Document:

Sourcing and Development Agreement dated as of April 6, 2007

 Exhibit 10.37 
 CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT HAS BEEN OMITTED FROM PUBLIC FILING PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT SUBMITTED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION. THE OMITTED INFORMATION, WHICH APPEARS ON 3
PAGES OF THIS EXHIBIT AND HAS BEEN IDENTIFIED WITH THE SYMBOL “****,” HAS BEEN FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. 
 SOURCING AND DEVELOPMENT AGREEMENT 
 THIS SOURCING AND DEVELOPMENT AGREEMENT (the “Agreement”) is
entered into as of the 6th day of April, 2007 (the “Effective Date”), by and between UTC Power Corporation, a corporation incorporated and existing under the laws of the State of Delaware and having an office and place of business
at 195 Governor’s Highway, South Windsor, Connecticut (hereinafter referred to as “UTCP”), and Raser Technologies, Inc., a corporation incorporated and existing under the laws of the State of Utah and having an office and place
of business at 5152 N. Edgewood Drive, Suite 375, Provo, Utah (hereinafter referred to as “RASER”). UTCP and RASER shall be hereinafter individually referred to as a “Party” and collectively referred to as the
“Parties”. 
 WHEREAS, RASER is planning to develop a number of geothermal-based merchant power plant sites (the “Sites”)
and would like to purchase 225 kilowatt (kW)-rated PureCycle® geothermal heat-to-electricity power systems (the “Current Generation Systems”) from UTCP for use at the Sites; 
 WHEREAS, RASER remains interested in a larger version of the PureCycle® geothermal power system to install at the Sites, and UTCP remains interested in developing a PureCycle® geothermal power system with a single-unit rating between 800 and 1,000 kW (the “Next Generation System”); 
 WHEREAS, RASER has a technology that will improve the efficiency and quality of power generated by the PureCycle® system and UTCP is willing to work with RASER in an evaluation of the technology at one
of the Sites at some point in the future; and, 
 WHEREAS, the Parties agree that establishing the terms for purchase of Current Generation Systems and for
UTCP’s pursuit of the Next Generation System may be in the Parties’ mutual best interest and, therefore, they are documenting in this Agreement certain terms and conditions with respect to RASER’s purchase of Current Generation
Systems and UTCP’s development of the Next Generation System. 
 NOW, THEREFORE, in consideration of the foregoing, and of the mutual promises,
covenants and undertakings contained herein, the Parties hereby agree as follows: 
  

	1.	Scope of Cooperation. The goal of this Agreement is to establish certain contractual terms for the Parties regarding RASER’s purchase of Current Generation Systems and
UTCP’s development of the Next Generation System. 

  

	 	1.1	No Joint Venture. Nothing herein shall be construed or interpreted to create a general partnership, joint venture or formal business organization between the Parties. Each
Party shall act as an independent contractor and not as an agent of the other, and neither Party shall have the authority to bind the other Party. Each Party shall remain free to work, individually or with other companies, agencies or institutions
on projects that become available during the term of this Agreement, including without limitation participating on proposals, entering into contracts, exchanging technical data and developing technology. 

  

	 	1.2	Cost & Expenses. Neither Party assumes any responsibility to the other for costs, expenses, risks or liabilities arising out of the efforts of the other. Nothing in
this Agreement shall be construed as providing for the sharing of profits or losses arising out of the efforts of either or both Parties. 

	2.	Current Generation System Purchase and Sale Commitments. In connection with and contemporaneous to the execution of this Agreement, the Parties agree to enter into purchase
contracts (the “Purchase Contract”) as set forth in this section, either directly or through subsidiaries acceptable to the other Party, for the purchase and sale of (i) forty-five (45) Current Generation Systems (the
“2007 Systems”) for delivery within twelve (12) months of the effective date of the Purchase Contract with a delivery during the three month period from October 1, 2007 to December 15, 2007, and this Purchase Contract
shall be executed by both Parties contemporaneous with the execution of this Agreement; (ii), in the second Purchase Contract to be executed by the Parties and the initial down payment made by RASER not later than July 31, 2007, forty-five
(45) Current Generation Systems (the “First Quarter 2008 Systems”) for delivery during the three month period from January 1, 2008 to March 31, 2008, and (iii), the third Purchase Contract, to be executed by the
Parties and the initial down payment made by RASER as soon as practicable after receipt of approval of the utility interconnect application for the project and subsequent project financing approval forty-five (45) Current Generation Systems
(the “Second Quarter 2008 Systems”) for delivery during the three month period from April 1, 2008 to June 30, 2008. Actual delivery dates for the Current Generation Systems under the Purchase Contract shall be based on
UTCP’s then current standard lead-time from its receipt of the applicable non-refundable down payment under the Purchase Contract. The Purchase Contract(s) shall be in the form attached hereto as Exhibit A. 

  

	 	2.1	Site Access and Monitoring. On at least two (2) days prior notice during the term of this Agreement, RASER shall provide UTCP and its customers, suppliers and
representatives with reasonable access to the Sites, the Current Generation Systems and any related energy data, provided, however, that such access shall not unreasonably interfere with the normal operation of the Sites. UTCP shall also have the
right to monitor the operation of the Current Generation Systems and shall retain any and all rights in the data and other information it collects. UTCP shall not provide data or information that can be readily identified to RASER or RASER
installations to any competitive interest of RASER without RASER’s express written permission, which shall not be unreasonably withheld. 

  

	 	2.2	Next Generation Systems. Recognizing that UTCP will be developing a Next Generation System and that development or production units may be available during the periods
covered by the delivery of the Current Generation Systems, UTCP and RASER agree that Next Generation Systems may be substituted for the equivalent total kilowatts of Current Generation Systems. The Parties agree to work together on delivery
schedules, shipment, installation, commissioning and operation of the Next Generation Systems as they become available for use in the RASER projects. 

  

	3.	Preferential Pricing Warranty and Covenant. UTCP represents and warrants that the per unit purchase price for the Current Generation Systems under the Purchase Contract is no
greater than the per unit purchase price currently received by any other buyer for the same or like Current Generation Systems in equal or lesser quantities. 

  

	 	3.1	Covenant & Conditions. In addition, UTCP covenants that the per unit purchase price for any additional Current Generation Systems bought by RASER during the term of
this Agreement shall be no greater than the per unit purchase price then currently received by any other buyer for the same or like Current Generation Systems in equal or lesser quantities. 

  

	 	3.1.1	In the event RASER has not purchased, paid for and taken delivery of at least forty-five (45) units of the Current Generation System, in the aggregate, during the then
preceding calendar year during the term of this Agreement then RASER’s rights under Section 3.1 above shall terminate and be of no further force or effect. 

  

	4.	Standard Lead-Time and Manufacturing Priority Options. All deliveries under the Purchase Contract shall be based on UTCP’s then current standard lead-time from the time
of its receipt of the applicable non-refundable down payment under the Purchase Contract. Standard lead-time is based on, among other influences, manufacturing backlog at the time of UTCP’s receipt of the non-refundable deposit applicable to
the specific Current Generation Systems to be manufactured. 

  

	 	4.1	Manufacturing Priority. So long as RASER meets its obligations for the three groups of systems as set forth in Section 2, UTCP hereby grants RASER the following
Manufacturing Priority in accordance with the terms of this Section 4, with respect to certain additional Current or Next Generation Systems purchased during the term of this Agreement. 

	 	4.1.1	“Manufacturing Priority” shall mean that, upon UTCP’s receipt of the non-refundable down payment at least six months prior to the anticipated delivery date for
the first deliverable unit for the purchase of Current or Next Generation Systems, under an executed purchase contract, RASER shall receive first priority with respect to UTCP’s manufacturing capacity for Current or Next Generation Systems,
where necessary to meet the applicable delivery dates in the applicable purchase contract between the Parties, subject to UTCP’s then currently available manufacturing capacity based on UTCP’s prior commitments to third parties.

  

	 	4.2	2009 Manufacturing Option. Provided that RASER purchases, pays for and takes delivery of at least 20MW of units of the Current or Next Generation System, in the aggregate,
during calendar year 2007 and 2008, then RASER shall have Manufacturing Priority for Current and Next Generation Systems for delivery in 2009. 

  

	 	4.3	2010 Manufacturing Option. Provided that RASER purchases, pays for and takes delivery of at least 20 MW of units of the Current or Next Generation System, in the aggregate,
during calendar year 2008 and 2009, then RASER shall have Manufacturing Priority for Current and Next Generation Systems for delivery in 2010. 

  

	 	4.4	Confidentiality. Without limiting the general application of the confidentiality terms herein and the restrictions on public statements herein, the Parties agree that the
terms of this Section 4, as well as the number of units acquired by RASER, the resource location and details associated with the resource and RASER’s actual or planned utilitization of such resource, are Proprietary Information under this
Agreement and shall not be disclosed to any third party without the express written consent of RASER and the General Counsel or Chief Financial Officer of UTCP. 

  

	5.	Warranty and Service Terms and Conditions. The Current Generation Systems will be warranted against defects in materials and workmanship during normal use and operation in
accordance with the Current Generation Systems’ standard limited warranty terms of coverage, which are incorporated into and a part of the Purchase Contract. UTCP guarantees that the equipment delivered under this agreement shall produce power
as set forth in Exhibit C at the time of commissioning and during two performance tests conducted within thirty (30) days of the commissioning as agreed by the Parties. If the equipment fails to produce power as indicated on Exhibit C, UTCP
shall remedy the situation through service or maintenance within 30 days of the last test or shall supply additional equipment to compensate for any under performance, consistent with equipment availability and lead times. To the extent that any
additional piece of equipment will provide more power than necessary, based on the nameplate rating of the equipment, RASER shall pay UTCP a pro rated portion of the price that RASER would pay for the equipment under this Agreement.

  

	 	5.1	Optional Service Agreement with Performance Uptime Guarantee. UTCP offers the option to purchase scheduled and unscheduled maintenance on the Current Generation Systems on a
five or ten year basis, based on the Service Agreement scope, terms and conditions attached in Exhibit B of this Agreement. 

  

	 	5.1.1	Operator Training. In the event RASER elects to purchase a five or ten year Service Agreement from UTCP, UTCP will offer RASER an operational training session for up to five
(5) personnel of RASER, with respect to the Current Generation Systems prior to commissioning of the first of RASER’s Current Generation Systems, at UTCP’s facility in South Windsor, CT. The cost of the trainer and the meeting
facility for such training session shall be provided by UTCP and RASER shall be responsible for any travel, lodging or other related costs. 

  

	 	5.2	Maintenance and Repair Training. In the event RASER elects not to enter into a Service Agreement with respect to some or all of the Current Generation Systems, UTCP shall
offer RASER a training session prior to commissioning of the first of RASER’s Current Generation Systems, at a UTCP facility for up to five (5) personnel of RASER, on the general operation, maintenance and repair of RASER’s Current
Generation Systems. The cost of the trainer and the facility for the initial training session shall be provided by UTCP and RASER shall be responsible for any travel, lodging or other related costs. 

	6.	Next Generation System Development & Prototyping. Based on the execution of the above-referenced Purchase Contract and contingent on RASER continuing to meet its
obligations under, and not otherwise being in breach of, this Agreement, the Purchase Contract or any follow-on contracts between the Parties with respect to the Current Generation Systems or Next Generation Systems, UTCP agrees to commence and
continue the design for the Next Generation System. Upon successful completion of the system design, UTCP plans to move forward with hardware prototyping and then subsequently, upon successful completion, as determined in UTCP’s sole
discretion, of the hardware prototyping, the commercial release of the Next Generation System. 

  

	 	6.1	UTCP agrees to review RASER’s motor technology for potential application in the Next Generation Systems. If in UTCP’s sole judgment the motor technology meets all the
parameters, including difficulty in implementing in the design, cost, reliability, efficiency improvement. service and other market criteria, UTCP will implement the technology, provided an acceptable economic arrangement can be reached between the
two parties. 

  

	 	6.2	Prototype Demonstration at a Site. Based on the discussions to date, the Parties believe that one or more of the Sites may be an ideal location to conduct a prototype
demonstration of the Next Generation System. Therefore, in connection with the design and initial hardware prototype testing of the Next Generation System, UTCP will have the option to place up to three (3) prototype Next Generation Systems, in
the aggregate, at one or more of the Sites for prototype demonstration based on mutually agreed demonstration terms and conditions. 

  

	7.	Contingent Purchase Obligation. In consideration of UTCP’s commitment herein to commence the design and development of the Next Generation System, RASER commits to
purchase ten (10) megawatts (MW) worth of units of the Next Generation System (the “Commercial Release Units”) upon UTCP’s successful completion of 6,000 hours of prototype field demonstration testing and evaluation (the
“Demonstration”) of one or more Next Generation Systems (the “Demonstration Units”), which field demonstration testing may, if elected by UTCP in accordance with Section 6.1 above, be conducted at one or more
of the Sites. The terms and conditions applicable to RASER’s purchase of the Commercial Release Units shall be based upon and consistent with the terms of the current Purchase Contract, but shall be delivered and paid for within eighteen
(18) months of the notification to RASER of the successful completion of the prototype testing. 

  

	 	7.1	Commercial Release Target Price. RASER acknowledges that UTCP is targeting a commercial release list price of approximately **** per kW for the Next Generation System.
However, based on the pre-development volume commitment provided by RASER herein, UTCP agrees that the purchase price for the RASER Commercial Release Units shall be no greater than ****. Without limiting the general application of the
confidentiality terms herein and the restrictions on public statements herein, RASER specifically agrees that the target and discounted pricing stated herein shall be Proprietary Information under this Agreement and shall not be disclosed to any
third party without the express written consent of the General Counsel or Chief Financial Officer of UTCP. 

  

	8.	Liquidated Damages from UTCP. UTCP’s Next Generation System development and commercialization efforts will be subject to resolution of any technical issues that may
arise during development and continued commercial market justification for the development and commercial release of the Next Generation System. Despite these potential risks and in consideration of RASER’s commitment to purchase the Commercial
Release Units, UTCP agrees that, in addition to any liquidated damages payable under the Purchase Contract with respect to its failure to deliver those Current Generation Systems, it shall pay RASER the following liquidated damages in the event it
fails to fulfill its Next Generation System development commitments under this Agreement. 

  

	 	8.1	Development Termination Prior to 7,500 Hours of Operation by 2007 delivered Current Generation Systems. In the event UTCP terminates its development or commercialization
efforts with respect to the Next Generation System prior to the completion of 7,500 hours of operation, in the aggregate, of the 2007 delivered Current Generation Systems by RASER, UTCP agrees it shall pay RASER liquidated damages in the amount of
****. 

  

	 	8.2	Development Termination Prior to 15,000 Hours of Operation by 2007 delivered Current Generation Systems. In the event UTCP terminates its development or commercialization
efforts with respect to the Next Generation System prior to the completion of 15,000 hours of operation, in the aggregate, of the 2007 delivered Current Generation Systems by RASER (but after the completion of 7,500 hour operation milestone
described in Section 8.1 above), UTCP agrees it shall pay RASER liquidated damages in the amount of ****. 

	 	8.3	Development Termination Prior to Successful Completion of the Next Generation System Demonstration. In the event UTCP terminates its development or commercialization efforts
with respect to the Next Generation System prior to the completion of the 6,000 hour Demonstration, described in Section 7 above, (but after the completion of 7,500 and 15,000 hour operation milestones described in Sections 8.1 and 8.2 above),
UTCP agrees it shall pay RASER liquidated damages in the amount of ****. 

  

	 	8.4	Development Termination After Successful Completion of the Next Generation System Demonstration. In the event UTCP terminates its development or commercialization efforts
with respect to the Next Generation System after the completion of the 6,000 hour Demonstration, described in Section 7 above, (but after the completion of 7,500 and 15,000 hour operation milestones described in Sections 8.1 and 8.2 above),
UTCP agrees it shall pay RASER liquidated damages in the amount of ****. 

  

	 	8.5	Sole and Exclusive Remedy and Liability. RASER acknowledges and agrees that the liquidated damages described in this Section 8 shall (i) be the sole and exclusive
remedies of RASER with respect to UTCP’s termination of its development or commercialization of the Next Generation System and UTCP’s delay in or failure to deliver the Demonstration Units, if any, to RASER, (ii) be the sole and
exclusive liabilities of UTCP with respect to UTCP’s termination of its development or commercialization of the Next Generation System and UTCP’s delay in or failure to deliver the Demonstration Units, if any, to RASER, and (iii) in
no event exceed **** in the aggregate. Moreover, RASER acknowledges and agrees that the liquidated damages described in this Section 8 shall not accrue in parallel and, therefore, the payment of the liquidated damages owed by UTCP under any of
subsections 8.1, 8.2, 8.3 or 8.4 shall be the maximum liquidated damages payable by UTCP under this Agreement and shall terminate UTCP’s further obligations to RASER under this Agreement. 

  

	 	8.6	Contingent on RASER’s Completion of Obligations. RASER acknowledges and agrees that the liquidated damages described in this Section 8 shall in all cases be subject
to RASER having completed its then current purchase obligations under the Purchase Contract and RASER not otherwise being in ongoing breach of its obligations under the Purchase Contract, this Agreement or any follow-on contracts between the Parties
with respect to the Current Generation Systems or Next Generation Systems. 

  

	9.	Liquidated Damages from RASER. In the event RASER fails to execute a purchase contract with UTCP, consistent with the terms of the current Purchase Contract, for the Next
Generation System Commercial Release Units (the “Commercial Release Purchase Contract”) within six (6) months of the successful completion of the Demonstration, RASER agrees it shall pay UTCP liquidated damages in the amount of
Fifty Thousand Dollars ($50,000.00) for each MW less than the commitment in Section 7 of Next Generation Systems that RASER fails to order under the Commercial Release Purchase Contract. In the event RASER executes the Commercial Release
Purchase Contract, RASER agrees it shall pay UTCP liquidated damages in the amount of Fifty Thousand Dollars ($50,000.00) for each MW of Commercial Release Units that RASER fails to pay for in full and take delivery of in accordance with the terms
of the Commercial Release Purchase Contract. 

  

	 	9.1	Liquidated Damages in the Event of Geothermal Resource Reduction. Notwithstanding the terms of Section 9 above, to the extent that RASER executes the Commercial Release
Purchase Contract but fails to pay for the Commercial Release Units in full and take delivery in accordance with the Commercial Release Purchase Contract but such failures are caused by inadequate geothermal resources at the Sites and such
inadequacy is outside the control of RASER then, rather than the liquidated damages in Section 9 above, RASER agrees it shall pay UTCP liquidated damages based on the following: 

  

	 	9.1.1	The liquidated damages due and payable to UTCP for the first five (5) MW of Commercial Release Units shall be Fifty Thousand Dollars ($50,000.00) for each MW of Commercial
Release Units that RASER fails to take delivery of and pay for in full in accordance with the Commercial Release Purchase Contract. 

  

	 	9.1.2	The liquidated damages due and payable to UTCP for the remaining five (5) MW of Commercial Release Units shall be Ten Thousand Dollars ($10,000.00) for each MW of Commercial
Release Units that RASER fails to take delivery of and pay for in full in accordance with the Commercial Release Purchase Contract. 

	 	9.2	Sole and Exclusive Remedy and Liability. UTCP acknowledges and agrees that the liquidated damages described in this Section 9 shall (i) be the sole and exclusive
remedies of UTCP with respect to RASER’s failure to purchase, take delivery of or pay for Commercial Release Units, (ii) be the sole and exclusive liabilities of RASER with respect to RASER’s failure to purchase, take delivery of or
pay for Commercial Release Units, and (iii) in no event exceed $500,000 in the aggregate. 

  

	10.	Confidentiality. Proprietary Information (as defined below) disclosed by a disclosing Party (the “Disclosing Party”) to the other Party (the
“Receiving Party”) shall be used by the Receiving Party solely for the purposes of the current business relationship with the Disclosing Party or evaluating the feasibility of a future business relationship with the Disclosing Party
and shall not be disclosed to any third party without the Disclosing Party’s express written consent. The Proprietary Information may be disclosed to employees, contract workers, consultants, affiliated entities and agents of the Receiving
Party who have a need to know and who have executed agreements with the Receiving Party obligating them to treat such information in a manner consistent with the terms of this Agreement. The Receiving Party represents that its officers and employees
have executed agreements with the Receiving Party obligating them to treat Proprietary Information in a manner consistent with the terms of this Agreement. 

  

	 	10.1	The Receiving Party agrees to safeguard the transferred Proprietary Information by using reasonable efforts, consistent with those used in the protection of its own proprietary
information of a similar nature, to prevent its disclosure to or use by third parties; provided that such standard of care is no less than reasonable care under the circumstances. 

  

	 	10.2	“Proprietary Information” shall for the purpose of this Agreement, mean information, knowledge or data disclosed by the Disclosing Party to the Receiving Party in
written or other tangible form bearing a suitable legend identifying its proprietary or confidential nature, however any data or information regarding the location, temperature, composition and depth of the geothermal resource shall be deemed and
treated as confidential and proprietary, whether marked with a legend or not. 

  

	 	10.2.1	Information that is first transmitted orally or visually will also be considered as Proprietary Information if, within thirty (30) days of such first transmission, such
information is reduced to written or other tangible form bearing a suitable legend identifying its proprietary nature and forwarded to the Receiving Party’s designated individuals in Section 15 below. The Parties will use reasonable
efforts at the time of first oral or visual disclosure to identify which information shall be considered proprietary. 

  

	 	10.2.2	In the event that the Disclosing Party furnishes sample products or other equipment or material to the Receiving Party, which are suitably marked to identify them as the Proprietary
Information of the Disclosing Party, the items so received shall be used and the information obtained from said items, including results from testing, shall be treated as if they were Proprietary Information transferred pursuant to this Agreement.
If it is not practicable to mark the information, such as electronic or magnetic media, then the Disclosing Party shall provide a contemporaneous writing identifying said media as Proprietary Information. 

  

	 	10.3	Notwithstanding the foregoing provisions, this Agreement shall not restrict or affect the Receiving Party’s rights to use or disclose information: 

  

	 	10.3.1	which is or may hereafter be in the public domain through no fault of the Receiving Party; or 

  

	 	10.3.2	which the Receiving Party can show, as reflected by its documents, was known to it prior to the disclosure by the Disclosing Party; or 

  

	 	10.3.3	which is disclosed to the Receiving Party by a third party, without restrictions similar to these herein imposed, subsequent to disclosure by the Disclosing Party; or

  

	 	10.3.4	which is or may hereafter be disclosed by the Disclosing Party to a third party, without restrictions similar to those herein imposed, on disclosure or use; or

  

	 	10.3.5	which the Receiving Party can show, as reflected by its documents, was independently developed by the Receiving Party without the use of the Proprietary Information.

	 	10.4	If Proprietary Information is required to be disclosed pursuant to governmental or judicial process, notice of such process shall be promptly provided to the Disclosing Party in
order that it may have every opportunity to intercede in such process to contest such disclosure. 

  

	 	10.5	The Disclosing Party warrants that it has the right to disclose the information disclosed under this Agreement without obligation to any third party. The Disclosing Party makes no
warranty or representation as to the accuracy or completeness of the information disclosed. Neither the Disclosing Party, nor its employees or agents, shall have any liability to the Receiving Party, nor its agents or employees, resulting from their
use of such information. 

  

	 	10.6	The Receiving Party shall, upon the written request of the Disclosing Party, exert reasonable efforts to return all documents (including copies, summaries, analyses, reports) and
things containing Proprietary Information furnished by the Disclosing Party pursuant to this Agreement except that Receiving Party may retain one (1) copy for archival purposes only. 

  

	11.	Intellectual Property Rights. This Agreement is not intended to and does not effect any change or alteration in ownership or rights of the Parties respecting intellectual
property. The Receiving Party shall have no property rights in the information or things that have been disclosed pursuant to this Agreement. The Receiving Party shall not reverse engineer, reverse assemble, or decompile such information or things.
Except for the limited right to use granted in Section 10 above, no right or license, either express or implied, under any mask work, patent, copyright, trade secret, or Proprietary Information is granted hereunder. 

  

	12.	Public Statements. Any news releases, public announcement, advertisement or publicity released by either Party concerning this Agreement, the relationship of the Parties, the
name or logo of the other Party and any joint proposals submitted by the Parties pursuant to this Agreement must receive the prior written approval of the other Party, except where such written approval has not been received but disclosure is
nevertheless required under applicable law. Any such publicity shall give due credit to the contribution of each Party. 

  

	13.	Term of Agreement. This Agreement shall become effective as of the Effective Date upon its signing by the authorized representatives of the Parties. The term of this
Agreement shall continue until the first to occur of: (i) December 31, 2009, (ii) the payment by UTCP, in the aggregate, of liquidated damages to RASER under Section 8 above in the amount of ****, (iii) the payment by RASER,
in the aggregate, of liquidated damages to UTCP under Section 9 above in the amount of five hundred thousand dollars ($500,000), or (iv) such time when it is terminated as described in Section 14 below. Termination shall not affect
(i) the Receiving Party’s obligations relative to Proprietary Information transferred prior to the effective date of such termination, (ii) RASER’s Manufacturing Priority rights to the extent vested prior to termination, or the
(iii) provisions of Sections 1.1, 1.2, and 10 through 26 which shall survive any termination of this Agreement. 

  

	14.	Termination. Either Party may terminate this Agreement by giving thirty (30) days written notice of such an intention of the other Party upon the occurrence of any of
the following: 

  

	 	14.1	there is the occurrence of insolvency, bankruptcy or reorganization under bankruptcy laws or assignment for the benefit of creditors of the non-terminating Party;

  

	 	14.2	the notifying and terminating Party has completed or liquidated all of its contractual obligations to the other Party under this Agreement; or 

  

	 	14.3	material breach by the non-terminating Party of the terms of this Agreement. 

  

	15.	Notices. Whenever any notice is required or authorized to be given hereunder, such notice shall be given in writing and sent by certified or registered mail, return receipt
requested, or by overnight courier with signature required. Any such notice, if sent by RASER to UTCP, shall be addressed as follows: 

 [CONTACT PERSON] 
 UTC Power Corporation 
 195 Governor’s Highway 
 South Windsor, CT 06074 
 Tel: (860) 727-[            ] 
 Fax: (860) 998-[            ] 
 Email:
[                                ] 

 with a copy (which shall not constitute notice) to: 
 UTC Power Corporation 
 195 Governor’s
Highway 
 South Windsor, CT 06074 
 Attn: Counsel 
 and if sent by UTCP to RASER, shall be addressed as follows: 
 Steve Brown – Power Manager 
 Raser
Technologies, Inc. 
 5152 N. Edgewood Drive, Suite 375 
 Provo, Utah 84604 
 Tel: 801-765-1200 X229 
 Fax: (801) 374-3314 
 Email:
steve.brown@rasertech.com 
 with a copy (which shall not constitute notice) to: 
 Raser Technologies, Inc. 
 5152 N. Edgewood
Drive, Suite 375 
 Provo, Utah 84604 
 Attn: Counsel 
  

	16.	Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of New York, and no effect shall be given to any choice of laws statutes or
principles which would require this Agreement to be interpreted under the laws of any other jurisdiction. 

  

	17.	Waiver of Consequential Damages. IN NO EVENT SHALL EITHER PARTY HERETO BE LIABLE TO THE OTHER FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, WHETHER ARISING
IN TORT, CONTRACT, INDEMNITY, STRICT LIABILITY OR OTHERWISE. 

  

	18.	Equitable Remedies. It is understood and agreed that money damages would not be sufficient remedy for any breach of Sections 10, 11, 12, 19 or 20 of this Agreement by a Party
and that the other Party shall be entitled to specific performance and injunctive relief as remedies for any such breach. Such remedies shall not be deemed to be the exclusive remedies for the non-breaching Party but shall be in addition to all of
the remedies available at law or in equity to the non-breaching Party. 

  

	19.	Export Control Compliance. The Parties shall abide by and be in full compliance with all applicable export control laws and regulations. No information or materials shall be
transferred by either Party unless in full compliance with all applicable export control laws and regulations. 

  

	20.	Compliance with Laws. The Parties will each comply with all federal, state and local laws applicable to the performance of their respective obligations hereunder.

  

	21.	Code of Ethics. Each Party will comply with the Code of Ethics of United Technologies Corporation (“UTC”), which Code of Ethics may be found on UTC’s
internet site at http://www.utc.com/responsibility/ethics/english/coe_english.pdf and which is hereby incorporated by reference and made a material part hereof, as such Code of Ethics may be amended from time to time.

  

	22.	No Assignment. The rights and obligations under this Agreement may not be assigned or transferred to any person, firm or corporation without the express prior consent of the
other Party, which consent will not be unreasonably withheld. This restriction shall not apply to assignments by RASER to an affiliate in which RASER holds directly or indirectly an equity of profits interest of at least 20% created for the special
purpose of exploiting geothermal resources at specific Sites, provided that the debt to equity ratio of the assignee is at least 30% and there are no other owners of any interest that are competitors of UTCP. If assigned to such subsidiaries, RASER
shall provide prompt written notice to UTCP and shall address any concerns expressed by UTCP in connection with such assignments. 

	23.	Other Provisions. No amendment or modification of this Agreement shall be effective unless in writing signed by the Parties. The failure of either Party to insist on any
right, or to invoke or elect any remedy, shall not be construed as a waiver of that right, remedy or election in the absence of a writing signed by the waiving Party. The invalidity of one or more of the phrases, sentences, clauses, or paragraphs
contained in this Agreement shall not affect the validity of the remaining portions. Section headings in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

  

	24.	Entire Agreement. This Agreement constitutes the entire understanding between the Parties and supersedes all previous understandings, agreements, communications, and
representations, whether written or oral, concerning the subject matter to which this Agreement relates. Any additional or differing terms or conditions included in any purchase order or similar documentation shall be of no force or effect.

  

	25.	Force Majeure. Under no circumstances shall UTCP be liable for any loss, damage or delay due to any cause beyond its reasonable control. The time for performance of this
Agreement shall be extended for a reasonable period by reason of the delay. UTCP shall not be obligated to incur any additional expenses in connection with such a delay unless so directed in writing by RASER, in which event the cost of any measures
taken to recover any lost time shall be at RASER’s cost. 

  

	26.	Counterparts. This Agreement may be executed in counterparts or by facsimile, each of which will together, for all purposes, constitute one and the same instrument, binding
on the Parties, and each of which will together be deemed to be an original, notwithstanding that all Parties are not signatories to the same counterpart or facsimile. The Parties agree that this Agreement may be proven by signed original or imaged
copy bearing signature on behalf of each Party. 

 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK.] 

 IN WITNESS WHEREOF, the Parties by their duly authorized signatories, have signed this Agreement in two (2) original
counterparts effective as of the Effective Date first noted above. 
  

									
	UTC POWER CORPORATION	 		 	RASER TECHNOLOGIES, INC.
					
	By:	 	/s/ Jan van Dokkum	 		 	By:	 	/s/ Brent M. Cook
		 	(Signature)	 		 		 	(Signature)
					
	Name:	 	Jan van Dokkum	 		 	Name:	 	Brent M. Cook
					
	Title:	 	President	 		 	Title:	 	CEO
					
	Date:	 	April 6, 2007	 		 	Date:	 	April 3, 2007

 Exhibit A 
 Current Generation System 
 Purchase Contract 

 Exhibit B 
 Current Generation System 
 Service Agreement 

 Exhibit C 
 Generation Performance Operating Parameters 
 PureCycle(R) 225 KW Resource Flow RequirementsService Agreement dated as of April 6, 2007

 Exhibit 10.38 
 CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT HAS BEEN OMITTED FROM PUBLIC FILING PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT SUBMITTED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION. THE OMITTED INFORMATION, WHICH APPEARS ON 3
PAGES OF THIS EXHIBIT AND HAS BEEN IDENTIFIED WITH THE SYMBOL “****,” HAS BEEN FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. 
 SERVICE AGREEMENT 
 This SERVICE AGREEMENT (this “Agreement” or “Contract”) is made and entered
into as of the last date of execution hereof by and between UTC Power Corporation, a corporation incorporated and existing under the laws of the State of Delaware and having an office and place of business in South Windsor, Connecticut (hereinafter
referred to as “UTC Power”) and TRUCKEE GEOTHERMAL NO. 1 SV-01, LLC., a limited liability company organized and existing under the laws of the State of Delaware and having an office and place of business at 5152 N. Edgewood Drive, Suite
375, Provo, Utah (hereinafter referred to as “Customer”). Customer and UTC Power are hereinafter referred to collectively as “Parties”. 
  

			
	LOCATION OF SERVICE; THE “SITE”	  	Truckee Geothermal No. 1 SV-01, LLC in **** County, Nevada
		
	DESCRIPTION OF EQUIPMENT	  	Forty-five (45) PureCycle 225 systems

 THE SERVICES 
 UTC Power shall perform the services described in the Scope of Services attached as Exhibit A hereto, in accordance with the terms of this Agreement and any and all other documents expressly incorporated herein by reference.

 UPTIME GUARANTEE 
 UTC Power is providing
Customer with the Uptime Guarantee attached as Exhibit B hereto in connection with, and conditioned on, Customer’s purchase of and continuation of the services under this Agreement. 
 THE CONTRACT PRICE 
 The annual payment for the Services in the
first year of the Term shall be **** and the total contract price covering the Term shall be **** (the “Contract Price”) for each system and an annual total for the Site in the first year of ****, subject to additions and deductions
authorized pursuant to this Contract. The Contract Price shall be subject to an annual increase of 2% beginning with the amounts due on the first anniversary of this Agreement. 
 TERM 
 This Agreement shall become effective upon commissioning of the Equipment (the “Effective
Date”) and shall continue for a five (5) year term (the “Term”). Commissioning of the Equipment is expected to occur during the period of October through December 2007. Any delay in commissioning of more that six (6) months,
not caused by UTC Power, may result in an adjustment to the Contract Price. 
 NOTICES 
 Address all notices, which shall be made in the English language, by certified mail, return receipt requested, or by facsimile to: 
  

			
	 UTC POWER:
 UTC Power Corporation
 195 Governor’s Highway
 South Windsor, CT 06074 U.S.A.
 Attention: Counsel
 Facsimile: (860) 727-2399
	  	 CUSTOMER:
 Truckee Geothermal No. 1 SV-01,
LLC
 5152 N. Edgewood Drive, Suite 375
 Provo, Utah
84604
 Attention: Steve Brown
 Facsimile: (801) 374 -
3314

 ACCEPTANCE 
 This Agreement, including the Scope of Services attached hereto and each attachment and other document appended hereto and expressly incorporated herein, if any, shall be the binding agreement between the Parties upon the execution hereof
by an authorized representative of each of the Parties. 

 Accepted in Duplicate by: 
  

									
	UTC POWER CORPORATION:	 		 	TRUCKEE GEOTHERMAL NO. 1 SV-01, LLC
					
	By:	 	/s/ Jan van Dokkum	 		 	By:	 	/s/ Steven R. Brown
					
	Name:	 	Jan van Dokkum	 		 	Name:	 	Steven R. Brown
					
	Title:	 	President	 		 	Title:	 	Manager
					
	Date:	 	April 6, 2007	 		 	Date:	 	April 3, 2007

 STANDARD TERMS & CONDITIONS 
 PAYMENT TERMS AND TAXES 
 UTC Power shall invoice Customer for the year one annual payment promptly after the
Effective Date, and for each subsequent annual payment during the Term on the anniversary of the Effective Date. Customer shall pay UTC Power, in addition to the Contract Price, any and all taxes (except for income taxes) which may be imposed by any
taxing authority arising from the performance of the Services, or otherwise under this Agreement, and for which UTC Power may be held responsible for collection or payment, either on its own behalf or that of Customer. All payments made to UTC Power
shall be made in U.S. dollar funds by wire transfer of immediately available funds or by check in the required remittance amount without discount to a U.S. bank designated by UTC Power for credit to UTC Power’s account. If payment is made by
check Customer shall send the check to: 
  

			
	 Regular Mail
 UTC Power Corporation
 Dept. CH 10788
 Palatine, IL 60055-0594
	  	 Overnight Mail
 Mellon Financial
 5505 Cumberland Ave. Suite 307
 Chicago, IL 60656-1471
 Attn: Lockbox Supervisor
 UTC Power Corporation – CH10788
 Phone: (773) 763-5631

 If the payment is made by wire transfer, Customer shall transfer funds to UTC Power’s account at: 

Mellon Financial Corp 
 Mellon Client Service Center 
 500 Ross Street 
 Pittsburgh, PA 15262-0001 
 Acct #: **** 
 ABA Routing # (U.S.): **** 
 Swift # (International): **** 
 Payment terms are net 30 days of invoice date
and each payment will accrue interest from the date it is due until the date it is received by UTC Power, at a rate of 1.5% per month. In no event shall this interest be deemed to be a penalty but shall be solely construed as an administrative
charge to UTC Power arising out of Customer’s late payment. Customer shall reimburse UTC Power for any expenses, including reasonable attorneys’ fees, incurred in collecting any overdue payments, and in no event shall the payment hereunder
exceed any applicable federal or state usury laws. 
 UTC Power shall submit invoices for payment to Customer at the address indicated under the section
herein entitled NOTICES, if any, or as otherwise directed in writing by Customer. 
 SERVICES AND MATERIALS 
 UTC Power shall perform and execute the provisions of this Agreement as an independent contractor and shall not be an agent or employee of Customer. UTC Power may provide
any or all of the Services required under this Agreement through its sister division, Carrier Commercial Services (“Carrier”) or another UTC Power-authorized service provider. Unless otherwise agreed as provided herein, the Services will
be performed during the regular working hours of the regular working days of UTC Power or, if applicable, its subcontractors. Any Services performed at times or during days when workers are entitled to overtime or premium rates will be performed at
the particular workers’ then applicable amount or rate of payment for work at such time or days. Customer agrees to reimburse UTC Power for any and all costs associated with such work done at overtime or premium rates. 
 Any parts provided under this Agreement will be new parts manufactured or selected by UTC Power or parts reconditioned to UTC Power standards. All replacement parts will
be furnished by UTC Power in exchange for the parts replaced. If any part delivered hereunder incorporates computer software, the parties agree that UTC Power is not selling the software to the Customer but merely providing a license to use such
software for operating the Equipment for which such part was provided. By accepting delivery of such part the Customer agrees not to copy or let others copy such software, to keep such software in confidence as a trade secret, to use such software
solely for its internal purposes in connection with the operation of the Equipment covered under this Agreement, and not to transfer possession of such part to others except as part of a transfer of ownership of the Equipment, in which case the
license to use such software shall be automatically assigned to the transferee of the Equipment. 
 EXCLUSIONS 
 Unless expressly included in the Scope of Services, UTC Power shall not be responsible for items not normally subject to mechanical maintenance including but not limited
to: duct work, casings, cabinets, fixtures, structural supports, grillage, water piping, steam piping, drain piping, cooling tower fill, boiler tubes, boiler refractory, disconnect switches and circuit breakers. UTC Power shall not be responsible
for repairs, replacements, alterations, additions, adjustments, unscheduled calls or emergency calls, any of which may be necessitated by negligent operation, abuse, misuse, improper installation, shipping or storage damage, prior improper
maintenance, repairs by others, vandalism, obsolescence, building system design, damage due to freezing, weather, the environment, 

  

					
		  	Page 16 of 40	  	Standard Terms and Conditions (01/07)

 
chemical/electrochemical attack, corrosive and/or erosive environments or fuels, other corrosion or erosion, compressor fouling, power quality disturbances,
deterioration due to wear and tear, any damage related to the presence of mold, fungi, mildew or bacteria, or any other cause beyond UTC Power’s control. UTC Power shall not be responsible for the identification, detection, abatement,
encapsulating or removal of asbestos, products or materials containing asbestos, other hazardous substances, mold, fungi, mildew, or bacteria. In the event that UTC Power encounters any asbestos product or any hazardous material in the course of
performing its work, UTC Power may suspend its work and remove its employees from the project, until such product or material, and any hazards connected with it are abated. UTC Power shall receive an extension of time to complete its work and
compensation for delays encountered as a result of such situation and its correction. UTC Power shall not be required to perform tests, install any items of equipment or make modifications that may be recommended or directed by insurance companies,
government, state, municipal or other authority. However, in the event any such recommendations occur, UTC Power, at its option, may submit a proposal for Customer’s consideration in addition to this Agreement. 
 CHANGES OR EXTRAS 
 UTC Power will perform changes,
modifications, additions, deletions or extras to the Services if agreed to in a writing signed by both Parties that contains the new scope of services and an adjustment to the Contract Price. Services or parts requested by the Customer in addition
to those Services specified in this Agreement will be provided upon receipt of the Customer’s written authorization and invoiced at UTC Power’s prevailing labor rates and parts charges. Such additional services or parts shall be supplied
under the terms of this Agreement. 
 WARRANTIES 
 UTC Power warrants that all Service provided under this Agreement shall be performed in a workmanlike manner. UTC Power also warrants all UTC Power parts or components supplied hereunder to be free from defects in material and workmanship.
UTC Power parts and components shall be warranted for the longer of the remaining original equipment warranty provided by UTC Power and ninety (90) days from installation. Except as expressly provided elsewhere in this Agreement, Service provided
under this Agreement shall be warranted for ninety (90) days from completion of such Service. UTC Power shall at its option repair, replace, or issue a credit, for any such defective parts, components or service, provided they were not damaged,
abused, altered by a third-party or affected by chemical properties. Any warranty claim must be provided to UTC Power in writing prior to the end of the applicable warranty period. THIS WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS, IMPLIED
OR STATUTORY; INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTIES ARISING FROM COURSE OF DEALING OR USAGE OF TRADE, ALL OF WHICH ARE HEREBY WAIVED BY CUSTOMER AND DISCLAIMED BY
UTC POWER. UTC Power’s obligation to repair, replace, or issue credit for any defective parts, components or Service shall be Customer’s exclusive remedy. UTCP guarantees that each Current Generation System delivered under this agreement
shall produce power as more fully defined in Section 5 of the Sourcing and Development Agreement executed by UTCP and Raser Technologies, Inc. 
 CUSTOMER’S RESPONSIBILITIES 
 Unless specifically provided otherwise in the Scope of Services attached hereto, Customer shall:

 Pay the Contract Price and other sums required to be paid by it to UTC Power in accordance with this Agreement; 
 Provide UTC Power’s and its subcontractors’ workers safe access to the Site and a safe place for performing the Services, free of hazardous
substances, toxic materials, and all unsafe working conditions; 
 Provide UTC Power with unrestricted access to the Site and reasonable
access to the Customer’s applicable records and personnel during UTC Power’s normal working hours. UTC Power may start and stop Customer’s systems incidental to the Services, as reasonably arranged with Customer’s representative
and Customer shall permit use of building services including, but not limited to: water, elevators, receiving dock facilities, electrical service and local telephone service; 
 Provide adequate water treatment (applicable to absorption chiller equipment only, if any); 
 Provide the daily routine Equipment operation; including routine equipment log readings. 
 Provide and maintain an analog telephone line, internet service or other mutually agreed service with long distance direct dial and answer capability for
UTC Power’s remote monitoring service; 
 Operate the Equipment properly and in accordance with instructions; 
 Keep areas adjacent to the Site and Services free of extraneous material, move any stock, fixtures, walls or partitions that may be necessary to perform
the Services and ensure proper protection of the Equipment and other materials from debris and other hazards and materials at the Site; 
 Promptly notify UTC Power of any unusual operating conditions at the Site; 
 Be responsible for identification, detection,
abatement, encapsulating or removal of asbestos, products or materials containing asbestos, other hazardous materials, mold, fungi, mildew, or bacteria and provide UTC Power with all information requested in order to comply with OSHA and other
applicable Employee, Health and Safety rules and regulations, including but not limited to 

  

					
		  	Page 17 of 40	  	Standard Terms and Conditions (01/07)

 
information relating to the energy-control procedures applicable at the Project Location under 29 CFR 1910.147, (The control of hazardous energy
(lockout/tagout)); 
 Indemnify and save UTC Power harmless against all liability growing out of Customer’s failure to carry out any of
Customer’s obligations under this Agreement. 
 EQUIPMENT CONDITION AND RECOMMENDED SERVICE 
 Should UTC Power determine the need for repairs or replacement outside the scope of this Agreement, UTC Power will provide Customer in writing an “equipment
condition” report including recommendations for corrections and the price for repairs in addition to this Agreement. In the event UTC Power recommends certain services and Customer does not elect to have such services properly performed in a
timely fashion, UTC Power shall not be responsible for any Equipment or control failures, operability or any long-term damage that may result. UTC Power at its option will either continue to maintain Equipment and/or controls to the best of its
ability, without any responsibility, or remove such Equipment from this Agreement, adjusting the Contract Price accordingly. 
 HAZARDOUS MATERIAL

 Hazardous Material is any substance or material identified now or in the future as hazardous under any federal, state or local law or regulation,
or any substance or material which may be considered hazardous or otherwise subject to statutory or regulatory requirements governing handling, disposal and/or clean up. UTC Power shall not be obligated to commence or continue Services until all
known or suspected Hazardous Material discovered at the Site has been removed, or rendered or determined to be harmless by Customer as certified by an independent testing laboratory and approved by the appropriate government agency. If UTC Power
incurs additional costs and/or is delayed due to the presence or remediation of Hazardous Material, UTC Power shall be entitled to an equitable adjustment in the Contract Price. Customer shall indemnify, defend and hold harmless UTC Power and its
agents, directors, officers, servants, employees and subsidiaries (collectively “UTC Power Indemnitees”) from and against all claims, damages, losses and expenses, and reasonable attorneys’ fees and expenses, arising out of, resulting
from, relating to or in any way attributable to any Hazardous Material that is now, has ever been, or will ever be at the Site (other than any Hazardous Material that has been brought to the Site by UTC Power or its subcontractors or suppliers in
connection with the Services). 
 INSURANCE 
 UTC
Power and Customer shall each maintain statutory workers’ compensation and employers’ liability insurance covering UTC Power’s or Customer’s liability for injury or death sustained by UTC Power’s or Customer’s
employees, and commercial general liability insurance under which the limit of liabilities for injuries, including property damage and accidental death, shall be at least $1,000,000 for any one occurrence. If either Party so requests in writing, the
other Party shall furnish certificates of insurance evidencing the above insurance coverage. 
 LOSS, DAMAGE OR DELAY; FORCE MAJEURE

 Under no circumstances shall UTC Power be liable for any loss, damage or delay due to any cause beyond UTC Power’s reasonable control, including but
not limited to acts or omissions of government, strikes, lockouts, labor disputes, transportation shortages, fire, explosion, theft, weather damage, flood, earthquake, riot, severe weather, civil commotion, war, terrorism, malicious mischief, or
acts of God. The time for performance of this Contract shall be extended for a period equal to any time lost by reason of the delay. UTC Power shall not be obligated to incur any additional expenses in connection with such a delay unless so directed
in writing by Customer, in which event the cost of any measures taken to recover any lost time shall be at Customer’s cost. 
 BUYER’S CLAIMS

 No claim of Customer related to an alleged failure by UTC Power to meet any requirement of this Contract shall be valid unless, prior to Customer
incurring any cost related to such claim, Customer notifies UTC Power in writing, in detail of such alleged failure and Customer then allows UTC Power a reasonable time to correct any such failure verified by UTC Power. Any suits arising from the
performance or nonperformance of UTC Power, whether based upon contract, negligence, strict liability or otherwise, shall be brought within one (1) year from the date the claim arose. 
 LIMITATION OF LIABILITY 
 UTC Power shall be liable for damage
to property, other than the equipment provided under this Agreement, and to persons, to the extent that the negligent acts or omissions of UTC Power or its authorized subcontractors are determined by a court of competent jurisdiction to have
directly contributed to such injury or property damage. The price allocable in this Contract to any Services alleged to be the cause of any loss or damage shall be the ceiling limit on the aggregate liability of UTC Power and Carrier, whether
founded in contract or tort (including negligence), arising out of, or resulting from this Contract or the performance or breach thereof. Under no circumstances shall UTC Power or Carrier be liable for any special, incidental, indirect or
consequential damages of any nature whatsoever, including without limitation, business interruption, lost profits, revenues or sales, or increased costs of production, whether such claims are based in contract, warranty or tort, including
negligence, or any other legal theory or principle. 
  

					
		  	Page 18 of 40	  	Standard Terms and Conditions (01/07)

 WASTE DISPOSAL 
 Customer is wholly responsible for the removal and proper disposal of waste generated in connection with the installation, operation or decommissioning of the Equipment, or generated during the Term of this Agreement. 
 ASSIGNMENT 
 Neither Party may assign any of its rights or
obligations under this Contract, except as otherwise expressly provided herein or with the written consent of the other Party, and any assignment made without such consent shall be null and void; provided, however, UTC Power may, upon written notice
to Customer, assign UTC Power’s rights and obligations without such consent, to an entity which acquires all or substantially all of UTC Power’s assets or which controls, is controlled by or is under common control with UTC Power.

 TERMINATION 
 In the event of a material breach
by either Party in the performance of the breaching party’s duties, obligations or undertakings to the non-breaching party under this Agreement, the non-breaching party will have the right to terminate the work under this Agreement by giving
written notice to the breaching party of the specific breach involved; provided that the breaching party shall have thirty (30) days to cure such breach prior to such termination taking effect. Upon termination taking effect, UTC Power shall be
entitled to receive payments for any Services performed in accordance with the terms of this Agreement, for all costs incurred prior to such termination, and for all costs related to termination and settlement with its subcontractors and suppliers.

 NO WAIVER; SEVERABILITY; HEADINGS 
 The failure
of either party to insist on any right, or to invoke or elect any remedy, shall not be construed as a waiver of that right, remedy or election in the absence of a writing signed by the waiving party. The invalidity of one or more of the phrases,
sentences, clauses, or paragraphs contained in this Agreement shall not affect the validity of the remaining portions. Section headings in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. 
 ENTIRE AGREEMENT  
 This
Agreement, including the Scope of Services attached hereto as Exhibits A and incorporated by reference herein and any other documents attached hereto and expressly made a part hereof, and all changes or amendments hereto shall constitute the entire
agreement between the Parties with respect to the matters set forth herein, with all prior proposals, representations, quotations, agreements and understandings, written or oral, superseded hereby. It is agreed that the Parties do not intend to
create a right in any third party, other than Carrier with respect to the section of the Agreement entitled LIMITATION OF LIABILITY, by entering into this Agreement. The terms and conditions of this Agreement, including all documents, if any,
expressly incorporated herein, and any attachment to this Agreement expressly referenced herein, shall exclusively govern the Parties’ performance hereunder and any terms or conditions in addition to or different from this Agreement, including
without limitation any terms or conditions provided in any purchase order or similar document related to the Services which are not expressly incorporated herein, shall have no effect. Unless expressly stated otherwise, the provisions of this
Agreement shall have precedence over the terms of any other Contract documents, if any exist. This Agreement shall not be changed or amended, except in a writing signed by the Parties. 
 COMPLIANCE WITH LAWS; GOVERNING LAW 
 UTC Power and Customer will each comply with all federal and state laws
applicable to the performance of their respective obligations hereunder. The rights of all parties under this Contract and the construction and effect of every provision hereof shall be subject to and construed according to the laws of the State of
New York, including the Uniform Commercial Code, and of the United States of America, excluding the United Nations Convention on the International Sale of Goods. 
 SUBCONTRACTORS 
 UTC Power shall bind every subcontractor to, and shall require every subcontractor to be bound by, the terms of this
Agreement as far as applicable to the subcontractor’s portion of the Services. UTC Power agrees to pay each subcontractor, upon payment by Customer, the amount allowed to UTC Power on account of such subcontractor’s portion of the
Services. Unless Customer approves or requests work or materials without the approval of UTC Power, Customer shall not be liable to make any payment for the Services directly to any subcontractor. 
 EQUAL OPPORTUNITY EMPLOYER 
 UTC Power shall comply with
Executive Order 11246, as amended, which is administered by the United States Department of Labor, Office of Federal Contract Compliance Programs, with the relevant rules, regulations and orders of the Secretary of Labor pertaining thereto, and with
all other applicable federal, state and local non-discrimination, non-segregation, affirmative action, veterans employment, and handicapped employment laws, rules, regulations and orders (collectively, the “EEO/AA Requirements”). UTC Power
shall furnish upon request of Customer or any appropriate federal, state or local regulatory body information and reports required by the EEO/AA Requirements. UTC Power shall include the provisions of this Section in every subcontract or purchase
order so that such provisions shall be binding upon each contractor, subcontractor or vendor performing services or providing materials relating to the Services. 
  

					
		  	Page 19 of 40	  	Standard Terms and Conditions (01/07)

 EXHIBIT A 
 SCOPE OF SERVICES 
 SCHEDULED MAINTENANCE: 
 SCHEDULED OPERATING INSPECTION(S) 
 Each Scheduled Operating
Inspection is to be performed at the frequency indicated in the Service Agreement Summary. 
 ANNUAL SCHEDULED MAINTENANCE 
 Each Annual Scheduled Maintenance is to consist of pre-determined recurring preventative maintenance actions which are to be performed on a yearly interval determined by
equipment operating hours that may be recommended by each equipment manufacturer. These annual tasks are designed to prepare the equipment for prime operating condition so that the equipment will operate effectively, reliably and efficiently.

 MULTI-YEAR SCHEDULED MAINTENANCE 
 Each Multi-Year
Scheduled Maintenance is to consist of the necessary scheduled maintenance items performed at intervals generally greater than one year, which is in addition to the Annual Scheduled Maintenance tasks. The frequency of Multi-Year Scheduled
Maintenance items will be determined by the relevant manufacturer’s published recommendations, equipment operating hours and inspection results. In the event the recommendations, operation or conditions change and require a change in the
multi-year frequency, UTC Power shall advise Customer in writing of the appropriate frequency changes and any associated Contract Price adjustment. 
 Multi-Year Scheduled Maintenance includes the repair or replacement of parts and/or components whose normal wear indicates that repair or replacement is needed including: all rotating assemblies, bearings, high speed shaft, internal
clearance adjustments, complete equipment leak testing, evacuation and dehydration where applicable. 
 TURBINE OVERHAULS 
 THIS CONTRACT DOES NOT INCLUDE THE PARTS OR LABOR FOR THE SCHEDULED OVERHAUL OF THE TURBINE ASSEMBLY AT 40,000 HOUR INTERVALS. 
 REPAIR SERVICE: 
 UNSCHEDULED MAINTENANCE 
 During normal working hours, unscheduled service is provided when necessary to diagnose problems and perform repairs between scheduled inspections. The repairs could be
minor or major and would consist of the work outlined below under this heading REPAIR SERVICE. Unscheduled maintenance is available 365 days per year, 24 hours per day. Outside of normal working hours, unscheduled service can be provided when
necessary for an additional cost, billed for time spent at UTC Power’s applicable billing rates. 
 MINOR REPAIRS 
 Minor repairs shall consist of tasks which are performed during scheduled inspection(s) on an as needed basis that may require minor disassembly and removal of available
inspection covers for minor repairs, measurements, and adjustments including replacement of routine expendable parts, controls, switches and indicator lamps. 
 MAJOR REPAIRS 
 Major repairs consist of the repair or replacement of moving parts, pump and turbine motors, turbine bearing and maintainable
components that may have failed unexpectedly (except for those failures beyond UTC Power’s control as stated in Standard Terms & Conditions). 
 REFRIGERANT LEAK REPAIR LABOR 
 Refrigerant leak repair labor is included and consists of tightening bolts and flange fittings, replacing
gaskets and/or tubes, replacing o-rings and if necessary welding, soldering or brazing to stop leaks of components or any refrigerant piping on or between two or more pieces of equipment. Neither replenishment nor replacement of the refrigerant is
included in the scope of this Agreement. 
  

					
		  	Page 20 of 40	  	Scope of Services (01/07)

 GENERAL: 
 Scheduled Maintenance and Repair Service will be performed on a straight time basis during UTC Power’s normal working hours unless otherwise agreed. If the Customer requests overtime service, the Customer agrees to pay extra for the
overtime-premium hours at UTC Power’s applicable overtime billing rates. UTC Power’s remote monitoring system will be used to the extent possible to diagnose problems and restart the system. A Customer installed and active dedicated analog
phone line is required to utilize this feature and is a prerequisite of this Agreement. 
 Unless expressly stated in this Scope of Service, this Agreement
does not include any Scheduled Maintenance or Repair Service related to or required as a result of issues associated with any heat recovery equipment, heat source fluctuations, heat source let-down systems, blower equipment, or equipment not
supplied by UTC Power. 
 FILTER CHANGES 
 Filters will be
inspected, cleaned and/or replaced as necessary annually. In the event the filter material or cleaning requires different frequencies (due to experience or changes in operating conditions), recommendations will be made for Customer’s approval
to adjust the frequencies and to provide for any corresponding adjustment in the Contract Price 
 CONDENSER CLEANING 
 Condenser will be inspected and cleaned as necessary annually. In the event the condenser needs cleaning at different frequencies (due to experience or changes in
operating conditions), recommendations will be made for Customer’s approval to adjust the frequencies and to provide for any corresponding adjustment in the Contract Price. 
 EVAPORATOR INSPECTION 
 Evaporator will be inspected as necessary annually. In the event the evaporator needs
inspection at different frequencies or the evaporator needs cleaning (in both cases due to experience or changes in operating conditions), recommendations will be made for Customer’s approval to adjust the frequencies and/or the Scope of
Service under this Agreement, and to provide for any corresponding adjustment in the Contract Price. 
 SERVICE AGREEMENT SUMMARY

  

											
	 	  	Frequency:
	 Tasks
	  	Year 1	  	Year 2	  	Year 3	  	Year 4	  	Year 5
	 Scheduled Operating Inspection
	  	4	  	4	  	4	  	4	  	4
	 Annual Scheduled Maintenance
	  	1	  	1	  	1	  	1	  	1
	 Multi-Year Scheduled Maintenance
	  	0	  	0	  	0	  	0	  	1
	 Turbine Overhauls
	  	0	  	0	  	0	  	0	  	0
	 Repair Services*
	  	A/R	  	A/R	  	A/R	  	A/R	  	A/R

  

	*	Items listed under any Task marked “A/R” (As Required) are to be performed, if required, as determined by UTC Power’s best judgment based on actual operating
conditions, analysis and/or equipment monitoring. Items listed under any Task marked “0” are not included in the Scope of Service of this Agreement. Upon request, UTC Power will provide Customer with a proposal for its approval to include
Tasks outside the Scope of Service of this Agreement and to provide for any corresponding adjustment in the Contract Price. 

  

					
		  	Page 21 of 40	  	Scope of Services (01/07)

 EXHIBIT B 
 UPTIME GUARANTEE 
 PURECYCLE® 225 FIVE YEAR UPTIME GUARANTEE 
 During the first five (5) years of the attached UTC Power Corporation Service Agreement (the “Agreement”) for the Geothermal Liquid / Liquid PureCycle® system (the “System”), UTC Power Corporation (“UTCP”) separately
guarantees for each covered System an annual uptime (“System Uptime”) of 92% of the Potential System Uptime per year (the “Guaranteed Uptime”). Guaranteed Uptime and Potential System uptime are calculated based on
the following formulas: 
 GU = 0.92*PSU 
 PSU = PA – (CY/3) - MD 
 PSU = Potential System Uptime is the number of hours when the
System has sufficient heat and can produce electricity. 
 PA = Plant Availability is the annual number of hours when sufficient
geothermal resource (temperature and flow), cooling tower water (temperature and flow), and power plant and grid availability (power plant and grid presence without restriction) is available to the System. 
 CY = Cycles is the number times annually that the plant availability drops below the sufficiency required for System operation. 
 MD = Maintenance Downtime for each planned event that occurs during PA hours. 
 Should the System Uptime of a covered System in an applicable twelve (12) month period during the first five (5) years of the Agreement be less than the Guaranteed Uptime, UTCP agrees to provide Customer a
cash rebate in the amount of **** per hour below the target, up to a total maximum yearly rebate of **** per covered System. Any rebates over **** that would otherwise accrue in the absence of such **** maximum aggregate annual payout cap shall not
be applied to prior or subsequent years and the aggregate maximum rebate paid over the five (5) year period by UTCP shall in no event exceed **** per covered System. The dollar amount of any cash rebates due to Customer shall be calculated once
annually and paid to Customer within thirty (30) days of UTCP’s confirmation of the amount due. Should Customer desire, additional **** increments of annual liability for the first two years may be purchased from UTCP prior to the time
this Service Agreement is first executed by the Parties with annual limitation caps of up to **** per unit in the first year and **** in the second year. In the event Customer elects to purchase additional liability coverage in years one and two,
the aggregate maximum rebate cap per covered System over the five (5) year period, shall be increased by the amount of additional coverage purchased. In no event will the rebate exceed **** per covered System. 
 Should the System Uptime of a covered System in an applicable twelve (12) month period during the first five (5) years of the Agreement be greater than the Guaranteed
Uptime, the number of hours of System Uptime above the Guaranteed Uptime shall be credited to UTCP (referred to herein as the “Performance Bank”). UTCP will have the right to apply any then current Performance Bank to offset the shortfall
of Guaranteed Uptime in any twelve (12) month period for any PureCycle® system for which UTCP is providing an uptime guarantee. 
 Because technical expertise is critical in meeting the Guaranteed
Uptime, this uptime guarantee is conditioned upon maintenance, service and repairs to the System being provided exclusively by UTCP (directly or through a UTCP authorized service provider) in accordance with UTCP’s standard maintenance scope of
work and terms and conditions as described in the Agreement. In the event that the Agreement is terminated, this Uptime Guarantee shall terminate and be of no further force or effect. Customer must provide and maintain a dedicated analog telephone
line, internet service or other mutually agreed service with long distance direct dial and answer capability for UTCP’s remote monitoring system (RMS) in order to enforce this Uptime Guarantee. The first twelve (12) month period under this
Uptime Guarantee shall commence upon the occurrence of the commissioning of the applicable System at the Site. 
 UTCP will not be responsible for any
periods during which the System is not operating due to (a) site issues not related to the System, including but not limited to issues related to geothermal resource availability or adequacy, electrical load or customer or utility system design
or malfunction; (b) System issues arising from improper installation or operation, abuse, neglect, vandalism, weather, rust, the effects of corrosive and/or erosive environments, inadequate or incorrect water treatment, operation of the System
outside the operating specifications defined by UTCP in the applicable operation and maintenance manual, or modifications, materials or services not executed or provided by UTCP or a UTCP authorized service provider; (c) System downtime during
periods when RMS is not functioning due to the failure to maintain a dedicated working communications path (phone or network); (d) Customer-elected shutdowns of the System; or (e) any other cause beyond UTCP’s direct control. Any such
periods shall not be included in the calculation of Potential System Uptime for the purposes of this Uptime Guarantee. 
 This Uptime Guarantee and the
remedies expressly provided above (i) are exclusive and in lieu of all other uptime, availability or performance warranties or guarantees of any kind, whether statutory, written, oral, express or implied, and (ii) are Customer’s sole
and exclusive remedy and UTCP’s sole and exclusive obligation with respect to uptime, availability or performance of the System. UTCP shall not be responsible under any warranty, guarantee or other obligation for rebates, credits, repairs,
replacements or indemnification due to abuse, vandalism, acts of terrorism or war, fire, lightening, earthquake, flood, storm, or other acts of God, neglect, modifications, materials or services not executed or 

  

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provided by UTCP or its subcontractors, employees or agents, use in a physical environment other than the site proposed in this Agreement, or installation or
use of the System not in accordance with the intended use of the System. No rights under this Uptime Guarantee shall be assignable or transferable to any third-party, except on the written consent of UTCP, which shall not be unreasonably withheld.

 Under no circumstances shall UTCP be liable for any special, incidental, indirect or consequential damages of any nature whatsoever, including without
limitation, business interruption, lost profits, revenues or sales, or increased costs of production, whether such claims are based in contract, warranty or tort, including negligence, or any other legal theory or principle. 
  

 Page 23 of 40

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