Document:

FY 2013 Management Annual Incentive Plan

 Exhibit 10.34 

 
 

 
 FY 2013 Management Annual Incentive Plan 

 

			
	Purpose:	  	The Management Annual Incentive Plan is designed to motivate Vice Presidents and other senior managers of Serena to focus on specific, measurable corporate and functional area goals
and provide performance-based compensation based on the achievement of these goals.
		
	Eligibility:	  	The Plan Participants include Vice Presidents and other senior managers of Serena approved by Serena’s Chief Executive Officer and Chief Financial Officer. A Plan Participant
must be a regular, full-time employee of Serena at the end of the applicable fiscal period and remain actively employed through the date of the bonus payout to be eligible to receive the incentive bonus. A Plan Participant must be a regular,
full-time employee of Serena at the end of the fiscal year and remain actively employed through the date of the bonus payout to be eligible to receive any payment for over-achievement of performance metrics.
		
	Target Bonus:	  	The target incentive bonus is based on a percentage of the Plan Participant’s annual base salary as set forth in the Plan Summary. The Plan Participant’s annual base
salary is based on the amount of base compensation actually earned by the Plan Participant during the applicable fiscal period or such portion of the fiscal period that the Plan Participant is eligible to participate under the Plan. No other
compensation or payments, such as commissions, allowances, benefits, reimbursements or stock gains, will be considered as base salary earnings for the purpose of calculating bonus payments.
		
	Bonus Payments:	  	The incentive bonus will be paid on either a quarterly or semi-annual basis as set forth in the Plan Summary. Payment will be made as soon as reasonably practicable following the
financial close of the applicable fiscal period. Payments will be subject to applicable payroll deductions, taxes and withholdings.
		
	Performance Metrics:	  	The performance metrics and achievement schedule for each performance metric used to determine the amount of the incentive bonus are set forth in the Plan Summary. Except as
expressly set forth in the Plan Summary, interim quarterly and semi-annual payments will be capped at 100% of the year-to-date target bonus for each element of the incentive bonus. Total bonus payments for the fiscal year will be based on the
achievement of performance metrics on an annual basis. Any payment for overachievement of performance metrics will be calculated and paid as soon as reasonably practicable following the financial close of the fiscal year.
		
	Proration:	  	Bonus amounts will be pro-rated based on the amount of the Plan Participant’s base salary earned during the portion of the applicable fiscal period that the Plan Participant
was both a regular, full-time employee of Serena and eligible to participate under the Plan. If the Plan Participant’s employment terminates before the end of the applicable fiscal period or prior to the payment of the incentive bonus for the
fiscal period, the Plan Participant will not be eligible to receive a bonus payment.
		
	Adjustments:	  	In the event of an acquisition or disposition of a business by Serena, the Plan Administrator may adjust the applicable financial performance metrics to reflect the potential impact
on Serena’s financial performance.

			
	Plan Provisions:	  	The measurement period for this Plan is the fiscal year ending January 31, 2013. This Plan supersedes all prior incentive plans for Plan Participants, including the FY 2012
Vice President Annual Incentive Plan.
		
		  	The Plan does not represent an employment contract or agreement between Serena and any Plan Participant. Participation in the Plan does not guarantee participation in other or
future incentive plans. Plan structure and participation will be determined on an annual basis.
		
		  	Any bonus amount paid to a Plan Participant based on the achievement of financial performance metrics is subject to adjustment based on year-to-date achievement and reversal of
revenue/bookings pursuant to Serena’s accounting and order management policies and practices.
		
		  	Serena reserves the right to recover all advances against compensation that are not fully offset by earned wages, commissions and bonuses. Only the Chief Executive Officer and Chief
Financial Officer of Serena are authorized to forgive advances against compensation.
		
		  	Serena reserves the right to modify or terminate the Plan and/or Plan Summary for any reason at any time. Notification of changes to the Plan and/or Plan Summary will be made in
writing or by e-mail to applicable Plan Participants. Modifications to the Plan and/or Plan Summary are valid only if approved in writing by the Chief Executive Officer and Chief Financial Officer of Serena.Translation of Wind Turbine Supply Contract

 Exhibit 4.55 
 Guangdong Mingyang Wind Power Group CO., LTD. 
 Wind Turbine Supply Contract

 Contract No.: MY20111230 
 Buyer (Party A): Guangdong Mingyang Wind Power Group CO., LTD. 
 Supplier (Party B): Inner Mongolia
Mingyang Wind Power Equipment CO., LTD. 
 Location of Signature: Zhongshan 
 Date of Signature: December 30, 2011 
 Project Name: State Grid Youyu Gaojiabao Project

  

	1.	Product name, specification and model, quantity, unit price and amount: 

  

																					
	 Product Name
	  	Specification
and Model	 	  	Unit	 	  	Quantity	 	  	Unit Price	 	  	Total Amount	 
	 Wind turbine
	  	 	MY1.5	  	  	 	Set	  	  	 	33	  	  	 	RMB 4,319,800	  	  	 	RMB 142,553,400	  

 In total: RMB (in capital): ONE HUNDRED AND FOURTY TWO MILLION FIVE HUNDRED AND FIFTY THREE THOUSAND FOUR HUNDRED.

 Note: the above-mentioned prices include 17% value-added tax where average price for turbine is RMB 3.4398 million and blades RMB 0.88
million. 
  

	2.	Quality requirement and technical standard: the supplier shall provide products and related services in accordance with the technical standards and requirements
stipulated in the contract concluded by Party A and State Grid Shanxin New Energy Development CO., LTD. Youyu Branch. 

  

	3.	Package and transportation: the supplier is responsible for package (package will not be returned) and delivering goods to State Grid Youyu Gaojiabao Wind Power Farm by
vehicle. The transportation charges shall be born by the Buyer. 

  

	4.	Delivery time and location: the supplier shall deliver goods to State Grid Youyu Gaojiabao Wind Power Farm (specific delivery plan shall be determined by Party A, Party
B and State Grid Shanxin New Energy Development CO., LTD. Youyu Branch upon negotiation) according to requirements of the owner. 

  

	5.	Examine and acceptance: the buyer shall examine the goods according to related quality and technical standards upon delivery of wind turbines. The buyer shall inform
supplier when any abnormal situation has been detected and the supplier shall process within two days after receiving the feedback. 

  

	6.	Payment: The buyer shall pay for the wind turbines in installments according to delivery schedule of the supplier and obtain VAT invoice from the supplier.

  

	7.	Liabilities for breach of contract: it is regarded as breach of contract if the buyer fails to make payment in time or the supplier fails to deliver goods in time. Any
party who breaches the contract shall pay 1% of contracted price to the other party as liquidated damages; accumulated liquidated damages shall not exceed 10% of total contracted price. The supplier shall be responsible for all economic losses if
the production schedule of the buyer has been affected by serious quality problems or received serious complaint from users due to quality problems. Any disputes occurred related to the Contract shall be ruled by the court in the buyer’s
location according to regulations in Contract Law. 

	8.	Miscellaneous: 

 8.1 The
termination and alteration of the Contract shall be agreed by Party A and Party B. 
 8.2 Any different opinions on
miscellaneous issues shall take reference to terms concluded in the contract signed by Party A, Party B and State Grid Shanxin New Energy Development CO., LTD. Youyu Branch. 

 

	9.	The Contract comes into effect with signature and seal of both parties (the faxed copy of the Contract is also valid) with two-year validity. The Contract is in
quadruplicate and each party holds two copies. 

  

			
	 Demander (Party A): Guangdong Mingyang Wind Power Group CO., LTD.
 Add.: Mingyang Industry Park, Jianye Road, Torch Development Zone, Zhongshan City
 Signature of
Authorized representative:
 Date: December 31, 2011
  

	  	 Supplier (Party B): Inner Mongolia Mingyang Wind Power Equipment CO., LTD.
 Add.: Jining District Industry Park, Ulanqab, Inner Mongolia
 Signature of Authorized
representative:
 Date: December 31, 2011Translation of Loan Application Letter

 Exhibit 4.56 
 Inner Mongolia Mingyang Wind Power Equipment Co., Ltd 
 Application for
Loan 
 To: Guangdong Mingyang Wind Power Industry Group Co., Ltd: 
 The construction of the facility of Inner Mongolia Mingyang Wind Power Equipment Co., Ltd is under way as scheduled. The land of the plant has been granted. However, Inner Mongolia Mingyang Wind Power
Equipment Co., Ltd has run short of cash. In order not to expose negative effect to the construction schedule, we hereby request Guangdong Mingyang Wind Power Industry Group Co., Ltd to provide a loan of RMB 5.0 million to us with a term of 45 days.

 We sincerely ask for the approval. 

Inner Mongolia Mingyang Wind Power Equipment Co., Ltd 
 February 24, 2011 
 Note: This application was approved by Chairman on March 1, 2011Translation of Subrogation Agreement

 Exhibit 4.57 
 Subrogation Agreement 
 Transferor (hereinafter referred to as Part A): Zhongshan Mingyang
Electrical Appliance Co., LTD. 
 Location: Daling Administration Zone, Torch Development Park, Zhongshan, Guangdong 

Transferee (hereinafter referred to as Party B): Guangdong Mingyang Wind Power Industry Group Co., LTD. 

Location: Mingyang Industrial Park, Jianye Road, Torch Development Zone, Zhongshan, Guangdong Province 

WHEREAS, Party B being actual executor of the Inner Mongolia Damaoqi Wind Power Farm, an agreement is hereby entered into by and between Party A and
Party B through amicable consultation, to transfer the right as a creditor of RMB63,200,000 from Party A to Party B. 
  

	1.	Party A will transfer its right to Party B to collect an aggregate of RMB63,200,000, including interests and late payment penalty, outstanding amount payable by
Guangdong Yudean Zhanjiang Wind Power Co., Ltd. arising from the Yudean Zhanjiang Xuwen Wind Power Project. 

  

	2.	After signing this Agreement, Party B, substituting Party A, assumes the creditor’s right under the Inner Mongolia Damaoqi Wind Power Farm project. Party A shall
inform Guangdong Yudean Zhanjiang Wind Power Co., Ltd. about the transfer within 30 days after signing this Agreement. 

  

	3.	This Agreement is prepared in triplicate, with Party A and Party B each holding one copy and one copy as attachment of notice sent by Party A to Guangdong Yudean
Zhanjiang Wind Power Co., Ltd. 

  

	4.	This Agreement shall enter into force as of the date of signing and sealing. 

 

			
	 Party A: Zhongshan Mingyang Electrical Appliance CO., LTD.
 Signature of Representative:
  
 

	  	 Party B: Guangdong Mingyang Wind Power Group CO., LTD.
 Signature of Representative:

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