Document:

BS AND MR PROJECT MANAGEMENT AND BUSINESS
DEVELOPMENT AGREEMENT

 

THIS AGREEMENT (this
“Agreement”) is dated 22 February 2010 and is entered into by and between Blue Sphere Corporation, a corporation
organised under the laws of Nevada (together with its affiliates, “BS”), and Mark Radom, an individual residing
in Israel (“MR”). Reference is made to the MPV and Blue Sphere Corporation Assignment and Conveyance Agreement
dated of even date herewith between BS and Carbon MPV Limited (the “AC Agreement”). Capitalised terms used but
not defined herein have the meanings assigned to such terms in the AC Agreement.

 

Whereas, Carbon
MPV Limited has assigned and conveyed to BS its right, title and interest in, to and under the Potential Projects pursuant to the
AC Agreement; and

 

Whereas, BS
desires to retain MR as an independent contractor to perform project management services with respect to such Projects and to identify
and source new Projects and MR accepts and agrees to such retention;

 

Now, therefore, in consideration
of the mutual premises and covenants contained herein, and subject to the terms and conditions hereof, and intending to be legally
bound, the parties hereto agree as follows:

 

1.          Project
Management Services and Business Development

 

		1.1	On the terms and subject to the conditions of this Agreement, BS hereby enlists and retains MR
as an independent contractor to perform (or procure the performance of) all work (or part of it, as requested by BS) necessary
or desirable with respect to Projects that are assigned and conveyed to BS in such a manner as to ensure a smooth and successful
implementation and to expedite and optimize registration and receipt of carbon credits and receipt of other revenues therefrom;
among other things, such services will include selecting third-party services, goods and technology providers, overseeing the registration
process, overseeing the project implementation and managing the relationship between and respective performance by of all participating
parties and the generation of new business relating to carbon credit and ecological projects (the “Services”).
MR will have the right to use its reasonable discretion in making decisions regarding the performance of the Services subject to
a pre-agreed action plan and to prior consultation with BS, whose decision in its sole discretion in such matters will be final.
MR will report to BS on a day to day ongoing basis on work performed and on any event that may affect its business. The reporting
method will be defined by the parties at a later stage.

 

		1.2	Respecting the generation of new business relating to carbon credit and ecological projects, BS
and MR will use their best efforts to develop guidelines and/or criteria, which MR will follow in incurring any expense toward
developing new business.

 

		1.3	MR acknowledges and agrees that the generation of new business relating to carbon credit and ecological
projects is performed for behalf of BS for compensation and consequently all new potential projects or project leads of any nature
generated by MR shall be the sole exclusive property of BS and all information related thereto shall be considered to be the Confidential
Information (as defined below) of BS.

 

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		1.4	In exchange for the provision of such management and business development services, BS agrees to
cover and pay for 100% of the reasonable costs and expenses to be incurred by MR in the course of providing such services according
to a pre-agreed budget and procedure to be agreed by the parties in writing. While it is envisioned that such costs will primarily
consist of travel, accommodation, telecommunication and office expenses, the parties acknowledge and agree that other costs of
an unknown nature may arise in the course of managing the Projects. In addition to covering 100% of such costs and expenses incurred
by MR acting pursuant to the agreed procedures of the parties as shall be established, subject to the following sentence, BS will
pay MR US$7,000 per month (the “Advance Payment”) in accordance with instructions to be provided by MR and agreed
upon by BS and continuing until the earlier of (i) this Agreement is terminated in accordance with its terms or (ii) until the
date on which income from carbon credits is generated. It is agreed that, in the event that the U.S. dollar falls in value as of
the date hereof against the Israeli shekel by 10% or more, the Advance Payment amount (i.e., U.S. $7,000 per month) shall be adjusted
upward to compensate MR for the exchange rate change. Any amounts constituting the Advance Payment paid to MR pursuant to this
Section 1.4 shall be deducted from the first (and if necessary subsequent) cash to be paid to MR pursuant to Section 1.2 of the
AC Agreement. For the avoidance of doubt, it is agreed that BS will continue to pay 100% of the reasonable costs and expenses to
be incurred pursuant to this Agreement pursuant to the pre-approved budget and as long as the expenses are made according to BS
procedures for so long as this Agreement is in force.

 

		1.5	The Fee is inclusive of all applicable Taxes. “Taxes” are defined as - all taxes
applicable to the transaction contemplated hereunder or resulting therefrom, including, without derogating from the generality
of the above, income taxes, profit taxes, withholding taxes and any other compulsory payment applicable under any applicable law.
In addition, BS shall have the right to deduct or withhold from any fee to be paid, any such taxes, charges or levies, in respect
of which such deduction or withholding is required to be made according to any applicable law or jurisdiction.

 

		1.6	BS will include MR in a future grant of options to employees and
will be considered a senior manager for the purpose of such grant. .

 

		1.7	MR agrees that it will keep confidential and not disclose to (and require its representatives or
any parties it works with in connection with any transaction to keep confidential and not disclose to) any other person any information
that it receives that is designated as confidential as well as information derived therefrom (“Confidential Information”)
unless authorised to do so by the BS or required to do so by law. MR acknowledges and agrees that the generation of new business
relating to carbon credit and ecological projects is performed for behalf of BS for compensation and consequently all new potential
projects or project leads of any nature generated by MR shall be the sole exclusive property of BS and all information related
thereto shall be considered to be the Confidential Information (as defined below) of BS. MR further agrees to refrain from taking
any action (and to cause its representatives or any parties it works with in connection with any transaction to refrain from taking
any action) using the Confidential Information that will have the effect or the potential effect of circumventing or pre-empting,
to any degree, the disclosing party’s full and unfettered use of and benefit from its Confidential Information. MR shall
only put any of such Confidential Information to its own use after receiving proper, explicit and prior authorization from BS,
in writing, to do so. It is hereby agreed that (i) the identity of any financier or investor providing finance for any transaction
contemplated hereby is Confidential Information and (ii) MR shall not make any use whatsoever of the contacts brought by BS, including
its clients, government officials, facilitators or any parties using these connections unless it has BS’s consent thereto.

 

2.          Covenants

 

		2.1	Each party shall render assistance in handling applications for approvals, permits and licenses
and similar formalities necessary for the establishment and operation of their legal and commercial relationship.

 

		2.2	Each party agrees to execute, on request, all other documents and instruments as the other Party
shall reasonably request, and to take any actions, which are reasonably required or desirable to carry out obligations imposed
under, and effect the purposes of, this Agreement.

 

		2.3	Each party agrees to use its reasonable commercial efforts to accomplish the purpose of this Agreement
and to comply with all applicable laws and regulations.

 

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		2.4	MR represents and warrants that he has no outstanding agreement or obligation that is in conflict
with any of the provisions of this Agreement or the rendering of the Services, or that would preclude him from complying with the
provisions hereof and that he will not enter into any agreement or undertake any obligation which will create such a conflict of
interests. Furthermore, MR hereby expressly certifies and represents that in performing the Services to BS he is not in breach
of any obligation towards any third party.

 

3.          Entry
into Force and Term

 

Subject to the following
sentence, this Agreement shall enter into force from the date hereof and will terminate on the earlier of (i) 25 years from the
date on which this Agreement enters into force or (ii) the Kyoto Protocol, as amended or extended, terminates or (iii) 15 April
2010 unless MPV delivers by such time to BS at least two signed Project agreements and two signed project memoranda of understanding.

 

After 15 April 2010, BS may terminate this
Agreement on 90 days’ written notice to MR for any reason or no reason at all. After 1 March 2011, MR may terminate this
Agreement on 90 days’ written notice to BS for any reason or no reason at all. Either party may terminate by written notice
to the other party if the other party materially breaches this Agreement and fails to cure such breach within fourteen (14) calendar
days of receiving written notice thereof. Any and all rights to accrued benefits or obligations to be performed after such time
shall survive any termination hereof.

 

4.          Miscellaneous

 

No provision of this
Agreement may be amended, modified or waived only in writing signed by MR or a duly authorized officer of BS. This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof and supersedes all previous agreements and understandings,
written or oral, between the parties or their affiliates or agents with respect to the subject matter hereof. The headings in this
Agreement are for convenience of reference only, and shall not alter or affect the meaning of any provision. Each party acknowledges
that it has not relied upon any representation of the other party, except for any representation made by such party under the express
terms of this Agreement, in entering into and undertaking the obligations imposed by this Agreement. This Agreement shall be construed,
interpreted and enforced in accordance with the substantive laws of Israel. The parties agree that any action brought to resolve
any controversy arising under or relating to this Agreement shall be subject to the non-exclusive jurisdiction of the courts of
Israel and any court which may hear appeals from those courts in relation to any disputes arising out of or in connection with
this Agreement. No Party shall be liable under this Agreement, for consequential, indirect, special, or punitive damages.

 

5.          Transfer
to Affiliate

 

BS acknowledges that
MR may open a new company and that, once opened and registered, BS agrees that MR may transfer and convey all of his rights, obligations,
title and interest in, to and under this Agreement to such company without the need for any further action or consent on the part
of BS (it being understood that such company will formally acknowledge such transfer and conveyance for its own internal purposes).

 

6.          Severability

 

Should any part of
this Agreement be rendered or declared invalid by a court or arbitrator of competent jurisdiction, such invalidation of such part
or portion of this Agreement will not invalidate the remaining portions thereof and they shall remain in full force and effect.
It is further agreed that if part of this Agreement is determined to be invalid, either party may open negotiations solely with
respect to a substitute for such part within two (2) weeks after such determination has been made.

 

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7         
Independent Contractor

 

7.1 The relationship
between BS and MR, or any on its behalf, is that of independent contractor. Neither MR nor any on its behalf shall be deemed to
be the agents, partners or employees of BS. Neither Party shall have the right, power or authority to bind the other Party, enter
into an agreement, grant a promise, provide warranties, guarantees or commitments, transact any business in the other Party's name
or in its behalf or incur any liability for or on behalf of the other Party, and each Party shall remain an independent contractor
and responsible for its own actions.

 

7.2 All employees,
representatives, subcontractors or any person engaged, by MR subject to the terms hereof, will be deemed under the complete control
of MR and notwithstanding anything to the contrary, this Agreement will not be interpreted as creating any contractual relationship,
including employment relationship, between any such employee, representative or subcontractor or any such other person and BS.
MR shall be solely responsible for the safety of its own employees, representatives or subcontractors or any such other person,
at all times during the performance of the Services.

 

7.3 In the event
that MR, or any on its behalf, shall claim, and a competent court determines pursuant to such claim, the existence of an employment
relation between BS and MR or any on its behalf, despite the Parties' explicit intention as reflected in this Agreement, and consequently
resolves that MR, or any on its behalf, is an employee of BS and therefore is entitled to further payments or benefits, then MR
agrees to indemnify BS and hold BS harmless from any liability, damages or costs (including reasonable attorney's fees) incurred
by BS as a result of such claim.

 

7.4 MR hereby
warrants and represents that it is aware that BS has entered into this Agreement in reliance on MR's status as an independent contractor,
as set forth in Section 7.1 .

 

7.5 MR shall not
be entitled to exclusivity in the provision of the Services and BS shall be entitled at its sole discretion to request any other
entity to provide the Services.

 

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

 

	 	Mark Radom
	 	 
	 	
	 	 
	 	Blue Sphere Corporation
	 	 
	 	
	 	 
	 	By:
	 	Title:  CEO

 

    	4AMENDMENT NO. 1 TO THE MPV AND BS ASSIGMENT
AND CONVEYANCE AGREEMENT

 

THIS AMENDMENT (this
“Amendment”) is dated 19 October 2010 and is entered into by and between Blue Sphere Corporation, a corporation
organised under the laws of Nevada (together with its affiliates, “BS”), and Carbon MPV Limited, a limited company
organised under the laws of Cyprus, “MPV”).

 

Whereas, BS
and MPV entered into a certain agreement assigning the rights to perform the carbon credit projects listed in Annex A thereto
on 24 February 2010 (the “Assignment Agreement”);

 

Whereas, BS
and MPV desire to amend such Assignment Agreement in order to provide for the financing of such carbon credit projects;

 

Now, therefore,
in consideration of the mutual premises and covenants contained herein, and subject to the terms and conditions hereof, and
intending to be legally bound, the parties hereto agree as follows:

 

		1.	Amendment of the Assignment Agreement

 

		1.1	The parties agree that notwithstanding anything else to the contrary in the Assignment Agreement
and subject to Section 1.2 below, MPV shall receive from projects or transactions that it or its affiliates introduce to BS 5%
of the net profits of BS therefrom and from all other projects or transactions 2.5% of the net profits of BS, in each case, as
and when such profits are realised and for so long as such profits are received and/or realised. In the event of a sale of BS or
the relevant project or transaction, MPV shall receive 3% of the proceeds therefrom.

 

		1.2	MPV shall receive 7.5% of BS’s net profits in respect of those projects in which MPV’s
maximum share was marked as 7.5% in the Assignment Agreement,

 

		1.3	Clauses 1.2 and 1.4 in the Assignment Agreement are null and void.

 

		1.4	Section 4 of the Assignment Agreement shall survive any termination thereof or hereof.

 

		1.5	All other terms of the Assignment Agreement are hereby ratified and accepted by both BS and MPV
and remain in full force and effect.

 

		2.	Miscellaneous

 

2.1
No provision of this Agreement may be amended, modified or waived only in writing signed by a duly authorized officer of MPV and
BS.

 

2.2
This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all previous
agreements and understandings, written or oral, between the parties or their affiliates or agents with respect to the subject matter
hereof.

 

2.3
This Agreement shall be construed, interpreted and enforced in accordance with the substantive laws of Israel. The parties agree
that any action brought to resolve any controversy arising under or relating to this Agreement shall be subject to the non-exclusive
jurisdiction of the courts of Tel Aviv, Israel and any court which may hear appeals from those courts in relation to any disputes
arising out of or in connection with this Agreement.

 

2.4
No Party shall be liable under this Agreement, for consequential, indirect, special, or punitive damages.

 

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

 

	 	Carbon MPV Limited
	 	 
	 	By: Mark Radom
	 	 
	 	Title:
	 	 
	 	
	 	 
	 	Blue Sphere Corporation
	 	 
	 	 
	 	By:  Shlomi Palas
	 	Title:  CEO

 

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