 22/06/2010 
 As the first party: 

FERROATLÁNTICA, S.L., (hereinafter, the “Purchaser” or the “Client”), with N.I.F. (V.A.T. No.) B-80420516, with its registered
office situated at Paseo de la Castellana, 259 D, 49th floor, Madrid, Spain, with Mr Carlos Oliete Fernández acting on behalf of and representing the foregoing company, in exercise of the powers conferred upon him by virtue of the public deed
executed before the Notary Public, Mr José María Lucena Conde, dated 4 December 1992, under number 2794 of his official notary records. 

And as the other party: 
 VILLAR MIR ENERGÍA, S.L.
(hereinafter, “VME”), with C.I.F. (V.A.T. No.) B-85253888, with its registered office situated at Paseo de la Castellana, 259-D, planta 47th floor, Madrid, Spain, with Mr José Luis González-Haba González acting on
behalf of and representing the foregoing company, in exercise of the powers conferred upon her by virtue of the public deed executed before the Notary Public of Madrid, Mr Jaime Recarte Casanova, dated 18 March 2010 under number 838 of his
official notary records. 
 Whereas: 
 VME and the
Client hereby agree to provide the electricity supply, whether in full or in part, to the facilities owned by FERROATLÁNTICA situated in Boo de Guarnizo (Cantabria, Spain) subject to a fixed price regime. 

VME and the Client hereby establish a Fixed Price for a Fixed Volume of electricity consumption in order to change the component of the Daily Market Price for
a Fixed Price for a specific volume of electricity. 
 VME and the Client shall settle the scheduled periods in accordance with the following price
schedule. 
  

							
	 PERIOD
	  	BASE
LOAD (MW)	  	BASE LOAD PRICE
(€/MWh)	  	VOLUME (MWh)
		  		  		  	

 Each hour, the Client shall pay to VME the BASE LOAD PRICE for the MW established in the foregoing table. 

Each hour, if: 
 The electricity consumption exceeds the BASE
LOAD, the Client shall pay VME the value of the Daily Market Price multiplied by the difference between the electricity consumption and the BASE LOAD. 
 If
the electricity consumption were less than the BASE LOAD, the VME shall pay the Client the value of the Daily Market Price multiplied by the difference between the BASE LOAD and the electricity consumption. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)	 	Page 12 of 16

 The stipulated prices shall only relate to electricity, the rest of the concepts (losses, demand surcharges and
taxes) shall be invoiced in accordance with the provisions of Article Three of the Supply Agreement. 
 Early Termination. In the event that
any of the parties were to exercise their right of Early Termination of this Agreement, said party must compensate the other party, according to the following formula: 

Compensation = (A – B) x (C+ €2/MWh) 
 Where: 

A: VOLUME OF ELECTRICITY 
 B: BASE LOAD for the number of hours
from the date of Early Termination of the Agreement to the expiry date thereof. 
 C: OMIP Future Price as at the date of Early Termination – OMIP
Future Price on the date of execution of the Agreement. The value of C shall be expressed in Euros/MWh and in absolute values. Where the OMIP Future Price on the date of Early Termination shall constitute the mere arithmetic average of the Future
Market Prices of the period between the final date which has been settled subsequent to the notification of the Early Termination and the expiry date of the Agreement as provided for under the Specific Terms and Conditions. Such prices are published
by OMIP OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA – POLO PORTUGUES, S.A. at its internet web site, with URL: http://www.omip.pt/; if said prices are no longer published at the foregoing web site, but are published by OMIP or the
entity which replaces OMIP at another internet URL or through any other means or support media, as from said time the prices shall be those which are published at said new internet URL or through said new support media. If either of the parties was
to have knowledge of any change of URL or change of support media at or through which the prices are published, said party must notify the other party thereof within the period of five business days thereafter. The prices shall be rounded to a
maximum of three decimal places, whereby 0.0005 shall be rounded up to 0.001. 
  

					
	[Illegible signature]				[Illegible signature]
			
	Signed by:				Signed by:
	Mr Carlos Oliete Fernández				Mr José Luis González-Haba González
	Client: FERROATLÁNTICA, S.L.				VILLAR MIR ENERGÍA, S.L.

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 13 of 16

 SCHEDULE 2: CONSUMPTION SCHEDULES 

Delivery formats 
 An xls or txt. format file will be
received, according to the sample agreed by the parties. The file will specify CUPS and period to which the schedule refers. 
 Delivery method 

Delivery will be made through the web app developed to such purpose by the Marketer. 

In case of error in the application, the delivery will be made, alternatively, by email on the dates established for such purpose at the following addresses:

 jlgh@gvme.es 
 mlh@gvme.es 

pfa@gvme.es 
 rrca@gvme.es 

If delivered by email, one of the following titles will appear in the subject line: Programación Mensual (Monthly Schedule),
Programación Semanal (Weekly Schedule) or Imprevisto (Unexpected event), as appropriate. All deliveries will be confirmed by acknowledgement of receipt. 

In case of error in email communication, schedules may be sent (under the same formats) by fax, according to the contact information agreed by the parties
herein. 

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)		Page 14 of 16

 SCHEDULE 3: POWER SUPPLY INVOICE SAMPLES 

Power supply invoice 
  

			
	VM energía	 	VILLAR MIR ENERGÍA
		 	Torre Espacio
		 	Paseo de la Castellana, 259- D 47a
		 	28046 Madrid
		 	Tax Identification number: B-85253888

  

					
	ELECTRIC POWER SUPPLY INVOICE
			
	Invoice No:	 	            xxxxxxxxxx	  	
	Invoice Period	 	Start Date:	  	Expiration Date:                
			
	FERROATLÁNTICA BOO	 	CUPS	  	ES0027700000747001DY0F
		 	Fee	  	6.4
		 	ATR Management:	  	                Customer
		 	Deviation Surcharge:	  	VME
			
		 	Guarantee Management	  	0.00%
	Payment Period	 	Start Date: 01-Jul-10	  	                            End Date: Dec-31-10

  

																	
	 	  	MWh	 	 	 	 	  	 	 	 	 	 
	 Net Consumed Energy
	  				 				  				 			
	 Gross Consumed Energy (Net + Losses)
	  				 				  				 			
	 Scheduled Energy
	  				 				  				 			
	 Schedule Deviation
	  				 				  				 			
					
	Market Costs (applicable to Gross Energy)	  	MWh	 	 	€/MWh	 	  	 	 	 	€	 
	 %
	  				 				  				 			
	 Daily Market
	  	 	MD	  	 	 	—  	  	  				 	 	—  	  
		  				 	 	—  	  	  				 			
	 Financing of Payments by Capacity
	  	 	PC3	  	 	 	—  	  	  				 	 	—  	  
	 Surcharge for technical restrictions PBF
	  	 	SC RT PBF	  	 	 	—  	  	  				 	 	—  	  
	 Secondary Band Surcharge
	  	 	SC BS	  	 	 	—  	  	  				 	 	—  	  
	 Surcharge for technical restrictions Real Time
	  	 	SC RT TR	  	 	 	—  	  	  				 	 	—  	  
	 Schedule deviation (Surcharge)
	  	 	DSV (SC)	  	 	 	—  	  	  				 	 	—  	  
	 Cost reduction for deviation excess
	  	 	MCE	  	 	 	—  	  	  	 	—  	  	 	 	—  	  
					
	 Subtotal Market Costs
	  	 	SUB2	  	 	 	—  	  	  				 	 	—  	  
					
	 Nuclear moratorium
	  	 	MN	  	 	 	—  	  	  				 	 	0,00	% 
					
	 Total Market Prices
	  	 	SUB3	  	 				  				 	 	—  	  
					
	 TOTAL
	  	 	—  	  	 	 	—  	  	  				 	 	—  	  
					
	 Invoicing Summary
	  				 				  				 			
					
	 	  	MWH 	 	 	€/MWH 	 	  	 €
	 	 	 	 
	 Total market costs
	  	 	SUB3	  	 	 	—  	  	  				 			
	 Cost Reduction for deviation excess
	  	 	MCE+	  	 	 	—  	  	  				 			
					
	 	  	 	 	 	BASE (€)	 	  	%	 	 	€	 
	 Financial cost
	  	 	CF	  	 	 	—  	  	  	 	0.0	% 	 			
	 Municipal Tax
	  	 	IM	  	 	 	—  	  	  	 	1.5	% 	 			
	 Electricity Tax
	  	 	IE	  	 	 	—  	  	  				 			
	 VAT
	  	 	VAT	  	 	 	—  	  	  	 	16.0	% 	 			
	 Total Invoice
	  				 				  				 			
					
	Method of Payment:	  				 				  				 			
	Wire transfer to:	  				 				  				 			
	Bank:	  				 				  				 			
	Account No.:	  				 				  				 			

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)	 	Page 15 of 16

 Operation Costs Invoice from Villar Mir Energía 

 

			
	VM energía	 	VILLAR MIR ENERGÍA
		 	Torre Espacio
		 	Paseo de la Castellana, 259- D 47a
		 	28046 Madrid
		 	CIF: B-85253888

 VILLAR MIR ENERGÍA OPERATION COST INVOICE FOR POWER SUPPLY 

 

							
	Invoice No:	 	xxxxxxxxxx	 		 	
	Invoice Period	 	Start Date:	 	Expiration Date:                
			
	FERROATLÁNTICA BOO	 	CUPS	 	ES0027700000747001DY0F
		 	Fee	 	6.4	 	
				
		 	ATR Management:	 		 	Customer
		 	Deviation Surcharge:	 	VME	 	
		 	Representation Price:	 	0.18	 	€/MWh (net energy)
				
		 	Guarantee Management	 	0.00%	 	
				
	Payment Period	 	Start Date: 01-Jul-10	 		 	                End Date: 31 Dec 10

  

																	
	 	  	MWh	 	  	 	 	  	 	 	 	 	 
	 Net Consumed Energy
	  				  				  				 			
	 Scheduled Energy
	  				  				  				 			
	 Schedule Deviation
	  				  				  				 			
					
	 GVM Energía: Operation Costs (over Net Energy)
	  	 	RCE	  	  	 	—  	  	  	 	0.18	  	 	 	—  	  
					
	 TOTAL
	  	 	—  	  	  	 	—  	  	  	 	—  	  	 			
					
	 Invoice Summary
	  				  				  				 			
					
	 	  	MWH	 	  	€/MWH	 	  	EUR	 	 	 	 
					
	 GVM Energía: Operation Costs (over Net Energy)
	  	 	RCE +	  	  	 	—  	  	  				 	 	—  	  
					
	 	  	 	 	  	 Base (€)
	 	  	 %
	 	 	 EUR
	 
	 Financial Cost
	  	 	CF	  	  	 	—  	  	  	 	0,0	% 	 	 	—  	  
					
	 VAT
	  	 	VAT	  	  	 	—  	  	  	 	16.0	% 	 	 	—  	  
					
	 Total Invoice
	  				  				  				 			
					
	Method of Payment	  				  				  				 			
	Wire transfer to:	  				  				  				 			
	Bank:	  				  				  				 			
	Account No.:	  				  				  				 			

  
  

 

			
	ELECTRICITY SUPPLY FRAMEWORK AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT BOO DE GUARNIZO (CANTABRIA, SPAIN)	 	Page 16 of 16

 

 
 [Bears the symbol of “VM Energía”]

Electricity Supply Agreement 
SPECIFIC TERMS AND CONDITIONS 
Marketer: VILLAR MIR ENERGÍA, S.L., with its registered office situated at Paseo de la Castellana, 259D, 47th Floor, Madrid, Spain; C.I.F. (V.A.T. No.) B-85253888.
Telephone: (+34) 91 590 32 30 Fax: (+34) 91 561 76 06 
Client FERROATLÁNTICA, S.L. C.I.F. (V.A.T. No.) B-80420516 
Registered Office: Paseo de la Castellana, 259 D, 49th Floor, Madrid, Spain Telephone: (+34) 981 706 300 Fax: (+34) 981 746 704 
Supply Point: FACTORY IN BOO DE GUARNIZO (CUPS: ES0027700000747001DY0F) 
The Marketer and the
Client hereby agree to formalise this final electricity Supply Agreement, subject to the following Specific Terms and Conditions. 
Commencement date: 1-07-2010 Date
of expiry of the agreement 31-12-2010 
Supply Voltage >145 kV 
Management
Costs: (€/MWh) 0.180 
ELECTRICITY PRICE 
The price of the electricity the
subject of this Agreement shall be the sum of the following concepts, subject to the subsequent application of the corresponding taxes: 
DAILY MARKET PRICE

POWER OUTPUT WARRANTY 
PRICE FOR THE DEMAND FOR RESTRICTIONS IN PBF (BASE
OPERATING SCHEDULE) DEMAND PRICE FOR SECONDARY BAND (SB) DEMAND PRICE FOR REAL TIME RESTRICTIONS 
REDUCTION OF DEMAND COSTS FOR DEVIATION EXCESSES 
The foregoing concepts shall be applied to the real demand measured at the central terminal/buss The Electricity Deviation Price (PDESV) shall be calculated in accordance with the
following table: 
% Deviation Penalty in BL (€/MWh) 
< 3% 0 
3 – 5% 0.15 
5 – 10% 0.2 
> 10% 0.4 
Whereby the % deviation corresponds to the sum of the absolute values of the
deviated MWh each hour divided by the electricity consumption measured at the central terminal/buss. The calculation is executed monthly. 
The corresponding
surcharges for taxes and levies shall be applicable to all of the foregoing concepts. 
During the term of the supply, FERROATLÁNTICA may hedge consumption
base loads (in accordance with Schedule 1). 
FERROATLÁNTICA, S.L. VILLAR MIR ENERGÍA, S.L. 
[Illegible signature] [Illegible signature] 
Name: Mr Carlos Oliete Fernández Name: Mr
José Luis González-Haba González 
Date: 22 June 2010 Date: 22 June 2010 
VILLAR MIR ENERGÍAEX-10.24

 Exhibit 10.24 

(TRANSLATION) 
  

 
 ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO 

THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED 

IN POLÍGONO PAÚLES, MONZÓN (HUESCA) 
  

 
 Madrid, 27 December 2012

 LIST OF PROVISIONS 
  

					
	 FIRST. PURPOSE OF THE AGREEMENT
		 	3	  
	 SECOND. CHARACTERISTICS OF THE SUPPLY AND ACCESS TREATMENT OF THIRD PARTIES TO THE NETWORK
		 	3	  
	 THIRD. TURNOVER OF ELECTRICITY SUPPLIED
		 	3	  
	 FOURTH. TERM
		 	6	  
	 FIFTH. QUALITY OF SUPPLY
		 	7	  
	 SIXTH. TAXES
		 	7	  
	 SEVENTH. PRICE REVIEW DUE TO CHANGES IN REGULATIONS
		 	7	  
	 EIGHTH. MEASURING EQUIPMENT
		 	7	  
	 NINTH. INVOICING AND PAYMENT TERMS
		 	8	  
	 TENTH. ESTIMATED CONSUMPTION
		 	10	  
	 ELEVENTH. CALCULATION OF SETTLEMENTS
		 	10	  
	 TWELFTH. TEMPORARY SUSPENSION OF SUPPLY
		 	10	  
	 THIRTEENTH. FORCE MAJEURE
		 	11	  
	 FOURTEENTH. TERMINATION OF THE AGREEMENT
		 	11	  
	 FIFTEENTH. APPLICABLE LAW AND JURISDICTION
		 	12	  
	 SIXTEENTH. SEVERABILITY
		 	12	  
	 SEVENTEENTH. CONFIDENTIALITY
		 	12	  
	 EIGHTEENTH. NOTICES
		 	13	  
	 ANNEX 1: FIXED PRICE SUPPLY MODEL
		 	14	  

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)		Page 1 of 16    

 In Madrid on 27 December 2012 

BY AND BETWEEN: 
 THE FIRST
PARTY: 
 HIDRO NITRO ESPAÑOLA, SA, (hereinafter, the Buyer or the Client), holding Tax ID No. A-28022796, with an address in Madrid, Paseo de la
Castellana, 259 D, planta 49, and as representative and on behalf thereof Mr Miguel Guerrero Aulló, in exercise of the powers conferred under deed granted before the Notary Public of Madrid Ms Pilar López-Contreras Conde, on
15 October 1996, with notary record number 1006. 
 AND THE SECOND PARTY: 

VILLAR MIR ENERGÍA, S.L. (hereinafter, the Marketer), holding Tax ID No. B-85253888, with an address in Madrid, Paseo de la Castellana, 259-D, planta
46, and as representative and on behalf thereof Mr José Luis González-Haba González, in exercise of the powers conferred under the deed granted before the Notary Public of Madrid Mr Jaime Recarte Casanova, on 18 March 2010,
with notary record number 838. 
 WHEREAS: 

FIRST. The Buyer owns an industrial facility located in the industrial park Polígono Paúles s/n, Monzón, Huesca (hereinafter, the
Facility) and holds, in connection therewith, the status of “eligible client”, according to paragraph 3 of Article 1 of Royal Decree 2820/1998 of 23 December, establishing the tariffs for the access to networks, thus being eligible to
qualify under the electricity supply system established for such clients. The Facility has the Universal Supply Point Code (CUPS) ES0031406186538001ZX0F. Furthermore, in relation with the Facility, the Buyer has formalized its registration in the
Administrative Register of Qualified Distributors, Marketers and Consumers as a Qualified Consumer. The following chart shows the main features of the Facility: 
  

									
	 FACTORY
	  	 CUPS
	  	 SUPPLY

ADDRESS
	  	 VOLTAGE

(kV)
	  	 TPA (Third-
party Access)

	MONZÓN	  	ES0031406186538001ZXOF	  	 Polígono Paúles s/n

Monzón (Huesca)
	  	220 KV	  	6.4

 SECOND. The Marketer is available to start the Marketing activity, having notified the date of start of operations on
4 June 2010 to the Ministry of Industry, Tourism and Commerce. 
 THIRD. The Buyer wishes to contract the acquisition of the energy through the
Marketer of the Facility HIDRO NITRO MONZÓN (CUPS: ES0031406186538001ZXOF). 

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)	 	Page 2 of 16    

 As a result of the foregoing, the parties have entered this electricity marketing Agreement, which is governed by
the following clauses: 
 CLAUSES 

FIRST: PURPOSE OF THE AGREEMENT 
 By virtue of this
electricity marketing Agreement, the Marketer undertakes to provide the Buyer, and the Buyer to purchase from the Marketer, all the electricity consumed from the distribution network in the HIDRO NITRO ESPAÑA, S.A. Facility in Monzón
(Huesca). 
 To this end, the Buyer hereby undertakes and expressly authorizes to contract the acquisition of the energy consumed by the Facility through
the Marketer. 
 The point of delivery or supply of electricity will correspond to the point where consumption measurement of the Facility is performed. The
delivery of electricity will be deemed performed when it is made available to the Buyer in this point of supply. 
 SECOND. CHARACTERISTICS OF THE
SUPPLY AND ACCESS TREATMENT OF THIRD PARTIES TO THE NETWORK 
 The Buyer will define the supply voltage and the power contracted for the purposes of
the access fee seven (7) days prior to the entry into force of this Agreement. However, the Buyer may make, occasionally, hourly and quarter-hourly consumptions exceeding the average defined electric power. 

The Buyer shall contract access to the network directly with the Distributor, so the Marketer will not invoice any amounts relating to the Procurement of
third-party access to the Networks. 
 THIRD. TURNOVER OF THE ELECTRICITY SUPPLIED 

3.1. Supply price 
 The amount to be invoiced for the
energy supplied at power station busbars is obtained by applying a price formula indexed to the hourly price of the daily and intraday markets, in addition to the items that make up the final market price, as reflected in the special terms and
conditions of Annex 2. 

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)		Page 3 of 16    

	•	 	Hourly price of the daily market 

 The hourly Price of the daily market is defined as the marginal prices (one
for each hour) of the Daily Market of Electricity Production in the Spanish system published by the Operator of the Iberian Energy Market - Polo Español, S.A. on the website / www.omel.com. 

 

	•	 	Intraday market price 

 The Intraday market price is defined as the marginal prices (one for each hour) of the
Intraday Market of Electricity Production corresponding to the action of the Client in the Spanish system published by the Operator of the Iberian Energy Market - Polo Español, S.A. on the website//www.omel.com. 

 

	•	 	System Operator costs 

 The hourly costs of these items will be invoiced on an hourly basis, as published on the
information systems website of the System Operator, Red Eléctrica de España (e-sios). 
  

	•	 	Capacity-linked payments 

 Invoiced amounts will be in accordance with the regulations in force at that time.

  

	•	 	Losses 

 Invoiced amounts will be in accordance with the regulations in force at that time. 

3.2. Service management costs 
 This item includes the
following costs: 
  

	 	•	 	Business Margin. 

  

	 	•	 	Provision of services offered through a web application. 

  

	 	•	 	Expenses incurred by the Marketer in guarantees and financial hedges. 

 The Marketer shall invoice the Buyer an
amount for operating expenses for the net energy supplied (border point) as defined in the Special Conditions of the Agreement (Annex 2). 

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)		Page 4 of 16    

 3.3. Possibility to fix the supply price 

The Buyer has the possibility to fix the price for the power by periods or blocks of energy as it wishes and for the period desired. To such end, a request
shall be made with the power for which it wishes to fix the price (power for each period) and the Marketer shall quote a fixed price for each period taking into account the corresponding electricity markets for the energy, the period and the
requested profile. 
 In the event that the Buyer does not consume a portion of the energy block closed at a fixed price, the Marketer shall only make one
settlement for price differences between said fixed price and the average price recorded on the market during the period of application. Similarly, the managing cost of the contract set out in this clause will be invoiced for such a volume. 

Annex 1 of this Agreement shows the model of supply agreement at a fixed price agreed by the Marketer and the Buyer. 

3.4. Treatment of deviation screening 
 Average deviation
is defined in a percentage (%) as the sum of the time difference in absolute value between the “Final Time Profile” and the Final consumption (measured in kWh) divided by the Final consumption (measured in kWh) for the month in
question and will be referred to hereinafter as Deviation. 
 The price of energy in power station busbars will be increased by additional extra costs
associated with the deviations mentioned in this paragraph. Such additional costs are stated in the Special Terms and Conditions of this Agreement (Annex 2). 

The Marketer may offer the Client to request the programme at a maximum purchase price limit, as offered through the software application of the Marketer.
Under this system, the Client would assume that such programme could have not been matched in the market and had to modify their consumption consequently. In this case, the cost of the potential deviation incurred by the Client if it does not change
its consumption would be supported by the Client without screening. 
 Any corresponding Tax or Duty surcharge shall be applied to all these items. 

3.5. Application of current taxes 
 The aforementioned
invoice corresponding to the purchase of energy will include specifically the Special tax on Electricity, and the extra costs for using public roads (called Municipal Tax). 

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)		Page 5 of 16    

 3.6. Supply Prices Optimisation 

By means of this Supply Price Optimisation procedure, the Daily Market Price will be adjusted according to the results obtained by the Marketer from the
contracting of energy forward contracts on its own behalf and account. However, for contracting thereof, the energy supply to be delivered by the Marketer to the Client under these general Conditions shall be observed. 

The Base Load Volume will be defined at each time, which will be a maximum of 50 MW. 

The Marketer shall choose to contract “forwards” with the maximum deadline being 31 December 2011 and the minimum 1 day, giving prior notice of
each of these operations to the Client. 
 Prior to being aware of the daily market price of the proposed product on any day in particular, the Client may
oppose the operation that has been reported to be part of the Optimisation of the supply price, in which case the operation shall not be considered in the proposed operation. Such opposition may be made by telephone but it shall be confirmed in
writing or email within [two hours] after its disclosure. 
 The operations performed shall be considered in adjusting the Daily Market Price, in such a way
that if a profit has been made, the Daily Market Price shall be reduced by fifty percent of the profit obtained. If there has been a loss, the Daily Market Price will increase by fifty percent thereof. This adjustment of the price, upward or
downward, will be taken to effect upon the settlement of the M month following the expiration of forwards considered for the Optimization of the Supply Price, as set out in section 3.1 of these General Terms and Conditions regarding the procedure
for settlement of the M Month. A sheet with the details of all transactions of Price optimization carried out will be delivered each month indicating its net balance which shall appear in the Monthly settlement of the supply. 

FOURTH. TERM 
 This Agreement enters into force on
1 January 2013 and ends on 31 December 2013, but may be extended by mutual agreement between the parties. Notwithstanding the above provisions, the effectiveness of the Agreement and therefore the start of delivery and the arising effects
thereof, are conditioned to the granting of access to the network by the Distribution Company, without prejudice to that which is subsequently stated herein. 

Regardless of the final date of the start of supply, the completion date of the Agreement will be 31 December 2013. Should access to the distribution
network of the Facility be delayed by more than three months from 1 January 2013, the Agreement will be subject to revision by agreement between the parties of the economic terms and conditions for the Supply Point of the subject matter.
Otherwise, it will be understood as not signed. 

  
  

			
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 FIFTH. QUALITY OF SUPPLY 

The supply of electricity through the distribution network will be in accordance with current legislation, the Marketer committing to promote the incorporation
of advanced technologies in the measurement and control of the quality of the supply. 
 The Marketer may assign the execution of services to a subsidiary
company, in any case undertaking the obligations and legal responsibilities to the Buyer. 
 SIXTH. TAXES 

All types of taxes (taxes, fees, public prices) and territorial surcharges that may be established by any type of national, regional or local rule, or court
decisions, shall be borne by the Buyer, who must pay them at the prevailing rates and with the temporary effects to be established at each time. The corresponding Value Added Tax shall be added to this amount. 

SEVENTH: PRICE REVIEW DUE TO CHANGES IN REGULATIONS 

In the event that changes occurred in regulated items of electricity prices, these changes will apply fully to contract prices. The rates established in Order
ITC / 3519/2009 of 28 December shall be used as basis for the review. 
 Likewise, in the event that regulatory changes occurred involving the
appearance of new items in the final price or deleting any of the existing items, these changes would be incorporated in the price formulas of the models of supply included in the second clause. 

EIGHTH. MEASURING EQUIPMENT 
 The Purchaser agrees
to provide the equipment required to obtain quarterly registration and telemetry of active and reactive electric power consumption in perfect working order, allowing access to the Marketer or Distributor for inspection at the point of delivery. 

The Client is responsible for the custody of the Measuring Equipment and shall not manipulate it. The detection of any issue in relation with the functioning
of the equipment shall be immediately notified to the supplier thereof. Furthermore, the Client shall allow the Distribution Company and the Marketer (or any representative duly authorized to act on behalf of the former or of the Marketer) access to
the Measuring Equipment at all times, for the purposes of performing the required readings for invoicing, to examine its working order and to ensure its proper maintenance. 

The installation and testing of the measuring equipment shall be to the account of the Buyer. Likewise, the Buyer shall install, at its own expense, a
telephone line intended for measuring equipment to be accessible by the Marketer via modem. In the event that the measuring equipment fails, and consumption data are not available, the amount to invoice will be according to the provisions
established and enacted to that effect. If such provisions had not been enacted, the historical consumption for the same period of the previous year and similar conditions of operation of the Facility will be taken as reference. 

  
  

			
	ELECTRICITY MARKETING AGREEMENT FOR SUPPLY TO THE HIDRO NITRO ESPAÑOLA, S.A. FACILITY LOCATED IN POLÍGONO PAÚLES, MONZÓN (HUESCA)		Page 7 of 16    

 NINTH: INVOICING AND PAYMENT TERMS 

The Client will not require the presentation of guarantees provided that the payment terms specified in the following paragraph are met: Invoicing and Payments
of this Agreement, based on a biweekly payment scheme. 
 Invoicing and Payments 

Two types of invoices will be issued: one by way of energy supplied and another one for management expenses. 

Invoices for the supply of energy will follow a biweekly payment schedule, and PAYMENTS will therefore follow a payment scheme according to the following
structure: 
 On the 16th of each month, an invoice will be issued for the energy scheduled hourly from the first of the month to the 15th inclusive, and
evaluating the programme at the Daily Market Price in each hour. Another invoice will be issued on the first of the following month for the energy scheduled hourly from the 16th of the month until the last day of the month invoiced, inclusively, and
evaluating the programme at the Daily Market Price in each hour. These invoices will be paid within 3 days of receipt by direct debit, or in the event of public holiday, the next working day. The corresponding VAT will be added to these amounts.

 These biweekly payments are considered advance payments of the settlement of the M month. 

Settlement of the M Month: The additional costs associated with the purchase (capacity-linked payment, Secondary reserve capacity (band), Restrictions, Taxes,
etc.) will be included in the monthly settlement, along with the settlement of the corresponding positive or negative deviation at Daily Market Price according to the scheme of indicated extra costs stated in the Special Terms and Conditions, in
addition to the results of the Optimization of the Supply in accordance with section 3.6 of the third clause. Once REE and OMEL make available to VME the performance results of the plants on the market, the invoice relating to the settlement of the
M Month will be issued with a breakdown of the calculation method. Hidro Nitro Española shall have 3 business days from receipt thereof for validation of the invoice for settlement of the M month. In case of conformity, Hidro Nitro
Española shall proceed to the payment of the invoice within 3 business days. 
 In case of discrepancies within 3 business days of receipt of the
invoice, Hydro Nitro Española shall pay the lower value of the amounts under discussion. Both parties set a limit of 10 working days from the 15th of the month following consumption to reach an agreement, in which case, Hidro Nitro
Española shall proceed to the payment within 3 days of the agreement. Failure to reach an agreement during those 10 days will lead to it being settled under the jurisdiction of the courts of the city of Madrid. 

The invoices for “Management Fees” incurred by the Marketer will be issued separately within 5 days following the month on which consumption took
place, for the energy settled in the corresponding month. Payment will be made on the 15th of the month following that on which consumption took place, or in the event of it being a public holiday, the first working day thereafter. This concept is
established in the Special Terms and Conditions of this agreement. 

  
  

			
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 All Scheduling, Control and Invoicing will be made individually for each of the points of consumption to be
agreed between the contracting parties. 
 The Client shall pay interest at Base Rate (One month Euribor for deposits in Euro, published by the European
Banking Federation for interest accrual date) plus 3% per annum on any amount due and unpaid in respect of the period going from the Payment Date up to the date on which payment is made effective without need for prior warning. Such interest
shall accrue daily and shall be paid on the date on which the payment of the unpaid invoice is made. 
 Payment of invoices shall be made by bank transfer.

 Suspension of the Enforcement. 
 Should the
Client fail to comply with payment upon maturity of amounts arising from this Agreement that are not in dispute, and if such failure is not remedied within a period of two (2) business days after receipt by the Client of the notice of default
sent by the Marketer, the latter may suspend each and every one of the electricity supplies until full payment of that amount (plus Base Type interest plus 3% annually) and any other amounts, fines or penalties that may be claimed by any third party
to the Marketer as a result of the suspension of supply to the Client under this Clause 3.3 without prejudice to any other rights granted to the Marketer. 

Whatever the case may be, in the event that any undisputed amount due by the Client remains unpaid for a period equal to or exceeding two (15) sic
days, without prejudice to the right of VILLAR MIR ENERGÍA, S.L. to terminate the Agreement and demand payment of any amounts owed thereto hereunder, the Marketer may proceed to suspend electricity supplies to the Client and to instruct the
Distribution Company to suspend access to the network until the Client has paid to the Marketer all the amounts that were due under the Agreement and any expenses relating to the reconnection which must be paid by the Distribution Company. 

Items included in the Agreement Price. 
 The
Parties agree that the Agreement Price shall include items appearing in the Special Terms and Conditions in Annex 2. 
 Items not included in the
Agreement Price. 
 The Agreement Price does not include charges for access to the network, surcharges for excess power and reactive power, as well
as any other item other than those listed in the Third Clause, these being therefore exclusively on account of the Client. 
 Taxes. 

It is understood that the amounts payable under this Agreement do not include Value Added Tax, which shall be borne by the Client at the rate applicable at all
times. 

  
  

			
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 TENTH. ESTIMATED CONSUMPTION 

In order to optimize the purchase in the Electricity Wholesale Market, the Buyer shall send the Marketer the scheduled future consumption of the Facility. In
particular, the Buyer shall report the following: 
  

	1.	Monthly schedule: Daily consumption schedule for the full M+1 month. This shall be informed monthly before the 15th of each month. 

  

	2.	Weekly schedules: The monthly schedule may be corrected by reprogramming reported by Thursday at 6.00 pm for the reference period including Saturday, Sunday and the whole of the following week. These may belong to
different months. The scheduling period can be variable, but must be included in the reference period. 

  

	3.	Daily schedule: the weekly schedule may be corrected by reprogramming, which will be reported as early as possible in order to adapt the schedule to the actual consumption of the Facility. Considering the above, the
Client may send the schedule for D day before 9:55 am of day D-1. Notwithstanding the foregoing, the Client shall endeavour to send an estimate of the schedule by D day before 9:15 am of D-1 day. 

 

	4.	Contingencies: Unforeseen changes that may significantly affect the expected consumption and which are not included in the monthly or weekly schedules can be reported at any given time. 

Such communications shall be made through VME’s web application, by email or by telephone. 

ELEVENTH. CALCULATION OF SETTLEMENTS 
 In order to
optimize the communication of schedules, the Marketer shall be responsible for installing on its own account a specific application for sending schedules and for solving contingencies. 

Moreover, in order to provide the most detailed information, the Marketer will provide an application for downloading provisional settlements. 

TWELFTH. TEMPORARY SUSPENSION OF SUPPLY 
  

	1.	The Marketer shall be entitled to enforce the temporary suspension of the supply, without being responsible thereof. This will be so if any of the following circumstances shall occur: 

 

	 	•	 	In case of force majeure, as established in the fourteenth clause. 

  

	 	•	 	If any of the said circumstances occurred empowering the Marketer to initiate the termination of the Agreement, especially in the case of default by the Buyer of any amount owed to the Marketer. 

  
  

			
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	2.	In all cases, the Marketer will inform the Buyer of the date of temporary suspension of the supply in advance, as early as humanly possible. In addition, the supply will be restored as soon as reasonably feasible for
the Marketer, who shall take the necessary steps to minimize the time of interruption thereof. 

  

	3.	When the cause for the suspension is the default payment of the Buyer, any subsequent resumption of supply shall be conditional on payment by the Buyer to the Marketer of the amounts due and all costs and expenses
incurred in suspending and resuming the supply and where appropriate, the establishment of any guarantee or deposit. 

  

	4.	In addition, the Marketer can make use of the right to terminate the Agreement in accordance with the provisions of the clause on termination of this document. 

THIRTEENTH. FORCE MAJEURE 
 Neither Party shall be
liable for the breach of any of its obligations under this Agreement, when it is caused by force majeure and unforeseeable circumstances, in accordance with Article 1105 of the Spanish Civil Code or if the Government adopts any of the measures
provided in Article 10 of the Electricity Sector Law (hereinafter, “Force Majeure”) provided that: 
  

	 	•	 	Force Majeure circumstances have not arisen, in whole or in part, from any failure, omission or negligence of the Party claiming the exemption; 

 

	 	•	 	The Party claiming the exemption notifies the other Party of the circumstances of Force Majeure as soon as possible; and 

  

	 	•	 	The Party claiming the exemption makes all reasonable efforts to minimize the effect of such Force Majeure. 

In case of Force Majeure, the Parties shall jointly decide the measures to take and if the Force Majeure is continuously extended for more than one
(1) month without the parties reaching an agreement otherwise, either party may terminate the Agreement. 
 FOURTEENTH. TERMINATION OF THE
AGREEMENT 
 The causes of termination of the Agreement are: 
  

	 	1.	Failure by either party to meet with any of their respective obligations under the Agreement. 

  

	 	2.	If either party becomes involved in a situation of bankruptcy, insolvency, or generalized state of insolvency. 

  

	 	3.	On completion of the agreed term of this Agreement and any of its extensions. 

  
  

			
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 Either of the parties who wishes to assert a cause of resolution referred to in points 1 and 2 of this clause
shall notify the other party to remedy it within a non-extendible time interval of seven days. After this term, if the party who has incurred it has not remedied the cause of termination, the other party shall be entitled to terminate the Agreement.

 In the event that it were the Buyer who has incurred in a cause of termination of the Agreement, the Marketer may, in any case, suspend the supply
notifying the Buyer 24 hours before. All this being without prejudice to making use of the capability to terminate the Agreement under this provision. 
 At
the time of termination of the Agreement, the Purchaser is obliged to pay all amounts deposited under the provision of Invoicing and Payment. 

Notwithstanding the foregoing, the Marketer expressly reserves the right to demand compensation therefrom, for the damages suffered as a result of the
Buyer’s actions. 
 FIFTEENTH. APPLICABLE LAW AND JURISDICTION 

This Agreement shall be governed by and construed in accordance with the applicable Spanish law, and in particular with the Law 54/97, of 27 November, of
the Electricity Sector, and implementing regulations. To resolve any dispute or controversy that may arise regarding the interpretation, execution or performance of this Agreement, the parties submit, expressly waiving any other jurisdiction that
may correspond to them, to the jurisdiction of the Courts of Madrid. 
 SIXTEENTH. SEVERABILITY 

In the event that any provision included in the Agreement is declared null and void by any court or competent authority, such provision shall be considered as
not being included therein and its null and voidness shall not affect in any way the remaining provisions thereof. In this case the parties agree to negotiate an alternative writing to the nullified stipulation in good faith and in accordance with
the spirit of this agreement. 
 SEVENTEENTH. CONFIDENTIALITY 

All information acquired or received as a result of this Agreement, including the terms hereof in relation to the other party, shall be regarded as strictly
confidential. 

  
  

			
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 EIGHTEENTH. NOTICES 

Any notice that is to be performed under this Agreement shall be made in writing and signed by the party that makes it, and be sent by telex, fax or registered
letter to the address and to the attention of the respective party indicated below, unless any change has been reliably notified. 
  

					
			By the Marketer:		By the Buyer:
			
	Name		Mr José Luis González-Haba González		Mr Miguel Guerrero Aulló
			
	Telephone		+ 34 91 334 54 52		+ (34) 91 590 32 19
			
	Fax		+ 34 91 561 76 06		+ 34 91 561 76 06
			
	Address		Paseo de la Castellana, 259 D Planta 28046 46. Torre Espacio, 28046 Madrid.		Paseo de la Castellana, 259 D Planta 28046 49. Torre Espacio, 28046 Madrid.

 In witness whereof, the parties sign this document to one sole effect at the place and date stated above. 

 

					
	HIDRO NITRO ESPAÑOLA, S.A.				VILLAR MIR ENERGÍA, S.L.
			
	Mr Miguel Guerrero Aulló				Mr José Luis González-Haba González

  
  

			
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 ANNEX 1: FIXED PRICE SUPPLY MODEL 

Operation Date: XXXXXXXXX 
 The first party: 

HIDRO NITRO ESPAÑOLA, SA, (hereinafter, the Buyer or the Client), holding Tax ID No. A-28022796, with an address in Madrid, Paseo de la Castellana, 259
D, planta 49, and as representative and on behalf thereof Mr Miguel Guerrero Aulló, in exercise of the powers conferred in the deed granted before the Notary Public of Madrid Ms Pilar López-Contreras Conde, on 15 October 1996,
with notary record number 1006. 
 The second party: 

VILLAR MIR ENERGÍA, S.L. (hereinafter, VME or the Marketer), holding Tax ID No. B-85253888, with an address in Madrid, Paseo de la Castellana, 259-D,
planta 46, and as representative and on behalf thereof Mr José Luis González-Haba González, in exercise of the powers conferred in the deed granted before the Notary Public of Madrid Mr Jaime Recarte Casanova, on 18 March
2010, with notary record number 838. 
 Declare: 
 VME
and the Client agree to make full or partial delivery to the facility owned by HIDRO NITRO ESPAÑOLA, S.A. located in Monzón (Huesca) under a fixed-price scheme. 

VME and the Client set a fixed price for a Fixed Volume of consumption in order to change the item of the Daily Market Price for a Fixed Price for a given
volume. 
 VME and the Client shall make payments according to the following price scheme for the set term. 

 

							
	 TERM
	  	BASE
LOAD
(MW)	  	BASE LOAD PRICE
(€/MWh)	  	VOLUME
(MWh)
		  		  		  	

 On each hour, the Client shall pay VME the BASE LOAD PRICE for the MW established in the chart above. 

On each hour, if: 
 Consumption turned out to be higher than the
BASE LOAD, the Client shall pay VME the result of multiplying the Daily Market price by the difference between Consumption and the Base Load. 
 Consumption
turned out to be lower than the BASE LOAD, VME shall pay the Client the result of multiplying the Daily Market price by the difference between the BASE LOAD and Consumption. 

Prices shown are only for Energy, the other items (loss, extra costs, demands and taxes) will be invoiced according to the provisions of the Third Clause of
the Supply Agreement. 

  
  

			
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 Early Termination. Should either party terminate this Agreement Early, it shall indemnify the other
party according to the following outline: 
 Compensation = (A - B) x (C + 2 € / MWh) 

Where: 
 To: VOLUME 

B: BASE LOAD times the number of hours lapsed until the end date of Early Termination of the Agreement. 

C: OMIP Futures Price on the date of Early Termination - Futures Price of OMIP the day of signing the Agreement. The value of C will be expressed in Euro/MWh
and in absolute value. The future price of OMIP being the date of Early Termination, the arithmetic mean of Market Prices of Futures for the period between the last day that is settled after announcing the Early Termination and the date of End of
Agreement included in the Special Terms and Conditions. OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA - POLO PORTUGUES (Iberian Energy Market Operator), publishes these prices in its internet address http://www.omip.pt/; If those
prices are no longer published in this Internet address but are published by OMIP or substitute entity in another Internet address or through any other means, from that moment the Prices will be those published in this new Internet address or
through such other means. If one of the parties becomes aware of a change of location or means of publication of Prices, it shall notify the other party within five working days. Prices shall be rounded up to three decimal places, i.e. rounding
0.0005 to 0.001. 
  

					
	

				
			
	Signed by:				Signed by:
	Mr Miguel Guerrero Aulló				Mr José Luis González-Haba González
	Client: HIDRO NITRO ESPAÑOLA, S.A.				VILLAR MIR ENERGÍA, S.L.

  
  

			
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 ANNEX 2: SPECIAL TERMS AND CONDITIONS 
vm

Energy 
Electricity Supply Agreement 
SPECIAL TERMS AND CONDITIONS 
Marketer: VILLAR MIR ENERGÍA, S.L., with an address in
Paseo de la Castellana 259D, Planta 46, Madrid, Tax ID (No. B-85253888. Telephone: +34 91 334 54 50 Fax: +34 91 561 76 06 
Client: HIDRO NITRO ESPAÑOLA, S.A.
Tax Code : A-23022796 
Registered office: Madrid, Paseo de la Castellana, 259 D, planta 49 Telephone: +34 974 400 050 Fax: +34 974 403 945 
Supply Point: MONZÓN FACTORY (CUPS: ES003140618653800IZXOF) 
The Marketer and Client
agree to enter into this final Agreement on electricity supply, subject to the following Special Terms and Conditions and to the conditions of the Supply Agreement signed on 27 December 2012 between the two parties. 
Agreement end date: 31.12.2013. Voltage supplied 1 220 1 kV 
Start Date: 01-01-2013 
Management Cost: €/MWh 0,100 
ENERGY PRICE 
The price for the object of the Agreement shall be the sum of the following items, applying the relevant taxes: 
DAILY MARKET PRICE or INTRADAY MARKET PRICE GUARANTEED POWER 
PRICE FOR RESTRICTIONS ON DEMAND
ON PBF 
PRICE FOR THE DEMAND PER SECONDARY RESERVE CAPACITY BAND (BS) PRICE FOR THE DEMAND FOR REAL-TIME RESTRICTIONS 
REDUCTION OF COST FOR THE DEMAND FOR EXCESS DEVIATIONS OF VALUE ZERO EUROS PRICE FOR THE DEMAND FOR ADDITIONAL RESERVE POWER UP 
These concepts will be applied to actual demand in power station busbars. 
The Price for the
Diverted Energy (PDESV) shall follow the scheme shown in the following chart: 
% of Deviation 
Penalty in BC(€/MWh) 
< 3% 0 
3 - 5 % 0.15 
5.10 % 0.2 
›. 10% 0.4 
The deviation % being the sum of the absolute values of MWh diverted hourly,
divided by the consumption of power station busbars. The calculation is monthly. 
Any corresponding Tax or Duty surcharge shall be applied to all these items.

For the duration of the supply, HIDRO NITRO ESPÑOLA will be able to cover consumption base loads (as per Annex 1). 
HIDRO NITRO ESPAÑOLA, S.A. VILLAR MIR ENERGÍA, S.L. 
Name: Mr Miguel Guerrero
Aulló Name: Mr Jose Luis González-Haba González 
Date: 27 December, 2012 Date: 27 December 2012 

  
  

			
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