Document:

EX-10.2

 Exhibit 10.2 

ESCROW AGREEMENT 
 This
Escrow Agreement (“Escrow Agreement”) is entered into effective June 11, 2014, among Ping Chen, Shengfen Lin, Wenge Chen, Bei Lu and Dianfu Lu (collectively the “CTek Shareholders”), CLEANTECH INNOVATIONS, INC., a Nevada
corporation with its principal executive offices located at C District, Maoshan Industry Park, Tieling Economic Development Zone, Tieling, Liaoning Province, China 112616 (“CTek”) and HOLLAND & KNIGHT LLP, a Florida limited
liability partnership (“Escrow Agent”). The CTek Shareholders and CTek are referred to collectively as the “Parties” and each a “Party”. 

WHEREAS, the Parties are contemporaneously herewith entering into a Divestiture and Exchange Agreement in order to enable, among other
things, the restructuring of CTek (the “Exchange Agreement”); and 
 WHEREAS, pursuant to the Exchange Agreement,
each of the CTek Shareholders are to deliver to Escrow Agent the stock certificates representing their entire interests in CTek as follows: 
  

							
	 CTek Shareholder
	  	Certificate Number	  	Number of Shares	 
	 Ping Chen
	  	2004	  	 	755,635	  
	 Shengfen Lin
	  	2005	  	 	755,635	  
	 Wenge Chin
	  	2003	  	 	2,117,691	  
	 Bei Lu
	  	2001	  	 	9,482,751	  
	 Dianfu Lu
	  	2002	  	 	2,117,691	  

 (collectively the “CTek Stock Certificates”); and 

WHEREAS, pursuant to the Exchange Agreement, CTek is to deliver to Escrow Agent evidence of its one hundred percent
(100%) ownership of Liaoning Creative Bellows Co., Ltd., incorporated in the province of Liaoning in the People’s Republic of China, which, in turn, wholly owns Liaoning Creative Wind Power Equipment Co., Ltd., incorporated in the province
of Liaoning in the People’s Republic of China, and such documentation required to transfer all (100%) of the ownership interest therein to the CTek Shareholders (the “China Business Ownership Evidence” and, with the CTek Stock
Certificates, the “Documents”). 
 In consideration of the obligations set forth herein and in the Agreement, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Recitals, Definitions and Conflicts. The Parties each confirm that the recitals set forth above are correct.
Capitalized terms not defined herein shall have the meanings ascribed thereto in the Exchange Agreement. To the extent of any conflict between the terms of the Exchange Agreement and this Escrow Agreement, this Escrow Agreement shall prevail. 

 2. General Terms of Escrow. Escrow Agent agrees to act as escrow
agent in accordance with this Escrow Agreement. Each of the CTek Shareholders shall deliver their CTek Stock Certificates to Escrow Agent contemporaneously with their execution and delivery of the Agreement and this Escrow Agreement. CTek shall
deliver the Creative Bellows Ownership Evidence to Escrow Agent contemporaneously with its execution and delivery of the Agreement and this Escrow Agreement. Upon receipt of the Documents, Escrow Agent shall provide the Parties with notice
thereof. Escrow Agent shall not be responsible for: (a) notifying any party if the Documents are not received; or (b) any matters beyond the direct and exclusive control of Escrow Agent. 

3. CTek Share Voting. During the period in which the CTek shares are held in escrow hereunder, such shares shall be
voted in accordance with the direction of Mr. Terry McEwen pursuant to proxies given to him in such regard by the CTek Shareholders. 

4. Transfer of China Business Ownership. Upon the transfer of the ownership of Liaoning Creative Bellows Co., Ltd. by
CTek to a British Virgin Islands entity wholly-owned by it (the “BVI Company”), CTek shall transfer to Escrow Agent evidence of its ownership of the BVI Company and such evidence shall henceforth be considered to be the China Business
Ownership Evidence hereunder. Upon receipt thereof, Escrow Agent shall provide the Parties with notice thereof. 
 5. Delivery of
Documents. Upon the earlier of: 
 (a) notice to Escrow Agent from CTek that all conditions for the Distribution under the Exchange
Agreement have been satisfied or waived and the BVI Company is the owner of Liaoning Creative Bellows Co., Ltd., which notice shall be given promptly upon the completion of such conditions; or 

(b) September 10, 2014, 
 Escrow Agent
shall deliver the Documents as follows: 
 (i) the CTek Stock Certificates shall be delivered to a Person designated by CTek
in writing, such that the underlying shares do not become Treasury Shares pursuant to Nevada corporation law; and 
 (ii) the
China Business Ownership Evidence shall be delivered to the CTek Shareholders. 
 6. Resolution of Disputes. In the event of any
dispute between Parties regarding the Documents held by Escrow Agent, or in the event Escrow Agent shall receive conflicting demands or instructions with respect thereto, Escrow Agent may withhold delivery of the same to any Party until Escrow Agent
receives either: (a) written instructions from the Parties with respect to the delivery of the same; or (b) an order from a court of competent jurisdiction that is binding upon Escrow Agent regarding to the delivery of the same. 

  
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 7. Interpleader. In the event of any controversy or dispute arising under or relating
to this Escrow Agreement, Escrow Agent, after ten (10) days prior written notice to each Party shall have the right to initiate an interpleader action in the courts of the State of New York or of the United States of America for the Southern
District of New York naming the Parties and any other parties as may be appropriate in the opinion of Escrow Agent. Each Party, jointly and severally, shall indemnify and hold Escrow Agent harmless from all costs, including attorneys’
fees, in connection with such interpleader action. If Escrow Agent gives notice to the Parties that it intends to initiate an interpleader action, and if Escrow Agent desires to represent NYGG (Asia) Ltd. (“NYGG”), (a creditor of CTek
and Escrow Agent’s client in the transaction underlying this Escrow Agreement, in such interpleader action or any other action to be filed in connection with this Escrow Agreement, Escrow Agent shall include with its notice to Parties a
resignation as Escrow Agent, in which event the Parties shall select a mutually acceptable third party to serve as escrow agent hereunder and to bring such interpleader action. 

8. Consultation with Counsel. Escrow Agent may consult with counsel of its own choice and shall have full and complete
authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel. 

9. Release of Liability; Indemnification of Escrow Agent. Escrow Agent shall not be liable for any mistakes of fact or errors in
judgment, or any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence. The Parties jointly and severally agree to release and indemnify and hold Escrow Agent harmless from any and all claims, demands, causes of
action, liability, damages, judgments, including the reasonable costs of defending any action against it, together with any reasonable attorneys’ fees incurred therewith (collectively “Liabilities”), in connection with Escrow
Agent’s undertaking pursuant to this Escrow Agreement, unless such act or omission is a result solely of the willful misconduct or gross negligence of Escrow Agent. 

10. Reliance on Documents. Escrow Agent may act in reliance upon any writing or instrument or signature which it, in good faith,
believes to be genuine, may assume the validity and accuracy of any statements or assertions contained in such writing or instrument, and may assume that persons purporting to give any writing, notice or instruction in connection with the provisions
hereof has been duly authorized to do so. Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner of execution, or validity of any written statements or instructions delivered to it. Escrow Agent
shall not be liable in any manner for confirming, or failing to confirm, the identity, authority, or rights of any party hereunder. Escrow Agent undertakes to perform only such duties as are expressly set forth herein, and there are no implied
duties or obligations of Escrow Agent. 
 11. Limitations on Escrow Agent’s Actions. Escrow Agent shall not be required to
institute or defend any action or legal process involving any matter referred to herein which in any manner affects it or its duties or liabilities hereunder unless or until requested to do so by any party hereto, and then only upon receiving full
indemnity, in an amount and of such character as it shall reasonably require, against any and all Liabilities in relation thereto, except in the case of its own gross negligence or willful misconduct. 

  
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 12. Limitation on Escrow Agent’s Knowledge. Escrow Agent shall not be bound or
in any way affected by any fact or circumstance affecting or alleged to affect the rights or obligations of any other person, unless it has received written notice thereof signed by a Party (a copy of any such notice shall be delivered promptly to
all other Parties). 
 13. Resignation of Escrow Agent. Escrow Agent may resign upon thirty (30) days written notice to the
Parties. If a successor escrow agent is not appointed within such 30-day period, Escrow Agent may petition any court of competent jurisdiction to name a successor. 

14. Discharge of Escrow Agent. Escrow Agent shall be discharged of its obligations hereunder upon the delivery of the Documents
held by it in accordance with the terms of this Escrow Agreement, including any delivery pursuant to an interpleader action. 
 15.
Notices. All notices, demands, or other communications hereunder shall be in writing and given to the person(s) to whom the notice is directed, either by: (a) actual delivery at the address(es) stated below, including a national
overnight delivery service, which shall be deemed effective at the time of actual delivery; (b) certified mail, return receipt requested, addressed as stated below, posted and deposited with the U.S. Postal Service, which shall be deemed
effective three business days after being so deposited; (c) facsimile transmission to the facsimile transmission number stated below, provided that there is contemporaneous deposit of such notice with a national overnight delivery service
addressed as stated below, which notice shall be deemed effective upon the earlier to occur of: (i) completion of the facsimile transmission; or (ii) actual delivery; or (d) e-mail transmission to the e-mail address stated below,
provided that there is simultaneous deposit of such notice with a national overnight delivery service addressed as stated below, which notice shall be deemed effective upon the earlier to occur of: (i) completion of the e-mail transmission; or
(ii) actual delivery by the overnight delivery service. All notices, demands, or other communications hereunder shall be addressed as follows: 
  

			
	If to CTek:	  	CleanTech Innovations, Inc.
		  	C District, Maoshan Industry Park,
		  	Tieling Economic Development Zone,
		  	Tieling, Liaoning Province, China 112616
		  	Attention: Bei Lu
		  	Tel: 86-13904026412
		  	Email: beilv2010@163.com
		
	 with a copy to:
	  	NYGG (Asia) Ltd.
		  	12th Floor Ruttonjee House,
		  	11 Duddell Street
		  	Central, Hong Kong
		  	Attention: Ming Li
		  	Tel: 86-10-6581-4338

  
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	 and:
	  	Holland & Knight LLP
		  	31 West 52nd Street
		  	New York, New York 10019 U.S.A.
		  	Attention: Neal N. Beaton, Esq.
		  	Tel: 1-212-513-3470
		  	Fax: 1-212-341-7103
		  	Email: neal.beaton@hklaw.com
		
	 and:
	  	Stevens & Lee P.C.
		  	1818 Market St., 29th Fl
		  	 Philadelphia, PA 19103 U.S.A.
 Attention:
William W. Uchimoto, Esq.

		
		  	Tel: 215-751-2876
		  	 Fax: 610-371-7742
 Email:
wwu@stevenslee.com

		
	If to the CTek Shareholders:	  	C District, Maoshan Industry Park,
		  	Tieling Economic Development Zone,
		  	Tieling, Liaoning Province, China 112616
		  	Attention: Bei Lu
		  	Tel: 86-13904026412
		  	Email: beilv2010@163.com
		
	If to Escrow Agent:	  	Holland & Knight LLP
		  	31 West 52nd Street
		  	New York, New York 10019 U.S.A.
		  	Attention: Neal N. Beaton, Esq.
		  	Tel: 1-212-513-3470
		  	Fax: 1-212-341-7103
		  	Email: neal.beaton@hklaw.com
		
	 with a copy to:
	  	Holland & Knight LLP
		  	50 N. Laura Street, Suite 3900
		  	Jacksonville, FL 32202 U.S.A.
		  	Attention: Crystal J. Adkins, Esq.
		  	Tel: 1-904-798-5442
		  	Fax: 1-904-358-1872
		  	Email: crystal.adkins@hklaw.com

 16. Reimbursement of Expenses. The Parties jointly and severally agree to reimburse Escrow Agent
upon request for all expenses, including attorneys’ fees, incurred by it in performing its duties hereunder. Escrow Agent may deduct the amount thereof from the sums held at the time of disbursement pursuant to the interpleader or
otherwise. 

  
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 17. Waiver of Conflict. The Parties acknowledge that Escrow Agent has served as
counsel for NYGG in the transaction of which this Escrow Agreement is a part (including, without limitation, the Exchange Agreement) and that Escrow Agent has been requested to serve as such for the convenience of the Parties notwithstanding such
relationship with NYGG. Accordingly, in the event a dispute or controversy relating to this Escrow Agreement (a “Dispute”) arises between Parties, the Parties agree (i) to permit Escrow Agent to continue to represent NYGG in
connection with the resolution of such Dispute (provided, however, Escrow Agent shall resign promptly from its duties under this Escrow Agreement at the request of any Party), (ii) to waive any conflict of interest on the part of Escrow Agent
resulting from such continued representation of NYGG, (iii) not to seek to disqualify Escrow Agent from such continued representation of NYGG, and (iv) not to sue, and hereby release and exculpate, Escrow Agent with respect to any claim,
cause of action or right of such parties that might have accrued as a result of Escrow Agent’s continued representation of NYGG. 
 18.
Submission to Jurisdiction. 
 (a) Each Party hereby irrevocably and unconditionally (i) agrees that any legal action, suit or
proceeding arising out of or relating to this Escrow Agreement may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the exclusive jurisdiction of any
such court in any such action, suit or proceeding. 
 (b) Each Party irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Escrow Agreement in any court referred to this Section 18 and the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court. 
 19. Governing Law. This Escrow
Agreement will be governed by and construed in accordance with the internal laws of the State of New York applicable to contracts made and to be performed entirely within such State, without regard to the conflicts of law principles of such State.

 20. Counterparts. This Escrow Agreement and any amendments, waivers, consents or supplements hereto may be executed in
counterparts, each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Escrow Agreement by facsimile or in electronic (i.e.,
“pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Escrow Agreement. 

21. Third Party Beneficiaries. It is expressly agreed by each Party that each creditor of CTek, including NYGG, is a third-party
beneficiary of the terms and conditions of this Escrow Agreement, and each of them shall have the right to enforce any provision of this Escrow Agreement affecting their respective rights hereunder. 

  
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 IN WITNESS WHEREOF, each of the CTek Shareholders, CTek and Escrow Agent has executed this Escrow
Agreement this 11th day of June, 2014. 
  

									
	 /s/ Ping Chen
	 		 	CLEANTECH INNOVATIONS, INC.
	Ping Chen	 		 	
				
		 		 	By:	 	 /s/ Terry McEwen

	 /s/ Shengfen Lin
	 		 		 	Name:	 	Terry McEwen
	Shengfen Lin	 		 		 	Title:	 	Chief Executive Officer
					
	 /s/ Wenge Chen
	 		 		 		 	
	Wenge Chen	 		 	HOLLAND & KNIGHT LLP
				
	 /s/ Bei Lu
	 		 	By:	 	 /s/ Neal N. Beaton

	Bei Lu	 		 		 	Neal N. Beaton
		 		 		 	Partner
					
	 /s/ Dianfu Lu
	 		 		 		 	
	Dianfu Lu	 		 		 		 	

  
 7EX-10.3

 Exhibit 10.3 

FORBEARANCE AND WAIVER AGREEMENT 

This Forbearance and Waiver Agreement (this “Agreement”) is dated and effective June 11, 2014 among CleanTech
Innovations, Inc., a Nevada corporation with its principal executive offices located at C District, Maoshan Industry Park, Tieling Economic Development Zone, Tieling, Liaoning Province, China 112616 (the “Borrower”), and
its wholly owned subsidiaries, Liaoning Creative Bellows Co., Ltd. (“Creative Bellows”) and Liaoning Creative Wind Power Equipment Co., Ltd. (“Wind Power,” together with Creative Bellows, the
“Subsidiaries”), each such subsidiary organized under the laws of the People’s Republic of China, and NYGG (Asia), Ltd., a company organized under the laws of the British Virgin Islands with its principal executive offices
located at 12th Floor Ruttonjee House, 11 Duddell Street, Central, Hong Kong (“Lender”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed
in that certain Divesture and Exchange Agreement (the “Exchange Agreement”) dated of even date herewith by and among Borrower and the individual Shareholders set forth on Exhibit A attached thereto (the
“Shareholders”). 
 R E C I T A L S: 

A. The Borrower is a debtor under (i) that certain Loan Agreement dated as of December 13, 2010 by and among the Lender, the
Borrower and the Subsidiaries; (ii) that certain Promissory Note issued by the Borrower and the Subsidiaries in favor of the Lender in the principal amount of $10,000,000 and (iii) that certain $10,000,000 line of credit granted to the
Borrower on August 17, 2013 (collectively, the “Prior Loans”). 
 B. The Lender and/or NYG Capital LLC
(“NYGC”) have acquired indebtedness of the Borrower previously owed to Fensterstock & Partners LLP and intend to acquire additional indebtedness of the Borrower on or prior to the Distribution Date including, without
limitation, amounts that are owed by the Borrower to the law firm of Stradley Ronon (the “Additional Indebtedness”, and together with the Prior Loans, the “CTek Indebtedness”). 

C. As of the date hereof, the Company is in breach of the covenants set forth in under the documents governing the Prior Loans (such documents
and the Lender’s right to demand payment of any other CTek Indebtedness, the “CTek Debt Obligations”), and events of default have occurred and are continuing under the documents governing the Prior Loans (collectively, the
“Events of Default”). 
 D. The Borrower has requested that each of the Lender and NYGC forbear from exercising certain of
their respective rights and remedies with respect to the CTek Debt Obligations and the Events of Default, and the execution of this Agreement is a condition precedent to the effectiveness of the Exchange Agreement. 

E. The Lender is willing to enter into this Agreement, subject to and on the terms and conditions set forth in this Agreement, so that the
transactions described in the Exchange Agreement may be consummated. 

 NOW, THEREFORE, in consideration of the foregoing and for other consideration, the receipt and
sufficiency of which are acknowledged, the parties hereto agree as follows: 
  

	1.	Event of Default. The Borrower acknowledges and agrees that the Borrower and/or certain of its Subsidiaries is in breach of its obligations with respect to the CTek Debt Obligations, and that Events of Default
have occurred and are continuing (collectively, the “Existing Default”). The Borrower further acknowledges and agrees, for the avoidance of doubt, that the Lender shall be deemed to have delivered any and all notices required to
establish the Existing Default and that any applicable cure periods in respect of the Existing Default have expired. The parties hereto further acknowledge and agree that referencing the Existing Default in this Section 1 does not constitute a
waiver of the Existing Default, or any other defaults or Events of Default that may now or hereafter exist with respect to the CTek Debt Obligations, or any remedies that the Lender may pursue in connection therewith or rights that may accrue in the
Lender pursuant thereto. 

  

	2.	Forbearance. 

  

	 	2.1	Subject to the terms and conditions of this Agreement, and provided that no Forbearance Default (as defined below) has occurred, the Lender agrees that during the period commencing on the date of this Agreement and
ending on and the first to occur of (i) September 10, 2014, (ii) the Distribution and (iii) the termination of the Exchange Agreement (the “Forbearance Period”), the Lender will not, and will procure that NYGC
will not, file suit or take any other action to enforce its rights with respect to the Existing Default. This limited forbearance does not extend to any other default or Events of Default with respect to the CTek Debt Obligations or any other rights
and remedies available to the Lender with respect to the Existing Default. Upon the earlier of (a) the occurrence of a Forbearance Default (as defined below) or (b) the expiration of the Forbearance Period, the Lender’s agreement to
forbear shall automatically be deemed terminated and the Lender shall be entitled to, immediately and without notice, exercise all of its rights and remedies with respect to the CTek Debt Obligations and this Agreement. 

 

	 	2.2	Notwithstanding anything to the contrary contained herein, the effectiveness of the agreement made by the Lender pursuant to Section 2.1 hereof, and the Lender’s agreement to forbear as described therein, is
conditioned upon the Borrower’s agreement, and the Borrower hereby agrees, to (i) duly execute and deliver to the Lender this Agreement, (ii) duly execute, and deliver to each of the Shareholders and perform its obligations under the
Exchange Agreement, (iii) procure that each Shareholder duly executes, delivers to the Borrower and performs such Shareholder’s respective obligations under the Exchange Agreement, and (iv) take such other actions and fulfill the
obligations set forth herein. 

  

	 	2.3	Notwithstanding anything to the contrary contained herein upon execution of this Agreement, the Lender hereby immediately and unconditionally releases each of the Borrower’s China Subsidiaries from all obligations
(including the CTek Debt Obligations) under the Prior Loans. 

  
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	 	2.4	The following events shall constitute “Forbearance Defaults”: 

 (i) the
Borrower shall fail to comply with any provision of this Agreement; 
 (ii) the Borrower and/or any Shareholder shall fail to comply with any
provision of the Exchange Agreement; 
 (iii) the Lender determines, in its discretion, that the Borrower has failed to diligently pursue
and/or consummate the transactions contemplated by the Exchange Agreement; or 
 (iv) the Borrower shall fail to provide to the Lender or its
Representatives, within two (2) Business Days’ request therefor, such information as the Lender may reasonably request with respect to the Borrower and/or any Subsidiary. 

 

	3.	Discussions. Except as set forth in Section 2.1 hereof, no past or future discussions among the Borrower and/or any Subsidiary, or the Lender shall cause a modification of the Prior Loans or any other CTek
Debt Obligations or this Agreement, establish a custom or waive, limit or condition the rights and remedies of the Lender with respect to any CTek Debt Obligation or this Agreement, all of which rights and remedies are expressly reserved. No such
discussions, if any, shall in any way be used by the Borrower and/or any Subsidiary as a defense to the performance of any of its respective obligations under the Prior Loans or any other CTek Debt Obligations or this Agreement. 

 

	4.	 Authorization, Waiver and Release. The Borrower hereby warrants and represents that: (i) the Borrower has been duly authorized to execute
and deliver this Agreement; (ii) neither the Borrower nor any Subsidiary has any right of claim, offset, set-off, counter-claim or other defense to the performance of its obligations under, or against enforcement of, the CTek Debt Obligations
or this Agreement, in accordance with each of their respective terms, conditions and provisions; and (iii) the Lender, on and as of the date hereof, has fully performed all obligations to the Borrower and/or any Subsidiary that the Lender may
have had or may have on and as of the date hereof. Without limiting the generality of the foregoing, the Borrower, on its own behalf and on behalf of its respective past, present and future representatives, partners, operators, members,
shareholders, officers, directors, agents, employees, servants, Subsidiaries, affiliates and related companies, successors and assigns (hereinafter referred to collectively as the “Borrowing Group”), hereby waives, releases and
forever discharges the Lender and NYGC, and the Lender’s and NYGC’s respective past, present and future officers, directors, managers, subsidiary and affiliated entities or companies, agents, servants, employees, shareholders, partners,
members, operators, representatives, advisors, successors, assigns, attorneys, accountants, assets and properties, as the case may be (hereinafter referred to collectively as the “Lender Group”), from and against all manner of
actions, cause and causes of action, suits, debts, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, obligations, liabilities, costs, expenses, losses, damages, judgments,
executions, claims and demands, of whatever kind and nature, in law or in equity, whether known or unknown, whether or not concealed or hidden, arising out of or relating to any matter,

  
 3 

	 	
cause or thing whatsoever, that any of the Borrowing Group, jointly or severally, may have had, or now have or that may subsequently accrue against the Lender Group by reason of any matter or
thing whatsoever through the date hereof arising out of or in any way connected to any of the CTek Debt Obligations, the Exchange Agreement or this Agreement. It is acknowledged and agreed that the Lender is specifically relying upon the
representations, warranties, covenants and agreements contained herein and that such representations, warranties, covenants, and agreements constitute a material inducement to enter into this Agreement. 

 

	5.	Certain Representations. The Borrower, on behalf of itself and each Subsidiary, hereby certifies, represents and warrants to the Lender as follows: 

 

	 	5.1	The Quarterly Report on Form 10-Q filed by the Borrower filed with the SEC on May 13, 2014 reflects all accrued and unpaid indebtedness of the Borrower as of the date of this Agreement in excess of $10,000
(individually and in the aggregate). 

  

	 	5.2	As of the date of this Agreement, each of the Shareholders own or control the number of shares of CTek Common Stock set forth in the Exchange Agreement, and such shares are validly issued, fully paid and nonassessable.

  

	 	5.3	The concepts embodied in this Agreement and the terms and conditions set forth herein have been voluntarily and independently negotiated by and between the parties to this Agreement, and the Borrower has had the
opportunity to confer with its legal counsel with respect hereto. 

 6. Ratification of CTek Debt Obligations. The
Borrower hereby agrees that the terms, conditions and provisions of the CTek Debt Obligations remain unmodified and in full force and effect, subject to the provisions of Section 2.1 hereof. 

7. Interim Funding of CTek. During the Forbearance Period, the Lender agrees that it shall fund the operating expenses of the Borrower
(excluding any operating expenses or other Liabilities of any Subsidiary including, without limitation, Creative Bellows) as Lender deems reasonable, in its sole and absolute discretion. 

8. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York
without giving effect to its conflicts of law principles. The Borrower hereby irrevocably submits to the exclusive jurisdiction of any New York State or United States Federal Court sitting in New York County over any action or proceeding arising out
of or relating to this Agreement and any CTek Debt Obligation, and the Borrower hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or Federal Court. The Borrower
irrevocably consents to the service of any and all process in any such action or proceeding by the serving of copies of such process to it at its address above or as otherwise provided pursuant to any Prior Loan. The Borrower agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law. The Borrower further waives any objection to venue in such state or

  
 4 

 
jurisdiction and any objection to an action or proceeding in such state or jurisdiction on the basis of forum non-conveniens. The Borrower further agrees that any action or proceeding brought
against the Lender shall be brought only in a New York State or United States Federal Court sitting in New York County. THE BORROWER WAIVES ANY RIGHT IT MAY HAVE TO JURY TRIAL. 

9. Successors and Assigns. Each and all of the terms, conditions and provisions of this Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective heirs, successors, personal representatives and assigns. 
 10.
Counterparts. This Agreement and any amendments, waivers, Consents or supplements hereto may be executed in counterparts, each of which shall constitute an original, but all taken together shall constitute a single contract. Delivery of an
executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 

11. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in
full force and effect and will in no way be affected, impaired or invalidated thereby. If the economic or legal substance of the transactions contemplated hereby is affected in any manner adverse to any party as a result thereof, the parties will
negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 

12. Further Assurances. The Borrower hereby covenants and agrees to execute and deliver, or cause to be executed and delivered, to the
Lender all other instruments, certificates, agreements, consents and other writings and to take such actions and provide such other acts and assurances in the name of the Borrower as Lender may reasonably require to accomplish the intent and
purposes of this Agreement. The Borrower hereby appoints the Lender as its attorney-in-fact to execute and deliver any such instruments, certifications, agreements, consents or other writings and to take any such actions and provide such other acts
and assurances, which appointment is coupled with an interest and, therefore, irrevocable. The Lender hereby covenants and agrees to execute and deliver, or cause to be executed and delivered, to the Borrower and each Subsidiary all other
instruments, certificates, agreements, consents and other writings (including one or more releases) as the Borrower or such Subsidiary may reasonably require to accomplish the intent and purposes of this Agreement. 

13. No Further Obligation to Forbear. The Borrower hereby acknowledges and agrees that the Lender is entering into this Agreement as a
courtesy to Borrower, and without any obligation to do so, and that the Lender shall have no obligation to enter into any further forbearance agreements, or to enter into any amendments or modifications of any of the CTek Debt Obligations. 

  
 5 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of the date first
written above. 
  

							
	BORROWER:
	
	CLEANTECH INNOVATIONS, INC.
			
		 	By:	 	 /s/ Terry McEwen

		 		 	Name:	 	Terry McEwen
		 		 	Title:	 	Chief Executive Officer
	
	SUBSIDIARIES:
	
	LIAONING CREATIVE BELLOWS CO., LTD.
			
		 	By:	 	 /s/ Bei Lu

		 		 	Name:	 	Bei Lu
		 		 	Title:	 	President
	
	LIAONING CREATIVE WIND POWER EQUIPMENT CO., LTD.
			
		 	By:	 	 /s/ Bei Lu

		 		 	Name:	 	Bei Lu
		 		 	Title:	 	President
	
	LENDER:
	
	NYGG (ASIA) LTD.
		
	By:	 	 /s/ Roger Li

		 	 Name:
 Title:
	 	 Roger Li
 Managing
Director

  
 6

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