Document:

Share Contribution Agreement

 Exhibit 10.27 
 RASER TECHNOLOGIES, INC. 
 SHARE CONTRIBUTION AGREEMENT 
 THIS SHARE CONTRIBUTION AGREEMENT (this “Agreement”), dated as of April 7, 2005 by and between Raser Technologies, Inc., a Utah
corporation (the “Company”), and Kraig Higginson (the “Shareholder”). 
 WHEREAS: 

A. The Company has entered into that certain Securities Purchase Agreement dated as of April 4, 2005 (the “Purchase
Agreement”), pursuant to which the Company will issue and sell shares of the Company’s Series C Convertible Preferred Stock (the “Series C Preferred Stock”) to the investors listed on the Schedule of Buyers
attached as Exhibit A to the Purchase Agreement; and 
 B. It is a condition to the closing of the sale and issuance of the Series C
Preferred Stock pursuant to the Purchase Agreement that the Shareholder execute and deliver this Agreement. 
 Agreement

 NOW, THEREFORE, in consideration of the foregoing and of the covenants set forth herein, and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Transfer of
Shares. 
 (a) Contingent upon the Closing (as such term is defined in the Purchase Agreement) and subject to the terms
and conditions set forth herein, the Shareholder hereby agrees to transfer to the Company up to 2,000,000 shares of the Common Stock (the “Shares”), which Shares shall be held in escrow subject to and in accordance with
Section 4 below (the “Transfer”). 
 (b) In the event that the Company is required to
issue more than 833,333 shares of Common Stock in the aggregate (the “Limit”) to effect the conversion of the outstanding shares of the Series C Preferred Stock as contemplated by the Certificate of Designation of
Preferences, Rights and Limitations of Series C Convertible Preferred Stock (the “Certificate of Designations”), then with respect to each conversion of Series C Preferred Stock effected pursuant to the Certificate of
Designations, the Escrow Agent (as defined in Section 4 below) will transfer and deliver to the Company such number of Shares equal to the number of shares of Common Stock issuable upon such conversion of Series C Preferred Stock in
excess of the Limit up to a aggregate maximum of 2,000,000 Shares. 

 2. Representations and Warranties Regarding the Shares. In connection with the Transfer, the
Shareholder hereby represents and warrants to the Company as follows: 
 (a) The Shareholder has and on the date of the
Transfer will have valid and unencumbered title to the Shares and full right, power and authority to enter into this Agreement and to assign, transfer and deliver the Shares on the date of the Transfer; and upon the delivery of the Shares on the
date of the Transfer, the Company will acquire unencumbered title to the Shares to be delivered by the Shareholder upon the date of the Transfer. 
 (b) There are no contracts, agreements or understandings between the Shareholder and any person that would give rise to a valid claim with respect to the Shares. 
 3. Stock Splits, etc. If, from time to time during the term of this Agreement: (a) there is any stock dividend or liquidating dividend of
cash or property, stock split, or other change in the character or amount of any of the outstanding securities of the Company; or (b) there is any liquidation or consolidation or merger of the Company with another corporation; then, in such
event, any and all new, substituted or additional securities, or other property to which the Shareholder is entitled by reason of the Shareholder’s ownership of the Shares shall be immediately subject to this Agreement and be included in the
word “Shares” for all purposes with the same force and effect as the Shares presently subject to the this Agreement. In the event of any cash dividend or liquidating distribution made with respect to the Shares, the Company may apply the
amount thereof against any indebtedness owed by the Shareholder to the Company. 
 4. Escrow. As security for the faithful performance
of the terms of this Agreement, and to ensure the availability for delivery of the Shares, the Shareholder hereby pledges and will deliver within 10 business days of the date hereof for deposit with the Secretary of the Company, or such other person
designated by the Company, as escrow agent in this transaction (“Escrow Agent”), a stock assignment duly endorsed (with date and number of shares blank) in substantially the form attached hereto as Exhibit A,
together with the certificate or certificates evidencing the Shares. Such documents are to be held by the Escrow Agent and delivered by the Escrow Agent pursuant to the following instructions of the Company and the Shareholder. 
 (a) In the event that the Company is required to issue a number of shares of Common Stock in excess of the Limit to effect the conversion
of the outstanding shares of the Series C Preferred Stock as contemplated by the Certificate of Designations, the Shareholder and the Company hereby irrevocably authorize and direct the Escrow Agent to transfer and deliver to the Company, with
respect to each conversion of Series C Preferred Stock effected pursuant to the Certificate of Designations, that number of Shares equal to the number of shares of Common Stock issuable upon such conversion of Series C Preferred Stock in excess of
the Limit up to a aggregate maximum of 2,000,000 Shares. 
 (b) In connection with such transfer, the Escrow Agent is directed
to (i) date the stock assignment necessary for the transfer in question, (ii) fill in the number of Shares necessary to be transferred, and (iii) deliver such assignment, together with the certificate or certificates evidencing the
Shares to be transferred, to the Company. 

 (c) The Shareholder irrevocably authorizes the Company to deposit with the Escrow Agent
any certificates evidencing the Shares to be held by the Escrow Agent hereunder and any additions and substitutions to said Shares as defined herein. The Shareholder irrevocably constitutes and appoints the Escrow Agent as the Shareholder’s
attorney-in-fact and agent for the term of this Agreement to execute and deliver all instruments and documents and do such other acts and things as may be necessary and appropriate to effectuate this Agreement and to complete any transaction
contemplated herein. 
 (d) Following the earlier to occur of (i) the Mandatory Conversion Date (as defined in the
Certificate of Designation), and (ii) such time as there are no shares of Series C Preferred Stock outstanding, the Escrow Agent is directed to deliver any Shares not transferred to the Company pursuant to Section 1(b) and
Section 4(a) above to the Shareholder within 15 days of such event. 
 If at the time of termination of this Agreement, the Escrow
Agent has in the Escrow Agent’s possession any documents, securities, or other property belonging to the Shareholder, the Escrow Agent shall deliver such property to the Shareholder and be discharged of all further obligations hereunder.

 (e) The responsibilities of the Escrow Agent hereunder shall terminate if the Escrow Agent shall cease to be Secretary of
the Company or if the Escrow Agent shall resign by written notice to each party. In the event of any such termination or resignation, the Company shall appoint a successor Escrow Agent. In the absence of such appointment, the Chief Executive Officer
of the Company shall be the Escrow Agent. 
 (f) It is understood and agreed that should any dispute arise with respect to the
delivery, ownership, or right of possession of the Shares held by the Escrow Agent hereunder, the Escrow Agent is authorized to retain without liability to anyone all or any part of said Shares until such disputes shall have been settled either by
mutual written agreement of the Company and the Shareholder or by a final order, decree, or judgment of the arbitrator, if applicable, or of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected,
but the Escrow Agent shall be under no duty whatsoever to institute or defend such proceedings. 
 (g) By signing this
Agreement, the Escrow Agent becomes a party hereto only for the purpose of executing the instructions set forth in this Section 4 and does not otherwise become a party to this Agreement. 
 5. Rights as Shareholder. Subject to the provisions and limitations hereof, the Shareholder may, during the term of this Agreement, exercise all
rights and privileges of a shareholder of the Company with respect to the Shares. 
 6. Severability. The Shareholder agrees that each
provision herein shall be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair 

 
the enforceability of any of the other clauses. In addition, if one or more of the provisions contained in this Agreement shall for any reason be held to be
excessively broad as to scope, activity or subject so as to be unenforceable at law, such provision or provisions shall be construed by the appropriate judicial body by limiting and reducing it or them, so as to be enforceable to the maximum extent
compatible with the applicable law as it shall then appear. 
 7. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Utah as such laws are applied to agreements entered into and to be performed entirely within Utah by Utah residents. 
 8. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (a) upon personal delivery, (b) three (3) days following deposit in the
United States Post Office, by regular or certified mail with postage and fees prepaid, addressed, if to the Shareholder, at the Shareholder’s address shown on the signature page of this Agreement and, if to the Company, at the address of its
principal corporate offices shown on the signature page of this Agreement, or at such other address as either party may designate by ten (10) days’ advance written notice to the other party, or (c) one (1) day following delivery,
with delivery fees prepaid and addressed as provided above, to an overnight delivery carrier. 
 9. Assignment. The Company may assign
its rights and delegate its duties under this Agreement. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon the Shareholder and the
Shareholder’s heirs, executors, administrators, successors, and assigns. This Agreement may not be assigned by the Shareholder without the prior written consent of the Company. 
 10. Consideration. Shareholder agrees and acknowledges that Shareholder shall not receive any cash or other consideration in exchange for the
Transfer of the Shares except as specifically provided herein. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

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

  

			
	COMPANY:
	
	RASER TECHNOLOGIES, INC.
		
	By:	 	  
		 	Brent M. Cook
		 	Chief Executive Officer

 [SIGNATURE PAGE TO SHARE
CONTRIBUTION AGREEMENT] 

	
	STOCKHOLDER:
	
	   
	Kraig Higginson

 [SIGNATURE PAGE TO SHARE
CONTRIBUTION AGREEMENT] 

	
	For the limited purposes stated in the Agreement:
	
	ESCROW AGENT:
	
	   
	Jonathan Reid
	Secretary of Raser Technologies, Inc.

 [SIGNATURE PAGE TO SHARE
CONTRIBUTION AGREEMENT] 

 EXHIBIT A 
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED, ____________ hereby sells, assigns, and
transfer unto,__________ ____________, _____________ (            ) shares of the Common Stock of Raser Technologies, Inc. (the “Company”) standing in the
undersigned’s name on the books of said corporation, represented by Certificate No. _______, and does hereby irrevocably constitute and appoint ______________________ attorney to transfer the said stock on the books of the said corporation
with full power of substitution in the premises. 
 Dated: _____________ ___, ______ 
  

			
		
	  	 	  
		
	Print Name:	 	  

 INSTRUCTIONS: Please do not fill in any blanks other than the signature line. The sole purpose of this
assignment is to enable the Company to exercise its rights as set forth in this Share Contribution Agreement, without requiring additional signatures on the part of the assignor. This assignment cannot be used for any other purpose.Third Amended At Will Employment

 Exhibit 10.28 
 THIRD AMENDED AT WILL EMPLOYMENT, CONFIDENTIAL INFORMATION, 
 INVENTION ASSIGNMENT, NONCOMPETITION
AND ARBITRATION AGREEMENT 
 THIS THIRD AMENDED AT WILL EMPLOYMENT, CONFIDENTIAL INFORMATION, INVENTION ASSIGNMENT, NONCOMPETITION AND
ARBITRATION AGREEMENT (the “Third Amended Agreement”) is made as of this 31st day of July 2006, between
RASER TECHNOLOGIES, INC. (“Company”) and William Dwyer (“Employee”). 
 RECITALS 
 WHEREAS, Company and Employee entered into a certain At Will Employment, Confidential Information, Invention Assignment, Noncompetition and Arbitration
Agreement (the “Agreement”) on July 8, 2004, entered into the First Amended Agreement on July 9, 2005, and entered into the Second Amended Agreement (Agreement, First Amended Agreement and Second Amended Agreement hereafter
referred to as “Agreement”) on January 31, 2006, and 
 WHEREAS, the Company has not declared an open trading window in which
to permit Employee to adopt a 10b5-1 trading plan prior to the commencement of share delivery anticipated in the Second Amended Agreement, the parties now desire to mutually amend the Agreement in this Third Amended Agreement as set forth below;

 NOW, THEREFORE, in view of the foregoing recitals which are incorporated as a part of this Third Amended Agreement, and in consideration
of the terms and conditions of this Third Amended Agreement, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	 	1.	Paragraph 2 of the Agreement is amended as follows: 

 Paragraph 2 of the Agreement is amended to delay delivery of 75,000 shares that vested on August 1, 2005 and would issue from August 1, 2006 through November 30, 2006, and 100,000 shares that vested on August 1, 2006 and
would issue from August 2, 2006 through December 19, 2006, as follows: 175,000 registered shares that would issue under the Agreement according to the attached delivery schedule. 
  

	 	2.	If the Company conducts a Secondary Public Offering prior to November 1, 2006, Employee will be offered a right to sell up to 100,000 common shares in the Secondary Public
Offering. If the Secondary Public Offering is not closed prior to November 1, 2006, Employee shall continue to receive the shares per columns 1 through 4 of the attached Schedule A, and Employee shall no longer be entitled to participate in the
Secondary Public Offering. Company and Employee may, however, mutually agree to include any or all shares held by Employee in any public offering conducted after November 1, 2006. 

  

	 	3.	If Employee resigns or is terminated for any reason except gross negligence or criminal conduct prior to the delivery of any shares pursuant to Schedule A, the remaining shares will
continue to be delivered as set forth in Schedule A until all shares have been delivered. If Employee resigns or is terminated for gross negligence or criminal conduct prior to the first business day of August, 2007, Employee shall be entitled to
receive the undelivered shares per the attached schedules, and to receive a prorated number of shares equal to 8,333 per month for every full month Employee has been employed by the Company from August 1, 2006 to July 31,
2007 per the schedule in column 3 of the Second Amended Agreement. 

  

	 	4.	The Company recognizes that the Employee intends to enter into a 10b5-1 trading plan to sell a portion of the shares being delivered on each date in order to manage the
Employee’s tax liability arising from the delivery schedule. 

  

	 	5.	The Company makes no representations to Employee regarding any tax implications of this Third Amended Agreement. The Company also does not represent that the share price on any
given date shall be the same price of the shares when Employee may have otherwise been entitled to receive shares. 

	 	6.	All other provisions of the Agreement shall remain in full force and effect. To the extent any provisions of the Agreement conflict with the provisions of this Third Amended
Agreement, this Third Amended Agreement shall govern. 

 IN WITNESS WHEREOF, Company and Employee have executed this Third
Amended Agreement effective as of the date first set forth above. 
  

									
	COMPANY:	 		 	 EMPLOYEE:

			
	RASER TECHNOLOGIES, INC.	 		 	
					
	By:	 	  	 		 	By:	 	  
	Its:	 	Chief Executive Officer	 		 		 	William Dwyer

  

 2 

 Schedule A 
  

									
	 	  	1	  	2	  	3	  	4
	 Delivery Dates
	  	New Delivery
Schedule for 75,000
Shares vested on
August 1, 2005.	  	New Delivery
Schedule for 15% of
100,000 Shares
vested on August 1,
2006.	  	New Delivery
Schedule for 35%
of 100,000 Shares
vested on August 1,
2006.	  	New Delivery
Schedule for 50%
of 100,000 Shares
vested on
August 1, 2006.
	 Wednesday, November 01, 2006
	  	1,000	  		  		  	
	 Thursday, November 02, 2006
	  	1,000	  		  		  	
	 Monday, November 06, 2006
	  	2,000	  		  		  	
	 Tuesday, November 07, 2006
	  	2,000	  		  		  	
	 Thursday, November 09, 2006
	  	3,000	  		  		  	
	 Tuesday, November 14, 2006
	  	6,000	  		  		  	
	 Wednesday, November 15, 2006
	  	4,000	  		  		  	
	 Friday, November 17, 2006
	  	4,000	  		  		  	
	 Monday, November 20, 2006
	  	6,000	  		  		  	
	 Monday, November 27, 2006
	  	5,000	  		  		  	
	 Tuesday, November 28, 2006
	  	6,000	  		  		  	
	 Thursday, November 30, 2006
	  	5,000	  		  		  	
	 Friday, December 01, 2006
	  	6,000	  		  		  	
	 Tuesday, December 05, 2006
	  	5,000	  		  		  	
	 Wednesday, December 06, 2006
	  		  	5,000	  		  	
	 Thursday, December 07, 2006
	  	5,000	  		  		  	
	 Monday, December 11, 2006
	  		  	4,000	  		  	
	 Tuesday, December 12, 2006
	  	6,000	  		  		  	
	 Thursday, December 14, 2006
	  		  	4,000	  		  	
	 Friday, December 15, 2006
	  	3,000	  		  		  	
	 Monday, December 18, 2006
	  	5,000	  		  		  	
	 Tuesday, December 19, 2006
	  		  	2,000	  		  	
	 Wednesday, January 03, 2007
	  		  		  	2,500	  	
	 Friday, January 05, 2007
	  		  		  	5,000	  	
	 Tuesday, January 09, 2007
	  		  		  	2,500	  	
	 Thursday, January 11, 2007
	  		  		  	5,000	  	
	 Wednesday, January 17, 2007
	  		  		  	2,500	  	
	 Friday, January 19, 2007
	  		  		  	2,500	  	
	 Tuesday, January 23, 2007
	  		  		  	5,000	  	
	 Thursday, January 25, 2007
	  		  		  	2,500	  	
	 Monday, January 29, 2007
	  		  		  	5,000	  	
	 Wednesday, January 31, 2007
	  		  		  	2,500	  	
	 Friday, February 02, 2007
	  		  		  		  	5,000
	 Tuesday, February 06, 2007
	  		  		  		  	3,000
	 Thursday, February 08, 2007
	  		  		  		  	6,000
	 Monday, February 12, 2007
	  		  		  		  	3,000
	 Wednesday, February 14, 2007
	  		  		  		  	6,000
	 Thursday, February 22, 2007
	  		  		  		  	3,000
	 Monday, February 26, 2007
	  		  		  		  	6,000
	 Wednesday, February 28, 2007
	  		  		  		  	3,000
	 Friday, March 02, 2007
	  		  		  		  	6,000
	 Tuesday, March 06, 2007
	  		  		  		  	3,000
	 Thursday, March 08, 2007
	  		  		  		  	6,000
		  	 	  	 	  	 	  	 
	 Column Totals
	  	75,000	  	15,000	  	35,000	  	50,000

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